After almost half a century Milan-based Coeclerici Group has closed its coal logistics division, the pioneers of coal transhipment claiming there is no money to be made in the sector any more.
Coeclerci has been slimming its shipping interests for years and with the sale of two transhipment vessels now it has exitied the coal transhipment business, a sector it once dominated.
The ships – the Bulk Zambesi and Bulk Limpopo – were built by Jiangsu Hantong Ship Heavy Industry in 2011 and 2012 respectively, costing $75m at the time. No price has been given for their sale this week to Brazilian miner, Vale.
The CEO and chairman of the Italian company Paolo Clerici told Splash: “The coal transhipment market has stopped. No new contracts have emerged in the last five years with the exception of two projects we preferred not to take considering the numbers offered in the deal.”
This lack of new business explained Coeclerici’s decision last year to sell its 49% stake in Asian Bulk Logistics, which operates a fleet of transhippers in Indonesia, to Chartswood Logistics, Clerici said.
Coeclerici’s logistics division has engineered and promoted the use of floating terminals throughout the world for the many decades but as from now the company will focus on three business segments: mining, trading and industry.
It will also remain active in the shipping industry with DACC Maritime, the joint venture it set up few years ago with d’Amico Group, which today controls four 60,000 dwt supramax bulkers.