Norway’s Spar Shipping has bought a newly delivered ultramax, having sold a 19-year-old supramax last month.
Brokers report that the Bergen-based bulker owner has acquired the brand-new, 63,550-dwt Century Zhengzhou (built 2024) for between $38.3m and $38.5m from Ebridge Capital of Shanghai.
The Elephant 63.5-design ship was delivered from Nantong Xiangyu Shipbuilding & Offshore Engineering in June. It has a ballast water treatment system and an eco-electronic engine.
The deal appears to be a fleet renewal move for Spar Shipping, which owns and operates a fleet of 26 bulkers — nine ultramaxes and 17 supramaxes.
Spar, which is backed by the Knudsen family, did not respond to a request for comment.
The reported price falls somewhat above market price estimates from online valuation platforms.
VesselsValue calculates the Century Zhengzhou’s current market value at $35.44m, while Maritime Strategies International values it between $30.5m and $34.1m.
Clarksons estimates a price of $42m for 63,500-dwt ultramax resales, compared with newbuilding prices of around $35m.
Previous sale
The new vessel is an ostensible replacement for the 53,600-dwt supramax Spar Lyra (built 2005), which was reported sold by multiple brokers last month.
It is said to have gone to unnamed Chinese interests for between $10m and $10.5m.
Chinese owners, undeterred from buying older bulkers, have bought around 40 supramaxes this year to date, already more than in all of 2023, according to data from Allied Shipbroking.
The Spar Lyra was built at Shanghai Chengxi to the Diamond 53 design, which Spar pioneered in bulk carriers when it contracted the vessel in 2003.
It has a ballast water treatment system and was fitted with an energy-saving, pre-swirl stator fin propeller in late 2022.
The Spar Lyra is still listed as being part of the fleet on Spar’s website.
