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R-Power in talks with South Korean firms to buy dry bulk ships

Reliance Power Ltd. | Power Generation/Distribution | Power | BSE: 532939 | NSE: RPOWER

01 Jun 2009 Evaluate

Reliance Power Ltd is in talks with South Korean shipyards to build six ships that will be used to import coal for the 4,000MW power plant it is constructing in Krishnapatnam, Andhra Pradesh. The utility is discussing a possible deal with Hyundai Heavy Industries Co. Ltd, STX Shipbuilding Co. Ltd, Daewoo Shipbuilding and Marine Engineering Co. Ltd and Hanjin Heavy Industries and Construction Co. Ltd to build the so-called dry bulk ships.

Reliance Power has been scouting the global market since July for six so-called capesize ships that would be used to haul 17 million tonnes of coal a year from Indonesia for the Krishnapatnam power plant. It is also looking to hire three-four capesize ships on a long-term basis to meet its coal transportation requirements. Capesize ships can typically carry up to 175,000 tonne of coal, steel or iron ore. They must travel around the Cape of Good Hope or Cape Horn because they are too large to use the Suez or Panama canals. Globally, 856 capesize ships are in operation. Over the next three years, another 500 capesize ships, currently under construction at various global yards, will start trading. Currently, a capesize ship costs $65 million (Rs307 crore) to build.

Reliance Power had been in discussions with Chinese shipbuilding yards including Qingdao Beihai Shipbuilding Heavy Industry Co. Ltd to purchase the ships, when the price for building a capesize ship was at about $100 million in the global market. But a deal could not be finalized then because of problems faced by Chinese yards in getting finances. Since then, ship values have crashed following the global slowdown, collapsing freight rates and waning demand for goods.

Last year, Tata Power Co. Ltd, India’s biggest power utility outside state control, signed a $200 million contract with Qingdao Beihai Shipbuilding to construct two capesize ships, each with a capacity to carry 200,000 tonnes of cargo.

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R-Power in talks with South Korean firms to buy dry bulk ships

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