Chinese owners have decided capes are now as cheap as they’re going to get and are diving into the market.
Baltic Exchange data shows secondhand capesizes are now 12.7% cheaper than a year ago, proving too tempting for some despite the ongoing awful cape trading conditions with the Baltic Capesize Index still in unprecedented negative territory.
Last week, 54-strong bulker outfit Seacon Shipping Group entered the cape sector after haggling with GoodBulk, adding the vintage 2003-built cape Aquajoy for $10.8m.
This week sources tip another Chinese shipowner to be entering the cape sector. Sources tell Splash Beijing-based Minsheng Finance Leasing has bought two modern capes and bareboated them back to Ningbo Zrich Shipping for $17m each. The deal involves two 177,000 dwt sisters, built in 2010, named Percival and Lancelot. In comparison, a one-year younger cape with a similar deadweight was sold in mid-January for $18m.
MFL has placed 10 young supramaxes and one handymax in the last year into the Zrich Shipping fleet.