Reliable sources say the Japanese-controlled, 33,400-dwt Atlantic Pearl (built 2010) has been acquired for $16.65m. Other observers say the price for the Shin Kochi Jyuko-built ship is far too high, with online platform VesselsValue.com estimating it to be worth just $13.45m.

However, a source close to the deal argues that the price is justified. The contract was inked in December, when secondhand prices were higher, and the estimate by VesselsValue.com is said to have been influenced by a distressed seller’s purchase of a smaller ship of lower quality.

After being left with just two older handymax bulkers in mid-2011, Dalex has spent more than $200m since June 2012, quietly building up its fleet to now include 13 handysizes built after 2006.

Its last purchase was the 27,600-dwt Hudson Bay (now trading as Arki, built 2011) for $18m in November. In July last year, the Greek owner bought another five-year-old sistership, the Scarlett (now trading as Dino, built 2009), for $18.5m. Its two most modern ships, the 33,000-dwt Lefkes and Aspri (both built 2014), were bought last year, also in off-market deals.

The company’s strategy consists of acquiring high-quality Japanese sisterships, which it says are popular with charterers. The fleet includes four sisters built at Shin Kochi and another four at affilliated yard Shin Kurushima Dockyard.

“It’s making a big difference with charterers to have sisterships that are tried and tested,” said the source close to the deal, adding that Dalex is employing its vessels on two-year charters.

Piraeus-based Dalex is understood to be looking to further increase its fleet. The company has acquired more than 110 ships since it was established in 1968, prompting it to claim on its website that this gives it a “unique” experience in how to run dry bulk vessels.

Dalex is one of several Greek shipping outfits believed — but not confirmed — to have formed a joint venture with a private-equity fund, which some suggest is an entity within Carlyle Group.

Its fleet is modern after the sale of the 40,000-dwt Marabou (built 1989) in August last year. It sold the 37,000-dwt bulker Polyhronis (built 1980) for demolition in 2011.