Vintage capes find new owners

In dry, the capesize market stands out with a string of transactions, with vintage capes being the primary target for buyers of secondhand bulker tonnage. 

Prices are firming as rates are again on the rise. Five capes between 15 and 20 years of age were sold in the last 10 days.

Last week saw OceanPal, a Nasdaq-listed spinoff of Diana Shipping, selling the 2005-built, 177,243 dwt capesize bulker Baltimore for $18.3m. 

This week, sources told Splash that Anil Sharma is back in the market. This canny watcher of price movements, who controls ship recycler GMS and shipowner Lila Global out of Dubai, has decided to cash in on some of the recent asset appreciation. Sources note that Sharma is selling the 2004-built 175,000 Haiti for $15m, a ship it added late last year for an undisclosed price. This is a substantial price for this rusty bucket, a ship with its special service overdue, and ship data shows that class is suspended by the China Classification Society. Sharma is also reported selling the 2003-built P Melis. This ship is noted sold for $16m ,a vessel Sharma added early last year from Golden Union.

Another vintage giant reported sold is the 2007-built Heng Shan, a ship sold by Sincere Navigation for close to $22m.