Italian shipowner Premuda has agreed to the lucrative sale of a large product carrier and is close to offloading one MR tanker and a kamsarmax bulker.
An officer with the Pillarstone-controlled shipping platform confirmed to TradeWinds the divestment of the 109,000-dwt PS Genova (built 2010).
“Premuda is working hard to renew the fleet to better position itself on the market in the coming years,” the company spokesperson told TradeWinds in an email.
The officer did not elaborate on the price for the ship or its buyer.
Several brokers in Europe and the US had previously reported the PS Genova as sold to interests based in the United Arab Emirates at a price of around $40m.
According to VesselsValue, the Chinese-built ship was worth just about $28m in January 2020, when it passed under Premuda management from the fleet of Italian peer Rizzo Bottiglieri.
Premuda has been acting for several years as a consolidator on the Italian shipping scene under the control of Pillarstone — the Milan-based financier that acquired Premuda’s capital in 2016 with backing from private equity player KKR.
In 2019, Pillarstone installed a new management team, led by chief executive Marco Fiori and chief financial officer Enrico Barbieri.
Under their leadership, Premuda’s fleet expanded through a string of “sale-and-purchase deals, refinancing arrangements, fleet integrations and corporate transactions”, as stated on its website.
TradeWinds reported that the company began capitalising on rising LR2 tanker values, selling three vessels last year.
Following the latest deal for the PS Genova, Premuda has deals brewing for two additional vessels it has under management.
Premuda clients are in advanced talks to sell the 51,100-dwt tanker PS Augusta (built 2011) and the 82,300-dwt kamsarmax PS Cadiz (built 2010).
“Considering the age of the ships, the reason for the sales is understandable,” the Premuda officer said, in a statement that applies to the divestment of the PS Genova as well.
US brokers had previously reported that the PS Augusta is changing hands for a price “in the low” $30m range.
The ship used to be with Pietro Barbaro-controlled PB Tankers and entered the Premuda fleet in May 2020, when it was worth a little more than $20m.
As for the bulker PS Cadiz, market sources in Greece are saying that the ship is heading to Athens-based Pioneer Marine for $16.8m.
Managers at the Jim Papoulis-led company declined to comment on whether they are in talks to acquire the ship, which is due to pass a special survey by May next year.
Pioneer Marine, an owner and manager of handysize and supramax bulkers, acknowledged that it has its mind set on expanding into larger bulker types.
Pioneer Marine used to be controlled by the Garrison Investment Group.
In 2022, however, the US-based fund exited the investment and Papoulis took over the company in a management buyout.
Pioneer Marine currently owns four handysizes and two supramaxes, according to its website.
Including vessels under management, the company claims to have a total fleet of 15 geared bulkers.
