JJ Ugland is launching a drive to lock more of its supramax bulkers into short and long-term period charters, according to its latest annual report.
The private Norwegian shipowner, which is listed with almost 50 bulkers, also confirmed that one of its vessels, the 58,000-dwt Lunita (built 2014), is on charter until 2023 following an off-market deal last autumn.
The vessel is owned 50/50 with Mitsubishi Corp.
Few bulker deals of this duration are currently being concluded, and European brokers said it was the Japanese partner that took the initiative.
Index-linked rate
The report also revealed that the 63,500-dwt Jorita (built 2019), which was delivered to JJ Ugland in January, has been fixed at an index-linked rate until the middle of 2021.
The identity of charterer is unclear. Some market sources believe the ship has been fixed by the Swire group, but TradeWinds understands that this is not the case.
Knut Nikolai Ugland, 32, inherited JJ Ugland after the death of his grandfather, Johan Jorgen Ugland, in 2010.
The plan is Knut will take over running the business when he turns 35.
He is currently in a temporary role at Swire's shipping subsidiary, China Navigation Co.
However, the Jorita's long-term fixture is believed to have nothing to do with Ugland’s stint in Singapore.
Last year, Knut worked for a year at German bulker giant Oldendorff Carriers.
Supramax fleet
The main part of the group is Uglands Rederi, which has a fleet of 16 supramaxes trading, and two ultramaxes on order in Japan.
The outfit reported a pre-tax profit of NOK 41m ($4.6m) for last year on operating revenues of NOK 891m. One year earlier, it had reported a NOK 10m loss.
Uglands Rederi had a book equity of NOK 1.869bn at the end of 2018.
JJ Ugland also owns the shipyard Nymo, which had a sharply improved result last year, with pre-tax profit up from NOK 9m in 2017 to NOK 70m.
