The Adani Group has banked a large profit from the sale of a capesize bulker to the UK’s Hayfin Capital Management, according to shipbrokers and maritime databases.
The Indian conglomerate has sold the 181,000-dwt Urja (built 2013) for $38.1m, according to shipbroking houses in the US and Greece.
The transaction comes seven years after TradeWinds reported that Ahmedabad-based Adani bought the vessel from Mitsui OSK Lines of Japan when the vessel was estimated to be worth $24.9m.
Built at Japanese-controlled Tsuneishi Heavy Industries Cebu in the Philippines to the T-CORE180 design, the Urja has no exhaust gas scrubber but has an electronically driven eco engine.
Greece’s Xclusiv Shipbrokers reported the ship was bought by Hayfin, and VesselsValue’s database now lists it in the fleet of the London-based alternative investment manager.
Several shipping databases show the Urja has been renamed GH Fitzgerald, following Hayfin’s naming convention.
Neither Adani nor Hayfin could be reached outside of business hours on Monday.
The deal leaves Adani with four capesize bulkers in a fleet of 129 vessels, including general cargo ships, dredgers and tugs, according to data from Clarksons.
For Hayfin, it marks its second sale-and-purchase deal since the launch of its $1bn maritime investment strategy late last year.
TradeWinds reported in February that Hayfin bought the 179,200-dwt Athenian Phoenix (built 2009) from Greece’s Phoenix Energy Navigation for $23.5m. The bulker has been renamed GH Leveche.
Hayfin’s investment drive has also seen it commit to a series of four methanol-ready suezmax tankers at HD Korea Shipbuilding & Offshore Engineering in South Korea and two 100,000-dwt post-panamax bulkers at Japan’s Oshima Shipbuilding.
The addition of the Urja means Hayfin now has four capesize vessels in its fleet of nine ships.
The deal emerged after April saw a sharp rise in values for capesizes of the Urja’s characteristics.
VesselsValue reported that its bulker index fleet is worth 0.6% more than it was a month ago and has posted an 8.5% improvement over the past year. In July, the Urja would have been about $29.3m.
In February, the 181,000-dwt Kinokawa Maru (built 2013) fetched just $33.8m in a sale to Seanergy Maritime. VesselsValue now estimates the Japanese-built ship is worth $38.4m.
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