Five years after it placed an order at China’s Yangzijiang Shipbuilding for the construction of four 208,000 dwt bulkers, investment manager Mangrove Partners has decided to let go of two ships, the 2020-built MP The Bruschi, and the one year younger MP The Vrabel.
The investment has paid off. The newcastlemax duo were ordered for just under $50m per unit, and have just been sold en bloc for just shy of $120m. The ships are sold with a time charter attached to Oldendorff until July 2025.
United Arab Emirates-based Tomini Shipping is noted as the buyer by VesselsValue.
Since the start of March, capesize values have surged across all age categories, but modern tonnage has seen the largest increase rising by 16.38% to $61.74m, the highest levels since August 2022, according to data from VesselsValue.
