M/Maritime

Greek shipowner and operator M/Maritime, supported by Greek entrepreneur John Mytilineos, is broadening its maritime business by moving into the container ship sector through a newbuilding order in South Korea, while still adding strength to the dry bulk platform that has defined M/Maritime since its launch. Athens-based shipowner and operator M/Maritime has stepped outside its original dry bulk concentration by ordering its first feeder container ship newbuildings, marking a significant diversification move for M/Maritime as M/Maritime seeks exposure to another part of global shipping. M/Maritime has contracted two 2,800 TEU feeder container ship newbuildings at HD Hyundai Heavy Industries, with delivery expected from Q1 2028. The feeder container ship newbuildings will be constructed according to HD Hyundai Heavy Industries’ environmentally oriented CON-GREEN design and will meet IMO (International Maritime Organization) Tier III requirements. M/Maritime stated that the specification focuses on fuel economy, operational versatility, and strong reefer capacity, giving M/Maritime ships designed for regional container trades where energy efficiency, dependable scheduling, and refrigerated cargo capability are becoming more important. The order represents an important strategic step for Greek shipowner and operator M/Maritime, which has previously developed its reputation around dry bulk tonnage rather than container ship investment. Since being founded in 2016 by John Mytilineos, M/Maritime has grown into a modern Athens-based dry bulk shipowner and operator with a strong preference for high-quality Japanese-built ships. The fleet of M/Maritime currently includes 18 dry bulk carriers across the handysize, ultramax, and kamsarmax bulk carrier segments, and all existing ships were built at Japanese shipyards. This Japanese-built fleet structure has helped M/Maritime build its profile around technical dependability, efficient performance, firm resale values, and charterer appeal. By entering feeder container ship newbuildings while continuing to enlarge its dry bulk base, M/Maritime is widening its business without walking away from the fleet discipline that has shaped the dry bulk strategy of M/Maritime. The feeder container ship order at HD Hyundai Heavy Industries gives M/Maritime a carefully selected route into container shipping. Rather than entering the largest container ship categories, M/Maritime is starting with 2,800 TEU feeder container ship newbuildings, a size that can serve regional networks, hub-and-spoke systems, smaller ports, and trades where operating flexibility matters more than maximum scale. Feeder container ships are a vital part of the container shipping network because feeder container ships connect major transhipment centres with smaller ports and regional markets. For M/Maritime, this offers a manageable way to diversify into container shipping while avoiding immediate exposure to the biggest and most capital-heavy container ship classes. The high reefer capacity included in the design also increases the commercial usefulness of the feeder container ship newbuildings, especially in trades involving refrigerated food, agricultural products, pharmaceuticals, and other temperature-sensitive cargoes. At the same time, M/Maritime is continuing to reinforce its dry bulk foundation. M/Maritime has lined up three long-term time charters for newbuilding bulk carriers at Japanese shipyards, including Oshima Shipbuilding, Onomichi Dockyard, and Imabari Shipbuilding. The charter durations range from five to ten years and include purchase options at the end of each period, with deliveries scheduled between 2029 and 2030. These arrangements show that M/Maritime remains committed to dry bulk shipping even as M/Maritime opens a new chapter in the container ship sector. The long-term charter format provides M/Maritime with future fleet access, greater earnings visibility, and strategic flexibility without depending only on direct ownership from the start. The purchase options also allow M/Maritime to preserve optionality, as M/Maritime can decide later whether to acquire the ships depending on market conditions, asset prices, charter opportunities, and fleet needs. The dry bulk business of M/Maritime has been developed around the handysize, ultramax, and kamsarmax bulk carrier segments, giving M/Maritime exposure to a wide variety of cargoes and trading routes. Handysize bulk carriers offer port flexibility and access to smaller parcels, ultramax bulk carriers provide geared cargo-handling ability and broad employment potential, and kamsarmax bulk carriers offer larger carrying capacity for coal, grains, minerals, and other major dry bulk trades while remaining suitable for many terminals. This fleet mix has allowed M/Maritime to avoid relying on only one dry bulk ship class and has given M/Maritime a diversified commercial platform. The decision to add feeder container ship newbuildings can be viewed