Unfazed by criticism over the performance of its shares, Navios Maritime Partners continues its large fleet renewal strategy, combining massive newbuilding orders with sales of older vessels.
Several brokers reported this week that the company is divesting the 75,700-dwt Navios Hyperion (built 2004), one of its two oldest ships, to Far Eastern buyers in a $9m deal.
According to TradeWinds data, this would be Navios’ 23rd sale of a bulker, tanker or container ship since the summer of 2022, when chief executive Angeliki Frangou formed the diversified shipping behemoth by incorporating the fleets of former affiliates Navios Holdings, Navios Maritime Containers and Navios Maritime Acquisition.
The number rises if one includes the 34,700-dwt handysize bulker Navios Lyra (built 2012), which was reported sold a couple of weeks ago in a $13.75m transaction with Middle Eastern interests.
Navios Partners, however, does not own the Navios Lyra — it merely charters in the vessel and has a purchase option for it from the private Frangou interests that own it.
Navios, which does not discuss commercial transactions outside official statements, often sells vessels when they reach the end of their agreed, long-term employment.
The Navios Hyperion was on a charter earning $19,000 per day, which expired in November. Another reason to sell the Japanese-built vessel is that it will have to pass special survey early next year.
The Navios Lyra is at the end of employment as well. According to the Navios Partners’ website, the South Korean-built ship was earning $9,975 per day in a time charter expiring this month.
As of 2 November, Navios fully owned a fleet of 138 vessels: 70 bulkers, 35 container ships and 33 tankers.
It furthermore operates seven ships on bareboat charter — three panamax bulkers and four VLCCs — and charters in seven more bulkers. In addition, Navios Partners has a giant newbuilding programme for 28 vessels — 16 aframax/LR2s or product tankers and 12 boxships.
Byzantine moves
Bulker sales are a regular occurrence for Navios Partners but far less so for Byzantine Maritime, another Greek company.
The Stafilopatis family outfit is widely reported to be selling its oldest ship, the 56,600-dwt Ermione (built 2008).
The Japanese-built supramax is being picked up by Chinese interests with prompt delivery for $14.2m.
Byzantine last sold a bulker, Ermione’s sistership Fanoula (built 2008), in October 2022 and it is now trading as Gingko with Hong Kong’s Diamond Shipping.
As with Navios Partners, though at a smaller scale, Byzantine’s sales are part of a fleet renewal.
TradeWinds already reported in March about Byzantine picking state-owned New Dayang Shipbuilding for its first bulker newbuildings in several years and its first-ever in China.
Shipbuilding sources said at the time that Byzantine booked three 41,000-dwt vessels. Usually reliable online shipping data platforms, however, are showing it with four newbuildings at the yard, due for delivery between September 2025 and April 2026.
There is conflicting information about their size. Clarksons confirms that Byzantine’s newbuildings with Hull Nos New Dayang NDY1266, 1269, 1270 and 1279 are 41,000-dwt ships. S&P Global Markets, however, features the same quartet as 33,000-dwt ships.
Byzantine’s website makes no reference to the newbuildings.
