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.