Maybulk to sell newest bulker

The fleet of Malysian Bulk Carriers (Maybulk) is set to shrink further as the company seeks a buyer for one of its most modern ships, the 55,000-dwt bulker Alam Makmur (built 2015).

The Mitsui-built ship can be inspected in Yangjiang, China, this weekend and is expected to receive strong interest.

A price of around $21m has been mentioned for the bulker, which was reportedly ordered for $26m to $27m.

The timing of the sale appears quite good for Maybulk. Early last year, the ship was not worth much more than $15m.

The company could not be reached for comment.

But a sale raises a question over where the shipowner is heading. Maybulk has already sold two bulkers this year.

Last year, Maybulk sold four ships, including its only tankers.

The company currently has a fleet of seven ships, either supramaxes or post-panamaxes, with an average age of seven years.

Kuok (Singapore) Ltd controls 34.4% of the shares in the Kuala Lumpur-based owner with another 14% held by Malaysia’s PPB Group Bhd, which is majority controlled by Robert Kuok.

Maybulk recently revealed a second-quarter loss of MYR 9.6m ($2.29m), a significant improvement on the MYR 40.5m it registered for the same period of 2016. It attributed this in part to improved dry bulk charter rates.

The company adds that its board is encouraged by the improving dry bulk market.