After three consecutive bulker sales over the past four months, traditional Greek owner Kassian Maritime is said to be switching to the buying side of the sale-and-purchase fence in a $38m transaction for a modern kamsarmax.
Several brokers in London, Greece and the US are linking the Athens-based company to a deal for Nissen Kaiun’s 82,300-dwt Grand Radiant (built 2021).
The vessel was built at Jiangsu Yangzi-Mitsui Shipbuilding in China and comes equipped with a scrubber.
Managers at Papadakis family-run Kassian and Nissen Kaiun did not respond to a request for comment.
The Grand Radiant is listed under the management of China-based Dalian Dongrong Ship Management.
It is not unusual to see Nissen Kaiun sell vessels. The Japanese shipping giant has been buying, selling and ordering ships in recent years.
In the last quarter of 2023 alone, Nissen Kaiun sold two kamsarmaxes, one capesize, one post-panamax and one ultramax bulker to companies including Costamare, Velos Dry, Lila Global and Great Eastern Shipping.
However, none of these ships are as young as the Grand Radiant.
It was the prospect of getting its hands on a ship as modern as this amid an improving freight market that likely prompted the Greek company to resume acquisitions.
If confirmed, the purchase of the Grand Radiant would be the company’s first in nearly three years.
Kassian has been firmly on the selling side recently. Between October and December, the company offloaded two capesizes and a kamsarmax, as TradeWinds reported.
These sales shrank its managed fleet to five bulkers and a tanker. However, the company has been known to own another three tankers under the management of Greek peer Prime Tanker Management.
