Greek shipowning siblings George and Dimitris Stefanou have emerged behind a bout of secondhand deals, boosting their expansion drive of the past two years.
Their latest acquisition of two panamax and two handysize vessels puts the traditional shipowners from the Aegean island of Andros at the forefront of Greek bulker buying, notching up 10 such purchases since 2021 amid no recorded sales or demolitions.
The last batch of acquisitions shows Stefanou companies Bright Navigation and Sea Gate Navigation accelerating their campaigns.
In the first of these deals, they purchased a 12-year-old sister ship panamax pair from Greek peer Laskaridis Shipping.
According to ship management sources in Piraeus, the 75,200-dwt Nestor and Lambay (both built 2011) have changed hands for about $16.2m each.
TradeWinds reported recently that Panos Laskaridis-controlled Laskaridis Maritime ordered a string of six kamsarmax newbuildings at two separate Chinese yards earlier this year.
Bright or Sea Gate have pounced on younger handysizes as well, one of which is the 34,000-dwt Ria (built 2012).
Several brokers had reported earlier this month that Greece’s Dalomar Shipping, a company led by Danos Zoulovits, sold that vessel to unidentified Greek owners for $14.2m.
The second handysize changing hands will become the youngest vessel in the Stefanou fleet. The 36,200-dwt Aprilia (built 2017) had been trading with Athens-based Total Shipmanagement, ever since China’s Jiangdong Shipyard delivered it as a newbuilding.
The ship, which is fitted with a modern eco-electronic engine, is changing hands for $20.2m and will trade with the Stefanou brothers as Regina S.
The siblings made a string of further acquisitions recently that went mostly under the radar.
Earlier this year, they took delivery of the 75,100-dwt Hong Cheng (renamed Georgia S, built 2011) — a panamax reported sold in mid-May by China’s Ocean Fleet to unidentified Greeks for about $17.5m.
That ship came on the heels of two capesizes and one supramax they acquired last year.
Sea Gate and Bright’s acquisition spree has boosted the Stefanou brothers’ combined fleet strength to 27 vessels. Most of them are bulkers except for five legacy ships active in the Greek coastal passenger trade.
The Stefanou brothers, who are setting great store in the private, own-funded structure of their businesses, are said to be targeting to reach a critical mass of about 30 ships.
According to a source familiar with their thinking, they do not rule out expanding into tankers. Before that happens, however, prices would have to climb down from recent highs.
“As things look now, that would probably be something to consider for 2025,” the source said.
