Zhoushan Jinhaiwan Shipyard has secured a bumper order for 30 bulker tankers from Grand China Logistics — one of the largest single orders ever placed in China. The vessels in the order are made up of 18 of the 176,000-dwt model called Capesize and 12 of the 80,000-dwt Panamax.
With a total contract price of above $2 billion, the ships are scheduled to be delivered between the third quarter of 2010 and the second quarter of 2012.
Golden Ocean Group chief executive Herman Billung was asked if the 30-bulk carrying ship order could be to fill existing slots due to cancellation. He answered: ‘I don’t really know. Frontline did cancel some vessels, but how the yard structures the entire block fabrication at the yard is difficult for me to say.
‘In China there are a lot of letters of intention; whether [the new order] is really firm, or a letter of intent, is not easy for me to say.’
He said any suggestion that the orders would incorporate cancellations was ‘pure speculation’.
So who is Gold Ocean Group and how does it fit into the picture?
Think of it as the opposition. Wikipedia tells us: Golden Ocean Group is a Bermuda registered, Norway based dry bulk shipping company. The company was created as a demerged part of Frontline in 2004 and listed on the Oslo Stock Exchange. 40.3% of the company is indirectly owned by John Fredriksen, through Hemen Holding.
Management of the fleet is carried out by the Norwegian company Golden Ocean Group Management AS led by Herman Billung