Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is significantly expanding its fleet with new orders for bulk carriers. Known primarily for its Sale and Purchase (S&P) activities in the secondhand market, Agricore Shipping ASL has contracted Jiangsu New Hantong Ship Heavy Industry for the construction of four 63K DWT ultramax bulk carriers. This move marks a strategic extension of their operational capabilities beyond their usual market engagements. Founded in 2016, Agricore Shipping ASL entered the shipowning sector when it purchased its first bulk carrier at an auction in October 2018. Since then, the company has actively participated in the market, with several notable acquisitions, including plans linked to the purchase of capesize bulk carriers in 2024. In addition to these endeavors, Agricore Shipping ASL has already made significant investments in new builds with two 82K DWT kamsarmax bulk carriers, which were ordered from the CSSC-affiliated Chengxi Shipyard in July 2023 for a total of $69 million. These vessels are scheduled for delivery in the first quarter of 2026. The latest deal with Jiangsu New Hantong Ship Heavy Industry involves an investment of approximately $34.5 million per ship, totaling around $138 million. The four new ultramax bulk carriers are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, bolstering Agricore Shipping ASL’s fleet and enhancing its capacity to meet growing global shipping demands. 27-June-2024
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL sold kamsarmax bulk carrier 82K DWT MV ASL Uranus to Apeejay Shipping, one of India’s most venerable privately owned shipping entities. Apeejay Shipping has recently re-entered the S&P (Sale and Purchase) sector. This move marks a significant shift for Apeejay Shipping, which has maintained a conservative stance on ship ownership for over 75 years. The company, part of the multi-faceted Apeejay Group of Companies, had abstained from active participation in the sales and purchase market until 2023 but has since taken a more dynamic approach. Apeejay Shipping is part of the larger Apeejay Group, a well-established Indian conglomerate with diverse interests across shipping, hospitality, real estate, tea plantations, retail, and logistics. The group’s extensive business operations underscore its significant role in India’s economic landscape. In another transaction last week, Agricore Shipping ASL expanded its fleet with the acquisition of the 2012-built capesize bulk carrier 181K DWT MV El Grasso from Belgium-based Ebe Shipping for approximately $35 million, further indicating an active period in the global shipping industry. Apeejay Shipping’s fleet now includes seven bulk carriers, signaling a rejuvenated focus on expanding and modernizing its maritime assets. 28-May-2024
One of China’s most active shipowners, Agricore Shipping ASL, is dynamically engaging in the maritime market, both purchasing and divesting vessels. Agricore Shipping ASL is targeting ships constructed around 2010 while offloading its smaller bulk carriers. Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL shows a strong preference for the capesize bulk carrier segment, having linked to its fourth capesize acquisition in five months, alongside the sale of two smaller bulk carriers within the same period. Recently, Agricore Shipping ASL discreetly completed three transactions, including the acquisition of a 2010-built capesize bulk carrier, MV ASL Sun (ex MV Seamate), from Athens-based shipowner and operator Thenamaris. Additionally, Agricore Shipping ASL purchased the 2009-built capesize bulk carrier 169K DWT MV ASL Loong (ex MV Genco Commodus) from Seoul-based shipowner Sinkor for approximately $22.5 million. Furthermore, Agricore Shipping ASL acquired the 2012-built capesize bulk carrier 181K DWT MV El Grasso from Belgium-based Basile Aloy-led shipowner and operator Ebe Shipping for about $35 million. In December 2023, Agricore Shipping ASL acquired the 2009-built capesize bulk carrier 178K DWT MV ASL Polaris (ex MV Mineral Ningbo) for approximately $20 million from Antwerp-based shipowner and operator Bocimar. Moreover, Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is disposing of its 2008-built kamsarmax bulk carrier 82K DWT MV ASL Uranus for about $17 million, a vessel it had purchased from Seoul-based shipowner and operator Cido Shipping for just over $13 million in 2021. In Q1 2024, Agricore Shipping ASL sold an older panamax bulk carrier built in 2002. Founded in 2016 and headquartered in Qingdao, Agricore Shipping ASL initially started as a charterer before transitioning into shipowning in 2018, marking its evolution into a diversified maritime company. 20-May-2024
