Greek owner European Navigation re-enters dry bulk market in continued diversification push

The group, led by Captain Spyros Karnessis, said in a statement seen by Riviera that it had re-entered the bulk carrier segment through the acquisition of 2011-built, 181,480-dwt Capesize Frontier Garland.

Built at Imabari Shipbuilding’s Saijo Shipyard in Japan, the vessel has been renamed Elka Vassilios, in accordance with the "Elka" naming convention used across the group’s fleet.

The company did not disclose financial details of the transaction, citing confidentiality obligations.

European Navigation began operations in the dry bulk and general cargo sectors before expanding into crude and product tankers in the late 1990s and early 2000s through a series of newbuilding programmes in Croatia and, later, South Korea.

Today, the group operates a diversified fleet comprising DP2 shuttle tankers, MR2, LR2, VLGC and Capesize vessels, with a combined capacity of more than 1M dwt. Most of the fleet has been delivered through the group’s own newbuilding programmes since 2000.

Riviera reported in March that the Greek owner had entered the LPG carrier market with the acquisition of 2003-built VLGC Lycaste Peace, another Japanese-built vessel that has since been renamed Elka Cassian.

History and background

Captain Spyros Karnessis founded the family-owned shipowning and in-house shipmanagement group in Athens and London in 1979.

He began his maritime career as an officer cadet at the Merchant Marine Academy of Aspropyrgos in the late 1950s before qualifying as a master in the 1960s. After leaving seagoing service, he worked during the 1970s for Eastern Mediterranean and Thenamaris in London. In the late 1970s, he acquired two vessels to establish his own shipping business.

Historically, the group has managed an average fleet of 30 to 35 vessels, ranging from chemical tankers to VLCCs and Handysize to VLOC/Capesize bulk carriers.

Today, European Navigation Group is headquartered in Athens, with technical management offices for European Product Carriers Ltd (wet) and European Navigation Inc (dry). The group also maintains chartering and shipbroking offices in Athens (Elka Trading Athens Inc), London (Elka Shipping London Ltd) and New York (Elka Shipbrokerage and Trading Inc).