Wah Kwong in the market for secondhand tonnage for first time since the 1960s

Wah Kwong in the market for secondhand tonnage for first time since the 1960s

Hong Kong: Despite not having bought any secondhand tonnage since the 1960s, Hong Kong’s Wah Kwong is in the market for opportunistic buys, its CEO told Splash today. Tim Huxley, who also heads up Mandarin Shipping, said prices for dry bulk were now looking attractive.

“As I said at the beginning of the downturn, ‘It will be criminal not to take advantage of this recession,’” Huxley said.

Nevertheless, sourcing the ideal ship will not be easy, he admitted. “Finding the right deal is difficult. There’s a lot of rubbish out there and not much decent tonnage,” he said.

Wah Kwong has taken delivery of two 64,000 dwt bulkers so far this year, which have gone on five year charters. It has another one delivering in May, which has yet to be fixed.

Recently it has ordered four aframaxes, two at Sumitomo in Japan and two at Shanghai Waigaoqiao Shipbuilding.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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