Evangelos Marinakis’ Capital Maritime & Trading has swooped for a modern Berge Bulk newcastlemax at an attractive price in a tricky secondhand market.
Shipbroking sources reported the 210,900-dwt Berge Bobotov (built 2021) had been bought for $75m to move Marinakis into a new area of the dry cargo sector.
Brokers tell TradeWinds the price is favourable relative to the cost of a new ship, which would not deliver for several years.
VesselsValue assesses the bulker as worth $72.4m, in line with a newbuilding for delivery in 2018.
The vessel was part of a double order concluded in 2018 by James Marshall-led Berge Bulk at $45m per vessel, making the sale lucrative.
The deal represents a move into a new, bigger bulker class for Marinakis, who has successfully rotated into and out of different sectors as one of the industry’s most active asset players in the past decade.
The Greek tycoon’s privately-held Capital Maritime is listed with 10 bulkers among a huge mixed fleet.
Three 197,000-dwt capesizes are Capital Maritime’s biggest dry ships so far, the others being panamaxes.
Singapore’s Berge Bulk will still have 67 dry cargo vessels in its fleet, including 55 capesizes and newcastlemaxes, with three more on order.
The deal marks the first time in more than a year that Berge Bulk has sold any ships from its $3bn plus fleet, VesselsValue data shows. It has also not added any secondhand tonnage this year.
Both Capital and Berge Bulk have been contacted for comment.
Sale-and-purchase activity for bulkers of capesize and above ran at record levels throughout the first few months of this year as freight rates surprised seasoned players with their strength.
As prices climbed, buyers pulled back and deal flow has slowed. As a result, VesselsValue data shows prices for the largest bulkers have flatlined since June.
Newbuilding spend continues
This week, TradeWinds reported that Marinakis had become the latest private shipowner to order container ship newbuildings, with a deal worth $1.25bn.
Marinakis made his move just days after John Fredriksen and Idan Ofer signed major boxship orders backed by contracts to top lines.
The deal also continues a cross-sector newbuilding drive from Marinakis that now runs to more than 100 vessels, costing well over $8bn.
In the latest deal, Capital Maritime commissioned a series of 8,400-teu vessels at New Times Shipbuilding — six firm ships plus four options.
