The Athens-based Pappadakis family, which controls Kassian Maritime, has recently made a notable expansion to its fleet by acquiring a modern kamsarmax bulk carrier built in 2021, indicating a strategic pivot in their Sale and Purchase (S&P) direction. This acquisition underscores Kassian Maritime’s involvement in the purchase of the 2021-built kamsarmax bulk carrier, the 82K DWT MV Grand Radiant, from the prominent Japanese shipping entity Nissen Kaiun. After executing three bulk carrier transactions in the preceding four months, the traditional Greek shipping firm, under the stewardship of the Pappadakis family, Kassian Maritime, is reportedly shifting its focus towards the acquisition side of the S&P market. This shift is exemplified by a significant $38 million investment in a modern kamsarmax bulk carrier, reinforcing Kassian Maritime’s fleet expansion strategy. The 82K DWT MV Grand Radiant, procured from the Imabari-based shipowner and operator Nissen Kaiun, represents this strategic move. Kassian Maritime, a distinguished name in the Greek maritime industry, has a rich heritage and a reputation for operational excellence and strategic foresight. With its foundation deeply rooted in the values and traditions of Greek shipping, the company has consistently demonstrated its commitment to maintaining a modern and versatile fleet, capable of meeting the diverse needs of the global maritime trade. Over the years, Kassian Maritime has meticulously cultivated a fleet that showcases not only size and diversity but also a commitment to environmental sustainability and efficiency. This recent acquisition is part of Kassian Maritime’s ongoing efforts to modernize its fleet with eco-friendly and technologically advanced vessels, thereby ensuring compliance with international shipping standards and regulations. The Pappadakis family, through Kassian Maritime, continues to uphold its legacy of maritime excellence, blending traditional values with a modern business approach. This acquisition not only signifies Kassian Maritime’s strategic intent to strengthen its position in the global shipping market but also reflects the company’s long-term vision for growth and sustainability. By focusing on acquiring contemporary vessels like the MV Grand Radiant, Kassian Maritime aims to enhance its operational efficiency and competitive edge, ensuring it remains at the forefront of the maritime industry. 9-March-2024
Capesize bulk carrier rates have fluctuated dramatically in December, dropping by $20,000 from a peak of $55,000 just last week. Despite these volatile spot market changes, capesize bulk carrier transactions have remained steady. This is partly because many of these vessels are scheduled for delivery to their new owners in the first quarter, a period typically characterized by a weaker market. The most notable transaction last week involved the scrubber-equipped 2017-built Capesize bulk carrier MV Herun China, with a capacity of 181K DWT. This vessel, sold by Herun China Shipping, was reportedly linked to UK-based Union Maritime. The sale price for the Shanghai Waigaoqiao Shipbuilding-constructed MV Herun China was about $42 million, and it includes a time charter. Greek shipowners have also been active in the market, with several sales reported. For example, Athens-based Kassian Maritime, managed by the Papadakis family, is reducing its capesize fleet to just one vessel. Recently, Kassian Maritime sold its 177K DWT MV Mothership, built in 2006 at Mitsui Ichihara, to Chinese buyers for $17.3 million. This sale follows Kassian Maritime’s transaction in November 2023, when it sold a 2007-built sister ship to UAE-based Turkish company Densay Shipping. 11-December-2023
Athens-based Pappadakis family-controlled Kassian Maritime has successfully completed the sale of a 2007 built capesize bulk carrier 177K DWT MV Satori to rapidly growing Dubai-based Turkish shipowner and operator Densay Shipping. Greek shipowner and operator Kassian Maritime sold MV Satori for around $18.5 million. The sale price is considered fixed due to the 2007 built capesize bulk carrier 177K DWT MV Satori ‘s upcoming drydock scheduled for January 2024. This MV Satori deal signifies Densay Shipping’s entry into the secondhand ship market, as the company, which currently operates a fleet of 39 bulk carriers, has predominantly focused on investing in newbuildings. Notably, a few weeks ago, ayfun Gunerhan-led Turkish shipowner and operator Densay Shipping ordered a 63K DWT ultramax bulk carrier at Sumec New Dayang for approximately $32.5 million, with delivery expected in the Q2 2026. Additionally, in May 2023, tDensay Shipping placed orders for four (4) ultramax bulk carriers at two other Chinese shipyards. In total, Densay Shipping has 12 more bulk carriers on order, further expanding its fleet. Currently, Athens-based Pappadakis family-controlled Kassian Maritime has a fleet of eight bulk carriers. 6-November-2023
