Wait goes on for 2019’s first confirmed cape sale

Wait goes on for 2019’s first confirmed cape sale

The wait for 2019’s first confirmed capesize sale continues, illustrative of the massive uncertainties facing the dry bulk sector so far this year.

Broking reports out Friday had carried a cape sale, but Splash understands the news is premature. A couple of shipbroking houses reported that Sabanci Haci Densa Shipping had cut its cape fleet in two, letting go of its 180,500 dwt Densa Cobra for $27.5m, a ship the Turkish company paid over $100m for in an eye-catching 2008 resale ahead of the global financial crisis.

Splash understands however that several owners made offers for the Densa Cobra, waiving inspections, but the highest offer was turned down.

MarineTraffic shows the ship is now travelling towards north China where it will be available for inspection shortly.

Several other capes have been put up for sale this year but buyers’ and sellers’ prices have been too divergent in the volatile sector.

Japanese shipping mammoth Nisshin Shipping attempted to sell its oldest cape last month putting an eight-year-old cape named Cologny in the shop window but no sale has emerged. Just before Chinese New Year an eight-year old Imabari-built capesize, Nord Steel, was put up for sale, but received little in terms of firm bids. The only sale reported this year was Damantios Lemos-controlled Unisea Shipping who emerged as the buyer of the Teo family’s last two capesizes. This deal was however concluded in 2018. A two-month gap since the last recorded cape sale is indicative of the turbulent times bulker owners are enduring in the first weeks of the year, with the Baltic Dry Index sliding below 600 points earlier this month.

Related Posts