Dry CargoGreater China

Chinese owners find buyers for multiple bulkers

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.

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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