Sophocles Zoullas-led Delphin Shipping is making his first move in the sale-and-purchase market with the disposal of an ultramax to Greece's Oceanbulk Maritime.
US brokers report that the company's 63,000-dwt Vela (built 2015) has been sold to Petros Pappas-led Oceanbulk for about $20.3m.
That's above the $18.7m that VesselsValue says it is worth, but it's below Maritime Strategies International's estimate of between $22.8m and $26.1m.
A source close to Oceanbulk confirmed the transaction but declined to discuss price.
Delphin Shipping, which did not respond to requests for comment, is listed with a fleet of 11 bulkers, all built at China’s Jiangsu Hantong Ship Heavy Industry.
Nine of them are supramaxes with an average of five years. It also has two ultramaxes with an average age of three years.
The series were ordered in 2010 for between $24m to $25m each.
Delphin Shipping was a venture between Zoullas and private-equity firm Kelso & Co, which had sponsored Eagle Bulk’s initial public offering (IPO).
When Delphin was started, Zoullas told TradeWinds he had been looking into investments in tankers and bulkers, but nothing had then materialized.
Delphin remains listed as an active investment on Kelso's website.
Zoullas was chief executive of New York-listed Eagle Bulk Carriers, while his brother Alexis was chief operating officer. Both left their positions at Eagle Bulk in 2015.
