The secondary market for vintage capesize bulkers remains active, with Greek owner NGM selling the 2003-built, 171,000 deadweight tonne (dwt) vessel Charm to Chinese interests for around $17.4 million, according to Splash247. The ship had been acquired under the name Aquacharm in 2020 from John Michael Radziwill for around $10 million, generating a significant gain for NGM.
Market Context
The Greek capesize shake-out is accelerating, and Nicholas George Moundreas, the principal of NGM, remains one of Greece’s savviest asset players, making strong gains from flipping older ships in a historically firm capesize market, Splash247 reported.
Recent Vintage Capesize Sales
Sales registers show a raft of vintage bulkers have been saved from the breakers in recent months. NGM has sold three vintage capesize vessels in the past six months. Other recent sales reported by the outlet include:
- Kerkis (2007-built), sold by Alberta Shipmanagement
- Maran Argonaut (2009-built), sold by Maran Dry Management
- Maran Happiness (2008-built), sold by Maran Dry Management
- Chin Shan (2004-built), sold by Sincere Navigation Corp
- Pigassos (2011-built), sold by Lavinia Bulk
- XH Navigator (2005-built), sold by Everbright Financial
This wave of transactions indicates robust demand for secondhand tonnage in the capesize segment, with vessels once destined for demolition finding new homes in Chinese hands.
Implications for Operators
For freight forwarders and logistics managers, the active sale of vintage capesize tonnage reflects a historically firm market for bulk shipping. While the article does not specify current freight rates, the willingness of owners to pay premiums for older ships suggests strong underlying demand for dry bulk capacity. Operators should monitor whether this trend continues to tighten supply or signals a peak in asset values.
Watch List
No upcoming factors were mentioned in the source article. However, the continued volume of vintage capesize sales bears watching for shifts in demolition rates and future fleet composition.
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