China Rongsheng grabs deal for up to six VLOCs

The order is for three firm 250,000 dwt VLOC plus an option for three more similar units. The newbuildings are scheduled for delivery between 2015 to 2016.

Financial details of the deal were not disclosed.

Earlier this month, Rongsheng has warned investors of a “substantial net loss” for its financial year ending 31 December 2013 as compared to the previous year.

Its main shipbuilding arm, Jiangsu Rongsheng Heavy Industries, recorded a loss of RMB1.25bn ($205m) for the first nine months of 2013 as against a profit of RMB21.52m in the same period of last year.

The losses were attributed to a decrease in revenue as a result of the shipbuilder's “conservative sales strategy under the current trough stage of the shipbuilding market”.