A Niriis Shipping bulker has been sold after an expansion drive that saw it add six ships since March 2019.
Brokers in Europe and the US said the company's Sasebo Heavy Industries-built, 76,000-dwt panamax Elnath (built 2005), which is due for special survey, has been sold for $6.2m in a deal involving an undisclosed buyer.
The price is seen as low following the sale of the sistership Bettys Beauty (renamed F Ocean, built 2006) to Korea Asset Management Corp of South Korea for $10m in February.
Niriis did not respond to requests for comment.
The company has quietly expanded its bulker fleet by six vessels since July last year, focusing primarily on panamaxes. Its current fleet totals six units with an average age of 15 years, according to data from VesselsValue.
The ships that have joined the fleet have generally lost market value since they were bought.
The Greek company added the Elnath to its fleet after it was purchased from compatriot Empire Bulkers for $9.85m in March 2019, when it was named the Rosali.
The company's latest addition took place in January, when it took on the 74,000-dwt Underdog (built 2006) after it was reportedly bought from Kassian Maritime of Greece for $8.1m.
Renamed the Ivestos 4, the Hudong Zhonghua Shipbuilding-constructed ship is now likely worth more than $7m, according to VesselsValue.
Company manager Dimitris Gousis has said that the Athens-based company, which was set up in December 2013, does not own bulkers but merely manages them on behalf of clients.
Gousis told TradeWinds last November that Niriis intended to expand its fleet further.
(This article has been amended after publication to clarify that Niriis is not an owner but a manager of vessels)
