Brave Maritime

The Harry Vafias-affiliated company, C3is, now has an extended timeframe of six additional months to avert delisting from the US securities exchange. To elevate its share price on the Nasdaq Exchange, C3is might employ a reverse stock split strategy. This decision comes as the Athens-based enterprise, specializing in the operation of bulkers and tankers, faces scrutiny for not meeting Nasdaq’s listing norms, specifically maintaining a minimum share price of $1. Initially alerted in August about this deficiency, C3is has recently been afforded a second grace period of 180 days by the New York exchange for rectification. Athens-based Vafias family-controlled Vafias Group’s bulker spin-off C3is, a notable player in the maritime industry, benefits from the strategic oversight of Harry Vafias, a respected figure in shipping. The company’s focus spans across various maritime sectors, emphasizing the operation of bulk carriers and tankers, crucial for global trade. Despite the financial challenge signified by the Nasdaq’s notice, C3is continues to leverage its industry expertise and strategic partnerships to navigate through the regulatory compliance process, aiming to solidify its presence in the competitive landscape of international shipping. 23-February-2024

 

Athens-based Vafias family-controlled Vafias Group’s tanker arm Imperial Petroleum equities witnessed a precipitous decline of 35% subsequent to a substantial markdown in the Maxim Group offering. Harry Vafias expressed his disquiet regarding the languishing share value of Imperial Petroleum, even as negotiations were underway that further debilitated the stock’s stature. Harry Vafias, esteemed CEO of both StealthGas and Imperial Petroleum, saw the stocks of Imperial Petroleum plummet by over 35% on the Nasdaq during Friday’s early trading hours, consequent to the Imperial Petroleum’s decision to partake in a markedly discounted stock proposition orchestrated by the renowned investment institution, Maxim Group. In April 2023, led by Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, established a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner, Vafias-family, known for StealthGas and Imperial Petroleum. 12-August-2023

 

Athens-based Vafias family-controlled Vafias Group’s bulker spin-off C3is acquired 2010-built aframax tanker 115K DWT for around $43 million from parent company Imperial Petroleum. Nasdaq-listed C3is has reached an agreement to transfer ownership of the Samsung-built vessel, with a carrying capacity of 115,800 DWT (deadweight tons) aframax tanker. C3is, which emerged as a separate entity from Imperial Petroleum earlier this year, commenced operations with two (2) bulk carriers. According to Diamantis Andriotis, the company’s Chief Financial Officer, the acquisition of the aframax tanker is expected to substantially augment C3is’s cashflow and earnings. Following the completion of this transaction, Imperial Petroleum, established in 2021, will possess a fleet comprising five MR tankers, two suezmaxes, and two handysize bulkers. In April 2023, led by Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, established a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner, Vafias-family, known for StealthGas and Imperial Petroleum. 17-July-2023

 

Athens-based Vafias family-controlled Vafias Group’s bulker spin-off, C3is, experiences a tumultuous Nasdaq debut. During its initial trading day on the Nasdaq, C3is exhibited substantial volatility. Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, is establishing a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner Vafias Group separated two handysize bulk carriers from the Nasdaq-listed Imperial Petroleum, establishing this new company on 21 June 2023. Although the stock closed at $3.70 in New York, experiencing a decline of 22.6% throughout the day, it later rebounded during after-hours trading, soaring by 26.8% to reach $4.69. C3is, with a market capitalization of $15 million, is now officially listed on Nasdaq. 28-June-2023

 

The Vafias Group is once again in the news as it separates its bulk carriers from tankers in preparation for a Nasdaq listing. Led by Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, is establishing a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner, Vafias-family, known for StealthGas and Imperial Petroleum, is launching another firm on the Nasdaq exchange in the United States. Currently, the two handysize ships are part of the Nasdaq-listed Imperial fleet, which is primarily recognized as a tanker owner. The Vafias Group has filed to list the new company, C3is, on the Nasdaq Capital Market. 17-April-2023

 

Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. acquired two (2) capesize bulk carriers from Monaco-based shipowner and operator GoodBulk Ltd (GBLK). Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. acquired 2010 built capesize bulk carrier 182K DWT MV Aquavictory for around $26.5 million. Brave Maritime Corporation Inc. acquired 2012 built capesize bulk carrier 182K DWT MV Aquaexplorer for around $28.5 million. The Vafias Group recently made a profitable sale of an LR2 tanker and subsequently expanded its investments in the dry bulk sector through the purchase of three vessels on the secondhand market. Brave Maritime Corporation Inc. will take the delivery of MV Aquavictory and MV Aquaexplorer in May. In recent months, Michael Radziwill-led shipowner and operator GoodBulk Ltd (GBLK) has been divesting several of its vessels to increase its cash reserves and sustain its dividend capacity. The Vafias Group was one of the first companies to invest in capesize bulk carriers during the current shipping cycle, acquiring ships at a time when market conditions appeared unfavorable, and there were concerns about the robustness of China’s post-pandemic economic recovery. It is uncertain whether the Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. will continue its investments in large bulk carriers. rave Maritime Corporation Inc.’s recent acquisitions have brought its capesize fleet close to the 10-vessel threshold. Brave Maritime Corporation Inc. does not limit itself to acquiring larger bulk carriers alone. In a recent purchase, Brave Maritime Corporation Inc. acquired 2011 built supramax bulk carrier 55K DWT MV Super Odegaard for around $18.7 million. Brave Maritime Corporation Inc.’s first acquisition of a supramax vessel since 2009. The Brave Maritime Corporation Inc.’s investment in these vessels appears to be paying off, as the dry bulk markets and steel values have been on the rise this year amid the gradual recovery of the Chinese economy. The Vafias Group’s expansion has been extensive and includes investments in secondhand bulk carriers and tankers, as well as the acquisition of newbuild gas carriers. StealthGas, which is controlled by the Athens-based Vafias Group, is primarily recognized for its acquisitions in the LPG and tanker sectors. In a traditional Greek approach, Vafias Group has funded a portion of its growth through countercyclical asset investments. In Q4 2022, Brave Maritime Corporation Inc. acquired 2011 built capesize bulk carrier 181K DWT MV Cape XL, 2010 built capesize bulk carrier 181K DWT MV Cape Horn, 2011 built capesize bulk carrier 175K DWT MV Cape Aria, and 2010 built capesize bulk carrier 179K DWT MV Cape Good Hope. Currently, Athens-based Vafias family-controlled shipowner and operator Vafias Group owns a mixed fleet of 30 vessels. 5-April-2023

