Steel-hungry shipowner George Economou is going all in on shipping.
Shortly after placing a string of tanker and bulker newbuildings in China, the major Greek owner is being linked to a purchase of the last two newcastlemaxes in the fleet of Mangrove Partners, a New-York based investment manager.
According to US and Athens-based brokers, Economou company TMS Bulkers is spending a combined $126m on the acquisition of the 208,200-dwt MP The Vrabel and MP The Vinatieri (both built 2021).
Both TMS and Mangrove did not immediately respond to a request for comment.
If correct, the news provides further evidence of optimism around future bulker market prospects feeding through to rising asset values.
Just two weeks ago, another pair of Mangrove newcastlemax sisterships — the MP The Harrison and MP The Bruschi — were reported sold at a much lower combined price of between $120m and $122m.
Several brokers tied Tomini Shipping, another serial buyer, to that deal.
The prices reported for the four newcastlemaxes, however, may be distorted by unspecified time charter elements included in the price.
Brokers have said that the price for the vessels sold to Tomini included unspecified time charters priced on the basis of spot market indexes.
All four ships are fitted with scrubbers and are currently featured in the fleet of pool operator Capesize Chartering, according to its website. Two of them, the MP The Vrabel and MP The Bruschi, are also listed as on a time charter with Oldendorff, according to the German operator’s website.
Good asset player
Mangrove ordered the newcastlemax quartet from Yangzijiang Shipbuilding in China at the end of 2017.
The US investment fund is said to have paid just between $48m and $49m for each for the bulkers.
Mangrove wasn’t new to shipping even then. Before that, the company had featured as one of the anchor investors in John Michael Radziwill’s GoodBulk and also as a shareholder in tanker owner DHT Holdings.
In recent years, Mangrove has been taking advantage of rising asset prices to sell off other vessels it privately held.
Data shows Mangrove disposing of seven panamax container ships and two bulkers between September 2021 and February 2022. All but one of the container ships went to MSC Mediterranean Shipping Company at extremely profitable prices, as the world’s largest liner operator beefed up its owned fleet in a hot freight market.
The names of these ships featured surnames of former players of the New England Patriots, a hugely successful team in the US National Football League.
These included 5,000-teu container ships apparently named for quarterback Tom Brady (MP The Brady) and coach Bill Belichick (MP The Belichick). Adam Vinatieri (MP The Vinatieri) is the kicker who has scored more points than any player in NFL history.
As for Economou, information about a possible purchase of the Mangrove newcastlemaxes comes just one day after TradeWinds reported the Greek owner ordering two scrubber-fitted 210,000-dwt newcastlemax newbuildings due for delivery in late 2025 at Cosco Shipping Heavy Industry Yangzhou Shipyard (Cosco HI Yangzhou).
This is additional to the nearly $600m that the Greek owner has recently mobilised for tanker newbuildings at Chinese yards.
Eric Martin contributed to this story.
