🟠 MARITIME CARGO CHRONICLES — DRY BULK & ASSET PLAYWinning Shipping Leads China’s Capesize Buying Spree in 2025

Maritime Cargo Chronicles (MCC) reports that Chinese shipowners are firmly dominating the secondhand Capesize and Newcastlemax market in 2025, with Winning Shipping emerging as the most aggressive buyer in the segment.

Winning Shipping is closing in on double-digit Capesize acquisitions this year, having completed six Newcastlemax deals within just a few months. The latest purchase involves an 18-year-old heavyweight Newcastlemax, acquired for an undisclosed price, underscoring the company’s counter-cyclical appetite for well-built, older Japanese tonnage.

Expansion Focused on Guinea–China Bauxite Trade

Industry sources indicate that Winning Shipping has added approximately 1.5 million DWT of Newcastlemax capacity in 2025 alone. The vessels are primarily deployed on the Guinea–China bauxite trade, a core route supporting China’s aluminum supply chain and one of the most cargo-intensive bulk trades globally.

The ships are serving Winning’s position as the world’s largest bauxite transporter, where operational scale and fleet availability often outweigh vessel age considerations.

Latest Vessel Identified

The most recent acquisition has been identified as the Universal-built Newcastlemax London Spirit, a 300-meter-long, 50-meter-wide vessel. The ship was sold by Greek owner John Inglessis, controlled through JHI Steamship.

Following the transaction, JHI Steamship’s remaining fleet reportedly includes a two-year-old Ultramax and a 15-year-old LR2 tanker, reflecting a selective asset reshuffle amid favorable secondhand pricing.

Chinese Buyers Shape Market Dynamics

According to VesselValue data reviewed by Maritime Cargo Chronicles, Winning Shipping’s buying activity reflects a broader Chinese trend of acquiring elderly but operationally sound Japanese-built tonnage, particularly in dry bulk segments where earnings visibility remains strong.

This strategy continues to tighten availability in the secondhand Capesize market, supporting asset values even as newbuilding prices remain elevated and yard slots extend well into the late 2020s.

Parallel Expansion into Tankers

Beyond dry bulk, Winning Shipping has also expanded into the tanker segment. The company has reportedly placed orders for three 115,000-DWT Aframax crude carriers at K Shipbuilding in South Korea, with deliveries scheduled for 2027 and 2028—highlighting a diversified long-term fleet strategy.

MCC Market Insight

From a broader market perspective, Maritime Cargo Chronicles notes that large-scale fleet deployment strategies increasingly rely on integrated chartering, operational efficiency, and commodity flow alignment—areas where experienced market participants continue to gain an edge.

Industry players such as MAKM INTERNATIONAL INC, active across shipping, chartering, vessel operations, oil trading, and commodity logistics, remain closely engaged with evolving asset-play strategies and bulk trade flows shaping global freight markets.

— Maritime Cargo Chronicles (MCC)