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Ship Finance International converts China boxship orders to bulkers

Bermuda: John Fredriksen's Ship Finance International has converted orders for container feederships at two Chinese yards to handysize bulkers. The New York listed shipowner has converted orders for a quartet of boxships to seven bulkers of between 32,000 dwt and 34,000 dwt and two undisclosed Chinese shipbuilders. The bulkers are being contracted at a cost of $188m, with contracts for three signed already, and contacts for four 34,000 dwt bulkers expected to finalised shortly. "Ship Finance will then avoid a significant potential mark-to-market loss on the container contracts," the company said. The bulkers are due to be delivered between 2010 and 2012. [01/03/10]

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