Greece's Kyla Shipping linked to Capesize bulker via BBHP arrangement

According to Equasis, the Greek company has been listed as the new manager of 2010-built, 181,494 dwt Ocean Crest – formerly known as Asian Blossom – while Japan’s Toyo Kaiun, identified as the seller, remains recorded as the vessel’s registered owner.

Shipbrokers reported the vessel changed hands in July on the basis of a two-year BBHP, a structure commonly favoured by Japanese owners. Under such arrangements, sellers typically record the sale and associated profit only upon completion of the charter term.

Market sources explained that, within this framework, formal title transfer occurs only at the end of the hire period, which likely explains why Ocean Crest continues to appear under Japanese ownership in public records.

The price for the vessel was reported at around US$28M.

Kyla Shipping – currently listed with 11 bulk carriers, including the latest acquisition – has been contacted for comment. The company’s previous secondhand purchase was 2013-built Kamsarmax Capella, acquired in 2023.

The Asian Blossom transaction took place amid a broader trend of mid-aged Capesize sales to Greek buyers, including a deal involving John Dragnis-led Goldenport Shipmanagement. In recent weeks, newer and larger Newcastlemax units have also featured in sale-and-purchase activity.

According to Allied Shipbroking, 65 Capesize/VLOC vessels, with an average age of 15 years, have changed hands so far in 2025.