Yangzijiang Financial, a Singapore-based investment management company, and Cetus Maritime, one of the largest Handysize dry bulk shipowners, join forces by establishing a new joint venture, which aims to acquire 4-8 modern eco-designed Handysize vessels.
These Handysize ships will be deployed in Cetus Maritime’s commercial Handysize pool to operate worldwide, enhancing its operational capabilities with an enlarged fleet of modern ships.
The new joint venture will also acquire second-hand vessels at an opportune time.
Yangzijiang Financial and Cetus Maritime share similar philosophies when it comes to views on second-hand ship values, market dynamics and asset strategy.
Over the past year Cetus Maritime has been executing its fleet renewal strategy, selling smaller older Handysize vessels, and at the same time buying new modern vessels to optimize its fleet portfolio.
“This joint venture is a natural extension of that strategy,” said Mark Young, CEO of Cetus Maritime.
The Chief Executive Officer of Cetus Maritime explains that both partners believe that, medium term, the favourable supply landscape and improving demand for minor bulk commodities will result in higher average dry bulk freight rates, despite the present short-term headwinds we are experiencing in dry bulk.
Vincent Toe, CEO of Yangzijiang Financial said “we are excited by the promising pipeline of transactions that can generate attractive returns for our maritime fund. Working with established partners like Cetus Maritime allows us to extract the best value from the market in terms of asset deals, financing, and operational efficiency.”
