The dry bulk market is awash with Japanese-built capesizes for sale with Mitsui OSK Lines (MOL) the latest to put a bulker on the chopping block.

Winning Shipping, a Chinese dry bulk concern based in Singapore, is linked with the acquisition of the Golden Hope with a price thought to be in the region of US$11.2m for the seven-year-old 176,900dwt vessel. This marks the first vessel acquisition for Winning in the last six months.

A senior official at Winning said that the deal is still in negotiation and is not completed yet. The company currently owns 17 vessels.

Late last month, MOL said it would carry out structural reform of its dry bulk and container divisions as it warned of severe losses – to the tune of US$1.45bn – for the current financial year which ends in April.

On dry bulk, MOL commented, “In the dry bulker business, the market is deteriorating to a new record low due to the imbalance of fleet supply and demand, along with stagnant cargo trade resulting from the slowdown in China’s economy since last fall.”

MOL said it will cut the number of capesizes trading on the spot market and withdraw excess tonnage in the panamax and handy sectors.

Japanese firms have been very active in selling bulkers this year in the worst market conditions seen for a generation.