Japan’s Miyazaki Sangyo Kaiun has let go of one third of its cape arm, pocketing $14.9 m on the sale of the 15-year-old, 203,212 dwt Pacific Oak.
Broking sources say China’s fast growing cape player, Seacon Shipping, has sealed its second cape deal since May, bringing its cape arm up to three ships.
Miyazaki Sangyo fetched a firm price for the newcastlemax. Just three weeks ago James Marshall-led Berge Bulk reportedly paid $1.3 million less for a similar aged sister ship.
Miyazaki Sangyo will continue to make headlines in the weeks to come. Its next ship on the sales block is the 2007-built, 176,000-dwt Lowlands Erica. This ship is inspectable today in Vietnam.