The Greek capesize shake-out is accelerating as Nicholas George Moundreas remains one of the country’s savviest asset players, making strong gains from flipping older ships in a historically firm capesize market.
Sales registers show a raft of vintage bulkers have been saved from the breakers in recent months.
Greek owner NGM stands out, linked to the sale of the 2003-built, 171,000 dwt capesize Charm to Chinese interests for around $17.4m. The ship was acquired as Aquacharm in 2020 from John Michael Radziwill for around $10m. NGM has sold three vintage capes in the past six months.
Other recent vintage capesize sales listed sold include Kerkis, built in 2007, sold by Alberta Shipmanagement; Maran Argonaut, built in 2009, and Maran Happiness, built in 2008, sold by Maran Dry Management; Chin Shan, built in 2004, sold by Sincere Navigation Corp; Pigassos, built in 2011, sold by Lavinia Bulk; and XH Navigator, built in 2005, sold by Everbright Financial.
Source: Splash247
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