Xin Yuan Enterprises acquires capesize bulker
Published by John Williams,
Editorial Assistant
Dry Bulk,
Xin Yuan Enterprises, a Hong Kong-listed asphalt tanker operator, has announced that it has acquired a second hand capesize bulker for US$15.6 million.
The company bought the 2004 203 300 DWT Azul Integra from Japanese owner Shunzan Kaiun. Its fleet now consists of four asphalt carriers.
Xin Yuan said the company is looking for new development opportunities in the shipping markets as trade protectionism and sanctions have created uncertainties to the global asphalt tanker chartering market.
The company said: “In light of the fact that the current market price of secondhand capesize vessel is at a historical low point, purchasing the vessel and entering into chartering agreement with customers could help locking in profits and combat the risks brought by escalation of trade wars and abrupt tightening of global economic conditions.”
Read the article online at: https://www.drybulkmagazine.com/material-handling/25102019/xin-yuan-enterprises-diversifies-into-dry-bulk/
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