China’s Highton swoops on Wilmar kamsarmax trio

China’s Highton Development is bolstering its dry bulk fleet with three kamsarmaxes from Singapore-based conglomerate Wilmar International.

The Shanghai-listed outfit said in a filing a deal is in the making to acquire the 2012-built Theresa Jiangsu, Theresa Jilin and Theresa Guangdong for a total of $57.3m.

All three ships, estimated by VesselsValue at $54m, are Hong Kong-flagged and controlled by Wilmar Ship Holdings, together with ship management subsidiary Raffles Shipping Group.

Established in 2009, Highton mainly operates in the supramax segment with a fleet of around 60 ships, more than half of which are owned and cover over 200 ports in over 30 countries and regions carrying ore, coal, and fertilisers.

The company has been expanding its capacity, which currently stands at about 3.4m dwt, with purchases of 10 ships, eight of which have already been delivered. In related ship transactions, Highton also recently struck a six-year sale and leaseback deal with ABC Financial Leasing for six of its bulkers, freeing up about $63m in the process and offloaded one of the older supramax units.