Swiss owner Massoel Shipping has exited the bulker sector with the sale of its final handysize.
Shipping databases show the 20,000-dwt Andermatt (built 2002) has been snapped up by Greek owner New Kronos Star Maritime for $2.2m.
Another Massoel handysize, the 20,000-dwt Lugano (built 2003), went to a Lebanese buyer in June for $2.4m. It was due for special survey in December 2022.
In March, the company sold its only supramax, the 50,400-dwt Luzern (built 2002), for $5.6m to Oryx Shipping of Greece.
Massoel is left with just a heavylift vessel, the 17,800-dwt Thorco Basilisk (built 2013), operated by Denmark’s Thorco Shipping.
Last summer, Massoel had a fleet of 12 bulkers.
Before the Lugano sale, it had already offloaded 10 of them in individual transactions, prompting speculation it was on its way out of bulker owning for now.
The company has refrained from commenting on its string of transactions.
Swiss flag reduced
Global law firm HFW said it acted on behalf of Geneva-based Massoel on eight of these deals.
This represents 40% of all Swiss-flagged commercial cargo ships.
HFW also provided completion services on each of the transactions, assisting Massoel and the purchasers with closing and the holding of deposit and balance.
The legal team comprised Olivier Bazin, Michael Buisset, Patrick Myers, Emma Bud, Francis Walters and Johanna Ohlman, of the firm's Geneva office.
HFW partner Bazin said: "We are delighted to have supported Massoel Shipping with these strategic transactions.
"A number of the closings took place in the height of the Covid-19 outbreak, which required us to solve a number of logistical and legal issues with port lockdowns, restrictions on underwater inspections and crew changes, and of course virtual closing meetings."
Bazin added: "HFW looks forward to supporting the Swiss maritime fleet in its next phase of development."
Previously, Massoel was involved in the bulker sector through a partnership with B Skaugen Shipping of Norway, which held a 49% stake in joint venture shipowner Massmariner.
Massoel was formed in 1982 by former Acomarit boss Giorgio Sulser.
