Bocimar sold Cape 179,000-dwt MV Mineral Manila

Bocimar has confirmed reports that it sold 179,000-dwt MV Mineral Manila to reduce its exposure to the capesize segment.
Bocimar shed light on the sale of the 179,000-dwt MV Mineral Manila (built 2011) in an interview last month, new details were included in an announcement published Tuesday afternoon. Bocimar told investors that it will take a $5.4m hit in the fourth quarter as a result of the transaction but claims it will be left with a cash surplus of roughly $17.7m.
CarVal acquired the cape MV Mineral Manila for $43m, which is approximately $13m less than what the Bocimar paid when the unit was new. Bocimar managing director Benoit Timmermans confirmed that the vessel was changing hands.
Bocimar managing director Benoit Timmermans said “It is not a great price but the prospects for the capesize market are not exactly exciting. The growth in seaborne trade has not been able to make up for the overcapacity of ships. Capesizes will, however, remain a core business for us.”
Today, capes trading in the spot market are commanding day rates of around $5,600 on average, which is roughly 30% below levels seen a week ago.
Bocimar's is the parent company of Compagnie Maritime Belge (CMB).