Canny Greek asset player Thenamaris is playing both sides of the sale-and-purchase fence to maximise profits while renewing its fleet.
Just a few days after spending almost $270m to buy four ultra-modern newcastlemaxes, the Nikolas Martinos-led company is divesting one of its two oldest capesizes.
The giant owner of about 100 ships is widely reported by Greek and US brokers to be obtaining $31m from the sale of the South Korean-built, 180,100-dwt Sealink (built 2010).
Athens-based Thenamaris declined to comment, in line with the standard policy to not discuss commercial transactions.
However, the company will likely find no better opportunity to divest the scrubber-fitted vessel built at DH Shipbuilding.
The S&P market for capesizes is on fire after spot earnings for such vessels climbed to nearly $30,000 per day — its highest level for February in more than a decade.
The price appreciation for such vessels is highlighted by another recent Thenamaris deal.
Just a few weeks ago, the Greek company reportedly sold a very similar vessel — the 177,800-dwt Seamate (built 2010) — to China’s Agricore Shipping for between $26m and $26.4m. The Chinese-built Seamate is equipped with an open-loop scrubber.
If the two deals are confirmed, Thenamaris will have sold both ships at a considerable profit several years after trading them.
Martinos acquired the Sealink and Seamate in 2015 and 2016, respectively, when they were worth considerably less in the secondhand market than they are now.
The Sealink was purchased from South Korean interests for about $27m and the Seamate from Taiwan’s Sincere Navigation for about $19.2m.
A sale of the two ships now would leave Thenamaris with a single 2010-built capesize as its oldest ship in that size class — the 181,400-dwt Seaunity.
The Seaunity may not be an immediate sales candidate, however, as VesselsValue shows the ship to be in an ongoing two-year charter with SwissMarine that began in July.
As for the buyers of the Sealink, Greek brokers believe the ship is heading to Dubai.
Kisamos Shipping, an outfit set up there by Russian and Greek executives two years ago, is being linked to the purchase.
The company is currently listing four capesizes in its managed fleet, built between 2004 and 2011. At least one of them has traded through the Northern Sea Route.
