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Sinotrans picks up four panamaxes for $17.3m each

Sinotrans picks up four panamaxes for $17.3m each
Beleaguered Sinotrans Shipping has agreed to purchase four panamax dry bulkers for $17.3m each from an undisclosed buyer.

The acquisitions were funded with internal resources, the company said in a stock market announcement.

According to Sintorans, the acquisitions will enable the company to expand its self-owned fleet of dry bulk vessels. It is expected that the vessels will be physically delivered to the Group during the period from November to December 2013.

TAGS: Dry Bulk