Greater ChinaTankers

EGPN pockets swift profit from VLCC play

One of China’s fastest-growing private owners, EGPN Bulk Carrier, is reported to be close to pocketing over $5m on a ship it bought in September last year.

Broker sources tell Splash that EGPN has offloaded the 15-year-old 306,000 dwt Eastern Juniper, formerly called KHK Vision, a VLCC it added from one of the brand names of Hong Kong shipping, Tai Chong Cheang Steamship, which marked EGPN’s wet entry. Simultaneously to this purchase, it quietly added a small clean tanker, another well-timed purchase.

The 11-ship strong outfit’s last purchase in wet was at the beginning of the year adding the 50,000 dwt product tanker Ocean Pluto, now, Eastern Kalmia from Xihe Group.

In the dry sector, EGPN is widely reported selling a ship on order from Chengxi Shipyard, the 82,000 dwt Eastern Heather, a ship that will hit the water shortly. This ship was noted sold for $36m in March.

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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