BW Dry Cargo, founded in April 2016, is looking to cash in on rising prices for kamsarmaxes, putting the first two ships it bought in the shop window.
Splash understands both the BW Barley and the BW Acorn (pictured), two Japanese-built, eight year old ships, are up for sale. The two vessels were the first ships bought by the new Andreas Sohmen-Pao backed vehicle in the summer of 2016.
Brokers are suggesting BW could make at least $6m profits per ship above the $12m paid for each vessel 26 months ago. Kamsarmax secondhand prices have leapt by more than 10% in the past six months alone on the back of solid chartering sentiment in the sector.
BW Dry Cargo’s fleet today numbers 15, including eight newbuilds due for delivery next year and in 2020.
While BW Dry Cargo initially set out to focus on the supramax to kamsarmax range of bulkers it has since branched out into the cape sector. Last month, it added its second capesize, taking the Tenshu Maru from Japan’s Kambara Kisen for $29.5m.