Athens-based bulker company Erasmus Shipinvest has quietly diversified its fleet with gas carriers and small container vessels.
Listed by Clarksons’ Shipping Intelligence Network as having only two LPG carriers on the water and two newbuildings underway, chairman and CEO John Su revealed the company has grown a much larger gas carrier fleet.
He said Erasmus now has eight vessels under its control.
“We also have some [LPG carrier] newbuildings in Japan,” Su said.
He did not specify the number of LPG ships on order but said it is more than the two 7,500-cbm vessels slated to be delivered next year from Kyokuyo Shipyard.
Su said the eight gas carriers under Erasmus’ control are chartered out under periods of three years plus or five years plus.
“We are using the same strategy being deployed for our bulk carrier business,” Su said.
Erasmus is focusing on the small, coastal pressurised ships of between 5,000 cbm and 11,000 cbm.
Su said his company’s LPG fleet will grow further to be a “scalable player” in the sector.
“Hopefully we can have 20 vessels,” he said.
Besides seeking growth in the gas tanker market, Erasmus is also looking to expand its presence in the feeder container ship segment and is looking to acquire modern tonnage.
The company made its debut in the boxship segment in 2022 when it took delivery of the 1,096-teu ANL Tasman Trader (built 2022) from Kyokuyo.
Today, Erasmus also owns the 1,096-teu CMA CGM Blossom (built 2023). It also has two newbuildings on order but the delivery date and shipyard have not been disclosed.
On its core bulker fleet, Erasmus has sold two “relatively old” vessels — the 77,100-dwt Glory Amsterdam (built 2006) and the 77,684-dwt Glory Trader (built 2004).
Su did not disclose the buyers or price. But S&P Global Market shows the Oshima-built Glory Amsterdam fetched $11.5m and the buyer as Orient Forward Shipping.
The 18-year-old bulker has been renamed the Board Forward.
As for the CSBC-built Glory Trader, the buyer and the sales price have yet to emerge.
Su said the sale was part of Erasmus’ fleet upgrading programme.
“But today’s dry bulker asset value is on the high side when we are talking about newbuildings and modern vessels,” he said.
Erasmus was established in 2010 by Su. The company has 16 bulkers in trading and has been known to provide asset management and services to owners and commodity traders through fixed time-charter rates on a long-term basis.
