Brokers are reporting that American investment firm Mangrove Parners has headed to China for a series of newcastlemax bulkers.
The 2010-founded investment vehicle has signed for two firm 208,000 dwt newcastlemaxes and two options, which are expected to be exercised soon. The firm ships are set for delivery in 2020 and come with a price tag of $48.5m per unit.
Yangzijiang, China’s largest private shipbuilder, has built up the world’s biggest backlog of newcastlemax orders, led by Chinese leasors.
On its site, New York-based Mangrove states its aim is to build a portfolio that concentrates on an “identified subset of systematically underfollowed investments and inefficient markets”.