By Antonis Tsimplakis

 

The secondary market of bulk carriers continues to record frantic rates although it is a difficult period for deals, at a time when prices seem to have reached their peak.

 

The freight brokers recorded a large number of sales in their weekly reports, with Greek companies participating in the recent trend.

 

"The second-hand market for dry bulk carriers remains consistently strong, unaffected by the usual summer lull, with a notable number of deals," shipbroker George Moundreas & Company S.A. said.

 

Most deals are recorded among ships 12-19 years old.

 

Hartland Shipping Services associated the pace of deals with the sprint of the athletes participating in the Olympic Games.

 

The Greek deals

 

One of the most interesting deals of the past week is the sale of the capesize bulk carrier Herun Global (181,056 DWT capacity and built in 2016) by China's Herun Group reportedly to Chartworld.

 

It is noted that during the second half of last year, the Greek shipping company acquired another capesize from the Herun Group, the Herun Zhoushan (built in 2017), which was later renamed Star Asia.

 

As "Naftemporiki" recently reported, Chartworld is implementing investments of more than 160 million dollars in recent months to renew and strengthen its fleet.

 

In particular, the large shipping group has been enhanced since the beginning of the year with three large bulk carriers, two capesize and one mini capesize, while at the same time it has ordered two MR tankers in China.

 

It is noted that since the beginning of 2024, 77 capesize bulkers have changed hands in the secondary market, compared to 122 in 2023, according to data from the shipping brokerage Allied Shipbroking.

 

It seems, however, that Load Line Marine, is also in a buying mood. The shipping company recently delivered the supramax Thetis (capacity 57,981 DWT and built in 2013), which was renamed Eagle Trader. Shipping brokers reported a few months ago that the ship changed hands for 17.5 million dollars.

 

At the same time, domestic shipping companies are connecting the Greek shipping company with two more agreements.

 

One concerns the supramax Gillingham (capacity 58,000 DWT and built in 2010) and the other the handysize bulker Dl Jasmine (capacity 33,737 DWT and built in 2012).

 

Although not yet confirmed, the two reported purchases fit the profile of Load Line Marine, which specializes in supramaxes/ultramaxes and handies.

 

Higher revenue and profits with new green investments

 

The president of the US-listed shipping company Safe Bulkers, Loukas Barbaris, focuses on the company's strong liquidity, commenting on the company's financial results for the second quarter of 2024.

 

Barbaris stated "our strong liquidity and leverage allow us to be flexible with our capital allocation, remain focused on long-term value creation and at the same time reward shareholders with a dividend of five cents per common share."

 

Regarding the goals achieved by Safe Bulkers in 2024, he emphasized that "the key developments of the second quarter, include the stronger market compared to the previous year, the implementation of our new integrated management system according to the new standards (DryBMS), the order of two additional newbuild vessels compliant with the International Maritime Organization (IMO) Phase 3 eco standards, in line with our fleet renewal strategy, and the issuance of the 2023 sustainability report detailing our ESG practices and vision us for the future."