Diversified shipowner and operator Zodiac Maritime is expanding its fleet with fourth large bulk carrier purchase in 2019. Eyal Ofer led Zodiac Maritime bought 2005 built Very Large Ore Carrier (VLOC) 203K DWT MV Azul Fortuna for about $15.8 million from Japanese shipowner Kotobuki Shipping. Zodiac Maritime is renewing its fleet.
In May 2019, Zodiac Maritime bought 2004 built Very Large Ore Carrier (VLOC) 233K DWT MV Cape Toucan (ex MV Pacific Glory) for about $14.6 million.
In September 2019, Zodiac Maritime bought 2004 built Very Large Ore Carrier (VLOC) 203K DWT MV Cape Kori (ex MV Azul Challenge) for about $16.8 million. In September 2019, Zodiac Maritime also bought 2012 built capesize bulk carier 180K DWT MV Cape Krane (ex MV Frontier Voyager) for about $25.9 million.
Zodiac Maritime has not disposed of any ships in capesize segment since 2018. Zodiac Maritime’s fleet comprises 27 large bulk carriers and also 13 handysize to kamsarmax bulk carriers.
Eyal Ofer led diversified shipowner and operator Zodiac Maritime has acquired Japanese controlled capesize bulk carrier. Zodiac Maritime has been taking advantage of fairly low price tags in the capesize bulk segment. Zodiac Maritime has acquired 2012 built capesize bulk carrier 180 DWT MV Frontier Voyager for about $24.5 million from Tokyo listed shipping giant NYK (Nippon Yusen Kabushiki Kaisha). According to market veterans, MV Frontier Voyager has a price tag of around $28 million.
In 2012, MV Frontier Voyager was built at Tsuneishi Heavy Industries Cebu. Currently, diversified shipowner and operator Zodiac Maritime’s fleet comprises 39 bulk carriers which includes 20 capesize bulk carriers and 7 VLOCs (Very Large Ore Carriers).
In May 2019, Zodiac Maritime bought 2004 built VLOC (Very Large Ore Carrier) 233K DWT MV Cape Toucan (ex MV Pacific Glory) from Tokyo listed giant Mitsui O.S.K. Lines for about $14.6 million. In May 2019, bulk freight rates were considered really depressed. Eyal Ofer led diversified shipowner and operator Zodiac Maritime has generally been expanding its fleet, but Zodiac Maritime has also been known to make opportunistic asset plays. For example, in July 2015, Zodiac Maritime bought the 2015 built capesize bulk carrier 181K DWT MV SBI Puro and 2015 built capesize bulk carrier 181K DWT MV SBI Valrico from Scorpio Bulkers for about $35.3 million each.
In June 2018, Zodiac Maritime sold MV SBI Puro and MV SBI Valrico to Genco Shipping & Trading for $45 million each. In November 2018, Zodiac Maritime bought 2010 built capesize bulk carrier 180K DWT MV Frontier Ambition for about $29 million.
Eyal Ofer’s Zodiac Maritime continues to be busy disposing of vintage bulkers for demolition. Zodiac Maritime sold the 1991 built Very Large Ore Carrier (VLOC) 267K DWT DWT M/V Wugang Orient for scrapping in Bangladesh for $234 per ldt, or $8.7 million. It is the fourth large bulker that Zodiac Maritime has sold for recycling this year. Zodiac Maritime still have 9 capesize bulk carriers built before 2000.