Shanghai Ming Wah Shipping, a wholly owned subsidiary of China Merchants Group, has announced a plan to sell three 6,300 dwt small chemical tankers to Sinopec Fuel Oil.
The total price for the 2013-built vessels Amazona, Armonia, Kappasea, is $15m.
Ming Wah consideres the vessel as non-core assets of the company, and intends to focus on the dry bulk business.
In the meantime, Hong Kong Ming Wah Shipping has approved a plan to order four 62,000 dwt multi-purpose vessels at China Merchants-affilated Jinling Shipyard for a total price of $118.7m. Deliveries are scheduled for 2022.
Shanghai Ming Wah Shipping, formerly Shanghai Changhang Shipping, is the second largest specialised vessel operator in China with a fleet of 50 vessels including bulk carriers, multi-purpose vessels, heavy lift vessels and woodchip carriers.