An asset play on a post-panamax bulker bought for a bargain price three years ago has netted South Korean shipowner Hyundai Glovis a profit of about $5m.
A source familiar with the deal told TradeWinds this week that it was selling the 97,000-dwt Glovis Donghae (built 2004).
Shipbrokers suggested that Qatari interests, who some identify as Aswan Trading & Contracting, would lift subjects on the vessel this week.
Suggested pricing levels for the Oshima-built ship range from $11.2m to $11.4m.
Hyundai Glovis paid $6.2m for the vessel under the name Eternal Power in July 2016.
Inflexible design
Sources with knowledge of the deal that the ship was being sold after a three-year contract of affreightment concluded. Its design, they added, also played a role in the decision to sell.
"This is a shallow-draught post-panamax bulk carrier and it is not flexible to trade. We are planning to buy another bulk carrier to replace it," said one of the sources.
The sale of the Glovis Donghae scarcely makes a dent in the capacity of Hyundai Glovis’ 45-strong fleet. About half the ships are vehicle carriers, with the rest being an even mix of bulkers and tankers.
The company also has one VLCC on order at Hyundai Samho Heavy Industries for delivery later this year. It said that a listing for a second VLCC newbuilding on shipping databases, such as the IHS Ships Register and VesselsValue, is a mistake and no such vessel has been ordered.
Aswan Trading is one of Qatar’s largest limestone and aggregates importers. For the past 12 years it has maintained a small fleet of bulkers to transport its cargoes.
Its fleet consists of the 37,200-dwt bulker Paula II (built 1982) and 91,400-dwt bulker Movers (built 1997), which was acquired as the Chubu Maru in 2017.
TradeWinds was unable to contact anyone at Aswan Trading who could comment.