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is expanding its fleet of bulk carriers through a new building agreement at the domestic shipyard. Qingdao-headquartered Agricore Group (Agricore Shipping ASL) has chosen CSSC-affiliated Chengxi Shipyard as the designated facility for its initial pair of kamsarmax new building bulk carriers 82K DWT, set to be delivered in 2026. Agricore Group (Agricore Shipping ASL) ventured into ship owning with the acquisition of its first bulk carrier through an auction in October 2018. Currently, Agricore Group (Agricore Shipping ASL) has a fleet of ten (10) large bulk carriers. Agricore Shipping Limited ASL controlled bulk carriers are managed by Agricore Group’s subsidiary Agricore Ship Management Co Ltd. 20-July-2023
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is demonstrating its financial strength by finalizing the company’s second acquisition within a remarkably short period. Recently, Agricore Group (Agricore Shipping ASL) acquired the company’s first bulk carrier in a year. Agricore Shipping ASL acquired capesize bulk carrier 176K DWT MV Great Challenger for approximately $12.5 million. This week, news of a second transaction has emerged. Insider sources have disclosed that Agricore Group (Agricore Shipping ASL) has acquired post-panamax bulk carrier 93K DWT MV LM Victoria from Liberty Maritime. Originally operating as a charterer, Agricore Shipping ASL ventured into ship owning in 2018. Since then, Agricore Shipping ASL has expanded its fleet to include two panamax bulk carriers, one post-panamax bulk carrier, one supramax bulk carrier, and two capesize bulk carriers. Agricore Shipping Limited ASL-controlled bulk carriers are managed by Agricore Group’s subsidiary Agricore Ship Management Co Ltd. 13-July-2020
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL rank among the most active contenders in the capesize bulk carrier sector, with numerous emerging and discreet participants recently venturing into their initial capesize bulk carriers. Agricore Shipping ASL has made the company’s first acquisition in a year, finalizing its second capesize bulk carrier agreement. Chinese shipowner and operator Agricore Shipping ASL purchased the 2004 built capesize bulk carrier MV ASL Mars (ex MV MSXT Vivienne). MV ASL Mars (ex MV MSXT Vivienne) was constructed at Shanghai Waigaoqiao Shipyard in China. This new addition will join Agricore Shipping ASLs fleet, which already comprises two panamax bulk carriers, one supramax bulk carrier, and one capesize bulk carrier. Ever since Hong Kong and Qingdao-based shipowner and operator Agricore Shipping ASL’s initial registration several years ago, Agricore Group’s enterprise has flourished rapidly. Agricore Shipping ASL ventured into shipowning with its inaugural bulker acquisition in 2018. Agricore Shipping Limited ASL-controlled bulk carriers are managed by Agricore Group’s subsidiary Agricore Ship Management Co Ltd. 7-July-2020
China Minsheng Trust anticipates a “calm year” ahead following a unique transaction The formerly assertive purchaser is now taking a pause to analyze the market after the departure of its leader. China Minsheng Trust, headquartered in Beijing, has broken its prolonged hiatus from the buying and selling market with a profitable sale of a capesize bulk carrier to Agricore Shipping ASL, based in Qingdao. However, it is important to note that this deal is considered a one-time occurrence, and the seller from Beijing has become reserved about the company’s plans in light of the departure of its former shipping head. The buyer of the capesize bulk carrier, Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL, and the previous charterer. Fu Rui, the vice general manager of shipping at China Minsheng Trust, described the deal as a private sale for the 2004 built capesize bulk carrier 175K DWT MV ASL Mars (ex MV MSXT Vivienne). Shipbrokers have reported that Agricore Group’s subsidiary Agricore Shipping ASL paid $12.5 million for MV ASL Mars (ex MV MSXT Vivienne). MV MSXT Vivienne was part of an extensive fleet that China Minsheng Trust acquired during its initial rapid expansion in 2017. It was two years ago that the trust purchased the MV MSXT Vivienne from Foremost Maritime Corp for around $11 million. Currently, Agricore Shipping ASL has a fleet of two panamax bulk carriers and a supramax bulk carrier, all acquired within the past 10 months. Agricore Group’s subsidiary Agricore Ship Management Co Ltd manages the fleet of Agricore Shipping ASL. There exist personal connections between China Minsheng Trust’s shipping executives and Agricore Shipping ASL, the buyer. John Su, the CEO of Erasmus Shipinvest, declined to comment on any matters related to China Minsheng Trust.
