According to Splash247, Eyal Ofer's London-based Zodiac Maritime has completed its first capesize disposal of the year, with brokers telling the outlet the company secured a record price for a vintage vessel. Splash247 reported that the scrubber-fitted 180,300 deadweight tonne (dwt) Cape Condor, built in 2010 at Japan's Koyo Dockyard, was sold for $39m, and no taker has been linked to the deal.
The price stands well above prevailing market estimates.
Record price versus market benchmarks
Splash247 reported that the price stands well above prevailing market estimates. Online valuation platform VesselsValue places the ship's market value at $33.73m, while shipbroker Star Asia has been quoting around $35m for 15-year-old capesize bulkers, according to the report. Splash247 also noted that the Cape Condor was added to Zodiac's fleet in 2018 for around $29m.
| Benchmark | Value | Source |
|---|---|---|
| Cape Condor reported sale price | $39m | Brokers cited by Splash247 |
| VesselsValue market valuation | $33.73m | VesselsValue via Splash247 |
| Star Asia quote for 15-year-old capesize bulkers | ~$35m | Star Asia via Splash247 |
| Zodiac Maritime's 2018 purchase price | ~$29m | Splash247 |
Who is involved in the transaction
Splash247's report described the key parties and vessel:
- Seller: Eyal Ofer's Zodiac Maritime, based in London.
- Vessel: Cape Condor, a scrubber-fitted 180,300 dwt capesize bulker built in 2010 at Japan's Koyo Dockyard.
- Buyer: Not publicly identified; Splash247 reported no taker has been linked to the deal.
- Market observers: Brokers cited by Splash247, plus VesselsValue and Star Asia in their valuations.
Why the record price matters
Splash247 reported that the premium underscores the strength of today's secondhand capesize market, where buyers continue to compete aggressively for quality Japanese-built vessels. Based on the figures in the report, the $39m sale price sits roughly $5.27m above VesselsValue's $33.73m valuation and about $4m above Star Asia's ~$35m quote for 15-year-old capesize tonnage. This sale, the first capesize disposal of the year for Zodiac Maritime, gives dry bulk operators a concrete reference point for vintage, scrubber-fitted Japanese tonnage, according to the brokers cited by Splash247.
Zodiac Maritime's parallel expansion
The sale comes as Zodiac Maritime has been actively expanding elsewhere, according to Splash247. The outlet reported that the company is pursuing a containership newbuilding programme and placing orders for new car carriers amid booming Chinese vehicle exports. This expansion context matters for logistics managers because it shows Zodiac Maritime investing in both container shipping capacity and car carrier tonnage at the same time it disposes of an older dry bulk asset, as described in the report.
Shipper and operator implications
For freight forwarders, logistics managers, and ocean carriers, this sale is an asset-market signal rather than a freight-rate signal. Splash247's report contained no spot rate benchmarks, no port congestion data, no container availability figures, no air cargo pricing, and no last-mile delivery metrics. What the report does provide is evidence of a record price for a vintage, scrubber-fitted, Japanese-built capesize, with the buyer still unidentified.
Owners and operators tracking dry bulk asset values can use the $39m Cape Condor price as a benchmark alongside the VesselsValue and Star Asia estimates cited in the report. The transaction also shows Zodiac Maritime redeploying capital away from a 2010-built dry bulk asset and into containership newbuilds and car carrier orders, a shift that Splash247 linked to booming Chinese vehicle exports. The dry bulk secondhand segment is currently marked by aggressive buyer competition for quality vessels, according to the brokers cited by Splash247, and the Cape Condor sale price is the clearest evidence of that dynamic in the report.
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