EGPN Bulk Carrier flips a cape


China’s EGPN Bulk Carrier has done what it does best: flipping ships quickly. This time it is pocketing around $8m on a bulker transaction sealed six months ago.

Towards the end of last year EGPN fattened its cape arm, adding a trio of New Times Shipbuilding-built capes built between 2010 and 2011 from Bocimar, named Mineral Destelbergen, Mineral Temse, and Mineral Brugge, spending just under $60m for the trio. One of these ships is now reported sold, the 13-year-old Eastern Windflower formerly called Mineral Destelbergen, noted sold for $28m.

Previously reported flips by the speculative private owner involve both deals in wet and dry.

In the last couple of years, the outfit has pocketed around $14m on flipping two tankers and one bulker. Each individual sale follows a similar pattern. After buying the ships the owner toyed with the ships for some six months before selling them.

EGPN Bulk Carrier first became a shipowner in 2017, initially focusing on bulk carriers before entering the tanker trades.