as a continuation of that diversification logic, giving M/Maritime access to container trades while retaining the dry bulk expertise that remains central to M/Maritime. John Mytilineos has developed M/Maritime as a relatively young but increasingly visible Greek shipowner and operator, and the latest investment demonstrates a willingness to expand through disciplined fleet development rather than purely opportunistic growth. Greek shipping has a long tradition of moving capital between market sectors when conditions, ship availability, and long-term demand patterns support diversification. In that setting, the entry of M/Maritime into feeder container ship ownership is a natural progression for an Athens-based shipowner and operator seeking to widen revenue sources and participate in trades driven by different market forces from dry bulk shipping. Dry bulk earnings are closely connected to commodity demand, raw materials flows, grain seasons, tonne-mile changes, and fleet supply, while feeder container ship demand is more closely connected to regional trade, consumer goods, manufacturing flows, port networks, and liner shipping deployment. By adding container ship exposure, M/Maritime can build a broader shipping profile with more than one source of market opportunity. The selection of HD Hyundai Heavy Industries as builder also shows the importance of construction quality and shipyard reputation in the expansion strategy of M/Maritime. HD Hyundai Heavy Industries is one of South Korea’s leading shipbuilders and has considerable experience in advanced newbuilding projects. For M/Maritime, ordering the feeder container ship newbuildings at HD Hyundai Heavy Industries provides access to modern design, efficient construction, and a shipbuilding platform capable of delivering ships that comply with tightening environmental expectations. The CON-GREEN design and IMO (International Maritime Organization) Tier III compliance are especially relevant as charterers, regulators, lenders, and cargo interests focus more closely on emissions performance and environmental standards. The feeder container ship newbuildings ordered by M/Maritime therefore represent not only an entry into another market segment but also part of a wider move toward more efficient and environmentally responsive ship design. The dry bulk newbuilding charter arrangements at Oshima Shipbuilding, Onomichi Dockyard, and Imabari Shipbuilding also align with the established preference of M/Maritime for Japanese-built tonnage. Japanese shipyards are widely respected in dry bulk shipping for quality, fuel-efficient designs, strong construction standards, and long-term asset durability. By securing long-term time charters on newbuilding bulk carriers from these yards, M/Maritime is staying close to a technical approach that has already shaped the fleet of M/Maritime. The structure also gives M/Maritime future access to modern dry bulk ships at a time when fleet renewal decisions are becoming increasingly complicated by fuel-transition uncertainty, environmental regulation, and high shipyard pricing. The combination of Korean-built feeder container ship newbuildings and Japanese-built dry bulk newbuilding commitments suggests that M/Maritime is constructing a more balanced, modern, and future-oriented fleet. The growth of M/Maritime comes at a time when shipowners are becoming more cautious about fleet decisions because of uncertainty around propulsion technology, alternative fuels, emissions regulation, and long-term charterer demands. For M/Maritime, the chosen strategy appears measured: enter container shipping through fuel-efficient feeder container ship newbuildings, continue dry bulk development through long-term chartered Japanese newbuildings, and retain purchase options that can be exercised if market conditions make ownership attractive. This approach allows M/Maritime to expand while controlling exposure to asset-price cycles and regulatory uncertainty. It also shows that M/Maritime is not merely chasing growth in one sector, but building optionality across different shipping markets. Looking ahead, M/Maritime is likely to attract growing attention as M/Maritime moves from a dry bulk-focused Greek shipowner and operator into a broader shipping platform. The two 2,800 TEU feeder container ship newbuildings at HD Hyundai Heavy Industries will give M/Maritime its first direct position in container shipping from Q1 2028, while the long-term time charters for Japanese newbuilding bulk carriers scheduled between 2029 and 2030 will continue to build the dry bulk side of M/Maritime. Founded by John Mytilineos in 2016 and developed around a fleet of Japanese-built handysize, ultramax, and kamsarmax bulk carriers, M/Maritime is now taking a wider place in international shipping. The latest orders and charter arrangements show that M/Maritime is pursuing growth through modern ships, reputable shipyards, fuel-efficient designs, operational flexibility, and a cautious but ambitious diversification strategy. 26-April-2026

