Fred Cheng scoops five VLCCs in tanker comeback

Fred Cheng scoops five VLCCs in tanker comeback

Athens: Fred Cheng’s Shinyo International has bought five VLCCs for a combined $326m, brokers told Splash today. All the deals are still on subjects.

China VLCC has sold three to Shinyo in a deal worth a combined $238m. The vessels are New Medal (297,000 dwt, built 2009), which is being sold for $78m; New Coral (297,600 dwt, built 2010) for $82m, and New Founder (297,400 dwt, built 2008) for $74m.

Cheng’s other two purchases are the Power D and Energy R (both 319,000 dwt, built 2003), sold for $44m each by Nord Reederei last week.

“The markets are coming together, there is a great opportunity in VLCCs,” Cheng told Maritime CEO in September, saying he was anxious to make a comeback to shipowning.

At the end of April, China VLCC bought two second-hand VLCCs from Sinokor Merchant Marine for a total of $165m, the vessels being Beijing Sunrise (321,300 dwt, built 2009) and Dalian Glory (301,900 dwt, built 2011).

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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