Greece's Vrontados Shipping has emerged as the reported buyer of a Japanese-built kamsarmax bulker that brokers previously said had been sold to ArcelorMittal.
Early this week, both European and US brokers claimed the 81,000-dwt Olga V (built 2017) had been picked up by the Indian steel giant.
But market sources now tell TradeWinds the ship has been purchased by Vrontados, making it an all-Greek deal.
Capital Management Services of Greece has reportedly sold the Namura Shipbuilding-constructed bulker for some $30.5m. It reportedly ordered the Olga V for some $32m to $33m. The company did not respond to a request for comment on the sale.
Family firm
A traditional Greek owner, Vrontados is controlled by the fourth generation of the Los family. General manager Matheos D Los did not respond to requests for comment.
Vrontados last bought a ship in November last year, when the Dalian Cosco-built 61,000-dwt bulker Equinox Melida (built 2016) was acquired for $25.5m.
Renamed the Irene, this ship is today likely worth some $2m less.
More recently, Vrontados had been trimming its fleet, selling two supramaxes in July. Both the 50,000-dwt Christina L and Kaity L (both built 2003) went to Chinese buyers. The Kaity L went for $8.5m and Christina L for $8m.
A third sistership, the Maria L (built 2003), was in July also reported sold to Chinese interests for $8m but this ship remains in the Vrontados fleet.
Vrontados earlier this year circulated its oldest ship, the 73,000-dwt bulker Dimitris L (built 2001), for sale but the ship remains in the company’s fleet.
Steelmaker named
Brokers had speculated that ArcelorMittal was the buyer as the company had been busy building up its fleet and bought three bulkers in a month.
It has been less than a month since the steelmaker was linked to the Tsuneishi Shipbuilding-constructed, 81,000-dwt Rich Wave (built 2017) from Japan’s Fujo Kaiun for $30.5m. Neither ArcelorMittal nor the Japanese owner have commented on that deal.
Last month, it also paid JP Morgan some $93m enbloc for Hull No 1460 and Hull No 1461 at Shanghai Waigaoqiao Shipbuilding. The 180,000-dwt ships are set for delivery next year and have been named the True Valor and True Virtue by JP Morgan.
