Jebsen buys older bulker

Jebsen buys older bulker
Published: 09 April 2004

The Kristian Gerhard Jebsen group of Norway has emerged as buyer of the 65,000-dwt bulker Sun P (built 1981).  The Namura-built ship was reported sold for $12m to an undisclosed Norwegian buyer. Brokers have been puzzled by the reports as few Norwegians would likely be interested in a 23-year-old panamax.  Informed sources say Jebsen bought the ship some time ago and that the price could be as low as $10m. It is considered likely that the investment is an asset play. Jebsen managing director Jan Pedersen could not be reached before TradeWinds went to press.  The ship has been renamed Sun Arrow, a name that is quite usual for Jebsen ships. It was purchased from Common Progress of Greece.

The Jebsen group is involved with open-hatch bulkers through the majority-owned, UK-based company Gearbulk. It also works with suezmax tankers and aframax OBOs. It has also become a leading player in the cement trade and has some 30 ships after pur chasing the fleet of bankrupt Norwegian owner Tordenskjold.  Jebsen is also involved in the panamax bulkers through Bulk Trading Group (BTG), an operating company set up in 1981. It operates on average between five and 10 units all on long-term charters.