JP Morgan is said to have made a profitable asset play in the sale of two capesize bulker newbuildings to ArcelorMittal, the world’s largest steel producer.
US brokers said the bank has sold the 180,000-dwt Hull No 1460 and Hull No 1461 for nearly $49.3m each.
The ships are set for delivery in 2019 and have already been named True Valor and True Virtue. They were ordered at Shanghai Waigaoqiao Shipbuilding for $44.8m each.
VesselsValue estimates the ships are now worth between $46.3m and $46.6m each.
ArcelorMittal did not respond to requests for comment, and TradeWinds could not immediately obtain comment from JP Morgan.
The US bank has been an active player in the sale-and-purchase market. In January this year, it sold the 55,000-dwt bulker Sage Pioneer (built 2008) to Lion Bulk Carriers of Greece for $14m, having acquired it for $10.9m in January 2017.
In May, the bank sold the 58,000-dwt bulker Sage Caledonia (built 2013) for $18.5m to Glad Luck of Taiwan. It had bought the ship for $14m in 2017.
In June, it sold the Dayang Shipbuilding-constructed, 63,000-dwt bulkers Sage Amazon and Sage Colorado (both built 2012) to Blue Planet Shipping of Greece for $19.5m each. It had purchased the duo from Setaf Saget for $16m each in 2017.
JP Morgan is listed with a fleet of 16 bulkers from supramaxes to capesizes. Its ships are on average three years old.
For ArcelorMittal, the new vessels would become the largest ships in a fleet that now stands at nine bulkers of between 76,100 dwt and 93,200 dwt, according to Clarksons. Some sources said ArcelorMittal also has bought the 81,800-dwt bulker Rich Wave (built 2017) from Japan’s Fuyo Kaiun. The steel maker is understood to have agreed to a $30m price for the ship.
TradeWinds requested comment from Fuyo Kaiun, which Clarksons ties to a diversified fleet of 20 vessels.
Eric Martin contributed to this story.
