Discover the Maras: Ratings & Maritime News

Bore, a Finnish maritime company, is embarking on a strategic shift by divesting its general cargo fleet to concentrate on roll-on/roll-off (ro-ro) operations. On Tuesday, the company announced the sale of six vessels that are part of its contract of affreightment (CoA) business. This decision comes amid ongoing challenges in the general cargo sector, marked by several years of overcapacity and diminishing profitability. Bore pointed out that the limited size of its CoA fleet has hindered its competitiveness against larger industry players. The vessels being sold include the 5,000-dwt Fingard, constructed in 2000, and Swegard, which was built in 2001. These ships are on track to be transferred to their new owners by the end of this month. Notably, brokers reported last month that Swegard was sold for $2.4 million, reflecting the current market trends affecting specialized shipping sectors.