Greece’s Blue Seas Shipping has made its second ship purchase this year, highlighting the brisk transaction activity for supramax bulkers.
Market sources in Athens identified Blue Seas as behind an $8.5m deal for the 57,000-dwt Watford (built 2010), which has until now been managed by Germany's Orion Bulkers.
The Sigalas family-run company is a specialist of ultramax and supramax vessels. It struck earlier this year on the sale-and-purchase market with the acquisition of the 63,700-dwt ultramax SBI Jaguar (built 2014) for $15.7m.
Sources familiar with the company’s thinking said it is interested in further expansion if attractive buying propositions emerge.
The Watford is a case in point. The Cosco Dalian-built ship passed its special survey early this year and has had a ballast water management system installed.
Supramax fans
More such opportunities may emerge as current S&P conditions seem to be smiling on supramax fans. Average secondhand prices for 10-year-old, 56,000-dwt ships dropped by 16% since the start of the year, compared with a drop of just 2% for panamaxes of the same age, according to Clarksons.
The perceived price gap has encouraged several interested buyers to make moves, from Indonesia, China and Greece.
Among the deals recently reported by TradeWinds, Piraeus-based Mariners Shipping Agency has emerged as the new manager of another supramax sold by Orion Bulkers — the 57,000-dwt Fulham (renamed Frosso K, built 2010). The vessel, which had its special survey due before its sale in July, fetched about $7.5m.
A new entrant is Olkas Shipping, an outfit that obtained a business license in February this year and which emerged this month as manager of the 58,100-dwt supramax Santa Katarina (renamed Dioni, built 2010). Japan's Meiho was reported to have sold that ship at the end of July for between $10.5m and $10.8m.
Shipping directories show Olkas as sharing an Athens address with Commercial Shipping & Trading, an older Greek outfit. Olkas managers did not respond to a request to clarify the company's background.
Gaining momentum
The supramax deal flow accelerated this month. Orion Bulkers reportedly sold a third such vessel — the 57,000-dwt Southampton (built 2009), which went to undisclosed interests for about $7.5m.
Greeks reportedly spent $11m to buy the 56,100-dwt Global Phoenix (built 2010), a ship controlled by Japanese interests. The Mitsui Chiba-built vessel is known to have been circulated as a sale candidate since August.
The Panayiotides-family company Pavimar is said to be marketing the 52,400-dwt Diva Eva (built 2006) for sale. Pavimar spent about $9.5m to buy the ship nearly four years ago.
