The heady state of the bulker market has opened up fleet-renewal and asset-play opportunities — even for 20-year-old vessels.
Panamaxes are a particular case in point. US-listed Safe Bulkers, which has been gradually renewing its fleet, sold the 76,000-dwt panamax Maria (built 2003), one of its oldest three vessels, to undisclosed buyers for $12.3m.
The ship, which is for delivery in August, is the fifth panamax or kamsarmax that the Polys Hajioannou-led company has divested since February.
Private interests from the founding family of US-listed Diana Shipping have also benefited.
They offloaded the 75,100-dwt Danae (renamed Elim Hope, built 2001) for about $9.5m. Diana sold the ship to affiliated interests in early 2019 for just $7.2m.
As long as optimism persists in the market, sales activity for bulkers is not expected to abate.
"Assets seem to be still underpriced when compared to today's period rates, making any buying decision at these numbers a safer bet than what we have seen in recent years," analysts at Athens-based Allied Research said in a recent report to clients.
Much of the demand for such vessels comes from Far Eastern companies, especially for panamaxes and supramaxes.
One example is the Moundreas group's 79,200-dwt Countess I (built 2013), which ship-management sources in Athens said was sold to Chinese interests for $18.8m.
The Greek family spent $22m to acquire it as a newbuilding resale eight years ago.
Clients of Ted Petropoulos-controlled Minerva Ship Management also disposed of a panamax — the 78,900-dwt bulker Soroco (built 2008).
This was the oldest vessel in the Minerva fleet and the company is understood to have circulated it for sale as early as February. However, it took its time to clinch a deal, which brokers said has been concluded at about $15.5m.
Alios Bulkers is said to have sold the 75,800-dwt Atlantic Hero (built 2005) for $14.9m and Primerose Shipping the 82,000-dwt Ocean Saga (built 2015) for $22m.
Not quite there yet
Vibrant sale-and-purchase markets unavoidably spawn premature sales talk.
Brokers have reported that private Hajioannou company Safety Management Overseas has agreed to sell its oldest ship, the Imabari-built 76,000-dwt Lemessos Queen (built 2008), to undisclosed buyers for a firm $17.9m.
However, a Safety Management director insisted that no deal had been finalised. According to latest broker information, the vessel is still being marketed at more than $17.5m.
Brokers in Athens and the US said Greece's Chronos Shipping has offloaded the 76,600-dwt Athina (built 2007) for $15.8m.
Market sources in Piraeus, however, dismissed the information and said the Athina is still being inspected by potential buyers.
Ship-management sources in Athens also dismissed rumours that Dianik Bross Shipping has agreed to sell the Sanoyas-built, 70,500-dwt Captain Stefanos M (built 1998) for $8m.
A deal, however, would be a remarkable asset play for the Piraeus company, which bought the ship four years ago from Taiwan’s Shih Wei Navigation for about $5.8m.
Dianik emerged recently as the new owner of the 53,100-dwt supramax Baltic Leopard (renamed Ag. Nektarios, built 2009) — a ship sold by US-listed Genco Shipping & Trading in February, for about $8.5m.
