The worst freight rates since the dry bulk market crisis of 2016 have not discouraged Greece’s Diligent Holdings from pursuing expansion in the supramax sector.
UK-based brokers have identified the Athens-based company as the buyer of the 55,400-dwt Alster Bay (built 2008) for about $12m.
The Kawasaki-built vessel is currently listed as the oldest unit in the fleet of Mitsui Soko. Managers at the Japanese transport company did not responded to a request for comment by TradeWinds' press time. Diligent Holdings also declined to comment.
Brokers reported the Alster Bay as circulating for sale last month, with interested buyers invited to inspect the vessel at the Vietnamese port of Cam Pha, where it was loading until 23 January.
Confirmation of the deal would demonstrate that the slump in dry bulk freight rates is doing little to stop determined buyers.
The Baltic Exchange supramax index slumped to 414 points on 7 February, its lowest level since March 2016.
Expansion drive
Diligent began an impressive expansion drive in early 2016, which transformed it from a single-ship outfit to the manager of six handysizes and four supramaxes, all acquired on the secondhand market for an estimated total of nearly $90m.
Since October 2017, Diligent has been exclusively focused on buying supramaxes. The Alster Bay would become its fifth such ship, pushing Diligent's acquisition outlay since early 2016 well past $100m. It would also be the third vessel Diligent has bought in five months.
The Alster Bay is older than the other four supramaxes the company has bought so far, which were built between 2010 and 2012. All its 11 confirmed vessels were constructed by Japanese-owned yards.
The Baltic Exchange supramax index rebounded to 560 points on 15 February.
