JP Morgan is one of many big shipping names that has broken cover this month, joining a string of famous companies bidding or selling in the very active capesize market. This time the cash player is keen to make a profit, selling a mammoth sized bulker it bought from Japanese shipping mammoth Nissen Kaiun in 2018.
The latest sale exemplifies the dramatic price changes in the secondhand cape market. Sources tell Splash that a bulker named True Cartier owned by Global Meridian Holdings, part of JP Morgan Asset Management, fetched just under $41m. The price is a new benchmark for the ten-year-old, 182,000-dwt Imabari-built cape.
owned by Global Meridian Holdings, part of JP Morgan Asset Management, fetched just under $41m. The price is a new benchmark for the ten-year-old, 182,000-dwt Imabari-built cape.The same ship was reported to have sold for $4m less in November. This deal was never finalised.
The taker is still to be revealed, but Splash understands that European players such as Germany’s Oldendorff have shown interest in the ship.
If the same bulker had been attempted to be sold at the same time last year, it would have fetched about $6m less. True Cartier has been a cash cow for the bank as it was added for $37m in October 2018.
More than 13 traditional-sized capesize sale and purchase transactions have been concluded this month while prices have been going up since they bottomed out in June.
