B. Skaugen Launches Drive Into Dry Bulk Sector

The prevailing strength of the dry bulk market and expectations of better times ahead have prompted B. Skaugen Shipping to move into this sector of the market. The Norwegian group recently established a new company, B. Skaugen Bulk Shipping, to act as a charterer of bulk tonnage under the management of Mr. R. Wik. The move also coincides with the acquisition of three handymax vessels. Following the purchase of the 37,000 dwt World Mercury, Skaugen paid $14.85m for the 38,000 dwt Ocean Great, built 1983. A third vessel, the 39,200 dwt Western Skautop, was delivered as a newbuilding last November, and is currently on time charter to the Western Bulk Carriers pool. Employment plans for the remaining two vessels have yet to be finalized. The latest Skaugen acquisition has coincided with a general upsurge in interest in handymax vessels, which have been in particularly strong demand in the carriage of steel out of Brazil for the Middle East.

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