China’s Seacon Shipping Group has been linked to the purchase of a capesize in a $18.9m deal that could see the company continue to lift its presence in the large-bulker segment.
Brokers said the shipowner has purchased the 207,000-dwt Shin-Ei (built 2008) from Japan's NS United.
The price for the Universal-built vessel is in line with expectations.
Prices surge
Brokers said the price level shows capesize bulkers have increased in value since August.
They cited Berge Bulk's purchase of the Universal-built, 203,200-dwt Cape Daisy (built 2006) from Fukujin Kisen for between $13m and $13.7m.
Brokers familiar with Seacon said the company will be taking delivery of the capesize this year. The Shin-Ei is due for dry-docking in January.
A sale-and-purchase broker said the outfit is understood to hold a small equity stake in the bulker alongside partners. Seacon is primarily a shipmanager, and some of the vessels in its fleet are owned by other Chinese companies, he said.
The Shin Ei will be the fourth capesize purchase for Seacon since it joined the dry bulk segment last year.
In August, Seacon acquired the 203,200-dwt Pacific Oak (built 2005) from Japanese owner Miyazaki Sangyo Kaiun. It was reported to have paid slightly less than $15m for the ship.
The purchase price for the Pacific Oak included the cost of special survey and dry-docking in Japan.
Primarily a handymax and panamax bulker owner, Seacon made its debut in the capesize segment last year with the purchase of Shinyo International’s 170,600-dwt Shinyo Endeavour (built 2002) for $11m.
The company has taken delivery of the Sasebo Heavy Industries-built bulker and renamed it Seacon Brazil.
In February, Seacon splashed out $10.8m to buy Goodbulk’s 171,009-dwt Aquajoy (built 2003). It took delivery of the Sasebo-built bulker in May and renamed it Alam Cetus.
Clarkson’s Shipping Intelligence Network lists Seacon with a fleet of 37 vessels, of which 22 are bulkers.
The company also has four 85,000-dwt kamsarmax newbuildings on order at CSSC Huangpu Wenchong Shipbuilding.
The Shin Ei is not the only capesize that NS United has put on the sales block. It is also seeking a buyer for the Mitsui-built, 230,000-dwt NSS Honesty (built 2007), brokers said.
NS United is selling the duo as both have come off a contract with Nippon Steel Shipping, which operated them on the iron ore trade between Australia and Japan for the charterer's parent, Nippon Steel.
This story has been amended since publication to reflect that Fukujin Kisen was the seller of the Cape Daisy.
