Foremost sells off two older capes

Hot on the heels of newbuild orders for four methanol-powered kamsarmax bulkers in China, New York-based Foremost Group is offloading two of its three oldest capes.

The Angela Chao-led owner is shipping out the 176,000 dwt 2011 Shanghai Waigaoqiao Shipbuilding-built Yue May and Guo May for $26m each, according to brokers.

The move comes ahead of the delivery of 181,500 dwt sister capes from Japan’s Namura, which will further improve the company’s newcastlemax/cape fleet average age profile.

Foremost has 19 ships in the two largest bulker segments, averaging about six years, according to VesselsValue data. Currently, the oldest ship, Zhong May, was delivered in January 2011 and is a sister ship to the two reportedly sold capes. The company’s other remaining 2011-built ship is a newcastlemax Lan May. In July last year, Foremost also offloaded the 2010-built cape Bao May, now known as Michalis Jr for about $25.5m.