Jiangsu Steamship focused on building cape arm
This week brokers have reported a string of cape sales with Jiangsu Steamship one of the most active buyers of vintage capes in China, adding its fourth big bulker.
The Chinese outfit has for the second time in two months laid down the winning bid for a vintage cape up for sale. Sources tell Splash that its fast-growing cape arm has added a ship from compatriot owner COSCO, tabling $17m for the 174,000 dwt Shanghai Waigaoqiao-built, CHS Creation.
The deal followed in the footsteps of a purchase sealed earlier this year when it paid Diana Shipping $15.08m for the 2005-built Aliki, now renamed Xin Chun.
Data from VesselsValue notes that Jiangsu Steamship, which has 11 bulkers in its fleet, has put all its money into growing its cape arm in recent years, adding four capes in three years.