Fredriksen's Seatankers linked to bulk carrier sale spree 

European shipbrokers report Seatankers has sold Sea Pluto, an 81,000-dwt Kamsarmax built in 2013, for around US$17M. Sources also indicate a vessel of the same specification, Sea Venus, has been divested at a similar price.

These latest reported transactions follow shipbroking references since mid-March linking Seatankers to the sale of Sea Poseidon, a 2011-built Capesize, and Sea Marathon, a 2015-built Kamsarmax.

A common feature among all four vessels is they were built in Chinese shipyards.

In recent weeks, shipbrokers have observed Japanese-built vessels are fetching significant premiums over their Chinese counterparts. A 2011-built Japanese Kamsarmax recently sold for over US$17M – an appealing valuation given its age – while a 2014-built Japanese vessel of similar size was sold for just over US$20M in February.

Greek shipbroker WeberSeas noted Chinese-built Kamsarmaxes are trading at a discount of approximately 20% compared with Japanese-built units. This growing price gap is attributed in part to the uncertainty around potential US port fee regulations, which the market is closely monitoring.

Strategic realignment or sale spree?

Returning to Seatankers, speculation about Mr Fredriksen’s interest in the dry bulk market has intensified following the sale of his stake in US-listed bulk carrier specialist Golden Ocean. Shortly after though, he re-entered the dry bulk public sector by acquiring a 10% stake in Greece-based giant Star Bulk Carriers.

Shipbroking sources familiar with Mr Fredriksen’s ventures said Sea Pluto and Sea Venus were widely seen as potential sale candidates. They added Seatankers has four more similar vessels that could also be marketed for sale in the near future.

“It’s difficult to predict its future strategy, it’s very pragmatic and quick to act when market conditions shift,” said one market source. “But it’s fair to say it’s always open to strong opportunities.”

Notably and in parallel with these asset sales, Seatankers is currently engaged in a newbuilding programme in China that includes six Newcastlemax and four Kamsarmax bulk carriers.