Investor and shipowner Fred Cheng has netted a profit from selling a 17-year-old capesize bulker for demolition, during a mixed week for scrap prices.
European scrap brokers said Cheng’s Shinyo International has sold the 172,600-dwt Shinyo Brilliance (built 2001) “as is” in Singapore for $440 per ldt, or $9.3m. It is unclear where it will be scrapped.
Shinyo bought the vessel as Bulk Prosperity from Grand China Shipping in January 2017 for only $7.9m.
