Excel sells bulker, again

US-controlled Excel Maritime Carriers has reportedly sold a panamax bulker at a price slightly above demolition value.

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The Athens-based bulker owner, which is controlled by private equity giant Oaktree Capital Management, unloaded the 69,100-dwt First Endeavour (built 1994) for $5.6m, according to three broker reports.

The buyer was not identified, although a Greek report indicated that it may be a Chinese company.

The emergence of the latest transaction suggests that a previous sale for $5.3m reported in April was not concluded.

Seasure Shipping's online valuation service VesselsValue.com lists the ship as worth $6.2m. It has a $5.1m scrap value.

However, the First Endeavour is due for a special survey.

Excel purchased the vessel as the Lord Fortune along with a 1998-built panamax for a combined $71m. The ship was built at Japan's Koyo Dock.

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