Erasmus Shipinvest has been one of the key chartering partners for the China Minsheng Trust, but sources indicate a falling out between the two parties due to unsuccessful charter renegotiations. Some sources suggest that Erasmus Shipinvest and China Minsheng Trust jointly own the MV MSXT Vivienne and another capesize bulk carrier MV MSXT Capella. China Minsheng Trust intends to observe a quiet period with no further buying and selling activities until the end of the year while closely studying the market. Sources provide conflicting information regarding the current head of the shipping division at the influential Beijing-based equity firm China Minsheng Trust. It is said that President and Vice Chairman Zhang Bo personally took charge of the company’s shipping investments after the departure of the former general manager of shipping, Emma Zhu Yunrong. Emma Zhu Yunrong left China Minsheng Trust in early May following the conclusion of a three-year contract to establish her undisclosed venture. Emma Zhu Yunrong left her prominent shipping position at China Merchants Bank Financial Leasing in 2016 and joined China Minsheng Trust as part of an all-female team hired to oversee its entry into the shipping industry. Within a one-year period beginning in October 2016, Emma Zhu Yunrong assembled a fleet of 20 bulk carriers, ranging from supramax to capesize bulk carriers. After a few months of pause, followed by four sales in late 2018, China Minsheng Trust resumed its acquisitions last December, spending approximately $112 million on a panamax bulk carrier and four ultramax newbuilding bulk carriers resales up until Emma Zhu Yunrong’s departure. During the same timeframe, China Minsheng Trust unexpectedly entered the rig manufacturing and ownership sector through a corporate deal to acquire a 20% stake in the Hong Kong-listed CMIC Ocean En-Tech Holding. 26-July-2019
Chinese investors are actively participating in the capesize bulk carrier sector, with several new and discreet players acquiring their initial capes in recent days. A notable transaction has taken place involving the fast-growing Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL which has acquired its largest bulk carriers to date. Four-year-old Agricore Shipping ASL has reached an agreement with its compatriot, China Minsheng Trust, to purchase one of their three capesize bulk carriers. Agricore Group’s subsidiary Agricore Shipping ASL acquired 2004 built capesize bulk carrier MV ASL Mars (ex MV MSXT Vivienne) for around $12.5 million. 2004 built capesize bulk carrier MV ASL Mars (ex MV MSXT Vivienne) will join Agricore Shipping ASL’s existing fleet of two panamax bulk carriers and one supramax bulk carrier. Agricore Group’s subsidiary Agricore Ship Management Co Ltd manages the fleet of Agricore Shipping ASL. Agricore Shipping ASL and Agricore Shipping HK Limited have experienced rapid growth in their operations, having acquired two bulk carriers this spring. In addition to Agricore Shipping ASL’s primary focus on grain transportation, Agricore Shipping ASL is also engaged in the shipment of coal, iron ore, and fertilizers, undertaking nearly 200 voyages annually. 18-July-2019
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL has acquired the company’s second bulk carrier and appears poised to acquire a third, entering the shipowning realm with minimal fanfare. Agricore Group’s subsidiary Agricore Shipping ASL is the driving force behind the $9 million purchase of the 2005 built post-panamax bulk carrier 81K DWT MV ASL Jupiter (ex MV Alam Pintar) from PCL Shipping in Singapore. In 2018, Agricore Shipping ASL made the company’s initial acquisition by procuring 2001 built panamax bulk carrier 82K DWT MV ASL Venus (ex MV Hai Jing) from ICBC Financial Leasing. Previously, Agricore Shipping ASL acquired 2011 built supramax bulk carrier 57K DWT MV ASL Mercury. Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Group (Agricore Shipping ASL) was established in Hong Kong in 2016. Agricore Group’s subsidiary Agricore Shipping ASL operates from Qingdao and focuses primarily on grain transportation from South America and the US Gulf to the Far East. Additionally, Agricore Shipping ASL engages in the transportation of coal, ore, fertilizers, and other commodities. Agricore Group’s subsidiary Agricore Ship Management Co Ltd manages the fleet of Agricore Shipping ASL. 12-May-2019
