Karadeniz bags another cape for conversion

Karadeniz bags another cape for conversion

Turkish power ship specialist Karadeniz Denizcilik’s run of bulker acquisitions continues. Brokers report the company, which has pioneered floating power stations that are made out of converted capesizes, has paid Seno Kisen $5m for the Japanese-built Kohyohsan.

Taking advantage of low bulker prices, Karadeniz kicked off an a hunt for cape bargains last November and has since added a couple of ships and is keen to add at least two more, brokers report. Japanese owners, wary of record low dry bulk rates, especially for older tonnage, have been in selling mode in the last four months.

Karadeniz’s specialised subsidiary Karpowership currently has nine floating power stations on the water, four of which are deployed in Iraq, two in Lebanon and one each in Pakistan, Ghana and Indonesia.

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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