Taiwan-based China Steel Express Corporation (CSE) and its subsidiary CSE Transport has jointly invested about $140.0m to order two 209,000dwt bulkers and two 12,000 steel products carriers at Japan Marine United Corporation (JMU). The vessels are scheduled for delivery by the second half of 2015.
CSE took the good chance when the newbuilding price almost hit bottom to order the 209,000dwt Capesize bulker pair at a price of $55.5m apiece and the 12,000dwt steel products carrier duo at a cost of $13.65m apiece. The price is almost half of the cost before the financial crisis.
Back by its parent company Sinosteel Corporation, CSE is now taking the good chance to expand its fleet this year. When owners were active in ordering new vessels last year, CSE kept looking on the market and only order two 35,000dwt bulkers and two 205,000dwt Capesizes.