Christmas rush is on

摘要

Last week witnessed an ordering frenzy in the relentless build-up to Christmas. An astonishing race for the best deals saw shipyards put their best foot forward. Dominating proceedings in the scramble for new orders were the Chinese. To kick off, China's Golden Ocean (GOCL) ordered four newbuildings at Daehan Shipbuilding in South Korea. The 170,000dwt vessels will be delivered from May 2008 to January 2009. The agreed purchase price is $72.2M per ship, plus four options. GOCL will finance this deal through a combination of bank debt and liquidity generated internally until delivery.