World News
Sinotrans Unfazed By Dry Bulk Outlook, Adds 6 Newbuild Bulkers to its Orderbook
Seemingly undeterred with the currently unfavourable outlook for dry bulk, Sinotrans Shipping Limited has added six newbuild 38,800 DWT "energy-saving" bulkers from Shanhaiguan Shipbuilding Industry Co.,Ltd. at a collective cost of $138.9 million, Seatrade Maritime reports.
The new vessels brings the company's latest orderbook to 10 after ordering four new energy-saving containerships on Monday from CSSC Huangpu Wenchong Shipbuilding Co.,Ltd, each with 1,900 TEU capacities and at a total price of $98.2 million.
The six dry bulk carriers, at a cost of $23.15 million each, are slated for delivery in June, August, October, and December of 2017, and March and May 2018, respectively.
Sinotrans Shipping noted that the cost of construction for the ships is relatively low.
The company also added that its newly ordered energy-saving vessels will help to optimise the company's fleet composition.
Despite Deutsche Bank's optimism this week in predicting a turnaround for the ailing dry bulk markets could come as early as next month, Drewry Shipping Consultants Ltd (Drewry) last month gave support to the majority consensus that a recovery for the sector is still a "long way off."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 649.00 | 0.50 | 775.00 | 3.50 |
| Rotterdam | 603.50 | 1.50 | 759.50 | 11.50 |
| Houston | 626.50 | 2.50 | 794.00 | 2.00 |
| Fujairah | 649.00 | 0.50 | 904.50 | 6.50 |
| Global 20 Ports Average | 664.00 | 2.00 | 855.00 | 0.00 |
| Global 4 Ports Average | 632.00 | 1.00 | 808.00 | 4.00 |
| Global Average Bunker Price | 716.50 | 1.00 | 901.00 | 12.50 |
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