China’s Bank of Communications (BoCom) is taking action over debts arising from two long-idled capesizes after running out of patience with owner Five Stars Global Shipping.
Five Star’s principal Zheng Wenhe capitalised on the dry bulk boom and invested his money in newbuildings at the top of the market.
Financial and commercial sources tell TradeWinds that the Hong Kong branch of BoCom expects to get what it is owed from the sales of the 181,400-dwt Five Stars Fujian (built 2009) and 179,800-dwt Five Stars Beijing (built 2010).
