Tan Binh CO has turned to Japan’s JX Ocean for its third bulker purchase of the year.
Well placed sources close to Tan Binh report that Tan Binh is shelling out in the region of $5.5 million for the 28,600-dwt Ratu Tembaga (built 2004).
The vessel fits Tan Binh’s traditional purchasing profile, which favours middle-aged, Japanese-built handysizes.
The purchase price may be lower than the $6.3m market value pegged on it by online platform VesselsValue, but the ship is due for its third special survey by November this year, an event that brokers say usually comes in with a significant cost that is often reflected in the prices of vessels sold in the months prior to heading for dry-dock.
The Ratu Tembaga purchase comes hot on the heels of Tan Binh’s purchase of the 33,700-dwt bulker Global Prosperity (built 2006) from Japan’s Katayama Kisen at the end of March. The company paid a reported $8.4m for the Shin Kochi-built ship.
In February it paid Greek shipowner Naviera Ulises $5.9m for the the 28,700-dwt bulker Estia (built 2004), which is now trading as the Tan Binh 256.
Tan Binh will have a fleet of 20 ships with the addition of the Ratu Tembaga. Of these, 16 are handysize bulkers, while the rest are mini-bulkers and general cargo ships of less than 10,000-dwt.
Recent purchases are flying the Panamanian flag rather than that of Vietnam. TradeWinds is told that this has been done to increase their tradability in the international dry-bulk markets, in which most of the company’s ships are currently trading.
