Greek owner Grid Shipping expands into larger bulk carriers with Kamsarmax buy

Grid Shipping owner Panos Fasoulis has disclosed the purchase of 2012-built, 82,000-dwt New Ascent, which will be renamed Arktos. Shipbrokers recently reported the vessel had been sold to undisclosed Greek buyers for a price close to US$20M.

“This milestone marks a significant step in our strategic expansion toward larger, more-efficient bulk carriers,” Dr Fasoulis said. 

Grid Shipping partners with Tide Line Inc and Silver Lake SA, operating a fleet of five Handysize bulk carriers built between 2007 and 2014. Earlier this summer, the group divested 2009-built Italida, which has since moved under different Greek ownership.

Dr Fasoulis added the acquisition reflects the group’s shared vision to invest in larger vessels capable of serving the evolving needs of global trade responsibly and competitively.

He also noted the vessel has been designed and engineered to meet high standards of operational performance, featuring advanced hull optimisation, fuel-efficient technology and improved environmental characteristics.

Growing demand for Kamsarmaxes

Kamsarmax bulk carriers remain among the most sought-after vessels in the Greek secondhand market. The latest comparable unit to change hands was 2010-built Eternal Bliss, acquired by Aris and Stefanos Koropoulis-led Astra Shipmanagement.

According to Allied Shipbroking, 151 Panamax/Kamsarmax vessels have changed ownership so far this year, compared with 143 deals during the whole of 2024.

The shipbroker also reported asset values have risen by up to 6% over the past three months, with the strongest gains recorded in 15-year-old tonnage.