Chellaram Shipping takes bulker for $19.5m

Chellaram Shipping takes bulker for $19.5m

Hong Kong bulker specialist Chellaram Shipping has finalised the purchase of the 60,000 dwt Aby Paola for $19.5m. This is the reported first bulk purchase by the conservative Hong Kong owner in years.

The sale appears to be good deal for the seller as VesselsValue.com sets the market value at $16.72m for the one-year-old ship.

The seller ABYO is a joint venture between York Capital Management, Augustea, Bunge and Oceanbulk. It is listed with two bulkers, the 82,000 dwt Abyo Oprah, built in 2006, and the five-year younger 175,000 dwt Abyo Audrey.

Chellaram owns around 10 bulk carriers in the medium size vessel segment. In addition it is listed with offshore and dredger units.

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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