Arista Shipping, a low-profile Greek shipowner, has sold one of its three bulkers.
The company has sold its 55,000-dwt Panworld (built 2011) to an undisclosed Chinese buyer for more than $10m, according to Greek brokers.
The price tag represents a loss for Arista. The company paid $27.5m when it purchased the Hyundai Mipo Dockyard-built supramax from D'Alesio Group of Italy in December 2013. The ship was named Montecristo at the time.
In its latest deal, the price achieved slightly less than expected. Valuation platform VesselsValue estimates the Panworld is worth just under $11.8m.
Last done deal
The last 2011-built supramax to change hands was the 51,700-dwt Nikkei Verde, a Japanese ship that fetched $10.5m earlier this month, according to the VesselsValue deals database.
Arista did not respond to requests for comment.
The Panworld sale follows a deal in December that saw the company offload its 28,400-dwt bulker Panforce (built 2004) to Shenzhen Shipping of China, reportedly for $5.9m.
This was not a lucrative investment either. Arista had bought this handysize bulker from Denmark’s Clipper Shipping in July 2011 for $20.5m.
The sale of Panworld will leave Arista with a supramax and a handysize bulker.
Arista owns the 55,000-dwt Pangea (built 2012), which is the Panworld's sistership and was purchased as part of an en-bloc deal with D’Alesio. Called the Giannutri at the time, the ship changed hands for $28.5m, according to VesselsValue.
The company owns the 28,300-dwt bulker Panvision (built 2011), which has have been with the company since it was new.
Panagopoulos connection
Arista is believed to be controlled by Alexander Panagopoulos, the son of industry icon Pericles Panagopoulos.
Although its fleet list is small, the company's website states that its executives have strong relationships with ship-financing banks and have concluded approximately $2bn in ship financing it the past 18 years.
Arista claims it is financially strong with a strong balance sheet with modern high-quality ships.
