Evangelos Marinakis has made a firm play in the newcastlemax sector by picking up a vessel from a mining company in the secondhand market.
TradeWinds reported last week how Marinakis entered the arena with a $75m swoop on a Berge Bulk ship.
It now emerges, however, that the major Greek shipowner began investing in such big bulkers a few weeks earlier.
The 206,800-dwt Akadimos (built 2016) joined the fleet of private Marinakis company Capital Executive Ship Management this month. The company operates the owner’s container ships and bulkers.
This vessel is the former Fomento One, which several brokers reported in mid-May as sold by Indian mining company Fomento Resources to undisclosed Greek buyers.
The scrubber-fitted ship was said to be changing hands for about $55m at the time.
Time charter
The price reportedly included the remainder of an index-linked time charter to Oldendorff Carriers that expires in August 2025.
Oldendorff’s website features the Fomento One under its new name of Akadimos, as part of the fleet operated by the giant German shipping player.
The fleet list on the website of Capital Executive features the Fomento One as Akadimos.
Marinakis, who often names his ships after Greek words and names beginning with “A”, used to own another vessel called Akadimos — a container ship that he sold in March.
The Capital Executive website does not yet feature the second newcastlemax that Marinakis agreed to buy earlier this month from Berge Bulk, the 210,900-dwt Berge Bobotov (built 2021). This is most likely because it has not yet been delivered.
The Fomento One is not the only bulker Marinakis bought under the radar this year.
Capital Executive is also the new manager of the 82,200-dwt YMK Quartet (built 2021), which TradeWinds reported as sold in mid-April by Kambara Kisen to unnamed Greek buyers for about $35m.
That ship joined Capital Executive in mid-May and is trading as the Agamemnon II.
Marinakis’ entry into newcastlemax bulkers comes amid a whirlwind of activity across the entire shipping space in which he is placing high-profile orders for container ships, tankers and platform supply vessels, as well as developing his New York-listed outfit Capital Product Partners into a pure-play LNG player.
As for Fomento Resources, the sale of the Fomento One leaves it with three younger newcastlemaxes in its fleet: the 207,000-dwt Fomento Two (built 2017), 209,900-dwt Fomento Three (built 2018) and 210,000-dwt Fomento Four (built 2019).
All of its remaining newcastlemaxes are on time charters to Oldendorff.
