Cheng Purchases Open Hatch Bulk Carrier

Monday, December 23, 2002
In addition to the recently reported purchase of the Berge Fuji (299,000dwt VLCC), Fred Cheng’s Shinyo Group has also completed the purchase of a 28,000dwt, double hull, Japanese built open hatch type bulk carrier, to be named the Shinyo Challenge. Delivered in 1996, the MV Admire, renamed Shinyo Challenge was another successful collaboration of Fred Cheng’s Shinyo Group as the owner, Captain Vanderperre’s Univan as ship manager and Masatoshi Yokota, Senior Vice President of Orix the world’s largest leasing company - as the financier. The vessel has been chartered to Pacific Basin for a 3 year term plus options and will be re-flagged from Panama to Hong Kong flag and with a Univan trained all-Chinese crew on board. ”My strategy is simple,” said Cheng. I’m after anything that can show a long-term profit and this deal fitted right in. We have an owner, a manager, a financier and a charterer; all of whom have worked together over the years, successfully. The Shinyo Group is looking to be a profitable ship owner, which means staying flexible and not limit ourselves to any type of vessel. ”While the Shinyo Challenge deal actually started before the sudden acquisition of the Berge Fuji both ships fitted nicely into our overall portfolio.” The Shinyo Group’s fleet of 4 ships, currently consists of the original handymax, 2 VLCCs and now this open hatch bulk carrier, plus the JV handymax newbuilding project with the US based Van Omeren Clipper group, which will culminate in an early 2004 delivery and as Fred Cheng stated : “Who knows what’s next it all depends on what comes along.”
Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Ostebo Chosen to Head CLIA

Thomas P. Ostebo will join Cruise Lines International Association (CLIA) as the organization’s new president and chief executive officer, effective July 6, 2015.

Norwegian Cruise Ship Ran Aground off Bermuda

The Norwegian Dawn cruise ship with more than 3,700 people on board ran aground in Bermuda after the vessel temporarily lost power.   Small boats, divers and

GAC Sets its Sights on UK Cruise Business

Cruise Manager appointed to coordinate integrated cruise support nationwide   GAC UK is boosting its services for the cruise industry with the appointment of Fergus Poole as Cruise Manager.

Ship Sales

HSH Nordbank Looking to Split Off Bad Shipping Loans

HSH Nordbank AG, the world’s second-largest financier of ships, plans to split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model,

CSD, Cosco JV to Buy Vale's Bulk Carriers

China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.

World’s Greenest Containership Comes under Malta Flag

MV Barzan, a vessel recognized as the world's most environmentally friendly ultra-large container vessel, has been registered on the Malta flag.   MV Barzan is one of 17 (11 x 15,

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | 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: 0.1026 sec (10 req/sec)