Carras (Hellas) has reportedly sold one of the most expensive capesizes ever ordered, at a price that is high by historical standards but below price levels observed in the secondhand market last month.

According to information provided by US-based brokers, the traditional Greek outfit has agreed to sell the 182,100-dwt Aquaprincess (built 2009) for $24m. This is the oldest vessel in Carras' listed bulker fleet of five ultramaxes, four kamsarmaxes and two capesizes.

Managers at Carras did not respond to a request for comment. If confirmed at these levels, the sale of the Aquaprincess would be the starkest sign yet of how a drop in freight rates earlier this month affected bulker prices.

Last month, the 178,400-dwt Cape Garland (built 2009) was said to have fetched just above $32m.

"After weeks of keeping the correction at bay, shipping asset values have started to be impacted… giving way to the inevitable and (usually) gradual ramifications," Athens-based Doric Shipbrokers said in their latest weekly report on 19 November.

Other Athens-based analysts, however, said that the drop in bulker values seems to be stabilising. "Additional discounts were seen in the dry bulk market that appeared to be steadying as the week [to 19 November] came to a close though," Seaborne Shipbrokers said in a report on 22 November.

"Expectations for the months ahead remain mixed for the big bulkers," Seaborne added.

Part of expensive series

Such observations hold even if one allows for the fact that the Aquaprincess and the Cape Garland are not directly comparable. The Cape Garland was built in Japan and the Aquaprincess at Denmark's Odense Steel Shipyard.

The Aquaprincess formed part of a rare series of six capesize sisterships built at the Danish yard in 2009 and 2010. With a huge price tag of $110m each, they were likely the most expensive capesizes ever constructed, as TradeWinds reported.

Odense Steel, which was owned by AP Moller-Maersk, shut down in 2011.

Carras and clients of Monaco-based CTM Transport still own another three of the capesizes built at the yard — the Aquadiva, Aquavictory and Aquamarine. Greece's CM Lemos and its management arm Nereus Shipping are listed with the remaining two, the Epic and Heroic.

Carras has already offloaded its two other oldest capesizes, which were built in Japan. In February 2021, the company reportedly raised $10.9m from the sale of the 171,000-dwt capesize Aquabreeze (built 2003), which has since emerged under the ownership of China's Weihai Shipping as Great Ocean.

In June 2020, Carras sold for close to $10m the 171,000-dwt Xin Chun (ex-Aquaglory, built 2003).