Dry CargoGreater China

CSC Phoenix acquires handysize bulkers from Minsheng Bank

Chinese domestic bulk shipping operator CSC Pheonix has acquired two 23,800 dwt handysize bulk carriers from Minsheng Bank via auction.

The two vessels, the 2009-built Chang Heng Hai and the 2010-built Chang Ling Hai, have been operated by CSC Phoenix since April 2018 under a charter contract.

The total price paid for the two vessels is RMB76.9m ($11.2m).

CSC Phoenix said the acquisition is in line with the company’s strategy to develop a sustainable fleet. The company has been facing capacity shortage issues after the former owner Sinotrans & CSC refused to extend charter of 13 bulkers to the company.

In November, CSC Phoenix acquired a 2000-built handysize bulker Xing Qiang from Shanghai Haiyu Shipping. Then last month the company suffered yet another round of resignations with all eight employees from its heavy cargo transportation department quitting.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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