AsiaDry Cargo

Fred Cheng to move into owning bulk carriers?

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. 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.

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.
Back to top button