Chinese supramax bulker specialist Fujian Highton Development has expanded into the kamsarmax segment with secondhand vessels.
The Chinese company disclosed it has acquired three bulk carriers in an en-bloc deal from three subsidiary companies of Wilmar International for $57.3m.
It has bought the 82,000-dwt Theresa Guangdong, Theresa Jiangsu and Theresa Jilin (all built 2012).
Highton Development said the acquisition of the trio formed part of the firm’s fleet expansion plan and the vessels will enhance its competitiveness and profitability.
“This transaction extends Highton Development’s expansion in the international trade,” the company said.
Highton was listed on the Shanghai Stock Exchange in March 2023. The Fuzhou-based company has been building up its fleet with secondhand tonnage.
In April, Highton disclosed it had bought five vessels from subsidiary companies of Cosco HK Shipping.
It did not reveal the ship type or the vessels’ names but said the quintet cost $76.06m.
TradeWinds understands the ships were 56,000-dwt supramaxes built by Cosco.
They have been renamed as the Xin Hai Tong 51 (ex-Tai Ping Shan, built 2011), and the 2013-built Xin Hai Tong 57 (ex-Shou Chen Shan), Xin Hai Tong 53 (ex-Fu Quan Shan), Xin Hai Tong 56 (ex-Wu Gui Shan) and Xin Hai Tong 55 (ex-Yi Long Shan).
Chinese maritime news agencies reported that Highton has been active in the sale-and-purchase market since it went public last year.
The company was said to have bought nine vessels in 2023 and 10 ships during the first half of this year. The list of vessels acquired is not available.
According to its website, Highton Development was established in 2009 and is engaged in the domestic and international dry bulk shipping business.
For domestic trade, it mainly transports coal and claims to be one of the largest non-state enterprises by coal freight volume on the route between Bohai Bay and the Yangtze River.
It added that it is expanding its presence in transporting iron ore and other types of dry cargo. As of the end of 2023, the company controls almost 50 bulkers, of which 30 are owned.
Highton disclosed that for the first half of this year, it logged an operating income of about CNY 1.69bn ($236m), a year-on-year increase of almost 130%.
The net profit attributable to shareholders is about CNY 240m, an increase of 82% from the same period of 2023.
