KPS ORKA SULTAN

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Karadeniz bags another caper for conversion

Turkish power ship specialist Karadeniz Denizcilik’s run of bulker acquisitions continues. Brokers report the company, which has pioneered floating power stations that are made out of converted capesizes, has paid Seno Kisen $5m for the Japanese-built Kohyohsan. Taking advantage of low bulker prices, Karadeniz kicked off an a hunt for cape bargains last November and has since added a couple of ships and is keen to add at least two more, brokers report. Japanese owners, wary of record low dry bulk rates, especially for older tonnage, have been in selling mode in the last four months. Karadeniz’s specialised subsidiary Karpowership currently has nine floating power stations on the water, four of which are deployed in Iraq, two in Lebanon and one each in Pakistan, Ghana and Indonesia.