Dry CargoGreater China

Jiangsu Steamship makes waves in the cape sector

Jiangsu Steamship has for the second time in two years laid down the winning bid in the cape sector, this time adding its first newcastlemax, a 14-year-old called Baosteel Evolution.

Sources tell Splash that the Chinese player is behind the purchase of the Japanese-controlled, 206,000 dwt Imabari-built vessel, paying just under $22m.

The ship was previously committed to Greek interests and was reported sold in February for around $19.5m in a deal that ultimately failed. The same month, a one year older sister ship was sold for $19m to George Economou’s Dryships and has now been renamed Netadola.

12-ship strong bulker player Jiangsu Steamship made its entry into the cape sector in 2020, adding the 2003-built 171,015 dwt Aquaglory for around $9m, a ship that has increased in value by $7m, according to online pricing portal VesselsValue.

This is the third reported newcastlemax reported sold this year, while less than 15 capes have changed hands this year.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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