Greek owner Minerva on US$220M container buying spree, building seven-vessel fleet

On 8 May, the Greek owner took delivery of Little Symphony, a 1,781 TEU container ship built in 2022 and previously named Mindoro. Shipbroking sources report the Chinese-built vessel was sold for around US$31M.

Minerva Dry entered the container vessel segment in October 2023 and has rapidly expanded its fleet to seven units, with an average age of just over two years. The company has spent over US$220M on both newbuilding and secondhand container ship acquisitions.

So far in 2025, Minerva Dry has taken delivery of three ships, including Little Symphony. The company serves as the dry bulk and container shipping arm of Minerva Marine, overseeing a fleet of 17 vessels, according to its website. As reported by Riviera in late 2024, Minerva Dry is also running a Handymax newbuilding programme in Japan.

Despite its growing interest in container ships and bulk carriers, the group’s core focus remains in the tanker sector, with Minerva Marine managing a fleet of 54 vessels. Meanwhile, its LNG arm, Minerva Gas, oversees seven LNG carriers, including two under construction in South Korea.

Increased feeder demand, rising values

The secondhand container vessel market remains active, particularly in the feeder and mid-size ranges. According to Alphaliner, most recent sales involve ships between 1,000 and 4,300 TEU.

Despite broader geopolitical uncertainty, buyers are staying active. In early May, MB Shipbrokers noted that while many players talk of a ’wait and see’ stance, market participants continue to pursue well-positioned tonnage.

This surge in activity has led to increased asset values. Veson Nautical’s latest monthly market report indicates that, with the exception of ultra-large container vessels, prices across most box ship sizes and age groups rose by up to 13% month-on-month in April. Feedermax vessels recorded the steepest gains.

Looking ahead, the proposed USTR port fees could reshape the market. Stakeholders are watching closely to see if Chinese-built vessels will be disadvantaged in favour of Korean and Japanese tonnage, potentially leading to a two-tier pricing environment.