Chinese trading company Sumec Marine has set up a new outfit in Singapore.
The subsidiary of state-owned enterprise China National Machinery Industry Corp (Sinomach) has established ship operator Sumec Ocean Transportation in the Lion City.
“The registration of Sumec Ocean Transportation is completed and preparations for the new company to start its business are in progress. It may begin its operation next month or in May,” a source familiar with Sumec Marine said.
The source said Sumec Ocean Transportation will take over the operation of 18 bulkers owned by Sumec Shipping — the shipowning arm of Sumec Marine. The bulkers range from handysize to kamsarmax.
“In addition, three chartered-in vessels will also be operated by Sumec Ocean,” the source added.
Officials at Sumec Marine were not available for comment by TradeWinds' press time.
One-stop service
Based in Nanjing, Sumec Marine has been involved in shipping for more than 20 years. It provides a one-stop service for shipowners, including customised shipbuilding, financing arrangements, ship conversion and marine engineering.
Sumec Marine also owns New Dayang Shipbuilding, formerly known as Yangzhou Dayang Shipbuilding, in Jiangsu province. The company together with two of its affiliates jointly paid CNY 1.88bn ($280m) to take over full equity interest in Yangzhou Dayang last year.
In November, AVIC International Leasing was reported to be New Dayang Shipbuilding’s first customer. The leasing firm contracted eight 63,500-dwt ultramax bulkers at the shipyard for delivery by the end of 2020.
In addition, New Dayang has also received orders for up to a dozen 82,000-dwt kamsarmax bulkers from China Development Bank Financial Leasing.
“New Dayang Shipbuilding has more than 20 bulk carrier newbuildings on its orderbook,” the source said. “The shipyard will continue to focus in constructing bulkers and, at the same time, it wants to expand into the gas segment, building LPG and ethane carriers.”
