Greek owners have spent at least $60m to secure a pair of modern, Japanese-built handysize bulkers.

The sale of the 38,100-dwt sisterships Fragrant Athena (built 2020) and Dry Beam Neo (built 2019) is the highlight of what secondhand brokers and analysts have been describing as a still vibrant sale-and-purchase scene for bulk carriers.

"Interest was once again vivid, despite the corrections noted in [dry bulk] freight earnings," analysts at Athens-based Allied Shipbroking said on 22 November.

According to Allied, S&P activity was particularly focused on smaller ships, as the earnings-to-asset-value ratio appears to be more attractive for such units.

"We expect activity to remain strong in the segment with more business likely to emerge by the end of the year," Allied's analysts added.

Allied has been one of several brokerages in Greece and the UK that reported a deal for the two Shin Kochi-built vessels.

The reported price of more than $30m apiece slightly exceeds ongoing snapshot valuations provided by data platforms such as VesselsValue and Signal Ocean.

The mark-up likely reflects that the transactions include already in place time charters.

According to brokers, the Fragrant Athena is earning $26,000 per day in a chartering deal that expires between December 2021 and March 2022. The Dry Beam Neo is reportedly earning $29,750 per day in a charter running through to between March and May.

Serial seller

Less clarity exists about the sellers of the ships.

Both were previously linked to Libera Corp of Japan.

According to Equasis, however, ownership of the Fragrant Athena switched to Swiss-based Nova Marine Carriers in July. The Dry Beam Neo was reported sold as well at around the same time, to unidentified buyers for between $24m and $26m.

Managers at Nova Marine Carriers did not respond to a request for comment. The company, however, has been known to be selling bulkers recently amid elevated values.

Four handysizes have left its fleet since May — the 56,100-dwt Isabella M (ex-Sider Tis, built 2006), 26,400-dwt Feraset (ex-Sider Moon, built 2015), 38,800-dwt CL Contigo (ex-Sider Faioch, built 2015) and 36,800-dwt Ruby Confidence (ex-Sider Syros, built 2016).

In March, the company also confirmed having sold the 38,200-dwt sisterships Sider Mykonos and Sider Madrid (both built 2013).

Nova Marine chief executive Vincenzo Romeo said at the time that asset plays are part of the mindset at his company, which manages about 80 bulkers, general cargoships and cement carriers.