Greek and Turkish owners target mid-aged, modern Handysize vessels

In one deal involving the youngest vessel under discussion, 2020-built, 34,845-dwt Adrienne reportedly fetched over US$22M in August. The vessel has since been renamed Lady Andriane, with shipping data platforms listing British Bulkers as its new manager and owner. Attica-based shipping company British Bulkers is currently listed with two 2013-built Handysize vessels, according to Equasis data.

Meanwhile, George Chatzis-led Newport SA has emerged as the new owner of 2011-built, 38,273-dwt Agia Irini, formerly known as Zudar. The vessel reportedly changed hands for around US$13M. Riviera reported earlier this year on Mr Chatzis’ increasing activity in the secondhand market. Grehel Shipmanagement and Newport SA, linked to Chatzis, collectively operate 36 bulk carriers.

The Valmas family led Allseas Inc has also been active, acquiring the youngest vessel in its fleet. Amira Sara, a 28,339-dwt vessel built in 2014, recently renamed Ermoupolis, reportedly cost around US$12M. Allseas Inc, based in Piraeus, is currently listed with three vessels, including its latest acquisition.

In another transaction, Greece’s Primebulk Shipmanagement reportedly sold a pair of 2013-built vessels to Turkey’s Dramar Shipping for approximately US$22M. Madrid, built in 2013, has already been renamed DS Madrid, while Mykonos, of the same specifications, has yet to be renamed. Equasis data shows that Dramar Shipping’s fleet currently consists of three bulk carriers.

’Abundant activity’

Doric Shipbrokers noted in its latest report that the dry bulk secondhand market continues to enjoy abundant activity.

“There is a potpourri of purported prices: some ships are achieving firm figures, a few are managing to muster market-level numbers, and other vessels are selling for softer sums,” the analysts explained.

“Since supply and demand are ‘vibing’, sellers can count on competition to achieve strong prices, while buyers are leveraging vessel condition and characteristics to make savvy acquisitions.”