Brokers’ ship sale lists grew longer this week, as rising freight rates began stimulating transactions of dry bulk carriers.
“All in all, given the strong signs of recovery from the side earnings, we can expect a very vivid sale-and-purchase market to hold for the time being,” Athens-based Allied Research reported on 15 July.
Willing buyers
As the Baltic Dry Index was climbing to its highest level in more than half a decade, several Greek sellers grabbed the opportunity to dump older vessels to willing trading buyers, especially in the supramax sector.
Fotini Karamanlis-led Hellenic Carriers is believed to have sold the 50,300-dwt Konstantinos D (built 2000) to Chinese interests for about $5.3m.
Hellenic originally acquired the vessel in October 2007, at the height of the shipping boom, for an eye-watering $63.4m.
The company did not respond to a request for comment on the sale of the Konstantinos D, in line with its standard policy on commercial matters.
However, if confirmed it would be the company’s second consecutive supramax sale in recent weeks.
Hellenic Carriers divested the 52,400-dwt Pistis (built 2004) last month, reportedly for about $7.5m.
The vessel has changed hands, with online shipping directories listing it as the DZ Heze in the fleet of Hong Kong-based DZ Management.
Both the Pistis and Konstantinos D are due for special survey by September, according to VesselsValue.
A sale of the Konstantinos D would leave Hellenic Carriers without any listed ships. However, the company's principals are understood to control other companies as well, such as Paloma Shipping, an outfit set up three years ago.
Asset plays
The second Greek owner to shed a supramax this week was Navios Maritime Holdings, whose 53,500-dwt Navios Arc (built 2003) is believed to be going to an Asian buyer for $7.2m.
If confirmed, it would be the fourth supramax of about that age that Navios has sold on the S&P market this year.
Looking beyond Greece, Dubai-based Tomini Shipping sold two supramaxes to Chinese buyers earlier this month, reaping significant asset play profits in the process.
The 57,000-dwt sisterships Tomini Victory and Tomini Sincerity (both built 2012) reportedly fetched between $10.5m and $10.8m each.
Nitin Mehta-led Tomini acquired the vessels at significantly lower prices in 2016. At the reported sales prices, the company is poised to realise profits of more than $7m.
Deal pipeline
Several more supramax deals are in the pipeline. Greece’s Vrontados and Navarone have circulated four such vessels as sales candidates, according to Athens-based brokers.
Vrontados is inviting parties to inspect the 50,300-dwt sisterships Maria L and Ero L (both built 2003).
Navarone and its business partner Canfornav are offering the 56,800-dwt Pintail (built 2011) and the 56,800-dwt Scoter (built 2012) for sale.
Vrontados and Navarone did not respond to requests for comment.
