Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. has acquired two bulk carriers to extend its dry cargo investment drive. Harry Vafias-led shipowner and operator Brave Maritime Corporation Inc. has added two Japanese-built bulk carriers to its growing fleet. Brave Maritime Corporation Inc. has continued its active investment in the dry cargo market with a $40 million-plus move for two secondhand bulk carriers. Brave Maritime Corporation Inc. purchased a supramax bulk carrier and a post-panamax bulk carrier in these deals. The company acquired the post-panamax bulk carrier MV Van Gogh (95K DWT, built in 2013) for around $25 million. 7-June-2024
Harry Vafias, a notable Greek shipping magnate leading Brave Maritime, is poised to utilize a $40m reserve to expand the fleet of Imperial Petroleum’s spin-off, shipowner and operator C3is. This Greek tanker and bulker company C3is is well-positioned to leverage fleet expansion opportunities. Controlled by Harry Vafias, bulker and tanker owner C3is is eyeing acquisitions to branch into new market segments. Athens-based shipowner and operator C3is reported a significant profit increase in the first quarter, positioning it to capitalize on secondhand vessel opportunities. Currently, C3is’s fleet, which includes two handysize bulk carriers and one aframax tanker, recorded net earnings of $3.8m. 29-May-2024
Harry Vafias, a prominent Greek shipping magnate at the helm of Brave Maritime, has successfully capitalized on the sale of a handysize bulk carrier to his Nasdaq-listed affiliate, Imperial Petroleum’s spin-off, shipowner and operator C3is. This transaction marks another strategic expansion for C3is following its share issue earlier in 2024. Harry Vafias’ C3is recently acquired the 33K DWT handysize bulk carrier MV Eco Spitfire from his private fleet managed by Brave Maritime. This purchase by the Nasdaq-listed C3is involved an investment of approximately $16.5 million. The addition of MV Eco Spitfire to the C3is fleet underscores the ongoing growth and strategic fleet enhancement driven by Harry Vafias in the competitive shipping market. Athens-based shipowner and operator C3is has finalized an agreement to purchase the handysize bulk carrier MV Eco Spitfire from Harry Vafias-affiliated Brave Maritime. The Nasdaq-listed C3is, a spin-off from Imperial Petroleum, is acquiring the 33K DWT MV Eco Spitfire, a 2012 Japanese-built handysize bulk carrier, for approximately $16.5 million. This acquisition was officially sanctioned by C3is’s independent Board of Directors. Currently, MV Eco Spitfire is under a time charter that is set to conclude at the start of May 2024. Established in 2023, C3is initially positioned itself as a pure-play bulk carrier operator before quickly diversifying into the tanker segment. Listed on Nasdaq in June 2023, C3is also executed a reverse stock split recently to ensure its shares continue to trade on the Nasdaq. With the addition of MV Eco Spitfire, C3is’s fleet will include three handysize bulk carriers and one aframax tanker. 15-April-2024
The company associated with Greek shipping magnate Harry Vafias, which is a sister company to Brave Maritime and a spin-off from Imperial Petroleum, C3is, is set to decrease its share count as its profits increase. The Athens-based, New York-listed shipping firm C3is is undertaking a reverse stock split in response to issues with the pricing of its stock on the Nasdaq Stock Exchange. C3is, known for its fleet of bulkers and tankers, is initiating a reverse stock split as a strategic move to avert a potential delisting from the Nasdaq Stock Exchange due to its stock price challenges. Controlled by Harry Vafias, both Brave Maritime and the Imperial Petroleum spin-off, C3is, are contesting a decision by the New York stock exchange that threatens to delist them after their share price fell below $0.10 for a consecutive 10-day period. C3is is actively seeking ways to comply with the Nasdaq Stock Exchange’s minimum $1 per share listing standard, aiming to secure its position on the exchange. 28-March-2024
In the wake of a potential delisting from the Nasdaq Stock Exchange, C3is, a spin-off by Harry Vafias, successfully secured $6 million. This fundraising effort led to the issuance of 120 million new shares, which contributed to a further decline in the stock’s value. Harry Vafias holds the CEO position at New York-listed entities StealthGas, Imperial Petroleum, and C3is. Amidst the latest warning of removal from the Nasdaq Stock Exchange, the shipping company under Harry Vafias, C3is, reported about $6 million in gross proceeds from a recent equity offering that diluted existing shares. C3is, associated with Greek maritime mogul Harry Vafias, operates as a sister entity to Brave Maritime and was established through a spin-off from Imperial Petroleum. Owning a fleet that includes two bulk carriers and one tanker, C3is disclosed the outcomes of its share issuance in a securities document just hours before revealing it had received a delisting notification from the stock exchange on 15 March 2024, along with its plan to challenge the decision. 24-March-2024
Greek shipping taycoon Harry Vafias-affiliated company, the sister company of Brave Maritime and a division spun off from Imperial Petroleum, C3is, is currently facing the challenge of potential delisting from the Nasdaq Stock Exchange. This situation arose after C3is received a notification from the Nasdaq Stock Exchange’s listing qualifications department, indicating the C3is’s failure to meet the minimum share-price requirement due to its stock trading below $1 for thirty consecutive days. Further exacerbating the issue, C3is’s stock price dipped to $0.10 or below for a continuous ten-day period, triggering Nasdaq Stock Exchange’s decision to initiate delisting procedures. The Athens-based company, which specializes in bulker and tanker operations, has been given a deadline until March 22, 2024, to contest this delisting notice. C3is has expressed its intention to appeal by requesting a hearing before a Nasdaq Stock Exchange hearings panel. This action is expected to postpone the delisting process until a decision is made by the panel, with hearings typically scheduled within 30 to 45 days after such a request is filed. Formed from Imperial Petroleum in the previous year, C3is’s fleet comprises three vessels, including two handysize dry bulk carriers and an aframax tanker. During the appeal process, C3is, a company under Harry Vafias’s umbrella, will maintain its listing on the Nasdaq Stock Exchange, allowing its common stock to remain actively traded. To remedy the current predicament, C3is is exploring a range of strategies, one of which may involve implementing a reverse stock split in an effort to comply with Nasdaq Stock Exchange’s listing standards. 23-March-2024
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