Joong Ang Shipping looks for panamax exit

Joong Ang Shipping looks for panamax exit

South Korean dry bulk owner Joong Ang Shipping appears to be heading for an exit of the panamax sector.

Brokers are circulating the company’s only two panamaxes, the 2011-built Daewoo pair Sunny Young and Wise Young. Joong Ang is said to be inviting offers for the pair, which are valued around the $8.5m-$8.7m mark according to VesselsValue.

Should a buyer step forward, Joong Ang will be left with a fleet of three Hyundai Vinashin-built ultramaxes.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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1 Comment

  1. Avatar
    Anders Liljegren
    December 14, 2019 at 2:42 am

    Name of one of the ships is Wise Young and not Sunny Wise…
    Best greetigns,
    Anders Liljegren
    Sweden