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CSIC inks $2.08bn in new contracts

Chinese shipbuilding giant, China Shipbuilding Industry Corporation (CSIC), signed several marine project contracts, totalling in RMB14.3bn ($2.08bn), consisting of newbuilding orders, ship leasing contracts, ship finance agreements and equipment orders.

CSIC Leasing signed contracts for a total of 24 newbuildings with China Shipbuilding & Offshore International (CSOC), Dalian Shipbuilding Industry, Wuchang Shipbuilding Industry, and Tianjin Xingang Shipbuilding Heavy Industry.

The newbuilding orders include VLCCs, shuttle tankers, product oil tankers, chemical tankers and newcastlemax bulkers, as well as conversion contracts for 12 vessel.

CSIC Leasing also inked chartering contracts for thirteen of the newbuildings with Shandong Shipping, RWE Group, Oldendorff, Koch and WEM Lines.

It also signed ship financing agreements for two VLCCs and four woodchip carriers with the Bank of China and Nanyang Commercial Bank, and a joint investment agreement with Wah Kwong Shipping for another two VLCCs.

In addition, Wuchang Shipbuilding Industry inked the letter of intent with Zhejiang Binhai Xianshan Marine Products Development Company for a deepwater farming project development. CSIC Shanxi Diesel Engine Heavy Industry signed a diesel generating set supply contract with China Nuclear Power Engineering.

Hu Wenming, chairman of CSIC said that, this RMB14.3bn order in new orders was a warm current for the depressed shipbuilding market and the deals mean a lot to the shipbuilding industry.

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