Dry CargoGreater China

U-Ming sells elderly cape

U-Ming Marine’s fleet renewal plan is gathering pace. Last month U-Ming entered into a shipbuilding contract with Qingdao Beihai Shipbuilding for four 210,000 dwt bulkers. This week its 15-ship strong cape arm’s average age of four will be improved.

Brokers tell Splash that is has let go of its oldest cape, the 18-year-old, 175, 900 dwt Cape Saturn for around $11m. This sale is U-Ming’s second cape sale this year. The year started with the Taiwanese company selling a sister ship for $10.2m. The 17-year-old Cape Boss, ex Cape Mars, went to Moundreas Shipping, a Greek owner who has snapped up six capes in this age group since 2019.

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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