Japan's Shinyo Group has completed the purchase of a 28,000 deadweight tonne (dwt), double hull, Japanese-built open hatch bulk carrier, to be renamed the Shinyo Challenge.
The ship, originally named the MV Admire, was delivered in 1996 following a collaboration between the Shinyo Group, owned by Fred Cheng, Hong Kong-based Univan Ship Management and Orix, as the financier.
The vessel has been chartered to Pacific Basin for a three-year term plus options and will be re-flagged from Panama to Hong Kong with a Univan-trained all-Chinese crew on board.
Mr Cheng, a veteran of the Asian shipping industry, has recently reflagged the Shinyo Group's four vessels under the Hong Kong flag. In addition to the Shinyo Challenge, the group recently reported the purchase of a 299,000 dwt crude carrier (VLCC), the Berge Fuji.
Mr Cheng said his strategy was simple. 'I'm after anything that can show a long-term profit and this deal fitted right in. We have an owner, a manager, a financier and a charterer - all of whom have worked together over the years successfully,' he said.
'The Shinyo Group is looking to be a profitable ship owner, which means staying flexible and not limiting ourselves to any type of vessel.'