Dry CargoEurope

Portline focuses on modern ultramaxes after vintage clear-out

Portuguese bulker owner Portline’s fleet renewal process is slowly coming to an end.

Portline’s ship sale started this summer with the sale of two 15-year-old supramaxes, Subrina 1 and Florida 1. These ships are now renamed and sailing under the Cosco umbrella.

In September Splash reported that Portline was circulating its only cape for sale, and inviting offers for three 2012-built, 57, 000 dwt Dolphin-design sisters, Port Hainan, Port Dalian and Port Canton. Now the 17-year-old, Universal-built cape Ina, is widely reported sold for a little over $9m while brokers vary if two or three of the 2012-built supramax sisters have been sold. These sales follow in the footsteps of two other sales done in October when two 19-year-old 51,000 dwt bulkers, Port Estoril and Achilleus, were sold for $4.2m each.

If all sales are confirmed, Portline has successfully cut its fleet in two and is now ready to focus on its eight modern ultramaxes.

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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