The members of CHBA says the alliance will improve the fleet efficiency and minimise market risk.

According to Wang Haifeng, general manager of Maple Leaf Shipping, the alliance will not create any monoply but an open platform, which welcomes more Chinese owners to join.

CHBA’s fleet will have 12 bulkers from Jiarong Marine, 13 bulkers from Maple Leaf Shipping and 5 vessels of Shanghai Changhang Shipping. Total capacity of the fleet is around 1m dwt.

In March, Shanghai Changhang Shipping, a subsidiary of state-run Sinotrans & CSC, formed a panamax bulker alliance with Shandong Shipping, SDTR Marine and Transcenden Global.