Dry CargoGreater China

Sinotrans picks up ZMI kamsarmax trio

Chinese shipping giant Sinotrans has acquired three kamsarmaxes from Zhejiang Materials Industry (ZMI), according to brokers.

Yangfang-built Ocean Libra (built 2013), Ocean Scorpio (built 2013) and Ocean Virgo (built 2012) were originally linked to Greek buyers in March, reportedly Times Navigation, for around $18.5m each however the deal was not concluded.

VesselsValue data shows that a new deal for the vessels was done late August, and broking sources tell Splash that Sinotrans is behind the acquisition at around $17.5m each. MSI puts the fair market value of the ships around $18.5m, although its understood the condition of the vessels reflects the lower price.

The sale marks a long drawn-out exit from shipowning for ZMI, part of Wuchan Zhongda Group, who specialise in the iron ore and steel products trade.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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