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 it approaches the Chinese New Year. The company, led by Gregory Zikos, has been actively flooding the secondhand market with ships, aiming to capitalize on favorable conditions. The latest addition to its sales portfolio is the Clara, a 56,000 dwt supramax vessel built in Japan, which has reportedly been sold for just under $12 million to buyers from the Far East. This sale marks the oldest ship in Costamare’s fleet, highlighting the company’s strategy to offload older tonnage.
The trend of selling vessels is not surprising, given the strong demand from Chinese buyers for charter-free ships. These buyers are willing to pay competitive prices for older vessels, making it an opportune time for owners to divest. Last week, Costamare Bulkers also announced the sale of 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 around $5 million, further emphasizing the company’s ability to profit from its assets.
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Strategic Moves in a Resilient Market
The recent sales represent Costamare Bulkers’ first secondhand disposals of the year, reflecting a broader trend among shipowners to secure profits amid stable asset values. The company currently operates 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 ships aligns with the company’s goal of optimizing its fleet and maximizing returns.
As the shipping industry continues to navigate fluctuating market conditions, the appetite for secondhand vessels remains strong. The willingness of Costamare Bulkers to engage in these transactions illustrates a proactive approach to fleet management. By capitalizing on the current market dynamics, the company aims to enhance its financial position and prepare for future opportunities.
Costamare Bulkers is making significant strides in the secondhand market, with recent sales underscoring its commitment to profitability and strategic fleet management. As the Chinese New Year approaches, the company is well-positioned to take advantage of the ongoing demand for vessels, ensuring its continued success in the competitive shipping landscape.
