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.