Pappadakis-family company Kassian Maritime has turned to its favourite yard, Japan’s Mitsui Engineering & Shipbuilding, to order yet another bulker.
According to brokers based in Athens, London and the US, Kassian ordered a single 87,000-dwt unit. The vessel, which is to be built to IMO Tier III standards, is said to be due for delivery in 2021.
Managers at Antonis and Virginia-led Kassian did not respond to a request for comment.
Kassian has taken delivery of at least five vessels from Mitsui E&S since 1999. Online shipping directories show the company with another sistership under construction there — a 60,200-dwt ultramax scheduled for delivery in the summer.
Orders halved
Bulker orders have slowed so far this year, with Clarksons reporting a drop of about half in January and February compared with the same period in 2018.
However, kamsarmaxes and post-panamaxes are an exception, with such orders rising by about 30% year on year, according to Athens-based broker Intermodal.
“Newbuilding activity continues to find inspiration much more on expectations of a stronger market in the next couple of years, and less on the performance of the freight market,” Intermodal said in a report on 26 February.
Confirmation of the newbuilding would increase Kassian’s fleet to 12 bulkers on the water, comprising supramaxes to capesizes, all built after 2006.
Kassian’s principals also bought two tankers in 2011, which are managed by Greek peer Prime Marine Management. Kassian was said to have purchased a third tanker in December — the 46,000-dwt Challenge Point (built 2008). But this vessel emerged in Prime Marine’s fleet as the Starman in January.
