Rio Tinto Shipping Returns to Ship Sales After 14 Years: Three Vessels Sold to Turkish Shipowner

UK-based Rio Tinto Shipping is launching its first major ship sale program in 14 years, significantly reducing its fleet. The buyer of three Newcastlemax-type bulk carriers put up for sale by the company is the Turkish shipping company YASA Denizcilik.

According to industry sources, Rio Tinto aims to divest eight Newcastlemax bulk carriers built in 2010, thereby reducing its fleet by approximately 50%. This sale program is noteworthy as it marks the company's first large-scale ship sale since 2012.

Three Vessels Sold to YASA Denizcilik

According to market sources, YASA Denizcilik has purchased three Newcastlemax vessels from the Rio Tinto fleet. The sold vessels include RTM Cartier, RTM Zheng He, and RTM Cabot. These vessels, with a carrying capacity of approximately 205,000 DWT, were part of an eight-ship series ordered by Rio Tinto in South Korea in 2010.

The acquisition by Istanbul-based YASA Denizcilik is seen as part of the company's strategy to strengthen its presence in the larger tonnage bulk segment. While the company primarily operates Kamsarmax, Supramax, and Handysize vessels, it aims to increase its capacity in the Newcastlemax segment.

Why is Rio Tinto Selling?

In maritime circles, Rio Tinto's move is associated with the aging of its fleet, operational efficiency targets, capital optimization, and the reshaping of future transport strategies. Despite being one of the world's largest iron ore exporters, the company has been placing more emphasis on leasing and flexible tonnage management rather than ship ownership in recent years.

Rio Tinto still stands out as one of the few mining companies that operates its own fleet. It is reported that the company owns a total of 17 vessels, and significant downsizing of the fleet is expected upon completion of the sales.

A Strategic Move for Turkish Shipowners

Experts indicate that YASA Denizcilik's acquisition is a sign of long-term growth expectations in the large tonnage bulk market. The recent increase in interest in Newcastlemax vessels used for iron ore and coal transport shows that Turkish shipowners are beginning to take a more active role in this segment.

As part of this sale program, other Newcastlemax vessels in the Rio Tinto fleet are also expected to find new buyers, while YASA Denizcilik's acquisition of three vessels is considered one of the notable second-hand ship transactions of the year.

Source: SeaNews Türkiye