Eastern Mediterranean Maritime (Eastmed)

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