Greek shipping companies have picked off almost 80 bulkers this year in the sale and purchase market but one Hellenic owner stands heads and shoulders above the rest when it comes to likely profitable asset play, according to a study conducted for TradeWinds.
George Youroukos of Technomar has claimed bragging rights among his countrymen ahead of Posidonia thanks to his capture of six supramaxes from Hartmann Schiffahrts.
He paid a fraction over $30m for the six-pack, which is $65.04m below the discounted cash flow value placed on the ships today by VesselsValue.
"Some might say the sale price reflected the lack of desire from other owners to purchase vessels built in that particular yard," said Craig Jallal of VesselsValue.
"Nonetheless, according to our data, these ships have also enjoyed a 60% increase in value since their purchase."
The silver medal for 2016 Greek deals to date goes to Adamantios Lemos-controlled Unisea.
The company took on the 55,300-dwt Secret (renamed Waimea) and sistership Capital (renamed Ilenao, both built 2013) in April.
It paid $8.25m and $8.50m respectively for the ships to South Korea's Mirae Asset Management. VesselsValue now places their aggregate DCF value $19.06m higher.
Third place goes to famed asset player Thenamaris, which has invested in three modern second hand vessels in 2016.
Today they sport a DCF value $13.83m above the purchase price, the online platform says.
The top 20 asset players of the year, include George Procopiou's Dynacom, Marmaras, Samos, Eastern Mediterranean and Lomar, according to the data.
"Interestingly, there does not seem to be any pattern in the average age of the vessels, with average ages in the top 20 ranging from three to 15-years old," Jallal said.
The VV DCF value is the sum of all the theoretical net earnings and residual value of a ship, minus operating costs for each vessel, Jallal explains.
It is not a real market value, but could be seen as the best case value of a commercial ship.
