Yangzijiang Shipbuilding Gets ICBC Order to Build 6 Ore Carriers for US$510 Million

   By Gaurav Raghuvanshi

SINGAPORE--Yangzijiang Shipbuilding (Holdings) Ltd. (BS6.SG) on Wednesday announced an order worth US$510 million from the leasing unit of International and Commercial Bank of China Ltd. (1398.HK 601398.SH) to build six very large ore carrier vessels.

The orders from ICBC Leasing are for six 400,000 deadweight tonnage ore carriers that will be delivered between 2018 and 2019, Yangzijiang said in a statement to the Singapore Exchange.

The orders are part of 30 such vessels placed by major Chinese ship owners, including ICBC Leasing, after a deal with Vale S/A to transport iron from Brazil to China over a period of up to 27 years, Yangzijiang said. The other orders were placed with Chinese state-owned shipbuilders, it added.

Write to Gaurav Raghuvanshi at gaurav.raghuvanshi@wsj.com

(END) Dow Jones Newswires

April 12, 2016 22:39 ET (02:39 GMT)

Vale (NYSE:VALE)
Historical Stock Chart
From Mar 2024 to Apr 2024