George Economou has added further excitement to an ever brisker secondhand market for large bulkers by marketing a pair of modern newcastlemaxes for sale.
According to several Athens-based brokers, the Greek shipowner has circulated the 209,000-dwt Netadola and Xanadu (both built 2017) as sale candidates.
Managers at the Economou group of companies did not respond to a request for comment.
The two ships, built at China's Jiangsu New Yangazijiang, are the youngest vessels among a flurry of capesizes, newcastlemaxes and ore carriers reported to have changed hands in recent weeks. Most of the ships known so far to have changed ownership are between 10 and 16 years old.
It is also unusual to see Greeks on the selling side. So far, Japanese shipowners have tended to set the pace of the sale-and-purchase market as they have offloaded vessels nearing the end of their long-term time charters and freight agreements.
The selling drive is underpinned by falling iron ore demand from Japanese steel mills. Another reason for the sales has been general unease over controlling such vessels after the 203,000-dwt Wakashio (built 2007) caused major environmental damage off Mauritius.
News earlier this year that China Cosco Shipping Corp was considering an order for 10 bulker newbuildings of 210,000 dwt each, on top of the 10 it already has under construction, may also play a role in the sales binge.
One of the newcastlemaxes that Economou has put up for sale made news in May last year, when the Greek shipowner shuffled it from the private side of his business to DryShips, which was still a New York-listed public entity at the time.
DryShips paid $50m for the vessel, which remained unidentified. But it is widely believed to have been the Netadola. The deal included the ship's existing lease financing and an eventual purchase obligation.
VesselsValue estimates that the Netadola and the Xanadu have a combined current market value of about $84m. Both vessels are fitted with scrubbers, according to Clarksons. Market sources said they are not tied to a long-term charter.
Deal merry go-round of deals
The Economou ships are competing for buyers with the Japanese-controlled, 208,000-dwt Shin-Ei (built 2009) being circulating for sale, according to brokers.
The road to offload such vessels has been paved by a string of deals concluded over the past weeks.
In the most recent of those, Greece’s Samos Steamship is said to have sold the ore carrier 229,200-dwt Vathy (built 2004). Separately, Athens-based brokers said Japan’s Doun Kisen has agreed to divest the 206,300-dwt Azul Victoria (built 2006) for $13.8m.
As TradeWinds reported earlier this month, there is market talk of the 203,000-dwt bulker Azul Cielo (built 2005) going to a new owner for $14m. The vessel recently completed a 15-year time-charter agreement with Mitsui OSK Lines.
Meanwhile, Berge Bulk has been tied to as many as three deals since July. The Singapore-based company is said to have bought the 203,000-dwt Cape Daisy (built 2006) for $12.8m. That came after picking up its sister vessel — the Cape Rosa (built 2005), which has been renamed Berge Dinara — for $13.5m.
Berge Bulk has also been mentioned as a possible buyer in a $14.7m deal for the 206,200-dwt Cape Vanguard (built 2006) — another Japanese-controlled vessel that has been operating under a freight contract with Nippon Steel.
Berge Bulk did not respond to a request for comment on the market talk.
Sale activity is also brisk for capesizes.US-listed Diana Shipping announced on 23 September the sale of the 174,200-dwt Sideris GS (built 2006) for $11.5m.
Separately, managers at Greece’s Kassian Maritime confirmed they are exploring a sale of the 174,100-dwt Giant Slotta (built 2006) as part of a fleet-renewal process. The company bought the vessel for just $11.5m in a bank sale four years ago.
Another probable fleet-renewal move is the sale by Greece’s Alpha Bulkers of the 170,400-dwt Alpha Century (built 2000) to Chinese buyers for about $8.3m. Company managers did not respond to a request for comment.