Greek shipowner and operator M/Maritime, backed by Greek entrepreneur John Mytilineos, has completed the acquisition of the last ship that M/Maritime had previously operated under charter, bringing the entire fleet of M/Maritime under full ownership. Athens-based M/Maritime purchased the 2017-built 37K DWT handysize bulk carrier MV Amber Star, meaning all 18 bulk carriers operated by M/Maritime are now directly owned by M/Maritime, with no remaining chartered-in ship in the fleet structure. The deal further strengthens the standing of M/Maritime in the dry bulk market, as M/Maritime now owns every bulk carrier it trades and operates. The acquisition followed the conclusion of a five-year charter-in arrangement with the ship’s former Japanese owners, after which M/Maritime secured MV Amber Star as a permanent fleet asset. MV Amber Star is currently trading within Hamburg-based TMA Bulk Pool Inc., giving the ship access to a commercial pool structure that can support employment, cargo coverage, voyage planning, market access, and scheduling efficiency in the handysize bulk carrier sector. The transaction marks a major step for Athens-based M/Maritime, which continues to develop its dry bulk platform with the backing and direction of Greek entrepreneur John Mytilineos. The purchase of MV Amber Star gives M/Maritime a more straightforward and fully unified fleet profile. By converting chartered-in control into outright ownership, M/Maritime gains stronger long-term authority over asset deployment, maintenance planning, commercial decisions, financing strategy, resale timing, and future fleet renewal. For a dry bulk shipowner and operator, complete ownership can create closer alignment between technical management and commercial employment because the ship is no longer subject to the restrictions of a charter-in arrangement. M/Maritime can now manage MV Amber Star with a longer-term investment perspective, covering dry-docking plans, energy-efficiency improvements, regulatory compliance, chartering strategy, emissions performance, and future repositioning. M/Maritime has grown into a modern Athens-based shipowner and operator with a strong dry bulk focus. Established in 2016 by John Mytilineos, M/Maritime has developed into an 18-ship dry bulk platform operating across the handysize, ultramax, and kamsarmax bulk carrier segments. This fleet spread gives M/Maritime exposure to different dry bulk cargoes, voyage patterns, and chartering opportunities. Handysize bulk carriers such as MV Amber Star provide adaptability for smaller ports, regional trades, and varied cargo parcels, while ultramax bulk carriers offer geared cargo-handling capability and broad commercial use. Kamsarmax bulk carriers provide larger capacity for grains, coal, minerals, raw materials, and other important dry bulk commodities. Together, these ship classes allow M/Maritime to participate in a wide section of the dry bulk market without depending on one narrow ship category. The full acquisition of MV Amber Star also demonstrates the asset discipline of M/Maritime. Instead of continuing to operate a chartered-in ship indefinitely, M/Maritime used the end of the five-year charter-in period to consolidate fleet ownership. This can be commercially advantageous because M/Maritime already had direct knowledge of the ship’s operating record, technical performance, cargo suitability, fuel consumption, maintenance needs, and chartering value. Buying a familiar ship can reduce some of the uncertainty that normally comes with secondhand acquisitions, as M/Maritime had practical experience with MV Amber Star before completing the purchase. For M/Maritime, that familiarity likely made MV Amber Star a logical addition to the owned fleet. MV Amber Star fits closely with the established dry bulk strategy of M/Maritime. A 37K DWT handysize bulk carrier is compact enough to trade into a broad range of ports while still offering meaningful cargo capacity. This makes MV Amber Star useful in trades where port restrictions, parcel sizes, draft limitations, or loading infrastructure may not favour larger bulk carriers. Handysize bulk carriers remain commercially relevant because many dry bulk cargoes are moved in smaller parcels or through regional ports that require adaptable tonnage. For M/Maritime, MV Amber Star can be employed for agricultural commodities, steel products, forest products, minerals, fertilizers, raw materials, minor bulks, and other dry cargoes where flexibility, reliability, and port access are valuable. The employment of MV Amber Star within Hamburg-based TMA Bulk Pool Inc. also gives M/Maritime access to a wider commercial platform. Pool employment can help a shipowner improve utilisation, expand cargo access, strengthen market coverage, and position ships more efficiently across regional trades. For M/Maritime, participation in TMA Bulk Pool Inc. may support steadier commercial performance for MV