Greek owner Ilios Shipping disposing of its vintage bulkers

Ilios Shipping scrapped 69,000 DWT M/V Agios Emilianos (built 1989) to India for in excess of $2m. CEO Panos Eliopoulos aiming at vessels of maximum three years old. Ilios Shipping bought M/V Agios Emilianos as M/V Sea Synergy for $22.75m in 2007. Panamax specialist Ilios Shipping sold four 1980s-built units at lucrative levels between 2007 and 2011. ItIlios Shipping will now be left with three bulkers, two 2004 built panamaxes plus the 80,000 M/V Agia Valentini (built 2012). Ilios Shipping purchased M/V Agia Valentini as resale in November 2011 for $32.75m. M/V Agia Valentini is now probably worth $12m to $13m.

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