Hong Kong-listed asphalt tanker operator Xin Yuan Enterprises has announced the acquisition of a secondhand capesize bulker for a price of $15.6m.
According to shipbroking sources, the company bought the 2004-built 203,300 dwt Azul Integra from Japanese owner Shunzan Kaiun.
Xin Yuan said the company is looking for new development opportunities in the shipping markets as trade protectionism and sanctions have created uncertainties to the global asphalt tanker chartering market.
“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.