Oman Shipping tipped to have boosted ultramax fleet with notable acquisition

Sinotrans Shipping, a subsidiary of China Merchants Group, has nailed this week’s most notable S&P deal. Sources say the low key owner has sold a one-year-old ultramax, the 63,000 dwt Guangzhou Huangpu-built Guo Qiang 8, for a bit over $23m, to Middle East interests.

The 42-ship strong bulker outfit added the vessel as a resale at the end of 2017 for just over $21m.

Sinotrans Shipping’s bulker division has an impressive fleet average of only six years and has only done one external sale and purchase deal since 2014, and that is the ship that is now reported sold.

Sources tip Oman Shipping as the likely taker of this Chinese bulker. Oman Shipping made a $46m entry into ultramax bulker market at the end of July adding two ultramax resales, the Yangtze Brave and Yangtze Angel.