East 33 Maritime adds modern Kamsarmax amid strong market momentum

The Greece-based, Cypriot-origin shipowner is now listed as the owner of 2019-built, 81,982-dwt Duke Santos, which has been renamed Quod Verum and now sails under the flag of Cyprus, according to Equasis data.

Shipbrokers reported last month that the Chinese-built vessel changed hands for around US$28M, a figure said to represent a premium over comparable Chinese-built tonnage.

Equasis records show that East 33 Maritime’s fleet now comprises eight bulk carriers, built between 2013 and 2019. The Mylonas family is also active through Transmed Shipping, a dry bulk specialist led by Nicole Mylona as chief executive.

Market momentum

The Duke Santos deal is one of several recent transactions involving modern Kamsarmaxes, with Greek buyers remaining particularly active in expanding their fleets.

According to Allied Shipbroking, Kamsarmax values have risen by up to 4% over the past three months, with current prices sitting well above the five-year average.

This trend aligns with the broader positive sentiment in the secondhand dry bulk market. Allied noted in its latest report that healthy freight conditions continue to support heightened S&P activity across all segments. “Sentiment remains constructive, and values are holding ground, particularly for modern geared units and Japanese-built tonnage,” analysts said.

The Greek shipping community is also showing sustained interest in Kamsarmaxes on the newbuilding front. Star Bulk, Efnav and Eastern Mediterranean Maritime (EastMed) have all placed recent orders at China’s Hengli Shipbuilding, reinforcing the trend.