Shandong Shipping sticks to its MR plan

Shandong Shipping sticks to its MR plan

Broker sources tell Splash that the emerging Chinese tanker player Shandong Shipping has snapped up the 48,700 dwt Japanese-built High Presence from Italian owner D’Amico International Shipping for $15m. One broker report reveals that the sale comes with a five-year time charter back at $14,250 per day.

In May last year Qingdao-based Shandong Shipping’s pushed ahead with its stated plan to enter the MR segment with the board approving a two-ship secondhand acquisition. This was soon followed with the purchase of a MR tanker from Norwegian shipowner DSD Shipping when it acquired the 45,000 dwt Stavanger Eagle. This ship is managed by Hong Kong’s Wallem Group, who first published the news in its in-house publication.

Shandong is best known for its bulk business. It also has VLGCs and some offshore assets. It has made it known that it is keen to list overseas.

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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