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J Lauritzen sells its last capesize vessel

Denmark’s J Lauritzen has sold its last capesize vessels, marking its exit from the market.

Today, brokers say Lauritzen has sold the Korea-built Churchill Bulker (179,400 dwt, built 2011) to unknown buyers for $37m.

On July 23, the company reportedly sold its capesize Corona Bulker (179,400 dwt, built 2011 in Korea) to Greece’s Marmaras Navigation for $33.6m.

The Danish shipowner’s fleet now consists of 20 handysize bulkers, with four ultramaxes and two more handys under construction at Japanese and Chinese shipyards.

The prices paid for Lauritzen’s two capes show that buyers are still prepared to pay a slight premium for quality Korea-built tonnage.

Although it was built in the same year as Lauritzen’s pair, this week Ningbo Henghou received just $30.5m from Cobelfret for its cape Houheng 2 (179,900 dwt, built 2011), which was built at Hanjin’s Subic Bay yard in the Philippines.

Another four-year-old cape built in Korea, the Blue Cho Oyu (180,100 dwt, built 2011), was sold on Tuesday by South Korea’s Blue Marine to Israel’s Mano Maritime for $33.5m.

Today also saw a rare demolition deal amid a stagnant scrapping market. Vale sold its capesize Ore Alegria (160,100 dwt, 21,687 ldt; built 1997) to buyers in Pakistan for $330/ldt or around $7.16m in total.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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