Quintana shells out stunning $550m for four capes

London: Resale capesize prices have hit stratospheric highs with news that Greek owner Quintana Maritime has bought four capes built in 2006 and 2007 at a total price of $550m, or a stunning $137.5m aeach.

Three of the four Capesizes are 176,000-dwt newbuildings, due for completion later in 2007 at Shanghai Waigaoqiao Shipbuilding. The remaining one is a 180,000-dwt ship built in 2006.

The previous highest price for a capesize newbuilding was $115 million paid for a 177,000 dwt ship due for completion at Bohai Shipbuilding Heavy Industry in March 2008. Rates for capes this year have been incredibly volatile, surpassing $100,000 on more than one occasion. The price paid by Quintana works out at more than $100m per ship than prices on offer five years ago.  [16/07/07]