Sinotrans takes three from E.R. Group

China’s Sinotrans and German E.R. Group signed agreements on a long term cooperation on their bulk activities. E.R. Group sold two of its ten modern Capesize vessels to Sinotrans for USD 49.25
million each. A third vessel, the “E.R. Buenos Aires”, will start a medium term time charter with the Hong Kong based operator from 1st quarter 2015. The “E.R. Brazil” and “E.R. Beilun” will be delivered to their new owner early next month. All three vessels have a deadweight of about 180,000 tons each. They were built by Hyundai Heavy Industries in 2010. Sinotrans CEO Li Hua noted: “We are very pleased to cooperate closely with one of Germany’s best shipping companies.”