ICBC Leasing order puts Chinese metals company on the large bulker map

A Chinese metal company has emerged behind an increasing newcastlemax order at Shanghai Waigaoqiao Shipbuilding (SWS) that is currently worth $212m.

The state-controlled company, Citic Metal, is a well-known and active charterer. But the order, done with ICBC Leasing as financial owner, will put the state-owned metals and ore trader in control of its own fleet of large bulkers for the first time.