JP Morgan Tied to Bulker Purchase

Shipspotting JP Morgan Global Maritime has been tied to a purchase of the 2012-built Supramax bulk carrier Ocean Symphony. The company allegedly entered into a sub-sale agreement with Japan-based United Ocean Group, according to information provided by VesselsValue. Once the transaction is completed, the 58,100 dwt Ocean Symphony will be bought for USD 15.2 million. Currently, the market value of the 32,311 gross ton bulker stands at USD 16.06 million. Featuring a length of 190 meters and a width of 32.3 meters, the ship was built at Tsuneishi Cebu shipyard in the Philippines. Earlier this month, World Maritime News reported that JP Morgan Asset Management has raised USD 480 million from insurers and pension funds aimed at investing into distressed shipping assets. The fund sparked considerable interest as the shipping sector proved to be one of the sluggish ones abounding in cheap assets. World Maritime News Staff; Image Courtesy: Shipspotting