Winning Shipping is expanding its fleet through deals in the newbuilding and secondhand markets.
The Singapore bulker owner has quietly ordered a pair of newcastlemax bulkers at China's Nantong Cosco KHI Ship Engineering (Nacks).
It also has bought the 185,000-dwt Shinyo Challenger (built 2002) from Fred Cheng's Shinyo International.
On the newbuilding front, Winning confirmed it has returned to Nacks to order the 210,000-dwt newcastlemaxes at the yard, which is a joint venture between China's Cosco Shipping and Kawasaki Heavy Industries.
“These two ships were ordered some time ago,” a Winning executive said.
The company did not disclose the cost of the newcastlemaxes but the executive said it will be taking delivery of the first vessel at the end of this year and the other in early 2020.
Winning started working with Nacks in 2000, when it signed up for two 58,800-dwt supramax bulkers: the Winning Angel and Winning Bright (both built 2012). Three years later, it booked a pair of newcastlemaxes: the 210,000-dwt Winning Hope and Winning Grace (both built 2016).
Replacement vessel
The Winning executive also confirmed the acquisition of the Shinyo Challenger, saying the vessel is to replace the 186,000-dwt Winning Brother (built 1995) after it was sold for demolition last year.
Winning did not disclose the price it paid for the Mitsui Engineering & Shipbuilding-constructed Shinyo Challenger but market sources put it at $12m. The company has taken delivery of the capesize and renamed it Winning Brother.
Clarksons’ Shipping Intelligence Network lists Winning with three 63,200-dwt bulkers under construction at Taizhou Sanfu Ship Engineering with delivery in 2020. However, Winning said it does not have any newbuildings placed at the Taizhou-based shipyard.
Meanwhile, industry players said Winning has shown interest in large bulker newbuildings.
It is said to have approached shipyards under the control of China State Shipbuilding Corp and China Industry Shipbuilding Co, in addition to privately-owned shipbuilders, for two to four vessels in the 260,000-dwt and 325,000-dwt size range.
However, the Winning executive played down the market talk, saying his company does not have plans for newbuildings at the moment.
Winning was established in 2002 by Sun Xiushun, who was formerly with Cosco Qingdao. The company began as a trader and ship operator in Qingdao and went on to establish offices in Hong Kong and Singapore. Its core activity is transporting bauxite to China.
The outfit entered shipowning in 2007 with the purchase of secondhand capesizes. According to VesselsValue, Winning has been buying secondhand vessels every year for the past 10 years. In total, it has acquired 39 capesizes and two panamax bulkers. In 2016 alone, it splashed out more than $220m on purchasing 13 ships.
VesselsValue data shows that Winning currently has a fleet of 35 vessels, all of which are capesizes except for two supramaxes and one post-panamax bulker.
