Chinese bulker owners in Fuzhou and Ningbo have been active in the secondhand market, taking veteran tonnage from handymaxes to capesizes over the past week — and one buyer even snapped up a ship that had once broken in two.
Observers said the transactions are a sign that price-sensitive Chinese buyers are still finding bargains.
Commercial sources said the South Korean-owned, 91,400-dwt coal carrier Duke Orsino (ex-Shiramizu, built 2005), which was badly damaged in 2011, has gone to an unidentified private Fuzhou owner for $11.3m.
"We consider that an especially firm price for a ship that had literally broken into two pieces," said one Chinese sale-and-purchase broker at a global broking house.
The post-panamax coal carrier was sailing in the fleet of NYK Line in 2011 when it was one of several ships damaged in that year's Tohoku earthquake and tsunami in Japan. Caught at the quayside in the port of Shinshi during the discharge of a coal cargo, the ship was grounded and ultimately broke in two.
Parts reunited
The two parts were towed to the STX Hyeokshin repair facility in 2013 and joined back together. Since 2015, the vessel has been in the fleet of South Korean one-ship company KD Ocean.
Brokers said provincial government-controlled Ningbo Marine is behind the purchase of Berge Bulk's Shanghai Waigaoqiao Shipbuilding-constructed, 176,200-dwt capesize Harriette N (built 2001), bought for $22.9m.
TradeWinds reported earlier this month on the sale as part of Berge Bulk's capesize fleet-renewal programme.
Fuzhou owners are behind the purchase of a veteran Oshima Shipbuilding-constructed panamax — the 74,300-dwt Vitaspirit (built 2001) — for $7.25m.
The same owner, Greece's Vita Shipmanagement, recently sold the Kanasahi-built, 75,900-dwt Vitagrace (built 2001) for $6.9m with dry-docking due, possibly to the same unidentified Fuzhou buyer.
Fuzhou shipowner Zheng Chuanfu's Tuofu Ocean Shipping has acquired a veteran handymax via an auction sale in Mexico.
The 46,700-dwt Jia Shun (ex-Harvest Rising, built 1996) was sold for $4.3m, which is considered a firm price for the Mitsui Engineering & Shipbuilding-constructed vessel.
