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New Times Shipbuilding Wins Bulker Pair Order

Yangzhou Xintianhe Rope Co.,Ltd | Updated: Oct 18, 2017

Chinese New Times Shipbuilding has been tied to an order for up to four bulkers, according to  latest report from Intermodal Research and Valuations.

The deal is said to be in a  letter of intent (LoI) stage. The order reportedly includes two firm 280,000 DWT ships and options for two more newbuildings.

The duo, if confirmed, is scheduled for delivery in 2020. As disclosed, the buyer would be paying USD 44.5 million per ship.

Based on the report, the buyer is Norwegian Frontline. However, Norwegian daily Finansavisen identified Tor Olav Troim, a former right hand of John Fredriksen, as the buyer of the new ships from the shipyard via a new company 2020 Bulkers.