Expansion of Dry Bulk Fleet
Zhejiang Yonghang Shipping has signed a contract with Yangfan Group to build up to six ultramax bulk carriers, marking a significant investment in its dry bulk fleet.
Ship Specifications
The vessels will have a capacity of 64,500 dwt, be designed by the Shanghai Merchant Ship Design and Research Institute (SDARI), and classed by China Classification Society.
They will also comply with the latest environmental requirements and fly the Chinese flag.
Financial Terms and Delivery
Although the financial terms and delivery dates have not been disclosed, brokers estimate that ultramax newbuild tonnage at Chinese yards costs around $34m.
Significance of the Deal
This deal is significant for Zhejiang Yonghang, which currently operates around 10 smaller bulk carriers and general cargo vessels.
Benefits for Yangfan Group
For Yangfan Group, this order represents the second major newbuilding contract announced in recent weeks, following an order from Baozhou Shipping for up to four 2,700 teu containerships.
Implications for the Maritime Industry
This expansion is expected to have a positive impact on the maritime industry, as it indicates a growing demand for dry bulk cargo shipping.
- Increased capacity for dry bulk cargo
- Adoption of environmentally friendly technologies
- Potential for job creation and economic growth