Kassian Maritime, which has proven skilful at asset play in the past, has reportedly sold a kamsarmax bulker that it bought from Norway's John Fredriksen two years ago.
The Greek shipowner appears to have booked a loss on the sale.
Kassian paid $18.5m for the 81,000-dwt Sea Ace (built 2012). US and Greek brokers have now reported that the Guangzhou Longxue-built vessel, currently named Wookie, has been sold on to compatriot shipowner Modion Maritime for just $12.5m.
UK-based valuation platform VessselsValue estimates the Wookie is worth a stronger $14.5m. Maritime Strategies International has an estimated fair market value of between $12.1m and $13.9m for the vessel in the current quarter.
Managers at both Kassian and Modion declined to comment on reports of the transaction.
Kassian, which is listed with nine bulkers and also controls four tankers, has been more lucky with timing in the past.
Early this year, the Papadakis family outfit sold the 74,000-dwt bulker Afterhours (built 2007) to compatriot Niiris Shipping for $9m. Kassian purchased the ship in 2016 for just $6.3m.
If confirmed, the sale of the Wookie would be the second bulker purchase for Modion this year. In April, it paid Borealis Finance $8.1m to acquire the 75,000-dwt Paganini (built 2008) before renaming it the Minoan Sky.
Another Greek outfit believed to have bought two similar vessels this year is Minoa Marine. In June, clients of the company acquired the 88,200-dwt JP Magenta (built 2005) from Mitsui OSK Lines for $8.2m. It has been renamed Julia.
Last week, several brokers linked Minoa to a deal worth between $11.2m and $11.5m for the Japanese-controlled, 77,000-dwt Shoyo (built 2008) as well.
Harry Papachristou contributed to this article.
