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.