China Merchants Energy Shipping (CMES) has sold a multipurpose (MPP) ship in its pursuit of an “asset-light” model for shortsea general cargo business.
The Shanghai-listed company, part of state conglomerate China Merchants Group, said the 14,500-dwt CSC Zhong Hai (built 2005) was sold for CNY 35.8m ($5.59m).
The buyer is British Virgin Islands-registered YHSL, which has 13 bulkers mainly operating in South East Asia.
“We are planning to continue our shortsea general cargo business via an asset-light model,” CMES said in a filing.
“We are also taking the initiative to adapt to the upsizing trend in the midsea and deepsea general cargo business by focusing on the vessel classes where we have advantages.
“We are aiming to integrate our shortsea, midsea and deepsea businesses, as well as domestic and international trades.”
VesselsValue data shows the company operates 11 MPPs and small bulkers via subsidiary Shanghai Ming Wah Shipping.
The CSC Zhong Hai was constructed by Japan’s Higaki Shipbuilding and installed with a ballast water treatment system.
CMES expects to book a gain of CNY 5.09m from the sale.
The company is one of the largest maritime transport companies in China, with assets in the oil, LNG, dry bulk shipping and ro-ro sectors.
CMES has aimed for CNY 18.8bn in revenue this year, up 4% from 2020.
The target was revealed in April as the diversified shipowner reported its first-quarter revenue fell 24.8% to CNY 3.6bn.
But its bulker business, which operates more than 140 vessels, including 34 VLOCs, was boosted by strong rates. Its revenue rose by CNY 443m to CNY 2.06bn
