Greece’s Blue Seas Shipping has made its first stride into the post-panamax dry bulk segment with the purchase of a nine-year old kamsarmax from South Korea.
TradeWinds has learned that the Sigalas family-run company has agreed to buy the 82,000-dwt Sunny Young (built 2011), a vessel controlled by Joong Ang Shipping.
The deal, which took place earlier this month, is believed to have been concluded at about $15.5m, according to London-based brokers.
The DSME-built ship is the oldest of the five bulkers listed in the Joong Ang Shipping fleet. Its sale leaves the Seoul-based outfit with one kamsarmax and three supramaxes.
The sale is Joong An Shipping’s first ship divestment in six years, according to data on VesselsValue.
Blue Seas Shipping, on the other hand, has never had a ship as big as the Sunny Young in its fleet before. The company was set up in 2014 and is currently managing three supramaxes and one ultramax.
On the face of it, the acquisition of the Sunny Young is part of a fleet renewal that seems to have been planned well in advance. Just before Christmas, Blue Seas Shipping sold the 55,700-dwt supramax Georgios S (built 2006), reportedly to Vietnamese interests for $9.85m. Athens brokers had reported the Georgios S as circulating for possible sale as early as in May last year.
TradeWinds, however, understands that Blue Seas may be aiming at expansion, with the company looking at further potential acquisition opportunities.
This would be characteristic for panamax s seemingly bucking a trend of softer sentiment in the sale-and-purchase market for dry bulk ships.
“Despite the deteriorating sentiment caused by the recent slump in freight rates, quite a few deals were reported with a focus on panamaxes,” Athens-based Allied Shipbroking said in a report on Monday.
Ships of similar size also reportedly picked up by Greek buyers last week are the 74,500-dwt Phoenix Bay (built 2006) and the 74,400-dwt Underdog (built 2006). Both went for about $8m each.
A post-panamax duo believed sold by the Noble Group last November to Greece’s Golden Union has now been reportedly committed again, to unidentified buyers and at much lower prices.
The 93,000-dwt Ocean Sapphire (built 2012) is said to have fetched about $13m, down from $14.9m in November. The 92,500-dwt Ocean Garnet (built 2010) is reported sold for about $11m, compared with $13.7m two months ago.