A capesize bulk carrier within the esteemed fleet of China’s Ningbo Zrich Shipping has reportedly been sold at a premium of $10 million compared to its acquisition price just over a year prior. The distinguished New Times-built capesize bulk carrier 177K DWT MV Springbank, was one of two capesize bulk carriers procured in an en bloc transaction in March 2020 from German entities. At that juncture, the eminent Beijing-based Minsheng Finance Leasing (MFS) secured two contemporary capesize bulk carriers, subsequently entering into a bareboat charter agreement with Ningbo Zrich Shipping. The reputable shipbrokers associates the Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime with this recent transaction. Ningbo Zrich Shipping, boasting a trio of capesize bulk carriers, shares a profound affiliation with Athens-based shipowner and operator Kassian Maritime Navigation. Kassian Maritime Navigation sold 2007 built capesize bulk carrier 174K DWT MV Highland Park (ex MV Giant Slotta) for a sum of $12 million. 2007 built capesize bulk carrier 174K DWT MV Highland Park (ex MV Giant Slotta) now sails under Ningbo Zrich Shipping’s flag. Beyond the aforementioned capesize bulk carriers, Ningbo Zrich Shipping’s bulker armada encompasses an additional 10 supramax bulk carriers and one handymax bulk carrier. 5-July-2021
Athens-based Pappadakis family-controlled Kassian Maritime sold vintage capesize bulk carrier. Athens-based shipowner and operator Kassian Maritime sold 174K DWT MV Giant Slotta (ex MV Voge Master) for around $12 million to Chinese shipowner and operator. Greek shipowner and operator Kassian Maritime has been trying to sell MV Giant Slotta (ex MV Voge Master) since September 2020. In 2016, Kassian Maritime acquired MV Giant Slotta (ex MV Voge Master) for around $11.5 million. Greek shipowner and operator Kassian Maritime has been trading MV Giant Slotta (ex MV Voge Master) for more than five years. MV Giant Slotta (ex MV Voge Master) is due for a SS (Special Survey) in March 2021. MV Giant Slotta (ex MV Voge Master) is non-scrubber fitted and has not been installed BWTS (Ballast Water Treatment System). Greek shipowner and operator Kassian Maritime controls another couple of capesize bulk carriers of approximately the same age. 9-February-2021
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime has continued to renew its bulker fleet with the disposal of 2007 built panamax bulk carrier 74K DWT MV Afterhour. Athens-based shipowner and operator Kassian Maritime sold MV Afterhour to Niriis Shipping for around $9 million. In 2016, Kassian Maritime acquired a 2007 built panamax bulk carrier 74K DWT MV Afterhour (ex MV Godavari) for around $6.1 million. MV Afterhour (ex MV Godavari) has already been renamed MV Ivestos 3 by Niriis Shipping. It marks the fifth panamax bulk carrier added in just as many months by Athens-based shipowner and operator Niriis Shipping. 20-January-2020
Athens-based Pappadakis family-controlled Kassian Maritime sold 2006 built panamax bulk carrier 74K DWT MV Underdog for about $8.5 million. In 2006, MV Underdog was built at Hudong-Zhonghua, China. In March 2017, Kassian Maritime acquired MV Underdog around the same price. Athens-based Kassian Maritime has a fleet of ten (10) bulk carriers. Kassian Maritime has continued to renew its bulker fleet. Kassian Maritime has ordered a panamax bulk carrier at the Japanese shipyard for delivery in 2021. 28-August-2019
Athens-based Archangel Pacific is a new dry bulk player led by a member of the Greek Pappadakis family and John Couroussopoulos. John Couroussopoulos was a former co-managing director of Kassian Maritime. Archangel Pacific was established in December 2018. Currently, Archangel Pacific manages four (4) bulk carriers which were previously managed by Kassian Maritime. 2011 built kamsarmax bulk carrier 81K DWT MV Egyptian Mike, 2012 built kamsarmax bulk carrier 81K DWT MV Resurgence, 2015 built ultramax bulk carrier 60K DWT MV Phoenix Rising and 2009 built supramax bulk carrier 55K DWT MV Antoine were previously managed by Kassian Maritime and now managed by Archangel Pacific. 2009 built supramax bulk carrier 55K DWT MV Antoine name points to Antoine Pappadakis, a member of the Greek Pappadakis family. Archangel Pacific is a separate entity from Kassian Maritime, which continues to be managed by siblings Virginia Pappadakis and Antonis Pappadakis. 2011 built kamsarmax bulk carrier 81K DWT MV Egyptian Mike, 2012 built kamsarmax bulk carrier 81K DWT MV Resurgence are trading under London-based panamax pool M2M Management. Currently, Pappadakis family-controlled Kassian Maritime controls ten (10) bulk carriers and three (3) tankers. 26-March-2019
