Morgan Stanley getting into big bulker arena
Morgan Stanley has moved into the big bulker sector. The top investment bank has followed its recent move into the panamax-bulker sector with a move into the capesize sector.
It is understood to have taken the 170,726-dwt Alameda (built 2001) for 10 to 12 months at $73,000 per day from DryShips, which stands to gain handsomely as it currently has the ship out on charter for $28,000 per day.
This is its second capesize bulker on period.
A few weeks ago, the trader booked what appears to have been its first capesize, the 177,000-dwt Elegant Star (built 2005), for six months at $68,000 per day.
The move into bulkers has been orchestrated by its London-based dry desk, headed by Espen Aaboe, which already has a handful of panamax bulkers on charter.
Morgan Stanley says it regards a move into the dry-bulk market as an extension of its activities in the freight-derivatives business.
It is one of a number of investment banks to trade freight derivatives but it stands out as the one to have made the most significant move in the physical markets.
Morgan Stanley also extended its operations in the wet sector following the purchase of US-based tanker operator Heidmar.
It is understood to have taken the 170,726-dwt Alameda (built 2001) for 10 to 12 months at $73,000 per day from DryShips, which stands to gain handsomely as it currently has the ship out on charter for $28,000 per day.
This is its second capesize bulker on period.
A few weeks ago, the trader booked what appears to have been its first capesize, the 177,000-dwt Elegant Star (built 2005), for six months at $68,000 per day.
The move into bulkers has been orchestrated by its London-based dry desk, headed by Espen Aaboe, which already has a handful of panamax bulkers on charter.
Morgan Stanley says it regards a move into the dry-bulk market as an extension of its activities in the freight-derivatives business.
It is one of a number of investment banks to trade freight derivatives but it stands out as the one to have made the most significant move in the physical markets.
Morgan Stanley also extended its operations in the wet sector following the purchase of US-based tanker operator Heidmar.