Norway's Kristian Jebsens Rederi has put its only two owned ships up for sale, according to shipbroker sources.
The 35,000-dwt Sharpnes and Swiftnes (both built 2015) are valued at between $17.9m and $20.4m, according to Maritime Strategies International and VesselsValue, respectively.
They were reportedly ordered at Tsuneishi Heavy Industries Cebu for $25m each. Jebsens holds 25% in the ships and is their managing owner.
The company did not respond to a request for comment.
Details of the sales move emerged after the private Bergen-based bulker outfit stated a loss last year in its annual report.
The company declared a pre-tax loss of NOK 15m ($1.8m), against a NOK 16m profit in 2016. However, revenue increased from NOK 369m to NOK 432m. Book equity was just NOK 1m at the end of 2017.
Charter tonnage
The company has been actively taking tonnage on charter, including the Doun Kisen-controlled 33,000-dwt African Alke (built 2016) with a purchase option. The vessel was fixed through a joint venture with Dubai-based partner MUR Shipping.
In its annual report, the board stated the company booked a loss on its long-term chartered ships in 2017. Costs were reduced significantly last year as in 2016, “but not enough to compensate for the reduced result in our trading business”, the board said.
Jebsens is more optimistic about future business and the board expects that demand will outpace fleet growth in 2018 and 2019, “which should result in a gradual recovery with both charter rates and vessel values increasing”.
This year, Jebsens set up Norwegian management firm 7 Mountains Maritime with another Bergen-based shipping company, Seatrans.
Jebsens is controlled by Bjorn Jebsen, who has a 60% stake in the company. His brother, Arne, holds 40%. They are third-generation shipowners.
Jebsens is independent of Kristian Gerhard Jebsen Skipsrederi, also of Bergen.
