Beijing-based China Minsheng Trust has broken a long pause from the sale-and-purchase market with a profitable capesize sale to Qingdao-based Agricore Shipping.
But the deal is understood to be a one-off and the Beijing-based seller has become reticent about its plans in the wake of the departure of its former head of shipping.
The ship's buyer Agricore and former charterer Erasmus Shipinvest are also declining to talk.
China Minsheng Trust vice general manager of shipping Fu Rui called the deal a "private sale" for the 175,100-dwt MSXT Vivienne (built 2004) and declined to comment further.
She referred further questions to higher management, who were not immediately available for comment.
Brokers reported that Qingdao and Hong Kong-based Agricore paid $12.5m for the ship, which will be renamed ASL Mars.
Acquisition in 2017
The bulker was part of a large fleet that China Minsheng Trust acquired in its initial rapid build-up in 2017. TradeWinds reported two years ago that the trust had acquired the MSXT Vivienne fromForemost Maritime Corp for $10.8m.
Officials of buyer Agricore were unwilling to comment or be identified by name. However, they pointed to information that is available on the company's website, which includes the ASL Mars in Agricore's fleet alongside two panamaxes and a supramax, all acquired in the past 10 months.
Market sources told TradeWinds there are personal ties between seller China Minsheng Trust's shipping executives and buyer Agricore.
John Su, chief executive of Erasmus Shipinvest, declined to comment on anything associated with China Minsheng Trust.
Erasmus has been one of the trust's key chartering partners but sources point to a falling out between the two sides over unsuccessful charter renegotiations. Some sources list Erasmus and China Minsheng Trust as joint venture owners of the MSXT Vivienne and another capesize, the 180,300-dwt MSXT Capella (built 2012).
President steps in
TradeWinds understands that China Minsheng Trust plans a quiet period with no further S&P action until the end of the year as it studies the market.
Sources differed on who is now in charge of shipping at the well-connected Beijing equity player. President and vice chairman Zhang Bo is said to have stepped in personally to run the company's shipping investments after the departure of former general manager of shipping Emma Zhu Yunrong.
Zhu left China Minsheng Trust in early May following the end of a three-year contract to set up an undisclosed venture of her own. She was reluctant to comment on her new activities, beyond saying that she received several offers but preferred to be her own boss now.
Zhu, 38, left the top shipping spot at China Merchants Bank Financial Leasing in 2016 and joined China Minsheng Trust as it hired an all-female team to oversee its entry into shipping.
In a one-year period beginning in October 2016, she assembled a fleet of 20 bulkers, from supramax to capesize.
After a pause of several months followed by four sales in late 2018, the company resumed acquisitions last December, spending about $112m on a panamax and four ultramax newbuilding resales up until Zhu's departure.
During the same period, it made a surprise entry into rig manufacturing and owning with an unexpected corporate deal to acquire a 20% stake in Hong Kong-listed CMIC Ocean En-Tech Holding.
