Apeejay Shipping to pay $130mn for 3 carriers

Apeejay Shipping has placed orders for three dry bulk carriers of 57,000 dwt (dead weight tonnage) each from China-based Cosco Shipyard Group. The total investment for the three carriers is $130 million.

The three vessels - Dolphin 57 design geared bulk carrier - will be built at Coso's Guangzhou shipyard, and are expected to be delivered between 2009 and 2011. Apeejay Shipping expects to receive its first vessel in April 2009.

S S Mahapatra, chief executive officer, Apeejay Shipping, said: "With the demand for dry bulk carriers expected to remain firm over the next three years or so, it is a good time to expand our fleet. New building orders have been placed with Cosco with whom we have close business relations for ship repairs and dry docking for more than ten years. The company will also work with Cosco to expand our Panamx type of vessels in the near future."