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Sinotrans picks up four panamaxes for $17.3m eachSinotrans 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.

Vincent Wee, Hong Kong and South East Asia Correspondent

October 22, 2013

1 Min Read
Kalyakan - stock.adobe.com

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.

About the Author

Vincent Wee

Hong Kong and South East Asia Correspondent

Vincent Wee is Seatrade's Hong Kong correspondent covering Hong Kong and South China while also making use of his Malay language skills to cover the Malaysia and Indonesia markets. He has gained a keen insight and extensive knowledge of the offshore oil and gas markets gleaned while covering major rig builders and offshore supply vessel providers.

Vincent has been a journalist for over 15 years, spending the bulk of his career with Singapore's biggest business daily the Business Times, and covering shipping and logistics since 2007. Prior to that he spent several years working for Brunei's main English language daily as well as various other trade publications.

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