Western Bulk nets $4.5m from sale of modern ultramax

Norwegian dry bulk operator Western Bulk Chartering has bagged around $4.5m in profits from the sale of a 2019-built ultramax.

The Western Oslo has been offloaded to an undisclosed buyer after the Oslo-listed company exercised a purchase option at Nisshin Shipping.

“It stands as a testament to our team’s expertise and strategic approach, enabling us to capitalise on market opportunities across business cycles,” said Ørjan Svanevik, interim chief executive at Western Bulk. 

Brokers suggest South Korea’s HMM picked up the vessel in June for $32m.

The Christen Sveaas-controlled outfit operates in the handysize, supramax and ultramax segments, running a fleet of more than 100 ships. The company said it will be evaluating other purchase options in its trading book.

“The secondhand market for 5-year-old eco ultramax vessels was approximately $3.5m – $4.5m lower last year compared to this year. As an asset-light operator in the dry bulk market, we are pleased to profit from historical lease contracts with our close counterparts,” added Jørgen Veie-Rosvoll, head of period tonnage at Western Bulk.