A steady volume of deals for secondhand capesizes underscores just how robust market conditions for such vessels have become lately.
With asset values rising, the Baltic Capesize Index (BCI) hitting year-to-date highs and owners announcing lucrative multi-year chartering deals for such vessels, both buyers and sellers are stimulated to move.
Owners of expensively acquired capesizes find a good opportunity to shake them off at an elevated price.
That seems to be the case with Carras (Hellas), which brokers widely report as having agreed to divest the 182,100-dwt Aquadiva (built 2010) for anything between $31m and $32.6m.
Some Athens-based brokers report the buyer to be George Economou’s TMS Dry.
The Aquadiva formed part of a rare series of six sisterships built at Denmark’s Odense Steelyard in 2009 and 2010. With a huge price tag of $110m each, they were likely the most expensive capesizes ever constructed.
Four of these vessels were ordered or are owned by Carras (Hellas) and Monaco-based Goodbulk — the Aquadiva and sisterships Aquaprincess, Aquavictory and Aquamarine.
It is telling for how far ship values have advanced this year that Carras sold one of them, the Aquaprincess, at a much lower price of between $24m and $25m in November 2021, to Greek peer Sea Gate Navigation.
A few months later, in April, Goodbulk was reported as selling the Aquamarine for $26.5m. However, there are doubts if this deal eventually materialised.
Out with the old
Other capesize sellers are finding an opportunity to offload older tonnage, possibly to renew their fleets.
Athens-based brokers report Eastern Pacific Shipping (EPS) as selling to unidentified Greeks the 177,000-dwt Mount Nevis (built 2005) for $20.5m.
In a separate deal, Formosa Plastics Marine Corporation (FPMC) is said to be shaking out the 170,100-dwt Formosabulk Clement (built 2001) — also built in Japan — for $13.8m.
Managers at both EPS and FPMC didn’t immediately respond to a request for comment.
However, the two companies could likely have a motive to sell the ships, considering that their websites show the Mount Nevis and the Formosabulk Clement to be the oldest capesizes in their fleets.
In buying mode
On the buying side of the fence, interest to acquire tonnage is ample as market conditions remain strong.
“There is a plethora of purchasers,” Doric Shipbrokers in Athens wrote in their latest report.
“As long as there is opportunity for older ships to make money, and as long as there is money to spend and interest to invest, secondhand activity will maintain its momentum,” Doric added.
Economou, the purported buyer of the Aquadiva, has recently provided ample proof of being in bullish mode.
The Greek owner has been linked to a string of secondhand acquisitions in recent months, several of which have already been confirmed.
On top of that, Economou has been booking tonnage from other owners on a long-term basis.
On 23 May, US-listed Diana Shipping announced that Classic Maritime — an entity known to be controlled by Economou — fixed the 179,100-dwt PS Palios (built 2013) for at least 22 months at $31,000 per day.
