Robust handysize bulker markets have been a lucrative exit point for Greek owners wishing to cash in on their vessels and renew their fleets.
Among the sellers is Dalex Shipping. Rising ship values have encouraged the Vassilis Dalacouras-led handysize player to break a seven-year hiatus in which it had not sold a single vessel on the secondhand market.
Two Dalex ships, the 33,600-dwt Skala (built 2012) and 33,200-dwt Kambos (built 2008), joined the fleet of rapidly expanding Taylor Maritime Investments (TMI) earlier this month, IHS Markit data show.
The Skala has been renamed Jaunty Jenny and the Kambos as Graceful Gertrude.
This suggests the Dalex ships are two of the seven handysizes that TMI announced buying in August after raising $75m on the London Stock Exchange.
TMI did not identify the seven ships it bought other than to say they were built in Japan, had an average age of 10 years and would cost each about $15m on average. The Shin Koch-built Skala and Kambos broadly fit that description.
A more recent Greek seller of handysizes has been Meadway Shipping & Trading.
Managers at the Costas Delaportas-led company confirmed they have entered an agreement to sell the 35,800-dwt bulker Teo (built 2011).
“This decision is consistent with our company's strategy to renew our fleet while taking advantage of the rising market in the dry bulk sector,” Delaportas told TradeWinds in an email.
Delaportas declined to comment on the price details. Several brokers in Athens and the US reported that the Chinese-built, open-hatch bulker fetched about $16.5m in a deal with Middle Eastern buyers after passing special survey.
Out with the old
Meadway has been trading the Teo since taking delivery of it as a newbuilding 10 years ago.
That is about as long as Greek peer D&S Shipmanagement has managed the 32,300-dwt handysize bulker Mel Pride (built 1999).
The low-profile company acquired the ship in 2012 for about $10.5m and is now selling it on for further trading for $8.9m, Athens-based brokers said.
This is more than twice what the 22-year-old, Japanese-built ship is worth on the demolition market, according to estimates by VesselsValue.
The Mel Pride is the oldest among the three ships in D&S's fleet. Managers at the Piraeus-based outfit did not respond to a request for comment.
Other Greek handysizes reportedly sold recently are Vantage Shipping’s 29,900-dwt Vantage Key (built 2004) for $9.2m, Tide Line’s Indian-built 30,600-dwt Athos (built 2007) for $11.1m and Roswell Navigation’s 36,300-dwt Cape Gull (built 2013).
