Cheng Purchases Open Hatch Bulk Carrier

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.”

Cheng Purchases Open Hatch Bulk Carrier

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