New Chinese cape entrants surface

New Chinese cape entrants surface

Chinese owners are among the most active bidders in the capesize segment with several new, low key players adding their first capes in recent days.

One notable deal has been done by fast growing Hong Kong owner Agricore who has added its biggest ship to date. Sources tell Splash that the four-year-old company has shaken hands with compatriot owner, China Minsheng Trust, taking one of its three capes, the 2004 Shanghai Waigaoqiao-built MSXT Vivienne for $12.5 m, a ship the seller bought for $1.7m less two years ago. The new addition will join two other panamaxes and one supramax.

Agricore’s business has developed rapidly, with two bulkers bought this spring. In addition to its core grain businessthe company is also engaged in coal, iron ore and fertilizer transportation with close to 200 voyages annually.

The second Chinese owner adding its first cape this week is state-run owner Fujian Ocean Shipping. This owner is reported as the buyer of the 2004-built, 177,000 dwt capesize bulker Lowlands Phoenix from Cobelfret. This Japanese-built vessel fetched $13.2m.

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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