BW Dry Cargo has concluded another successful asset play deal by selling a kamsarmax bulker it purchased in July 2016.
US brokers said the BW Group-controlled shipowner has sold the 81,000-dwt BW Canola (built 2014) to an undisclosed buyer for $24m.
BW Dry Cargo purchased the Oshima Shipbuilding-constructed ship for just $17.7m.
Christian Bonfils, the company's former managing director who is now in charge of spin-off Copenhagen Commercial Platform, declined to comment on the reported sale of the BW Canola.
The deal shows that shipowners that bought bulkers five years ago appear to have timed their acquisitions well, though to cash in they need to find a buyer for their ships now as values are increasing.
BW Dry Cargo bought six kamsarmax bulkers in 2016 and in July last year the company disposed of three of these units.
The company has already sold the 83,000-dwt BW Barley, the 82,000-dwt Acorn and the 81,000-dwt BW Eikorn (all built 2010) for $42m in total. The BW Barley and BW Winkorn went to Centrofin of Greece, while the BW Acorn landed in the hands of German interests.
BW Dry Cargo has primarily built up a presence in the kamsarmax segment, where it has seven ships. The company also owns two ultramax bulkers, with two more on order at Oshima Shipyard set for delivery this year.
The Bonfils-led company also has two capesizes in its fleet.
Among other deals, JP Morgan has reportedly sold the 82,000-dwt Peak Proteus (built 2013) to a Greek buyer for in excess of $22m. The ship was constructed at Tsuneishi Shipbuilding.
