Everest scales new heights with VLOC deal

Everest scales new heights with VLOC deal

Singapore-based Everest Shipping has been the most aggressive name at the larger end of the dry bulk business in the last couple of months.

Brokers now confirm a long-telegraphed deal for the firm taking on its largest vessels to date. Everest has taken on two VLOCs, the 2013-built Shagang Faith and the 2012-built Shagang Volition for an en bloc price thought to be in the region of $70m.

Everest has also bought five capesizes from Chinese owners in the past two months.

Low profile Everest bares many similarities to another major bulker buyer, Winning Shipping, in being Chinese-backed, Singapore-based and massively aggressive.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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