Taiwan’s Wisdom Marine is shedding a pair of handysize bulkers in a transaction backed by a long-term charter with Cargill, according to multiple shipbroking sources.
Brokers in Europe and the US said the 34,300-dwt Daiwan Ace (built 2014) is heading to a Greek buyer that is supported by US financial investors.
Some brokers said the $15.3m deal is underpinned by a charter for between five and seven years with Cargill.
This is an unusually long charter, especially for a handysize, and it resembles a financing arrangement for the Namura Shipbuilding-constructed vessel.
Brokers in the UK and Greece have thrown an identical sistership into the mix. The Daiwan Brave (built 2014) is also believed to have gone to a Greek buyer for $15.5m. However, that ship is not being linked to a long-term charter.
A senior Wisdom Marine manager confirmed that the vessels have been offered for sale but stopped short of confirming any deal for them.
“Different people who have inspected the ships may have various things to say, but we don’t want to comment on anything,” chief operating officer Mike Tzu-Lung Chao told TradeWinds.
‘Always steady’
Wisdom Marine said last month that it intends to increase the pace of its sales by offloading five to 10 vessels in the handysize to supramax range as part of its fleet renewal.
The company has a substantial orderbook. Since January 2018, it has ordered 15 bulkers at Japanese and Chinese yards, including four ultramaxes, five panamaxes and, most recently, a pair of handysize vessels from Imabari Shipbuilding.
“Our S&P [sale-and-purchase] policy has always been steady,” Tzu-Lung Chao told TradeWinds this week.
“We try to renew our fleet. We want to keep a younger fleet. And timing is important — there will come a time in the future when there is going to be a good market to sell ships in.”
The Daiwan Ace and Daiwan Brave are exactly the type of handysizes that attract the most interest from potential buyers. Larger bulkers in that category, with a capacity of more than 33,000 dwt and built at quality shipyards, are proving popular and are usually quick to sell.
Interestingly, however, some brokers believe that improving freight rates are standing in the way of increased activity on the S&P market.
“The impressive improvement in the dry bulk freight market seems to have stalled S&P activity a bit last week,” Athens brokerage Intermodal said in its weekly note on Tuesday.
It said buyers and sellers are “likely adjusting their ideas to match improving sentiment and earnings”.
