Turkey-based Karadeniz has finalized the acquisition of one capesize bulk carrier for conversion to a powership and the purchase of up to three more 14-year-old capes could follow, according to brokers.

The company recently purchased Nisshin Trader (172,500dwt, built 2001) for US$9.3m from Nisshin Shipping. The ship is to be delivered to Turkey for conversion to a floating power station or powership, and three further capesize vessels could soon follow.

Now is a good time to be buying capesize bulk carriers, especially older vessels. The low market means that 2000-built capes of 175,000dwt are worth 59.3% less than they were a year earlier, showed estimates from VesselsValue.com.