Terminals company Abu Dhabi Ports (ADP) has made an entry into the bulker sector through a ship purchase closed via video conference during the coronavirus pandemic.
Global law firm HFW said it set up the virtual meeting to complete the United Arab Emirates company's purchase of the 101,600-dwt Greek vessel Niki (built 2006).
Participants logged in from 11 different locations in Greece and Abu Dhabi, and all documents were signed electronically, and then presented and exchanged by video and email, it added.
TradeWinds had reported the sale in March to an undisclosed company based in the UAE.
The price was said to be close to $12.1m, against a VesselsValue assessment of $11.42m for the ship at the time of sale.
Launched as the Pearl Mangalia, the Niki appears to have been one of a quartet of partly completed vessels originally ordered by a Greek-Romanian newbuilding venture that eventually collapsed.
The unusually sized post-panamax bulker was reported to be a candidate for conversion into a self-loading vessel.
Grain trades
US brokers reported that Niki had been active in the grain trade, which is not typical for vessels of similar deadweight tonnage.
The deal was said to have been agreed so that the ship would be actually delivered to ADP in the spring of 2021.
Niki was previously owned by clients of Greece’s Kondinave, a company led by low-profile former shipbroker Alexis Kondilis.
ADP has been contacted for comment. Its fleet consists of 10 tugs currently.
The HFW team was led in Piraeus by Kalliopi Karaiskaki and included Anna Papadopoulou, Ben Partridge and Lila Zerva.
HFW also provided completion services to all parties involved in the transaction.
