AsiaDry Cargo

Cido has a bulk clear-out

Sales efforts by industry heavyweight Cido Shipping are filling broker reports across the globe as it cuts its exposure to dry in two.

The Hong Kong- and South Korea-based player has sold five bulkers in the last three weeks, shaving off most of its panamax arm, and a supramax. The 70-ship strong outfit has shown signs that it wants to shrink its exposure to the bulker segment for months. Its selloff started last summer when it began marketing half its cape fleet, and later selling a 14-year-old cape last autumn. Since then it has been quiet through to this month.

Now senior officials have decided that the time is to sell. This week brokers tell Splash that Cido has sold the 2008-built, 82,300 dwt Fortune Rainbow for $14m, and the 55,000 dwt Mitsui supramax, Fortune Wing, for $11.75m. Last week Safe Bulkers revealed that it has had entered into an agreement to buy a 2011-built Japanese panamax for $14m, a ship now identified as Cido’s 76,000 dwt Fortune Daisy.

This sale came some 10 days after Cido sold the 2009-built, 82,300 dwt Oshima-built bulker Fortune Miracle, $14.5m, to another Nasdaq-listed Greek bulker owner, Castor Maritime. Its first sale this year was sealed in the last week of January, when it offloaded a 2008-built sister ship of Fortune Miracle, named Fortune Sunny.

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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