Minerva tied to container vessel buy, as feeders dominate S&P market

According to MB Shipbrokers, the Greece-based shipowner has acquired the 1,800-TEU feeder vessel Lecangs Dolphin, built in 2023. The Chinese-owned ship is said to have changed hands for approximately US$30M.

Minerva made its debut in the container vessel market in October 2023 with the delivery of Little Emma. In the following months, the company added Little Warrior in December 2023 and Little Athina in February 2024, marking the conclusion of its first phase of growth in the sector.

All three vessels, built in China, have an average carrying capacity of 1,800 TEU and are managed by Minerva Dry - the container vessel and bulk carrier arm of the Minerva Group.

Diverse fleet

Andreas Martinos, a traditional Greek shipowner, has built a diverse fleet that spans several key markets. Minerva Marine currently operates 54 tankers, while Minerva Dry oversees a fleet of 14 bulk carriers and container vessels. Additionally, Minerva Gas manages five LNG carriers, according to information available on the company’s website.

The group also has a significant newbuilding programme in progress, with six vessels under construction - four Aframax/LR2 tankers and two LNG carriers, according to shipbuilding platforms data.

Active S&P market 

MB Shipbrokers reported a particularly active week in terms of sale and purchase (S&P) transactions, especially in the feeder segment.

This activity is largely driven by the limited availability of larger tonnage and the persistently strong charter market. Several deals have emerged, reflecting ongoing interest in securing feeder vessels, analysts noted.

In addition to Minerva’s reported acquisition, another Greek shipowner has been linked to the purchase of a 1,400-TEU, 12-year-old vessel. Furthermore, China United Lines is said to have secured an 18-year-old ship with similar capacity features.

Greek shipowners continue to actively monitor the feeder vessel market for opportunities. Thanassis Martinos-backed Eastern Mediterranean Maritime (Eastmed) has acquired several newbuildings in recent months, while Paris Kassidokostas-Latsis’s Latsco has also recently entered the market with a focus on modern tonnage.