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Jiangsu Steamship makes waves in the cape sector – Splash247

Jiangsu Steamship has for the second time in two years laid down the winning bid in the cape sector, this time adding its first newcastlemax, a fourteen-year-old called Baosteel Evolution.

Sources tell Splash that the Chinese player is behind the purchase of the Japanese-controlled, 206,000 dwt Imabari-built vessel, paying just under $22m.

The ship was previously committed to Greek interests and was reported sold in February for around $19.5m in a deal that ultimately failed. The same month, a one year older sister ship was sold for $19m to George Economou’s Dryships and has now been renamed Netadola.

12-ship strong bulker player Jiangsu Steamship made its entry into the cape sector in 2020, adding the 2003-built 171,015 dwt Aquaglory for around $9m, a ship that has increased in value by $7m, according to online pricing portal VesselsValue.

This is the third reported newcastlemax reported sold this year, while less than 15 capes have changed hands this year.

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