Navios Partners has agreed to sell its containership MSC Cristina (13,102 dwt, built 2011) to an unnamed third party for a net price of US$125m, including its charter.
Delivery of the vessel to the buyer is scheduled for early 2017, but the sale remains subject to signing of "definitive documentation", the NYSE-listed shipowner said in its financial results for the first half of 2016.
The Korean-built vessel commenced a 12-year timecharter to MSC in February 2015 at a daily rate of US$60,275. The owner has the option to terminate the agreement after seven years.
Separately, Navios revealed that it has renegotiated the charters of five containerships to Hyundai Merchant Marine (HMM) in exchange for the struggling Korean line's securities.
The daily hire of the five ships was reduced by 20% to US$24,400 per day pro rata, effective from July 18 until Dec. 31, 2019.
From Jan. 1, 2020, the daily rate will be restored to the full rate of US$30,500 per day until redelivery, Navios said.
Navios Partners has already sold the 3.7m shares in HMM it received as part of the renegotiation agreement, which generated net cash proceeds of approximately US$21.3m.
Navios also received a US$7.7m principal amount of HMM's senior, unsecured notes, which will amortise "subject to available cash flows" and will accrue interest at 3% per annum, payable on maturity in July 2024.
After it earlier reached deals to sell three of its bulkers, the owner and operator of Supramax dry bulk vessels Eagle Bulk Shipping has decided to dispose of another ship for net proceeds of US$4.2m.
The vessel in question is 2002-built MV Kittiwake, which features 53,146 dwt.
During the second quarter of the year, the company concluded the earlier announced sales of MV Peregrine and MV Falcon, raising a total of US$5.8m, and subsequently finalized the sale of MV Harrier for net proceeds of USD 3.2 million.
The company opted for the additional sale as it booked a net loss of US$22.5 million for the second quarter of 2016, compared to a net loss of US$27.5m seen in the same quarter a year earlier.
Net revenues for the quarter increased to US$25.6m from US$22.6m recorded in the second quarter of 2015, mainly due to an increased number of freight voyages as well as increased available days due to chartered in vessels.
In July, the company entered into an agreement to raise US$88m in gross proceeds through a sale of its common stock, which is scheduled to close on Aug. 10, 2016, with proceeds targeted for the acquisition of dry bulk vessels and general corporate purposes.
"In the midst of a historically weak drybulk market, Eagle Bulk's second quarter was bookended by two milestone achievements as we seek to re-position the company for future success. First, we entered the quarter having completed a comprehensive balance sheet recapitalization that significantly improved our long-term financial flexibility. Then, subsequent to the quarter's close, we raised nearly US$90m in growth capital through a common stock private placement," said Gary Vogel, Eagle Bulk's CEO.
He added that these moves are expected to enable the company to commence a fleet growth and renewal program while developing its commercial operating platform.
CarVal Investors, LLC, an investment arm of Cargill, has sold its newbuilding Capesize bulk carrier for a total consideration of US$32.5m, according to data released by VesselsValue.
The 180,000dwt ship, named Mustang, was purchased by Greece-based shipowner Chartworld Shipping Corporation.
Featuring 93,960 gross tons, the vessel is currently under construction at Chinese yard New Times Shipbuilding and it is scheduled for delivery during the year.
Mustang will join Chartworld's fleet of 64 vessels covering the dry bulk, tanker, reefer and container sectors.
Kambara Kisen, the Japanese owners who also control Tsuneishi Shipbuilding, are in a selling mood. The line has put many ships up for sale this year on the back of the dry bulk slump. The latest three to go are a newbuild pair due for delivery this year and an 11-year-old handymax.
Two kamsarmaxes due for delivery soon have been bought by compatriot owner Nisshin Shipping for US$22m each. Like many other Japanese owners.
Kambara Kisen also invited bids last week for the Tess 52 design handymax Triple Ever with Clarksons Research indicating an unspecified Singaporean owner as the buyer for US$7.5m.
Kambara Kisen has sold 10 ships this year.
German owner Schepers H Bereederungs has sold a six-year-old supramax bulker for $7m. Singapore's Wilmar International is behind the acquisition of the Chinese built Dolpin 57 design Kilian S ship, according to Clarksons Research.
Wilmar International is owned by tycoon Kuok Khoon Hong whose other interests include Raffles Ship Management.
Monaco-based Gestion Maritime has sold the oldest bulk carrier in its fleet. According to some information coming from broker sources, the 2002-built panamax named Matilde Corrado will be offloaded to the South Korean Sinokor Merchant Marine for US$4.8m. Sinokor has been very active of late eyeing secondhand tonnage.
The deal has been confirmed by Danilo Fumarola, CEO of Gestion Maritime, even if he did not disclose the identity of the buyer.
"I can confirm the Matilde Corrado has been sold to Korean buyers," he said, adding, "This sale is part of our ongoing project aiming at a fleet renewal based on selling older tonnage and buying new ones, either bulk carriers or tankers. We experienced a small recovery in dry bulk secondhand asset prices in the last few months."
Talking about possible new investments, Fumarola added, "On the newbuilding market the prices are historically low as many interesting opportunities are emerging. That's the best possible scenario for a company like Gestion Maritime interested in building up a long-term business in shipping."
Precious Shipping is pressing ahead with plans to make its fleet younger, sending a 30-year-old handysize Chalothorn Naree for scrapping for US$1.51m.
In a release to the Thai stock exchange, Precious said that the scrapping was "in accordance with the company's strategy to rejuvenate its fleet by selling its older vessels and acquiring younger and bigger vessels".
China's shipping company Zhejiang Ocean Shipping Co (ZOSCO) has sold two of its Capesize bulkers to the South Korean shipping firm Sinokor Merchant Marine, show data provided by VesselsValue.
The vessels in question are Zosco Jiaxing and Zosco Shao Xing, each featuring 176,000 dwt.
Built in 2009, the bulkers were sold for US$14.9m each, slightly less than their market value of US$15.2m.
The two bulk carriers, with a length of 291.8 meters and a width of 45 meters, were built by Chinese shipyard Jinhai Heavy Industry.
With 91,971 gross tons, the vessels were a part of the company's fleet of 12 Capesizes.
Following the conclusion of the sale and the delivery of these two ships, Zhejiang Ocean Shipping will operate a fleet of ten Capesize bulk carriers ranging from 175,900 dwt to 180,400 dwt.
The company's fleet will now consist of 2010- and 2011-built vessels, all of which were built by Jinhai Heavy Industry.
Brokers report that Sea Pioneer Shipping is paying Japan's Yamamaru Kisen just over US$5m for the 12-year-old Mulberry Paris panamax bulker. The ship was built at Tsuneishi's Japanese yard.
Shipping database Equasis shows that Hiroshima-based Yamamaru Kisen has 27 bulkers in its fleet.
Multiple broking outlets link fast expanding BW Dry Cargo as the buyer of the 81,344dwt United Legacy, the latest ship sale forced through by creditors of bust Japanese tonnage provider United Ocean Group. BW Dry Cargo, founded three months ago, is paying US$17.5m for the Oshima-built kamsarmax.
The sale is the third kamsarmax offloaded by United Ocean in the past two months. United Ocean founded in 1995 by Indian national Vipan Sharma, filed on Dec. 31 last year for court protection in Tokyo, saddled by debts of more than US$1bn.
"We can't comment on single deals, only on strategies," said the head of BW Dry Cargo Christian Bonfils.