Greek owner George Chatzis linked to fresh bulk carrier S&P play

Grehel Shipmanagement’s website now lists under its fleet Fiora, a 2013-built, 58,724-dwt vessel formerly known as Indigo Flora, and Luffy, a 2012-built, 58,051-dwt ship previously trading as Indigo Luffy. Greek shipbroking sources reported in mid-March that the vessels were sold en bloc to undisclosed buyers for approximately US$35M.

Both Grehel Shipmanagement and Newport SA – companies linked to George Chatzis – have been notably active in the sale and purchase (S&P) market in recent years. The acquisition of Fiora and Luffy marks the first deal for the group in 2025. 

According to Equasis, the two entities collectively operate 32 bulk carriers: 19 under Grehel and 13 under Newport, ranging from Handysize to Kamsarmax vessels. The latest additions appear to be the first Supramaxes to join the group’s fleet.

Fleet trends show a clear preference for Japanese-built tonnage, a segment that has gained popularity in recent sales, possibly influenced by the proposed US port fee. Notably, Newport was linked last year to a newbuilding order for three Kamsarmaxes at Japan’s Oshima Shipbuilding.

Market values on the rise

Despite a slow start to the year, S&P activity has picked up in recent weeks, driving modest gains in asset values after the sharp corrections seen since last year.

According to Veson Nautical’s latest monthly report, bulk carrier values rose by 0.1% to nearly 6.0% in March compared with February levels, with the exception of 15-year-old Panamaxes. In the Supramax segment – where Chatzis has now reportedly invested – values increased by up to 4.1%.

Riviera has reported that bulk carrier S&P activity declined by roughly 18.0% year-on-year in Q1 2025. Greek shipowners accounted for about 10.0% of total purchases and 23.0% of vessel disposals during the period.