Andreas Martinos-controlled Minerva Marine is about to make one of the biggest bulker expansion moves in its 25-year history with the purchase of three capesize ships.

According to ship-management sources and brokers, the Athens-based company is in close talks to acquire a trio of South Korean-controlled sisterships for a total price tag of $81.3m.

The vessels in question are the 179,300-dwt Dong-A Eos (built 2009), and the Dong-A Oknos and Dong-A Astrea (both built 2010). The first two vessels are said to have been committed at $27.5m each, while the third is fetching $26.3m.

Minerva, which has a policy not to discuss commercial matters, is primarily known as a tanker player. Its particular focus is on aframaxes, where it is one of the biggest Greek owners with 27 tankers in the size class.

However, the company has not been neglecting its smaller bulker fleet.

In 2020, Martinos set up a dedicated dry bulk unit called Minerva Dry. By March 2021, he had already expanded the outfit with two capesize purchases on the secondhand market — the 169,100-dwt Jabal Nafusa (renamed Pantariste, built 2011) and 169,200-dwt Cape Providence (renamed Minerva Providence, built 2010).

If completed now, the purchase of the Dong-A trio would boost Minerva’s capesize fleet to 11 vessels.

The company also owns another two bulkers — a pair of 85,000-dwt post-panamaxes it took delivery of as newbuildings in 2019 and 2020.

Eye-catching

Minerva’s triple capesize purchase is the most conspicuous in a string of big bulker deals amid brightening prospects for such ships lately.

In other transactions reported by brokers recently, Greek buyers are said to have swooped on the 173,800-dwt Mineral Belgium (built 2005) for about $15.8m.

Rumours also abound about the 203,200-dwt Baosteel Expedition (built 2007) changing hands for $19.5m. Greek owner George Economou was linked since late December to a purchase of two similar vessels — the 206,300-dwt sisterships Baosteel Elevation and Baosteel Evolution (both built 2007).

Zodiac Maritime is suspected to be behind a $41m-to-$42m deal for the 180,000-dwt Stella Hope (built 2016), with a time charter attached. The ship’s owner — Cara Shipping — already sold a sistership pair last year.

However, the war in Ukraine has rattled capesize markets. With the conflict evolving into a full-blown war, average freight rates for such vessels slid by 15% on Friday.

Baltic Exchange analysts described this as “less of a move on market fundamentals and more a reflection of global tensions”.