Sinokor Inks Jinhai LOI for up to 20 Bulker Newbuilds

Korean owner’s $760m order comes as Chinese shipyard prepares to go public

News ID: 72802

Date: 06 March 2017 - 09:35

According to MANA, South Korea’s Sinokor Merchant Marine is being linked to a $760m capesize bulkers order at a Chinese shipyard.

Newbuilding sources say the shipowner has signed a letter of intent (LOI) with Jinhai Heavy Industry for up to 20 newbuildings, including options.

The massive order is said to involve four firm vessels, plus four sets of four options.

Delivery schedule of the 180,000-dwt capesizes has not been disclosed but brokers say Jinhai will take around 22 months from when the contract is officially signed to completion of the first ships.

According to VesselsValue, Sino-kor spent $85.8m buying five secondhand capesizes last year.