Zhushui sells Panamaxes

The Zhushui group of China looks set for an exit from shipowning with two modern panamax bulkers it owns together with Seroja Investments of Indonesia having been put up for sale.

According to TradeWinds, Greece?s Polembros was said to have paid US$23.5 million for the 79,000-dwt Zhushui 3 and Zhushui 5 (both built 2012) after they were offered for inspection in Indonesia.

The price was on the low side as the Jinhai-built ships had been thought likely to fetch some $24 million to $25 million each. The ships were acquired in November 2010 for $33 million each.

Until recently, joint venture Seroja-Zhushui Shipping owned three bulkers including the two ships that now are up for sale. Serojua-Zhushui had made its first investment as far back as June 2010, when it bought the 150,000-dwt CHS Star (renamed Zhushui 2, built 1991) for $19.7 million. It was sold for demolition in December last year for $7.3 million.

Zhushui is one of the largest coal importers in southern China. (*)