Dry CargoEurope

Augustea lets go of two panamaxes

Two bulk carriers are expected to leave Augustea’s fleet in the coming weeks. Raffaele Zagari, ceo of the Italian shipping company, confirmed to Splash the sale of the panamax bulk carrier  Ribbon also mentioned in several shipbroker reports. Augustea will cash in some $3m as the demolition price is $305 per ldt and the vessel is to be dismantled in Bangladesh.

The latest broking report from Intermodal notes that the extremely poor performance of the panamax bulk carrier segment is resulting in increased demo activity in the past week.

“Under the pressure of an extended period of below OPEX freight rates,” Intermodal brokers wrote, “Panamax owners of vintage tonnage seem to be lining up in the demo market despite the mark downs prices have been witnessing week over week. Currently there is no sign that we are approaching a boom as far as prices are concerned with levels offered today in the market being below the last three year averages, while the oversupply of vessels and the presence of cheap Chinese scrap steel are expected to keep crippling competition and demo prices respectively”.

Market rumours – not confirmed this time by Augustea’s ceo – report also the sale of the newly delivered ABY Virginia to Bahri at a price of $25m. Some sources specify that attached to the sale is also a time charter back agreement to Augustea for 8-10 months at a rate of $9,750 daily.

Nicola Capuzzo

Nicola is a highly qualified journalist focused on transport economics, logistics and shipping with broad experience in both online and printed media. Specialties: shipping, ship finance, banking, commodities and port economics. He regularly interviews Europe's top shipowner executives for Maritime CEO magazine.
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