Greek capesize purchases abound as three shipowners pursuing fleet expansion or renewal plans scoop up big bulkers.
“The capesize is on fire,” Xclusiv Shipbrokers noted on Monday.
According to the Athens brokerage, the latest batch of deals pushes the number of capesizes sold in the secondhand market to 78 so far this year — almost twice the number that changed hands in the same period of 2022.
Not everyone, however, shares the enthusiasm for the sector, especially against the background of wobbly Western economies and geopolitical uncertainty with a war breaking out in the Middle East.
“The great majority of firm buyers [are] still inspecting smaller deadweight vessels and refusing to be lured in by the newfound capesize optimism,” Eva Tzima, head of research at Seaborne Shipbrokers, noted on Monday.
TradeWinds reported last week about Sinokor being in talks with Greek interests to sell the 180,900-dwt Contamines (built 2016) for about $42m.
It is understood that the deal has since been finalised, as the scrubber-fitted vessel changed hands for a price in the low $40m region and Greece’s Neda Maritime Agency has emerged as the buyer.
This acquisition comes a couple of months after Neda Maritime sold an older ship, the 180,000-dwt Ariadne (built 2009), for about $21m to buyers that have yet to be disclosed.
The Lykiardopulo family company is in net bulker expansion mode, considering that earlier this year it placed newbuilding orders for a pair of 82,000-dwt vessels at Chengxi Shipyard.
Greek peer Alberta Shipmanagement has emerged as the buyer in another capesize deal reported by TradeWinds last week.
Company principal Nicholas Inglessis confirmed the acquisition of the Japanese-built and Japanese-controlled 178,500-dwt AM Gijon (built 2011).
“This is a ship in good condition and we think this is a reasonable investment,” he told TradeWinds.
Inglessis declined to comment on the price at which the vessel is changing hands. Brokers reported it is close to $26m, with some putting a precise $25.75m price tag on the deal.
Alberta is in expansion mode, just like Neda. Over the past 12 months, it has bought two 15-year-old newcastlemaxes and a Japanese-controlled post-panamax.
Over the same period, Alberta ordered three tanker newbuildings in Japan — a 158,600-dwt pair at Nihon Shipyard and an aframax at Sumitomo.
A third big Greek capesize player re-entered the market under the radar.
Brokers reported late last week that Theodore Veniamis’ company Golden Union spent an undisclosed amount in a private deal for Japan-based Imecs’ 180,200-dwt Aqua Bonanza (built 2010).
Active sellers
That transaction, however, seems to be a few weeks old as the Imabari-built ship is already trading with Golden Union as Captain Veniamis.
This vessel replaces an older unit in the Golden Union fleet — the 171,400-dwt CIC Elli S (renamed P Melis, built 2003), which Veniamis sold in May to Lila Global.
Greeks have also been active as sellers of capesizes.
TradeWinds already reported on 9 October how US-listed Diana Shipping fetched $18m from the sale of one of its three oldest capesizes, the 177,800-dwt Boston (built 2007).
This compares with the $15.1m the company received in January to sell what was its oldest capesize at the time — the 180,200-dwt Aliki (renamed Xin Chun, built 2005).
In other capesize deal talk making the rounds, the 175,400-dwt Cape Star (built 2010) is believed to be changing hands within China for $21.2m.
Some reported deals have not materialised yet.
TradeWinds reported last week that apart from selling the Contamines, Sinokor was in talks with Indian steel giant ArcelorMittal to offload another pair of modern capesizes — the 181,100-dwt scrubber-fitted Chow and 180,900-dwt Comanche (both built 2016).
Market sources told TradeWinds that just one of those two deals has been concluded so far. However, it remains on subjects and the buyer is not ArcelorMittal.
