FESCO orders four Chinese bulkers

Moscow: FESCO Transport Group, controlled by Russia's Far East Shipping Company (FESCO), has ordered four dry cargo ships from China's Quingshan Shipyard, FESCO said in a statement Tuesday.
The value of the contract was not disclosed.
The Chinese shipyard will begin construction of the ships for FESCO in early 2009 and will finish it by the end of 2010. FESCO expects to receive the first ship in June 2010.
Each of the ships will have deadweight of 57,000 tonnes.
In 2006, FESCO spent U.S. $270 million on acquisition of ships and plans to spend about $400 million on acquisition of ships in the next three years as it builds up its fleet from the current total of 1m dwt.  [08/08/07]