Vafias' Brave Maritime continues buying spree with Japanese Handysize addition

Shipbrokers and market sources have linked the Greek owner with the acquisition of Bunun Orchid, a 37,875-dwt Handysize bulk carrier built in 2021.

While pricing details have not been disclosed, recent weekly reports from shipbroking firms estimate a five-year-old Handysize vessel is currently valued at around US$25M. Secondhand prices in the dry bulk market remain firm, with some analysts observing a moderate upward trend, particularly among modern tonnage.

In its latest weekly report, Doric Shipbrokers noted a mixed market sentiment, with overall pricing stability and occasional reports of slightly firmer values in recent transactions.

Significant fleet growth

Brave Maritime has emerged as one of the most active players in the dry bulk sale and purchase (S&P) market over the past two years. Known for its well-timed acquisitions and ability to seize attractive opportunities, the company has purchased 22 bulk carriers during this period. Its fleet now stands at 35 vessels, the majority of which were built in Japan.

In a March interview with Riviera, Harry Vafias emphasised all vessels within the Vafias Group have been built outside China – a strategic decision that, he suggested, gives the fleet a competitive edge, especially in light of the recent US port fee proposal.

The group’s US-listed company, Imperial Petroleum, is also pursuing an aggressive growth strategy in the bulk carrier segment. Seven new vessels – five Supramaxes and two Kamsarmaxes – are scheduled to join its fleet by June, with one already delivered. Following these additions, Imperial Petroleum’s fleet will consist of 19 vessels totalling 1.2M dwt, including 10 bulk carriers and nine tankers.

The Vafias Group includes the US-listed entities StealthGas, Imperial Petroleum and C3is Inc, as well as the privately held companies Stealth Maritime and Brave Maritime.