King Shan invests arrest winnings in younger ship

A Fuzhou shipowner has invested his winnings from a legal victory over Greece's Alpha Bunkers in a secondhand bulker.

Hong Kong King Shan Group recently sold the 170,400-dwt An Li (built 2000) for scrap at $415 per ldt — about $10.2m — after buying it for $7.8m as the Alpha Era in a disputed transaction.

Now, it is understood that King Shan has bought another Chinese-controlled capesize — the 177,400-dwt Lin Jie (built 2003), which TradeWinds reported was sold last month to an unknown Chinese buyer.