A joint-venture between China Shipping Development Company and Huarun Electricity books panamax newbuilding.
Tianjin Zhonghai Huarun, in which CSDC has a 51% stake, has ordered a new panamax bulker at Jiangnan Shipyard.
Hong Kong-listed CSDC says the 76,000-dwt ship will set it back CNY 229.30m ($36.09m), with the price based on a six-month average for such vessels.
In a statement to investors the China Shipping unit says it will fund 80% of the construction price with a bank loan, with the remainder covered by the company’s own cash.
CSDC says the order is “low risk” given Huarun Electricity’s coal shipment requirements.
Tianjin Zhonghai Huarun also laid down CNY 700m recently for four 45,000-dwt bulkers to be built at Bohai Shipbuilding Heavy Industry.