United Ocean bulker sale nears completion

United Ocean bulker sale nears completion

Trustees of bust United Ocean Group are nearing the end of the fleet sell-off of the Tokyo tonnage provider. Pireaus-based White Sea Navigation is understood to have taken the 2015-built supramax Ocean Morning for $21.85m. For White Sea, the Ocean Morning is a big step up in size; its existing three-ship fleet are three 32,389 dwt handies.

United Ocean, founded in 1995 by Indian national Vipan Sharma, filed for court protection on December 31 2015, saddled by debts of more than $1bn. Its fleet of seven car carriers and 33 bulkers has slowly been sold off in the ensuing 21 months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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