China's Rewood Ocean Shipping Co (Rosco) is in talks to sell the single capesize in its fleet of 11 bulkers, in a deal bound to raise speculation about whether this might be the opening shot in a wider sale campaign.
Several brokers in the US and Greece said the company is selling the 181,500-dwt Rosco Maple (built 2010) to US-listed Seanergy Maritime for $33.75m.
The Japanese-built vessel is equipped with a ballast water treatment system, has no scrubber and is said to be due for delivery to its new owners in November.
Officials at Rosco and Seanergy were not immediately available to comment. Some Athens brokers said the deal is still on subjects and has not been finalised.
Regardless of whether the deal goes through, the move suggests that Rosco is resuscitating plans to sell at least part of its fleet.
TradeWinds reported in 2018 that the company, a unit of import-oriented agricultural group Sanhe Hopefull Grain & Oil, put its entire fleet up for sale after a shift in strategy away from vessel owning.
The sale attempt ultimately got nowhere. Rosco's $200m price expectation for the Rosco Maple and its 10 panamaxes was so far in excess of the market that no potential buyers turned up for inspections, brokers said at the time.
As bulker markets and ship values go through the roof, however, what was excessive in 2018 looks much more normal now.
VesselsValue estimates Rosco's fleet to be worth $226m. Its ships were built between 2002 and 2011 at Sasebo Heavy Industries, Sanoyas Shipbuilding, Oshima Shipbuilding and Tsuneishi Zhoushan.
Much of the fleet is financed by ICBC Leasing and China Construction Bank Financial Leasing. However, Rosco was not believed to be under any pressure whatsoever from its bankers to sell in 2018 or now.
Pure cape player
The Rosco Maple fits Seanergy's fleet profile, falling spot on its average age of 11.5 years.
The pure-play capesize company has seven confirmed acquisitions over the past 14 months that doubled the size of its managed fleet to 16 vessels.
At the same time, Stamatis Tsantanis-led Seanergy has been making moves to offload vintage tonnage. In July, it sold its oldest ship, the 171,200-dwt Atlantis (ex-Leadership, built 2001), for further trading to Asian interests for $12m, with delivery in the third quarter.
