Greek bulker owner Modion Maritime is said to be expanding its fleet acquiring another panamax bulker at a price that shows bulker prices under pressure.
The company is paying just $8.1m to buy the 75,000-dwt Paganini (built 2008) from Borealis Finance, according to Greek brokers.
Modion did not respond to requests for comments, and Borealis chief executive Christoph Toepfer declined to comment.
The deal shows a continued pressure on bulker values.
Valuation platforms by Maritime Strategies International and VesselsValue says 12-year-old Paganini should be worth $8.7m.
VesselsValue estimates show that bulker values have dipped 3.8% in the last month and 11.1% in the last year.
The ship was worth as much as $13.5m in June 2018.
In April, Myron Tsatsakis-led Modion paid more for an older sistership of the Paganini. The company bought the 13-year-old Silver Dragon (built 2006) from Valles Steamship for $8.3m.
The Greek shipowner is today listed with a fleet of nine ships with an average age of 13 years. They range in size from supramaxes to post-panamaxes.
Borealis, an owner of bulkers and containerships, bought the Paganini in a bank sale for $11m in July 2015.
Ian Lewis contributed to this story
