Jiangsu Secures Newbuild Contract

26 May 2010 (Last Updated May 26th, 2010 18:30)

Jiangsu Hantong Ship Heavy Industry has secured a contract from a US company to supply seven 57,000dwt dry bulk carriers. The Chinese company said the contract has increased the shipyard's order book of Handymax vessels to 16. Industry experts estimate the contracts to be wort

Jiangsu Hantong Ship Heavy Industry has secured a contract from a US company to supply seven 57,000dwt dry bulk carriers.

The Chinese company said the contract has increased the shipyard’s order book of Handymax vessels to 16.

Industry experts estimate the contracts to be worth around $213.5m, according to www.lloydslist.com.

The shipyard expects to deliver 18 vessels, totalling one million dwt, in 2010 along with a revenue increase of between CNY3.5bn ($514m) and CNY4bn ($585.4m).

During the first quarter, the shipyard delivered six vessels including a 57,000dwt bulk carrier to Mistral Shipholding in Greece and a Handymax vessel to Germany’s Schepers.

The shipyard is believed to have an order book of 45 vessels with a total of 2.6 million dwt until 2011.