Hayfin Capital Management has acquired a 15-year-old capesize bulker as part of its $1bn investment project.
The UK-based alternative investment platform has been linked by brokers to the acquisition of the 179,200-dwt Athenian Phoenix (built 2009) from Greece’s Phoenix Energy Navigation for $23.5m.
Hayfin declined to comment on reports of the deal, which would boost its capesize fleet to three vessels, in addition to the 179,800-dwt GH Kahlo (built 2014) and 180,000-dwt GH Nightingale (built 2009).
The move comes amid strong prices and investment interest in the large bulk carrier sector.
This week, Thenamaris was said to be paying $67m each for a series of four newcastlemaxes from South Korea’s Polaris Shipping.
Hayfin has previously said it is seeking to focus investments on “long-term charters” made “against a supportive long-term market” in its recently announced $1bn Maritime Yield Strategy.
Its latest purchase would appear to fit the bill.
According to broker Clarksons, daily three-year capesize time charter rates are up to $21,000, compared with $18,875 at the start of the year, indicating a bullish outlook for the market over the coming years.
The supply-side fundamentals are working in favour of a continuing strong capesize market.
The newbuilding orderbook stands at only 5.7% of the trading fleet, the lowest percentage in the dry bulk sector.
Additional investment in new tonnage is unlikely, as shipyards are full for the next three years and capesize newbuildings are priced at around $67.7m and firming.
As previously reported by TradeWinds, Hayfin has recently shifted its focus to the newbuilding market.
It has committed to a series of four methanol-ready suezmax tankers at HD Korea Shipbuilding & Offshore Engineering and two 100,000-dwt post-panamax bulkers at Japan’s Oshima Shipbuilding.
