Golden Union re-enters S&P market with rare baby-Capesize acquisition

According to shipping data platforms, the bulk carrier specialist acquired 106,349-dwt Flag Marina, a baby-Capesize vessel built in 2010 by Japan’s Oshima Shipbuilding, at the end of last year. Previously known as Sakaide Maru, this purchase appears to be one of the few vessels of this size in Golden Union’s fleet.

The acquisition came at a time of declining asset values in the dry bulk sector, creating favourable conditions for counter-cyclical investors such as Greek shipowners. According to Allied Shipbroking, dry bulk asset values have declined between 1% and 24% across all vessel types and ages over the past six months.

Fleet overview and profile

Golden Union currently owns around 40 bulk carriers, with the majority classified as Capesize and Kamsarmax vessels. Last year, the Greek shipping company sold at least three Newcastlemax/Capesize bulk carriers, with an average age of over 16 years, at attractive prices.

Theodore Veniamis previously served as president of the Union of Greek Shipowners (UGS) before Melina Travlos took over in 2022. His son, Nikolaos Veniamis, has been appointed secretary in the newly elected UGS board, alongside Dimitrios Fafalios.

Beyond his role at Golden Union, Nikolaos Veniamis represents UGS in the European Community Shipowners’ Associations and is also the founder of Starboard, a global dry bulk operator. Established in 2012, Starboard has become a leading player in maritime transport, specialising in the Kamsarmax, Panamax, Ultramax, and Supramax segments.