CP Worldwide — a joint venture between Hong Kong’s Parakou Shipping and CSSC Leasing – has taken advantage of rising asset values to sell two ultramax bulkers for $47.6m.
European brokers reported that the company has sold the 63,500-dwt CP Guangzhou (built 2015) and CP Tianjin (built 2016) for $23.8m each to unknown buyers.
Bulker market sources following the Chinese arena confirmed the sale of the Chengxi-built ultramaxes.
They explained the geared bulk carriers were sold to a Chinese company and a European owner. The names of the buyers have yet to emerge.
The sources added that the ships will be delivered to the new owners when the vessels’ charters expire in the middle of this year.
An official at Parakou declined to comment on the company’s shipping activities when contacted.
S&P brokers said the sales price of CP Guangzhou and CP Tianjin was in line with the current secondhand market.
One broker said the expectation of the bulker market is positive and there is a lack of sales candidates for ultramaxes that were built seven to eight years ago.
The partners ordered the two vessels as part of a six-ship series in 2013 at a reported price of about $25.5m apiece against time charters.
TradeWinds has learned that CP Wordwide is now left with three vessels — the CP Chongqing (built 2016) and CP Nanjing and CP Shenzhen (both built 2017).
The company sold the 63,500-dwt CP Shanghai (built 2015) last year for $23.5m.
The bulker has been renamed EY Haydn and is owned by Singapore-registered EY Haydn Shipping.
Clarksons’ Shipping Intelligence Network shows CSSC Leasing holds 75% of CP Worlwide and Parakou owns 25%.
A privately owned company, Parakou Group was founded by the late CC Liu, who died in May 2017.
The company was divided into Parakou Tankers, based in Singapore and controlled by CC Liu’s son Por Liu, and Parakou Shipping, located in Hong Kong and run by CC Liu’s son John Lau.
Parakou Shipping has a fleet of six trading handysize bulkers that were built between 2012 and 2014.
