Major Scandinavian shipowners have continued to sell bulk carriers in the secondhand market, in some cases flipping the vessels for millions in profit.
Celsius Shipping sold its 63,000-dwt ultramax GH Dawn Run (built 2018), continuing a selling spree it commenced earlier this month.
Brokers said the vessel has gone to a Greek buyer for $23.5m, which will leave Celsius with one bulker remaining in its diverse fleet.
The GH Dawn Run was one in a series of bulkers that Celsius bought cheaply in October 2017 for $20.9m.
Celsius confirmed the sale to TradeWinds and said that the deal comes with a charter attached, which runs until the end of this year.
The sale means that the firm has sold 10 ultramax bulkers so far in 2021.
Celsius sold six ultramaxes in a $130m package deal with CDB Leasing earlier this month.
The company has a diversified fleet of tankers, containerships, LNG carriers and its one remaining bulker, the 63,000-dwt ultramax GH Northern Dancer (built 2017).
Chinese leasing giant CDB also agreed to buy 11 bulkers from Denmark's Clipper Group earlier this month, in a deal valued at around $140m.
Flipped
Meanwhile, Denmark's Norden appears to have made a big profit by selling a supramax bulker it purchased in December last year.
It paid $14m for the 56,000-dwt Nord Olive (ex-Amstel Eagle, built 2014).
The Oshima-built bulker has, according to brokers, now been sold on to a Turkish buyer for $22.5m.
Norden could not be reached for immediate comments.
Grieg duo
Grieg Maas, the joint-venture bulker company set up by Grieg Star and Maas Capital in January 2019, appears to have sold two supramaxes this month.
TradeWinds reported in May that Grieg Maas was looking to reduce its bulker exposure by selling its 58,000-dwt supramax Star Eracle (built 2012).
The market expected that the Chinese-built bulker, which is fitted with a ballast water treatment system, would fetch around $16m.
Now it appears Grieg Maas has sold both this vessel and its 58,000-dwt sistership Star Athena (built 2012) for over $31m en bloc, according to brokers.
Director Sveinung Tvedt of Grieg Maritime Group confirmed the two sales and said they will be delivered to the new owner within the next three months. He declined to identify the buyer or the price.
Grieg Star CEO Matt Duke said the company has an opportunistic approach to selling its conventional bulkers.
Holly Birkett contributed to this article.
