When the container market is increasingly “hot”, many businesses “blow up prices” abnormally, Chinese businessmen have sought to buy old ships for long-term rental.

Recently, a series of Chinese companies have been established with the sole purpose of taking advantage of high rental prices, and the charter market is getting hotter and hotter, The Loadstar reported.

Since mid-2020, when the container market started to boom, a number of companies have started to buy second-hand vessels, mainly of feeder size, for long-term rental to ship operators.

One of the prime examples is former shipping broker, Zhou Yupeng, Manager Shanghai Aoyang Shipping Service. Through  Goship Corporation, Mr. Zhou purchased the  614 teu SCO Qingdao, built in 1997, from Shanghai Jinjiang Shipping earlier this year. Although he did not disclose the price, the ship is believed to be worth around $1.7 million. The ship is currently leased to X-Press Feeders for a year.

In April, another company of Mr. Zhou Yupeng, VBS Group, acquired a 707 teu SCO Shanghai manufactured in 2012 from the Vietnamese owner, Hai An Transport and Unloading Company, for an undisclosed price. revealed. However, the ship was valued at around 11 million USD and has now been transferred to the train operator Wan Hai Lines for a year.

Or last May,  Yongwang Shipping (headquarter of China) also purchased the  411 teu Pros Fortune, built in 1999 from Bruneian owner Amann Shipping Group. Currently, this ship has been leased to Fesco (Russia’s largest multimodal transport company) and is being deployed on the  Busan-Vladivostok route.

According to the corporate registry,  Liu Weihua – one of the executives of China’s shipping line  Dongchen Line, which operates the service between China and Japan, has a 45% stake in Yongwang, along with Xiao Jie and Zhu Jiang.

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