Low-profile Greek bulker owner Arista Shipping has sold a supramax and is left with just a handysize in its fleet.
The company has parted with the 55,000-dwt Pangea (built 2012). European brokers said the Hyundai Mipo Dockyard-built bulker has gone to an undisclosed buyer for $10m.
The company did not respond to requests for comment.
In July, Arista sold sistership Panworld (built 2011) for more than $11m. It is now in the fleet of South Korea’s Wooyang Shipping.
The timing of the pruchase was not ideal for Arista, which bought the ships from Italy’s D’Alesio Group in December 2013 for $27.5m each.
Aristo also owns the 28,300-dwt Panvision (built 2011), which has been with the company since it was constructed.
Last October, it sold the 28,400-dwt bulker Panforce (built 2004) to Shenzhen Shipping of China, reportedly for $5.9m.
Arista is believed to be controlled by Alexander Panagopoulos, the son of industry icon Pericles Panagopoulos.
The company has claimed that it is financially robust, with a strong balance sheet and modern, high-quality ships.
