Wah Kwong Shipping News

Increased activity in the dry bulk carrier shipbuilding market is reported in the latest Clarkson Hellas Weekly S+P Bulletin, and in all sectors the shipbuilders are in China. Grieg Shipping have added to their existing orders at Dayang, with two further units of Ultramaxes, due for delivery within September and December 2015, this takes their order at that yard to four ships. Wah Kwong Shipping have now also placed order at Chengxi Shipyard for four 64,000dwt Ultramaxes scheduled for delivery within 2016.

Bocimar Far East Holdings, along with a shareholder of Wah Kwong Shipping Holdings Ltd., have offered to buy out the Hong Kong shipping group, which has been suspended from trading since June 1 pending news of the offer, officials said. Bocimar - a unit of Belgian shipping firm Compagnie Maritime Belge SA (CMB) - and Wah Kwong investor George Chao made a joint offer to buy the 57.7 percent they did not already own at HK$5.65 ($.73) per share. Bocimar already owns 27.1 percent, and Chao owns 15.2 percent, a spokesperson said. Bocimar and Chao plan to delist Wah Kwong from the London and Hong Kong stock exchanges if they are successful in buying up all of the shares, CMB officials said.