Cheng Completes Deal with Louis Dreyfus, DVB Nedship
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 is chartered back to CETRAGPA (Louis Dreyfus) for a period of four years. The transaction marks the first post-Golden Ocean acquisition by Cheng. It also reflects the core industrial shipping approach taken by Cheng over his twenty five years as a shipowner. DVB Nedship Bank provided the mortgage finance for the acquisition out of the bank’s Hong Kong office. The ship will be managed by Univan Ship Management, also of Hong Kong. Dagfinn Lunde, Chairman and CEO of DVB Nedship Bank stated…
Fred Cheng Completes Deal with Louis Dreyfus, DVB Nedship
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.
Univan Reports Steady Growth in 2003
in excess of 80 ships under full technical management. for its unique expertise and dedicated technical and crewing pool. fleet well into the 80s range. dedicated teams .. from management to crews .. .. is clearly the way to grow in the future," according to Univan's Chairman, Capt Vanderperre. bodes well for the company's future," he continued. car carriers ... ships. supervision for 3 Panamax vessels, at the Oshima Shipyard in Japan. in good shape. Vanderperre concluded. to the Univan fleet from Fred Cheng's Shinyo Group in Tokyo.
Cheng Purchases Open Hatch Bulk Carrier
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.
