The Turkish Shipowners’ Association predicted last month that the country’s share of the world’s commercial fleet, at about 1.5% last year, would rise in 2022.
Its members are doing their best to make that prediction come true.
Turkish companies have been among the most active bulker buyers lately.
TradeWinds already reported on 4 October that an Istanbul-based company was believed to be behind a $17.3m deal to buy the 177,200-dwt Shinyo Guardian (built 2005).
Ship management sources are now saying that this information was accurate and identify Beks Ship Management & Trading as the buyer.
The same company emerged with yet another capesize purchase later in the week — that of the 185,800-dwt Agia Trias (built 2002) — from clients of Greece’s Holger Navigation, presumably for about $15.5m.
Beks’ latest move is characteristic of the recent revival in the bulker sale-and-purchase market.
Over the past year, the serial ship buyer had been focusing exclusively on expanding in tankers.
Last month, however, Beks sold its first tanker and the Shinyo Guardian and the Agia Trias are its first bulker buys since September 2021.
Sanguine buyers
High freight rates and trading opportunities in the Black Sea are generally believed to have put Turkish owners in an advantageous position.
Turkey does not take part in Western sanctions against Russia and that has allowed its government to help set up a United Nations-protected corridor for Ukrainian grain out of the war-torn country.
As bulker values drop and bulker freight rates stabilise globally, Turkish players seem therefore sanguine to expand.
They have been conspicuous buyers in the smaller bulker sizes as well.
Market sources in Istanbul identify Ince Shipping as the buyer of the 82,300-dwt Alexandra (built 2006) — a ship sold by Greece’s Neda Maritime for about $16.5m.
This would be the first known panamax-size purchase by a Turkish company since late June, when Asaf Guneri-led Zihni Shipping swooped on Oldendorff Carriers’ 77,000-dwt Theodor Oldendorff (renamed Bettys Love, built 2008) for about $19.5m.
Some brokers said the price for the Theodor Oldendorff included the remainder of a one-year time charter.
GN Group, an Istanbul-based owner of small cargo ships, is now going bigger with handysize vessels.
According to shipping data provider S&P Global Market Intelligence, the Istanbul-based company in May bought the 32,300-dwt Star Cassiopeia (built 2005) from Greece’s Stam Shipping.
That ship emerged a few months later as Lady Zehma in the UN-protected Ukrainian trade grain.
The GN Group has likely similar employment in mind for a second handysize vessel it is said to be in the process of buying.
According to ship management sources in Istanbul and brokers, the company is spending between $12m and $12.4m to secure the 32,100-dwt Anacapa Light (built 2005) from Hong Kong-based Santana Shipping.
It is indicative of the drop in bulker values that has lured buyers back into the market lately. The Anacapa Light had been reported sold at the end of April at a considerably higher level of about $13.5m.
