Greek owner Thenamaris has sold its fifth ageing bulker this year, for almost twice what it paid to buy it nearly four years ago.
The Athens-based company obtained $28m for the 180,100-dwt Sealeader II (built 2011), according to several brokers and market sources.
Thenamaris never comments on its commercial transactions.
Its owner, Nikolas Martinos, had every reason to sell the vessel at that price, considering he spent just about $16m to acquire it towards the end of 2020.
Thenamaris bought the ship from China’s Greathorse International, which was trading the Qingdao Beihai-built vessel as Tiger Guangdong at the time.
By mid-2021, Greathorse had sold three sister ships to Richland Capital, Yasa Holding and EGPN Bulk Carrier.
The Sealeader II is now returning under Chinese ownership, according to the brokers.
This is in line with the well-established market trend in which Chinese players are the first to swoop on Greek-held bulker tonnage offered for sale in the secondhand market.
Of the 257 bulkers sold by Greeks in confirmed secondhand transactions compiled by TradeWinds since 1 January 2023, Chinese interests were on the buying side 72 times.
The real number, however, probably far exceeds 80, when one includes acquisitions by Singapore-based buyers known to represent Chinese interests.
The share of Chinese buying is even higher in capesizes. Players based or affiliated with China account for 24 out of the 48 Greek capesizes sold over the same period.
If the deal for the Sealeader II is confirmed, four of the five bulkers that Thenamaris has sold in 2024 will have passed under Chinese ownership.
TradeWinds has already reported how Agricore Shipping spent about $26m in January on the 177,800-dwt Seamate (renamed ASL Sun, built 2010).
Three months later, Shanghai-based Forecastle Shipping bought the 55,400-dwt Seaboss (renamed Rugulus I, built 2004).
At about the same time Thenamaris offloaded yet another vintage supramax — the 55,500-dwt Sealuck II (built 2004), which later emerged as Yangtze Dora with Singapore-based New Yangtze Navigation, a known arm of Chinese industrial and commercial company New Changjiang Group.
The only bulker that Thenamaris did not sell to Chinese interests was the 180,100-dwt capesize Sealink (built 2010), which is trading with United Arab Emirates-based owners under the name Bravos.
