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U-Ming focused on dry bulk with sale of last fully owned tanker

Taiwan’s U-Ming Marine Transport Corp is close to becoming a pure dry bulk player. The CK Ong-led company received many bids last week for its 2004-built Starlight Venture, eventually settling on a deal to offload the VLCC to undisclosed interests for $30.5m. U-Ming has been operating the Starlight Venture since 2009, having bought it from Hong Kong’s Wah Kwong.

As a result of this sale, the only exposure that U-Ming now has to the tanker market is via its stake in Global Energy Maritime, a local joint venture founded 11 years ago with refiner CPC Corp and Chinese Maritime Transport.

U-Ming’s fully owned fleet today numbers 35 ships, made up of four cement carriers and 31 bulk carriers varying in size from handy through to VLOC.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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