Encouraged by accelerating sale-and-purchase activity for large bulkers, UK-based lender Standard Chartered has sold a capesize and is exploring opportunities to sell three other vessels.
The bank's Hong Kong-based leasing unit Marina Leasing has already agreed to dispose of the 175,600-dwt Aqua Splendor (built 2012) for about $27.5m, according to brokers in Singapore, London and Athens.
Marina Leasing has achieved that firm price even though the Chinese-built vessel has no ballast water treatment system (BWTS) or a scrubber installed.
On the other hand, the Aqua Splendor is not due to pass special survey for another year and its new, as yet unidentified owner is scheduled to take delivery of the ship promptly. This means that the buyer stands to benefit quickly from a currently strong freight rate market.
That strong spot market has caused buyers’ focus to increasingly switch to big bulkers lately.
Earlier this year, when capesize earnings were far more volatile compared with smaller vessels, capesize deals had been the exception rather than the norm in vibrant S&P bulker markets.
This, however, has started to change and the reported sale of the Aqua Splendor provides further evidence that buyers are warming to such vessels.
In another example reported by TradeWinds on 4 August, major Greek shipowner George Economou was linked to a $75m deal for a capesize duo owned by Cara Shipping.
US-listed Safe Bulkers announced on 2 August that it was about to acquire its first capesize in three years. The company did not identify the vessel but brokers said it could be the 181,400-dwt Yumetamou (built 2012), which is to be renamed Stelios Y.
Anybody interested?
Executives at Standard Chartered did not immediately respond to a request for comment. According to brokers in Athens and Singapore, however, the bank's leasing outfit is preparing to offload three more vessels.
The 175,400-dwt Aqua Honor (built 2012) has been circulating in the market as a sale candidate since the end of June. The same applies to a pair of post-panamaxes, the 93,000-dwt Ocean Diamond and Ocean Emerald (both built 2012).
All vessels mentioned above used to trade with the Noble Group — a conglomerate that quit shipowning last year as part of a financial restructuring.
Noble , however, continues to be active as charterer. Several online shipping data providers list the vessels that Marina Leasing has sold, or is looking to sell, as part of Noble’s chartered fleet.
As far as potential buyers are concerned, one company known to have expanded its capesize fleet earlier this year is Berge Bulk.
TradeWinds reported in March that the Singapore-based company moved to buy the 180,300-dwt Xin Tan Hai (built 2011) and the 177,900-dwt Unique Carrier (built 2007), which have been renamed Berge Nanga Parbat and Berge Broad Peak.
Berge Bulk, however, moved below the radar at about the same time to acquire two more capesizes − the 179,200-dwt Kumiai Shagang and the 181,500-dwt Aqua Crystal (both built 2011). They now trade as the Berge Dhaulagiri and Berge McClintock.
The Aqua Crystal joined the Berge Bulk fleet in June.
Executives at Berge Bulk could not be reached for comment.
