Interest in capesizes is lagging behind the vibrant sale-and-purchase activity seen in smaller types of bulkers, with buying interest focusing on ships built around 2010.
Brokers in London, Athens and the US have reported sales of two capesizes just over 10 years old in recent days, and a few more are set to follow in deals still in the pipeline.
Both transactions said to have already been concluded involve Greek companies.
Transmed Shipping is reported to have sold its first capesize in more than eight years after agreeing to divest the 173,900-dwt Mangas (built 2011). Brokers in Greece and the US said the Chinese-built vessel changed hands for $24m.
Transmed has a policy of not commenting on commercial transactions. The Mylonas family-led outfit, however, is known to have sounded out the market for a buyer for the Mangas for quite some time.
Brokers reported the ship as a sale candidate in April. A month later, the Mangas passed its special survey and its owner installed a ballast water treatment system (BWTS).
Another capesize built around the same time — the 177,100-dwt Springbank (built 2010) — is said to have fetched a higher price of $26.25m.
The ship, which is listed as owned by Minsheng Financial Leasing partner Ningbo Zrich Shipping, recently underwent a special survey and BWTS installation.
Several brokers in Europe, the US and Athens said the vessel was picked up by Greek buyers, with some identifying Kassian Maritime.
Managers at Ningbo did not respond to requests for comment. Kassian declined to comment.
The Springbank deal adds to a string of secondhand transactions Kassian has carried out since December, in which the Papadakis family outfit sold two ships and bought one.
The Springbank replaces the 174,100-dwt Giant Slotta (built 2006), which Kassian sold to interests linked with China Huarong Financial Leasing for about $12m. It has been renamed Highland Park.
Kassian also sold the 81,800-dwt Wookie (built 2012) in December for about $12.5m to Modion Maritime, which renamed it Christianna.
In the meantime, the company acquired the 63,700-dwt SBI Libra (built 2017) from Eneti for $18.65m before renaming it Libertango.
More capesize deals may be in the oven.
Athens brokers reported that four more ships were circulating for sale recently.
They are the bank-controlled 175,600-dwt Aqua Splendor and 175,600-dwt Aqua Honor (both built 2012), JP Morgan’s 179,100-dwt True Endurance (built 2012) and EGPN Bulk Carriers’ 180,100-dwt Eastern Freesia (built 2010).
