Angelicoussis dry bulk arm resumes secondhand deals with Capesize purchase

Newly renamed Maran Dynasty, previously known as Courageous, is now under the ownership of the Maria Angelicoussis-led entity. The 2016-built 181,000-dwt vessel marks Maran Dry’s first secondhand purchase since 2022, when the company acquired two under-construction LNG dual-fuel Capesize vessels from Anglo Eastern in a resale deal. A year earlier, the Greece-based shipping giant bolstered its fleet with 2017-built Newcastlemax Maran Loyalty (formerly known as Netadola).

According to shipbrokers, Courageous changed hands in late June for around US$50M, a price deemed fair within the estimated value range of US$45-$52M as assessed by MSI Horizon. The seller of the vessel is Teh-Hu Cargocean Management Co, a Hong Kong-based owner.

Data from the Greek shipbroking firm Xclusiv Shipbrokers reveal from January to July, 90 Capesize and Newcastlemax bulkers were involved in sale and purchase transactions, compared with 69 during the same period in 2023 — a 30% year-on-year increase. Greek buyers were behind deals for 17 of the vessels that changed ownership this year.

Newbuilding pause

Maria Angelicoussis’ primary strategy has been to order newbuildings to replace older vessels that have been divested in recent years. However, sources within the shipbuilding sector told Riviera the Greek group is waiting for prices to drop before committing to any new deals.

Xclusiv estimates the cost of a newbuilding Capesize bulker at a Chinese shipyard is currently US$77M, representing a 21% increase compared with the price a year ago. Meanwhile, on the secondhand market, a five-year-old vessel is valued at US$64M, and a 10-year-old vessel at US$45M.

Indeed, 2024 has been unusually quiet for the Angelicoussis Group in terms of new orders. The only activity has been Maran Tankers’ order for three Suezmax shuttle tankers at South Korea during the first quarter of the year. As for Maran Dry, its most recent newbuilding was delivered in 2021 by the Chinese shipyard SWS, part of an initial contract signed between 2017 and 2018.

The Greek shipping group continues to operate an extensive newbuilding programme, consisting of 11 tankers and 13 LNG carriers for Maran Tankers and Maran Gas, respectively.

With an operating fleet of 141 vessels, a total 24.2M dwt and 9.8M m3 capacity, the Angelicoussis Group holds one of the world’s largest privately owned fleets.

Greek serial buyers

With the acquisition of Courageous, Maran Dry joins a growing list of prominent Greek owners actively purchasing Capesize bulkers from the secondhand market.

Anna Angelicoussis, aunt of Maria and head of Alpha Bulkers, recently acquired 2016-built Herun Global. Nicolas Martinos-backed Thenamaris has emerged as the leading buyer this year, with five transactions, followed by John Coustas’ Danaos Corp with three deals.

Costamare, led by Konstantinos Konstantakopoulos, and Neda Maritime, controlled by the Lykiardopoulos family, round out the list of Greece’s major buyers, each with two acquisitions.

In contrast, Greek Capesize ordering activity has been very slow this year. Riviera understands that between January and July, only Samos Steamship signed a newbuilding deal for two large bulk carriers.