Greek owner Minerva adds eighth feeder as buying spree tops US$250M

The prominent Greek shipowner has emerged as the buyer of 2022-built, 1,781-TEU H Mercury, since renamed Little Mermaid. The Chinese-built vessel, already listed in Minerva Dry’s fleet, reportedly changed hands for about US$35M in early June.

With this deal, the company has now spent more than US$250M on container ship acquisitions. Having entered the sector in October 2023, Minerva Dry has built a fleet of eight container vessels with an average age of just over two years.

Minerva is a notable example of Greek owners increasing their exposure to the feeder market – initially through secondhand purchases and, more recently, with significant newbuilding orders.

The company, the dry bulk and container shipping arm of Minerva Marine, now oversees a fleet of 18 ships.

Despite this expansion into container ships and bulk carriers, the group’s core focus remains tankers. Minerva Marine manages a fleet of 54 tankers, while its LNG subsidiary, Minerva Gas, controls seven LNG carriers, including two under construction in South Korea.

Active S&P summer

According to MB Shipbrokers’ latest weekly report, this summer has been particularly active in the sale and purchase (S&P) market, with strong momentum and a steady flow of concluded deals.

“Several negotiations remain ongoing, and we expect to see even more transactions finalised in the coming weeks. Buyers remain keen to secure well-positioned tonnage while suitable opportunities are still available,” analysts noted.

Meanwhile, Veson Nautical’s mid-year review highlighted overall S&P activity has been on a downward trajectory since 2021. The trend continued in the first half of 2025, with 162 transactions recorded – a 21% year-on-year decline.

On asset values, Veson reported that in July, smaller Handy and feeder container ships saw monthly increases of up to 9%, while larger post-Panamax units recorded declines of up to 5%.