China’s Herun Group has sold a capesize to Alpha Bulkers of Greece for almost as much as it paid to order the vessel 11 years ago.
The Chinese multi-sector group paid $54m in 2013 when it ordered the 181,100-dwt Herun Global (built 2016) at Shanghai Waigaoqiao Shipbuilding in China as part of a four-vessel capesize order.
Market sources told TradeWinds it has been sold for $49.5m to Alpha Bulkers, which is controlled by Anna Angelicoussis and is led by her son, Frangiskos Kanellakis.
The bulker has an eco-electronic engine and is fitted with a ballast water treatment system. It is scheduled to be dry-docked for its bottom survey in December.
VesselsValue estimates its current market value at $48.73m, while Maritime Strategies International puts it at between $45.8m and $53.1m.
If confirmed, this will be Alpha Bulkers’ first capesize buy since April 2022, when it bought an ex-GoodBulk vessel.
Last year, the Athens-headquartered shipowner made its entry into the ultramax market, ordering a pair of vessels in China. It also bought a supramax in the secondhand market.
Alpha Bulkers’ owned fleet currently comprises 20 capesizes and newcastlemaxes, 13 panamaxes and kamsarmaxes and a supramax.
One ship remains
Herun Group, which is headquartered in Zhoushan, has a diverse array of activities, including real-estate development services, energy transport, shipbuilding, grain processing, logistics and industrial investments.
It sold two of its four 181,100-dwt capesizes last year, leaving it with a single vessel: the Herun Zhejiang (built 2017).
The Herun Zhoushan (renamed Star Asia, built 2017) was sold to Chartworld of Greece in June last year for $41.5m.
The Herun China (renamed Cape Bernina, built 2017) was bought by UK-based Union Maritime for $41m in December with a time charter attached.
In an interview in 2013, the then-chairman, Yu Songbo, said the quartet had been ordered to cut the group’s shipping costs and would increase its bulk shipping capacity, particularly for grain.
But historic loading data shows the Herun Global and its sister ships appear to have never carried grain.
All four have engaged in classic capesize trades since hitting the water, carrying iron ore and coal, as well as some bauxite.
They have been fixed out on short and medium-term charters to counterparties including Olam, Oldendorff and SwissMarine over the past few years.
