JP Morgan acquires panamax bulker from United Ocean

JP Morgan acquires panamax bulker from United Ocean

JP Morgan Global Maritime continues its secondhand bulker buying spree, acquiring 82,000dwt bulker United World from United Ocean Group.

According to broking sources, JP Morgan paid United Ocean $21.5m for the 2013-built vessel as the Japanese owner continues its fleet sell off after filing for bankruptcy protection last January.

JP Morgan snapped up two capsize bulkers, Hanjin Newcastle and Hanjin Port Walcott, last month from bankrupt Hanjin Shipping.

In June, JP Morgan secured $480m for its Global Maritime Investment Fund 2 and intends to use the funds to invest in more modern vessels.

Jason Jiang

Jason worked for a number of logistics firms following his English degree, then switched this hands-on experience to writing and has since become one the most prolific writers on the diverse China logistics industry writing for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week. Jason’s access to the biggest shippers with business in China has proved an invaluable source of exclusives.

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