Mitsui O.S.K Lines(MOL) is reported to sell its 2009-built capesize vessel ‘Golden Hope’ to Winning Shipping for $11.2 m.
It is reported to be the first vessel acquisition for Winning Shipping in the last six months. An official from Winning Shipping informed that the deal is still in negotiation.
Late last month, MOL was warned of severe losses – to the tune of $1.45bn – for the current financial year which ends in April. Hence, the company revealed that
- It would carry out structural reforms of its dry bulk and container divisions.
- It will cut the number of capesizes trading on the spot market.
- It will withdraw excess tonnage in the panamax and handy sectors.
“In the dry bulker business, the market is deteriorating to a new record low due to the imbalance of fleet supply and demand, along with stagnant cargo trade resulting from the slowdown in China’s economy since last fall,” commented MOL.