Wisdom Marine Co., Ltd. (Wisdom Marine), Taiwan’s largest bulk carrier owner, has formally exited the Capesize bulk carrier market.
Shipbrokers disclosed that Wisdom Marine has sold its 179,000 DWT Capesize bulk carrier Frontier Bonanza to an undisclosed Greek owner. Built and delivered by Hyundai Heavy Industries (now HD Hyundai Heavy Industries) in 2010, the vessel was sold for $26.2 million.
Data from ship valuation agency VesselsValue indicates that the “Frontier Bonanza” has now signed a seven-year charter contract with Nippon Yusen Kabushiki Kaisha (NYK). This transaction marks the first sale of a Capesize bulk carrier built by a South Korean shipyard since May this year.
Since the beginning of this year, Wisdom Marine has continued to advance its asset disposal efforts, having previously sold two handymax bulk carriers built by Japanese shipyards. Among these, the “Bunun Orchid,” delivered in 2021, was sold to Harry Vafias for $24.5 million, while the “Bunun Hero,” delivered in 2015, was sold to a Turkish shipowner.
The successful sale of the “Frontier Bonanza” marks Wisdom Marine’s official exit from the Capesize bulk carrier market.
It is worth mentioning that according to the information disclosed by Wisdom Marine in regulatory documents, while accelerating the disposal of assets, the company will order two 40,000 DWT bulk carriers from Saiki Heavy Industries, a subsidiary of Japan’s Onomichi Dockyard, with a total value of approximately US$66 million. The delivery date has not yet been disclosed.