New Shipping is being linked to its first purchase of a bulker since November 2019, in the latest example of Greek owners upping their exposure to that arena.
Several brokers in Greece, the US and London are reporting that the Adam Polemis-led company is spending between $18.3m and $18.7m on GoodBulk’s 182,100-dwt Aquamarine (built 2009).
Built at Denmark’s Odense Steel Shipyard for about $110m, the Aquamarine is probably the most expensive capesize ever constructed, alongside five sister ships.
The prices at which some of these vessels changed hands over the past couple of years highlight the decline of secondhand values, which has encouraged counter-cyclical Greek buyers to enter the fray.
In November 2021, Carras Hellas sold the Aquaprincess (renamed Andros Princess, built 2009) for between $24m and $25m. A few months later, in May 2022, it sold the one-year-younger Aquadiva (renamed Paros) for between $31m and $32.6m.
The price at which the Aquamarine is reported sold now is not just below reference values from the more distant past but also well underneath the $20.3m to $20.6m range that VesselsValue and Signal Ocean estimate it is worth now.
Part of this apparent discount could be due to the fact that it is not equipped with a scrubber and is scheduled for special survey by July next year.
Also, quite atypically for the ship’s trading history and for capesizes in general, the Aquamarine is currently en route with a load of salt from Mexico to China.
Managers at GoodBulk and New Shipping did not respond or were not available to comment.
New Shipping, which owns about 30 ships split equally between bulkers and tankers, has made minimal changes to its fleet recently, buying, selling or scrapping the odd tanker.
In late May, it was reported as selling the 319,400-dwt VLCC Good News (built 2002). However, that news seems to have been premature and no such deal has materialised — at least not before TradeWinds went to press.
By contrast, GoodBulk — the Aquamarine’s reputed seller — has been a much more busy sale-and-purchase player.
The Monaco-based and Oslo-listed company has offloaded a host of capesizes in recent months. Chief executive John Michael Radziwill has even been hinting that it could diversify away from bulkers and into other ship types.
GoodBulk currently features six capesizes on its website’s fleet list.
However, as TradeWinds has already reported, four of these vessels are believed to have been sold in recent weeks — including the Aquamarine. If all these deals are confirmed, GoodBulk would be left with two Chinese-built ships — the 174,100-dwt Aquakatie (built 2007) and 178,100-dwt Aquaproud (built 2009).
On the selling side of the fence
In other bulker deals reported by brokers this week, Lomar Shipping is believed to have acquired its seventh Chinese-built bulker since March, with the purchase of Greece's Novamaris’ 79,500-dwt Joy (built 2011) at an undisclosed price.
This shows that Greek companies can be busy on the selling side of the S&P fence as well, particularly when it comes to offloading older vessels.
Other such examples abound recently.
As TradeWinds already reported on 10 July, Samos Steamship — which is preparing to take delivery of two capesize newbuildings — is believed to be selling its 203,300-dwt ore carrier Stamatis (built 2004) to Far Eastern interests for about $18m.
Another ageing capesize is being divested by Athens-based bulker player Holger Navigation, which is reportedly selling its oldest ship — the 184,900-dwt Agios Charalambos (built 2003) — to Indian interests for $14m.
London brokers report Lou Kollakis-led Chartworld Shipping as divesting the 76,800-dwt panamax Star Planet (built 2005) for about $13m.
Seadar Shipmanagement has agreed to sell the 56,800-dwt Chris (built 2010) for $12.5m.
Athens-based Alexandria Shipping is believed to have found Chinese buyers for its oldest bulker — the 52,400-dwt Marylisa V (built 2003) — in a $7.5m deal.
