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Bulk orders stack up at record prices

Bulk orders stack up at record prices

Hong Kong: New bulker orders are back in the Year of the Pig in a big way with very large price tickets to boot. Daewoo Shipbuilding & Marine Engineering (DSME) has recently scored an order for two 180,000 dwt bulkers for $82m each, the highest-ever price paid for a bulker newbuilding. Greece's Chandris Group is stumping up the cash for the comparatively early delivery slots of early 2009. Resales of capesizes have crept as high as $99m.

Meanwhile, STX Shipbuilding (pictured) is negotiating a newbuilding deal to build six 170,000 dwt capesizes with Angelicoussis Group of Greece, thus making its debut into the large bulker scene. Angelicoussis is thought to be paying around $78m a ship.
In China Oskar Wehr have placed a four ship order at New Times for 176,000dwt capesizes for delivery in 2010, with the price in the region of US$68m.

Furthermore, the Handymax market has also exhibited substantial appreciation with the latest round of contracts placed at STX's facility in China setting a new benchmark in terms of pricing. The 15 vessels contracted by STX for a number of different owners range in terms of price from US$38-39m - based on standard payment terms - which shows a premium of almost 10% over the last round of Japanese contracting in the Autumn and a larger premium over the last wave of Chinese negotiations this year.  [27/02/07]