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JP Morgan picks up Oceanbulk newcastlemax

US investment firm JP Morgan has added another bulker to its fleet according to brokers, snapping up the 2017-built newcastlemax Conrad from Greece’s Oceanbulk.

Clarksons and Advanced Shipping & Trading are both reporting the deal, with Clarksons placing the price at $53m and Advanced $55m. According to VesselsValue, the SWS-built ship has a market value of $58.77m.

The Conrad is the second bulker added by JP Morgan in as many months, with brokers reporting a $45m deal with Germany’s Oldendorff Carriers for 2016-built capesize bulk carrier Hark Oldendorff.

Oceanbulk, controlled by Petros Pappas, will be left with a fleet of eight bulkers on completion of the deal.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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