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.