JES Bags Its Largest Ever

A major private shipbuilding group based in the PRC, JES International Holdings Limited has, through its wholly owned subsidiary Jiangsu New East Marine Engineering, secured a contract for the construction of six 64,000 dwt Ultramax bulk carriers including options for 30 other similar vessels.

The order, worth approx $1.0 billion, came from a company registered in British Virgin Islands and was backed by two private investment funds. The 64,000 dwt Ultramax bulkers will be of SDARI design, a model which is environmental friendly and fuel efficient.

Delivery of the first six vessels is scheduled to take place from December 2015 to January 2016. Delivery of the vessels under the options, if exercised, is slated for 2015 till late 2016.

This new contract comes on top of the Group’s three other recent announcements, made earlier this year, regarding the contract for the construction of 4 Newcastlemax bulk carriers and 2 Post-Panamax bulk carriers, plus options to construct additional 4 Newcastlemax bulk carriers and 3 Post-Panamax bulk carriers.

Year-to-date, the Group has secured confirmed orders of $432.0 million with options outstanding worth another $1.1 billion.