Nautical Bulk Holdings, which was launched five years ago with backing from Wilbur Ross, appears to have closed a lucrative asset play on a supramax.
European shipbroking sources say the Jiangsu Hantong-built, 56,000-dwt Nautical Aventurin (built 2012) has been sold to an undisclosed buyer for $13.6m.
Nautical Bulk bought the vessel from the Conti Group of Germany in March last year for $11.8m.
Conti, which is a shareholder in Nautical Bulk, did not respond to requests for comment.
The reported price for the Nautical Aventurin is in line with market expectations.
The owner is listed with a fleet of 14 bulkers, all built in China with an average of just two years. Twelve of them are ultramaxes.
Raising capital
In 2013, Nautical Bulk said it had raised in excess of $100m of equity capital.
The company was launched by WL Ross & Co, Fearnley Advisors, Solus Alternative Asset Management and the Conti Group.
The company's focus has been on ultramaxes, with the 12 units ordered at Jiangsu Hantong Ship Heavy Industry for delivery between 2015 and 2018.
Nautical Bulk's other supramax is the 56,000-dwt Nautical Amethyst (built 2011), which was purchased from Conti as Amethyst for just $9.4m in December 2016. It is likely worth in excess of $13m today.
When the newbuildings were ordered, they were fixed long term to Oldendorff Carriers on index-related terms.
When Nautical Bulk was launched financial sources speculated that the company would list on the Oslo Stock Exchange, but so far this has not happened.
Ross, who is now US Commerce Secretary, also invested in Diamond S Shipping and Navigator Gas.
