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A NUMBER of Chinese companies have been incorporated with the aim of taking advantage of soaring hire rates in the overheated charter market, reports London's Loadstar.
Since mid-2020, when the container market began booming, a few companies bought second-hand vessels, mainly feeder sizes, for long-term charter to liner operators.
One such entrepreneur is former shipbroker, Zhou Yupeng, principal at Shanghai Aoyang Shipping Service. Through Hong Kong-registered Goship Group, Mr Zhou reportedly purchased the 1997-built 614-TEU SCO Qingdao from Shanghai Jinjiang Shipping in January.
The price was not disclosed, but the vessel was said to be worth US$1.7 million in January, and has been chartered to X-Press Feeders for a year.
In April, another of Mr Zhou's companies, VBS Group, acquired the 2012-built 707-TEU SCO Shanghai from Vietnamese owner Hai An Transport & Stevedoring, again for an undisclosed price, but valued at $11 million and now chartered to Taiwanese liner operator Wan Hai Lines for a year.
A China-based Hong Kong-incorporated entity, Yongwang Shipping, is said to have purchased the 1999-built 411 TEU Pros Fortune from Bruneian owner Amann Shipping Group in May. It is believed to have been chartered to Russian liner operator Fesco and deployed on a Busan-Vladivostok service.
The Hong Kong Companies Registry shows Liu Weihua, one of the principals of Chinese liner operator Dongchen Line, which runs a service between China and Japan, has a 45 per cent stake in Yongwang, with Xiao Jie and Zhu Jiang.
New Harvest Shipping, a Singapore-incorporated affiliate of Chinese breakbulk shipper Multimax Shipping, acquired its first ship, the 2007-built 1,700 TEU Sunshine Bandama, in June 2019. Multimax is believed to be controlled by Zhang Ziyan, who is understood to own a number of shipping and logistics-related businesses.
In March, New Harvest acquired its second vessel, 2007-built 1,050-TEU Bright Laem Chabang, from Japanese owner Shoei Kisen Kaisha for $7 million. Both Sunshine Bandama and Bright Laem Chabang have been chartered to SITC Container Lines.
And, last month, the 1997-built 1,613-TEU Kanway Galaxy was sold to an unknown Chinese buyer for $6.5 million.
BIMCO analyst, Peter Sand said new entrants would have completed thorough due diligence before becoming tonnage providers and added: "If you're able to secure a 24-month charter at a high rate with an A-rated counterparty, a sizeable part of your upfront risk is managed. The tricky part is finding the next charterer, in 2023, when a lot of recently ordered ships get delivered."
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