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 February 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

Food Handling Products Ordered for Ovation of the Seas

ALMACO informs it has been contracted to deliver food handling products for the Royal Caribbean International’s Ovation of the Seas, the third Quantum-class ship

Gulf Craft Makes a Splash with New Luxurious Yachts

UAE-based yacht and boat builder, Gulf Craft has made three global launches of latest super yacht - the Majesty 122, the Nomad 65 and 75 from the new collection

Genting Acquires Crystal Cruises

Crystal Cruises has been sold for $550 million to the owner of Asia's largest cruise line and a major shareholder of Norwegian Cruise Line.    Crystal's parent company,

Ship Sales

Shipping Contributes $164bln to EU

The European Community Shipowners' Associations has released the results of a recent update of an Oxford Economics study on the economic value of the EU shipping

UAE Shipping Delegation to Meet with Greek Counterparts

A delegation of Middle East maritime heavyweights including H.E. Khamis Juma Buamim, chairman & group CEO Drydocks World and Maritime World and Rashid Mohammed Al Habsi,

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Port Authority Salvage Ship Repair Ship Simulators Sonar Winch
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: 0.1178 sec (8 req/sec)