The company is paying Japan’s Kumiai Navigation just $6.3m — a fraction over scrap value — for the 172,000-dwt Cape Century (built 2001), which comes off a six-month-charter to Cargill at $12,850 per day on 22 March.
In November, Karadeniz paid $9m for a sistership, the Nisshin Trader (built 2001).
The Cape Century deal shows how values continue to slide.
Karadeniz started buying bulkers for conversion in December 2014, with the aim of buying four capesizes for the purpose.
It
