Low profile Luhai Group, a Hong Kong-based conglomerate, is tempted to cut off its shipowning arm and focus on other segments. Luhai has its own Shenzhen operation , with a commodity trading arm focusing on coal and iron ore for southern China, named Luhai Materials and a shipowning arm, Luhai Shipping, which owns one vintage handymax (1998-built) and two six-year-old supramaxes, built in Xiamen.
Its fleet sell off started quietly in the middle of October when it offloaded its oldest ship named Baolong. This 46,700 dwt vintage bulker was committed for under just $5m, but Splash understands the deal is still not finalised.
This week, a second ship, the 57,000 dwt Baoxiang, is reported sold for $11.6m. The owner is also also willing to let go of its last ship for a similar price.