Expanding Greek bulker company DryDel Shipping has joined the selling side of the sale-and-purchase fence for a change, with a deal for a modern ultramax.
The Costas Delaportas-led outfit, previously known as Meadway Shipping, has agreed to part with the 62,600-dwt Velvet (built 2018).
Market sources in Athens say that DryDel has obtained about $36m from Chinese interests for the scrubber-fitted ship, which was built at Oshima Shipbuilding.
Delaportas purchased the Velvet from Norden at about the same price two years ago.
Though not exactly an asset play, investing in the Velvet proved profitable for the Greek owner, which has received considerable charter income while trading the ship in what has generally been a good freight market.
DryDel will probably use a good part of the sale proceeds to finance an even more modern batch of newbuildings that have begun joining its fleet.
This week, the company took delivery from Namura Shipbuilding of the 40,000-dwt Warrior (built 2024).
“It was a day filled with pride and joy as we welcomed the first vessel from our order of four Namura vessels into our fleet,” DryDel said in a LinkedIn post.
The conventionally fuelled logger handysizes comply with Energy Efficiency Design Index 3 standards and cost about $32m each.
The second ship in that series is due to be delivered on 3 July, and will trade as Allegra.
The Namura newbuildings represent only part of a growth strategy under which the company has expanded with more orders and secondhand purchases to a fleet of 10 owned bulkers on the water and nine under construction.
Its ships range from handysize to kamsarmax and have all been built in shipyards in Japan or controlled by Japanese shipbuilders.
Apart from its owned fleet, DryDel charters in 17 bulkers for long-term periods.
