Greek owner Polembros linked to first dry S&P deal in years

According to shipbrokers and market sources, the Greece-based traditional shipowner has purchased the 95,719-dwt, 2013-built Post Panamax Lowlands Energy for a reported price between US$22.5M and US$24M. Polembros management confirmed the deal when contacted by Riviera, stating that the company is always seeking attractive opportunities to renew its fleet.

Several shipbroking firms have recorded the sale in their latest weekly reports, with most indicating the buyer as “undisclosed” Greek interests.

Over the years, Polembros Bulkers has developed a substantial dry bulk fleet, concentrating primarily on Post Panamax and Newcastlemax vessels. The company’s website states that it currently owns 12 bulk carriers. Data from the shipping platform Equasis reveals that the last second-hand ship to join Polembros Bulkers’ active fleet was the Post Panamax Kriti Warrior, previously known as Double Paradise.

In addition to its dry bulk operations, Polembros is a significant player in the tanker sector, with its affiliate Polembros Shipping managing 11 vessels and a newbuilding program that includes three Suezmax ships.

Busy week

Shipbroking firm Weberseas has noted a recent surge of interest from Greek shipping companies, particularly in the Kamsarmax segment, following the market’s price adjustments. At least two vessels of this size, aged between 10 and 14 years, reportedly changed hands last week, with Greek buyers being the likely purchasers. Greek shipowners have continued to dominate the bulk carrier S&P market in the Kamsarmax, Ultramax, and Handysize segments this year, according to Weberseas.

Hartland Shipping Services, another shipbroking house, also highlighted strong activity in the second-hand dry bulk market last week, describing it as “busy” with a “wide variety of sales, illustrating appetite across the sectors.”

The investor cash sitting in owners’ accounts and available through financiers has not dried up; it still needs to be deployed. The recent price discounts have provided all the incentive needed for investors to spend, analysts added.

Data from Xclusiv Shipbrokers reveals that from January to September this year, a total of 612 bulk carriers, valued at US$12Bn, changed hands, compared to 455 vessels, worth US$8Bn, during the same period in 2023.