Golden Union Shipping

The capesize ship market has seen a resurgence in activity, highlighted by Greek shipowner Nikolaos Veniamis engaging in sales with China. This move comes as shipowners anticipate growth in the Chinese economy, marking the first major transaction involving large bulk carriers in two weeks. Nikolaos Veniamis, who serves on the board of the Union of Greek Shipowners and directs Golden Union Shipping, has reportedly sold a 15-year-old, Japanese-built capesize vessel at prices near multi-year highs. This deal emerges alongside analyses suggesting a sustained interest in purchasing large bulk carriers by shipowners who are optimistic about China’s economic recovery. 3-February-2024


Two large cargo vessels endured substantial devastation following a collision within the Spanish harbor of Tarragona during the early afternoon of Saturday. A 75,500 DWT (deadweight tonnage) panamax bulk carrier, belonging to Theodore Veniamis-led Greek shipowner and operator Golden Union Shipping, collided with the moored 82,100 DWT (deadweight tonnage) kamsarmax bulk carrier MV Karpaty, owned by Polsteam, while maneuvering towards the berth with the assistance of tugboats. The Polish kamsarmax bulk carrier MV Karpaty, constructed in 2013, sustained considerable impairment on its port side. The bow of the Greek panamax MV Karpaty, built in 2010, also suffered severe harm, both on its side and deck. After a 14-day journey carrying wheat from Ukraine’s Chornomorsk port, the 2010-built MV Elena VE arrived at Tarragona. The precise cause of the collision remains unknown. 18-June-2023


Theodore Veniamis-led Greek shipowner and operator Golden Union Shipping has acquired 2010 built capesize bulk carrier 177K DWT MV King Ore for around $19 million. Previously, MV King Ore was committed to Zodiac Maritime, however the deal eventually collapsed. MV King Ore is scrubber-fitted and outfitted with a ballast water treatment system. In October 2020, Golden Union Shipping acquired 2000 built capesize bulk carrier 180K DWT MV Royal Accord. In February 2020, Golden Union Shipping acquired 2008 built capesize bulk carrier 180K DWT MV Imperial Fortune (ex MV Mineral Hokkaido) for around $17 million. 1-November-2020


Theodore Veniamis led Greek shipowner and operator Golden Union Shipping has acquired 2009 built panamax bulk carrier 76K DWT MV Gu Imabari (ex MV KM Imabari) from Japanese shipowner Shoei Kisen. MV Gu Imabari (ex MV KM Imabari) is the third bulk carrier acquisition of Golden Union Shipping in 2019. MV Gu Imabari (ex MV KM Imabari) has a market value of around $14 million. In November 2019, Golden Union Shipping acquired 2010 built post-panamax bulk carrier 92K DWT MV Ocean Garnet for around $13.7 million and 2012 built post-panamax bulk carrier 93K DWT MV Ocean Sapphire for around $14.9 million. In July 2019, Japanese shipyard Tadotsu Imabari delivered newbuilding 81K DWT MV Malena to Greek shipowner and operator Golden Union Shipping. 5-December-2019


Theodore Veniamis, the Greek shipowner and operator at the helm of Golden Union Shipping, is actively pursuing the acquisition of Noble Group’s post-panamax bulk carriers. The Greek owner is poised to benefit from the fleet wind-down of the Singaporean commodity trader. Golden Union Shipping, led by Theodore Veniamis, is now associated with the reported sale of two post-panamax dry bulk carriers from Hong Kong-based Noble Group, which is swiftly reducing its fleet. Among the vessels that Noble Group has put up for sale, the 92,500-dwt MV Ocean Garnet (built in 2010) and the 93,000-dwt MV Ocean Sapphire (built in 2012) are two debt-free ships that Golden Union Shipping has supposedly acquired. Reliable sources in London and Athens confirm that the Cosco Dalian-built pair has been secured by Golden Union Shipping. The MV Ocean Garnet is believed to have been purchased for $13.65 million, while the slightly newer Ocean Sapphire reportedly fetched $14.85 million. Golden Union Shipping, which currently operates around 45 dry bulk carriers, has been strategically expanding its fleet in the same size category. Theodore Veniamis made his last move in the sale-and-purchase market about a year ago when he acquired the 93,500-dwt MV Houyo (built in 2007). The vessel, now known as MV Flag Trias, has been trading with Golden Union since January. Additionally, in August, Golden Union Shipping took delivery of the MV Malena (built in 2019), an 81,600-dwt kamsarmax new building from Tadotsu Shipyard. Notably, other Greek companies have also been purchasing similar ships recently, including Polembros Shipping, which acquired two kamsarmax bulk carriers. Furthermore, Olympia Ocean Carriers believed to be controlled by the Mouskas family, has emerged as the new owner of the MV Mangarella (built in 2009), an 82,700-dwt vessel. The MV Mangarella was sold last month for approximately $15.5 million and is now trading as MV One Ocean. In contrast, Noble Group of Singapore has been consistently selling ships, having divested itself of around a dozen vessels in the past few years. Financial considerations have compelled the commodity trader to adopt an asset-light shipping policy. In December 2018, a new company was established from the remnants of the “Old Noble,” with most of the assets and business being transferred. Creditors now hold a 70% stake in the new entity, while the shareholders of the previous company retain 20%, and the management owns 10%. 15-November-2019


Piraeus based shipowner and operator Golden Union Shipping acquired 2007 Japanese built post-panamax dry bulk carrier 93K DWT MV Flag Trias (ex MV Houyo) from Japanese shipowners for about $14.8 million. Theodore Veni¬amis led Greek shipowner and operator Golden Union Shipping keeps buying second-hand ships. In July 2017, Greek shipowner and operator Golden Union Shipping bought 2006 built capesize dry bulk carrier 180K DWT MV Imperial Frontier (ex MV Cape Frontier) for about $17.2 million. Golden Union Shipping sold 5 dry bulk carriers between 2017 and 2018 for significant profits. In July 2018, Theodore Veniamis led Greek shipowner and operator Golden Union Shipping sold two (2) 2016-built capesize dry bulk carriers to New York-listed Genco Shipping & Trading. Golden Union Shipping had bought them as resales at Hanjin Heavy Industries at a much lower price. Currently, Greek Golden Union Shipping has a fleet of 45 ships. 6-January-2019


Greek shipowner and operator Golden Union Shipping led by Theodore Veniamis bought 2006 Japanese built capesize dry bulk carrier 180K DWT M/V Cape Frontier for $17 million. Golden Union Shipping’s third bulk carrier purchase in 2017. Greek shipowner and operator Golden Union Shipping has 43 dry bulk carriers in oceans. 8-July-2017


Greek shipowners Theodore Veniamis and Petros Pappas have been added to the list of owners taking vessels out of circulation and laying up at the Elefsina Anchorage area. Golden Union Shipping has already placed two (2) panamax bulk carriers 75K DWT at Elefsina, M/V CIC Piraeus (built 2001), and M/V Elena Ve (built 2010). Furthermore, Golden Union Shipping has filed notice that the company will lay up another three (3) panamax bulk carriers. Pappas’ private company, Oceanbulk, has laid up its first vessel, the 53,800 DWT M/V Roadrunner (built 2008). 2-March-2016