Allseas Inc

Greek shipowner and operator Allseas Inc executed its inaugural vessel transaction since its inception by Anthony Valmas, the esteemed Greek handysize magnate, nearly a decade ago. In a discreet yet financially rewarding agreement, the Piraeus-headquartered enterprise divested the 2000 built handysize bulk carrier 28K DWT MV Allstars to Chinese connoisseurs for a sum of $4.5m, as documented by Greek intermediaries. Valmas, maintaining a silence when approached for remarks, acquired this Imabari Shipbuilding-masterpiece in December 2016, spending a mere $3.15m amidst a compelled transaction. Formerly christened the Santa Pacific, the ship had once fallen victim to the financial claims made by the creditors of Turkey’s Vera Denizcilik. This transaction marks Valmas’s maiden vessel sale under the esteemed Allseas insignia, an enterprise he spearheaded in 2009. Presently, the fleet boasts a mere quartet of Japanese-forged handysize bulkers, each crafted between 1999 and 2008. Prior to materializing Allseas, Valmas orchestrated Sealink, an esteemed venture he birthed in 1996 alongside the illustrious members of the Greek shipowning Vatis dynasty. Sealink divested its final vessels — a trinity of venerable handysize bulkers — right on the cusp of the 2008 market turmoil. The Valmas lineage first graced the maritime realm in the nascent 20th century, under the aegis of patriarch Nicolaos Valmas, who took ownership of a British steamship — a vessel that tragically met its fate at the hands of a German submarine during World War I. The lineage reinvigorated their maritime endeavors in 1959, culminating in the birth of Valmas Shipping. Their venture flourished until 1981 when they relinquished their final ship, shortly before another financial maelstrom. Anthony Valmas, a beacon of the family’s fourth generation, embarked on his maritime odyssey in 1994. 28-May-2020


The languid handysize S&P market receives a jolt as purchasers emerge from the shadows. The allure towards smaller bulkers is prompted by tonnage crafted in Japan at the outset of this decade. While handysize bulkers have witnessed a lackluster performance in this year’s sale-and-purchase arena, a shift is underway. Sales for subsequent trading from January through September witnessed a 14% annual drop, far surpassing the modest 0.7% reduction seen throughout the dry bulk realm. Panamax and supramax bulk carriers garnered a significant spotlight as firms like Star Bulk Carriers acquired entire fleets. Stalwarts in the handysize domain, such as Diligent Holdings, are redirecting their gaze towards grander vessels. Yet, optimism is on the horizon. Since early June, marked by a 44% year-on-year slump in S&P (Sale and Purchase) handysize bulk carrier transactions, entities like Pacific Basin and Taylor Maritime have proclaimed handysize procurements. Greek and Turkish entities, previously conspicuously absent, are now gravitating toward the market. Predominant interest has honed in on the 32K DWT vessel market. Tolunay Ship Management serves as a case in point. This lesser-known Turkish entity sealed its inaugural acquisition in three years this past August, securing the 2010 built handysize bulk carrier 33K DWT MV Atlantic Grace. MV Atlantic Grace christened as MV Lunara within Tolunay Ship Management’s ensemble last month, signifies the firm’s most ambitious venture. With an estimated sale price oscillating between $9 million and $9.5 million, this Shin Kochi Jyuko-built bulk carrier emerges as Tolunay Ship Management’s principal asset and by a considerable margin, its newest. Established in 2013, Tolunay Ship Management’s executive cadre remained reticent upon inquiry. The Tuzla-based Tolunay Ship Management has maintained an unwavering focus on handysize bulk carriers since inception, leveraging them for brief Mediterranean sojourns and ventures into Western Europe, emulating other prominent Turkish contemporaries. It’s conceivable that bulk carriers acquired MV Lunara with the intent of fleet rejuvenation. Its trio of existing vessels, constructed between 1995 and 1999, are prospective candidates for sale or extended trade. Across the shimmering waters of the Aegean, Greek handysize mogul, Team Fuel Corp, is rumored to have executed a fleet revamp. Brokerage circles whisper of the company’s divestment of 2001 built handysize bulk carrier 23K DWT MV Team Tango around mid-August for approximately $4.5 million. Shortly thereafter, the same circles identified Team Fuel as the prospective acquirer of the more contemporary and expansive 2011-built handysize bulk carrier 31K DWT MV Elvira Bulker. Lauritzen Bulkers allegedly transferred this Hakodate Dock masterpiece to an undisclosed Greek purchaser for an impressive $10.3 million. Per Clarksons’ insights, decade-old handysize bulker valuations are currently at their nadir since November 2017. Handysizes’ subdued freight market outcomes likely played a role. According to Clarksons’ data up to September 13, trip charter spot rates escalated a mere 14% annually. This pales in comparison to the staggering 136% ascent of capesize bulk carriers during the same window, with panamax bulk carriers up 30% and supramax bulk carriers escalating 34%. Illustrating the burgeoning tentative interest in handysize bulk carriers, there’s a buzz about a Greek enterprise acquiring the 33,200-dwt MV CS Star (crafted 2011) for $10.3 million post vetting by four potential buyers, as shared by Andritsopoulos. Other Hellenic sources allegedly spearheaded the $10.5m procurement of the 2011-built handysize bulk carrier 31K DWT MV Hedvig Bulker, MV Elvira Bulker’s counterpart. Moreover, compact Japanese-designed bulk carriers are also under negotiation. 2009 built handysize bulk carrier 28K DWT MV Nord Tokyo is said to have been acquired by Greeks for $7.7 million. While certain London brokers identified Allseas Inc as the potential buyer of 2011 built handysize bulk carrier 28K DWT MV Haruka, a transaction believed to be inked in July for $7 million, representatives from Allseas Inc denied such claims. In that same temporal frame, Allseas Inc clientele reportedly offloaded 2000 built handysize bulk carrier 28K DWT MV Allstars for roughly $4.5 million. MV Allstar’s new identity has emerged as MV Universe Honesty under Hong Kong affiliations. While Hellenic acquisitions of Chinese-crafted handysize bulk carriers remain a rarity, an outlier exists. The duo of 2011 built handysize bulk carriers 34K DWT sister ships, MV SAM Falcon and MV SAM Phoenix, are speculated to have commanded upwards of $8 million apiece. 7-May-2020


Greek shipowner and operator Allseas Inc has acquired 2011 built 28K handy bulk carrier MV Haruka from Japanese shipowner Fukusei Sangyo for about $7 million. Greek Allseas Inc currently operates a fleet of five (5) handysize bulk carriers with an average age of 17 years. Allseas Inc was established in 2009 by Captain Anthony C. Valmas. Captain Anthony C. Valmas has been in the shipping business for around 30 years. Allseas Inc’s ship management services incorporate Operation, Chartering, Technical, Insurance, Sale & Purchase, Accounting, and Crewing. 6-August-2019


Greek shipowner and operator Allseas Inc has recently procured the 2011 built handysize bulk carrier 28K DWT MV Haruka from Japanese shipowner Fukusei Sangyo. Esteemed shipbroking insiders reported that this intricately crafted Japanese bulk carrier exchanged hands for an amount of $7 million. The Maritime Strategies International (MSI) estimates the ship’s worth at a staggering $11 million, while VesselsValue appraises it at a commendable $9.4 million. At present, Athens-based shipowner and operator Allseas Inc. boasts the stewardship of five handysize bulk carriers, all venerably aged with an average span of 17 years. 4-August-2019