Chinese Deal for Three 18,000teu Containerships

SWS newbuilding

By Wendy Laursen 2015-01-26 19:46:37

Shanghai Waigaoqiao Shipbuilding (SWS) has received a loan for the construction of three 18,000teu container ships from the Export-Import Bank of China.

SWS is a subsidiary of China State Shipbuilding Corporation (CSSC) which reports that the vessels will be deployed between Asia and Europe by one of the world’s top container lines.

The vessels add to SWS’s current orderbook which already includes another 18,000teu container ship, China’s largest under construction to date. The vessel is expected to be launched this year.

Founded in 1999, SWS owns Shanghai Waigaoqiao Shipbuilding and Offshore and controls Shanghai Jiangnan Changxing Heavy Industry (SCH) and Shanghai Waigaoqiao Shipbuilding and Offshore Engineering Design (SWS Engineering).

Earlier this month, SWS delivered 180,000dwt bulk carriers to shipowners Frontline and Thenamaris, and a 318,000dwt VLCC to China Merchants Energy Shipping Company. SCH also delivered two 83,000cbm very large gas carriers (VLGCs) to Frontline at the start of the year, reports SWS.

“This is the first time for Chinese shipbuilding enterprises to build and finally deliver a VLGC and means the designing and building capacity of the Chinese shipbuilding industry in the field of liquefied gas carriers has reached the world’s advanced level,” SWS said in a statement. “This delivery eliminated the technology lock-in of this ship type in both Japan and Korea, and it also raised the curtain on a new round of structure adjustment and reforming development for the Chinese shipbuilding industry in 2015.” 

The loan for the three containerships is valued at $312m and adds to earlier loans to CSSC worth approximately $15 billion, reports Seatrade Global. 

Earlier this month, China’s shipping group COSCO secured a loan from the bank to fund 53 newbuildings from Chinese yards. The newbuildings will include a 90,000dwt semi-sub, China’s largest locally built semi-sub to date, 300,000dwt tankers, 9,400teu container ships and fuel efficient bulk carriers.