Two more capesize bulkers for Waigaoqiao shipyard

Two Hong Kong owners have placed newbuilding orders worth $70 million with Shanghai Waigaoqiao Shipyard for a pair of Capesize bulk carriers. The contracts have been placed by Wah Kwong Shipping, owned by shipowner George Chao, and Cape Asia, a pool of seven Hong Kong and Taiwanese shipowners, including Wah Kwong. The 175,000DWT bulkers are due for delivery in the first half of 2006.

Cape Asia has already ordered a similar size bulk carrier from the shipyard which is expected to join the fleet at the end of the year. Members of the Cape Asia pool, which was formed in March 2003, have another nine Capesize vessels under construction at the Shanghai shipyard. These Capesize vessels are being built according to a so-called Green Cape design developed by Hong Kong naval architect Peter Cheng, in association with shipping company Tai Chong Cheang.