Trader Mercuria breaks into dry bulk shipowning with Capesize deal

According to shipbroking and market sources, a subsidiary of Mercuria Energy Group has acquired Lavaredo, a 169,092-dwt Capesize bulk carrier built in 2010, formerly known as Nordboen Sun. The deal, reported by shipbroking firms last November, involved undisclosed buyers and was valued at approximately US$23.5M.

The vessel will be commercially operated by Mercuria Shipping and managed by MM Marine, a Greece-based shipmanagement subsidiary of Mercuria Energy Group. Lavaredo marks Mercuria’s first owned bulk carrier, although the group is already a major time charterer in the dry bulk sector and other shipping markets.

Mercuria was notably active in fleet expansion throughout 2024, having been linked to newbuilding orders for VLCCs, LR1 and MR product tankers at Chinese shipyards.

Mercuria was founded in Geneva by Swiss traders Marco Dunand and Daniel Jaeggi. MM Marine is listed with 40 vessels, predominantly product and crude oil tankers, according to information provided by its website.

Capesize trends

Capesize bulk carriers have remained highly attractive in the sale and purchase (S&P) market over the past two years, with Chinese buyers leading the demand for tonnage.

Data from Allied Shipbroking indicates 126 Capesize vessels, with a total carrying capacity of 23.5M dwt, changed hands in 2024, an increase from 122 vessels (22.3M dwt) in 2023. According to WeberSeas (Hellas), Chinese owners accounted for over 50% of the Capesize vessels sold last year, with a strong emphasis also on Newcastlemax bulkers

With the dry bulk market struggling since late 2024, asset values have declined, presenting investment opportunities for shipping companies looking to capitalise on the market’s low cycle. Allied Shipbroking data shows Capesize values have corrected between 1% and 9% across all age groups over the past six months.