Brokers: SWS Inks USD 294 Mn Worth LoI for Five Bulkers

Chinese shipbuilder Shanghai Waigaoqiao Shipbuilding (SWS) has reportedly signed a Letter of Intent (LoI) with two South Korean shipping companies for the construction of up to five bulkers.

Namely, Sinokor Merchant Marine and Polaris Shipping have been linked to an order for four Newcastlemaxes and one Capesize bulker respectively, data from Asiasis shows.

Under the terms specified in the contract, the delivery of the ships has been set for 2020.

The total value of the LoI is said to be USD 294 million.

South Korean shipbuilder Hyundai Heavy Industries has been the preferred choice for both shipowners so far, as Sinokor has six very large crude carriers (VLCC) on order at HHI, while Polaris has as much as 18 Capesize newbuildings taking shape at the yard, data from VesselsValue shows.

Back in February, SWS, a wholly-owned subsidiary of China CSSC Holding, snapped up an order for four additional 210,000 dwt bulk carriers from the New York-based ship management firm Foremost Group.

The order was described as the first contract secured by the shipbuilder this year.

World Maritime News Staff