One of Hong Kong’s oldest shipping companies, Valles Steamship, is exiting the bulker segment, laying all its money into tankers.
The company, now run by the fourth generation of the Koo family, is letting go of its last bulker, brokers tell Splash. The panamax vessel, Silver Dragon, delivered in 2006, has been sold for $8.2m. Eight-ship strong Greek bulker player Modion Maritime is tipped as the taker of the ship. In November last year Valles timed the sale of sister ship Silver Pheonix better, selling that ship for $9.5m.
The two ships have been cash cows for Valles, as the ships were ordered for a historic low price of $24m each in 2004.
The sale leaves the 102-year-old company with nine aframaxes and three handysize tankers, according to data from VesselsValue.