Finally the first cape sales of 2019 are filtering through with the most notable deal involving Fred Cheng. The former Golden Ocean boss has decided enough is enough and taken a $4m hit, selling two capes he bought to much media fanfare two years ago.
Broking sources say Cheng’s Shinyo International has sold the 2002-built Shinyo Challenger to Chinese interests for $12m, $2m less than what Cheng paid for it two years ago. The price is however, substantially higher than the VesselsValue market value of $10.24m.
A second cape is also on its way out, sources tell Splash. The similar aged and slightly smaller 170,600 dwt Shinyo Endeavour is believed to have found a buyer for just under $11m, some $2m less than what Cheng paid for it towards the end of 2017. VesselsValue has a fair market value on the ship at $10.85m.
The pair of cape sales leaves Shinyo International with just two capes left.
In an interview with Splash two years ago Cheng said he was focused on building up a capesize fleet although he admitted that cape prices were on the rise. “It’s much too late to catch the bottom, but there is still some upside left,” Cheng said.
Cheng has yet to reply to questions sent by Splash earlier today.