UK-based shipowner Hadley Shipping is trimming its fleet by selling one of its four large bulkers.
European brokers said it has offloaded the 73,000-dwt Clymene (built 2006) to an undisclosed buyer for $7.5m. The Jiangnan-built vessel is due for special survey next month.
A ballast treatment system is understood to be included in the deal, but it has not yet been installed.
Hadley declined to comment on the deal.
The price is slightly below expectations. VesselsValue estimates the ship is worth $8m, while Maritime Strategies International prices it at $9m.
Good returns
Hadley paid nearly $43.3m for the Clymene from Thenamaris of Greece when it was a newbuilding in a resale transaction. However, the shipowner benefited from a strong market until the dry bulk crash in 2008.
Hadley also bought what in retrospect looks like an expensive vessel from John Fredriksen’s Golden Ocean Group in February 2007 when it picked up the 74,000-dwt Golden Gunn (built 2005) for $50.2m. This ship is still in the Hadley fleet and is worth about the same as the Clymene.
Privately owned Hadley currently has four panamaxes and kamsarmaxes.
It showed its commitment to the segment in 2018 by ordering the 82,000-dwt Cotinga at Jiangsu Yangzijiang Shipbuilding for delivery last year, reportedly for $26.3m.
The Cotinga is likely worth more than $23m today. It has been fixed for two years to Glencore, as has Hadley's 81,000-dwt Corato (built 2016).
In an annual report, the Hadley board described these two deals as successful.
Hadley also owns four ro-ro vessels built either in 2002 or 2003, as well as a small containership.
It is controlled by London’s Warwick & Esplen, and Glasgow-based Denholm Shipping has a minor stake.
The annual report for 2019 shows that Hadley had a pre-tax profit of $8m, against a $9.2m profit in 2018. Revenue increased from $47.8m to $53.1m.
