Singapore-based tonnage provider Goodwill Maritime has exited the capesize segment with a $65 million sale of the 2019 Imabari-built, 182,000 dwt scrubber-fitted Lowlands Spirit. The buyer is New York-listed dry bulk owner Genco Shipping & Trading, which disclosed the planned acquisition seven days ago.
Delivery of the vessel is expected in June 2026. Sales registers show the bulker had long been operated by Belgian heavyweight Cobelfret. Lowlands Spirit is understood to be the final cape carrying the Lowlands suffix, a naming convention long associated with Cobelfret's bulker arm.
Genco said the capesize will trade in the spot market, where the company has been steadily building exposure to larger, higher-earning ships. The strategy aims to capture upside from cyclical capesize freight rate volatility.
For Goodwill Maritime, the sale represents a clear strategic exit from one of the most capital-intensive segments in dry bulk shipping. The capesize fleet underpins global iron ore and coal trade flows, but the segment's high earnings volatility has prompted some smaller private owners to reduce exposure in recent quarters.
Key Takeaways:
1. Goodwill Maritime exits the capesize segment with a single $65M vessel sale.
2. Buyer is NYSE-listed Genco Shipping & Trading; delivery expected June 2026.
3. Lowlands Spirit is a 2019 Imabari-built, 182,000 dwt, scrubber-fitted capesize.
4. The bulker was long operated by Belgium's Cobelfret and is the last Lowlands-suffixed cape.
5. Genco will deploy the ship in the spot market to capture capesize freight rate upside.
