Cheng Completes Deal with Louis Dreyfus, DVB Nedship

Tuesday, November 06, 2001
Fred Cheng’s new shipping company, Shinyo International, has purchased the 1998-built 43,000dwt bulk carrier Bara from Louis Dreyfus Armateurs SNC of France. The ship is chartered back to CETRAGPA (Louis Dreyfus) for a period of four years.

The transaction marks the first post-Golden Ocean acquisition by Cheng. It also reflects the core industrial shipping approach taken by Cheng over his twenty five years as a shipowner.

DVB Nedship Bank provided the mortgage finance for the acquisition out of the bank’s Hong Kong office. The ship will be managed by Univan Ship Management, also of Hong Kong.

Dagfinn Lunde, Chairman and CEO of DVB Nedship Bank stated, “ The transaction involves a quality ship, charterer, manager and owner and reflects the sort of work our global team, in this case Hong Kong under the leadership of Paul Chang, responds to quickly. We are pleased that Fred Cheng looked to us and know he will be successful.”

Cheng is also delighted that the ship is classed with Bureau Veritas, one of two classification societies of which he is a committee member, the other being the American Bureau of Shipping.

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Sapurakencana Wins 3 Petronas Oil blocks

SapuraKencana Petroleum Berhad today announced that it has entered into Sale and Purchase Agreements to acquire the entire interest of PETRONAS in 3 blocks offshore

Kemp Succeeds Semple at Wood Group

Wood Group announced following changes to its senior management team. Alan Semple, chief financial officer (CFO) has advised the board that he intends to

ST Engineering Rejigs Top Deck

Singapore Technologies Engineering Ltd (ST Engineering) today announced the appointment of senior management personnel to new key management positions in the

Shipbuilding

MHI Receives "Best IR Award"

Mitsubishi Heavy Industries, Ltd. (MHI) has received one of this year's "Best IR Awards" presented annually by the Japan Investor Relations Association (JIRA).

Steven Palazzo Visits HII, Newport

Huntington Ingalls Industries today hosted Rep. Steven Palazzo, R-Miss., for a tour of the company's Newport News Shipbuilding division. Palazzo represents the fourth district of Mississippi,

Everett College to Launch New Research Boat

Everett Community College’s Ocean Research College Academy (ORCA) will launch its new research vesel on November 22 with a celebration at 11 a.m. at the Port of Everett.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1570 sec (6 req/sec)