Sinotrans Shipping has acquired two 176,000DWT capesize newbuilding resales at a total price of US$194 million.
According to Lloyds' List, the ships, on order at China's Zhoushan Jinhaiwan Shipyard and due for delivery in November and December 2009, were initially ordered by FFDAX, a Panamanian company linked to Shenzhen Da Xi Marine Shipping, a company based in Shenzhen in southern China. Sinotrans Shipping said the vessels would be dedicated to China's iron ore trade. Currently the company has an owned fleet of 34 ships totaling 2.2million DWT. In addition to the two latest acquisitions, Sinotrans has twelve newbuildings on order.
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