Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), one of the world’s largest publicly traded dry bulk shipping enterprises led by Chief Executive Officer Petros Pappas, has been linked to a new series of kamsarmax bulk carrier newbuilding orders at Hengli Shipbuilding in China. This development underscores both the shipowner’s continued investment in eco-efficient tonnage and the ongoing wave of Greek-led newbuilding commitments that are reshaping the global dry bulk fleet landscape. Greek shipowner and operator Star Bulk Carriers (SBLK) has reportedly joined the latest surge of Greek newbuilding activity in the Chinese shipbuilding market by signing contracts for up to six kamsarmax bulk carriers at Hengli Shipbuilding. The agreement includes four firm and two optional scrubber-fitted kamsarmax bulk carrier newbuildings, with deliveries expected throughout 2026 and 2027. According to Sale and Purchase (S&P) shipbrokers, each of these kamsarmax bulk carrier newbuildings is valued between $36 million and $38 million, consistent with recent price levels achieved by fellow Greek shipowner and operator Efnav Co. Ltd., which has been particularly active in ordering modern, fuel-efficient bulk carriers from Chinese shipyards. Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) already holds five kamsarmax bulk carrier newbuildings under construction at CMI Qingdao Shipyard, set for delivery in 2026. The latest Hengli Shipbuilding order strengthens Star Bulk Carriers (SBLK)’s position as one of the most forward-thinking Greek shipowners, maintaining a balance between secondhand fleet optimisation and next-generation newbuilding investments. During 2025, Star Bulk Carriers (SBLK) has sold more than ten supramax bulk carriers and two 2006-built kamsarmax bulk carriers as part of an ongoing fleet renewal initiative designed to enhance efficiency, reduce emissions, and align with the International Maritime Organization (IMO)’s decarbonisation objectives. Star Bulk Carriers (SBLK) currently manages one of the world’s largest privately owned dry bulk fleets, comprising more than 140 ships across newcastlemax, capesize, post-panamax, kamsarmax, panamax, ultramax, and supramax segments, with a combined carrying capacity exceeding 13 million DWT. The diversified fleet enables the shipowner and operator to transport critical raw materials such as iron ore, grain, coal, fertilizers, and bauxite across global trade routes linking Asia, Europe, and the Americas. Headquartered in Athens, Star Bulk Carriers (SBLK) has earned global recognition for its integrated management model that combines in-house technical, safety, and commercial operations, ensuring cost efficiency and high service quality. Under Chief Executive Officer Petros Pappas’s leadership, the shipowner has consistently pursued operational excellence, sustainable growth, and strategic fleet modernisation. Star Bulk Carriers (SBLK) was among the earliest dry bulk operators to retrofit its entire fleet with exhaust gas cleaning systems (scrubbers) and has invested heavily in advanced fuel monitoring technologies, ballast water treatment systems, and energy-saving devices to improve environmental performance. Through disciplined asset management and forward-looking capital allocation, Star Bulk Carriers (SBLK) continues to strengthen its balance sheet while maintaining its role as a reliable global transport partner for leading commodity producers and trading houses.In 2025, Greek shipowners have dominated the kamsarmax bulk carrier newbuilding scene, with Hengli Shipbuilding emerging as one of the premier destinations for large-scale eco-ship orders. Efnav Co. Ltd., led by Filippos Efstathiou, recently signed for six kamsarmax bulk carrier newbuildings at the yard, joining a growing list of Greek shipowners capitalising on China’s competitive pricing and technological advancements. Among the most notable participants in this wave of Greek newbuilding activity is Thanasis Martinos-led shipowner and operator Eastern Mediterranean Maritime (Eastmed), a major name in Greece’s maritime sector with a long history of diversified shipping operations and strategic fleet growth. Headquartered in Athens, Eastern Mediterranean Maritime (Eastmed) is one of Greece’s most respected and well-established shipowning and operating groups, founded and led by Thanasis Martinos. Eastern Mediterranean Maritime (Eastmed) has built a formidable reputation over decades for its disciplined financial management, prudent chartering strategies, and commitment to safety and technical excellence. The shipowner manages a highly diversified fleet across several shipping sectors, including dry bulk carriers, crude oil tankers, and product tankers, making it one of the few Greek shipping enterprises with such extensive cross-segmental expertise. Eastern Mediterranean Maritime (Eastmed) has