Wilmar orders up to 12 Kamsarmax bulkers

Singapore: Kuok Group trading arm Wilmar is splashing out $127.6m for a quartet of Kamsarmax bulkers at two Chinese yards. Wilmar has ordered two pairs of 82,000 dwt bulkers from Jiangsu Eastern Heavy Industry and Sainty Marine Corp for delivery in 2011. The Singapore-listed company has options for up to four more vessels at each yard, at the same price. The options have to be exercised by the end of the year. "The acquisition of these vessels will enhance the group's logistics operations and increase efficiency and if the options are fully exercised, the 12 new vessels will cover approximately 30% of the group's shipping needs," Wilmar said. [21/05/10]