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, which will be managed by Univan Ship Management of Hong Kong, is chartered back to CETRAGPA (Louis Dreyfus)
for a period of four years. Mortgage finance for the acquisition was provided by DVB Nedship's Hong Kong office.