UK-based maritime finance company Marine Capital Ltd is reportedly selling its entire fleet in the water.
The deal concerns four, 63,200-dwt ultramax sisterships built at China’s Yangzhou Dayang Shipbuilding — the Cape Cross and Galileo (both built 2014), as well as the Giants Causeway and Sadlers Wells (both built 2015).
Brokers in Athens and London report the four vessels fetched a combined total of $86m. This breaks down to $21m each for the pair of the two older vessels and $22m apiece for the two younger ones.
The buyer has not been identified. One set of brokers believes the buying interests are based in the US and another that they are Greek.
This suggests that the acquisition may have been done by a US-listed Greek company, several of which have concluded opportunistic bulker buys lately.
Marine Capital was formed in 2003 as a commercial and technical ship manager and the four ultramaxes are the only vessels it is currently listed with.
Marine Capital chief executive Tony Foster, as well as managers at Marine Capital and the ships’ registered owner Eclipse Shipping, were not available for comment outside office hours by early Monday.
However, Foster had told TradeWinds early last year that Marine Capital was looking to acquire companies providing services to offshore wind farm installations, as well as explore opportunities related to ship leasing and decarbonisation.
Marine Capital has sold other ships in recent years. Between 2019 and 2021, a trio of older handysize bulkers that the company used to manage went to buyers based in Switzerland, Greece and the UK.
There is a chance that a sale of its last four ultramaxes is part of a fleet renewal.
TradeWinds reported in January, citing shipbuilding sources, that Marine Capital booked two 63,500-dwt bulker newbuildings at China’s New Dayang Shipbuilding, due for delivery in 2025.
However, it is not certain that such a deal ultimately materialised. Shipping data platforms show no such newbuildings yet, with either Marine Capital or Eclipse Shipping.
Better prospects?
Amid improved freight markets, geared vessels such as the four ships Marine Capital is reportedly selling now account for the majority of the latest deals for secondhand bulkers, WeberSeas said in its latest weekly report.
“Values for eco tonnage are holding steady as high newbuild prices, cash-rich owners and strong buying appetite for such units provide support to the prices,” the Athens-based brokerage said.
In another geared bulker deal reported by Clarksons on 8 September, Japan’s Kobe Shipping is said to be selling the Japanese-built, 55,900-dwt Kobe Star (built 2016) to unidentified Greeks for $21.1m.
