Fred Cheng buys second cape

Fred Cheng buys second cape

Best known as a tanker tycoon Fred Cheng has decided to focus on capesizes in his initial fleet buildup.

Lion Shipbrokers reports that Cheng’s firm Shinyo International has snapped up the Bulk Prosperity from Grand China Shipping. The 2001-built vessel has cost Cheng $7.9m. The ship will be renamed Shinyo Brilliance. Cheng bought another cape around 10 months ago.

The former Golden Ocean boss had been looking to enter the VLCC trades three years ago but was unable to fix financing.

Cheng declined to confirm this latest capesize acquisition when contacted by Splash.

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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