Despite receding kamsarmax values, Greek player Cosmoship Management has squeezed out a profit from the sale of a Chinese-built unit it acquired two years ago, when prices were even softer.
According to market sources, the 81,800-dwt Hellenic C (built 2014) is in the process of being sold to buyers based in southern Europe for at least $21m.
At first glance, this looks like a surprisingly firm price for a ship that Signal Ocean estimates is worth $19.4m and VesselsValue estimates at $18.2m.
However, at least part of the premium is probably due to Hellenic C having passed special survey last month.
TradeWinds has already reported how prices of secondhand bulkers — and of kamsarmaxes in particular — have been receding lately from the multi-year highs they hit earlier this year.
But values remain high enough to ensure that Cosmoship made a profit on the ship, given the lower price its principal Nick Savvas paid to acquire it a couple of years ago.
Cosmoship emerged as the vessel’s owner in January 2023, two months after brokers had reported it as sold by Daelim Corp to undisclosed buyers for about $17.7m.
The ship had been trading with the South Korean owner ever since Jiangsu Eastern Heavy Industry delivered it as a newbuilding named DL Carnation.
Low-profile Cosmoship is an active Piraeus-based owner of bulkers and container ships.
The Greek Shipping Directory currently lists the company with a fleet of 18 boxships and 15 bulkers on the water.
Cosmoship’s container ship fleet ranges from feederships to panamaxes.
Its bulker fleet is equally diversified. Mainly consisting of handysizes, it also includes an ultramax, two kamsarmaxes as well as one post-panamax ship.
Fresh blood will be injected in Cosmoship’s fleet early next year when the company is set to take delivery of two kamsarmax newbuildings from Qingdao Yangfan and two 1,180-teu feederships from Wuchang Shipbuilding.
According to the Clarksons database, Cosmoship’s newbuilding programme also extends to four 1,800-teu vessels that it inked in August. Huanghai Shipbuilding is scheduled to deliver the quartet in 2027.
