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Sinotrans Shipping sells 2010-built handymax for $13m

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Sinotrans Shipping is continuing to shed assets, divesting the 2010-built 57,065 dwt handymax Da Cheng for RMB84.3m ($13.3m).

The vessel had been acquired by Sinotrans Shipping subsidiary China National Chartering Co in 2013 for RMB95.1m.

According to Sinotrans’ stock market announcement, the vessel, which was built by Dalian Marine Diesel, had a book value of RMB70.6m as at Dec 31, 2017. The group is expected to take a charge of RMB12.2m on the sale to sister company Shanghai Changhang Shipping Co.

Both companies are ultimately subsidiaries of parent group Sinotrans & CSC Holdings.

The vessel has been loss-making for the past three years, with losses jumping to some RMB9.2m in 2017.

Sinotrans Shipping said the proceeds from the asset disposal would provide additional funding for general working capital purposes to its unit and y enhance its cashflow.

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