Amber Star by linking the ship to a broader flow of cargo opportunities. This can be particularly useful in the handysize segment, where earnings often depend on effective regional positioning, broker networks, cargo variety, and the ability to react quickly to changing market conditions. The purchase also reinforces the importance of Japanese-built tonnage within the fleet identity of M/Maritime. M/Maritime has developed its dry bulk platform around high-quality Japanese-built ships, reflecting the strong reputation of Japanese shipyards for construction quality, fuel-efficient designs, technical durability, and long-term asset value. By acquiring the 2017-built MV Amber Star from Japanese owners after years of chartered operation, M/Maritime strengthens this Japanese-built fleet profile and maintains the technical consistency that has shaped the reputation of M/Maritime. A fleet with common build quality and comparable technical standards can support easier maintenance planning, stronger charterer confidence, and more effective long-term asset management. Complete ownership of all 18 bulk carriers also gives M/Maritime greater strategic flexibility. Owned ships can be refinanced, sold, upgraded, chartered out, pooled, repositioned, or retained depending on market conditions and the wider strategy of M/Maritime. Chartered-in ships can provide flexibility in certain market conditions, but outright ownership gives M/Maritime stronger control over capital value and long-term fleet planning. In a cyclical dry bulk market, asset ownership can be especially important because ship values can rise sharply in stronger markets and decline during weaker periods. By owning all 18 bulk carriers, M/Maritime has more direct exposure to both freight earnings and asset-value movements, giving M/Maritime greater participation in dry bulk market cycles. The deal also strengthens the identity of M/Maritime as a full shipowner rather than only an operator of controlled tonnage. In shipping, there is a clear difference between operating chartered-in ships and owning ships outright. Ownership generally signals deeper long-term commitment to a segment, stronger control over technical standards, and greater exposure to asset performance. By purchasing MV Amber Star, M/Maritime has removed the last remaining chartered-in element from its fleet and created a cleaner, more coherent ownership platform. This can be helpful when dealing with charterers, lenders, insurers, brokers, pool managers, and shipyards, because counterparties can view M/Maritime as a shipowner with a fully owned and clearly structured fleet base. The leadership and financial support of John Mytilineos remain central to the growth of M/Maritime. John Mytilineos has supported the development of M/Maritime from a relatively young Athens-based shipping platform into a visible dry bulk owner with a fleet across multiple segments. Greek shipping has a long tradition of disciplined asset play, secondhand investment, chartering flexibility, and movement through market cycles, and M/Maritime reflects this wider Greek shipping culture through careful fleet building and a strong preference for quality tonnage. The acquisition of MV Amber Star shows that M/Maritime is prepared to invest in ships that match its existing operating model and longer-term fleet direction. The transaction may also improve operational consistency across the fleet of M/Maritime. With every ship now owned, M/Maritime can apply more consistent policies for maintenance, performance monitoring, emissions compliance, insurance, dry-docking, technical upgrades, and fleet planning. This is increasingly important as dry bulk shipping faces stricter environmental regulation, higher charterer expectations, and more scrutiny from financiers, insurers, and regulators. Full ownership allows M/Maritime to decide how and when to invest in energy-saving devices, hull coatings, engine improvements, digital performance systems, and other measures that may improve efficiency or regulatory performance over each ship’s remaining trading life. The timing of the purchase is also notable because dry bulk owners continue to assess the balance between secondhand acquisitions, chartered-in exposure, and newbuilding commitments. Newbuilding decisions remain complicated by high shipyard prices, long delivery delays, future-fuel uncertainty, and developing environmental rules. Acquiring a known 2017-built handysize bulk carrier gives M/Maritime a practical alternative, as MV Amber Star offers immediate trading potential and fits the current fleet profile. Instead of accepting the long lead time and technology uncertainty of a newbuilding order, M/Maritime has strengthened the fleet through a ship that M/Maritime already understood from direct operational experience. For the wider dry bulk strategy of M/Maritime, full ownership of MV Amber Star adds fleet depth and commercial optionality. The 18-ship fleet gives M/Maritime scale across several