Report: JP Morgan Takes Cape Pair

Shipspotting US-based JP Morgan Global Maritime has been linked to a purchase of two secondhand Capesize bulkers. The company allegedly entered into agreements to buy Cartigny and Chevrier from SwissMarine Services SA. Once the transaction is completed, the 182,000 dwt ships will be bought for USD 44.8 million each, according to information provided by Intermodal Shipbrokers. The agreements also include three-year bareboat time charters for each bulk carrier, with daily rates of USD 17,000. Built at Japan Marine United shipyard in 2016, Cartigny and Chevrier have market values of around USD 41 million, VesselsValues data shows. In June, JP Morgan Asset Management 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 sectors that abounds in cheap assets. World Maritime News Staff; Image Courtesy: Shipspotting