Two Japan-built capesize bulk carriers have been reported sold during the past few days by Cobelfret and Nissen Kaiun.
Brokers, however, say the transactions do not necessarily mean a comeback for capes in the sale-and-purchase market.
Cobelfret is said to have sold the 177,036-dwt Lowlands Phoenix (built 2004) to Chinese buyers, thought to be Fujian Ocean Shipping, for $13.2m.
Another cape, the 182,300-dwt Global Mercator (built 2011), was sold today by Nissen Kaiun to Samos Steamship Co of Greece, brokers tell TradeWinds.
The eight-year-old vessel reportedly achieved $26.2m and only entered the market a month ago.
Unexciting market
Despite this fast turnaround, the S&P market remains "relatively stagnant", as one broker described it, even though cape spot rates are at their highest level in 11 months.
"It's not exciting enough to induce other sellers of similar aged tonnage," he told TradeWinds.
Vessels' book values are still relatively high, which explains the number of Japanese owners looking to sell vessels and book a tax loss, he explained.
But too few transactions are being completed and pricing remains too low, he added.
In addition to the two reported transactions, only nine other capesizes have been reported sold so far this year. Six of those vessels were built in Japan.
Some sellers are looking to free up capital to order newbuildings instead, TradeWinds is told.
Nissen Kaiun has just placed an order for 10 handysize log carrier newbuildings worth about $250m at Japan's Tsuneishi Shipbuilding Co, as TradeWinds reported earlier this month.
Open to offers
Another capesize sale could be completed in the coming days.
Offers are being received today on the 180,230-dwt Nord Steel (built 2007), which is being offered for sale by Singa Star of Singapore.
Brokers say the vessel has had "quite a few offers" and are hopeful that a sale will finally go through, with the price likely to be about $17.5m to $18m.
The cape has been in and out of the S&P market since around 2 January.
As TradeWinds reported in February, the seller had originally hoped to achieve a price of more than $22m, but did not receive any offers over $20m.
Another cape that has been doing the rounds — Miyazaki Sangyo’s 176,900-dwt Lowlands Erica (built 2007) — has been withdrawn from the S&P market after almost two years.
Brokers say the vessel has been fixed on period charter until October to an unknown charterer.
TradeWinds has contacted Cobelfret and Samos for comment.