Athens-based Greek shipowner and operator Kassian Maritime is asking the US Supreme Court to judge whether the US Coast Guard (USCG) was acting fairly when it asked for a multimillion-dollar bond to free one of its bulkers in 2013. Pappadakis family-controlled Kassian Maritime’s subsidiary company Angelex’s attorney Chalos & Co. filed a petition with the court in late January 2019, over a clause in the Act to Prevent Pollution From Ships they say courts disregarded in a legal battle over the 2013 detention of the 1995 built panamax bulk carrier 73K DWT MV Electronica (ex MV Antonis G Pappadakis). According to Athens-based Kassian Maritime’s attorney Briton Sparkman, the issue is language in the Act to Prevent Pollution From Ships, which entitles a ship unreasonably detained or delayed by the government to compensation. In April 2013, 73K DWT MV Electronica (ex MV Antonis G Pappadakis) was kept from leaving the Port of Norfolk, after seafarers passed notes and a camera to the US Coast Guard (USCG) officials alleging the MV Electronica (ex MV Antonis G Pappadakis) illegally discharged oily bilge water. The United States government required $2.5 million as a bond to release the MV Electronica (ex MV Antonis G Pappadakis). The discharges were not recorded onboard, and Kassian Maritime, Kassian Maritime’s subsidiary company Angelex and the MV Antonis G Pappadakis’s captain were charged criminally. Kassian Maritime, Kassian Maritime’s subsidiary company Angelex and the MV Antonis G Pappadakis’s captain were acquitted in a trial, but not before the MV Antonis G Pappadakis sat in port for nearly six (6) months and Kassian Maritime’s subsidiary company Angelex lost what it claims was $4.2 million. In 2015, Kassian Maritime’s subsidiary company Angelex sought damages, but the Eastern District of Virginia federal court and the Washington DC Circuit Court of Appeals denied them, deferring to the United States government. In the petition, Kassian Maritime’s subsidiary company Angelex announced it turned over a trove of financial documents evidencing the company’s inability to pay the $2.5 million bond, but several officials told in depositions that they did not review the documentation. Moreover, lawyers for Kassian Maritime’s subsidiary company Angelex alleged the US Coast Guard (USCG) initially agreed to a $1.5 million bond, which was later canceled without explanation. A lawsuit in the immediate aftermath of the MV Antonis G Pappadakis’ detention sided with Kassian Maritime’s subsidiary company Angelex and decreased the bond to $1.5 million, a sum overturned by a High Court that announced the Kassian Maritime’s subsidiary company Angelex must seek an after-the-fact remedy. The US Department of Justice declined to comment on the petition, but government lawyers have successfully defended the US Coast Guard’s (USCG) actions as reasonable. The court is set to decide whether to hear Kassian Maritime’s subsidiary company Angelex’s case by 6 March 2019. 26-February-2019
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation Agency Ltd has shifted its focus from the S&P (Sale and Purchase) markets in pursuit of its latest fleet expansion endeavors. Athens-based shipowner and operator Kassian Maritime has recently concluded a deal in Japan with Mitsui Engineering & Shipbuilding for the acquisition of an 87K DWT kamsarmax bulk carrier. The scheduled delivery of 87K DWT kamsarmax bulk carrier is expected to take place early in the year 2021. Athens-based shipowner and operator Kassian Maritime will pay around $36.5 million. Greek shipowner and operator Kassian Maritime experienced a highly eventful year in 2018, making a number of acquisitions of secondhand bulk carriers. Presently, Kassian Maritime has an ultramax bulk carrier on order, and Kassian Maritime’s esteemed fleet consists of ten bulkers and one tanker. 25-February-2019
Athens-based Greek shipowner and operator Kassian Maritime acquired 2007 Japanese built capesize dry bulk carrier 177K DWT MV Pacific Explorer for about $21 million. In 2018, Greek shipowner and operator Kassian Maritime acquired five (5) bulk carriers and sold two (2) bulk carriers. 2007 Japanese built capesize dry bulk carrier 177K DWT MV Pacific Explorer has passed into Greek shipowner and operator Kassian Maritime’s ownership and management. In August 2018, Greek Kassian Maritime acquired 2006 built capesize bulk carrier 177K DWT MV Royal Chorale for about $22 million. 2006 built capesize dry bulk carrier 177K DWT MV Royal Chorale and 2007 built capesize dry bulk carrier 177K DWT MV Pacific Explorer were both controlled by Japanese shipowners and were built at the same Japanese shipyard Mitsui Engineering & Shipbuilding. 15-January-2019
