'We will be back': Norway's Atlantica Shipping exits dry bulk market with Supramax sales

The Norwegian shipping company announced via social media that it has completed the sales of its final two 2009-built and 56,000-dwt Supramax bulk carriers. Paro has been renamed Sun Profit and now operates under Hong Kong-based interests. Meanwhile, Atlantica Sun has been renamed Chariana L, though details about its new ownership remain unclear.

“These were the last of our dry bulk vessels,” Atlantica Shipping stated, while leaving open the possibility of a future return with the message, “We will be back.”

Weak market environment

Atlantica’s exit aligns with a period of weakness in the dry bulk market, as earnings continue to decline during the seasonally challenging first quarter. Falling charter rates have also impacted asset values, with shipbrokers reporting price corrections ranging from 1% to 22% across all vessel segments and age groups over the past six months.

Amid these developments, Supramax and Ultramax bulk carriers remain in demand within the secondhand market. Data from Allied Shipbroking indicates that in 2024, this size class was the most traded in the dry bulk sector, accounting for 276 of the 767 vessels sold. In early 2025, 11 Supramax bulk carriers have already been involved in sale-and-purchase (S&P) deals, highlighting continued interest in this segment.

Container vessel comeback

As Atlantica exits dry bulk shipping, the company has turned its attention back to the container vessel sector. In the second half of 2024, it acquired 4,616-TEU Atlantica Power and 3,635-TEU Atlantica Pioneer. This move coincided with a favourable period in the container market, marked by elevated rates following disruptions caused by the Red Sea crisis.

While diversifying its portfolio, Atlantica continues to focus on the offshore vessel sector, which remains its primary area of operations. The company currently manages a fleet of eight platform supply vessels.

Founded in 1997, Atlantica Shipping has grown from an operator of vessels to a shipowner and manager. The company is owned by its management, along with local investors, Egon Oldendorff and AM Nomikos.