W Marine

As optimism grows regarding China’s economic future, Greek shipowners are offloading older bulk carriers to eager Chinese purchasers. A notable trend has emerged with kamsarmax, panamax, and supramax bulk carriers transitioning from Greek ownership to Chinese hands. The surge in transactions is largely attributed to the bullish stance of Chinese buyers on the market for secondhand ageing bulk carriers. Recent sales have seen Chinese entities acquiring at least two kamsarmax bulk carriers, along with a panamax and a supramax bulk carrier previously owned by Greek firms. In one of the recent deals, Athens-based W Marine, under the direction of Greek shipowner Yiannis Sarantitis, has agreed to sell its 76K DWT panamax bulk carrier MV W-Galaxy, constructed in 2006, to a Chinese buyer for an estimated $13 million. W Marine, established and operated out of Athens, Greece, is recognized for its strategic focus on the dry bulk sector. With a fleet that emphasizes panamax and kamsarmax vessels, the company has positioned itself as a significant player within the maritime industry, known for its efficient operations and strategic fleet management. Led by the experienced shipowner Yiannis Sarantitis, W Marine is committed to maintaining a modern and versatile fleet, capable of meeting the diverse demands of global trade. The sale of MV W-Galaxy illustrates the company’s active engagement in the secondary market, reflecting its adaptability to shifting market dynamics and its strategic approach to fleet optimization and capital allocation. 20-February-2024

 

W Marine, based in Athens and led by Greek shipowner Yiannis Sarantitis, has embarked on its first newbuilding venture in nearly two decades by ordering two kamsarmax bulk carriers, each with a deadweight of 82K DWT, from Chengxi Shipyard in China. The construction of these vessels, scheduled for delivery in 2026, represents a significant investment of $72 million for the company. W Marine has a fleet of 16 bulk carriers, with sizes ranging from panamax to post-panamax, showcased on its website. This includes the MV W Ace, a 93K DWT vessel, which was the company’s last newbuild order placed in 2006. Despite a period of relative quiet in terms of newbuilding activity, W Marine has been active in the secondhand vessel market, acquiring five ships last year. The most recent purchase is the MV Presinge Trader, an 81K DWT kamsarmax bulk carrier built in 2016, bought for approximately $25.5 million. Upon its delivery around March 2024, the MV Presinge Trader will become the youngest vessel in W Marine’s fleet, indicating the company’s strategic approach to fleet expansion and renewal through both the newbuilding and secondhand markets. 8-February-2024

 

Athens-based shipowner and operator W Marine, under the stewardship of Greek shipowner Yiannis Sarantitis, has embarked on a significant expansion and fleet renewal, marking its first newbuilding order in two decades. W Marine, known for its specialization in the bulk carrier sector, has recently confirmed the acquisition of a pair of 82K DWT kamsarmax bulk carriers from Chengxi Shipyard. This strategic move comes shortly after Athens-based shipowner and operator W Marine acquired its youngest bulk carrier to date from the secondhand market, showcasing the W Marine’s proactive approach to modernizing and enhancing its fleet. Founded in 2003, W Marine is advancing its position in the maritime industry with this investment, which managing director Nikos Triantafyllakis describes as a crucial step towards the W Marine’s future ambitions. 2-February-2024

 

Athens-based shipowner and operator W Marine Inc acquired a 2012-built kamsarmax bulk carrier for around $20 million. Improving prospects in the dry bulk shipping market have been drawing Greek shipowners, such as Nikos Triantafyllakis-led W Marine, to boost their exposure to large bulk carriers. Greek shipowners who a few months ago were purchasing bulk carriers just to replace vintage ships, as part of their fleet renewal strategies, are now more confident to expand their fleet. Currently, Athens-based shipowner and operator W Marine Inc. has a fleet of seven (7) post-panamax bulk carriers, four (4) kamsarmax bulk carriers, and three (3) panamax bulk carriers. 28-March-2023

 

Yiannis Sarantitis-founded CEO Nikos Triantafyllakis-led shipowner and operator W Marine acquired 2014 built panamax bulk carrier 75K DWT MV W Jade (ex MV Rio Grita) from German shipowner and operator Minship Shipmanagement. Athens-based shipowner and operator W Marine Inc paid around $23 million for the ice-classed panamax bulk carrier 75K DWT MV W Jade (ex MV Rio Grita). Greek shipowner and operator W Marine Inc will move into new businesses with the ice-classed panamax bulk carrier 75K DWT MV W Jade (ex MV Rio Grita). Matthias Ruttmann-led Minship Shipmanagement GmbH & Co. KG usually operates handy bulk carriers and managed fleet predominantly consists of modern fuel-efficient ships with a low CO² footprint. 18 May 2022

