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.