Greek bulker specialist W Marine is acquiring its first ultramax after parting with its two oldest panamaxes.
TradeWinds reported in February on Chinese buyers committing $12.9m to acquire the company’s 76,600-dwt W-Galaxy (built 2006).
According to market sources, W Marine is now divesting its next-oldest ship as well, the 76,500-dwt W-Raptor (built 2007), to Far Eastern buyers for about $12.8m.
Both deals have proved profitable for the Athens-based company, owned by Yiannis Sarantitis and led by Nikos Triantafyllakis, who initially purchased the vessels at much lower prices more than four years ago.
TradeWinds reported in 2019 how W Marine teamed up with Nees, Risan & Partners to buy the W-Raptor from US-listed Genco for about $10.2m.
The W-Galaxy was acquired in the same year from Japanese owners for about $10.6m.
The sale of the two ageing panamaxes leaves W Marine with no vessels built before 2010.
It is using the proceeds from these divestments to move into a new arena.
TradeWinds reported in January that Sarantitis was ordering his first newbuildings since 2007 — two 82,000-dwt kamsarmaxes at Chengxi Shipyard due for delivery in 2026.
Now W Marine has struck in the secondhand market to acquire its first ultramax.
Market sources identify the company as the buyer of the 63,300-dwt Eaubonne (built 2014) — a geared ship that several brokers reported as sold in early March to undisclosed Greek buyers for between $22.8m and $23m, with delivery scheduled later this year.
The Eaubonne will allow W Marine to diversify its offering to clients around the Indian Ocean.
It is betting on economic growth in that region to fuel the earnings of its vessels, as a result of demographic growth and the shift of Chinese manufacturing to South Asia and South East Asia.
The company took delivery last month of its youngest vessel on the water, the 81,100-dwt Presinge Trader (renamed W-Luna, built 2016). TradeWinds reported its acquisition in January.
W Marine’s latest moves in the secondhand and newbuilding markets bring its fleet to 16 active ships and two newbuildings.
Its active fleet on the water consists of seven post-panamaxes, seven kamsarmaxes, one panamax and one ultramax built between 2010 and 2016.