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime has successfully acquired a 2006 built capesize bulk carrier MV Royal Chorale from Japanese shipowner and operator Tokei Kaiun. Athens-based shipowner and operator Kassian Maritime paid around $20 million for the 2006 built capesize bulk carrier MV Royal Chorale, a sum in close proximity to the MV Royal Chorale’s fair market value, assessed at $20.2 million by MSI. Throughout this year, Athens-based shipowner and operator Kassian Maritime has been steadily expanding its fleet, demonstrating a keen focus on kamsarmax bulk carriers. 9-August-2018
The esteemed coal trading and logistics conglomerate, Qinga Group of China, has officially announced the divestment of their 2011 built panamax bulk carrier to the Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation. Earlier this week, both entities formalized their commitment through an MOU (memorandum of understanding) regarding the transfer of the 2011 built panamax bulk carrier 81K DWT MV Oriental Wise. The agreed valuation for 2011 built panamax bulk carrier 81K DWT MV Oriental Wise stands at a notable $17.45 million. In the wake of an invigorated secondary market for bulk carriers, the board opines that this divestiture offers a propitious moment to bolster the consortium’s fiscal foundation. It is the group’s intention to allocate the resultant proceeds from this strategic divestment towards the settlement of certain bank liabilities, as articulated in Qinga Group’s communiqué. From this transaction, Qinga Group anticipates a financial uplift, projecting a profit of $1.8 million. 5-June-2018
Greek shipowner and operator Kassian Maritime been modernizing its fleet. Kassian Maritime has sold five (5) vintage ships recently and accumulated about $36 million. Greek shipowner and operator Kassian Maritime is preparing to acquire 2011 panamax dry bulk carrier 82K DWT MV Oriental Wise for about $18 million from Qinfa. Qinfa is a Chinese coal mining company with a shipping arm. MV Oriental Wise was built at CSSC Longxue Shipbuilding in China. Pappadakis family-controlled Kassian Maritime has two panamax bulk carriers in the fleet. 2012 built sisterships 81K DWT MV Resurgence and MV George P which were built at the same shipyard CSSC Longxue Shipbuilding in China. Last week, Athens based shipowner and operator Kassian Maritime acquired 2010 panamax bulk carrier 75K DWT MV Annabell from German NAVES Invest for about $14 million. Excluding the latest acquisitions this year, currently Kassian Maritime has a modern fleet of ten (10) dry bulk carriers. Moreover, Kassian Maritime has an ultramax bulk carrier under construction at Mitsui Shipyard. 12-April-2018
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation acquired 2012 built kamsarmax bulk carrier MV Sea Ace. Just last week, multiple shipbrokers chronicled the transaction of 2012 built kamsarmax bulk carrier MV Sea Ace, meticulously crafted at CSSC Guangzhou Longxue Shipbuilding, conveyed by John Fredriksen’s renowned Seatankers to Hellenic connoisseurs for a sum of $18.6 million. Of late, Athens-based shipowner and operator Kassian Maritime Navigation has exhibited fervent activity in the maritime market, exhibiting no reservations in integrating Chinese-crafted bulk carriers into their fleet. In the twilight of the previous year, Kassian Maritime Navigation procured the 2013 built panamax bulk carrier MV Prodigy (ex MV Chengyang Eminence) from the esteemed Shanghai Hong Xiang Shipping. Currently, Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime has a fleet of ten (10) bulk carriers. 4-March-2018
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation acquired kamsarmax bulk carrier 82K DWT MV Super Luna (ex MV FH Santos) from the distinguished HNA-affiliated shipyard, Jinhai Heavy Industry. Athens-based shipowner and operator Kassian Maritime paid around $15 million for kamsarmax bulk carrier 82K DWT MV Super Luna (ex MV FH Santos). Initially, MV Super Luna (ex MV FH Santos) was crafted for Shanghai Zhijing International Ship Management. 12-January-2017
Athens-based Greek shipowner and operator Kassian Maritime bought kamsarmax dry bulk carrier 2012 built 81K DWT MV Grand Ocean from MSI Shipmanagement for about $13 million. Greek shipowner and operator Kassian Maritime has been renewing its fleet. In September 2016, Kassian Maritime bought 2006 built capesize bulk carrier 174K DWT MV Voge Master and 2001 built supramax dry bulk carrier 50K DWT MV Virginia. 27-November-2016