Newport SA, a low-profile Greek company, is believed to be close to acquiring its fourth bulker in 16 months.
Brokers in Athens and London said the George Chatzis-led company has purchased the 76,900-dwt Ascanius (built 2004) from Transocean Maritime Agencies. It is believed to be fetching between $8.5m and $8.7m.
The price tag falls within the $8.2m to $10.2m range estimated by VesselsValue and Maritime Strategies International for a ship of the Ascanius’ characteristics.
Monaco-based Transocean did not respond to a request for comment, and sources close to Newport said they could not comment.
TradeWinds understands the deal has not yet been concluded.
Transocean is already in a selling mood. Last month, it sold another panamax — the 76,500-dwt Atlas B (built 2008) — to Greece’s Omicron Ship Management in an asset play that yielded the company an estimated $2.6m. The ship has been renamed Omicron Atlas.
A sale of the Ascanius, however, would not represent an asset play because the ship has been trading in Transocean’s fleet since it was new.
Transocean ordered the vessel in May 2002, most likely for $21m, and during the shipping boom, it earned the owner serious profits. At the peak of the market in May 2008, it was probably worth up to $100m.
The Oshima Shipbuilding-constructed ship falls into Newport’s fleet profile. The company has a fleet of seven handysizes and two panamaxes, all built in Japan, with an average age of 13 years.
Market data suggests that now might be a good time to buy older panamaxes. According to Clarksons, average benchmark prices for 15-year-old panamaxes on the secondhand market are at their lowest since July 2017.
“In spite of increased activity in the secondhand market, especially in the midsize segments, investors appear to be unwilling to push prices further up — at least up to now,” Athens’ Doric Shipbrokers said in a report last week.
Some of the bulker deals reported, however, are dismissed by players reportedly involved.
The 55,500-dwt Antoine (built 2009), for instance, which is said to have gone for $13m, has not been sold, TradeWinds is told. The vessel is in the fleet of new player Archangel Pacific.
Eric Martin and Trond Lillestolen contributed to this story
