Just before Christmas, Constantine Logothetis announced taking up a new challenge in his life.
Stepping down from his senior executive position at the Libra Group he co-founded, Logothetis said he would henceforth focus on investing in different businesses through Alithea Capital, a private family office he just set up.
Logothetis did not explain the rationale for his move. It would not be far-fetched to assume, however, that he has sizeable pocket money to play with after his family’s highly lucrative container ship sales.
Lomar Shipping, which is part of Libra, is estimated to have raised close to $1bn in gross proceeds from the sale of 23 such vessels last year, according to data from brokers and online shipping directories compiled by TradeWinds.
More than half of that money probably represents net profit from massive markups amid the recent container ship boom.
The Logothetis siblings, are not the only Greeks to enjoy such a windfall.
Shipping players such as Evangelos Marinakis' Capital Maritime, the Embiricos and Tsakos families, Andreas Hadjiyiannis of Cyprus Sea Lines, Nick Savvas of Cosmoship Management and Nikolas Pateras of Contships revelled in similar deals that washed hundreds of millions of dollars to Greek shores.
The dust from all these transactions has not settled yet and some have yet to be confirmed.
However, it can be said with a fair degree of certainty that Greek companies sold nearly 80 boxships in the secondhand market last year for total gross proceeds of around $3.5bn, according to TradeWinds data based on confirmed transactions, as well as broker reports and valuations.
The main buyers of these ships were big liners awash with money themselves from record earnings.
Mediterranean Shipping Co was the top buyer with 23 recorded purchases worth about $1bn. That was almost as much as CMA CGM and Wan Hai Lines combined, which notched up 11 purchases each.
Spilling over into bulkers
Some Greek container ship players, including Lomar, Capital and Contships have plowed back some of that bonanza in new boxship acquisitions.
Others have benefited from sky-high charter rate income earned by their existing fleet to steal the limelight in other shipping sectors.
US-listed Costamare has been behind arguably the most audacious sale-and-purchase campaign of the year.
Boosted by soaring charter rates and innovative financing that included the first shipping bond sold on the Greek market, the company expanded into bulkers with a head-spinning acquisition of 44 such ships last year.
The Constantakopoulos-led outfit is famously coy about revealing the amounts it spent on these ships but it is estimated at about $700m.
Costamare's bet seems to be paying off, so far. Given that most of its purchases took place relatively early in the cycle, most of the ships it acquired have already appreciated. VesselsValue estimates that the company's bulker fleet is currently worth $772m.
Costamare’s dry bulk expansion is the most eye-popping example of Greeks’ expansion in the sector.
TradeWinds data, excluding internal sales and refinancings, show Athens and Piraeus-based players having bought about 260 bulkers last year, up from about 160 in 2020.
US-listed companies top the Greek buying charts. Petros Panagiotidis outfit Castor Maritime bought 14 bulkers last year for about $250m.
Star Bulk Carriers moved early in January and February to pick up nine ultramaxes and kamsarmaxes in deals worth $190m and has been sitting tight since. Seanergy, another US-listed outfit, bought six capesizes.
Among the privately held companies, the busiest buyers were George Dellaportas-led Meadway Bulkers and the Moundreas family.
Just like in container ships, however, Greeks also have been on the selling side of the bulker fence to benefit from rising values, disposing of 169 such ships in 2021 from 97 in the previous year.
Not afraid of tankers
Greek buying thirst was intense in tankers as well, despite depressed freight markets. Potentially pointing to asset plays in the future, Hellenic players bought 110 oil carriers last year from just 56 in 2020, according to TradeWinds data.
The busiest buyers, in terms of purchased numbers of secondhand ships and resales, were Castor Maritime, Thanassis Martinos-led Eastern Mediterranean, followed by IMS SA, Spring Marine and Thenamaris.
Even more impressive than secondhand acquisitions, however, was Greeks' newbuilding activity.
In the jaws of the downturn, companies such as Capital Maritime, Atlas Maritime, Maran Gas and Maran Tankers, Thenamaris, Tsakos Energy Navigation and Atlas Maritime ordered about 80 tankers, LPG and LNG carriers among them.