 

Athens-based shipowner and operator W Marine Inc remarked that conventional seamanship values must be preserved, despite Covid-19 accelerating technology change. Yiannis Sarantitis-founded CEO Nikos Triantafyllakis-led shipowner and operator W Marine stated that the shipping companies must not reach the point of transferring ashore responsibilities that must stay on board. According to Greek shipowner and operator W Marine, 2020 commenced with fairly positive omens for seaborne business and ended thoroughly messed up as a consequence of the pandemic, the repercussions of which nobody could predict. The pandemic has provoked considerable disturbances in the daily operations of ships. Furthermore, Athens-based shipowner and operator W Marine, the pandemic weakened shipping demand to unprecedented low levels. 15-December-2020

 

Athens based shipowner and operator W Marine Inc. and Oslo based Norwegian Christian Ness-led finance house NRP (Ness, Risan & Partners) have acquired 2007 built panamax bulk carrier 76K DWT MV Genco Raptor from New York-listed Genco Shipping & Trading. The price tag of MV Genco Raptor has not been revealed but second-hand market price is around $10 million. Norwegian asset manager NRP (Ness, Risan & Partners) has been expanding its ship portfolio. W Marine Inc. will be the commercial and technical manager of MV Genco Raptor. In 2018, Norwegian investor NRP (Ness, Risan & Partners) bought 2011 built baby capesize bulk carrier MV Talia with W Marine Inc. In December 2019, Norwegian investor NRP (Ness, Risan & Partners) teamed up with another Greek shipowner and operator Empros Lines in order to acquire 2011 built ultramax bulk carrier 61K DWT. Empros Lines will be the commercial manager and V.Ships will be the technical manager. Norwegian investor NRP (Ness, Risan & Partners) is seeking to double its invested capital within 5 to 7 years while paying annual dividends of 5% to 8%. Norwegian investor NRP (Ness, Risan & Partners) has a portfolio of investments in bulk carriers, feeder container-ships, and product tankers. Norwegian investor NRP’s (Ness, Risan & Partners) shipping funds had an interest in 24 ships worth a combined $300 million at the end of H1 2018. 12-December-2019

 

Ness Risan and Partners (NRP), a Norwegian investment firm, along with Greek dry bulk operator W Marine, have been identified as the purchasers of the panamax bulk carrier W-Raptor (formerly MV Genco Raptor) from Genco Shipping in a transaction valued at $10.2 million. Initially, shipbrokers reported the sale of W-Raptor to undisclosed Greek buyers, speculating that the acquisition was made by the Zissimatos-led Monte Nero. However, it has now been confirmed that W Marine and NRP were behind the purchase. W Marine, established by Yiannis Sarantitis in 2003, has a history of collaboration with NRP. In February, it was announced by NRP that they had jointly acquired a 2012-built kamsarmax bulk carrier, later revealed to be the New Times-built Tenten, now renamed W Arcturus, with W Marine acting as the commercial and technical manager of the vessel. Furthermore, NRP recently disclosed a similar partnership with Empros Lines from Greece, involving the acquisition of a 2011-built 61K DWT ultramax bulk carrier. These transactions underscore the active engagement and strategic partnerships NRP and W Marine are forming within the maritime industry, emphasizing their commitment to expanding and enhancing their fleet through collaborative investments. 10-December-2019

 

In August 2019, Athens based shipowner and operator W Marine Inc. acquired 2006 built panamax bulk carrier 76K DWT MV W-Galaxy (ex MV Nord Galaxy). Greek owners prefer shallow draught panamax bulk carriers in Indian Ocean trades. 24-September-2019

 

Athens-based shipowner and operator W Marine Inc acquired 2006 built panamax bulk carrier 76K DWT MV W-Galaxy (ex MV Nord Galaxy). Yiannis Sarantitis-founded CEO Nikos Triantafyllakis-led shipowner and operator W Marine Inc has veered off the company’s standard approach to add an 11th bulk carrier to W Marine’s fleet. Greek shipowner and operator W Marine Inc plans to operate MV W-Galaxy (ex MV Nord Galaxy) for Indian Ocean businesses. Athens-based shipowner and operator W Marine Inc tends to order new bulk carriers or purchase young kamsarmax and post-panamax bulk carriers. Nevertheless, last week W Marine Inc acquired a 13-year-old panamax bulk carrier MV W-Galaxy (ex MV Nord Galaxy). 3-August-2019

 

