Chinese owner EGPN Bulk Carrier is bowing out of the cape segment in style, offloading the very ship that marked its entry back in January 2021 — and pocketing millions in the process, cementing its reputation as one of China’s most aggressive asset players.
Broker sources tell Splash that the outfit is in the process of selling its last cape, the 14-year-old Eastern Freesia, for $23.25m, about $8m more than it paid when the vessel was acquired as the Tiger Jiangsu four years ago. At the time, EGPN was the highest bidder for the 180,000 dwt unit built at Qingdao Beihai Shipyard.
EGPN first ventured into ownership in May 2017, adding a pair of kamsarmaxes, and has since gained a reputation for shrewdly timing the market — flipping tonnage in and out and often grabbing headlines for its asset plays.
Sales registers show the company has traded 18 ships in and 18 ships out over the years, while also deploying capital at local yards.
Once the Eastern Freesia sale concludes, EGPN will be left with just two bulkers in the same bracket in the water while it awaits twelve new tanker builds.
