Sources say that the Hong Kong headquartered conglomerate GMT Shipping & Logistics Group has made an exit from shipowning. GMT took delivery of its first ship, the 56,800 dwt GMT Phoenix in 2012, built at Zhejiang Zhenghe Shipbuilding.
in 2012, built at Zhejiang Zhenghe Shipbuilding.The same vessel is now sold to unspecified Chinese interests. Brokers report that the Bosco Ngan-chaired firm fetched $ 7.9m for the supramax.
GMT is a diverse outfit and is involved in shipmanagement, port agency and chartering and liner services and has had regular specialist liner services transporting conventional and steel cargoes from the Baltic and Black Sea to West Africa, according to its site.
With dry bulk reaching new lows on an almost daily basis this year, many more shipowners are expected to quit the sector in 2016.
“It’s all hands to the pumps now,” another Hong Kong shipowner told Splash on hearing the GMT news.
