Thailand's Thoresen Thai Agencies has disposed of Thor Enterprise, a 42,500 dwt bulk carrier.
The ship was sold by Thoresen Shipping Singapore (TSS) for USD 5.6 million.
Although Thoresen has not identified the buyer of the vessel, Thor Enterprise, renamed Asian Enterprise, was sold to India’s Hermes Maritime last month, data provided by VesselsValue shows.
Built at Japanese Namura shipyard in 1995, the Handymax vessel was bought by Thoresen back in 2004.
“The sale is in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs,” Thoresen Thai Agencies explained.
“The TSS's Board of Directors resolved to sell the said vessel, and the proceeds from the sale are in line with the company’s strategy to improve the efficiency of the fleet and the company’s fleet renewal program,” the company added.
Following the sale of Thor Enterprise, the Thoresen fleet will comprise 21 vessels with an average size of 55,285 dwt and an average age of 11.24 years.
India’s Great Eastern Shipping Company Limited (G E Shipping) has inked an agreement to dispose of its Supramax bulker Jag Ratan.
The 52,179 dwt vessel will be delivered to an undisclosed new buyer in H1 FY 2018-19, according to the company.
Built at South Korean Daedong shipyard in 2001, the ship has a market value of USD 8.12 million, VesselsValue’s data shows.
Back in 2007, the 65,500 cbm Jag Ratan was purchased by G E Shipping from Turkish Kaptanoglu Group.
Last month, G E Shipping expanded its gas carrier fleet as it took delivery of Jag Vayu, a secondhand medium gas carrier.
Including Jag Ratan, company’s current fleet stands at 49 vessels, comprising 34 tankers and 15 dry bulk carriers with an average age of 10.68 years aggregating 3.97 million dwt.
Greek shipowner and operator Navios Maritime Partners expanded its fleet with the 74,475 dwt Panamax vessel, the Navios Altair I.
The 2006-built unit, which was acquired for a price of USD 11 million, was delivered to its new owner on June 7, 2018.
Navios Partners informed that the vessel is chartered out at a net rate of USD 9,844 per day until November 2018.
Based on the existing charter and the current rate environment, the Panamax is expected to generate some USD 2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.
The acquisition of the vessel was financed with cash on the balance sheet and USD 7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.
Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and five are container vessels.
Shareholders of Norwegian shipowner Songa Bulk have approved the earlier announced sale of fifteen vessels to Greece-based dry bulk shipping firm Star Bulk Carriers.
Under the deal, Star Bulk will acquire 15 operating vessels of Songa for an aggregate of 13.725 million common shares of the company and USD 145 million in cash.
The approval of the shareholders of Songa was a condition to the closing of the vessel purchase transaction, which was unveiled mid-May.
The transaction remains subject to other customary closing conditions, and is expected to be undertaken by the third quarter of 2018, according to Star Bulk.
Since the beginning of 2018 around 230 second-hand sales have been reported in the dry bulk sector, according to Intermodal’s market insight.
Handysizes and Ultramaxes seem to have sparked the greatest interest with 160 sales in the dwt range. The high demand for such tonnage has seen asset values leap upwards.
“We recently saw a 38k dwt non-Japanese bulk carrier built in 2011 being sold for USD 11.3 million and a 33k dwt Japanese unit built in the same year fetching more than USD 15 million. Both these prices are indicative of the increasing popularity Handysize vessels above 33kdwt are currently enjoying,” Intermodal’s George Iliopoulos said.
Supramax and Ultramax bulkers were also the popular choices of owners, with Chinese and Japanese-built tonnage attracting the most buyers.
Two types of Supramaxes attracted buyers’ interest, according to Intermodal, small Supras ranging between 50,000 and 52, 000 dwt, built in the early 2000’s and bigger vessels over 55,000, built between 2006- 2012.
A 2006-built MV Darya Vishnu fetched a price in excess of USD 13 million. For the purpose of comparison, about a year ago, a sister ship of the bulker, was sold for around USD 10 million, only to be resold at the end of 2017 for slightly above USD 11.5 million.
“Prices appear to be on the rise again and the performance of the freight market during the summer season will definitely help shape expectations for the last quarter of the year,” Iliopoulos added.
Euroseas, a Greece-based owner of containerships and bulk carriers, has spun off its drybulk fleet into a separate company.
The company said that it filed a registration statement on Form F-1 with the Securities and Exchange Commission to spin-off its drybulk fleet into a separate company, EuroDry Ltd., which has applied for listing on the NASDAQ Capital Market.
“We believe that separate drybulk and containership investment options will give our shareholders the flexibility to adjust their holdings, if they so wish, between the two sectors. We also anticipate that the creation of sector-focused companies will allow the capital markets to appreciate the value that our public platforms can create as consolidators in their respective fields,” Aristides Pittas, Chairman and CEO of Euroseas, said.
EuroDry Ltd. is a middle range drybulk owner with six vessels in its fleet, three of which are newbuildings, one Ultramax and two Kamsarmaxes, and three Panamaxes built post-2000.
Euroseas Ltd., the only feeder containership public company, has a fleet of eleven vessels now.
“We plan to take advantage of growth opportunities in each of the two sectors to increase the size of each respective company as we believe that they are both well positioned to do so both in terms of their capital structure and their contract mix,” Pittas said.
