Oceanbulk Group, the privately-held outfit of Greece’s Petros Pappas, has made its first ship sale in nearly three years.
The 207,600-dwt Conrad (built 2017), one of three newcastlemaxes listed under Oceanbulk, will soon join the fleet of US investment bank JP Morgan.
“Adding this modern, scrubber-fitted vessel to our fleet further expands our commitment to our clients in this sector,” Andrian Dacy, global head of transportation at JP Morgan Asset Management, told TradeWinds in an email.
Dacy would not comment on details of the deal.
Brokers in Athens, however, said the ship, built at Shanghai Waigaoqiao Shipbuilding, fetched between $53m and $55m with delivery due in the fourth quarter of this year.
Apart from having a scrubber, the Conrad is equipped with a ballast water treatment system (BWTS) and its next special survey is scheduled for the spring of 2022.
This is the second newcastlemax that JP Morgan has bought since early August. As TradeWinds reported, it also picked up the Chinese-built, 209,300-dwt Hark Oldendorff (built 2016) from Germany's Oldendorff Carriers.
Brokers reported the ship was sold for $45m but TradeWinds understands that the actual price was higher.
Time to sell
On the seller's side, the Conrad deal suggests that Pappas is keen on taking advantage of rising ship values to offload some bulkers from their privately-held fleet, outside US-listed vehicle Star Bulk Carriers.
Oceanbulk may be preparing to part with another vessel. Brokers earlier this month reported the 87,100-dwt Nozomi (built 2006) as circulating for sale.
The Japanese-built Nozomi is equipped with a scrubber as well. Clarksons lists the ship as due for special survey, with installation of a BWTS pending.
Managers at Oceanbulk were not immediately available to comment.
The last time the company sold a bulker was November 2018, when the 56,400-dwt Tron Legacy (renamed Qing Dao Gang Da Gang, built 2012) was divested in an asset play for about $13m.
In another Greek-related capesize deal reported recently, the Japanese-built Aquabella (built 2005), a Carras group vessel, is said to have fetched $19.75m in a sale to Chinese buyers.
The BWTS-equipped vessel is said to be delivering promptly to its buyers.
Separately, some US-based brokers have linked George Economou to the purchase of a six-year-old panamax, the 77,200-dwt Sea Vision (built 2015) for about $30m.
Managers at Economou company TMS Dry did not respond to a request for comment.
