Greece’s Diligent Holdings has continued its run of bulker purchases over the past 18 months by adding yet another supramax to its roster.
Brokers are linking the Greek company to the acquisition of the 58,000-dwt Korean Lily (built 2010). Some of them put a $14.6m price tag on the deal. However, TradeWinds understands that the vessel is changing hands for about $14.1m.
Diligent managers declined to comment, citing standard company policy not to discuss commercial matters.
Japan’s Doun Kisen, the current owner of the Korean Lily, circulated the ship for sale in late October 2018. The Kawasaki Heavy Industries-built vessel has lost about $1.5m in market value since then, according to VesselsValue.
This reflects the poor freight market for dry bulk vessels over that period. Average supramax earnings dropped to $6,315 per day in early February, their lowest level since October 2016, according to Clarksons. However, freight rates picked up to $8,371 per day last week.
Diligent was set up in 2011. It operates out of the President Hotel in Athens, the general manager of which is Dimitris Michalos, who also serves as Diligent's senior board member.
The company was managing a single handysize vessel at its inception. It began buying ships in February 2016, when rates bottomed out. Diligent acquired six handysizes by the autumn of 2017.
The company has been focusing on supramaxes since, concluding four confirmed purchases in the sector. In addition to the Korean Lily, it is understood this year to have acquired the 55,400-dwt Alster Bay, which it is believed to have picked up in February for $12m. Confirmation of these deals would bring Diligent's fleet to 13 ships, consisting of seven handysizes and six supramaxes.
Diligent has been acquiring vessels built between 2007 and 2011 by yards in Japan or at Japanese-controlled Tsuneishi Heavy Industries (Cebu) in the Philippines.
