The Pappadakis family company Kassian Maritime Navigation has continued to renew its bulker fleet with the disposal of a 13-year-old panamax vessel.
Brokers in Europe and the US said the 74,000-dwt Underdog (built 2006) has been sold to an undisclosed buyer for $8.5m.
The selling price is roughly in line with price expectations for the Hudong-Zhonghua-built ship and about the same as Kassian paid for the ship in March 2017.
Kassian did not respond to a request for comment.
The company is listed with a fleet of 10 trading bulk carriers with an average of seven years.
The Underdog was first circulated for sale in April 2018, and at that time the ship was likely worth more than $11m.
Kassian has an 87,000-dwt bulker on order at Mitsui Engineering & Shipbuilding for delivery in 2021.
In May this year, it was reported that compatriot owner Samos Steamship had sold the 50,000-dwt tanker Mariposa (built 2010) to Kassian for between $17.5m and $18m.
TradeWinds is told the ship, now renamed Endless Summer, ended up under the private control of members of the Pappadakis family. Kassian manages only dry bulk vessels.
