Louis Dreyfus Armateurs has struck a deal to sell a handysize bulker into a rising secondhand market that will see lessor Ocean Yield log a small profit on the ship.
Oslo-listed Ocean Yield said that Paris-based Louis Dreyfus has exercised an option to sell the 39,919-dwt La Loirais (built 2018).
The French shipowner has the vessel on a long-term bareboat charter from Ocean Yield.
In a deal that closed on Monday, the ship was offloaded to an unrelated third party.
The price for the sale was not revealed, and Ocean Yield and Louis Dreyfus did not reply to TradeWinds' requests for comment.
However, Ocean Yield said it will receive proceeds of $16.2m, which will lead to a "small book profit".
The sale comes as prices for handysize bulkers have been mounting a gradual rebound.
VesselsValue estimates that La Loirais is worth just under $15m, an estimate that has risen from $14.2m in August, at the bottom of a plunge in values.
Ocean Yield purchased the La Loirais in February 2018 for $18m, after a seller's credit, as the ship was gearing up for delivery from Jiangmen Nanyang Ship Engineering. Louis Dreyfus chartered the bulker back on a 12-year bareboat contract at an undisclosed rate.
At the time, the Norwegian Lease financier also bought a sistership, the La Fresnais, from LDA on the same terms. That ship remains in the Ocean Yield fleet.
In addition to chartered vessels, Louis Dreyfus has 15 owned handysize and capesize bulkers, according to Clarksons.
The latest sale comes as the company has been investing in other shipping sectors, particularly a bid to become a major player in offshore wind service vessels.
