Norway's JL Mowinckels Rederi has sold its last fully owned vessel.
Chief executive Geir Belsnes confirmed the sale of the 76,000-dwt bulker Heina (built 2005) but declined to reveal the identity of the buyer or comment on the price.
European brokers said the Imabari Shipbuilding-constructed vessel has gone for $10.2m. VesselsValue estimates a ship of the Heina's characteristics to be worth $9.6m.
Price tag
The Heina was purchased in October 2015 from K Line of Japan as Amarantha, also for $10.2m.
In July, Mowinckels sold another panamax, the 75,000-dwt Ogna (built 2008). That ship reportedly fetched $10.3m from a Greek buyer, but it was built in China at Jiangsu Rongsheng Heavy Industries.
The Ogna was owned on a 50:50 basis with Norway’s Wenaas Group, which is also a partner with Mowinckels on the sistership Goya (built 2008).
Belsnes insisted there are no plans to sell the Goya.
Both ships were bought from John Fredriksen’s Golden Ocean Group in 2007 for $45m each with charters to Torm of Denmark.
There are no plans for Mowinckels to pull out of shipowning and the company is looking at tankers and bulkers in renewing its fleet.
“But we feel there is a lot of uncertainties in both segments. The trade war is putting a damp hand on the markets,” Belsnes added.
Commercial operations
Mowinckels has for a number of years outsourced technical operation of its vessels, and it only has a small staff to handle the commercial operations.
Its only tanker is the 159,000-dwt Vinga (built 2012), which is owned on a 50:50 basis with Viken Shipping and has been on time charter to trader Vitol.
Mowinckels, set up in 1898 by former three-time Norwegian prime minister Johan Ludwig Mowinckel, is owned by charitable trusts.
Mowinckels had a pre-tax profit of NOK 1.5m ($200,000) last year, up from NOK 1.1m in 2017.
