Two ships owned by Teh Hu Steamship and Cara Shipping of China are becoming the 16th and 17th capesize bulkers purchased by Greek owners this year.
Teh Hu’s 181,000-dwt Courageous and Cara’s 180,000-dwt Stella Hope (both built 2016) share several characteristics with the other 15 capesizes acquired by Greeks since early February for about $650m in total.
They are less than 14 years old and most of them were built in China.
Some brokers believe Thenamaris has bought the Courageous for $50.5m.
Pattern
Others, however, report that Angelicoussis company Maran Dry Management or Thanassis Martinos owner Eastern Mediterranean Maritime (Eastmed) are behind the deal.
A purchase by Thenamaris would fit an established pattern, as the Nikolas Martinos-led firm scooped up a quartet of more modern capesizes from Polaris Shipping in February for close to $270m in total.
A move by Maran Dry, by contrast, looks more unlikely.
When the giant shipowner wants to acquire capesizes, it usually orders them as newbuildings or buys them as resales straight from the yard.
As for the Stella Hope, market rumours are linking Evangelos Marinakis’ Capital Maritime to the $49.7m deal for the vessel, which was built at Dalian Shipbuilding.
Some sources, however, express doubts as to whether Capital is the buyer. They believe other Greek interests have snapped up the ship.
Regardless of who the buyers of the two capesizes ultimately turn out to be, the deals fall into an established, gradual fleet renewal pattern by Greek companies.
The higher secondhand values rise, the more circumspect the fleet renewal.
“Renewal is happening, although at present prices the tactic is becoming a more calculated one, not done in a haphazard manner,” Athens-based Doric Shipbrokers wrote in its latest weekly report.
“Investment seems to be taking on a more long-term nature rather than one of [shorter term] asset play.”
Data compiled by TradeWinds confirms that Greeks’ capesize sales and purchases are going hand in hand.
Since early 2023, Greeks have bought 50 capesizes and sold 44, according to the dataset, which is based on confirmed transactions.
The characteristics of the capesizes bought and sold are widely diverging from each other.
The vessels sold have an average age of about 15 years and were built predominantly in Japan and South Korea.
The capesizes bought, by contrast, have an average age of 11 years and more than half of them were built in China.
Teh Hu, Cara Shipping, Thenamaris, Maran Dry and Capital Maritime either did not respond to a request for comment or declined to respond, citing standard policy not to comment on commercial matters.
