BW Dry Cargo fixes first bulker to Glencore

BW Dry Cargo fixes first bulker to Glencore

BW Dry Cargo, the new Sohmen-Pao venture, is up and running, brokers report, nailing its first fixture with what onlookers describe as good rates. The kamsarmax BW Acorn, acquired a few days ago, has been fixed with Glencore for one year at $6,000 a day, with an option for a second year at $7,000 a day.

BW Dry Cargo, a new affiliate of the BW Group, bought the BW Acorn, formerly known as Meteor, from Orion Bulkers for $12m earlier this month as it moved to get back into dry bulk for the first time in a decade.

In 2007, Berge Bulk was formed as a separate private dry bulk firm, distinct from the BW Group, headed by James Marshall, the son-in-law of Dr Helmut Sohmen. Sohmen has since handed over the reins of the BW Group to his son, Andreas Sohmen-Pao, who has decided that with prices so cheap now is the time to reenter the sector.

The ceo of BW Dry Cargo, Christian Bonfils, declined to comment on the deal with Glencore when contacted by Splash.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.

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