Deal for Capesize bulkers takes the market spotlight

PUBLISHED : Friday, 18 June, 1993, 12:00am
UPDATED : Friday, 18 June, 1993, 12:00am

UNDOUBTEDLY the highlight of last week was the sale of Shell's two Capesize bulkers to Frangos - the first vessels of this size and vintage sold this year.

In general, prices remained firm but the lack of sales candidates continues to be a problem. In the tanker market, Troodos was reported to have purchased Chevron's million barrel Chevron Sun of about 156,299 deadweight tonnes (dwt), built by Mitsubishi in 1977, for US$9.4 million.

Wah Kwong is believed to have sold Liberty Bell Venture of about 61,375 dwt, built by Oshima in 1981, to Sonap for $15 million, though this is understood to be subject to Sonap winning the relevant Chilean tender.

The Yugoslav-built product tanker Cliff of about 39,702 dwt, built in 1981, has been sold to United Tankers of Sweden for about $14 million, reportedly with 100 per cent financing.

In the bulk-carrier market, Tribulus and Tricula of about 127,907 dwt each, built by Hyundai in 1981, have been sold by Shell to J. Frangos for about $38 million the pair.

The UK-built Alberta of about 30,820 dwt, built by Sunderland in 1984, has been sold to Fafalios for $12.9 million, while East Asiatic Co of Copenhagen is reported to have taken the Teh Tung-controlled Ballena of about 39,630 dwt, built in China in 1986, for around $16 million.

Bergesen's Polish-built long Panamax Berge Charlotte of about 70,510 dwt, built by Komuny in 1984, is reported to have been sold to Papadakis for close to $16 million.

Vizcaya of about 26,931 dwt, built by Govan in 1976, controlled by Jebsens Thun in Norway, has been sold to Piraeus Greeks for around $4.95 million.

Indonesian buyers are rumoured to have bought J Myra of about 12,016 dwt, built by Ujina in 1976, for $2.1 million.

In the Tween-decker market, the Romanian-controlled Teliuc of about 15,000 dwt, built by Galatz in December 1991, is reported to have been sold to Greek buyers for around $6.2 million.