Handysize bulker specialist Uni-Asia Group plans to fix its older ships on shorter-term charters as it looks to potentially offload the vessels.
The Singapore-listed shipowner, which describes itself as an alternative investment group, has traditionally chartered its vessels out on long-term deals.
However, it says the smaller and older 29,000-dwt ships in its portfolio have been earning lower average daily charter rates this year compared with its more modern 38,800-dwt vessels, dragging down the group’s average charter rates.
“The group’s newer 38,000-dwt ships were able to average more than $11,000 per day for the first half of 2024, but the group’s older 29,000-dwt ships averaged less than $9,000 per day,” Uni-Asia said.
“The group will fix shorter period charters for these ships, while looking for mid to long period charters for the 38,000-dwt ships should the rates be good.”
Uni-Asia says the bulker secondhand price index has “increased significantly” since June 2022, making it attractive for the group to consider disposing of the older 29,000-dwt ships.
“We will seek opportunities to dispose of our older, less profit-efficient vessels to further bring down the average age of the fleet,” it said.
Uni-Asia has already sold two of its older, smaller ships this year with both the 29,000-dwt Uni Wealth (built 2009) and 28,709-dwt Uni Auc One (built 2007) heading out the door earlier this year.
It still has three vessels remaining in this size and age category — the 29,100-dwt Victoria Harbour (built 2011), the 29,078-dwt Uni Challenger and the 29,118-dwt Clearwater Bay (both built 2012).
The remaining vessels in the fleet include the 37,000-dwt ANSAC Pride (built 2013), the Island Bay (built 2014), the Inspiration Lake and Glengyle (both built 2015) and the Uni Bulker (built 2016).
Uni-Asia also controls stakes of 18% in seven Japanese-built supramax and handymax bulkers built between 2015 and 2020.
The company has said it has options to acquire some of these vessels, but gave no further details about which ships and potential costs.
The company became the only bulker owner listed on the SGX after South Korean shipowner Pan Ocean delisted its shares from the exchange in June 2021.
