A large number of deals in dry cargo S&P are sealed with brokers filling up their dry bulk column, week after week, however, one feature is noticeable; there are few modern bulkers changing hands. Most ships sold are in their late teens, reducing buyers’ risk on capital employed. The market appears to have dropped some 10% in one month for modern tonnage, forcing JP Morgan to remove two ships from the market.
Brokers tell Splash that JP Morgan has decided to withdraw two 2015-built Japan Marine United-built kamsarmax bulk carriers, BTG Rainier and BTG Matterhorn, which invited offers last week. The duo saw a tremendous amount of attention. Splash understands that the two highest bids were lowballed at $64m to $65m en bloc, too low for the sellers. In comparison, in May the same age BTG Kailash and BTG Olympos fetched some $35.6m each.
The seller of the withdrawn bulkers, Bulk Trading Group (BTG), is a joint venture between Kristian Gerhard Jebsen Group and JP Morgan. BTG ordered a total of eight sister ships for about half the price between 2012 and 2013.
