China’s Rewood Ocean Shipping Co (Rosco) has put its entire fleet of 11 bulkers on the block with an asking price of $200m after a shift in strategy away from vessel owning.

But brokers tell TradeWinds the private company’s price expectations are so far in excess of the market that no potential buyers have turned up for inspections.

Company officials did not respond immediately to requests for comment. But sources in contact with the shipowner say it can wait for a buyer because no banks are pushing for a sale.

Rosco’s agricultural import-­oriented parent, Sanhe Hopefull Grain & Oil Group, wants to cash out, to invest in a new pressing plant in Guangxi province.

Rosco is said to be setting optimistic floor prices. For example, brokers say it wants $30m for its only capesize, the 181,453-dwt ­Rosco Maple (built 2010), which is way above market expectations.

The $200m enbloc price may be $20m to $30m too high in today’s terms, but brokers expect the owner to wait for the market to rise rather than cutting its asking price.

Hebei-based Rosco is not quoting price floors for individual ships, other than the Rosco Maple.

It is in touch with numerous brokers, according to four firms that have spoken to TradeWinds about the deal.

Some reference sources list a somewhat smaller fleet, but sale-and-purchase brokers directly involved in the marketing campaign confirm that Rosco owns one capesize, three kamsarmaxes and seven panamaxes built between 2002 and 2011, corresponding to the fleet listed by VesselsValue.

Much of the fleet is financed by ICBC Leasing and China Construction Bank (CCB) Financial Leasing. However, informed sources say all payments will be finalised by early next year, and ICBC and CCB would be willing to refinance if that were Rosco’s strategy.

This is not the first report of a planned sell-off by the shipowner. TradeWinds reported in January 2016 that a Hong Kong-based Chinese bank was considering giving an S&P broker authority to market half of Rosco’s fleet.

On the block: Rosco's fleet profile

Name Dwt Built Builder
Rosco Maple 181,453 2010 Sasebo
Rosco Poplar 82,331 2008 Oshima
Rosco Litchi 82,153 2011 Tsuneishi Zhoushan
Rosco Palm 82,153 2011 Tsuneishi Zhoushan
Rosco Sandalwood 76,801 2004 Sasebo
Rosco Cypress 76,801 2004 Sasebo
Rosco Plum 76,801 2004 Sasebo
Rosco Ginkgo 76,620 2005 Sasebo
Rosco Lemon 75,746 2002 Sanoyas
Rosco Olive 74,979 2010 Sasebo
Rosco Banyan 74,979 2010 Sasebo

Source: Clarksons