 

Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. acquired 2011 built capesize bulk carrier 181K DWT MV Lowlands Sunrise. Nikolaos Vafias-led shipowner and operator Brave Maritime Corporation Inc. paid for MV Lowlands Sunrise around $24.5 million. Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. spent approximately $100m on capsize bulk carriers in Q4. Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. acquired the company’s fourth capesize bulk carrier in Q4. Capesize bulk carrier 181K DWT MV Lowlands Sunrise was constructed at the Koyo Dockyard in Japan. Currently, Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. owns and operates 13 bulk carriers. 25-December-2022

 

Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. acquired 2011 built capesize bulk carrier 175K DWT MV Aquafortune from New York-listed Seanergy. Besides, Brave Maritime Corporation Inc. acquired 2010 built capesize bulk carrier 179K DWT MV HL Shinboryeong from South Korea-based H-Line Shipping. Nikolaos Vafias-led shipowner and operator Brave Maritime Corporation Inc. increased the company’s capesize bulk carrier presence and take advantage of a decline in dry bulk asset values. 2011 built capesize bulk carrier 175K DWT MV Aquafortune and 2010 built capesize bulk carrier 179K DWT MV HL Shinboryeong were bought by Brave Maritime, the dry arm of the Vafias Group, but will be managed by Stealth Maritime. Currently, Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. owns and operates 12 bulk carriers. 15-November-2022

 

Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. is selling 2005 built capesize bulk carrier 176K DWT MV Cape Aria (ex MV Maritime Power). Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. is poised to repeat another profitable asset play. Brave Maritime Corporation Inc. acquired 2005 built capesize bulk carrier 176K DWT MV Cape Aria (ex MV Maritime Power) just a few months ago. In May, Nikolaos Vafias-led shipowner and operator Brave Maritime Corporation Inc. acquired MV Cape Aria (ex MV Maritime Power) from Athens-based shipowner and operator Phoenix Energy Navigation for around $12.5 million. Cyprus-registered Universal Tankers Management is listed as the ship managers of MV Cape Aria (ex MV Maritime Power). Cyprus-registered Universal Tankers Management is listed as a commercial or technical manager of six bulk carriers. Most bulk carriers were previously linked with Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. is known for the countercyclical asset plays. In 2016, Nikolaos Vafias is calculated to have made a net profit of more than $5 million by flipping two capesize bulk carriers just five months after Nikolaos Vafias purchased them. 14-October-2019

 

Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. invested $63 million in one capesize bulk carrier and two LPG carriers. Nikolaos Vafias-led shipowner and operator Brave Maritime Corporation Inc. acquired 2005 built capesize bulk carrier 176K DWT MV Cape Aria (ex MV Maritime Power) for around $12.5 million. Vafias Group acquired 2007 built LPG tanker 38K cbm Viking River for around $20 million. Vafias Group acquired a new building LPG tanker 11K cbm which will be delivered in 2021. 2005 built capesize bulk carrier 176K DWT MV Cape Aria (ex MV Maritime Power) acquisition is similar to the Brave Maritime Corporation Inc.’s countercyclical venture in the same space in 2016. Brave Maritime Corporation Inc. is the dry bulk shipping arm of the Vafias Group. Vafias Group also controls Athens-based tanker and LPG shipowner and operator StealthGas. StealthGas is led by Harry Vafias. Harry Vafias took five years away from shipping around the turn of the last decade after passing the operations of Brave Maritime Corporation Inc. over to his son in 2008. In 2013, Harry Vafias returned to the dry bulk shipping markets with a new vehicle Eco Dry Ventures. In 2013, Harry Vafias-controlled Eco Dry Ventures started in the handysize bulk segment. Nevertheless, as dry bulk freight rates declined to historic low levels in 2016, Harry Vafias made profitable asset plays in the capesize bulk segment. Athens-based Vafias Group made a 40% gain in selling 2006 built capesize bulk carrier 177K DWT MV Moneqasque Eclat and 2008 built capesize bulk carrier 177K DWT MV Tigerlily only months after the capesize bulk carriers were bought. Brave Maritime Corporation Inc. is the dry bulk shipping arm of the Vafias Group. Athens-based Vafias family-controlled StealthGas is best known for LPG and tanker acquisitions. 23-May-2019

 

Greek Nikolaos Vafias acquired his second cape size bulker 177K DWT MV Spring Hydrangea (built 2006) for about $12 million soon after buying 169K DWT MV C Winner (built 2008). Sale and Purchase (S&P) shipbroker was Banchero Costa. Last year, similar capesize bulk carriers were priced at more than $20 million. 19-March-2016