Secondhand transactions for big bulkers increased in July to their highest level in four months, fuelled by counter-cyclical investing in the sector.
The two latest deals reported by several brokers this week bring the number of capesizes and newcastlemaxes that have changed hands to 15 vessels since 29 June, according to VesselsValue data.
This is the biggest number of transactions registered over such a period since March.
As buying interest intensifies even though bulker earnings continue to disappoint, sellers have been bringing increasingly younger vessels to the market.
One of them is German shipping giant Oldendorff Carriers, which is said to be receiving close to $47m for a scrubber-fitted, eco-modern newcastlemax.
The buyers of the 209,100-dwt Henriette Oldendorff (built 2016) are reportedly South Korean.
Managers at Oldendorff did not respond to a request for comment.
The Chinese-built vessel is one of the 26 newcastlemaxes fully owned by Oldendorff, according to the company’s website.
At seven years old, the Henriette Oldendorff lies in the middle of the company’s fleet age range, which is spanning vessels built between 2013 and 2020.
If a sale is confirmed, the Henriette Oldendorff would be the first newcastlemax the German owner is selling since June last year, when it offloaded the 209,200-dwt Hans Oldendorff (renamed True Nautilus, built 2017) to JP Morgan at a much higher price of $54m.
As for the putative South Korean buyers of the Henriette Oldendorff, the only company from that country known to have added newcastlemax tonnage recently is Sinokor Merchant Marine.
According to Clarksons, Sinokor owns since 23 June a pair of sister ships previously controlled by ICBC Financial Leasing — the 209,300-dwt Trust Singapore and Trust Melbourne (both built 2021), which are now trading as the T Singapore and T Melbourne, respectively.
H-Line resumes cape sales
The vast majority of big bulkers that have changed hands recently, however, have passed to Greek hands, as TradeWinds has already reported.
In the latest such deal, Hellenic players are said to be spending about $36.5m on a capesize put up for sale by South Korea’s H-Line Shipping — the 179,700-dwt HL Passion (built 2015).
Some brokers believe the Dalian Shipbuilding-built vessel has fetched a lower price of $35.9m.
Managers at H-Line did not respond to a request for comment.
If confirmed, the HL Passion would be the first capesize sold by H-Line since a landmark $291m deal back in February to offload six such vessels to John Fredriksen’s Golden Ocean.
Bulkseas in expansion appetite
Greek bulker buying appetite is also extending to smaller ships.
Piraeus-based Bulkseas Marine Management is in the process of purchasing from Greek peer Spring Marine Management the 82,600-dwt kamsarmax Restinga (built 2006) for about $13.2m.
Low-key Bulkseas principal Stavros Meimetis is currently interested in expanding further, with panamax, kamsarmax or capesize tonnage for fleet renewal purposes.
In a separate panamax deal, unknown Greek buyers are believed to have swooped on the 76,900-dwt Delphinus (built 2007) — a vessel reportedly sold by Kumiai Navigation for about $13.2m.
US investor gets out
Moving down the tonnage ladder to handysizes, unidentified Greeks are said to be spending about $19.3m on Tomini Shipping’s 38,000-dwt Tomini Zonda (built 2016).
At the same time, US-based financial investor Mass Mutual Asset Finance — a part of the Massachussets Mutual Life Insurance Co — is getting out of its only known shipping investment, with the $16.5m disposal to Greeks of the 35,000-dwt Ben Rinnes (built 2015).
According to brokers, the price includes an index-linked two-year charter to Cargill.
The Ben Rinnes has an interesting backstory.
Initially ordered as a newbuilding at China’s Jiangdong Shipyard by UK-based Graig Shipping, the vessel changed hands during construction with the help of US leasing finance.
Since 2021, the Ben Rinnes has been managed by Nortus Management, a Greek outfit set up that year that also manages the 35,000-dwt Ben Nevis (built 2014) — another former Graig Shipping handysize with a history similar to the Ben Rinnes.
Nortus Management is represented by Costas Nomikos, a former manager with Allseas Marine. Nomikos is also listed as operations manager at Caliber Maritime — an outfit with the same address as Nortus.
