Asset Management & S/P
Fleet portfolio, deal pipeline & ROI modelling
Total Managed Assets
$214.8M
Fleet $198.4M + other $16.4M
Average Vessel Age
8.2 yrs
Range: 6–13 years
Active S&P Deals
2
1 disposal · 1 acquisition
Fleet YTD ROI
8.6%
Annualised · Q1 2026
| Vessel | DWT | Built | Market Value | Δ 12M | CII | Employment | Status |
|---|---|---|---|---|---|---|---|
| Ultramax | 63,402 | 2018 | $17.5M | ↑ +6% | A | VC — Louis Dreyfus | Fleet |
| Ultramax | 63,688 | 2020 | $16.8M | ↑ +4% | A | TC — Olam | Fleet |
| Ultramax | 63,745 | 2020 | $16.2M | ↑ +3% | B | VC — ADM | Fleet |
| Kamsarmax | 82,082 | 2018 | $21.6M | ↑ +2% | B | TC — Trafigura | Fleet |
| Kamsarmax | 82,084 | 2018 | $20.8M | → -1% | C | Spot | Fleet |
| Kamsarmax | 81,960 | 2017 | $20.4M | ↑ +3% | B | VC — Bunge | Fleet |
| Kamsarmax | 81,948 | 2017 | $19.8M | ↓ -5% | C | TC — MSC | Fleet |
| Kamsarmax | 82,039 | 2016 | $19.1M | → 0% | B | TC — Koch | Fleet |
| Kamsarmax | 82,025 | 2016 | $18.2M | ↓ -8% | C | Spot | For Sale |
| Post-Panamax | 95,308 | 2013 | $22.8M | ↓ -4% | B | VC — Cargill | Fleet |
| Ultramax | 63,403 | 2017 | $15.2M | → 0% | B | Spot | Fleet |
Kamsarmax
6 vessels81,948–82,084 DWT
Avg age: 9.2 yrs · Value: $119.9M
Ultramax
4 vessels63,402–63,745 DWT
Avg age: 7.3 yrs · Value: $65.7M
Other Managed Asset Classes
Bunker Fuel ROB
$8.2M
Fleet total ROB at current spot
FFA & Hedges
$4.6M
Notional exposure (mark-to-market)
EU-ETS Allowances
€1.8M
Tradeable emission allowances
Spare Parts & Stores
$1.8M
Fleet inventory + shore warehouse
1
Lead
1
Negotiation
0
Due Diligence
0
Approved
2
Closed
| Deal Ref | Type | Vessel / Target | Counterparty | Value | Stage | Due Diligence | Updated |
|---|---|---|---|---|---|---|---|
| SP-2026-001 | Disposal |
Kamsarmax · 82,025 DWT · 2016 |
Oceanbulk Carriers | $17.8M | Negotiation |
2 / 6 |
24 Mar 2026 |
| SP-2026-002 | Acquisition |
Newbuild Ultramax 63,500 DWT · Q1 2027 delivery |
Oshima Shipyard (JP) | $34.5M | Lead |
0 / 6 |
20 Mar 2026 |
| SP-2025-018 | Disposal |
Post-Panamax · 95,308 DWT · 2013 |
Eastern Pacific Shipping | $21.5M | Closed (withdrawn) |
6 / 6 |
15 Dec 2025 |
| SP-2025-016 | Acquisition |
AKMI (pre-delivery) Ultramax · 63,688 DWT · 2020 |
Jiangsu New Yangzi | $28.2M | Closed (completed) |
6 / 6 |
10 Aug 2025 |
Total Purchase Cost
$319.7M
11 vessels, original cost
Total Book Value
$212.6M
After straight-line depreciation
Annual Fleet Depreciation
$12.79M
25-year useful life basis
| Vessel | Purchase | Book Val. | Market Val. | Ann. Depr. | YTD Rev. | YTD OPEX | YTD ROI | Capex 12M |
|---|---|---|---|---|---|---|---|---|
| AFROS | $25.0M | $17.2M | $17.5M | $1.00M | €312K | €295K | 11.4% | $1.2M |
| APOLLON | $31.0M | $21.4M | $21.6M | $1.24M | €610K | €420K | 9.8% | — |
| AKMI | $28.2M | $22.4M | $16.8M | $1.13M | €312K | €340K | 7.8% | — |
| AXIOS | $30.0M | $19.5M | $20.4M | $1.20M | €485K | €440K | 7.2% | — |
| ALKIMOS | $32.0M | $15.4M | $22.8M | $1.28M | €610K | €485K | 6.8% | — |
| AEPOS | $28.5M | $22.1M | $16.2M | $1.14M | €285K | €350K | 6.4% | — |
| EVMAR | $29.5M | $18.8M | $19.1M | $1.18M | €345K | €410K | 5.4% | — |
| ARCHON | $31.0M | $21.2M | $20.8M | $1.24M | €389K | €510K | 5.1% | — |
| APEX | $25.0M | $16.8M | $15.2M | $1.00M | €157K | €310K | 4.1% | — |
| COSMAR | $29.5M | $18.6M | $18.2M | $1.18M | €280K | €520K | 3.2% | — |
| ALMA | $30.0M | $19.2M | $19.8M | $1.20M | €74K | €580K | 1.8% | — |
Green Retrofit Capex
Last 24 monthsFinancial Instruments & Hedges
As of 26 Mar 2026| Instrument | Type | Notional | MTM P&L |
|---|---|---|---|
| BCI Q2 2026 | FFA | $1.8M | +$42K |
| BSI Q2 2026 | FFA | $1.2M | -$18K |
| VLSFO Apr–Jun swap | Bunker hedge | $960K | +$31K |
| MGO Q2 cap | Bunker hedge | $640K | $0 |
| EU-ETS allowances | EUA | €1.8M | +€86K |