Fred Cheng has been busy adding more capes to his company Shinyo International, doubling the size of his fleet this month to a total of four ships.
Brokers report he beat out more than 10 other interested parties for the Mitsui-built NSS Endeavor, which was put up for sale by Japan’s NS United. Cheng is thought to have paid around $14m for the 2002-built ship.
Cheng has also been linked as the buyer of the 177,000 dwt North Trader, paying Sinokor Merchant Marine $17.2m for the 11-year-old ship.
Cheng declined to comment on the deals when contacted repeatedly by Splash this week.
In an interview with Splash in March, Fred Cheng said he was focused on building up a capesize fleet although he admitted that cape prices were on the rise. “It’s much too late to catch the bottom, but there is still some upside left,” Cheng said.