Chinese buyer snaps up ageing bulker from Ocean Freighters

Greek bulker owner Ocean Freighters is said to have sold a 17-year-old panamax bulker to a Chinese buyer.

Brokers say the 74,000-dwt Pontonikis (built 2002) has been sold for about $7m, in contrast to estimates of $7.3m to $9m by VesselsValue and Maritime Strategies International.

Ocean Freighters paid compatriot Maran Dry Management $56.5m for the DSME-built ship, then named Anangel Gallini, in 2007, when prices were surging towards their peak.

The Piraeus-based company did not respond to a request for comment on reports of the sale. It has a fleet of five trading panamaxes and one capesize with an average age of 12 years.

The Pontonikis was not the only expensive investment Ocean Freighters made in 2007.

In March, it paid $110m for the Chinese-built, 177,000-dwt Anangel Wisdom (built 2007).

It has held on to this ship, which is likely worth $18.5m to $21.3m today, according to the valuation services.

Ocean Freighters began buying ships again last year.

In February 2017, it purchased the Japanese-controlled, 82,000-dwt Billion Trader II (built 2007) from Nisshin Shipping for about $12.5m.