U-Ming confirms bulker addition

Taiwanese owner says it paid less than $19.2m for Japanese post-panamax.

 Taiwan's U-Ming has confirmed the purchase of a Japanese post-panamax bulker.

TradeWinds reported earlier this month that Japan’s Kambara Kisen was understood to have disposed of the Tsuneishi Zhoushan-built, 98,000-dwt Ten Jo Maru  (built 2011).

U-Ming said it paid less than TWD 580m ($19.19m) for the ship. This was said to be in line with expectations.

The bulker is not due for special survey until December 2021.

U-Ming has seven post-panamaxes in its fleet at an average age of six years. This includes a sistership, Cemtex Orient (built 2012).

The owner last made a move in the S&P market in October last year when the 80,000-dwt bulker Cemtex Sincerity (built 1999) was sold to compatriot Eddie Steamship for $3.8m. This ship is likely worth $5.5m to $6m today.