Eastern Mediterranean Maritime (Eastmed)

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


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


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