Dry Cargo

Cape sales accelerate including Sanko’s last big bulker

Activity in the cape sale and purchase is boiling hot with three capesizes sold within a week and many more in the shop window.

Cleaves Securities noted in a recent report that capesizes represent the best bargain in shipping at the moment and many owners appear to be taking heed.

Low key Japanese owner Mizuho Sangyo has sold one its oldest capes, the 2004-built, 177,300 dwt Southern Wisdom, leaving the outfit with 18 capes. No price is attached to this sale.

Another prominent cape player, Bocimar, has done its second cape deal this year, shaving off the same age but slightly smaller 170,000 dwt Mineral Noble. This ship is noted sold for $13.5m with a charter of $13,000 per day for three years attached. The sale leaves Bocimar with 20 capes in its huge fleet.

The last cape reported sold is once mighty Sanko Steamship’s last cape, the 177,500 dwt Euro Fortune (built 2005), sold for $14.7m. This bulker has been on the sales block for nine months, initially with a price tag of $20m.

Brokers are circulating a raft of similar aged capes for sale with more deals set to be concluded in the coming fortnight.

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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