Grimstad-based JJ Ugland Group is planning to sell more of its oldest bulkers.
Last year the company disposed of the 52,000-dwt Fermita (built 2001), which was sold to Chinese interests for $6.6m.
Some brokers now claim JJ Ugland is in the process of selling the Tsuneishi Cebu-built 52,000-dwt bulker Rosita (built 2004) to Indonesian interests for $6.6m.
TradeWinds understands this is not correct and the company is waiting for prices to pick up.
However, the annual report for the holding company Uglands Rederi, chaired by Jorgen Lund, states that the company is looking to sell more ships as part of a fleet renewal.
Last year it took delivery of two ultramax newbuildings and is set to take delivery of another unit from Sanoyas Shipbuilding next week.
JJ Ugland is also looking to fix out more ships on time charters. Recently it chartered out one of its newest vessels on a five year deal.
Another of its bulkers is on a five year deal with Japan’s Nippon Yusen Kaisha (NYK).
Profit on the rise
The annual report for Uglands Rederi for 2019 has just become publicly available and shows a pre-tax profit of NOK 66m ($6.6m), against a NOK 41m profit in 2018.
Ugland booked a profit on the sale of Fermita and operating revenue increased from NOK 891m to NOK 897m.
Book equity stood at NOK 1.893bn at the end of 2019.
JJ Ugland also owns the 125,000-dwt shuttle tanker Vinland (built 2000), which is on charter to Equinor, plus offshore vessels and barges. It also owns the local shipyard Nymo.
Knut Nikolai Ugland, 33, inherited the company after the death of his grandfather Johan Jorgen Ugland in 2010. The plan is that he will take over running the business when he turns 35.
The grandson has now returned to Grimstad after having worked both for the Swire Group in Singapore and for Oldendorff Carriers in both Hamburg and Copenhagen.
