Fortescue said the VLOC newbuildings are expected to be delivered in late 2017 and early 2018 with the majority of payments also due on delivery.
It had earlier ordered four VLOCs at a total investment of $275m at Yangzijiang Shipbuilding, with construction to commence in the second half of this year and delivery slated for November 2016 through to May 2017.
“Fortescue’s shipping strategy is to lock in construction of these VLOCs which are being designed to complement the port infrastructure to improve load rates, efficiencies and reduce operating costs,” it said.
“Fortescue expects the operating cost of these vessels to be well below the current forward market rates for large capesize vessels. This, together with expected throughput benefits and operational savings at the port, support the investment in these vessels,” it added.
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