Tomini Shipping has bought two Taylor Maritime Investment-owned handysize bulk carriers.
The deal comes as Tomini is selling a supramax and staging an exit from the sector.
According to brokers, joining the Dubai-based bulker company are the 38,000-dwt Nordrubicon and Nordcolorado (both built 2016).
Edward Buttery, chief executive of London-listed Taylor Maritime, revealed in early December that his company had sold two Chinese-built bulkers for a combined $42.8m and generated an internal rate of return of 100%.
While Buttery did not name specific ships, the Zhejiang Ouhua-built Nordcolorado and Nordrubicon were the only Chinese-built vessels in the Taylor Maritime fleet.
Alpina Chartering, the commercial operator of the Tomini fleet, lists the Nordcolorado as being open in Brazil from 27 to 29 December, at which time it will assume the name Tomini Zonda.
Tomini said that its policy was not to comment on any sale-and-purchase activity.
But brokers had more to say.
Supramax sales
Tomini is said to be phasing out its two remaining supramax bulkers ahead of receiving the Taylor Maritime pair.
Reported sold for $16.2m is the 56,700-dwt Tomini Infinity (built 2010), which brokers have suggested has gone to either Greek or Turkish buyers.
The deal nets Tomini a healthy profit on the vessel, which was acquired in 2016 as Anna Bo for between $6.5m and $7m. That low price — the vessel was estimated then to have a market value of $11.4m — was said to have reflected the vessel's condition at the time of purchase.
Tomini subsequently spent what was described as a "tidy sum" upgrading the ship.
Tomini is also said to be circulating for sale the 56,900-dwt Tomini Majesty (built 2010).
If the company is able to get a similar price for the Tomini Majesty as reported for the Tomini Infinity, it will again make a hefty profit.
Tomini bought the ship for $6.5m from Trader Maritime of Greece in June 2020 but had to put it through a special survey before trading it.
Another supramax, the 57,000-dwt Tomini Ability (built 2010), was sold in April to Shanghai Huatai Shipping for a reported $12.5m. Delivered to its new Chinese owner in October, the vessel has been renamed Chang Shen Hai.
Tomini, which is listed on Norway’s over-the-counter market, has only made one other vessel acquisition this year.
In October, the company revealed the addition of the 81,000-dwt bulker Tomini Bravery (built 2015), a vessel acquired from Delta Shipping as the Dansas.
While Tomini provided no details on the transaction terms, IHS Markit reveals that the ship was purchased using a Chinese leasing structure arranged through ICBC Financial Leasing.
Tomini will maintain its fleet strength at 16 vessels once the Taylor Maritime vessels join and the supramaxes have been phased out. It has a modern fleet comprising mostly of ultramax and panamax bulkers that have a combined average age of three years.
