John Angelicoussis-led Maran Dry Management appears to be continuing a bulker buying spree with a resale deal.
Shipping industry sources said the Greek shipping company has purchased a210,000-dwt newcastlemax bulker newbuilding at China’s Shanghai Waigaoqiao Shipbuilding (SWS) that is due for prompt delivery.
The sources said Maran has splashed out $53m to acquire the newbuilding ordered by Sinokor Merchant Marine.
The bulker has already been been launched and named Atlantic Bear.
Clarksons’ Shipping Intelligence Network indicates that the ship is due for delivery in April, while VesselsValue lists it for delivery this month.
The Sinokor newbuilding is the second large bulker that Maran has bought in recent months.
In December, TradeWinds reported that Maran Dry splashed out $38m to buy George Economou’s 208,800-dwt Netadola (built 2017). The new owner has renamed the Chinese-built bulker Maran Loyalty.
When Sinokor put its newcastlemax newbuilding up for sale, sale-and-purchase brokers said they thought the large bulker would fetch around $50m.
“Five to six companies showed interests in the bulk carrier and that might have pushed up the [sales] price,” a broker said.
“Also, the secondhand market for bulk carriers has been strengthening … We have seen people coming into the market aggressively and picking up tonnage.”
Maran Dry owns a fleet of 50 large bulkers, of which seven are newcastlemaxes and the rest are capesizes. The company did not immediately respond to a request for comment.
The newcastlemax purchased by Maran Dry was part of a four-ship order that South Korean shipowner Sinokor placed at SWS three years ago at a reported price of less than $50m apiece.
The reason as to why Sinokor has sold the bulker newbuilding is not known. The company did not reply to emails seeking comment.
Sinokor is a privately owned shipowning company that has presence in the tanker, dry bulk, containership and gas sectors.
VesselsValue lists the low-profile owner with a diversified fleet of 135 vessels. It also has 35 newbuildings booked at shipyards in the Far East, including the newcastlemax bulker at SWS. The newbuildings include four LNG carriers, 10 aframax tankers and 20 containerships.
