India’s Great Eastern Shipping appears set for a comeback in the capesize space with the purchase of a modern, Hyundai-built ship.
Sources say the company has bought the 179,000-dwt Cape Althea (built 2011) for as little as $23m from K Line of Japan. Some suggest the price could be as high as $24m to $24.5m, which would imply the recent improvement in values has continued but would hardly be justified given the flattening-out of bulker rates.
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