When Varco SA bought its first supramax in late 2016, a market source told TradeWinds that the low-profile Greek shipping company was reactivating its presence in dry bulk shipping with a view to expand further.
It took the outfit more than three years, but it is now fulfilling that promise. Varco, a firm believed to be controlled by members of the Varsamis family, has acquired at least one supramax from China’s Luhai Group.
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The company emerged last week as new owner of the 56,700-dwt supramax Baoji (built 2013), a ship previously reported sold to unidentified Greeks by Luhai, a Hong-Kong based business group that some brokers link to the China National Building Material.
The vessel is said to have fetched $11.5m or $11.6m. According to Equasis, it has been trading with Varco since 13 January under its new name of V Star.
Some brokers suggested Varco’s deal with Luhai went even further and includes sistership Baoxiang (built 2013) as well, at the same price of about $11.5m. That ship was reported sold in December as well, but it was initially believed to have concluded with a Chinese peer in a separate transaction.
Varco executives did not respond by the time of writing on whether their company bought the Baoxiang as well. If both deals are confirmed, Varco will have increased its fleet to three similar, Chinese-built supramaxes. It bought its first — the 56,700-dwt V Bravo (built 2012), reportedly for between $8m and $8.3m — in late 2016, when ships were much cheaper.
Little is known about Varco, a company formally registered with Greek authorities in the summer of 2015 but which has been active before. Market sources link it to the Varsamis family — founders of Vernilac, a highly successful Greek producer of paints and varnishes.
The company used to be primarily active in tankers. However, in the summer of 2018, it sold both handysize oil carriers that had been in its fleet. It is not known whether Varco has other tankers as well, or if it plans to return to the sector.
Its website describes the company as a manager of both tankers and bulkers, without offering any further details.
Some prefer Japanese
Varco has not been the only buyer from Greece and south-east Europe to pounce on supramax tonnage. Brokers said buying interest in that segment has been brisk recently, despite lacklustre dry bulk freight rates.
One source said his company saw “decent value” in well-constructed, fuel-efficient supramaxes built in Japan — both for purchase and in the charter market.
However, such vessels command higher prices than the Chinese-built supramaxes bought by Varco. Eleen Marine, an Oaktree Capital Management-backed outfit based in Bulgaria, reportedly spent nearly $15m to buy the 58,200-dwt Santa Helena (built 2012), which has been renamed Eleen Eva.
This is the fifth supramax that Eleen Marine has bought since it was founded more than two years ago. Eleen Marine and its affiliated shipmanagement company, Meteor Management, have told TradeWinds previously that they were planning to have as many as six supramaxes.
Greece’s Almi Marine Management, another supramax specialist, emerged as new owner of the 58,600-dwt Hinode Maru (built 2012), which is now trading as Altus.
In a more recent deal, several shipbrokers reported that AM Nomikos acquired the 58,700-dwt Easter N (built 2013). However, TradeWinds understands this is incorrect and that another Greek buyer is behind the deal, whose value is said to exceed $15m.
