Dry CargoGreater China

Vintage specialist Hong Sheng Da snaps up elderly Korean panamax

Sources tell Splash that China’s Hong Sheng Da Shipmanagement has just picked up the 1999-built panamax bulker Deep Seas for $2.9m from Greece’s Paragon Shipping. The sale appears to be a bargain, as online portal VesselsValue.com values the ship half a million more.

Little is known about the shy player. Hong Sheng Da has been adding a little more than one ship annually into its fleet list since its entry on the international shipping scene around the year 2000. The majority of the ships are panamaxes and already about half off the ships have been sent to the breakers.

The seller NASDAQ-listed Paragon Shipping sent out a release yesterday about the sale of another similar aged panamax bulker, Kind Seas, for $3.5m.The net proceeds from the Japan-built bulker’s sale will be used to make an immediate prepayment of Paragon’s loan facility with the Bank of Ireland.

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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