Capesize transactions continue apace in the secondhand market for bulkers, despite continuing volatility and uncertainty about the sector’s long-term earning prospects.
One of the buyers that emerged this week was Densay Shipping, which has agreed to purchase a 16-year-old vessel.
The ship in question is the 177,500-dwt Satori (built 2007), which the Dubai-based owner acquired for $18.5m.
The vessel’s previous owner, Greece’s Kassian Maritime, will deliver the ship by next week. The Athens-based company had acquired it five years ago from Japan’s Nissen Kaiun for $21m.
Tayfun Gunerhan-controlled Densay has been expanding rapidly, with the size of its active and ordered fleet exceeding the 50-ship mark earlier this year.
Much of that growth comes from newbuildings. The company has ordered seven ultramax newbuildings since May for more than $200m in total at three different Chinese yards that will deliver them by early 2026.
When it comes to capesizes, however, the company has preferred to pounce on secondhand vessels instead.
Densay started building a capesize presence in October 2021 with the purchase of the 175,400-dwt Aqua Honor (renamed SSI Brilliant, built 2012) — a ship sold by the Noble Group or administrators thereof for about $28m.
About a year later, Densay made its second capesize expansion move with the $18m acquisition of Goodbulk’s 177,000-dwt Aquahope (renamed SSI Inevitable, built 2007).
Market in two minds
Its third and latest capesize buy, the Satori, puts Densay on the side of those expressing faith in a bulker market that is still volatile.
“A portion of potential buyers looking to invest don’t fully trust the market [amid] … geopolitical unrest and uncertainty ... [while] others are more resolute in their intention to buy,” Doric Shipbrokers said in its latest weekly report.
Densay was not the only company to invest in such vessels this week.
Chinese interests are said to have swooped on a pair of Japanese-built capesizes.
Greek brokers report that Imabari Senpaku is getting $20.8m for the 180,200-dwt Ocean Corona (built 2009).
At the same time, Zodiac Maritime is said to be disposing of one of the oldest of its 25 capesizes, the 180,200-dwt Cape Flamingo (built 2005), for $15.4m.
Some analysts believe that a dealmaking pause may now set in.
“The additional positioning on older capes that resumed last week will most probably take a breather until the market regains some fuel forward,” noted Eva Tzima, head of research at Seaborne Shipbrokers.
“The same goes for any further appreciation seen on dry bulk asset prices that have already noted a significant leg-up during October,” she added.
