Cido Shipping’s cape exit has been confirmed as Chinese cape player Rongchang welcomes its fourth cape in three years.
This summer sales chatter surrounded the sale of the 18-year-old cape, Great Navigator, with a few brokers indicating that that ship was for sale.
Now a price tag of $19m and the buyer is attached to the deal, leaving the Hong Kong- and South Korea-based player Cido’s dry bulk division with two supramaxes and one ultramax in the water, while it waits for a dozen newbuilds ordered in China to deliver.
The 66-ship-strong outfit has been quiet in the secondhand market for the year, instead signing for over $3bn in newbuildings focusing primarily on tankers and large car carriers.
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