Hosco makes first newbuild splash in two years

Hong Kong: Leading Chinese bulker player Hosco has inked deals for 14 kamsarmaxes at two Chinese yards, its first new orders for two years. The total outlay is thought to be in the $500m region. Qingdao Beihai Shipbuilding Industry and Wuchang Shipbuilding Industry are the two recipients of Hosco's largesse. Come the crisis 20 months ago, Hosco boss Gao Yanming was one of the most vocal advocates of scrapping ships. His decision to order again is a sign that for the Chinese at least prospects are picking up. [23/07/10]