ATHENS: Fred Cheng’s Shinyo International has bought five VLCCs for a combined $326m, brokers told Splash today. All the deals are still on subjects.
China VLCC has sold three to Shinyo in a deal worth a combined $238m. The vessels are New Medal (297,000 dwt, built 2009), which is being sold for $78m; New Coral (297,600 dwt, built 2010) for $82m, and New Founder (297,400 dwt, built 2008) for $74m. Cheng’s other two purchases are the Power D and Energy R (both 319,000 dwt, built 2003), sold for $44m each by Nord Reederei last week.
“The markets are coming together, there is a great opportunity in VLCCs,” Cheng told Maritime CEO in September, saying he was anxious to make a comeback to shipowning. At the end of April, China VLCC bought two second-hand VLCCs from Sinokor Merchant Marine for a total of $165m, the vessels being Beijing Sunrise (321,300 dwt, built 2009) and Dalian Glory (301,900 dwt, built 2011).
