Hsu family-controlled Sincere Navigation has swapped two capesize bulkers on order at Shanghai Waigaoqiao Shipbuilding (SWS) for a single VLCC contract with the blessing of the CSSC group yard, which picks up an extra $3m on the deal.
TradeWinds has recently reported on efforts by players including John Fredriksen and Cargill to convert bulkers to tanker orders, a trend some fear could overbalance supply and demand in the currently heady crude carrier market.
