Rongsheng Secures Additional Orders Worth $1 Bln

China Rongsheng Heavy Industries, the country’s largest private shipbuilder, said yesterday it has won a shipbuilding contract worth approx $1 billion for a series of 64,000 DWT bulk carriers.

The shipbuilding contract, signed with a European shipowner, will increase the total number of vessels involved between the two parties to 36. The contract consists of 24 confirmed orders and 12 options.

Among the 24 confirmed, 18 of them are existing orders with better contractual terms after renegotiation, while the remaining 6 are new orders.

Mr. Chen Qiang, chairman of the board, commenting the contract, said: “In view of the current market condition, we will maximize sales efforts to secure additional orders, and pursue better payment terms of certain existing orders.”

According to the company’s announcement, the newbuildings are slated for delivery within the next three years.

 

May 19, 2014

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