George Economou is believed to be buying his fourth big bulker in as many months.
TMS Dry, one of the Greek owner's outfits, is behind a $31m deal for the 81,900-dwt Scarlet Albatross (built 2015), Athens-based brokers reported on 27 December.
Other brokers based in London report that the Japanese-built vessel has fetched a somewhat higher $31.7m in a deal with unidentified Greek owners.
Managers at TMS didn't immediately respond to a request for comment. The Economou group, however, is known to have been focusing on similar bulkers lately.
In November, another six-year-old, Japanese-built panamax joined the Greek owner's fleet — the 77,100-dwt panamax Orient Violet (built 2015).
Economou is believed to have disbursed between $30.3m and $30.5m on that ship, which is currently trading as Paragon.
The Greek owner made an even bigger transaction in August, when he broke a hiatus of several months in the secondhand market spending $75m on two capesizes — the 179,500-dwt Stella Laura and 179,700-dwt Stella Lucy (both built 2015).
The two ships are now trading with TMS as Topeka and Oregon respectively.
That capesize deal was Economou's first known move in the secondhand market for bulkers or tankers since December 2020.
Big bulkers shifting
Regardless of whether Economou or some other Greek buyer bought the Scarlet Albatross, the deal shows that the S&P wheel for bigger bulkers keeps spinning, despite the traditional Christmas lull and falling freight rates lately.
"The thesis of many investors remains very much bullish despite any discounts witnessed during the past weeks in the freight market," Athens-based Seaborne Shipbrokers said in a report on 27 December.
In other deals reported for larger bulkers, the China Ship Fund's 93,100-dwt Jin Qi (built 2012) is said to have fetched about $17.3m in an auction in China.
At the same time, Cobelfret is seen extending its campaign of divesting some of its older kamsarmaxes and post-panamaxes.
After offloading in September the 82,000-dwt Athina II (renamed Athina II, built 2015) to Greece’s Chronos Shipping for about $32m, Cobelfret is now reportedly selling the 87,600-dwt Lowlands Light (built 2017) as well, to undisclosed buyers for close to $33m.
There’s even talk of much bigger ships changing hands. Berge Bulk or Winning Shipping are reportedly spending $21.5m to acquire the 229,100-dwt ore carrier Sakura (built 2010).
Berge Bulk owns more than 50 capesizes and ore carriers and has recently sold one of them for demolition.
The Sakura has been circulating for sale by its current Japanese owners since early December.
