An infamous Chinese owner has sold one of its two capesizes. The 181,500 dwt Five Stars Beijing has fetched $30m in a sale to an unspecified buyer. The ship, owned by Five Stars Global Shipping, has been lying off Zhoushan on the east coast of China since November last year.
The Chinese owner still has one more cape – the Five Stars Fujian, a ship that was arrested in Australia last year after terrible scenes of crew abandonment and dire conditions onboard.
Sources tell Splash the aim of the sale of the Five Stars Beijing is to use the cash to reinvest in the other cape and get it released from arrest. Five Star acquired the cape pair from Cido Shipping back in 2009 for a reported $71.5m each.
The owner is understood to owe China’s Bank of Communications significant sums.