HNA Technology is readying its last seven ships for sale after the departure of a series of key officials.
At least two of its remaining seven bulkers — a panamax and a capesize — are being circulated for sale and a company official said plans are proceeding towards the disposal of the entire fleet.
Brokers said the 79,500-dwt Grand Amanda (built 2011) was offered for inspection at the end of November and is expected to sell first.
Some commercial sources told TradeWinds they understand the entire fleet is expected to be sold shortly, but probably piecemeal.
The sale of the bulkers will follow the sales by Singapore’s GC Tankers this year of its last three VLCCs to Delta Tankers. GC Tankers was a joint venture of HNA Group and US-based Pan Oceanic. HNA Technology is the unit of HNA Group that includes the shipping and shipbuilding interests previously operated by HNA Logistics (which is now a land and air logistics company) and by the now-defunct Grand China Shipping.
Financing issues
The sell-off of the fleet had been postponed while financing issues relating to some vessels were being resolved, brokers said. But an HNA Technology official said that HNA Group strategy has remained unchanged for more than a year — namely, to sell the entire fleet.
Although reference sources list HNA Technology with a fleet of up to 22 ships, mostly bulkers, the official confirmed the total dry bulk fleet consists of two capesizes, one post-panamax and four panamaxes.
Besides the Grand Amanda, the others are the 175,600-dwt Bulk Harvest and Bulk Joyance, the 79,500-dwt Grand Marcia and Grand Annabelle (all built 2012), the 79,400-dwt Grand Alma and the 115,400-dwt Grand Thalia (both built 2011).
The Grand Thalia was built by Jiangnan Shanghai Changxing Heavy Industry. All the others were built at the group’s own Jinhai Intelligent Manufacturing shipyard.
Over recent months, key HNA Technology shipping officials, including the heads of capesize and panamax chartering, have departed for jobs with the Shanghai branches of at least three prominent international shipbrokers.
TradeWinds reported last month on the dire state of Jinhai Intelligent Manufacturing amid the group’s financial crisis and a series of corporate disposals.
Once one of China’s most active players on the global merger and acquisition scene, HNA Group has suffered a series of financial setbacks in the past year-and-a-half, after Beijing policymakers pulled back support for the debt-funded acquisitions of prominent companies including HNA Group, Wanda Group, Fosun International and Anbang Insurance.
The company was also in the spotlight over the sudden death in July of co-chairman Wang Jian while on holiday in France.
