Eastern Pacific exiting handysize and ultramax segments

Eastern Pacific exiting handysize and ultramax segments

Idan Ofer’s Eastern Pacific Shipping is having a notable dry bulk clear-out of its fleet.

Seven smaller bulkers have been put on the on the sales block, trimming its bulker fleet fleet from 18 to 11 ships, if all the sales materialise.

Sources report that they expect a firm price for four popular 28,000 dwt Japanese-built handysize bulkers, the Irongate, Westgate, Stargate and Crystalgate. The four ships have an average age of six years and VesselsValue estimates that the ships can bring in close to $50 m if sold en bloc.

In addition to the expected exit from the handysize segment, an ultramax, Devongate, built in China in 2014 is up for grabs while on Friday Splash reported that Eastern Pacific sold an Imabari-built, two-year-old ultramax named Dragongate.

In addition to two ships in the water, the outfit is selling its last two ultramaxes with delivery next year at Dalian Cosco KHI Ship Engineering. The sale of the ultamaxes marks an exit from this segment leaving the outfit with one supramax among 10 capes.

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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