NEWS

By The Editorial Team | Safety 4 Sea | June 28, 2024

(PHOTO: SHUTTERSTOCK)

Hong Kong Ming Wah Shipping Co., Ltd. (HKMW), has signed two Shipbuilding Contracts with Qingdao Yangfan Shipbuilding Co., Ltd. (Qingdao Yangfan). These contracts pertain to the construction of two 210,000 DWT Newcastlemax bulk carriers.

According to the announcement, the new bulk carriers will feature scrubbers and various energy-saving and environmentally friendly designs, complying with the latest environmental standards. The total construction cost is approximately RMB 1.05 billion, payable in five USD installments: 15% at signing, 10% at commencement, 15% at keel laying, 10% at launching, and 50% upon delivery.

HKMW, established in January 1980 and headquartered in Hong Kong, specializes in large and medium-sized dry bulk transportation. With a global route network and diverse freight capabilities, HKMW is among the earliest Chinese shipping enterprises to obtain safety and quality management system certification. As of the end of 2023, HKMW’s total assets were USD 1.63 billion, with an operating income of USD 80.19 million and total profits of USD 11.33 million.

The CMES company, of which HKMW is a subsidiary, stated that ordering a new generation of energy-efficient and environmentally friendly bulk carriers aligns with the company’s global operations and sustainable development goals amid the global carbon neutrality push.

Previously, on June 13, CMES announced that HKMW had signed eight Shipbuilding Contracts with Jiangsu New Times Shipbuilding Co., Ltd. (Jiangsu New Times) for constructing eight 210,000-ton Newcastlemax bulk carriers.

With these two new vessels, CMES has now ordered a total of 10 Newcastlemax bulk carriers within a short period.

Source: Safety 4 Sea

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