Serial capesize buyer Hayfin Capital Management appears to have returned to the secondhand market to acquire its fifth and sixth vessels this year, this time from Norden.
The London-based alternative financier has reportedly spent just over $62m on buying the South Korean-built pair from the Danish owner-operator, according to brokers’ reports.
The ships are the 179,000-dwt Nord Energy and Nord Power (both built 2012), which were built at the HD Hyundai Heavy Industries yard at Subic Bay, according to brokers.
Norden looks to have flipped the pair for a profit.
It paid about $28.2m for each of the vessels in 2023 when it bought them from former capesize owner GoodBulk.
Both ships have been fitted with scrubbers this year and have ballast water treatment systems.
Brokers noted that they passed their scheduled dry-dock inspections this year and a five-year paint scheme was applied.
The ships were fitted with energy-saving stator fins and rudder bulbs earlier this year.
Hayfin already owns six capesize bulkers — more than half of its owned fleet. Most have been acquired since August 2023.
The financier also has two 100,000-dwt baby capes on order at Oshima in Japan, set for delivery in 2026.
It spent $29.3m the last time it bought a capesize when it acquired the 180,000-dwt Nymphe (built 2009) from Greece’s Neda Maritime Agency in June. The ship has been renamed GH Helm.
Norden has meanwhile been selling ships to generate cash during a year when its trading division has struggled to be profitable.
Speaking to TradeWinds shortly after reporting its third-quarter results in October, CEO Jan Rindbo said Norden would look at deals on a case-by-case basis.
The shipowning part of the business is a “very, very important value creator for us”, he said, “and therefore, yes, you should expect us to continue to realise some of that value in the portfolio.
“But, as you know, this will be dependent on what are the exact opportunities that we see.”
Hayfin has acquired more than 90 vessels across various sectors since it was founded in 2009.
Most of its ships are managed by its in-house vessel management platform, Greenheart Management.
Hayfin and Norden declined to comment on the deal.
Capesize asset prices have adjusted a little following the mid-year boom.
Shipbroker Clarksons estimates secondhand prices of $44m for a 10-year-old capesize built to an eco-design.
It estimates $28m for 15-year-old capesizes not built to a fuel-efficient design.
Both of these estimates are around $1m lower than they were three months ago, showing that asset values are cooling after a year of being in hot demand.
One-year period rates have tempered too, to around $19,000 per day, down from $23,000 per day at the end of August, according to Clarksons’ estimates.
