Xin Yuan Enterprises confirms Shinyo capesize acquisition

Xin Yuan Enterprises confirms Shinyo capesize acquisition

Hong Kong-listed asphalt tanker operator Xin Yuan Enterprises has announced that it has entered into an agreement to acquire the 2006-built capesize bulker Shinyo Diligence from Fred Cheng’s Shinyo International, confirming a report by Splash in July.

Under the agreement, Xin Yuan will pay $16.5m for the 177,000 dwt Namura-built vessel.

It will be the second capesize bulker Xin Yuan has bought in the past month after the acquisition of 2004-built 203,300 dwt Azul Integra as the company diversifies into the dry bulk business.

“In light of the fact that the current market price of secondhand capesize vessel is at a historical low point, purchasing the vessel and entering into chartering agreement with customers could help locking in profits and combat the risks brought by escalation of trade wars and abrupt tightening of global economic conditions,” Xin Yuan said in a release.

Currently Xin Yuan’s fleet consists of four asphalt carriers.

 

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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