Cobelfret Bulk Carriers

5-December-2019

Luxembourg based shipowner and operator Cobelfret Bulk Carriers sold third capesize bulk carrier in 2019. Belgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers continue to trim its bulk carrier fleet. Cobelfret Bulk Carriers sold 2005 built capesize bulk carrier 176K DWT MV Lowlands Orchid for $15.9 million. In 2005 MV Lowlands Orchid was built at Universal Shipbuilding, Japan. MV Lowlands Orchid is due for a special survey in October 2020.

In September 2019, Cobelfret Bulk Carriers sold 2002 built capesize bulk carrier 169K DWT MV Lowlands Brilliance $11.9 million. In 2002, MV Lowlands Brilliance was built at Hyundai Heavy Industries, South Korea. MV Lowlands Brilliance was renamed as MV F Fortune by Korean shipowner and operator SM Line.

In July 2019, Cobelfret Bulk Carriers sold 2004 built capesize bulk carrier 177K DWT MV Lowlands Phoenix for $11.85 million. MV Lowlands Phoenix was acquired by Chinese shipowners Sinounion Shipping Services.

In 2018, Cobelfret Bulk Carriers also sold 2001 built capesize bulk carrier 173K DWT MV Lowlands Longevity to the same Korean shipowner SM Line.

After the sale of MV Lowlands Longevity, Luxembourg based shipowner and operator Cobelfret Bulk Carriers will be left with one capesize bulk carrier 2012 built 179K DWT MV Lowlands Prosperity, 14 small bulk carriers and 21 Ro-Ro ships.

10-July-2019

In the first week of July 2019, Cobelfret Bulk Carriers and Nissen Kaiun sold two capesize dry bulk carriers. Nevertheless, these transactions don’t necessarily mean a revival for capesize dry bulk carriers in the sale and purchase market. Cobelfret Bulk Carriers sold 2004 Japanese built capesize dry bulk carrier 177K DWT MV Lowlands Phoenix to Chinese shipowners for about $13 million. Nissen Kaiun sold 2011 Japanese built capesize dry bulk carrier 182K DWT MV Global Mercator to Greek shipowner Samos Steamship for about $26 million.

Despite the latest transactions of capesize dry bulk carriers, the 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 new-buildings. Japanese shipowner Nissen Kaiun ordered 10 handysize log carrier new-buildings worth about total $250 million at Japan’s Tsuneishi Shipbuilding. Meantime, Singapore based shipowner Singa Star is trying to sell 2007 built capesize dry bulk carrier 180K DWT MV Nord Steel for around $18 million. MV Nord Steel has been in and out of sale and purchase market since the first week of January 2019. Formerly, Singa Star had expected to achieve a price of over $22 million.