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10/8/2012

China’s new bulk shipping company


China Shipping Bulk Carrier Co, a subsidiary of China Shipping Development Co, was established in Guangzhou on August 8.

The company will gradually integrate all the bulk shipping business of China Shipping Group, and will operate and manage more than 180 of China Shipping’s bulk carriers with a total capacity of 11m dwt, to become the largest bulk shipping company in China and the fifth largest in the world.

CSBC said, “We have already had strategic cooperations with a lot of big names like Baosteel, Wuhan Steel, Shougang Steel, Shenhua, State Power and so on, the company is expected to have a total capacity of more than 20m dwt by the end of 2015.”

Dry Cargo News

Strong bulker activity this week, with a total of 14 out of 22 newbuildings. Most of these are Ultramax sized bulkers which we estimate to be at about USD 26 million on average (Japan/Korea/China). The market seems to be picking up, however, having that said, there are no major spikes in prices, merely small adjustments pointing upwards.
Shipowners are become more optimistic that the freight market is poised to recover as they order new dry bulk vessels despite the prolonged crash in charter rates, shipping sources said.

Clarkson Hellas Weekly Bulletin mentions Japanese controlled M/V RED SETO (75,957 dwt 2002 blt Tsuneishi Zosen) has been sold for US$ 13.8m to Greek buyers while the one year younger - Japanese owned - M/V NAVIOS CIELO (75,834 dwt 2003 blt Sanoyas) is committed again to Greek buyers for US$ 14.2m with her ss/dd freshly passed.
Lion Shipbrokers report a host of deals linking Greek owners with bulk carriers last week. M/V "RED SETO" sold to Greek buyers (possibly clients of A.M. Nomikos) for $13.9 million. In the containership segment, M/V "WEHR FLOTTBEK" sold to Greek buyers (Clients of Euroseas) for $5.85 million.
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