A Chinese bulker outfit primarily known as a handysize player has quietly built up a sizeable presence in the capesize market with a string of acquisitions, mostly from major Greek players.
Zhangjiagang Oceanicwit Shipping has emerged as the manager of eight ageing capesizes and a newcastlemax over the past 12 months.
The latest vessel to join its fleet is the 174,200-dwt Maran Prosperity (renamed Leone Future, built 2006), which TradeWinds reported earlier this month as sold by the Angelicoussis Group to undisclosed Chinese interests.
That was just one of seven capesizes sold to Oceanicwit or clients thereof since August last year, in deals worth close to $110m in total, by top-tier owners Maran Dry Management, Star Bulk Carriers, Navios Maritime Partners, Kassian Maritime and Castor Maritime.
It is unclear if Oceanicwit owns the nine ships or is merely managing them on behalf of others.
On its website, Oceanicwit describes itself as a “ship management company specialising in ... ISM, ISPS, MLC management, chartering and cargo solicitation, crew recruitment and dispatch services”.
The company’s managers did not respond to a request for comment.
If it is acting on behalf of clients, a likely one is the Macrock International Group.
Market sources speaking to TradeWinds last year had identified the Hong Kong-based iron ore trading company as the buyer of the first capesize to pass under Oceanicwit management — the 174,300-dwt Maran Fortune (renamed Leone Fortune, built 2004).
Another likely partner is Hongyang Shipping — an entity referenced on Oceanicwit’s website as registered in Hong Kong 10 years ago with an operated fleet of more than 30 bulkers.
Both Oceanicwit and Hongyang started in regional log trading but have expanded their operations since to include fertilisers, grains, iron ore, coal and cement.
Oceanicwit’s website discloses no fleet list but says that the “tonnage and scale of its ships… increased significantly” since its beginnings as a handysize operator in the timber business.
Consistent buyer
Its acquisition drive puts Oceanicwit at the forefront of Chinese purchases of ageing capesizes, particularly those from Greek owners.
After swooping on the Maran Fortune in the summer of 2023, the company and its partners followed up quickly with another three purchases: the 180,300-dwt Navios Beaufiks (renamed Luck Fortune, built 2004); the 177,500-dwt The Mothership (renamed Leone Star, built 2006); and the 180,200-dwt Magic Orion (renamed Leone Luck, built 2006).
The company kept its foot on the gas in 2024 with four more acquisitions: Star Bulk’s 180,200-dwt Pantagruel (renamed Venus Wealth, built 2004); Sincere Navigation’s 174,100-dwt Heng Shan (renamed Eastar Luck, built 2007); Seno Kisen’s 208,000-dwt Eastar Faith (built 2009); and the Maran Prosperity.
The deals have made Oceanicwit and its partners the single biggest Chinese buyer of Greek-held capesizes in the current shipping cycle — even bigger than major, Singapore-based player Winning Shipping.
According to TradeWinds data, from confirmed secondhand transactions, Greek owners divested 47 capesizes since January 2023.
Chinese interests based in mainland China, Hong Kong and Singapore accounted for 19 of these deals. Eleven of them were concluded by Oceanicwit and Winning.
