India's Adani Shipping has begun trimming its capesize fleet with the sale of the 2012-built Aashna to Chinese buyers for approximately $37.5 million, according to Splash247.

Capesize vessels — the largest class of dry bulk carriers, typically transporting iron ore and coal on long-haul routes — have seen sustained secondhand interest as charter markets remain relatively firm.

Shipbrokers had previously circulated the 179,500-dwt Aashna together with its sistership Aanya as an en-bloc sale package valued at about $75 million. However, Splash understands that only the sale of Aashna has been concluded, while Aanya remains available on the market.

The two sister vessels were built at Hanjin Heavy Industries' Subic Bay yard in the Philippines and delivered in 2012. Both ships have been operated by Adani Shipping for more than 10 years and are understood to have been held through sale-and-leaseback arrangements involving Japanese trading house Kowa.

The transaction comes during a firm phase in the capesize market, even as rates have declined this week. One-year time-charter rates for modern capesize bulk carriers are currently assessed at around $32,000 per day. For context, those rates remain well above the levels seen during the prolonged dry bulk downturn of the mid-2010s.

Adani Shipping is part of the broader Adani Group, an Indian infrastructure conglomerate with businesses across ports, logistics, energy, utilities and materials. The group says its portfolio includes 11 publicly traded companies as well as transport and utility infrastructure across India.

Several capesize vessels have changed hands in recent weeks. At the same time, demolition activity in the segment has remained limited, with only three ships sent to breakers so far this year — a sign that owners broadly see more value in trading older tonnage than scrapping it at current price levels.

Source: https://splash247.com/adani-cuts-capesize-arm-with-37-5m-deal/