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL has been acquiring self-owned vessels since late 2018 to actively enhance its shipping capacity. Leveraging its exceptional business operational prowess, Agricore Group has established a specialized ship management firm Agricore Ship Management Co Ltd. Since Agricore Ship Management Co Ltd.’s inception, the company’s fleet has experienced rapid growth. As of the end of 2021, Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd already boasts a fleet of ten self-owned bulk carriers, encompassing Supramax, Panamax, and Capes types, amounting to a total of approximately 1,076,800 DWT. Agricore Group’s subsidiaries Agricore Ship Management Co Ltd. and Agricore Shipping ASL possess an efficient, pragmatic, and professional international ship management team, consisting of core members who are management experts and ship safety technical professionals with prior experience in renowned global ship management companies. The fleet flies the maritime flags of Panama, Marshall, Liberia, Singapore, Hong Kong, and other prominent nations. Holding the DOC (Document of Compliance) for the Hong Kong, Liberia, Panama, and Singapore flags, Agricore Shipping ASL and Agricore Ship Management Co Ltd adheres to an internationally and nationally compliant ship safety and pollution prevention management system. Dedicated to the professional management of bulk carriers, Agricore Shipping ASL and Agricore Ship Management Co Ltd has developed a scientific, professional, and distinctive management approach. Through meticulous and forward-thinking management practices, it provides customers with high-quality, convenient, and efficient extended services, ensuring optimal vessel conditions. Simultaneously, Agricore Shipping ASL’s fleet consistently caters to companies with stringent ship requirements, including mining and grain enterprises, throughout the year, thus bolstering Agricore Shipping ASL’s esteemed reputation within the international shipping industry. 30-July-2018
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Group (Agricore Shipping ASL) was established in Hong Kong in 2016. Following over seven years of growth, it has evolved into a conglomerate focused on maritime affairs, encompassing fleet operations, ship management, integrated logistics, investment and financing, shipping funds, and bulk trade. With its headquarters situated in Qingdao, China, Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd delivers offshore logistics and ocean shipping services worldwide, involving the transportation of commodities such as grain, coal, iron ore, nickel ore, petroleum coke, and fertilizers in bulk, alongside general cargo. Additionally, Agricore Group (Agricore Shipping ASL) operates branches in Beijing, Shanghai, Hong Kong, Singapore, and other locations to provide ship management, ship asset investment and financing, and asset management services. Guided by the purpose of serving customers, offering opportunities to employees, and creating value for society, the Agricore Group (Agricore Shipping ASL) has progressively achieved the financialization of shipping assets, the scaling of ship management, the commercialization of freight concepts, and the professionalization of industrial services. In the forthcoming years, upholding the enterprise spirit of high efficiency, safety, trust, and mutual benefit, Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd will persistently endeavor to cultivate a diverse international shipping brand with shipping operations and ship management at its core. Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd will strive vigorously to attain sustainable development and foster win-win collaborations with customers. 30-June-2016