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China Steel Express readies vintage cape clear-out

Likely with rising fuel prices in mind, China Steel Express, the shipping arm of Taiwan’s largest steel producer, is readying a cape duo for sale. The sale will be its first move in the secondhand market in a decade as the company tends to keep its ships from cradle to the grave.

The first two ships to be sold by the traditional bulker player are its oldest ships, the 175,000 dwt China Steel Growth and her sister, China Steel Excellence, both built at CSBC in Kaohsiung in 2002.

Broker sources say the owner appears optimistic, hoping to get $22m for the two ships. The last done deal for a similar ship saw Diana make $9.35m from the sale of its Norfolk cape.

China Steel Express plans to sell a couple more capes this year as it takes delivery of a series of newbuildings.

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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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