On June 5, China Steel Express Corporation (CSE) signed a new contract to place an order for a pair of 35,000dwt Handysize bulk carriers at CSBC. The contract value for the newbuiding units is about $25.0m apiece. CSE says that the price is about $16.0m lower compared to the level in 2008.
Zhao Guoliang, President of CSE, says that the final price is little higher than the average level mainland and Korean shipyards offered. However, as a long-term customer of CSBC, CSE chose to place the order at the yard to help it through the temporary predicament.
On concluding the contract, CSE has finished its first step of fleet renewal plan. The company has ordered three 200,000dwt Capesize bulker in a Japanese shipyard before the new order and is to own an overall capacity of 2.5m dwt on delivery.