German owner Oldendorff Carriers has boosted its bulker fleet by buying three Indian capesizes - and emphasised the importance of the country for its business.
Power company Tata Group's Singapore-based unit Trust Energy Resources (TERPL) has offloaded the vessels for $212.76m.
The vessels are the 181,000-dwt Trust Agility and Trust Integrity (both built 2011) and the 209,000-dwt Trust Amity (built 2016) is expected to be completed in the next three to four weeks.
VesselsValue assesses the trio as worth $78m, but the high price is explained by the freight contracts attached to the ships.
The bulkers will be taken over within the next three weeks in China and Europe, Oldendorff said.
It described the transaction as a "package deal" that includes long-term contracts of affreightment for the transportation of coal to India.
Trust Amity has been on time charter to Oldendorff since it was delivered from Yangzijiang Shipyard four years ago.
Peter Twiss, president and CEO of Oldendorff Carriers, said: "The deal is a testament to our customer commitment.
"We appreciate very much our relationship with Tata Power, and we are pleased to extend it further. The Tata group is one of the most respected companies in the world and it is great to be part of reaching their strategic objectives."
And he added: "At the same time, we are strengthening even further our trades in/out of India. We see India as one of the drivers for the years to come for the dry bulk market, and we want to be part of that growth."
Tata said: "The objective of the transaction is to have an asset-light model for the shipping requirements of the company and the sale proceeds will be used towards reducing the debt as part of the overall restructuring plan of the company."
One bulker left
The sale leaves it with one ship in the fleet: the 74,000-dwt bulker ISL Start (built 1999).
Tata Power chief executive Praveer Sinha said: "The sale of our shipping assets announced today is in line with our long term plans to reduce debt and raise funds to invest in our future growth plans, including expanding our presence in the renewable energy business.
"The sale is also part of the restructuring within Tata Power to chalk out the roadmap for growth over the next decade."
In 2018, the German owner completed a transhipment trial off India for Tata Steel using a panamax.
