Transocean Maritime Agencies has returned to the sale and purchase market, this time to sell an 11-year-old panamax bulker at a profit of almost $3m.
European brokers say the Monaco-based shipowner has sold the 76,000-dwt Atlas B (built 2008) to Omicron Ship Management of Greece for $12.2m.
The company paid just $9.6m when it bought the ship, then known as Atlas Island, from Iino Marine in August 2016.
VesselsValue.com says the Imabari-built ship is worth $1m more than its reported sale price.
Rise and fall
The Atlas B transaction shows Transocean has caught a good time in the market to sell the vessel at a premium over its purchase price before its value depreciates further.
According to VesselsValue.com estimates, an 80,000-dwt panamax built in 2008 is today worth $12.6m, some 56% more than at this point in 2016, when dry cargo markets were experiencing record lows.
However, the value of the same bulk carrier today is 20% less than this time last year, according to VV estimates.
Supramax success
But this is not the first time Transocean has flipped a vessel and made a mint.
The company netted just over $6m when it last sold a supramax in February last year.
Transocean bought the Tsuneishi-built 54,000-dwt Angel B (built 2008) for $8.1m in a bank sale from Japan's United Ocean in April 2016.
It sold the vessel for $14.15m to New Horizon Ship Management of Greece in early 2018.
Tanker growth
Transocean has been active in the sale and purchase market as a buyer over the past eight months or so - and, perhaps surprisingly, its preference has been for tankers.
Since July last year, the company has purchased four Japan-built MR2 product tankers for a combined $65m.
The eight- and nine-year-old vessels are the 46,000-dwt Marine Express (built 2009), Pacific Vega and Maersk Mishima (both built 2010); and the 48,000-dwt High Pearl (built 2009).
Transocean did not respond to requests for comment. TradeWinds has contacted Omicron for confirmation of its purchase.
