Pearl Naval targets pair of handysize bulker buys

New Turkish player Pearl Naval plans to add two handysize bulkers to its fleet by the end of the year to replace a nine-year-old supramax the company sold to unidentified buyers last week. Pearl Naval's President Burak Alkoc also confirmed to TradeWinds that the company had sold its 56,800-dwt MS Jupiter (built 2008).

The Jiangsu Hantong-built vessel fetched about $9.4m, including fuel oils and lubricants onboard. It proved a good deal for the ship’s Turkish owners, who had bought the vessel for merely $6.7m in November 2016.

The MS Jupiter was one of three vessels with which Pearl Naval went into business in mid-June.

Its other two ships consist of a seven-year-old handysize duo. The company is now about to add a 28,000-dwt and a 33,000-dwt vessel in that size category by the end of the year, Alkoc told TradeWinds in an e-mail.

An Istanbul-trained marine chief engineer, Alkoc set up Pearl Naval earlier this year after holding senior positions at Ciner Shipping and then at Ayships. The company is linked with a new shipping fund, which Alkoc is heading on behalf of an unidentified investor.

Pearl Naval also offers chartering, newbuilding contracting and construction supervision services.

Alkoc said back in September that he is considering expanding into containerships and tankers in the near future, subject to market conditions.