Bulker sales are thin on the ground this month. One rare sale however has caught the eye. BW Dry Cargo has sold the 2010-built kamsarmax BW Barley to a new name in dry bulk, Sterling Shipping, a company worth looking out for in the coming months.
Brokers report Sterling has paid $15.5m for the ship, in a deal that comes with a two-year time charter back to BW at around $11,000 a day.
The BW Barley was the second ship the Andreas Sohmen-Pao affiliate bought when BW decided to found its new dry bulk concern four years ago.
For Malta-registered Sterling, this is the second ship it has bought since it was founded in early 2018. Launched by Norwegians Christopher Fjeld and Markus Reitan, both 32, Sterling’s first vessel acquisition was also from BW Dry Cargo, taking the 2013-built BW Hazel at the end of January this year, a ship that has since been rechristened Sterling Svea and is now time-chartered back to BW Dry Cargo for a firm period of two years.
“Sterling’s strategy is to acquire first-rate 3-10-year-old cash-flow-generating Dry Bulk vessels at current depressed asset values. After a ‘Lost Decade’ in the global shipping markets, we believe the tide is slowly turning and that the moment is ripe to assemble a Dry Bulk fleet that will both generate attractive cash yields and asset value appreciation on a 2-5-year horizon,” the new company states on its website.
Sterling’s founders do not come from a shipping background. They are both co-founders of Interactive Gaming Group, a lead generation company based in Malta.