Eyal Ofer’s Zodiac Maritime has targeted a trough in bulker values to make its first investment in second-hand dry cargo tonnage in more than six months.
It has bought the 233,000-dwt Pacific Glory (built 2004) from Japanese giant Mitsui OSK Lines, market sources say.
A price of $14.6m is being placed on the Imabari built ore carrier, which is described as in line with present depressed market levels.
Diversified owner Zodiac has a fleet of 25 capesizes,including six ore carriers of which four were built before 2000.
Zodiac has been busy growing and renewing its tanker fleet in the past year, with six modern assets from the former Toisa fleet and an increase in its VLCC footprint among its notable moves.
In dry cargo Zodiac last bought a large bulker in November last year when the Koyo built 180,000-dwt Frontier Ambition (built 2010) was purchased for $29m.
However, 2018 was notable for it taking a profit on some tonnage purchased in the previous down-cycle.
Two capes bough from Scorpio Bulkers during a record low market in 2016 moved on as part of a wider transaction with New York-listed Genco Shipping & Trading.
Capesize sale and purchase activity ground to a halt earlier this year amid uncertainty over how a tragic dam collapse in Brazil which crashed rates in the first quarter would impact steel values.
VesselsValue counts just six capesize bulkers traded in the second-hand market so far in 2019, with Fred Cheng the owner to break the sales drought in April.
By contrast, 84 capes were traded in 2018 and 92 in 2017, VesselsValue says.
