Greece’s Moundreas family has acquired its first bulker in 12 months, confirming the growing appetite for such ships in the market amid an upturn in freight rates.
Shipping data platform VesselsValue shows the 180,100-dwt Cape Leonidas (as built 2010) as part of the Moundreas group's fleet.
The entry confirms market talk earlier this month that the ten-year-old ship, built at Daehan Shipbuilding, changed hands for about $18.4m. The Cape Leonidas was previously managed by Stamatis Molaris company Alma Maritime, whose clients purchased the ship back in 2010 at a much higher price of about $63.5m.
The last time the Moundreas family bought a bulker also involved a Molaris-managed ship In July, the clan purchased the 170,000-dwt Cape Maria (built 2005), which is now trading as Mojo.
Managers at both Moundreas group and Alma did not respond to a request for comment.
The Cape Leonidas, now renamed Epic, becomes the youngest unit among the eight capesizes in the Moundreas fleet. Back in February Moundreas sold for scrap one of its oldest bulkers, the 172,500-dwt Ganbei (built 2001).
Moundreas apparently felt emboldened to resume expanding in that arena with relatively young tonnage after freight rates improved markedly since June. Their revival has sparked considerable activity on the sale-and-purchase market for such ships.
Sixty-six bulkers changed hands or were circulated in the market for sale in July, compared with just 20 in April, at the height of the coronavirus pandemic in Europe, according to data by VesselsValue and WeberSeas.
Interest remains high, despite buyers and sellers having to compromise with Covid-19 clauses, analysts at Athens-based brokerage Intermodal reported last week.
Most of that interest, however, focuses on mid- to smaller sizes, with capesizes representing just a small part of the vessels at play.
Just three capesizes are currently said to be circulating in the market as possible sale candidates. They include the Capital Maritime’s Amorito (built 2012), as TradeWinds reported last week. Also said to be on the market are two Japanese-controlled ships — the 181,400-dwt Jubilant Excellence (built 2013) and the 206,200-dwt Cape Vanguard (built 2006).
