Strong summer interest for capes

Despite a sluggish summer tempo in dry bulk S&P, one size stands out, with capes being the hottest sale candidate.

Sales are also up compared to last year’s impressive run rate, while prices remain firm despite predictions about falling asset prices. Of notable interest are both modern and vintage capes.

The last sale to fill up reports is a sale by Greek owner Neda Maritime, noted selling the 2009-built, 180,000 dwt Ariadne, sold for $21.5m after receiving a string of bids. The price is in line with last week’s sale of the one-year younger, same-sized, Sungdong-built Cape Agamemnon, a ship noted sold for $22m by Capital Product Partners.

At the end of July, another 2009 built cape, Shiosai, was sold for $20.85m.

The sales reveal that prices are maintained as both Greek and Chinese buyers are hassling their banks to release money to buy more ships. Even ships expected to be sold for scrap are being saved.

The oldest reported sale this summer was done by one owner who is actively scouting vintage tonnage, Lila Global, which has added its fourth vintage cape this year. The fast-growing sister firm to GMS has added a 21-one-year-old Sasebo-built cape, now renamed Lila Rio. No price has been attached to this deal however, VesselsValue indicates that the market value and demo value are the same for this ship, setting the price at $13.82m.