Costamare Bulkers Accelerates Ship Sales Ahead of Chinese New Year
Costamare Bulkers, a New York-listed shipping company based in Monaco, is intensifying its efforts to sell vessels as the Chinese New Year approaches. The company, led by Gregory Zikos, has been actively placing ships on the secondhand market for the second consecutive week. The latest addition to their sales roster is the Clara, a 56,000 dwt supramax vessel built in Japan, which has reportedly been sold for just under $12 million to buyers in the Far East. Notably, Clara is the oldest ship in Costamare’s fleet, highlighting the company’s strategy to offload older tonnage.
The surge in sales comes amid a strong demand from Chinese buyers, who are showing a keen interest in acquiring charter-free vessels. These buyers are willing to pay competitive prices, even for older ships, making it an opportune time for owners like Costamare to capitalize on the current market conditions. The company’s proactive approach reflects a broader trend among heavyweight owners looking to liquidate assets while market values remain robust.
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Recent Transactions Highlight Profit Potential
In addition to the sale of the Clara, Costamare Bulkers has also been reported to sell the Miracle, an 81,000 dwt vessel built in 2011 at Tsuneishi Cebu. This ship was sold for approximately $32 million, a notable increase from the $27 million Costamare paid for it at the end of 2023. This transaction indicates a capital gain of about $5 million, underscoring the potential for profit in the current shipping market.
These two sales mark Costamare Bulkers’ first secondhand disposals of the year, emphasizing the company’s willingness to secure profits amid stable asset values. The company currently owns a diverse fleet of 31 dry bulk vessels, ranging from 55,000 dwt supramaxes to 180,000 dwt capesizes. This strategic move to sell older vessels not only helps in realizing profits but also allows the company to refresh its fleet composition.
As the shipping industry continues to navigate fluctuating market dynamics, Costamare Bulkers’ recent activities reflect a calculated approach to asset management. By capitalizing on favorable market conditions and the appetite of Chinese buyers, the company is positioning itself for future growth while optimizing its existing fleet.
