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Handy orders continue to pile up in China

Handy orders continue to pile up in China

Shanghai: The past week has seen a surge in handymax orders at Chinese yards. Cyprus-based Interorient Navigation has placed an order worth $35m for eight 33500dwt handysize vessels at ex block fabrication facility Weihai Samjin. The first six ships are slated for delivery in 2009 and the remaining two vessels are to be delivered in 2010. The company also has an option at the yard for four additional vessels

WEM Lines has also signed a contract with Jiangdong shipyard for the construction of four new 57,000dwt handymaxes. The vessels will begin delivery in end 2009 and will all be delivered by end 2010. The vessel contract is reportedly worth more than $40m.

These two orders come on the heels of a boom in the dry bulk sector, which has seen the Baltic Dry Index peak at 7011 on Friday with the index reaching 2430 points for the Handysize market.  [13/08/07]