dry bulk segments while keeping the focus on modern, high-quality tonnage. This scale can help M/Maritime improve scheduling flexibility, support cargo programmes, reinforce relationships with charterers, and respond more effectively to changing freight-market conditions. In dry bulk shipping, fleet size is most valuable when it is combined with discipline, technical reliability, and strong commercial execution. M/Maritime appears to be building around those principles by consolidating ownership and maintaining a fleet profile centred on Japanese-built bulk carriers. Looking forward, the acquisition of MV Amber Star leaves M/Maritime with a fully owned 18-ship dry bulk fleet and a stronger base for future development. M/Maritime can now consider expansion, fleet renewal, chartering strategy, and sector diversification from a clearer ownership position. Whether M/Maritime grows through secondhand acquisitions, newbuilding projects, long-term charters, or selective moves into other segments, the purchase of MV Amber Star gives M/Maritime a more complete platform. For M/Maritime, the deal is more than the acquisition of one handysize bulk carrier. The deal completes the move to full fleet ownership, reinforces the Japanese-built dry bulk profile of M/Maritime, strengthens control over commercial and technical decisions, and confirms the continuing ambitions of M/Maritime under Greek entrepreneur John Mytilineos. 24-May-2024

Greek shipowner and operator M/Maritime, supported by entrepreneur John Mytilineos, has enlarged its dry bulk fleet through the purchase of an ultramax bulk carrier, raising the fully owned fleet of M/Maritime to 17 bulk carriers. The deal marks another step in the measured expansion of Athens-based shipowner and operator M/Maritime and further confirms the established preference of M/Maritime for modern, high-quality ships constructed in Japan. M/Maritime, which has developed its reputation around bulk carrier ownership and operation, announced the acquisition through an official statement and stressed that the latest ship addition reinforces the commitment of M/Maritime to an entirely Japanese-built fleet. The purchase strengthens the presence of M/Maritime in the ultramax bulk carrier sector, a segment valued for its balance of carrying capacity, onboard cargo-handling capability, and suitability for a wide variety of dry bulk trades. The latest acquisition closely matches the wider fleet-development policy of M/Maritime. Since its formation, M/Maritime has focused on dry bulk shipping and has built a fleet shaped by Japanese construction standards, technical dependability, and commercial flexibility. Japanese-built bulk carriers are highly regarded in the dry bulk market for strong shipyard quality, efficient designs, durable machinery, and long-term asset strength. By adding another Japanese-built ultramax bulk carrier, M/Maritime continues to deepen a fleet identity based on quality rather than simple fleet-count growth. This approach is important in dry bulk shipping, where long-term value depends not only on freight rates but also on fuel economy, maintenance discipline, cargo-handling performance, port efficiency, charterer confidence, and resale prospects. M/Maritime has become a visible Athens-based dry bulk shipowner and operator with a fleet covering several key bulk carrier segments. The addition of an ultramax bulk carrier gives M/Maritime greater strength in one of the most versatile geared dry bulk categories. Ultramax bulk carriers are attractive to charterers because they provide more carrying capacity than supramax bulk carriers while keeping the practical advantages of onboard cranes and grabs. This makes ultramax bulk carriers suitable for cargoes moving through ports with limited shore infrastructure, as well as for trades involving grains, coal, fertilizers, steel products, minerals, forest products, raw materials, petcoke, bauxite, cement, and other dry commodities. For M/Maritime, further growth in the ultramax segment improves access to both regional employment and longer-haul trading opportunities. The acquisition also reflects the disciplined fleet-building approach of M/Maritime. Instead of creating a scattered fleet from unrelated shipyards and inconsistent ship types, M/Maritime has placed emphasis on a coherent fleet profile. An entirely Japanese-built fleet can help support more consistent technical management, simpler maintenance planning, stronger inspection performance, and more predictable operating standards. This matters in a highly competitive dry bulk market, where charterers often prefer ships with proven reliability, sound fuel performance, and evidence of careful management. For M/Maritime, keeping the fleet Japanese-built strengthens the reputation of M/Maritime as a shipowner focused on dependable tonnage and durable asset quality. The support of John Mytilineos continues to be a central factor in the growth of M/Maritime. John Mytilineos has backed the