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Investment Rally on Used Ships: The Costamare Deal and the τη Mysterious Buyer

Of George Georgiou

The prices of used bulk carriers are falling from the record levels of the previous months, in line with the correction finally recorded by the freight market, a fact that further strengthens the buying interest in a “hot” sector in deals.

Analysis of the VesselsValue data house indicates that during November, reductions in the value of all sizes and ages of bulk dry cargo steamers were recorded from 0.2% to 10.8%.

Indicative are some purchase agreements cited by the shipping brokerage Compass Maritime. For example, the post panamax “Mayfair Spirit” (capacity 93,257 dwt and built in 2011) was recently sold for $ 18 million. However, the same specification “CK Augusta” (capacity 93,251 dwt and built in 2011) “changed hands” last September for $ 19.7 million.

The “Mayfair Spirit”, as Capital.gr wrote, allegedly ended up in NGM Energy, interests of the Moundreas family.

In another deal, which shows the fall in values, the handysize “Clipper Bettina” (capacity 38,221 dwt and built in 2012) was sold a few days ago at a price of 19.3 million dollars. In October, the “Royal Justice” (capacity 36,976 dwt and built in 2012) was awarded for $ 22 million.

New agreements

It is noted that in 2021 (until December 5) 864 bulk carriers have been traded in the second hand market, with total investment funds estimated at about $ 13.6 billion, according to Allied Shipbroking.

Greek and Chinese shipowners are “fighting” for the lead in second hand cargo ship markets. The “Greeks” have acquired 218 bulk carriers, spending 3.89 billion dollars, while the Asians 220 steamers, for 3 billion dollars.

Among the agreements that have stood out lately, it seems that one is included that concerns the “usual suspect” Kostis Konstantakopoulos and Costamare.

In particular, nylon broker sources say in Capital.gr that the company has added another bulk carrier to its fleet, continuing its investment rally unabated this year.

The reason for the supramax “Universal Bremen” (capacity 56,726 dwt and built in 2010), which reportedly cost $ 15.5 million. This is a price that goes hand in hand with market levels for such a ship.

This ship is not among them of those recently announced by the shipping company.

At the same time, the alleged agreement to acquire two ultramaxes under construction, which will be delivered in 2023, made an impression on the shipping market.

Various brokerage sources state that the company that moved for their purchase is of Greek interests, without, however, naming the shipowner.

The two steamers were reportedly ordered in the summer by the Japanese Orix. Each of the ultramaxes cost the new owner about $ 34 million.

Read also:

– New moves of the Laskaridis and Delaporta families on cargo ships


Source From: Capital

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