JP Morgan in $500m deal for up to 12 newbuilds

2021-03-02 《貿易風》海事周報

JP Morgan has backed its confidence in the dry bulk market with an order for up to 12 capesize and newcastlemax bulkers in China, hard on the heels of 11 secondhand acquisitions since November.

Industry sources say the US investment bank has signed letters of intent (LOIs) for the newbuildings with three yards for 2019 delivery. If all three LOIs are firmed up, the order could be worth $500m.

It is understood the deal has been done through Global Maritime, the shipping section of JP Morgan's asset management division.

Privately owned New Times Shipbuilding and Jinhai Heavy Industry are said to have been approached to build four newcastlemaxes each.

State-owned Shanghai Waigaoqiao Shipbuilding (SWS) has been approached to construct four capesize bulkers, although there is some doubt over whether this deal has been formerly signed or is still at the LOI stage.

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