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MOL selling 2009-built cape

The dry bulk market is awash with Japanese-built capesizes for sale with Mitsui OSK Lines (MOL) the latest to put a bulker on the chopping block.

Winning Shipping, a Chinese dry bulk concern based in Singapore, is linked with the acquisition of the Golden Hope marking the first vessel acquisition for Winning in the last six months.

A senior official at Winning said the deal is still in negotiation and is not completed yet. The company currently owns 17 vessels.

Late last month MOL said it would carry out structural reform of its dry bulk and container divisions as it warned of severe losses – to the tune of $1.45bn – for the current financial year which ends in April.

On dry bulk, MOL commented: “In the dry bulker business, the market is deteriorating to a new record low due to the imbalance of fleet supply and demand, along with stagnant cargo trade resulting from the slowdown in China’s economy since last fall.”

MOL said it will cut the number of capesizes trading on the spot market and withdraw excess tonnage in the panamax and handy sectors.
Japanese firms have been very active in selling bulkers this year in the worst market conditions seen for a generation.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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