Bulkseas Marine Management, a family-owned company led by Stavros Meimetis, has emerged as the buyer of a kamsarmax previously managed by Pacific Carriers Ltd (PCL).
Managers at Piraeus-based Bulkseas confirmed to TradeWinds that the 83,000-dwt Ikan Bagang (built 2009) has come under their company's control and has been renamed Vela Star.
TradeWinds reported in August that the Japanese-owned vessel was sold to an undisclosed buyer for $12.5m.
Reports of the Ikan Bagang sale come as PCL approached about 20 Japanese shipowners with a proposition to either take back their ships, or reduce freight rates.
Several picked the second option, with Greeks benefiting in the process. Last month, Athens-based Polembros Bulkers acquired another bulker whose Japanese owners preferred selling rather than keeping the vessel with PCL at lower rates: the 95,700-dwt Double Paradise (built 2011).
'Excellent' relations
Bulkseas, which prides itself on having “an excellent cooperation with Greek banks”, funded the Ikan Bagang deal with the help of Alpha Bank, a long-standing Greek shipping lender.
Low-profile Meimetis has decades of experience in shipping. He was head of Corner Shipping before founding Bulkseas in 2011.
Under his leadership, the company built a fleet of nine bulkers from scratch comprising two capesizes, one kamsarmax, five panamaxes and one supramax. All of them were built between 1998 and 2009 at top Japanese yards.
The Ikan Bagang is the youngest vessel in that group and was purchased as part of Bulkseas’ effort to renew its fleet. It replaces the 76,700-dwt Lucky Star (renamed Chang Yang Jin Sha, built 2002), which Bulkseas sold in May to Chinese interests for $6.45m.
Japanese preference
Greeks have been splurging on capesizes recently, but Japanese-owned kamsarmaxes have also had their fair share of attention.
Managers at Primerose Shipping confirmed to TradeWinds that the company has been behind the recent purchase of a kamsarmax previously owned by Japan’s Mitsubishi Corp.
The Kalogiratos-family company has acquired the 81,900-dwt Precious Sky (built 2015). The ship's purchase was previously attributed to US-listed Safe Bulkers, which swiftly denied the information.
Primerose is understood to have spent less than $22m on the Tadotsu Imabari-built vessel. Some brokers put the price as low as $21.3m.
This is the second modern kamsarmax Primerose has added since June last year, when the company took delivery of the 81,500-dwt newbuilding Venator (built 2019) from Tsuneishi Zosen.
A third Greek owner that has pounced on a Japanese-owned kamsarmax is Sea Pioneer Shipping.
The Vassilis Bacolitsas-owned company emerged last month as buyer of the 83,500-dwt kamsarmax KM Yokohama (built 2011). The vessel, which has been renamed Generosity, was reported as sold in mid-July for between $15m and $15.4m by Doun Kisen.
This is the second vessel that Sea Pioneer has bought from the Japanese shipowner. At the end of last year, the company acquired the 83,500-dwt KM Tokyo (built 2010), reportedly for $15.8m. It has been renamed Fidelity.
