Greek shipowner Vulcanus Technical Maritime Enterprises has scored a significant profit on the sale of a supramax as asset values rise even for bulkers nearing their 20th year.
The company has sold the 53,000-dwt Melpomeni (built 2002) for $5.3m.
This represents a $1.9m gain on the purchase price in a well-timed February 2016 deal. That is when the company bought the ship for $3.4m as values hit their bottom in the sale-and-purchase market.
Vulcanus did not respond to requests for comment on the sale.
Constructed at China's New Times Shipbuilding, the Melpomeni is the oldest ship in the Vulcanus fleet. In October, the company sold the sistership Zografia (built 2002) to China’s Sino Ocean Group for an unreported price.
Today, the Piraeus-based shipowner has a fleet of four vessels with an average age of 17 years. All were built in China.
The company last purchased a vessel in March 2018, when it offloaded the 53,000-dwt bulker Santa Margherita (built 2005) for $8.7m.
The sale comes as supramax bulker values, even for vessels in the Melpomeni's age range, are on the rise.
Shipbrokers also said that the 52,000-dwt bulker Kitana (built 2003), which is listed in the fleet of Greece's Mainline Shipping, was sold to an undisclosed buyer for $5.7m.
That also appears to be a well-timed deal. Data from shipping databases shows it arrived in the Mainline's fleet in late July, when estimates from VesselsValue shows that it would have been worth about $5m.
TradeWinds has requested comment from the company.
