AsiaDry Cargo

Eastern Pacific bags firm price for Chinese-built ultramax

Idan Ofer’s Eastern Pacific Shipping (EPS) has found a buyer for one of its four remaining ultramaxes, a vessel that’s been in the shop window for months.

Despite uncertainty in the segment, EPS managed a to bag a very firm price for its youngest ultramax, the one-year old, Chinese built 61,200 dwt Divinegate, sold for just under $23m.

Only a few modern ultramaxes have sold so far this year and most of these are headed to cash-rich accounts in the Middle East such as Oman Shipping and ADNOC Logistics and Services.

The sale leaves EPS with the nine-year-old 53,000 dwt, Bridgegate, the 2014-built Devongate and the 2017- built Daimongate, all trading in C- Transport Maritime’s pool.

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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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