With capesize values seen at a discount, Greeks have engaged in a buying spree of secondhand tonnage.
Players in Athens and Piraeus are known or reported to have acquired up to four capesizes in a single week, from sellers in the Far East and northern Europe.
“There’s real commotion with Greeks and capesizes right now,” said Zisis Stilianos, Athens-based sale-and-purchase broker with Intermodal.
“It’s the size that stands out from the rest of the bulkers for trading at a discount in the current freight rate market.”
The Nicholas G Moundreas family group of companies stands at the forefront of the drive. TradeWinds understands that it has acquired two vessels — the 181,500-dwt Pacific Endurance (built 2011) for about $19m and the 172,400-dwt Mineral Antwerpen (built 2003) — for about $10m.
The Pacific Endurance is the oldest of three capesizes in the fleet of Japan’s Keishin Kaiun, managers of which were not available for comment.
The Mineral Antwerpen is the oldest of five capesizes in the fleet of Taiwan’s Sincere Navigation. Contacted by TradeWinds, the Taipei-based company confirmed it had sold the ship, adding that it expects to book a $1.25m loss on the deal.
Another Greek company looking for capesize tonnage is Tsakos Shipping & Trading. The traditional Greek owner was linked in August to a $24.5m deal for the 181,400-dwt Jubilant Excellence (built 2013). That ship, however, ultimately went to UK-based Zodiac Maritime.
Tsakos pounced on a somewhat older vessel instead. Several brokers and shipping sources in London and Athens identified it as the buyer of the 179,700-dwt ER America (built 2010) for a price between $20.5m and $20.75m.
The third Greek capesize buyer is Theodore Veniamis-led Golden Union, which is widely reported to have picked up Tokei Kaiun’s 180,100-dwt Royal Accord (built 2009) for about $18m.
Managers at Tsakos, Golden Union and Tokei Kaiun did not respond to a request for comment.
Three swallows do not make a summer
It is unclear whether all these purchases represent asset play moves. Market sources in Athens suspect they do not necessarily reflect any firm belief on the part of buyers that asset values stand to recover considerably any time soon.
Instead, the acquisitions may have been made to cover specific cargo requirements or with eventual fleet renewal in mind.
The Moundreas and Veniamis fleets include capesizes of around 20 years old, which may be sold for demolition or for further trading.
Both companies bought other capesizes earlier this year. Moundreas acquired the 180,100-dwt Cape Leonidas (built 2010) in July for about $18.5m before renaming it Epic. Golden Union picked up the 180,000-dwt Mineral Hokkaido (built 2008) in February for between $16m and $17m. It has been renamed Imperial Fortune.
Selling interest for capesizes, meanwhile, remains strong. Clients of Zeaborn, which manages the ER America, reportedly circulated another three sisterships for sale last week. They are the 179,000-dwt ER Bayonne, ER Borneo and ER Buenos Aires (all built 2010).
