CSSC Guangzhou Longxue Shipbuilding of China has signed a letter of intent (LOI) for construction of one 250,000 dwt very large ore carrier (VLOC) plus one option with a domestic shipowner.
China’s new shipowner, Henghou Industrial Investment (Hong Kong) decided to put a speculative investment with a thought that newbuilding prices would not fall further going forward and when the ship prices rise, they will put the vessels on sale.
The VLOC newbuilding is said to cost in the range of $57m-58m per ship with delivery due in 2015.
Meanwhile, back in 2010, Henghou placed orders for two 180,000 dwt bulkers at Korean-owned Hanjin Heavy Industries & Construction's Subic yard and two 76,000 dwt panamax bulkers at China’s Hudong-Zhonghua Shipbuilding, etc.