remained particularly active in both the secondhand and newbuilding markets, strategically renewing its fleet to ensure compliance with evolving environmental regulations and technological standards. Recently, Eastern Mediterranean Maritime (Eastmed) placed orders for four new kamsarmax bulk carrier newbuildings at Hengli Shipbuilding, further expanding its modern bulk carrier fleet. These new ships are expected to incorporate state-of-the-art fuel-efficient engines, optimised hull designs, and dual-fuel compatibility to meet future decarbonisation requirements. The decision to invest in kamsarmax bulk carrier newbuildings at Hengli Shipbuilding aligns with Eastern Mediterranean Maritime (Eastmed)’s broader strategy to modernise its fleet while maintaining flexibility to serve both spot and period markets. The shipowner has also shown strong commitment to sustainability through the adoption of energy management systems, digitalised performance tracking, and the implementation of advanced ballast water and emission control systems. Beyond its technical and operational excellence, Eastern Mediterranean Maritime (Eastmed) is well known for its robust corporate governance and active participation in Greek maritime institutions. Thanasis Martinos, who also serves as a key figure in the Union of Greek Shipowners, has been a major advocate for maritime education and social responsibility initiatives, supporting academic and environmental programs that promote the next generation of maritime professionals. Under his leadership, Eastern Mediterranean Maritime (Eastmed) has developed into a major international player, maintaining long-term partnerships with leading charterers, oil majors, and commodity houses worldwide. Eastern Mediterranean Maritime (Eastmed)’s decision to order kamsarmax bulk carriers at Hengli Shipbuilding, alongside the activity of Efnav Co. Ltd. and Star Bulk Carriers (SBLK), highlights a broader confidence among Greek shipowners in the Chinese shipbuilding sector’s ability to deliver high-quality, compliant, and cost-efficient tonnage. Dimitris Procopiou-led Centrofin Management has also expanded its Hengli Shipbuilding orderbook to eight ships, underscoring the dominance of Greek owners in the 2025 bulk carrier orderbook landscape. Collectively, these investments reflect a coordinated Greek strategy toward modernisation and decarbonisation, reinforcing Greece’s position as the world’s most influential shipowning nation. For Star Bulk Carriers (SBLK), the new kamsarmax bulk carrier orders at Hengli Shipbuilding are a continuation of its disciplined expansion plan—anchored by operational excellence, strong financial management, and a forward-looking commitment to sustainability. Together with Eastern Mediterranean Maritime (Eastmed), Efnav Co. Ltd., and Centrofin Management, Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) continues to strengthen Greece’s leadership in the global dry bulk sector, driving innovation, environmental responsibility, and commercial resilience across the international maritime industry. 4-November-2025
Greek shipowners Eastern Mediterranean Maritime (Eastmed) and Seanergy Maritime (SHIP) have reinforced their fleet renewal strategies with major bulk carrier orders at Hengli Heavy Industries, further strengthening the Chinese shipyard’s growing relationship with European shipowners. Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) and Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) have each signed significant newbuilding projects at Dalian-based Hengli Heavy Industries, as the shipyard continues to attract a growing number of high-value international contracts. Hengli Heavy Industries confirmed firm orders for five bulk carriers worth around $211 million, consisting of one 181K DWT capesize bulk carrier for Nasdaq Stock Exchange-listed shipowner and operator Seanergy Maritime (SHIP) and four 82K DWT kamsarmax bulk carriers for Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed).For Seanergy Maritime (SHIP), this represents a historic moment—the signing of its first-ever shipbuilding contract, a major step in its long-term fleet renewal program. Led by chief executive Stamatis Tsantanis, Seanergy Maritime (SHIP), a specialist in the capesize segment, has ordered its inaugural newbuilding at Hengli Heavy Industries, marking a strategic shift from secondhand acquisitions to modern tonnage investments. The shipowner and operator, which has focused primarily on acquiring and trading secondhand ships, is now pursuing a younger, more fuel-efficient fleet profile. While pricing details have not been disclosed, this order underscores Seanergy Maritime’s (SHIP’s) broader commitment to lowering emissions and improving operating efficiency. The newbuilding deal comes after a series of disposals by Seanergy Maritime (SHIP), which sold four capesize bulk carriers