Greece's Minoa Marine makes first newbuilding move as older ships sold

The company has ordered a 82,000-dwt Kamsarmax bulk carrier at Oshima Shipbuilding, with delivery scheduled for Q1 2028. Riviera understands the order was placed in 2024 but only recently appeared on the company’s website.

This marks Minoa Marine’s debut in the newbuilding market, having so far expanded its fleet exclusively through secondhand acquisitions. Asked about future plans, company sources told Riviera the owner remains active in the market and is “always looking for attractive opportunities.”

The order coincides with the sale of four older bulkers. Aegea, a 2000-built Panamax, was sold earlier this year and now trades under Chinese ownership. The same buyers are also believed to have acquired Julia (built 2005) and Antigoni (built 2000). In addition, Minoa Marine divested Agnes, a 1999-built unit, in 2025.

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

Management reshuffle

Minoa Marine has also undergone management changes this year. Veteran Greek shipping executive George Vakirtzis – who spent nearly four decades at tanker and bulker owner Polembros Shipping – has taken over as chief executive.

At the time of his departure from Polembros at the end of 2024, the company operated a fleet of 14 tankers and 13 bulk carriers. He stepped down as the next generation of the Polemis family assumed leadership.