Dasin Shipping rejects report of seven-ship supramax bulker sale

Singapore’s Dasin Shipping has rejected reports that it sold a fleet of seven bulkers in an $80m deal.

Greek and US shipbrokers reported that the supramaxes built between 2008 and 2012 have been picked up by an undisclosed buyer.

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But Dasin managing director Zhang Lan Shui told TradeWinds that his company has not sold any of its vessels, although he acknowledged that there were minor changes in their shareholdings.

The reported en-bloc sale included the 57,000-dwt Mandarin Eagle (built 2008), Mandarin Phoenix (built 2010) and Mandarin Noble (built 2012).

Also involved in the deal are the 57,000-dwt Mandarin China, Mandarin River, Mandarin Hantong and Mandarin Singapore (all built 2011).

All the supramaxes were built at China’s Jiangsu Hantong Ship Heavy Industry.

VesselsValue estimates that the ships are worth about $97m in open market transactions.

Data from Clarksons shows that they have no exhaust gas scrubbers and thus are powered by very low-sulphur fuel oil.

TradeWinds reported in 2019 that the ships were among eight that were purchased by CS Leasing, China Cosco Shipping’s financial leasing arm, in a sale-and-leaseback transaction with Dasin.

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The leases appeared to have lasted five years. Equasis data shows that ownership of the septet was transferred to Singapore registered owners, all listed at Dasin’s address, in 2023.

The eighth ship in that CS Leasing deal, the 57,000-dwt Mandarin Dalian (built 2010), was sold to Standard Shanghai Shipping in 2023, according to data from Equasis and VesselsValue data. It is now named Sea Etiquette.

Founded in 1992, Dasin owns a fleet of 12 bulkers and general cargo ships, including the seven supramaxes, according to data from Clarksons.