Dry CargoEurope

Bulkseas enters the cape segment

Low key Greek Bulkseas Marine Management, one of several Greek companies that have has built up significant fleet of vessels in less than five years, is being linked to its first cape.

The fast growing firm has been timing the market well, adding ships at the bottom of the market, and this weekend brokers tell Splash that it has added the 177,600 dwt Bulk India from Japanese owner Nissen Kaiun.

The 2004-built vessel is reported as fetching $14.3m, a bargain compared with the $15.3m that online pricing portal Vessel Value says is the market price for this particular ship.

The $1m discount may indicate some issues regarding her condition in addition to the continuous downtrend in capesize charter rates maintained last week.

The Bulk India is the third cape reported sold this year.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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