Fred Cheng-controlled Shinyo International has managed to log a profit on selling a 15-year-old capesize bulker despite the depressed dry bulk market
Several European brokers said the Hong Kong-based shipowner has sold the 176,000-dwt Shinyo Alliance (built 2005) for $14m. Some sources said the Universal Shipbuilding-constructed vessel went to SW Shipping of South Korea.
The price is somewhat higher than charter-free market levels.