built between 2009 and 2011 earlier in 2025 as part of its modernization drive. Following these sales, Seanergy Maritime’s (SHIP’s) operating fleet stands at 20 ships—18 capesize bulk carriers and 2 newcastlemax bulk carriers—with an average age of roughly 14 years.Hengli Heavy Industries confirmed that Seanergy Maritime’s (SHIP’s) newbuild is part of a broader five-ship contract that also includes four kamsarmax bulk carriers ordered by Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed). Eastern Mediterranean Maritime (Eastmed), one of Greece’s most established and diverse maritime enterprises, controls a fleet of nearly 80 ships across bulk carrier, tanker, and container divisions. The shipowner and operator has long been known for its conservative yet forward-looking management approach, focusing on diversification, safety, and technological innovation. Eastern Mediterranean Maritime (Eastmed) re-entered the newbuilding market in Q4 2023 after nearly a decade of absence, initially with four ultramax bulk carriers ordered at Nantong Xiangyu. The latest order for kamsarmax bulk carriers at Hengli Heavy Industries represents its first large bulk carrier investment with this Chinese yard and underscores its confidence in the quality and technical reliability of China’s new generation of private shipbuilders.Founded and led by prominent Greek shipowner Thanassis Martinos, Eastern Mediterranean Maritime (Eastmed) has built one of the most diversified fleets in Greece, operating globally with first-class charterers (FCC) in both the wet and dry sectors. The shipowner and operator manages ships trading worldwide, supported by a large technical and crewing network, ensuring high standards of safety, maintenance, and operational performance. Eastern Mediterranean Maritime (Eastmed) has developed a reputation for combining traditional Greek shipping values with modern corporate governance, financial transparency, and environmental compliance. The new kamsarmax bulk carriers are expected to feature eco-friendly propulsion systems and advanced fuel optimization technologies to comply with upcoming International Maritime Organisation (IMO) and Energy Efficiency Existing Ship Index (EEXI) regulations. These orders reflect Eastern Mediterranean Maritime’s (Eastmed’s) long-term commitment to sustainable growth and operational excellence, reinforcing its position as one of Europe’s leading privately held shipping organizations.The two Greek shipowners’ latest investments at Hengli Heavy Industries also highlight a growing trend among Greek maritime groups to partner with Chinese shipyards for competitive pricing, design quality, and advanced technology. Since September 2024, Hengli Heavy Industries has secured over 30 confirmed newbuilding contracts covering bulk carrier, tanker, and container segments. The shipyard’s current orderbook now exceeds 70 ships under construction, with delivery schedules stretching into 2029. Hengli Heavy Industries’ increasing collaboration with prominent European shipowners such as Eastern Mediterranean Maritime (Eastmed) and Seanergy Maritime (SHIP) demonstrates its strong technical capacity, reliable project management, and commitment to delivering high-specification ships on time. For Greek shipowners like Thanassis Martinos and Stamatis Tsantanis, these newbuildings represent a forward-looking investment—expanding their fleets with efficient, compliant, and commercially flexible ships designed to meet the next generation of maritime standards, while reinforcing the deepening alliance between Greek shipping and Chinese shipbuilding in the evolving global maritime landscape. 22-October-2025
Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) has reportedly completed its third swift acquisition from London-listed Hong Kong-based shipowner and operator Taylor Maritime, as the recent downward trend in ultramax bulk carrier prices shows signs of leveling off. The latest deal comes as Thanassis Martinos reactivates his presence in the secondhand bulk carrier market with a series of decisive purchases. Eastern Mediterranean Maritime (Eastmed) is said to have acquired another secondhand ultramax bulk carrier from CEO Ed Buttery-led Taylor Maritime. The buying momentum by Greek shipowners, particularly Eastern Mediterranean Maritime (Eastmed), appears to have played a key role in halting the price slide in this asset class for the first time since March 2025. Established in 1979 and based in Athens, Eastern Mediterranean Maritime (Eastmed) is a prominent and privately held shipowner and operator managing a modern fleet of dry bulk carriers and tankers. Eastern Mediterranean Maritime (Eastmed) operates a diversified portfolio that spans supramax, ultramax, panamax, and aframax segments and is recognized for its long-term chartering strategies, technical management expertise, and conservative financial approach. The latest acquisitions underscore Eastern Mediterranean Maritime (Eastmed)’s continued confidence in the dry bulk sector and its strategic commitment to expanding and renewing its fleet during periods of market correction. 28-July-2025
