Shining International Shipping selling off fleet

Shining International Shipping selling off fleet

Chinese bulker owner Shining International Shipping is selling its fleet of two handysize bulkers.

According to shipbroking sources, the company has listed its two 2015-built 38,900 dwt bulkers Smart Lisa and Smart Tina for sale at a price of $16m each, higher than a $13.5m valuation by MSI.

The two vessels were originally ordered Tranglory Shipping, an affiliate ship management company of Chinese owner Tranvast, at Taizhou Kouan Shipbuilding in 2013 for a price of $24m each. Tranvast went bankrupt at the end of 2016 and transferred the two vessels to Shining in 2017.

Shining International Shipping was established in Hong Kong in 2004 and operates from Yantai, Shandong.

In 2015, Hong Kong-listed Chanceton Financial Group led by Ho Chiu Ha Maisy, a daughter of Macau’s casino tycoon Stanley Ho, acquired a ship investment company Ture Yield Limited from Li Zhaoxia, chairman and owner of Shining International Shipping, for HK$240m ($30.6m).

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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