Greek gang in $144m bulker spend in Korea -Shanghai International Maritime Information and Literature website

Greek gang in $144m bulker spend in Korea
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PostTime:2010-02-05 07:50:18.0 View:67
SPP Plant & Shipbuilding of South Korea has apparently bagged a crop of post-panamax bulker orders from Greek shipowners worth about $144m. Modion Maritime has booked one 82,000-dwt vessel for delivery in mid-2011 and Goldenport Shipmanagement is said to have inked in a similar vessel for delivery in 2012. In addition, Target Marine is believed to have placed orders for a pair of 84,000-dwt vessels, both for delivery in 2012. All the ships are said to be costing in the region of $36m apiece. Harris Tsatsakis of Modion confirms the company's order and says the reported price is "about" right. He adds that Modion currently has five ships on order - two 57,000-dwt supramax bulkers at Jinling Shipyard for delivery this year and a 92,500-dwt ship at the same yard for delivery in 2011. Tsatsakis declines to reveal what has happened to a second 92,500-dwt vessel still listed on the company's website as on order at Jinling. The company's fourth ship on order is an 82,000-dwt bulker at Tsuneishi Shipbuilding's Zhoushan facility in China that was purchased in February 2008 as a resale for a reported $53m. John Dragnis declines to comment on the Goldenport report, noting that as a public company any such activity would be disclosed. At the moment it is listed with an orderbook of two containerships at Jiangsu Yangzijiang Shipbuilding, four 57,000-dwt bulkers at Cosco Zhoushan Shipyard, with deliveries slated to start in the last quarter of 2009, and two 59,000-dwt bulkers at SPP Shipbuilding for delivery in March and June 2011. Target Marine did not respond to TradeWinds's attempts to verify its reported order. The company lists on its website seven 81,200-dwt bulker newbuildings at South Korea's troubled C& Heavy Industries, deliveries of which were slated to start from August 2009 and run through to June this year. Some observers doubt whether the yard will fulfil its order commmitments.
Source:Tradewinds Author:Gillian Whittaker Athens