Marine Capital and Sinopacific sign 4 ship deal for next-generation Crown 63 bulkers
Sinopacific Shipbuilding Group and Marine Capital Ltd (MCL) announce their agreement for the construction of 4 ‘Crown 63’ bulkers to be built at Yangzhou Dayang Shipyard, China. The deal, which is worth over $100m, marks another significant step for MCL in its management activity. It is understood the bulkers, a new model of super fuel-efficient ships with the added advantage of significant reduction in CO2 emissions, are destined for MCL’s vehicle, Eclipse Shipping, and will be operated by MCL in the open market, said in the company's press release.
Deliveries for the 4 ships will commence during the second half of 2014 and continue into the first quarter of 2015. It is understood that all 4 ships will fly the British Flag.
Mr Simon Liang (Chairman & CEO) of Sinopacific Group commented, ‘We are very pleased to have concluded this business with respected shipping manager, MCL. We appreciate the trust they have placed in us, and specifically our design and construction process for the Crown 63 series.’
Tony Foster, CEO of MCL said, ‘Having undertaken extensive due diligence on competing ship designs and shipyards, we settled on Sinopacific and the Crown 63 for their proven record, and cooperative approach, which we believe will result in the deliveries of excellent ships which will be highly competitive in the market place. We were impressed with the strength of the design team. The combination of design, reliability on production schedule and appreciation of our specific needs made the decision for us. We are very much looking forward to seeing these ships on the water.’
The Crown 63 series, designed for the transportation of a range of major bulk cargoes including coal, iron ore, grains, and cement, as well as heavy cargos such as steel pipes and products, represents a major step forward in ship design. The ships offer increased deadweight combined with significant fuel efficiency and time-saving cargo operation.
The agreement was arranged by Hartland Shipping Services.
About Marine Capital
Marine Capital Limited (MCL) was set up in 2003 as a commercial and technical ship manager by a team of highly experienced shipping professionals. Since its establishment, the firm has built a successful track record in shipping management and has executed a wide range of deals across numerous shipping sectors. MCL now focuses on offering shipping strategies for the institutional investment market. Past and present clients include national governments, financial institutions, public and private sector pension funds and family offices.
About Sinopacific Group
The Sinopacific Shipbuilding Group is one of China’s leading shipyards. Its core business includes ship design, shipbuilding and international trade. With a clear strategy, state-of-the-art facilities, flexible management concept and advanced technologies, the Group offers high quality service and products to its customers. Its product line includes Bulk Carriers, Container Ships, Gas Carriers/ Liquid Cargo Vessels and Offshore Support Vessels. Through constant innovation and strong management, Sinopacific aims to emerge as the market leader in China’s shipbuilding industry. By May 2013, SINOPACIFIC has delivered a total of 319 vessels and its turnover of 2012 exceeded US$ 1.4 billion.
