Starocean flips boxship newbuildings for profit
After going on a newbuilding spree last year, Chinese liner operator Starocean Marine is now leveraging on appreciating asset values.
In 2021, Starocean, also known as Ruiyang Shipping and Goto Shipping International, booked a dozen 1,781 TEU vessels at Yangzijiang Shipbuilding, six 2,500 TEU ships at Zhoushan Changhong International Shipbuilding and a pair of 1,140 TEU ships from Fujian Southeast Shipbuilding.
The newbuilding price of the 1,781 TEU ships was US$23 million each. The ships included a newbuilding resale, A Fuji. In December 2021, A Fuji was sold to Wan Hai Lines for US$39 million.
In February, Starocean sold two more similar vessels to Wan Hai, with a price tag of US$43 million each.
In the same month, two of the ships, H Cygnus and H Mercury, were sold back for an undisclosed price to Yangzijiang, which has since chartered the vessels to ZIM for three years.