development of M/Maritime as a Greek dry bulk platform built around modern ships, respected shipyard pedigree, and careful expansion. Greek shipping has long been associated with disciplined asset timing, secondhand investment, market-cycle awareness, and the ability to expand fleets when attractive opportunities arise. M/Maritime reflects that tradition by adding ships that fit its existing operating strategy. The ultramax acquisition is therefore not merely an increase in fleet size but also another stage in the broader plan of M/Maritime to build scale while preserving fleet quality. The increase to 17 owned bulk carriers gives M/Maritime a stronger dry bulk operating base. A larger fleet can create more chartering flexibility, better regional positioning, improved capacity to serve repeat cargo interests, and wider exposure to different trade flows. However, scale only creates value when supported by discipline, and M/Maritime appears to be expanding in a manner still closely linked to its core expertise. By adding an ultramax bulk carrier, M/Maritime strengthens a segment that complements other dry bulk ship classes and gives M/Maritime more options across both spot and period employment. The larger fleet can also help reinforce relationships with brokers, charterers, financiers, insurers, ports, technical service providers, and commercial management partners. The preference of M/Maritime for modern Japanese-built tonnage also has strategic importance at a time when shipping faces increasing pressure from environmental regulation and higher charterer expectations. Modern bulk carriers with efficient designs can support lower fuel consumption, stronger emissions performance, and improved compliance with evolving rules. While uncertainty over future fuels continues to complicate newbuilding decisions across shipping, high-quality secondhand ships or relatively young ships from respected yards can offer a practical route for owners that want to strengthen fleet quality without taking excessive technology risk. For M/Maritime, the latest ultramax acquisition adds capacity while maintaining the quality profile that has become central to the identity of M/Maritime. The ultramax bulk carrier segment also provides M/Maritime with strong commercial adaptability. Ultramax bulk carriers can be employed across a broad mix of minor bulk and major bulk trades, and onboard gear allows these ships to work at ports where shore cranes are limited or unavailable. This flexibility can be particularly valuable during periods of shifting trade flows, port congestion, sanctions, weather disruption, and changing commodity movements. For M/Maritime, greater ultramax exposure means more ability to position ships where cargo demand is strongest and to capture employment across several routes instead of depending on one narrow trade. The acquisition further reinforces the identity of M/Maritime as a fully committed dry bulk shipowner and operator. A 17-ship owned fleet gives M/Maritime deeper market presence and a clearer ownership platform. Ownership gives M/Maritime direct authority over maintenance, dry-docking, insurance, refinancing, technical upgrades, chartering decisions, and asset timing. This can be more advantageous than depending heavily on chartered-in ships, especially when a shipowner wants to maintain consistent technical standards and build long-term fleet value. For M/Maritime, the transaction supports a business model based on direct ownership, modern tonnage, and carefully selected assets. The Athens base of M/Maritime also places M/Maritime within one of the world’s most important shipowning centres. Greece remains a major hub for dry bulk ownership, commercial management, ship finance, brokerage, insurance, and technical services. Operating from Athens gives M/Maritime access to a deep maritime network and a broad pool of shipping expertise. Within that environment, M/Maritime has distinguished itself through its concentration on Japanese-built dry bulk ships and measured fleet growth. The latest ultramax bulk carrier acquisition supports that identity and shows that M/Maritime continues to pursue expansion opportunities that match its established standards. Looking ahead, the enlarged 17-ship fleet gives M/Maritime a broader platform for future dry bulk activity. The acquisition of an ultramax bulk carrier strengthens the commercial reach of M/Maritime, deepens the Japanese-built fleet profile of M/Maritime, and confirms the continuing growth ambitions of M/Maritime under the backing of John Mytilineos. In a dry bulk market shaped by freight volatility, changing commodity demand, environmental regulation, and uncertainty over future ship design, M/Maritime appears to be following a strategy based on quality ships, trusted shipyards, flexible tonnage, direct ownership, and disciplined expansion. The purchase is therefore more than a simple fleet addition. It is another step in the development of M/Maritime as an Athens-based Greek dry bulk shipowner and operator focused on modern Japanese-built bulk carriers and long-term commercial strength. 12-February-2024

