Dry CargoEurope

Empire Bulkers takes kamsarmax

Low profile Greek owner Empire Bulkers has snapped up the six-year-old, Korean-built Maverick Gunner kamsarmax bulker from compatriot owner Efploia Shipping. Brokers put the price for the 80,717 dwt vessel at $13.25m.

Empire Bulkers was formed in March 2013 through a spin off from Empire Navigation.

The sale is the latest in what has been a record year for secondhand bulker buys.

Clarkson Research is reporting a total of 567 bulkers of a combined 40m dwt were sold secondhand in January to November 2016, equivalent to 5% of bulker fleet capacity at the start of 2016. In terms of tonnage, sales were up 15% on full year 2015 and slightly above the previous annual record in 2007.

“The high level of bulkcarrier sale and purchase activity in the year to date is partly a product of continued depressed dry bulk market conditions. The duration of the downturn has exerted severe financial strain on bulkcarrier owners, and this has been exacerbated recently by increasing pressure from banks, leading to a greater share of secondhand transactions being accounted for by ‘distressed’ sales this year,” Clarkson Research reported.

Japanese and Greek owners have accounted for the largest volumes of bulker sales in the year to date, with 103 units (7m dwt) and 93 units (5m dwt) sold respectively.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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