Chang Myung finally finds a buyer for seven-year-old cape

Chang Myung finally finds a buyer for seven-year-old cape

South Korea’s Chang Myung Shipping has finally sold the seven-year-old cape C Discovery having had the 179,000 dwt bulker in the shop window for the past five months.

Chang Myung has had many bank driven sales in recent months. It filed for court protection in early 2016. The C Discovery is reportedly sold for $28m to compatriot owner, H-Line. The sale now leaves Chang Myung with just seven ships left.

H-Line’s fleet has ballooned over the last couple of years, taking many distressed assets including from defunct Hanjin. Its fleet list now stands at 31 capesizes plus a handful of panamaxes, the majority of which are working for Korean utilities and steel mills.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.

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