Oslo based Norwegian Christian Ness-led finance house NRP (Ness, Risan & Partners) has confirmed its involvement in a dry cargo project with W Marine. Greek ship manager W Marine had invested in 2011 built post-panamax dry bulk carrier 93K DWT MV Talia alongside with NRP (Ness, Risan & Partners) using the Norwegian KS system. Greek shipowner and operator W Marine Inc will be the technical and commercial manager of the ship. Norwegian finance house NRP (Ness, Risan & Partners) has been investing in dry cargo ships in 2018. In April 2018, NRP (Ness, Risan & Partners) concluded a deal to buy 2 handysize dry bulk carriers from Nordic Hamburg. 18-December-2018

 

Athens-based W Marine, led by Greek shipowner Yiannis Sarantitis, is on the verge of expanding its fleet to double digits following the purchase of a 2012-built kamsarmax bulk carrier. The acquisition of the MV Tenten from the Kairis Brothers’ company KBS for $18 million marks another strategic step in W Marine’s growth and fleet enhancement strategy. Despite the vessel being valued at $20.9 million by shipbrokers, with projections suggesting its worth could escalate to as much as $22.8 million, W Marine’s investment reflects a keen insight into the market’s future dynamics. Since its establishment in 2003 by Yiannis Sarantitis, W Marine has steadily grown its operations, now boasting a fleet of nine bulk carriers, including kamsarmax and post-panamax vessels. The company is further solidifying its market position with two additional kamsarmax bulk carriers currently under construction at Taizhou Kouan Shipbuilding in China. This expansion not only illustrates W Marine’s commitment to enhancing its service offerings but also underscores its confidence in the sustained demand and profitability within the bulk carrier segment. 19-November-2018

 

Athens-based shipowner and operator W Marine has recently been identified as the purchaser of the modern (2011-built) post-panamax bulk carrier MV Talia for an estimated $17.2 million. The sale was orchestrated by Silvia Zacchello, the head of Marwave Shipmanagement, a Dutch company that operates commercially under Marwave and technically under Ishima. This transaction comes at a time when the dry bulk market is experiencing an upturn, allowing the seller to secure a favorable sale price. Silvia Zacchello has indicated that Marwave Shipmanagement is gradually shifting its focus towards the tanker segment, anticipating improvements and growth within this sector in the foreseeable future. This strategic realignment reflects Marwave Shipmanagement’s adaptive approach to market dynamics and its intention to capitalize on emerging opportunities in tanker management. W Marine, established by Yiannis Sarantitis in 2003, is steadily expanding its presence in the bulk carrier market. With the acquisition of MV Talia, W Marine’s fleet now consists of eight bulk carriers, including three panamax and five post-panamax vessels. This acquisition underscores W Marine’s commitment to growing and diversifying its fleet, reinforcing its position in the maritime industry as a dynamic and forward-looking operator. 17-September-2018

 

Athens-based W Marine, under the leadership of shipowner Yiannis Sarantitis, has decided to utilize its option for the construction of an additional 82K DWT kamsarmax bulk carrier at Taizhou Kouan Shipbuilding in China. This decision follows W Marine’s initial order for a similar 82K DWT kamsarmax bulk carrier at the same shipyard in February. The newly ordered vessel is slated for delivery in June 2020, marking a strategic expansion in the company’s fleet capabilities. Founded in 2013 by Yiannis Sarantitis, W Marine has been actively managing a diverse fleet of eight bulk carriers, which includes three kamsarmax bulk carriers and five post-panamax bulk carriers. This latest move to exercise the building option not only signifies W Marine’s growth trajectory but also its confidence in the kamsarmax segment as a key area for its operational focus. The addition of another kamsarmax vessel to its fleet demonstrates W Marine’s commitment to strengthening its position in the global shipping industry through strategic fleet enhancement. 11-September-2018

 

W Marine, a prominent Greek shipowner and operator based in Athens, has entered into a contract with Taizhou Kouan Shipbuilding for the construction of an 82K DWT kamsarmax bulk carrier. The agreement also grants W Marine the option to commission the building of an additional bulk carrier of the same class. Scheduled for delivery in March 2020, the specifics of the contract, including the price, remain undisclosed. Currently, W Marine manages a diverse fleet of seven bulk carriers, which includes three panamax and four post-panamax vessels. This new order reflects W Marine’s strategic initiative to expand and update its fleet, underscoring the W Marine’s ongoing commitment to enhancing its operational capabilities within the global shipping industry. The addition of the new kamsarmax bulk carrier, along with the potential for further expansion through the exercise of the additional build option, positions W Marine for continued growth and competitiveness in the maritime sector. 12-February-2018