Empire Bulkers to splash $1bn on capesizes

Greek owner chooses JES because few shipyards in China can build the vessels and have suitable delivery slots

4 July 2014 0:00 GMT Updated 4 July 2014 0:00 GMT

By Irene Ang Singapore Gillian Whittaker Athens

Empire Bulkers of Greece is placing a massive order in China for bulker newbuildings worth $1bn.

Industry sources say the Stamatis Molaris-controlled company has contracted Singapore-listed JES International Holdings to build up to 18 capesize bulkers.

The deal is for 10 firm vessels plus eight options. The first unit is scheduled to be delivered in October next year, with the rest due to be handed over in 2016.

The