Martinos family firms Eastern Mediterranean Maritime (Eastmed) and Thenamaris Ships Management are preparing to execute a series of ship sales. Greek shipowning heavyweight Thenamaris Ships Management is expected to take delivery of 11 new building ships in 2025. Athens-based shipowner and operator Thenamaris Ships Management and Eastern Mediterranean Maritime (Eastmed), both recognized for their calculated market strategies, appear to be advancing their fleet renewal initiatives. Greek shipowners Thanassis Martinos-led Eastern Mediterranean Maritime (Eastmed) and Nikolas Martinos-led Thenamaris Ships Management may be planning to phase out as many as 10 older ships, following the disposal of seven tankers, bulkers, and container ships in 2025. If these developments are confirmed, Eastern Mediterranean Maritime (Eastmed) and Thenamaris Ships Management are projected to generate approximately $180 million in total, which could support the funding of their newbuilding projects or enhance their liquidity reserves in the face of geopolitical uncertainty. Eastern Mediterranean Maritime (Eastmed), founded by Thanassis Martinos and headquartered in Athens, is a long-established and highly respected name in the global shipping industry. The shipowner is active across multiple sectors, including tankers, bulk carriers, and container ships, and is known for its prudent asset management and operational efficiency. Eastern Mediterranean Maritime (Eastmed) has built a reputation for maintaining a balanced and diversified fleet, emphasizing safety, regulatory compliance, and environmental responsibility. The shipowner has historically shown strong discipline in timing its ship acquisitions and disposals, often aligning with broader market cycles. With a focus on long-term sustainability and value creation, Eastern Mediterranean Maritime (Eastmed) remains a key player in Greek and international shipping circles. 16-April-2025
In the southern Red Sea, a concerning maritime incident occurred when a cargo ship’s captain reported being followed by a swarm of 12 smaller boats for an hour. The UK Maritime Trade Operations (UKMTO) detailed that the event unfolded in the early hours of Sunday, approximately 13 nautical miles southwest of Mokha in Yemen. The vessel involved was not identified by name, but the captain described the pursuing boats as a mix of fast vessels and smaller kayak-type crafts, some of which appeared to be uncrewed. The closest these boats approached was at a distance of 1.5 nautical miles. After shadowing the cargo ship for an hour, the boats eventually dispersed from the area. The UKMTO confirmed that the ship and its crew remained unharmed following the encounter and continued on to their next port of call. This incident is currently under investigation, and it has been classified as a “suspicious approach” by the security company Africa Risk Compliance (ARC). This encounter comes amidst a backdrop of increased hostilities in the region. The Houthi militia has escalated its assaults on vessels it perceives as engaged in trade with Israel. Just two days before this event, another incident occurred further north in the Red Sea, about 150 nautical miles northwest of the Yemeni port of Hodeidah, where the master of a vessel reported that five missiles landed close to their ship. Thankfully, the vessel was not damaged and was able to proceed north through the Red Sea. UKMTO identified the vessel involved in this latter incident as the panamax bulk carrier MV Seajoy, which came under attack by a combination of a UAV (unmanned aerial vehicle), missiles, and naval forces using an uncrewed surface boat. The MV Seajoy is owned by the Greek shipowner and operator Eastern Mediterranean Maritime (Eastmed), which is a major player in the international shipping industry. Founded in 1977, Eastmed operates a fleet of over 70 vessels, comprising oil tankers, bulk carriers, and container ships. Glyfada-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) is known for its commitment to safety, environmental responsibility, and the continuous modernization of its fleet to meet the highest industry standards. Athens-based shipowner and operator Eastern Mediterranean Maritime’s (Eastmed’s) involvement in such a high-tension incident underscores the risks faced by global shipping operators in geopolitically sensitive areas. The company is headquartered in Athens, Greece, and has developed a strong reputation for operational excellence and strategic fleet management. Notably, communication regarding MV Seajoy’s situation was transmitted through VHF channel 16 while it was about 84 nautical miles southwest of Hodeidah in Yemen. These incidents highlight the ongoing security challenges in the Red Sea, a critical maritime route, prompting heightened vigilance and international concern over the safety of maritime operations in the region. 5-July-2024
