Topic
secondhand market
Logistics 26-Year-Old Car Carrier Chang Sheng Hong Fetches $42 Million at Shanghai Auction, Triple Reserve
The 4,310-ceu car carrier Chang Sheng Hong was sold at auction in Shanghai for approximately $42 million, three times its reserve price of RMB95 million ($14 million). The 26-year-old vessel, built in 2000 at Croatia's Uljanik shipyard, had previously traded as Dresden and was renamed in 2017 after entering Chinese ownership. The sale underscores an extremely tight car carrier market driven by China's surging vehicle exports, with up to 2 million cars shipped on containerships this year.
Logistics VLCC values continue to rise even for 20-year-old ships, brokers report
According to Splash247, VLCC values continue to rise, with even 20-year-old vessels fetching significant sums. The 302,400 dwt Kawasaki-built Yamatogawa was sold for $61.5 million, following the April sale of the similar-aged Kasagisan for just over $60 million. Sincere Navigation also sold two younger VLCCs for $82 million and $78 million earlier this year.