March has been a manic month for dry bulk S&P, with Chinese names dominating the sales statistics.
Small- to medium-sized owners wanting to shave off their shipping assets for years have finally found buyers this month.
China’s coal trading and logistics major, Qinfa Group, has sold its second to the last ship, the 2011-built panamax bulker, Super Grace.
Another company cutting its fleet in two is Hong Kong-registered Hoi Fuk Shipping, selling the Jiangsu Eastern 79,000 dwt Wanisa for $13.65m.
A third player following this pattern is Hong Kong’s Goldwin, selling its second to last ship, the nine-year-old, 53,000 dwt Amber Beverly for $11m.
The latest sale coming out of China involves the 2010-built cape, Tiger Liaoning. This bulker is one of a trio of capes Greathorse International Ship Management decided to sell via auction this year. The Qingdao Beihai-built ship fetched around $20m according to brokers Intermodal. This is about $5m more than EGPN had to pay for a one year older sister ship called Tiger Jiangsu in mid-January.