After months of rebounding, bulker prices are struggling to find further room to rise
Prices for capesize vessels have held steady, but Baltic Exchange data shows that secondhand values headed downward in the small to mid-size bulker sectors.
The Baltic Sale and Purchase Assessment for handysize bulkers fell to $14.58m on Friday, down from $14.75m a month earlier.
Prices for panamax bulkers hit $21.1m on Friday, a slip from $21.3m a year.
Here are some of the S&P deals that emerged on Monday:
Navigare buys Scorpio duo
Robert Maersk Uggla-backed Navigare Capital Partners is expanding its fleet by buying two ultramaxes from Scorpio Bulkers.
Navigare managing partner Henrik Ramskov confirmed that investment company has purchased 64,000-dwt SBI Phoenix and SBI Samson (both built 2017).
Brokers said Chengxi-built duo has changed hands for some $17m each.
The deals come as Navigare's Maritime Investment Fund 1 has committed to raise $450m in equity for shipping investments, and its Maritime Investment Fund 2 at least $300m.
Navigare Capital already has a diversified fleet and is listed with nine containerships, six tankers and an LNG carrier newbuilding.
In September 2017, the company entered the dry segment paying Primerose Shipping of Greece $18.6m for the 63,000-dwt Ultramer (built 2014).
The vessel, renamed Navigare Bonitas. is now likely worth in excess of $13m.
In March, a year later Navigare Capital bought the Dalian-built 61,000-dwt BW Durum (built 2016) from BW Dry Cargo for $25m.
This year, Scorpio Bulkers has confirmed selling seven ultramaxes and four kamsarmax vessels.
KGJS sells to Neda
Kristian Gerhard Jebsen Skipsrederi (KGJS), one of Norway’s biggest private shipowners, is selling two modern kamsarmax bulkers to Neda Maritime of Greece.
Brokers said the Bergen-based company has sold the 81,000-dwt BTG Eiger (built 2016) and the BTG Everest (built 2015) to the Lykiardopoulos family-controlled shipowner for $46.6m in total. family company Neda Maritime for $46.6m in total.
The price for the Japan Marine United (JMU)-built ships is considered firm.
KGJS CEO Geir Mjelde confirmed that the duo has been sold but told Norwegian financial daily Finansavisen that the reported price is wrong.
Valuation platform VesselsValue says the two ships are worth $42.8m in total.
Together with its partner JP Morgan, KGJS owned eight kamsarmax sisterships. But TradeWinds reported that ownership was split so that KGJS ended up with four ships.
In addition, JMU has just delivered a newbuilding that is wholly owned by KGJS and another is due in in January.
Neda has a mixed fleet of tankers and bulkers. It owns six kamsarmax bulkers that are built between 2010 and 2017.
Zodiac Maritime snaps up capesize
Zodiac Maritime has picked up a capesize vessel, while Oldendorff has sold another as a rebound in prices continues to fuel a busy secondhand market for large bulkers.
Eyal Ofer-led Zodiac Maritime's purchase represents its second buy this month as the Monaco shipowner continues to play an active role in the sale-and-purchase market.
The company has bought the 180,000-dwt Huge Hakata (built 2012) from Japan’s Nissen Kaiun for a reported $23m, brokers said.
Oldendorff sells capes to Alpha Bulkers
German owner and operator Oldendorff Carriers has disposed of a nine-year-old bulker as it continues efforts to streamline its owned fleet.
Brokers reported that the outfit has sold the 181,000-dwt Tilda Oldendorff (built 2011) to Alpha Bulkers Shipmanagement of Greece for $19m. That is just below VesselsValue's estimate calling for a $20.4m price tag on the STX-built ship.
In September, TradeWinds reported that Oldendorff sold the sistership Tete Oldendorff (built 2011) to an undisclosed Greek buyer for $19.5m.
Maran Tankers named as buyer of Xihe trio
John Angelicoussis' Maran Tankers is buying three VLCCs that are being sold off from Xihe Holdings' interests following the collapse of sister companies Hin Leong Trading and Ocean Tankers.
Tanker market sources said Maran trumped an offer from a Chinese buyer for the 318,000-dwt Tai San (built 2009) and Tai Hung San (built 2010), as well as the 319,000-dwt Pu Tuo San (built 2011).
The Greek shipowner is said to have paid an en bloc price of $110m for the trio.
This story has been amended since publication to reflect that Neda Maritime is a Lykiardopoulos family company.
Lucy Hine and Irene Ang contributed to this story.
