Greek shipowner Minerva Dry dives into Handymax segment with landmark newbuilding deal

Andreas Martinos-led Minerva Dry has taken a strategic step into a new segment of the bulk carrier market, placing an order for three 64,000-dwt Handymax vessels at Japan’s Oshima Shipbuilding. This marks a notable shift in Minerva Dry’s operations, which have traditionally focused on larger dry bulk vessel classes, including Newcastlemax, Capesize, and Kamsarmax. Notably, Minerva Dry has recently ventured into the container vessel sector, adding four ships to its fleet over the past year.

According to company management, the new Handymax vessels are designed to deliver operational flexibility in ports with limited infrastructure, while maintaining the capacity to transport substantial cargo volumes. These vessels will be classed by the Japanese classification society ClassNK. 

Oshima Shipbuilding remains a preferred choice for Greek shipowners in the bulk carrier sector. Among recent clients are prominent names such as Polys Hajioannou’s Safe Bulkers, Paris Kassidokostas-Latsis’s Latsco, Costas Delaportas-run DryDel Shipping, Samos Steamship, and Sea Pioneer Shipping.

Expanding orderbook 

Andreas Martinos, a traditional Greek shipowner, has cultivated a robust and diversified fleet across multiple shipping markets. Minerva Marine manages 54 tankers, while Minerva Dry oversees 15 bulk carriers and container vessels. Meanwhile, Minerva Gas operates a fleet of five LNG carriers.

With this latest order, Minerva’s newbuilding program now totals 10 vessels: five tankers, two LNG carriers, and three bulk carriers.

Among the tankers are four LNG dual-fuel Aframax vessels, set to join the fleet in 2027. These cutting-edge ships, under construction at China’s New Times Shipbuilding, will enhance Minerva’s sustainability initiatives.

Additionally, Minerva is set to take delivery of two 174,000-cbm LNG carriers in 2026, currently being built by Samsung Heavy Industries in South Korea. These vessels feature the SAVER air lubrication system, designed to optimise fuel efficiency and significantly reduce greenhouse gas emissions.

“Each of these newbuilding projects is a milestone for our company as we further expand our footprint in existing segments with state-of-the-art alternatively-fuelled vessels,” said Minerva’s chief operating officer, Sokratis Dimakopoulos, in the latest edition of Minerva in Focus, the company’s printed publication.