Japanese ultramaxes are the order of the day, with six units reportedly changing hands last week in deals that have been done or are understood to be nearing completion.
The activity shows a shift in buyers’ appetite towards quality units made by first-class Japanese shipyards — all but one of the bulk carriers reported sold during April so far have been built in Japan.
Sale-and-purchase deals in March showed a richer mix of Japanese, Chinese and Korean-built bulkers, according to Clarksons data.
Japanese owners have led the way in selling bulkers this month.
The latest reported sale is of the 66,619-dwt ultramax African Lion (built 2013) by Nissen Kaiun to undisclosed interests for $24m. Clarksons called the price “high” in a report.
The non-geared vessel, which was built with Mitsui’s neo-supramax 66BC design, has an eco-electronic engine and scrubbers.
This deal followed soon after a sale by Japanese owner Misuga Kaiun, which is said to have offloaded its 61,453-dwt Maritime Prosperity (built 2012) for $22m.
Brokers have reported that the buyer is DryDel Shipping of Greece, formerly known as Meadway Shipping & Trading.
The ultramax, built at Shin Kasado Dock to the IS I-Star design, has been on long-term charter to IMC Shipping since its delivery. It is fitted with a ballast water treatment system (BWTS).
A report by Gibson Shipbrokers on Friday suggested that the sales of the African Lion and Maritime Prosperity were not yet committed. Details of the latter vessel’s buyer have since emerged.
“This lack of conclusion could be attributed to the prospective turnaround in freights, with sellers and buyers looking for clear indicators of the future,” Gibsons said in its Friday report.
Meanwhile, unnamed Bangladeshi interests are said to have bought the 64,276-dwt Aries Sumire (built 2020) for $35.5m from Japanese owner KN Maritime.
The SKDY 64K-design ultramax was built at SK Onishi in Japan and has an eco-electronic engine and BWTS.
Supramax flip
Older supramaxes are still changing hands and at least one owner made a profit on flipping one last week.
Indonesian owner Pelita Samudera Shipping, which specialises in coal and minerals, reportedly sold its 55,765-dwt Daidan Mustikawati (built 2005) last week in a transaction that looks to have generated more than $1m in gross profit.
The Kawasaki-built supramax, built to the standard KHI 55K design, was reportedly sold to unnamed Chinese interests for $11m.
Pelita Samudera bought the ship in February 2019 for $9.67m.
Meanwhile, Star Bulk is selling one of its oldest vessels.
Clarksons estimates average earnings for a 2015-built, eco-type ultramax at $19,918 per day.
It estimates a price of $34m for five-year-old, 63,500-dwt ultramaxes — the same as its estimate for newbuilding prices.
Resale estimates are much higher at $41.5m.
Secondhand prices for 10-year-old, eco-design ultramaxes are estimated at $27m.
Brokers have reported that the bulker giant has sold its 55,940-dwt, scrubber-fitted supramax Crowned Eagle (built 2008) to unidentified buyers for $16.5m.
However, a source with knowledge of the transaction told TradeWinds on Friday that the sale of the IHI-built vessel has not been completed but is close.
If confirmed, the price marks an advance on the $14.95m that was achieved when the younger sister ship Crested Eagle was sold in February.
The Crowned Eagle, built to the Future-56 design, is due to undergo its scheduled dry-docking.
It was previously part of the Eagle Bulk fleet before the merger with Star Bulk, which was completed last week.
Kamsarmax pair
As well as the rush of ultramaxes, a pair of Japanese-built kamsarmaxes were reported sold last week.
The latest is the 82,212-dwt YMK Quartet (built 2021), which was sold by Kambara Kisen to unnamed Greek buyers for a price in the region of $35m.
The ship was built in Japan at Yangzi-Mitsui Shipbuilding to the CSMarine 82K design. It has an eco-electronic engine and BWTS.
The deal was reported shortly after the sale of Nissen Kaiun’s 82,200-dwt Sammy (built 2012), which was said to have been bought for $24m by Velos Dry, Greek shipowner Paschalis Diamantidis’ bulker outfit.
Clarksons has tracked the sale of 11 bulkers during April so far.
The only one not constructed in Japan was the 53,857-dwt supramax Wikanda Naree (built 2013), reported sold by Precious Shipping to unknown buyers for $14m in early April.
The Diamond 53 vessel, built at India’s Hindustan Shipyard, has a BWTS and a modern eco-electronic engine.
Joe Brady contributed to this article.
