JES Secures Bulk Carrier Order plus Options

JES International Holdings of Singapore has announced that, through its wholly owned subsidiary, Jiangsu New East Marine Equipment of China, the group has clinched another contract for the construction of a Post-panamax bulk carrier plus the options for another 3 similar vessels with the same design. 
 
The value of the 95,000dwt bulk carriers, if all the options are exercised, is US$120 million. The contract and options are repeated orders from a European customer. The delivery of the vessel under the contract is expected to take place in September 2015 whereas the delivery of the vessels under the options, if exercised, is expected to take place from November 2015 onwards. 

This new contract comes on top of the group’s two other recent announcements earlier this year regarding the contract for the construction of 4 Newcastlemax bulk carriers plus options for further four similar vessels with the same design and the contract for the construction of a 97,000dwt bulk carrier. 

To date, the group has secured contracts for 6 vessels worth US$270 million and options for 7 vessels worth US$302 million. The contracts for the 95,000dwt and the 97,000dwt Post-Panamax bulk carriers (both from repeated European customers) are expected to be carried out this year

“The Group has been observing the market trend which seems to preparing a recovery path. While all is not certain yet, we have managed to secure some orders with decent pricing. Our world class 480m by 142m dry dock is ideal for the construction of large vessels like Newcastlemax and VLCC. We are certainly strategically positioned to catch these opportunities for reasonably priced jobs to keep the yard busy for the next few years,” says Jin Xin, chairman and CEO.