China is dominating the secondhand capesize market this year, and Winning is topping the buyer table. Winning Shipping is closing in on double-digit capesize purchases in 2025, emerging as the buyer of its six-vintage newcastlemax deals in as many months.
The latest addition is an 18-year-old heavyweight, purchased for an undisclosed fee. The Chinese owner has been throwing money at elderly Japanese-built tonnage, rapidly expanding its footprint. In the newcastlemax segment alone, Winning Shipping has added roughly 1.5m dwt of carrying capacity this year. The ships are deployed on the Guinea–China bauxite trade, serving the world’s largest bauxite mover.
The Universal-built newcastlemax London Spirit has been identified as the most recent purchase.
The 300-metre-long, 50-metre-wide vessel was sold by Greek owner John Inglessis, controlled through JHI Steamship. Following the sale, the owner is left with a two-year-old ultramax and a 15-year-old LR2 on the water.
According to VesselValue data, the media-shy outfit has also been active in tankers, placing orders for three 115,000-dwt aframax crude carriers at South Korea’s K Shipbuilding, with deliveries slated for 2027 and 2028.
