Martinos family company Thenamaris is about to conclude its first bulker purchase since late 2016, with a $64m en-bloc acquisition of a capesize quartet from China’s Greathorse International.
Several brokers in London, Athens and the US identified Thenamaris as the buyer of the 180,000-dwt Tiger Jiangsu (built 2010), as well as of the Tiger Guangdong, Tiger Shandong and Tiger Liaoning (all built 2011).
It is understood the purchase has yet to be completed. TradeWinds is told the deal is being handled by Greathorse’s Hong Kong parent Tiger Group. Maersk Broker Hong Kong and Arrow Hong Kong are acting as co-exclusive brokers.
Banks are involved in the sale as well, which is why the transaction is still on subjects.
Managers at Thenamaris declined to comment on reports of the sale, citing standard company policy not to comment on rumours or commercial matters.
Spokespeople at Greathorse did not immediately respond to a request for comment.
Greathorse’s core area of activity is chemical tankers. It is, therefore, no surprise that its sole four bulkers have been in play for quite some time.
In December, it was said to have committed the ships to an undisclosed Chinese leasing company. However, no deal was finalised and the company circulated the vessels for sale again in June, with the prospect of being delivered charter-free to their new owners at the end of September or early in October.
A swoop for the Greathorse quartet by Thenamaris would be among the most dramatic moves in an accelerating drive by major Greek owners into the capesize market.
Bulkers account for one-fifth of Thenamaris’ mixed fleet of around 100 vessels. The company’s attention had been firmly fixed on the tanker and gas carrier front over the past few years.
Reasonable prices
Pessimism about global economic prospects in the wake of the coronavirus crisis and a steady offer of tonnage out of Japan have pushed secondhand prices for larger bulkers to levels that some major Greek owners find difficult resisting.
“Prices are reasonable,” said one owner who has invested in the sector recently and may do again. “There are some among us who feel that things have to take a turn for the better at some point.”
There are further examples of such sentiment spreading: Greeks, possibly Laskaridis company Lavinia Corp, are said to be spending $15.8m to purchase the 180,300-dwt Aqua Vision (built 2011), which is the Noble Group’s last ship; and Theodore Veniamis company Golden Union is said to be buying the 177,000-dwt capesize King Ore (built 2010) for $19.2m.
According to Athens brokers, the King Ore was first committed to Zodiac Maritime for $19.5m in a deal that ultimately failed. It is equipped with ballast water treatment systems and an open-loop scrubber.
Managers at Golden Union did not respond to a request for comment. It would be the company’s second capesize buy in a few weeks, after it reportedly bought the 180,100-dwt Royal Accord (built 2009) in October.
Golden Union purchased another capesize in February, acquiring the 180,200-dwt Mineral Hokkaido (built 2008) for between $16.2m and $17m. It has been renamed Imperial Fortune.
Another recent serial capesize buyer is the Moundreas family, which has been credited with as many as four such deals since July — three of them in October.
Also in October, Tsakos Shipping & Trading reportedly bought the 179,600-dwt capesize ER America (built 2010) for about $20.5m.
“A lot of big Greek owners are moving into capesizes and kamsarmaxes lately. Smaller owners, by contrast, are staying on the sidelines,” one Athens shipbroker said.
Among the first companies to move into capesizes earlier this year alongside Golden Union were Alberta Shipmanagement, US-listed Seanergy Maritime Holdings and Centrofin.
Dimitris Procopiou-led Centrofin was known to have bought two kamsarmaxes from BW Dry in July. On top of that, the company emerged in October as the new owner of the 176,900-dwt New Stage (built 2008) — a vessel that changed hands in June for about $16m.
The ship is now trading as Smyrna, the former Greek name of Izmir, Turkey. The family of Procopiou and his brother George, of Dynacom Tankers Management, hail from the city.
