AsiaDry Cargo

Second time lucky for BW as kamsarmax trio notch improved prices

Sometimes in the rollercoaster ride that is shipping a failed deal can prove beneficial. Take BW Dry Cargo, the Andreas Sohmen-Pao vehicle. Plans were nearly complete last month for a $41m en bloc sale of three of the company’s first acquisitions – the 10-year-old Japanese-built kamsarmaxes BW Barley, BW Einkorn and BW Acorn. However, when the buyers did not obtain financing the sale fell through. Meanwhile, the dry bulk market as a whole solidified in the intervening weeks, leading BW to nail the sales of the three ships for better prices, pocketing $1.5m more than the company would have done if the June sale had gone through.

Multiple broking reports list Greece’s Centrofin as the taker of both the BW Barley and BW Einkorn for $28.5m en bloc, while Germany’s Orion Reederei is tipped to have paid around $14m for the BW Acorn. Splash reported recently how busy Centrofin had also recently acquired a capesize

In May, BW Dry Cargo sold a 10-year-old supramax, BW Flax, for $13m. 

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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