In a surprise move, Turkey’s Karpowership has flipped a newcastlemax bought earlier this year.

Normally vessels acquired by Karpowership are bought with a view to converting them into floating power stations. No so with the 15-year-old Karadeniz Powership Rauf Osman Bey, which has just been sold to Winning Shipping for $33.5m. The Universal-built newcastlemax, acquired as HL Frontier for $32.5m in February, has now been delivered to Winning.

Winning, the world’s largest bauxite shipper, has has been very active on the S&P scene this year, the latest vessel being its fifth bulker purchase in 2025. Winning’s fleet now stands at 56 ships.