The company reported a net loss of USD 3.2 million in the first quarter of 2018, as compared to a net loss of USD 2.2 million for the first quarter of 2017.
Regarding developments post-March 31, Euroseas said that it took delivery of newbuilding M/V Ekaterini, a 82,000 dwt drybulk vessel, which entered into a two-year charter at a rate of USD 13,000 per day.
Euroseas also reported that its containership, M/V EM Astoria, suffered propeller damage and will require repairs that will prevent the vessel from trading.
“The company is making every possible effort for the vessel to resume trading in the shortest possible time,” Euroseas said.
Greek shipowner DryShips has inked sale and leaseback agreements for six bulkers with Chinese lenders.
Under the financing arrangement signed in May, five ships will be transferred to the buyer for 50 pct of the agreed aggregate purchase price of USD 164 million. The company’s wholly-owned subsidiaries will bareboat charter each vessel back for a period of eight years, with expiry set for May 2026.
The ships in question are three Newcastlemaxes, Marini, Morandi and Bacon and two Kamsarmaxes, Castellani and Nasaka.
DryShips said that the vessels are expected to be delivered and leased back to the company during May 2018.
The Greek shipping company has options to re-acquire each vessel during their respective bareboat charter periods, starting from the first anniversary of each vessel’s delivery date. There is also a purchase obligation upon the expiration of each bareboat agreement for 46.67 pct of the financing amount.
The deal was sealed just a month after Dryships entered into a finance lease arrangement with a Chinese leasing company for Kelly, a Kamsarmax drybulk vessel, under similar terms. The vessel will be chartered back for a period of ten years and DryShips has an option to buy back the ship.
Separately, DryShips said that it has decided to sell its 2001 built Panamax vessel, the Maganari, to an unaffiliated buyer for USD 9.7 million. The vessel is scheduled for delivery to the buyer by end of May 2018.
The owner of bulkers, tankers and gas carriers ended the first quarter of 2018 with a net profit USD 0.8 million, rebounding from a loss of USD 11 million reported a year ago.
Noble Group has found a buyer for the second of four second-hand Kamsarmaxes earmarked for sale as part of the commodity trader's plan to cut debt.
Specifically, the Hong Kong-based company inked a deal with Ocean Liberty Marine Limited and Transmed Shipping Limited for the sale of the 81,502 dwt Ocean Vission.
The 2015-built ship, flagged in Hong Kong, is being sold for USD 24 million, payable in cash.
The bulker is mortgaged to a financial institution and part of the proceeds from its sale will be used to pay down the owed amount.
The net proceeds arising from the sale, upon debt repayment, will be around USD 8.2 million, Noble said.
The sale is subject to the approval of Noble Group’s shareholders, with the transaction expected to be completed by June 15, 2018.
The commodity trader expects that its net gain from the vessel disposal would be approximately USD 0.2 million.
The first vessel from the quartet, the 2015-built Ocean Integrity, was sold at the beginning of March to Bianca Corporation and Primerose Shipping.
The remaining vessels, 2014-built Ocean Ambition and 2015-built Ocean Forte, are yet to find their buyers.
Five Handysize dry bulkers have joined the fleet of Oslo-listed shipowner Ocean Yield ASA over the past couple of days.
Three 2015-built and one 2014-built handysize bulkers were delivered today, the company said. Upon delivery, the vessels commenced 10-year bareboat charters to companies owned and guaranteed by Interlink Maritime Corp.
As informed earlier, Interlink Maritime will have certain options to acquire the vessels during the charter period, with the first purchase option exercisable after five years in addition to an obligation to repurchase the vessels at the end of year ten.
The ships in question are named: Interlink Amenity, Interlink Levity, Interlink Sagacity, Interlink Priority and Interlink Dignity.
The ships were bought in February 2018, as Ocean Yield ventured into the dry bulk market.
The debut in the dry bulk sector was marked by the company’s purchase of two 2018-built handysize dry bulk vessels with 12-year bareboat charters earlier that month.
The quartet is being handed over on the back of a newbuilding delivery from two days ago.
The 2018-built handysize dry bulk vessel La Loirais has commenced a 12-year bareboat charter to a company owned and guaranteed by French Louis Dreyfus Armateurs Group (LDA).
The ship was built by Chinese shipbuilder Jiangmen Nanyang Ship Engineering together with another Handysize, also intended for LDA, La Fresnais, which was delivered in February.
Monaco-based owner and operator of dry bulk carriers GoodBulk has decided to expand its fleet with a 2007-built Capesize vessel.
The company entered into an agreement with an undisclosed party to acquire the 174,000 dwt vessel built by China’s Shanghai Waigaoqiao Shipbuilding.
As informed, the bulker is scheduled to be delivered to the company in June 2018 and is expected to be funded with cash on hand and availability under existing credit facilities.
What is more, GoodBulk said it delivered the 2003-built bulker Aquabeauty to its new owners. Earlier this year, the company sold the Capesize bulker to unidentified Greek buyers in an effort to modernize its fleet.
Following the latest fleet reshuffling, GoodBulk will have a fleet of 25 bulkers, comprising 22 Capesize, one Panamax and two Supramax vessels.