The vibrant bulker market continues to produce a steady stream of secondhand deals in the biggest kind of vessels.
According to several broker reports, Japanese interests have found Chinese buyers for the 178,400-dwt Cape Garland (built 2009) for a price just above $32m.
The Mitsui E&S-built vessel circulated for sale early last month, and the price it fetched is far above what analysts estimate it is worth.
Shipping databases list the ship in the fleet of Japan's K Line. Contacted by TradeWinds, managers of the Japanese company said they do not own the vessel and cannot therefore comment on the information of it being sold.
The true seller appears to have a good deal on its hands.
VesselsValue estimates the Cape Garland's indicative market price at $29.2m. The Signal Ocean dry bulk platform puts it at $28m and MSI Horizon at between $26.8m and $31.7m.
The price appears even stronger when one considers that the Cape Garland is not equipped with a scrubber and last passed special survey in December 2018.
Even older vessels are commanding impressive prices in the current market. Greece’s Alcyon is said to have fetched $15.75m for the 170,100-dwt capesize Bluemoon (built 2002).
Chinese buyers homed in on the IHI-built vessel just before it is scheduled for special survey in December, according to broker reports in Greece, London and the US.
Managers at Alcyon did not respond to a request for comment.
The Bluemoon is the oldest vessel by far in the fleet of seven capesizes that Athens-based Alcyon is listed with.
At current levels, the ship probably proved a good investment for Alcyon, which acquired it 10 years ago from Formosa Plastics for nearly $31m, as TradeWinds reported at the time.
Lots of options
“Interest remains strong in the capesize market,” noted Clarksons in its latest weekly report.
Other market observers are much more effusive about the state of the market.
“With hire rates and prices at historical levels, owners’ playbooks are rich in strategy and flexibility,” analysts at Athens-based Doric Shipbrokers said in their weekly wrap up.
“They [owners] can sell, rake in a pretty penny and let that money marinate [or] use this as capital to reinvest, or they can stay put and enjoy the earnings from the freight market.
“For buyers, the decision seems to be one between taking a leap of faith — and investing at firm prices — or sitting back and waiting to see if and where the dust will settle.”
