Singapore-registered Chinese-backed dry bulk owner Everest Shipping appears to be exiting the sector and focusing on larger bulk carriers after four Ultramax vessels were sold, according to Trade Winds.
According to shipbrokers, four Ultramax vessels chartered by Everest Shipping from Minsheng Finance & Leasing have been packaged and sold to an undisclosed buyer in a deal totalling $97 million. The four vessels involved in the deal are the Beauty Jasmine, Beauty Lily, Beauty Lotus and Beauty Peony. ‘Beauty Peony’ (all built in 2015, 63,800 tonnes deadweight).
Data from VesselsValue, a ship valuation platform, shows that the current market valuation of the four vessels is $23.8 million per vessel, for a total valuation of $95.2 million. According to Singapore shipbrokers, the above four vessels are listed for sale because the charter agreement between Minsheng and Everest Shipping is about to expire.
Minsheng Jin Leasing, one of China's largest ship leasing companies, acquired the said vessels in August 2019 from Swiss owner Doris Maritime Services at a packaged price of $75 million.
Some industry insiders believe that the deal flanks the strategic adjustment of Chinese capital in the global shipping market. As China gradually becomes an important player in the global shipping market, the influence of domestic financial institutions in ship chartering and capital operation is expanding, which will have a far-reaching impact on the reshaping of the global shipping industry landscape.
It is learnt that Everest Shipping has been the operator of the four vessels mentioned above. Sources familiar with Everest Shipping have revealed that the company is now more inclined to expand its influence in the large dry bulk carrier sector.
If this news is true, this deal undoubtedly shows Everest Shipping's determination to adjust its strategic layout to meet the changing market demand.
According to Trade Winds, Everest Shipping's current fleet consists of 24 owned, chartered, operated or commercially managed vessels, of which 12 are capesize bulkers and very large ore carriers (VLOCs), while the rest are made up of Panamaxes, kamsars and ultra-handysize vessels.
https://www.cnss.com.cn/html/sdbd/20240827/354432.html
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