Greece’s Atlantic Bulk Carriers Management is pivoting towards young ultramax tonnage as it sheds its older panamaxes.
The Piraeus company revealed in a statement on its website that it has added another ultramax to the two it has under construction at Japan’s Imabari Shipbuilding.
Atlantic Bulk Carriers’ orderbook comes as somewhat of a surprise. Online databases such as IHS Markit and VesselsValue show the Coumantaros family company without any newbuildings at all. The Clarksons database lists it with just one 63,000-dwt unit under construction at Imabari. Hull No S-A217 was booked in 2015 and is due for delivery in the first half of next year.
Atlantic Bulk Carriers separately confirmed the acquisition of another modern ultramax, already reported by TradeWinds in October, which marked its first recorded foray as a buyer into the S&P market in 12 years.
On 30 November, the company took delivery of the 63,500-dwt Dragongate (built 2016) under its new name, Desert Dignity. Market sources said the Imabari-built ship changed hands for about $26.5m.
The Dragongate purchase came just a few months after the company shed one of its oldest ships, the 74,100-dwt Ionian Eagle (renamed Zhe Neng, built 2001). That vessel reportedly went to Chinese buyers in May for about $10.2m, after a previous attempt to sell it at a much lower price failed in February.
Atlantic Bulk Carriers owns a further three panamaxes built in 2001 and 2002, which are the oldest vessels in its fleet of about 20 bulkers. It owns supramaxes, ultramaxes and panamaxes. However, ultramaxes are the youngest part of its fleet and the company seems to see its future in them.
