Stamatis Molaris-controlled Empire Bulkers has capitalised on rising bulker values to sell a 15-year-old panamax at a substantially higher price than what it paid to buy it four years ago.
The deal, if confirmed, would add one more deal in a long chain of Greek companies benefiting from heady dry bulk sale-and-purchase prices to shed ageing panamax tonnage and renew their fleets.
US brokers said the company sold the 76,000-dwt Jasmine A (built 2006) to an undisclosed buyer for $12.5m. The Imabari Shipbuilding-constructed vessel is due for survey this month. Greek brokers reported the transaction as well, but at a lower price of $11.2m.
At either level, this is a successful asset play. Empire Bulkers purchased the vessel from Japan’s Nissen Kaiun in January 2017 for just $8m.
The Stamatis Molaris-controlled company did not respond to a request for comment.
The Greek owner is listed with a fleet of 14 bulkers, including nine handysizes. In addition, Molaris' Empire Group of companies controls a fleet of 20 product carriers and chemical tankers. One of them — the 50,100-dwt MR Pat Brown (built 2009) — was reported sold earlier this month for about $14.2m.
Last month, Dubai-listed Gulf Navigation Holding said it struck a strategic alliance with Molaris, under which it would acquire bulkers and tankers from Empire. No specific ships were mentioned.
Greeks renewing fleets
Another Greek company believed to be shedding older panamax tonnage is Chronos Shipping. The Piraeus-based outfit is said to have offloaded the 76,600-dwt Thessaloniki (built 2006) for more than $11m in a deal with a Chinese buyer.
Chronos has already sold the sistership Pireas (built 2006) to Greek peer Niriis Shipping, as TradeWinds reported earlier this month. In exchange, Chronos bought the much younger, 81,000-dwt kamsarmax Sakizaya Noble (renamed Kleisoura, built 2017) for about $25.5m.
In a further transaction, again with Chinese buyers, Greece's Vrontados reportedly sold its oldest ship — the 73,200-dwt Dimitris L (built 2001) — for about $7.1m.
A sale would be in line with Vrontados' policy to trade ships throughout their operational life after ordering them as newbuildings.
Vrontados sold another two ageing ships earlier this year.
The 73,200-dwt Nicos L (built 2002) went to Chinese buyers before it was renamed Golden L. The 50,400-dwt Ero L (built 2003), which was renamed HY Glory, went to buyers in Hong Kong.
At the same time, Vrontados is taking delivery of four kamsarmax newbuildings from Sasebo Heavy Industries. The Japanese shipyard delivered two of them to Vrontados last year, while the other two are due for completion in 2021.
