Polembros Bulkers has acquired a nine-year-old bulker to increase its exposure in the post-panamax arena.
The company’s general manager George Vakirtzis confirmed the purchase of the 95,700-dwt Double Paradise (built 2011). The ship is believed to have changed hands for $16.2m.
Polembros Shipping set up Polembros Bulkers as a stand-alone dry bulk arm two years ago with a view to gradually expand in post-panamaxes.
The company has been faithfully sticking to this plan since. All three ships purchased on the secondhand market since its establishment in May 2018 have been in that size category.
The Greek company feels very comfortable with post-panamaxes, a market niche dominated by Japanese players, and may expand further in it if further suitable opportunities arise, Vakirtzis said.
The Double Paradise was exactly such an opportunity. It was among several ships put on the sale block by Japanese owners who preferred taking them back rather than re-charter them with PCL at lower rates.
In a bid to cope with a slump in the dry bulk market earlier this year, PCL approached about 20 Japanese owners with a request to either take redelivery of the vessels, or reduce rates.
The move concerned about 40 ships, several of which have already been sold or circulated for sale.
Another large bulker among them is the 181,400-dwt capesize Jubilant Excellence (built 2013), which UK-based Zodiac Maritime or Greece’s Tsakos Shipping & Trading are believed to have bought for $24.5m.
Polembros Bulkers’ first acquisition of a post-panamax took place in July 2019 and concerned a somewhat younger sistership to the Double Paradise — the 95,800-dwt Sunny Smile (renamed Serifos Warrior, built 2013), an Imabari-built vessel that changed hands for about $21m.
A few months later, Polembros followed up with the purchase of the Chinese-built, 93,200-dwt Dimitra (renamed Thassos Warrior, built 2010). This was a bank-driven deal, which explains the ship’s low price of $11.8m.
