Sea Traders buys eight bulkers in Lan Hai bank sale

Sea Traders buys eight bulkers in Lan Hai bank sale

Greece’s Sea Traders has spent over RMB 535m ($84m) on three kamsarmaxes and five supramaxes formerly owned by Guangdong Lanhai Shipping, which were sold at auction by China Construction Bank.

The Chinese shipping company collapsed in August 2014 with its parent Guangdong Lanyue Energy.

The eight bulkers, which are all classed and flagged in China, have been in warm lay-up for 14 to 15 months at various Chinese ports, with crews onboard.

Sea Traders, which is led by George Procopiou, was reportedly the only bidder in the bank sale, according to brokers’ reports. The firm prices paid for each vessel are yet to be confirmed.

The three 2011-built kamsarmax vessels – Lan Hai Zhao Yang; Lan Hai Xu Ri and Lan Hai Yang Guang – reportedly each had a reserve price of RMB 60m ($9.4m). All three of the 79,600-dwt vessels were built at China’s Wujiazui Shipyard.

Three of the 57,000-dwt supramax vessels – Lan Hai Ying Xin; Lan Hai Lian He and Lan Hai Qian Jin – are geared and each had a reserve price of RMB 55m ($8.6m), brokers say. The three were delivered in 2011.

The two 2010-built supras – Lan Hai Yang Fan and Lan Hai Dong Feng – are gearless and had a reserve of RMB 45m ($7m) each. All of the five supramaxes were built at the Yangfang Shipyard in China.

US shipbroker Compass Maritime commented in its market report the sale was “interesting because it is rare for non-Chinese buyers to succeed in the rigid system of Chinese maritime auctions”.

The bank attempted to sell six of Lanhai’s bulk carriers at auctions in November and December last year, but the ships went unsold.

To date, more than 28 vessels formerly owned by Lanhai have been sold at auction.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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