On first week of July 2019, Cobelfret and Nissen Kaiun sold two capesize dry bulk carriers.
These transactions don’t necessarily mean a comeback for capescapesize dry bulk carriers in the sale and purchase market. Cobelfret sold 2004 Japanese built capesize dry bulk carrier 177K DWT MV Lowlands Phoenix to Chinese shipowners for about $13.2 million. Nissen Kaiun sold 2011 Japanese built capesize dry bulk carrier 182K DWT MV Global Mercator to Greek shipowner Samos Steamship for about $26.2 million.
Despite the latest transactions of capesize dry bulk carriers, sale and purchase market remains relatively stagnant, even though cape spot rates are at the highest level seen in 11 months. According to sale and purchase market experts, capesize bulk carrier book values are still relatively high, that is why Japanese shipowners are trying to sell ships and book a tax loss. Till July 2019, only 9 other capesize bulk carries have been reported sold. Some shipowners are selling their ships in order to free up capital to order newbuildings. Japanese shipowner Nissen Kaiun ordered 10 handysize log carrier newbuildings worth about total $250 million at Japan’s Tsuneishi Shipbuilding.
Meanwhile, Singapore based shipowner Singa Star is trying to sell 2007 built capescapesize dry bulk carrier 180K DWT MV Nord Steel for around $18 million. MV Nord Steel has been in and out of sale and purchase marke since around 2 January 2019. Singa Star had originally hoped to achieve a price of over $22 million.