The financial owners of Giuseppe Bottiglieri Shipping have sold more of the company’s vessels. The deals leave the traditional family outfit with just two ships, down from the 15 it had at the beginning of 2020.
The latest vessel to go is the 93,300-dwt bulker Bottiglieri Sophie Green (built 2011), which has gone to Greece's Modion Maritime for $16.5m, according to ship management sources in Athens.
The company’s sole tanker, the 40,200-dwt tanker Ghetty Bottiglieri (built 2002), has been sold as well. The vessel, which has been circulating for sale since November, emerged under new Chinese management this month and is trading as the Fancy Lady.
Some brokers believe the vessel changed hands for about $7m.
The two deals bring the number of ships Giuseppe Bottiglieri has sold since October 2020 to 10 in total. The sales probably generated close to $130m to the benefit of Bain Capital, the investor controlling Bottiglieri.
Bain Capital entered into a partnership with Giuseppe Bottiglieri's founding family in 2017, after the Italian firm filed for court protection.
The US-based investment giant took full control last October, when it replaced Bottiglieri family members as board members and top executives with three managers from consultancy firm Alvarez & Marsal.
The ship sales that followed since have left the company with just two bulkers — the 93,400-dwt sisterships Bottiglieri Ambition and Bottiglieri Franco Vela (both built 2010).
Greeks follow closely
Greek players like Modion have been the single biggest buyers of former Bottiglieri vessels.
Shipowner Lou Kollakis has swooped on three of the ships. His Charterwell Maritime emerged over the past few months as the new owner of the 93,400-dwt Giovanni Bottiglieri (built 2009), which has been renamed Star Diamond; the Peppino Bottiglieri (built 2009), which is now the Star Coral; and Paola Bottiglieri (built 2010), which has become the Star Lapis.
Greece’s Kondinave acquired the 93,300-dwt Bottiglieri Flavio Borriello (built 2011), as TradeWinds has already reported. It has been renamed Rhea.
Argentinean buyers emerged behind a deal for the 93,300-dwt Bottiglieri Giorgio Avino (built 2011), which is now the Pampero.
The new owners of the 93,400-dwt Bottiglieri Challenger (built 2010) and the 93,300-dwt Bottiglieri Giulio Borriello (built 2011) have not emerged.
Modion, the most recent buyer of a Bottiglieri ship, has been expanding its footprint slowly but steadily.
Market sources familiar with the company's thinking said the Myron Tsatsakis-led company will not be buying ships every day, but only when it sees an opportunity.
The Bottiglieri Sophie Green is the company's fourth acquisition since April 2020, bringing the Modion fleet to 13 bulkers.
