Despite cooling interest for capesize tonnage in the secondhand market, giant Greek owner Costamare is being tied to its first purchase of such a vessel this year.
Market sources are linking the Athens-based company to a deal worth between $30m and $31m for the Cobelfret group’s 179,900-dwt Lowlands Prosperity (built 2012).
The price is below the $33.7m that VesselsValue estimates the ship is worth. The discount is even more remarkable considering that, according to a US broker, it includes consideration for a time charter until December at $24,000 per day.
The modest price may be due to dampened enthusiasm for big bulkers lately as their earnings slide.
Conflicting news
The capesize time charter average calculated by Signal Ocean dropped on 29 April to a near three-month low of $17,253 per day.
The volume of reported capesize transactions plummeted in April compared with March, as doubts progressively creep in about the sector’s prospects.
“… as conflicting news regarding the prospects of the size continues to emerge, we expect investments to remain subdued,” noted Eva Tzima, head of research at Seaborne Shipbrokers, in her weekly report on 29 April.
A drop in prices, however, would most likely be welcomed by determined buyers such as Costamare, which has repeatedly described itself as a committed, long-term bulker player.
The Kostis Konstantakopoulos-led boxship company, which also owns about 40 bulkers, has steered its acquisition appetite towards bigger sizes in recent months, while at the same time lowering its exposure to smaller ones.
As for Cobelfret, the Lowlands Prosperity may not be the only bulker it is offloading.
Several brokers report that the Cigrang family-controlled firm has raised even more money with the $39m sale to Japanese buyers of the 82,600-dwt kamsarmax Lowlands Sage (built 2021).
A third bulker may also be in play. Greek and London brokers say the 95,700-dwt post-panamax Lowlands Rise (built 2013) is heading to Chinese interests for between $25.8m and $26m.
Cobelfret declined to comment. Any sales might be part of a wider policy to add more modern tonnage.
TradeWinds reported on 2 April how a unit of the Cobelfret group secured a €42m ($45m) credit facility from German export finance lender KfW IPEX-Bank to help fund a pair of kamsarmax newbuildings.
According to its website, the traditional shipping company based in Belgium, Luxembourg and Singapore owns 15 bulkers.
Its managed fleet, however, is much larger, as it also charters in a further 95 bulkers.