Eastern Mediterranean Maritime (Eastmed), a prominent Greek shipping company, has recently marked a significant development in its fleet expansion strategy. After a hiatus of ten years without placing any bulker orders, Eastmed has signed contracts for a series of ultramax newbuildings with the Chinese shipyard Nantong Xiangyu Shipbuilding & Offshore Engineering. Controlled by Thanassis Martinos, Eastmed has confirmed the order of four new 63K DWT ultramax bulk carriers. This move signals a strategic expansion and modernization of Eastmed’s fleet, and it also represents a renewed confidence in the bulker market. The scheduled delivery of these ultramax bulk carrier newbuildings is set to occur between Q1 and Q4 2026. This order signifies a notable commitment by Eastmed to enhancing its presence in the global shipping industry, particularly in the bulk carrier segment. The decision to invest in these new vessels after a decade-long gap reflects Eastern Mediterranean Maritime’s (Eastmed) assessment of market conditions and future prospects in maritime trade. 23-December-2023
Maritime shipping has been urged to exercise heightened vigilance when navigating the Gulf of Aden (GOA) following an incident involving an aframax tanker that sustained significant damage from striking a sea mine in Yemeni waters. The Maltese-flagged aframax tanker, Syra, encountered this dangerous situation just before midnight on October 3 while loading crude oil from the Bir Ali crude single buoy mooring system located in central Yemeni waters. During the operation, the vessel was reportedly surrounded by suspicious floating objects, some of which were believed to be floating IEDs or sea mines. One or more of these objects detonated near the tanker, causing notable damage. Ambrey Intelligence, a security consultancy, has indicated that this incident may be linked to the ongoing conflict between the Yemeni government and the Southern Transitional Council, a secessionist group fighting for control in the region. In response to these developments, the war risk rating for the Bir Ali and Ash Shihr terminals, which are among Yemen’s few operational export facilities, has been elevated to reflect the significant threat of similar attacks aimed at disrupting future exports from Yemen. The damaged tanker, owned by Athens-based Eastern Mediterranean Maritime (Eastmed) and led by Thanassis Martinos, had changed its insurance coverage just 18 days prior to the incident, switching to the Standard Club. Despite the damage sustained to its forward ballast tanks, the Syra has been able to proceed under its own power. It is expected to arrive in Fujairah, United Arab Emirates, later today, where its cargo will be offloaded before the vessel undergoes repairs. The Syra was carrying approximately 65,000 tons of crude oil at the time of the incident. Coincidentally, another vessel, the MT New Diamond, a Very Large Crude Carrier (VLCC) controlled by Greek shipowner Adam Polemis’s New Shipping, is also en route to Fujairah for related reasons. This tanker, which suffered a severe fire off the coast of Sri Lanka last month, is being towed across the Indian Ocean to the UAE oil hub. Upon arrival, its cargo will also be transferred, and the vessel will be assessed for repairs. These incidents highlight the complex security challenges and operational risks facing maritime operators in the region, underscoring the need for stringent safety protocols and constant vigilance in these strategically important waters. 8-October-2020
The MV New Diamond, a Very Large Crude Carrier (VLCC), has arrived in the United Arab Emirates (UAE) after being towed across the Indian Ocean, following a severe fire on board. This 20-year-old vessel, managed by Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed), was carrying a cargo of crude oil destined for Indian Oil Corp. The oil will be offloaded and transferred to continue its journey to the client. Given the extent of the damage and the vessel’s age, experts believe that the MV New Diamond is unlikely to undergo repairs due to the high costs relative to its value. It is anticipated that the vessel will be directed towards demolition. This incident highlights the risks associated with maritime transport of crude oil, especially considering the age and condition of the transport vessels. Eastern Mediterranean Maritime (Eastmed), the ship management company overseeing the operations of MV New Diamond, has a longstanding reputation for excellence in the shipping industry. Founded in 1977 by Thanassis Martinos, Eastmed operates a diverse fleet that includes tankers, bulk carriers, and container ships. The company is known for its commitment to safety, environmental sustainability, and the efficient management of its vessels, making it a respected player in global maritime logistics. Eastmed’s involvement in the incident demonstrates the complex challenges faced by even the most experienced shipping operators. 7-November-2020
Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) has expanded its fleet with the acquisition of a new kamsarmax bulk carrier from Japanese shipowner Nisshin Shipping Co Ltd. The vessel, named MV Aquavita Air, was constructed by Oshima Shipyard and delivered to Nisshin Shipping Co Ltd in February 2020. Eastern Mediterranean Maritime (Eastmed) secured the MV Aquavita Air for approximately $28.5 million. This acquisition increases Eastern Mediterranean Maritime’s (Eastmed’s) bulk carrier fleet to a total of 40 vessels, further enhancing its significant presence in the global shipping market. In addition to its bulk carriers, Eastern Mediterranean Maritime (Eastmed) also manages a diverse fleet that includes 10 containerships and 29 tankers, showcasing the company’s broad operational scope and its strategic focus on diversifying vessel types. The seller, Tokyo-based Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), has been actively realigning its fleet portfolio. Alongside the sale of the MV Aquavita Air, Nisshin Shipping Co Ltd. (Nisshin Kaiun KK) also recently offloaded the 2016-built kamsarmax bulk carrier MV Western Monaco to KCH Shipping for around $18.5 million, marking a busy period for the company in the ship sale and purchase market. These transactions underscore the dynamic nature of the shipping industry, where strategic asset management plays a crucial role in maintaining competitive advantage and adapting to changing market conditions. Eastern Mediterranean Maritime (Eastmed), under the leadership of Thanassis Martinos, continues to demonstrate robust growth and strategic foresight in enhancing its fleet capabilities. 20-June-2020
UAE-based oil trader and storage specialist Onex has acquired two vintage Very Large Crude Carriers (VLCCs) from Athens-based Eastern Mediterranean Maritime (Eastmed), led by Greek shipowner Thanassis Martinos. The first transaction involved the 2002-built VLCC MT Giessel (formerly known as MT Grand Lady), which was sold for approximately $34 million. The second vessel, the 2000-built VLCC MT Lucky Trader, was purchased for around $30 million. Onex, known for its operations primarily with smaller vessel classes such as aframax, suezmax, handymax, and MR product tankers, is making a significant strategic expansion into the VLCC segment. This move marks a considerable scale-up in their fleet capabilities and positions Onex to leverage greater storage and trading flexibility in global oil markets. Interestingly, Onex opted to waive the inspection for these transactions, indicating a strategy focused on rapid acquisition and deployment. The vessels are set for prompt delivery in India, aligning with Onex’s operational strategy to quickly integrate these assets into its fleet. These acquisitions by Onex from Eastern Mediterranean Maritime (Eastmed) reflect a broader trend in the maritime industry where companies are strategically diversifying their fleets to adapt to changing market conditions and opportunities. The shift towards owning larger crude carriers such as VLCCs can offer more efficient transport and storage solutions, potentially enhancing Onex’s competitive edge in the oil trading and logistics sector. 5-May-2020
Greek shipowner and operator Eastern Mediterranean Maritime (Eastmed) sold 1995 built handymax bulk carrier 45K DWT MV Glyfada for about $4 million to Ukraine based DCT Shipping. MV Glyfada was the oldest and smallest bulk carrier in Eastern Mediterranean Maritime’s (Eastmed) fleet. Ukraine based DCT Shipping has been steadily building handymax bulk carrier fleet. In 1995, MV Glyfada was built at Tsuneishi Group’s Tadotsu Shipbuilding. In March 2015, Eastern Mediterranean Maritime (Eastmed) sold 1995 built handymax bulk carrier 42K DWT MV Sealady. Odessa based DCT Shipping renamed MV Glyfada, and now trading in DCT Shipping’s fleet as MV Alby Happy. Currently, DCT Shipping has a fleet of five (5) bulk carriers. 30-November-2019
