Fred Cheng has sold one of his two remaining capesize bulkers at a time of renewed liquidity in the sale-and-purchase market.
Cheng’s Shinyo International was the seller of one-quarter of the limited number of capesize bulkers to change hands in the first half of this year and has again trimmed its fleet.
TradeWinds understands the 176,000-dwt Shinyo Diligence (built 2006) has been sold for $16.5m
