Croatian shipping company Atlantska Plovidba has sealed a bulker sale and leaseback in China as it revealed a growing loss.
The Dubrovnik-based shipowner said it signed a five-year agreement with an unnamed Chinese financial institution for the 57,000-dwt supramax AP Ston (built 2012).
The aim was to refinance its investment in the ship, Atlantska said in a statement.
The company added the deal was done at "competitive market rates" and charter payments will be made monthly.
The vessel was built at STX Offshore and Shipbuilding in South Korea and is one of five supramaxes in the fleet.
Financial details of the transaction were not disclosed. The ship is worth an estimated $12.9m to $13.4m, according to separate assessments on valuation platforms by VesselsValue and Maritime Strategies International.
Atlantska controls 12 bulkers in all, ranging from 38,000 dwt and 80,000 dwt. They are built between 2008 and 2016.
Net loss increases
The Zagreb-listed company also announced a bigger net loss of HRK 38.4m ($5.6m) in tough markets in the first quarter ended 31 March.
This compares to a loss of HRK 3.8m a year earlier.
Operating revenue fell by 28% year-on-year to HRK 59.5m, with operating costs up 13% at HRK 80.2m.
The company has 224 staff members.
Bulker markers were a little brighter on Wednesday as the Baltic Exchange Dry Index rose 46 points to 592, propelled by stronger capesize rates.
Other asset classes saw more modest gains. Panamaxes added 14 points to 809 as handysize rates added eight points to reach 285.
Supramaxes saw a minor slip, however, losing one point to land at 494.
