Diversified shipowner NGM Energy has purchased its third used capesize bulker this month, according to reports.
The Nicholas G Moundreas-backed owner of 10 bulkers and 23 tankers has acquired 180,600-dwt Cologny (built 2011) from Japanese shipowner Nissen Kaiun for $22m, reports from Seasure Shipbroking and Clarksons show.
VesselsValue puts the ship's market value at $20.3m and its scrap value at $9.4m. TradeWinds previously reported that the ship had been sold, but the identity of the buyer was not available.
NGM Energy, which could not be reached for comment, last week confirmed buying 172,400-dwt Mineral Antwerpen (built 2003) for about $9m.
The ship was previously owned by Taiwan's Sincere Navigation, which has told TradeWinds that it expects to book a $1.25m loss on the transaction.
The Mineral Antwerpen's market and demolition values are both equal at $8.35m, VesselValue data reveal.
NGM Energy has also bought 181,500-dwt Pacific Endurance (built 2011) from Japan's Keishin Kaiun, according to VesselsValue.
The ship has a market value of $20.1m and is worth $8.09m in scrap.
Capesizes are on the move
These three capesize deals are among several that have taken place amid high earnings, with rates touching a year high of nearly $35,000 per day in early October.
The deals include the sale of the 229,500-dwt NSS Honesty (built 2007).
NS United Kaiun Kaisha sold the Mitsui Ichihara-built vessel to an undisclosed buyer for $13.5m, below its estimated market worth of $17m, according to Seasure.
Among other transactions, brokers said Japan's Doun Kisen selling 208,000-dwt Baogang Glory (built 2008) for $16.3m to a Singaporean buyer, as TradeWinds has reported.
Brokers have also said that NS United's 208,000-dwt Shin-Ei (built 2008) went to China's Seacon Shipping for $18.9m, and Alpha Bulkers Shipmanagement bought Oldendorff Carriers' 181,000-dwt Tilda Oldendorff (built 2011) for $19m.
Meanwhile, Zodiac Maritime bought Nissen Kaiun's 180,000-dwt Huge Hakata (built 2012) for $23m for its second capesize swoop in a month.
Capesizes have buyer interest because China's iron-ore demand has kept rates attractive since June at $16,000 per day to $35,000 per day, Seasure chief operating officer Tom Evans said.
Also, Japanese owners are looking to offload them amid less tonnage demand from Japanese steel mills, he added.
"This has resulted in tonnage providers either having contracts ended early by charterers or no new contracts being offered for newbuilds resulting in them having to sell older tonnage and in some cases place newbuildings on these existing charterers," he told TradeWinds.
Weighted time-charter equivalent rates have fallen to $18,304 per day on Monday from $34,986 per day on 6 October, but they are still high enough to keep buyers interested.
"If you follow the capesize market, it's been extremely volatile, but the higher rate is quite an incentive to buy a capesize," one broker told TradeWinds.
"Whether or not they stay up, though, is always to be seen."
