Chinese state-run shipping giant Cosco has reportedly signed a contract to construct up to ten 210,000 dwt newcastlemax bulkers to support its long-term shipping project with Aluminium Corporation of China (Chalco).
This order, consisted of eight firm vessels and two optional vessels, is Cosco’s first batch of newcastlemax newbuildings under a bauxite transportation deal with Chalco. The vessel will transport bauxite from Guinea’s Boffa bauxite project to China.
In June 2018, Aluminium Corporation of China (Chalco) had entered into an agreement with the government of Guinea to develop the Boffa bauxite project in the west of the country. The company had been granted mining licenses for 15 years, which is renewable by 15 years more on expiry. The project is expected to produce 12 million tonnes, which will go to Chalco’s alumina refineries in Shandong and Guangxi. The construction work officially started in October 2018.
In February 2019, Splash had reported that the total orderbook of the project could be expanded to 25 to 30 vessels.
Cosco shipping bulk currently operates a fleet of nearly 268 vessels with a total capacity of 31.7m dwt. Besides, it has 12 newbuildings on order at Waigaoqiao Shipbuilding and Tianjin Xingang Shipbuilding.
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