Theodore Veniamis company Golden Union is being associated with two post-panamax dry bulk carriers reportedly sold by Hong Kong-based Noble Group, which is rapidly winding down it fleet.
The 92,500-dwt Ocean Garnet (built 2010) and the 93,000-dwt Ocean Sapphire (built 2012), two debt-free vessels and among the last remaining ones in Noble’s fleet, were known to be on the sales block.
Several brokers in London and Athens reported on Friday that Golden Union scooped up the Cosco Dalian-built pair. The Ocean Garnet is said to have fetched $13.65m. The two-year younger Ocean Sapphire was reportedly sold for $14.85m.
Golden Union has a fleet of about 45 dry bulk carriers and has been expanding exactly in that size category lately. Veniamis's last move on the sale-and-purchase market about a year ago was to purchase the 93,500-dwt Houyo (built 2007). That ship has been trading with Golden Union since January as Flag Trias.
In August, Golden Company took delivery of the 81,600-dwt kamsarmax newbuilding Malena (built 2019) from Tadotsu Shipyard.
Golden Union wouldn't be the only Greek company buying such ships lately. Laskaridis company Lavinia Corp in September acquired the Chinese-built 93,300-dwt John Wulff (built 2010), which is now trading as Thalia. Polembros Shipping also acquired two such vessels.
Meanwhile Olympia Ocean Carriers, a company believed to be controlled by the Mouskas family, emerged as new owner of the 82,700-dwt Mangarella (built 2009). That ship was reported sold last month for about $15.5m and is now trading as One Ocean.
Singapore’s Noble Group, by contrast, has been a serial seller of ships, shedding about a dozen over the past couple of years. Financial reasons have compelled the commodity trader to adopt an asset-light shipping policy.
In December 2018, a new company was formed from the ashes of "Old Noble", with substantially all of the assets and business being transferred. Creditors took over 70% of the new entity, with 20% held by shareholders of the previous company and 10% by management.
