Franco Naviera snaps up bargain Japanese handymax

Franco Naviera snaps up bargain Japanese handymax

Greek owner Franco Naviera has picked up a bargain Japanese 2008-built handymax bulker for just $10.1m, at least $2m cheaper than the going rate for such popular tonnage. Japanese owner World Marine had put the Mitsui 56 design ship Medi Imabari up for sale last month with offers originally invited for December 20.

Franco Naviera was founded in 1948 and focuses on the dry bulk trades. Its website lists six ships as its fleet at present.

Demand for Japanese handymaxes has been very hot in the past 12 months with prices for eight or nine year old ships increasing by up to 50% since January 2016.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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