Abu Dhabi’s Adnoc is reportedly buying a modern ultramax bulker from MX Bulk, the company formerly known as LT Ugland.
The Tsuneishi Group (Zhoushan) Shipbuilding-constructed, 63,000-dwt Isabella Manx (built 2019) is being sold for what appears to be a firm price of $25.8m, several shipbrokers have told TradeWinds.
The reported sale price shows the premium that vessels built at Japanese-managed shipyards can fetch, brokers said.
VesselsValue estimates the Isabella Manx — ordered for around $25m — to be worth about $22.9m.
Neither MX Bulk chief executive Sean Dawson nor Adnoc chose to comment on the reports.
VesselsValue estimates the vessel — ordered for an estimated $25m — to be worth around $22.9m.
Meanwhile, Lars T Ugland, who ran Isle of Man-based LT Ugland until it was rebranded MX Bulk two years ago, said he is no longer involved with this company.
Two years ago, he invested in US-based bulker pool operator TBS Ocean Logistics with Japan’s Mitsubishi, and rebranded it Guardian Navigation.
“I am only focusing on my shipping interest in Guardian Navigation,” Ugland said.
Last year, MX Bulk entered the kamsarmax segment with an order for three vessels at Tsuneishi Zhoushan for delivery next year, reportedly at a price of $33m each.
In May this year, the owner sold the 57,000-dwt bulker Mika Manx (built 2013) to AM Nomikos of Greece for $12.5m.
MX Bulk owns four ultramaxes, plus the kamsarmax newbuildings.
LT Ugland traditionally was a tonnage provider, engaged in the same market as JJ Ugland of Norway.
The two companies are separate entities, but Lars T Ugland is the uncle of the current JJ Ugland owner, Knut Nikolai Ugland.