Greek shipowner Thanassis Martinos, who heads Eastern Mediterranean Maritime (Eastmed), has reportedly ended a 10-month hiatus in deal-making by acquiring a supramax bulker from Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S. The ship in question is the 57K DWT MV Nord Manatee, built in 2010, which was sold by the Copenhagen-listed Norden. This purchase marks Eastern Mediterranean Maritime’s (Eastmed) first market entry since last October and comes at a time when the bulker transaction market is witnessing an upturn, thanks in part to a summer revival in the freight market. While other shipping companies like Eagle Bulk Shipping and Oman Shipping have been active in the market, particularly with ultramax bulk carrier deals, seasoned Greek shipowners like the Martinos family had been notably absent until this recent move. The Martinos family and Eastern Mediterranean Maritime (Eastmed) are often seen as trendsetters among Greek shipowners. Their actions are closely watched, and their moves tend to influence other smaller private Greek shipowners. Recently, there has been a noticeable increase in bulker transactions, though the market has experienced a slight cooling due to the holiday season and global economic uncertainties, including tensions in the US-China trade relationship. Eastern Mediterranean Maritime’s (Eastmed) acquisition of the MV Nord Manatee, for which it reportedly paid $13.4m, will be a significant addition to its already extensive fleet of nearly 40 bulk carriers. Currently, Eastern Mediterranean Maritime (Eastmed) operates about 80 ships. This transaction is also profitable for Dampskibsselskabet DS Norden A/S, which had purchased the vessel, then named CMB Maxime, for $10m in 2016 at the market’s low point. Dampskibsselskabet DS Norden A/S, pursuing an asset-light strategy, has been actively selling bulkers to focus on its operating business in dry cargo. This strategy has led to the divestment of more than a dozen bulkers since 2017, aligning the company’s owned dry cargo fleet with market fluctuations. Dampskibsselskabet DS Norden A/S’s approach emphasizes agility and the ability to quickly adapt to changing market conditions, avoiding the pitfalls of being over-committed to long positions. Despite not purchasing any bulkers recently, CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S has made several countercyclical investments in the tanker market. 6-August-2019
Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) has recently broadened its maritime portfolio by acquiring the 2004-built panamax bulk carrier MV Ioannis Zafirakis from Alios Bulkers, the dry bulk division of the Greek Livanos Group. Built by Namura Shipbuilding, the MV Ioannis Zafirakis was placed on the market in June and has now been secured by Eastern Mediterranean Maritime (Eastmed) for an estimated $10 million. This acquisition enhances Eastern Mediterranean Maritime’s (Eastmed’s) operational capabilities and underscores the active nature of the maritime asset trading market. Specifically, the addition of MV Ioannis Zafirakis, a vessel known for its substantial carrying capacity and proven operational history, strategically boosts Eastmed’s fleet within the panamax segment. Meanwhile, this sale marks a reduction in fleet size for Alios Bulkers, leaving it with just three panamax bulk carriers: MV Bellamys, MV Atlantic Hero, and MV Atlantic Horizon. This reduction might suggest a strategic pivot or modernization initiative by Alios Bulkers in response to shifting market conditions and fleet management strategies. Such fleet adjustments by Eastern Mediterranean Maritime (Eastmed) and Alios Bulkers highlight the ongoing shifts within the global shipping industry, where companies continuously evaluate and adjust their asset portfolios to maximize operational efficiency and economic outcomes. Eastern Mediterranean Maritime (Eastmed), under the leadership of Thanassis Martinos, has been providing seaborne transportation services to the energy, industrial, and agricultural sectors for over 40 years. Eastern Mediterranean Maritime’s (Eastmed’s) commitment to shipping operation excellence has established a solid reputation through connecting supply and demand regions worldwide. With deep expertise in ocean transportation, Eastern Mediterranean Maritime (Eastmed) assists customers in executing strategies, seizing new opportunities, and enhancing performance relative to peers. Operating a fleet of world-class tankers, Eastern Mediterranean Maritime (Eastmed) facilitates the global movement of crude oil and its products. The company collaborates closely with players in the petroleum industry, offering midstream services to equity producers, refineries, and traders. Eastern Mediterranean Maritime (Eastmed) also partners with leading food and grain processing companies, ensuring the safe and efficient transport of bulk agricultural products from farms to global markets. 28-October-2018
Greek Thanassis Martinos led Eastern Mediterranean Maritime (Eastmed) bought 2012 built panamax dry bulk carrier 81K DWT MV Azalea Sky for around $22 million from Mitsubishi Corp. In 2017, Eastern Mediterranean Maritime (Eastmed) was one of the busiest shipowner on the S&P market for second-hand tonnage. In 2017, Eastern Mediterranean Maritime (Eastmed) acquired 5 dry bulk carriers and 1 tanker. Thanassis Martinos has positive estimates for the 2018 dry bulk market. 18-January-2018