Greece’s Phoenix Energy Navigation has exited shipping with the sale of its last capesize vessel to Hayfin Capital Management.
The UK-based alternative investment platform is buying the 179,200-dwt Corinthian Phoenix (built 2009) as it pushes ahead with a $1bn investment project.
Phoenix Energy has been winding down its fleet in the past couple of years.
The 15-year-old vessel, to be renamed GH Ostria, will be delivered to its new owner in June, TradeWinds understands.
In February this year, it sold the 179,200-dwt Athenian Phoenix (built 2009), also to Hayfin.
It exited the tanker market in 2022, with the sale of an aframax and a LR2 product tanker.
The deal would mark a third capesize purchase by Hayfin since the launch of its maritime investment project late last year.
It will lift Hayfin’s growing capesize fleet to five vessels.
Hayfin managers declined to comment on the deal, which emerges as bulker values are rising.
The Corinthian Phoenix is estimated to be worth close to $30m, according to VesselsValue.
That marks a 25% mark-up on what Hayfin paid earlier this year for a Hyundai Heavy Industries-built sister vessel.
The UK fund manager purchased the sister ship Athenian Phoenix in February for a reported $23.5m. The bulker has been renamed GH Leveche.
Hayfin followed that with the more recent purchase of an 11-year-old capesize from Adani Group of India.
The Indian conglomerate sold the 181,000-dwt Urja (built 2013), renamed GH Fitzgerald, for $38.1m.
These acquisitions join the 179,800-dwt GH Kahlo (built 2014) and 180,000-dwt GH Nightingale (built 2009) in the Hayfin fleet.
Cape quintet
Hayfin will then be the owner of five capesize bulkers in its fleet of nine ships.
The company’s strategy contrasts with Phoenix Energy, which is listed with no vessels following the sale. Phoenix Energy managers could not be reached for comment.
Hayfin has previously said it is seeking to focus its maritime investments on “long-term charters” made “against a supportive long-term market”.
The company’s investment drive has also seen it commit to a series of four methanol-ready suezmax tankers at HD Korea Shipbuilding & Offshore Engineering in South Korea and two 100,000-dwt post-panamax bulkers at Japan’s Oshima Shipbuilding.
Hayfin’s move into capesizes appears to be well-timed given the sharp rise in values for the ship type.
VesselsValue reported that its bulker index fleet is worth 0.6% more than it was a month ago and has posted an 8.5% improvement over the past year.
