Greece's Minoa Marine doubles down on Kamsarmax newbuildings, sheds older tonnage

The company has ordered a second 82,000-dwt vessel at Oshima Shipbuilding, with delivery scheduled for Q2 2028, according to information published on its website. Riviera understands the owner had already been in discussions with the yard about an additional Kamsarmax in the second half of last year.

Minoa Marine signed its first-ever newbuilding contract in 2024 for a single Kamsarmax due in Q1 2028 – marking a new phase of growth for the company, which until now had expanded exclusively through secondhand acquisitions.

The newbuilding programme coincides with the company’s divestment of older assets. Towards the end of 2025, Minoa Marine sold 2006-built post-Panamax Afea and 2001-built Panamax Anthos. Both vessels have since been renamed under new ownership. Shipbrokers reported last October that Anthos achieved a price close to US$6M.

Four older units built between 1999 and 2005 were also divested by the Greek owner during 2025 as part of its fleet rejuvenation strategy.

Founded in 2015, Minoa Marine currently controls seven Japanese-built bulk carriers – including Panamax, Kamsarmax and post-Panamax vessels. According to its website, the company aims to grow gradually and eventually manage a mixed fleet of bulk carriers and tankers.

The company also underwent management changes last year. Veteran Greek shipping executive George Vakirtzis – who spent nearly four decades at tanker and bulker owner Polembros Shipping – took over as chief executive.