Marinakis in for modern newcastlemax

Greece’s Capital Maritime & Trading is no exception among cash-rich owners placing bids in the large bulker segment.

Brokers tell Splash the Evangelos Marinakis-controlled diversified group has snapped up the 2021-built newcastlemax Berge Bobotov from James Marshall-led Berge Bulk in a deal worth about $75m.

The buyer has been identified as Capital Executive Ship Management, which currently operates 36 vessels, of which 27 are boxships, comprising those from Capital Product Partners and nine bulkers. The fleet also includes the 2016-built newcastlemax Akadimos, acquired from India’s Fomento Group for around $55.5m in May of this year by an unknown Greek owner at the time. 

Berge Bulk ordered the scrubber-fitted 210,900 dwt vessel at Bohai Shipbuilding Heavy Industry Co in a two-ship deal for $45m each, meaning the Singapore-based company has bagged about $30m from the sale, excluding the revenue the vessel generated in roughly the past three years.

Demand for newcastlemaxes has been robust this year, with sales reported to have more than doubled from the same period in 2023, with over 70 ships changing hands. The transactions mostly surround older and middle-aged tonnage, while on the modern side, Danish shipping giant Norden picked up a 2021-built brace from Idan Ofer’s stable in May for about $73m each.