Smaller bulker sizes have been stealing the limelight in the secondhand market but capesizes are catching up fast.
Deal flow is accelerating rapidly, with brokers in Europe and the US reporting five transactions within just a couple of days on 22 and 23 June.
None of the companies involved were immediately available or willing to comment on the reported deals, some of which may not have been finalised.
However, market observers said buying seems a no-brainer in the current market.
“The economics look ridiculously easy, especially after period markets picked up,” one European ship-management source said.
Capesizes can expect to earn $30,500 per day on one-year time charters, according to Clarksons last Friday. That is almost twice as much as in the same time last year and the highest reading ever since the London-based brokerage began a comparable time series in July 2014.
Spot markets have also been encouraging, with the Baltic Exchange Capesize Index soaring by 76% to 4,212 points between 8 June and 17 June, before dropping back to close at 3,783 points on 22 June.
Even vessels close to demolition age are said to be finding buyers. In a deal concluded between Chinese companies, the brokers said the 177,600-dwt King Sail (built 2002) is changing hands for about $12m.
In another reported transaction, the sources said Peter Livanos-led DryLog is close to divesting the 180,200-dwt Bulk Kyushu (built 2006) to Chinese interests for about $20.5m. If the transaction is concluded, the ship is said to be due for delivery to its new owners in August or September.
Japanese interests are said to be in advanced talks to sell the 177,000-dwt Ocean Clarion (built 2009) for about $24m. Athens-based brokers linked US-listed Seanergy to the deal — a pure-play capesize player that has been expanding in the segment for quite some time.
Younger capesizes fetch even higher prices. Brokers said Cobelfret is selling the 179,900-dwt Lowlands Tenacity (built 2011) to unidentified Greeks for about $29.5m.
The most remarkable deal may be a sale underway by Mano Maritime. The Israeli company is about to recoup all of the $32.5m it spent in 2015 to buy the 180,200-dwt Blue Cho Oyu (built 2011) from a South Korean seller.
After trading the vessel for six years as the Cape Legacy, brokers said company owner Moshe Mano is believed to be selling the vessel to Chinese for $33m.
Trond Lillestolen contributed to this article
