Jinhaiwan wins massive bulker order

China’s Zhoushan Jinhaiwan Shipyard has received an additional 30 bulker orders from Grand China Logistics, which had become a new stakeholder of the shipbuilding company. According to sources, ship types are said to be 57,000DWT and 83,000DWT bulkers for delivery from October 2010 through to the second quarter of 2012.

The contract price of these 30 bulkers reportedly exceeded $2bn and Grand China Logistics purchased a 50% stake in Jinhaiwan at the same time as ordering the vessels. The shipowner had also ordered 30 bulker orders comprising 18 176,000DWT Capesize bulkers and 12 80,000DWT Panamax bulkers earlier in June. Zhoushan Jinhaiwan plans to build the 57K and 83K bulkers at Zhongji Shipyard, an affiliate of Shanghai Zhouji Group.

Meanwhile, Grand China Logistics will also buy a 51% stake in Zhongji Shipyard, which had been initially constructed to engage in shiprepair business.

Main engines to be installed on the 60 bulkers will be mainly provided by Zhongji Hitachi Zosen Diesel Engine, a joint venture between Shanghai Zhouji Group and Hitachi Zosen.

Jinhaiwan Shipyard is Zhouji Group’s emerging shipyard which operates two more shipyards including the Zhongji Shipyard. The yards have a combined orderbook of over 100 ships including the massive orders placed last month.