Jiangsu New Yangzi wins $120m order for bulkers

CHINA’S Jiangsu New Yangzi Shipbuilding Co has won orders worth more than $120m in total for two post-panamax vessels from electricity group Guangdong Yudean Group.

The two 92,500 dwt vessels are expected to be delivered between June and August next year and each vessel costs more than $60m, the buyer told Lloyd’s List.

Guangdong Yudean Group has been expanding its bulk vessel fleet in recent years as freight rates soared. The firm ordered eight 57,000 dwt bulkers from China Changjiang National Shippping Group last September.

The two vessels are being purchased for the group’s subsidiaries, Yudean Shipping and Guangdong Shipping Co. The former owns a fleet of 351,000 dwt while the latter runs vessels totaling 211,800 dwt.

Located in China’s eastern Jiangsu province, Jiangsu New Yangzi is a subsidiary of Singapore-listed Chinese shipbuilder Yangzijiang Shipbuilding.