Cido Shaves Off Most of Its Dry Bulkers

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Cido sold five bulkers in the last three weeks, shaving off most of its panamax arm, and a supramax, reports Splash 247.

Signals shrinking

The 70-ship strong outfit has shown signs that it wants to shrink its exposure to the bulker segment for months. 

Its selloff started last summer when it began marketing half its cape fleet, and later selling a 14-year-old cape last autumn. Since then it has been quiet through to this month. Now senior officials have decided that the time is to sell. 

Sale details

Cido has sold:

  • The 2008-built, 82,300 dwt Fortune Rainbow for $14m, and 
  • the 55,000 dwt Mitsui supramax, Fortune Wing, for $11.75m. 

Previous sales

Last week Safe Bulkers revealed that it had entered into an agreement to buy a 2011-built Japanese panamax for $14m, a ship now identified as Cido´s 76,000 dwt Fortune Daisy.

This sale came some 10 days after Cido sold the 2009-built, 82,300 dwt Oshima-built bulker Fortune Miracle, $14.5m, to another Nasdaq-listed Greek bulker owner, Castor Maritime. 

Its first sale this year was sealed in the last week of January, when it offloaded a 2008-built sister ship of Fortune Miracle, named Fortune Sunny.

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Source: Splash 247

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