Celsius Shipping has sold its second ultramax bulker in two weeks.
The Danish shipowner confirmed that it sold the 63,300-dwt GH Storm Cat (built 2014) with delivery shortly to the new owner.
Brokers said it has gone to a European buyer for $15.75m. The Sainty Shipbuilding-constructed ship is due for special survey in November 2024.
The GH Storm Cat was one of 12 ultramaxes that Celsius bought at the bottom of the market in 2016. It was purchased for $12.5m.
In January, Celsius sold a similar bulker, the 63,300-dwt GH Seabiscuit (built 2016), to an undisclosed buyer for $17.6m. It had bought the newbuilding in 2016 for $16m.
The sales come at a time when secondhand bulker prices are on the rise.
VesselsValue's index of dry bulk vessels rose 8% last month, including a 1% hike in the last week.
The valuation platform estimates that the GH Storm Cat is worth nearly $14.1m, up from a low of $12.8m in November.
Founded in 2012, Celsius has a fleet of more than 50 ships, including bulkers, tankers and containerships. It is backed by Bayside Capital and Breakwater Capital.
The outfit is often focused on asset play deals, but last year it took delivery of four LNG carrier newbuildings from Samsung Heavy Industries that are locked into long-term employment.
Chairman Jeppe Jensen has said Celsius intends to expand its LNG fleet.
Eric Martin contributed to this story.
