Norway’s JJ Ugland has signed for two new ultramax bulkers as it continues to consider selling older ships.

The Knut Ugland-owned company said it had signed a letter of intent with Tsuneishi Heavy Industries in the Philippines for the 66,000-dwt pair due for delivery in August 2026 and January 2027.

Both ships will be owned by Ugland Bulk Shipping and be operated technically and commercially by Ugland Marine Services.

“The contract is part of our long-term bulk fleet renewal plan,” the private company said.

Knut Ugland, who is deputy chairman, had said earlier in May said the group was close to sealing a deal for ships delivering in the summer and autumn of 2026.

He priced the vessels at around $35m each.

The Ugland family heir took over last year.

His grandfather Johan Jorgen Ugland died in 2010, but the inherited shares were placed in trust until Ugland turned 35.

The fleet consists of 12 bulkers, 12 barges, two platform supply vessels and a heavy-lifter.

“We have sold two supramax bulk carriers lately, due to strong second-hand prices. We are also looking at selling more if we feel the timing is right,” the principal said.

Yard talks

“At the same time, we are constantly considering and in dialogue with shipyards to find newbuilds that will increase our fleet and make it even more prepared and compliant with the strict emission requirements in the future,” Ugland added in the company’s annual report.

The 58,000-dwt Bonita (built 2010) went to an unknown Greek owner for $15.8m in February, following the sale of the 59,000-dwt Senorita (built 2008) to Dekoil Inc of Greece for $16m in December.

The group controls six supramaxes and six ultramaxes, with the most modern dating from 2020 and the oldest from 2009.

Net profit for 2022 hit NOK 306.7m ($27.3m), up from 261.2m in the previous year.

Operating revenue was NOK 1.3bn, against NOK 928m in 2021.

The 2022 figure included a bulker sales gain of NOK 78m.