The sons of the late Greek shipowner Dionysios “Dennis” Dellaportas, founder of Meadway Shipping & Trading, have split the company’s assets to allow each to pursue separate paths.
While they are heading off in different directions, clients have been told it will be business as usual as the company again grows its fleet.
Costas Dellaportas has assumed control of Meadway Shipping, along with six of its owned bulkers, including one about to be delivered.
Brother George Dellaportas is heading out on his own with the six other bulkers that will be operated by new Athens-based company Meadway Bulkers. This venture is described on its website as a boutique company that is not interested in investing in secondhand vessels.
Costas described the split to TradeWinds as amicable, agreed to shortly after their father passed away unexpectedly in July 2019 at the age of 70.
“Things are changing. We have different views,” he said.
Meadway Shipping will continue to be led by Costas out of offices in Athens, Singapore and Dubai, with no changes planned for its current operations.
The only change will see head office move from the Athens suburb of Glyfada to nearby Voula.
Fleet expansion
Additions to its fleet are imminent. Costas revealed that Meadway Shipping has acquired the 61,600-dwt Ultra Prosperity (built 2010) from Japan’s Nagashiki Kisen. The vessel, bought before the split, will be handed over in late April or early May and renamed Luna Rossa.
The Ultra Prosperity was reported to be under final negotiations with Greek interests for close to $12m last November, around the same time Meadway Shipping bought the 56,300-dwt Shinano (built 2008) from Santoku Senpaku for a reported $8.8m. That bulker subsequently joined Meadway Shipping fleet as Wave Runner.
In addition, two 64,000-dwt, Japanese-built bulker newbuildings will be added in July. Imabari Shipbuilding will deliver the Dominator, while Shin Kurushima Dockyard will deliver the Ability.
Costas said the ships were quietly ordered a couple of years ago via a bareboat charter deal with an undisclosed Japanese trading house. He is looking to do similar deals with Japanese trading houses for bulkers with deliveries in 2022.
Meadway Shipping’s owned fleet is only a small part of its overall operation. The company has a further 45 vessels on medium or long-term charters, most of which have been taken from Japanese owners.
Costas is keen to continuously expand the owned and chartered fleets.
“Our COA [contract of affreightment] and forward business is doing very well,” he said.
Dionysios Dellaportas set up Meadway Shipping as a ship brokerage in 1988. It did not take him long to expand into shipowning.
Today, handymax to kamsarmax bulkers are its core focus.
“My father was very proud of what he was able to accomplish, and I want to honour him by continuing to grow the company,” Costas concluded.
