Siba Ships Asia expands bulk fleet

Singapore: Siba Ships Asia, the Singapore-based arm of Italy's Siba Ships belonging to the Balzarini group, has taken delivery of its first two ships, handymax bulk carrier sisters Fomalhaut and Eltanin (ex Brave Imperial and Brave SV). The geared 46,700dwt 1999-built vessels have both been reflagged to Singapore and will go on charter to a major charterer for a two year period. The move boosts the group's presence in the bulk market, 'which is especially strong in Asia for flexible handymaxes like these,' explains Mauro Balzarini, md of Siba Ships. 'We are best known as the world's largest operator of livestock vessels, but we are using our shipping expertise to diversify and currently own or operate seven panamax bulkers and four handymaxes, including the two new ships.' [16/10/06]