Rates rise gives lift to sales of large ships

PUBLISHED : Wednesday, 17 August, 1994, 12:00am
UPDATED : Wednesday, 17 August, 1994, 12:00am

THERE have been several Capesize Panamax sales in the past week as freight rates have firmed for these larger ships, according to Wallem Shipbrokers (Hong Kong).

World-Wide Shipping Agency continues to sell off tonnage while Pan Ocean's purchasing of Handysize bulkers continues unabated.

World-Wide has sold its Suezmax tanker Rhapsody (139,527 dwt), built by Koyo in 1977, for about US$7 million to Bergshav, representing Greek interests.

The Anand (30,616 dwt), built by Wilton-Fijenoor in 1973, has been sold on a bareboat hire-purchase basis to undisclosed buyers for $2.5 million.

In the bulker market, Zodiac is believed to have bought the Tsukuba Maru (201,227 dwt), built by Sumitomo in 1983, for $23 million.

The ore-oiler Steel Glory - formerly the Kashee - (138,675 dwt), built by Ishikawajima in 1975, has been sold by Cheer Glory of Hong Kong to Efshipping of Piraeus for $4 million.

The El Pionero (129,882 dwt), built by Mitsubishi in 1976, was bought by N.G. Moundreas for $6 million.

Brave Maritime of Piraeus has purchased the World-Wide controlled Panamax Presence (61,569 dwt), built by Koyo in 1982, for $10 million.

Indian buyers have purchased the geared Panamax Gemini (55,822 dwt), built by Sanoyasu in 1979, for $9 million.

Pan Ocean continues its recent buying spree with the purchase of Rubin Doga (26,717 dwt), built by Kurushima in 1985, from the Japanese for around $12 million.

The Brazilian-built SD14-type Tweendeckers Frontier and Horizon (14,600 dwt), built by CCN in 1988, are believed to have been sold to Piraeus buyers for just under $10 million for the pair.