Prices for vintage capes rise

Prices for vintage capesize bulkers are rising again, as spot rates are up around 300% in a month driven in part by an armada of ships waiting to load bauxite at West African ports. 

Lila Global is widely reported to have sold a pair of 2006-built capes, the 172,000 dwt Maran Sailor and Maran Odyssey, for $19m each. In comparison, Nasdaq-listed Greek owner OceanPal sold a one-year older sister ship in January for $16.2m to China’s Rongchang Shipping. 

Meanwhile, Korea Line is reportedly selling the 15-year-old Daewoo-built bulker Rosemary. Initially, bids were seen at mid-$24m levels. Still, by Friday, it was reported sold for $25m.

One of many owners who has decided to cash in is Eastern Pacific Shipping. Brokers note that this owner is letting go of two Koyo Dock bulkers, selling two 15-year-old 180,00 dwt units, Mount Song and Mount Austin, for about $27m each.