Chinese shipowner has ambitious newbuilding plan

Chinese coal shipper Guangdong Lanyue Energy Development Co is looking to add 20 more bulkers to its newbuilding tally in the next five years. Last week the company had already ordered 10 Supramaxes through its shipping subsidiary, Lanhai. The 57,000-dwt vessels, which were ordered at Yangfan Group Co and Xiamen Shipbuilding, are believed to be the first of up to 100 newbuildings the shipowner aims to secure for its fleet.

The ships will be used purely for domestic purposes to transport coal from the north of China to its power plants in Guangdong. Chinese companies have been able to sustain an aggressive position in the market as domestic financing has been less affected by the worldwide recession.