Yiannis Kourkoulis leads newly launched shipmanagement outfit in Greece

One such newcomer is Armi Shipmanagement, a recently established company based in the wider Attica region, set to focus primarily on the bulk carrier sector.

Armi’s chief executive, Yiannis Kourkoulis, told Riviera the company will initially manage the commercial operations of two Capesize bulk carriers, while it also plans to pursue vessel ownership alongside its management activities. He anticipates further expansion within the next year, adding more vessels to Armi’s portfolio as bulk carriers’ asset values continue to decline. 

Though the company’s starting point will be in the dry bulk sector, it is also targeting the wet market, with Mr Kourkoulis confident opportunities will arise there as well.

Notably, Armi’s head also serves as vice president at Best Oasis, a company specialising in vessel recycling, and is a board member of the Hellenic Shipbrokers Association.

Investment opportunities

Bulk carrier prices have been steadily declining since mid-2024, with weak freight conditions in the last quarter further exacerbating the downturn. The market faced additional challenges in January 2025 but is now seeking stability following the Chinese New Year celebrations.

Among the three primary shipping sectors, dry bulk currently presents the most attractive investment opportunities due to favourable valuations, according to market sources. This has drawn interest from both established industry players and newcomers from other sectors seeking to reinvest profits accumulated during recent market rallies.

Leading shipmanagement hub

Greece continues to attract new shipmanagement companies, with government data showing a 7% increase in entities established in the country since 2013.

Earlier this year, DS Norden opened an office in Athens, led by George Daskalakis, who focuses on tonnage procurement from Greek-owned fleet providers, primarily for charters ranging from six months to two years.

Similarly, last month, Fleet Management Ltd extended its operations to Greece, establishing a hub for shipmanagement operations, including technical management, crew management, safety and quality assurance. The office is headed by Yiannis Maroulis.

In 2024, Hong Kong-based Anglo-Eastern Univan Group expanded into Greece by acquiring Euronav Ship Management Hellas, the shipmanagement arm of Euronav. Additionally, in 2023, Japanese shipping giant Nippon Yusen Kabushiki Kaisha (NYK Line) opened a Greek office under the command of NYK Bulkship (Atlantic) NV, the group’s European representative, to strengthen its chartering business for bulk carriers.