Angelicoussis and some of the former directors of Hong Kong-based Pacific Bulk are behind the latest cape sales as spot rates in the segment surpass the $30,000 per day mark. Both Greek and Far Eastern accounts are battling for tonnage, pushing asset values very high.
“The recent surge in freight rates and overall market optimism has had a ripple effect, positively impacted the secondhand market and driving up vessel prices,” states the latest weekly report from Greece’s Xclusiv Shipbrokers. Five-year-old capesize vessels, for example, are now valued between $61m to $64m, a significant 32% increase compared to June 2023 and a huge 83% jump since the initial covid lockdown in June 2020.
Only cash-rich owners can afford to battle for quality eco tonnage, with sources telling Splash that Maria Angelicoussis is the taker of a ship sold by Hong Kong’s Teh Hu Cargocean. The mammoth Greek owner has added one of Teh Hu’s five capes, the 181,000 dwt, 2016-built eco-fitted Courageous, a ship built at Shanghai Waigaoqiao. A price tag of $50.5m has been attached to this deal.
Also, Chinese owners are active. Sources tell Splash that another Hong Kong-based outfit set up by some of the former directors of Pacific Bulk has spent around $100m on secondhand capes this year, now adding its most modern cape to date, tabling around $34m for Nissen Kaiun’s 11-year-old, Imbari-built ship Iron Phoenix. The Chinese owner called Ocean Treasure Shipping has added three capes so far this year, a 14-year-old bulker from Diana Shipping, a 15-year-old cape from Minerva Marine and a 16-year-old cape from Star Bulk. The ships were previously named Houston, Sapientza and Big Bang, respectively.
