Several bulk carriers changed hands in the last week and most ended up with Greek shipowners, who seem to have found an “opening” in the market thanks to low prices. “As prices are coming down, there is demand for tonnage. However, some are not willing to sell because they have accumulated enough liquidity from the market over the last two years that they don’t need to right now. However, if the freight rates remain at such levels, sooner or later buyers and sellers will converge and prices will lose further ground,” Yannis Parganas, head of the Research Department of the Intermodal brokerage house, told “Naftemporiki”. “It remains to be seen whether this trend – lower values – will be maintained long-term or short-term as we are heading into the summer break. In any case, this is perhaps a good time to take advantage of attractive buying opportunities before the usual recovery in the autumn,” Einar Straume, Sales Department of Cleaves Shipbroking AS, noted. The Greek deals According to Xclusiv Shipbrokers’ weekly report, prices for used bulk carriers of all ages and sizes are down 3%-21% in June year-on-year. Greek shipowners seem to have taken advantage of this momentum. Various freight brokers report that Kostis Konstantakopoulos’ Costamare bought the capesize Aquaenna (175,975 dwt capacity and built in 2011) for approximately 22.8 million dollars. During 2021, the Greek company opened up to dry cargo – until then it exclusively managed containerships – focusing on small and medium sizes, from handysize to kamsarmax. If the reported transaction is confirmed, Aquaenna will be the first capesize of its fleet. Meanwhile, Hellenic Star Shipping, a “low-profile” company, located in Maroussi, bought, according to freight broker sources, the kamsarmax Rikke (capacity 81,895 dwt and built in 2016), for 26.5 million dollars. This agreement is indicative of the downward trend in prices. As Cleaves’ Straume reports, the one-year-old kamsarmax Valiant Spring changed hands last April for just over 28 million dollars. According to freight broker sources, Greek shipowners are also behind the purchase of the kamsarmax Santa Cruz (capacity 83,456 dwt and built in 2011), at a cost of approximately 18.5 million dollars, and the panamax Coral Opal (capacity of 78,090 dwt and built in 2012 ), which reportedly changed hands for 19 million dollars. According to a report by Xclusiv Shipbrokers, the Greeks are the leading buyers of bulk carriers in the first half of 2023, having acquired 71 ships, corresponding to 23% of the total activity in the market. Chinese and Turkish shipowners follow, with purchases of 28 and 20 ships respectively.
