The Vietnamese are getting more adept at shipping asset plays.
Tan Binh Shipping, which took the 10-year-old, 33,000 dwt Angel Jupiter bulker, from Sanko Steamship this March for $5m, has just sold it on for $7.2m to an unspecified European owner.
Brokers were unable to identify the buyer but the sale of the ship, since rechristened Tan Binh 234, marks a sign of new dexterity at the Vietnamese owner, which has been very active in the S&P markets for the past 18 months. It also reaffirms market sentiment that dry bulk prices have bottomed out.
, marks a sign of new dexterity at the Vietnamese owner, which has been very active in the S&P markets for the past 18 months. It also reaffirms market sentiment that dry bulk prices have bottomed out.In another rare example of a Vietnamese owner performing an asset play, Haiphong-based Viet Long JSC last month pocketed a tidy $1m profit from a quick bulker turnaround.
The Southeast Asian owner bought the Bianco Venture handy bulker at the start of the year for $5.2m. The Oshima-built ship, rechristened Great Pride, has now been bought by Hong Kong’s Taylor Maritime for $6.2m, according to brokers.
