Chinese supramax bulker specialist Fujian Highton Development has moved into the capesize business with a transaction in the secondhand market.
The company has acquired the 178,000-dwt Alpha Prudence (built 2008) from Wallace Navigation Corp for $24.75m.
The Chinese-built bulker’s actual previous owner was Athens-based Alpha Bulkers Shipmanagement.
TradeWinds reported last week how the Anna Angelicoussis-Kanellakis-controlled company sold the vessel to undisclosed owners, in a deal that leaves it with 18 capesizes and two newcastlemaxes on the water.
Fujian Highton said the acquisition is part of its fleet expansion plan as the capesize bulker will enhance the company’s competitiveness and earnings.
Last month, Fujian Highton made its debut in the kamsarmax bulker sector by acquiring three vessels in an en-bloc deal with Wilmar International worth $57.3m.
It bought the 82,000-dwt Theresa Guangdong, Theresa Jiangsu and Theresa Jilin (all built 2012).
Fujian Highton said the acquisition of the trio formed part of an expansion plan and its extension into international trade.
The Chinese shipping company has taken delivery of the Theresa Guangdong and Theresa Jiangsu and renamed them as Xin Hai Tong 803 and Xin Hai Tong 801, respectively.
Fujian 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, Fujian Highton disclosed it had bought five supramax vessels for $76.06m from subsidiaries of Cosco HK Shipping.
Chinese maritime news agencies reported that Fujian 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.
Fujian Highton 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.
