Sometimes in the rollercoaster ride that is shipping a failed deal can prove beneficial. Take BW Dry Cargo, the Andreas Sohmen-Pao vehicle. Plans were nearly complete last month for a $41m en bloc sale of three of the company’s first acquisitions – the 10-year-old Japanese-built kamsarmaxes BW Barley, BW Einkorn and BW Acorn. However, when the buyers did not obtain financing the sale fell through. Meanwhile, the dry bulk market as a whole solidified in the intervening weeks, leading BW to nail the sales of the three ships for better prices, pocketing $1.5m more than the company would have done if the June sale had gone through.
Multiple broking reports list Greece’s Centrofin as the taker of both the BW Barley and BW Einkorn for $28.5m en bloc, while Germany’s Orion Reederei is tipped to have paid around $14m for the BW Acorn. Splash reported recently how busy Centrofin had also recently acquired a capesize.
In May, BW Dry Cargo sold a 10-year-old supramax, BW Flax, for $13m.