Shipping firms buying smaller vessels

Reuters: Smaller dry cargo vessels are outperforming bigger capesizes, boosted by rising trade in minor bulks such as cement, grain and fertiliser.

Rising rates for panamax vessels have prompted companies to look at buying smaller vessels. Following are some acquisitions of panamax, handymax and handysize vessels so far this year:

nJune 25 - Genco Shipping & Trading Ltd says to buy 16 supramax vessels from Setaf SAS, a unit of Bourbon SA, for about $545 million.

nJune 9 - Genco to buy 5 handysize vessels from Metrostar companies for about $166.3 million and Genco-managed Baltic Trading Ltd  to buy 3 35,000-deadweight-ton vessels for about $99.8 million from Metrostar companies.

nApril 26 - Paragon Shipping in shipbuilding contracts with a Chinese shipyard for 2 kamsarmax and 2 handysize drybulk vessels.

nApril 12 - Paragon to buy a panamax bulk carrier for $41 million.