Fred Cheng’s Shinyo International has reportedly purchased a capesize on subjects, which could mark the shipowner’s first move into bulk carriers if the deal is completed.
Brokers today report Japan’s Doun Kisen has agreed to sell Cape Grace (176,300 dwt, built 2005) to Shinyo for $11.75m. The Japan-built vessel has just passed its special survey. VesselsValue.com estimates the cape’s current market value at $10.58m.
But Cheng fans should hold their breaths until the deal is concluded. In June last year, Splash broke the news that Shinyo had bought five VLCCs for a combined $326m, including three from China VLCC. It would have marked Cheng’s tanker-owning comeback – but the deal fell through. Cheng (pictured) later told Splash that his company had failed to secure financing for the vessels.
Shinyo currently only has one ship in its owned fleet, the small chemical/product tanker Tenkai Maru (1,300 dwt, built 2005).
Earlier this month, brokers reported Doun Kisen sold its capesize Global Partnership (177,000 dwt, built 2006) to China’s Winning Shipping for $12.2m.
