Tidemand-controlled bulker owner Stove Shipping has sold its oldest owned vessel as it continues to trim its fleet.
Brokers said the company has sold the 58,000-dwt Stove Caledonia (built 2010) for $12.2m.
Stove chairman Christian Andersen confirmed the sale.
The price is higher than expectations. VesselsValue estimates the Tsuneishi Cebu-built Stove Caledonia is worth just $10m, while Maritime Strategies International puts its value at $10.4m.
But those valuations are based on a charter-free deal, and Stove is taking the bulker back on a three-year charter at an undisclosed rate.
The company bought the bulker from NYK Line for $27.5m in 2014 when it was the Pacific Irma.
The Stove Caledonia was dry docked early in the first quarter this year, when ballast water treatment systems were installed. The vessel is scheduled to be delivered to the new owner early in December.
Stove, which has yet to report 2019 earnings, owns three other supramaxes built between 2013 and 2016.
The sale comes amid strong demand for supramax bulkers in the market sale-and-purchase market.
Greek owner Neda Maritime has reportedly sold a 12-year-old vessel. The company reportedly sold the 58,000-dwt Kastro (built 2008) to a Greek buyer for $8.8m.
The price is within range of expectations. VesselsValue says the bulker is worth $8.3m, while MSI puts the ship's value at $8.9m.
The Tsuneishi Zhoushan-built vessel is due for special survey in 2023.
The Kastro is the only supramax in the Neda fleet.
