Zodiac Maritime, controlled by Sammy Ofer Group Monaco, reportedly purchased a 176,000-dwt capesize vessel still under construction at Ronsheng Heavy Industries this week at the bargain price of $38m.
The deal will strike a further blow to dry bulk asset values.
Shipbroker Clarksons reported prices for capesize resales at $48m as recently as last month, meaning the Zodiac purchase would mark a 20% decline in price from February.
The sale comes after Zodiac’s $43m purchase in December of the 2011-built 181,399 dwt Sanko Partner.
“After [the latest] deal, it will be a long time before someone sells a cape out of a Chinese yard for more than $40m again,” one sale and purchase broker said. “This is going to drag down the market a lot.”