When the Brady-Belichick era of the National Football League’s New England Patriots ended in 2019, it continued at sea in the form of a team of bulkers and container ships controlled by Mangrove Partners.
Now, even the squad of ships that appears to be named after the successful Super Bowl’s dynasty is disbanding, with just two left on the New York investment manager’s roster.
Shipbrokers in Greece reported that Middle East interests have purchased two of Mangrove’s modern newcastlemax bulkers for a combined price of $121m.
Among them is the 208,000-dwt MP the Vrabel (built 2021), which appears to be named after Michael Vrabel. He is head coach of the NFL’s Tennessee Titans, following an American football career that included playing for the Patriots between 2001 and 2008.
Mangrove is also reported to have sold the 208,000-dwt MP the Bruschi (built 2020), which is apparently named after another Patriots linebacker, Tedy Bruschi.
The company did not respond to a request for comment on reports of the sales.
Mangrove ordered the newcastlemaxes from Yangzijiang Shipbuilding in China in 2017, according to shipping databases.
VesselsValue estimates that the MP The Bruschi is worth nearly $52.1m in an open market transaction, while its teammate MP The Vrabel is pegged at $53m.
Charters attached
But that is the open-market price that treats the ships as if they were free agents. Brokers said the sales included unspecified time charters that are priced based on spot market indexes.
Both ships are listed in the fleet of the Capesize Chartering pool, but VesselsValue’s database shows them on two-year time charters to Germany’s Oldendoff Carriers.
Data shows Mangrove sold seven panamax container ships and two bulkers between September 2021 and February 2022. All but one of the container ships went to MSC Mediterranean Shipping Company at extremely profitable prices, as the world’s largest liner operator beefed up its owned fleet in a hot freight market.
The names of the ships all featured surnames of former Patriots players, including 5,000-teu container ships apparently named for quarterback Tom Brady (MP The Brady) and coach Bill Belichick (MP The Belichick).
19 years of winning seasons
Starting in 2001, Brady and Belichick led the Patriots on a 19-year run that made history in American football. They reached the Super Bowl nine times, and their six wins ties the team with the Pittsburgh Steelers for the NFL record.
Also on the Mangrove roster were ships that appear to be named after players and the team owner that were part of the Brady-Belichick dynasty.
The company sold ships named after former tight-end Rob Gronkowski (using his nickname Gronk), wide receiver Julian Edelman, cornerback Ty Law, offensive tackle Trent Brown, wide receiver Dont’a Hightower and linebacker Willie McGinest, in addition to team owner and billionaire Robert Kraft.
Remaining in the fleet are the 208,000-dwt MP The Harrison (built 2021), which appears to be named after former safety Rodney Harrison, and the 208,000-dwt MP The Vinatieri (built 2021), apparently named after Adam Vinatieri, the kicker who has scored more points than any player in NFL history.
Led by president Nathaniel August, Mangrove describes itself as a value-oriented investment manager that employs an “opportunistic, value-oriented strategy” that concentrates on “systematically underfollowed investments and inefficient markets”.
What is not clear is whether Mangrove’s role as a shipowner is more akin to Brady, who has announced his retirement, or Belichick, who’s still coaching the Patriots.
Harry Papachristou contributed to this story.
