An undisclosed European shipowner seems to have picked up a bargain in an end of year sale at the Cosco Zhoushan yard.

The four 57,000-dwt vessels are costing over $100m according to a stock exchange announcement from majority shareholder Cosco Corp (Singapore).

Cosco Corp said the vessels had been ordered by a European owner for delivery between August 2012 and March 2013.

There are bargains to be had beyond the high street.
Similar vessels cost approaching $50m at the peak of the market in 2007, but were recently still in the $30m range so unless over $100 means much more than the stated sum the buyer appears to have driven the price down to a new low around the $25m mark - just half the price of three years ago.

Leros Management, Ocean Agencies, Goldenport and Portline are among the European groups with 57,000-dwt bulkers on order from Cosco Zhoushan but these vessels have contract dates in 2007 and 2008 with delivery scheduled for 2011 or 2012.

Cosco Corp (Singapore) which has a 51% stake in the Cosco shipyard group said the contracts were "effective" following receipt of the initial deposits from the European owner.

The company also announced that orders for two previously announced 57,000-dwt bulkers had become “effective” following payment of the initial deposits.

These deals were part of a batch of 15 bulkers announced for the Cosco Dalian and Guangdong yards in June.

Nine orders and two letters of intent with a contract value of over $300m are “effective” following the payment of the latest deposits.

But two of the original orders and two of the letters of intent have expired or lapsed.