Mylonas family company Transmed Shipping has sold a third, and possibly also a fourth, large bulker since October, amid firm secondhand prices.
After a lucrative pair of capesize resales around the turn of the year that brought in about $138m for the Athens-based company, Transmed is now moving to offload newcastlemax tonnage as well.
One of its five newcastlemaxes has already changed owners this week and emerged with Ningbo Zrich Shipping — a subsidiary of low-profile Chinese shipping firm Pioneer Logistics.
The Pioneer Logistics website already features the 203,100-dwt Newmax (built 2012) as part of the group fleet under its new name, Rosebank.
This suggests that the deal, which is believed to have been concluded at about $38m, probably took place a few weeks ago.
Expansion course
The Newmax may not be the only Transmed vessel heading Ningbo Zrich’s way.
US brokers report the transaction between the two companies includes the identical sister ship Cape Kallia (built 2012) as well, at the same price.
Managers at Pioneer Logistics and Ningbo Zrich were not available for comment, and Transmed does not discuss its commercial transactions.
TradeWinds has already reported about Pioneer Logistics being on an expansion course in recent months.
Earlier this year, Singapore-based group subsidiaries Pioneer Bulk and Pioneer Tanker committed to splash out up to about $470m at Chinese yards on six ultramax bulkers and up to eight chemical tanker newbuildings.
As for Ningbo Zrich, which is based in China, it made space for the incoming Transmed newcastlemax tonnage by selling an older capesize earlier this year.
The 174,100-dwt Highland Park (built 2006) changed hands in January for about $15m, according to VesselsValue.
The S&P Global data bank shows the ship trading as the Highland with Sunrising International Ship Management — a Chinese company that manages three other smaller bulkers.
Pioneer Logistics’ website features a managed fleet of 11 bulkers, 10 small tankers, two multipurpose vessels operating under its subsidiary Pioneer Line and two small LPG carriers.
Pioneer Logistics also has a fifth subsidiary, Y&D Marine, which is described on the group website as a dry bulk shipping company.
