SinOceanic Shipping Orders 10 Newbuild Containerships

Sinoceanic shippingOslo-based ship investment company, SinOceanic Shipping ASA, has entered into a contract with Jinhai Heavy Industries to build ten, 8,800 TEU state-of-the art containerships.

The total transaction, consisting of the combined value of the vessels and the charter parties, has a total gross value of approximately USD $2.4 billion according to the company’s statement.

SinOceanic notes that they will outsource all operational and technical management of the vessels upon their delivery. The first vessel is expected in mid-2015 and long-term charter contracts will be sought for all vessels.

According to their Q1 report dated 15 May 2013, SinOceanic has ambitions “to reach a container fleet of 100,000-120,000 TEU lifting capacity within 24 months,” via acquisitions of “modern and standard vessels with charters attached and with appreciation potential.”

SinOceanic’s management consists entirely of former executives from BW Gas and majority owned by Cyprus-based Sinindo Holding Ltd.