The expensive Japanese yen has driven Santoku Shipping to order newbuildings at a foreign shipyard.
The Osaka-based shipowner says it has contracted two capesizes plus one option at a state-owned yard in China. The order is booked against long-term charters to Anglo-Australian mining giant Rio Tinto.
An official tells TradeWinds that Santoku has gone to China due to its competitive price. He does not disclose the Chinese yard’s identity or the delivery dates, saying only: “We have contracted at a state-owned shipyard to construct the newbuildings.”
Industry
