EGPN Bulk Carrier Exits Cape Segment with Major Sale
In a strategic move, Chinese company EGPN Bulk Carrier is exiting the cape segment by selling its last vessel, the Eastern Freesia, for $23.25 million. This sale marks a significant milestone for the company, which initially entered the market in January 2021. The transaction not only reflects EGPN’s adeptness in asset management but also highlights its success in capitalizing on favorable market conditions.
Profitable Exit and Market Strategy
Broker sources have confirmed that EGPN is set to profit significantly from the sale of the 14-year-old Eastern Freesia, which it acquired for approximately $15.25 million four years ago when it was known as the Tiger Jiangsu. The vessel, with a deadweight tonnage of 180,000, was built at Qingdao Beihai Shipyard, and EGPN emerged as the highest bidder during its initial purchase. This latest sale underscores the company’s reputation as a savvy player in the shipping industry, known for its strategic timing and market maneuvers.
Since its inception in May 2017, EGPN has made a name for itself by successfully trading 18 ships in and out of its fleet. The company has demonstrated a keen ability to navigate the fluctuating market, often making headlines for its asset plays. In addition to its trading activities, EGPN has invested in local shipyards, further solidifying its presence in the maritime sector.
Once the sale of the Eastern Freesia is finalized, EGPN will retain only two bulk carriers in its fleet while preparing for the arrival of twelve new tanker builds. This strategic shift indicates a potential focus on expanding its operations in the tanker segment, positioning the company for future growth and opportunities in the maritime industry.
