Danaos, the Greek containership owner, is maintaining its confidence in the dry bulk market by making yet another strategic investment in secondhand capesize tonnage.
Danaos Expands Its Capesize Fleet
According to brokers, the John Coustas-led boxship tonnage provider, which earlier this year acquired five capes, has snapped up Sinokor’s 175.879 dwt 2009-built West Trader for about $18.8m.
In July, the New York-listed firm sealed an in-principle deal with China Development Bank Financial Leasing to acquire a capesize quintet built in 2010 through 2012 for a total of $103m. These ships should deliver between September and October.
Danaos’ Strategic Moves
The deal followed Danaos’ opportunistic cash deployment towards Eagle Bulk stock in June for about 16.7% ownership interest worth, at the time, about $68.2m. Petros Panagiotidis and his bulker and containership owner Castor Maritime were also among those who swooped on the Connecticut-based bulker owner.
Commenting on the dry bulk play in its Q2 earnings report, Danaos said it believes in the segment’s long-term fundamentals on the back of historically low orderbook, while fleet supply growth is projected to decline significantly over the next several years against a backdrop of rebounding demand.
The latest transaction for the Singapore-flagged vessel is yet to be confirmed by the company, which currently owns nearly 70 boxships, five firm capes and a significant position in the 52-strong Eagle Bulk fleet estimated to be worth around $1bn.
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Source : Splash 247
