Cido Shipping has exited the midsize bulker segment with the sale of its last three kamsarmaxes.
The South Korean owner has sold the 82,300-dwt Fortune Iris (built 2009), Fortune Sunny and Fortune Rainbow (both built 2008). The identity of the new owners was not disclosed, but several sources said Chinese buyers picked up the ships.
They are said to have paid $13.7m for the Fortune Sunny and between $13.8m and $13.9m for the Fortune Rainbow. The younger Fortune Iris went for between $14.8m and $14.9m.
Cido declined to comment.
The sources added that the company has capitalised on the rising secondhand dry bulk market to renew its fleet.
The right time
“For the last few years, Cido has been looking to sell its older ships and it was waiting for the right time,” one said. “The dry bulk market has improved, and it is executing the plan that it mapped out a few years ago. This was expected.”
Cido owned one panamax bulker and four kamsarmaxes at the start of this year. In early February, it was reported to have sold the 75,000-dwt Fortune Daisy (built 2011) to Safe Bulkers for $14m and the 82,300-dwt Fortune Miracle (built 2009) to Castor Maritime for $14.5m. Both ships were built in Japan.
Meanwhile, there is talk in the market that Cido has also sold a supramax bulker — the 55,000-dwt Fortune Wing (built 2011). But this has been denied by sources familiar with the company.
Cido joins a number of shipowners taking advantage of the strong rebound in the dry bulk market to sell off vessels.
According to VesselsValue, 46 panamax and kamsarmax bulkers have changed hands this year.
Companies to have sold ships include Seatankers Management, Nissen Kaiun, Golden Ocean Group, Eneti and Safe Bulkers.
Cido is left with 65 vessels in its fleet — 35 car carriers, 22 tankers, five bulkers and three VLGCs.
