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Chang Myung sells two capes

Bankrupt Korean carrier Change Myung has sold two capesize bulk carriers for $18.7m each, a much firmer price than seen in previous transactions, brokers tell Splash.

C Blossom (179,300 dwt, built 2009) and C Atlas (179,600 dwt, built 2009) were reportedly sold to unnamed Korean buyers.

Chang Myung Shipping filed for court protection in Seoul on April 11, struggling with debts in excess of $1bn. It sold another Korea-built cape, C Winner (169,200 dwt, built 2008), for $11m to Stealth Maritime in early March.

The sale of C Blossom and C Atlas shows that buyers are still willing to pay a premium for Korean tonnage. The two vessels brought a much healthier price than two Chinese capes of the same age, which were sold for $14.4m each by China’s ZOSCO to Sinokor Merchant Marine in late July. The vessels were Zosco Jiaxing and Zosco Shao Xing (both 176,000 dwt, built 2009).

The Baltic Exchange currently values a five-year-old, 180,000-dwt capesize vessel at $24.053m, which is a 14.6% appreciation since March 21 this year, when the benchmark cape was assessed at $20.981m – its lowest level on record.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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