AsiaDry Cargo

Newcastlemax put up for sale

What would likely be the biggest bulker sold since Covid-19 dramatically slowed down sales and purchase activity is seeking attention.

Brokers tell Splash that the Japanese-controlled 15-year-old newcastlemax, Pacific Oak is being circulated for sale. Owner representatives are asked to come and inspect the 300 m long and 50 m wide bulker at three different discharging ports in Japan where it will arrive at the beginning of July after picking up cargo in Newcastle.

The last comparable sale was done in October last year when the one-year older Azul Integra was sold for just under $16m. Now the same ship ship is valued about $5 million less by online pricing portal VesselsValue.

Lion Shipbrokers writes in its latest weekly report that the S&P market during the pandemic has become extremely complex as the gap between buyers and sellers’ price ideas remain too wide to bridge, adding that Asian buyers are monopolising activity at the moment, intentionally low balling and trying to strike deals at prices less than last done.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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