Eyal Ofer’s Zodiac Maritime has taken another Japanese-controlled capesize bulker at an attractive price, taking advantage of fairly low prices in the segment.
TradeWinds understands the company has purchased the 180,000-dwt Frontier Voyager (built 2012), which is listed as controlled by an affiliate of Japanese giant NYK Line, for $24.5m.
The price tag is somewhat below the $28m that VesselsValue estimates for a Tsuneishi Heavy Industries Cebu-built ship of these characteristics.
Last week, brokers reported that John Fredriksen’s Seatankers had bought the bulker, but TradeWinds was told that was not the case.
Zodiac has a highly diversified fleet, which includes 39 bulkers. It has 20 capesizes and seven VLOCs.
The company last bought a bulker in May, picking up the 233,700-dwt ore carrier Pacific Glory (built 2004) from MOL for $14.6m and renaming it Cape Toucan. At that time, freight rates in the dry bulk market were considered depressed.
Zodiac has six ore carriers, of which four were built before 2000. The oldest units are the 290,000-dwt Shagang Giant and 265,000-dwt Guofeng Enterprise (both built 1993).
Although the company has generally been expanding its fleet, it has also been known to make opportunistic asset plays. In July 2015, it bought the 181,000-dwt SBI Puro and SBI Valrico (both built 2015) as part of a package deal with Scorpio Bulkers for $35.3m each.
In June last year, it sold the duo on to New York-listed Genco Shipping & Trading for $45m each.
Zodiac last bought a capesize bulker last November — the 180,000-dwt Frontier Ambition (built 2010) for $29m.
