Dry CargoEurope

Dao Shipping shakes up its business strategy

UK-based outfit Dao Shipping, an affiliate of Ray Car Carriers, is making waves in the secondhand market.
Dao has decided it’s time to start fattening its fleet, striking at a time when bulker earnings continue upwards, shifting its strategy from newbuilding to sales and purchase.

The summer started Dao with entering the handy segment, closing in on the Oshima-built 38,000 dwt Port Phillip Bay, now named Unity Star (pictured). This ship was taken over from its Japanese friends Orix Corp. No price tag is tagged to the deal, however VesselsValue indicates that the five-year-old bulker fetched around $21m.

Sources also tell Splash that the company has tabled a $24.4m bid for the 61,000 dwt Nord Hudson, a ship sold by Jan Rindbo-led Norden. This deal is noted with delivery later this year.

Sales chatter also surrounds a third ship, a sister ship of its first handy, also owned by Orix. This ship is named Yuna Orchid.

Twelve-ship strong Dao started out in 2012 with a delivery of a series of supramax bulk carriers from Hyundai Mipo. Since then it has ordered and had delivered a semi-box type 56,000 dwt bulk carrier from Oshima, a pair of 84,000 dwt bulk carriers from Imabari and a series of 61,000 dwt bulk carriers from Hyundai in Vietnam.

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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