Already registered? Download PDF LOGIN or SIGN UP
Editor in chief: Angelo Scorza
04/11/19 09:38

Express Holding selling and looking for a bulk carrier

According to rumours, also Premuda’s unit Four Smile was sold

Italian investment fund Express Holding, which recently took over the Savona-based shipping company Finbeta, is looking for an Handymax or Ultramax bulk carrier.

Market sources revealed it to Ship2Shore, explaining that the investment vehicle headed by Paolo Favilla is planning to decommission one of its dry bulk carriers, and to replace it with a more modern vessel. The plan was confirmed by sales brokers, which believe that Express Holding is offering for sale its Handysize bulk carrier Apuana D, which is currently deployed in the Red Sea. The price of this ship, built in 1998 by the Japanese shipyard Saiki Heavy Industries, exceeds 4 million dollars, even if according to its current market value ranges from 3.5 to 4 million.

Following the decommissioning of the Apuana D unit which, before being purchased by Express Holding belonged to the Carrara-based shipowners groups T-Bulk of the Donati family first, and then to Bogazzi’s Navalmar UK, the team headed by Paolo Favilla will replace this Handysize (32,000 gross tonnage) unit with another dry bulk carrier, both more modern and with a greater capacity.

As concerns ship sales related to Italian interests, according to several sources Premuda sold its tanker Four Smile – built in 2001 and with a gross capacity of 160,000 tons – to a Middle East company for around 17 million dollars. However, a few days ago Premuda managing director Marco Fiori denied the conclusion of the transaction.

Finally, the management company Marware denied the sale of the MR1 tanker Kingfisher which, according to several sources, was sold for 7 million USD.


Nicola Capuzzo

TAG : Bulker