Belgian shipowner CMB and subsidiary Bocimar have completed yet another sale of a capesize bulker in what appears to be a fleet renewal.
Chief commercial officer Benoit Timmermans confirmed European shipbroker reports that the Hyundai-built, 170,600-dwt Mineral Noble (built 2004) has been sold to an undisclosed buyer for $13.5m with a four-year charter back to Bocimar at $13,000 per day.
The deal shows that while bulker prices are under pressure, ships from quality yards continue to do well. VesselsValue estimates the Mineral Noble is worth only $11.1m.
CMB bought the ship as an order resale from Metrostar in September 2003 for $44.5m and chartered it out for 10 years to Israeli National Coal Co.
In a similar transaction, Japan’s Sanko Steamship has reportedly sold the Mitsui-built, 177,500-dwt Euro Fortune (built 2005) for a firm $14.7m. The bulker drew offers of less than $12m as late as April, when Sanko pulled it from the market.
The move to sell the Mineral Noble is part of a renewal of CMB’s bulker fleet, which is on average nine years old.
Market watchers surprised
In May, a sistership, Mineral China (built 2003), was sold to STX Marine of South Korea for $14m with a three-year charter back to CMB, reportedly at $15,000 per day.
CMB is also expanding its capesize fleet. In May last year, it bought five vessels from German owner Oskar Wehr, built at New Times Shipbuilding in 2010 and 2011, in exchange for 12 handysizes and a cash payment.
Last October, it struck a deal to acquire two 206,000-dwt newbuildings at Qingdao Beihai Shipbuilding Heavy Industry for delivery this year and in 2020.
The ships were originally ordered by Trafigura for an undisclosed price and CMB reportedly paid $52m for each.
Norwegian owner Ocean Yield has just purchased one of the contracts with a 15-year bareboat charter back to CMB, paying only $40m for the ship. Ocean Yield said: “CMB will have certain options to sell or acquire the vessel during the charter period.”
The price surprised some market watchers, as 2020 Bulkers’ eight newcastlemaxes on order at New Times Shipbuilding are estimated to be worth more than $55m each.
Timmermans stressed the Ocean Yield deal is a finance deal: “We remain owner of the ship,” he said. It is unclear what rate CMB is paying on the 15-year charter.