Greek shipowner and operator M/Maritime has expanded significantly since its establishment in 2017, growing from a newly formed Athens-based dry bulk platform into a more prominent participant in the international bulk carrier market. Supported by Greek entrepreneur John Mytilineos, M/Maritime has taken an important step in its fleet renewal programme by disposing of its oldest bulk carrier, demonstrating that M/Maritime is prepared to adjust and modernise its fleet rather than pursue growth only through additional tonnage. Athens-based shipowner and operator M/Maritime sold the 2014-built 63K DWT ultramax bulk carrier MV All Star Atlas to a Chinese shipowner for $24.5 million. The transaction shows the intention of M/Maritime to reduce exposure to older tonnage and place greater emphasis on younger chartered-in bulk carriers, modern dry bulk ships, and fleet arrangements that support long-term efficiency and commercial flexibility. The sale of MV All Star Atlas is therefore more than a single ship disposal; the sale forms part of the broader fleet rejuvenation strategy of M/Maritime as M/Maritime continues to develop its dry bulk business with the backing of John Mytilineos. M/Maritime has built its operations around bulk carrier ownership and management, with particular attention to quality ships, disciplined fleet control, and careful asset timing. The disposal of the oldest bulk carrier in the fleet of M/Maritime fits this strategy, as dry bulk shipowners often use favourable secondhand values to sell older tonnage and redirect capital toward younger ships, more efficient ships, or chartered-in tonnage that provides operational flexibility without permanent ownership exposure. For M/Maritime, the sale of MV All Star Atlas enables M/Maritime to improve its fleet age profile, refine its asset base, and continue moving toward a younger and more adaptable commercial platform. The transaction also highlights the importance of timing in dry bulk shipping. Ultramax bulk carriers are commercially attractive ships because ultramax bulk carriers combine strong cargo capacity with onboard cargo-handling equipment and broad employment flexibility. A 63K DWT ultramax bulk carrier such as MV All Star Atlas can trade in many cargo sectors, including grains, coal, fertilizers, steel products, minerals, forest products, petcoke, cement, raw materials, and other dry bulk commodities. However, as ships become older, maintenance expenses, dry-docking costs, regulatory requirements, fuel-efficiency performance, emissions rules, and charterer preferences become increasingly important. By selling MV All Star Atlas, M/Maritime has made a practical fleet-management decision while the ship still retained a meaningful market value. M/Maritime has developed with the support of John Mytilineos, whose backing has helped M/Maritime establish itself as a serious Greek dry bulk shipowner and operator. Greek shipping has a long tradition of disciplined asset play, with shipowners buying, selling, chartering, and renewing fleets according to market cycles. M/Maritime appears to follow this tradition by treating fleet composition as an active and flexible process rather than a fixed structure. The sale of MV All Star Atlas to a Chinese shipowner shows that M/Maritime is willing to release older tonnage when the transaction supports the broader strategy of M/Maritime. This approach can help M/Maritime maintain a fleet that remains attractive to charterers, financiers, insurers, brokers, and commercial partners. Since its establishment, M/Maritime has focused on developing a dry bulk platform with exposure to important bulk carrier categories. The fleet strategy of M/Maritime has included handysize, ultramax, and kamsarmax bulk carriers, allowing M/Maritime to access different cargo sizes, port requirements, and trade routes. Handysize bulk carriers provide flexibility in smaller ports and regional trades, ultramax bulk carriers offer geared cargo-handling ability and broad cargo employment, and kamsarmax bulk carriers provide larger capacity for major commodity movements. This combination gives M/Maritime broader commercial reach and reduces dependence on one narrow ship class. The disposal of MV All Star Atlas does not undermine that strategy; instead, the disposal allows M/Maritime to improve the quality, age balance, and future suitability of its tonnage. The focus of M/Maritime on younger chartered-in bulk carriers is also commercially significant. Chartered-in tonnage can give a shipowner and operator more flexibility during periods of market uncertainty, because chartered-in ships provide access to capacity without requiring permanent asset ownership. This can be useful when freight markets are volatile, ship values are changing quickly, and newbuilding choices are complicated by high shipyard prices, delivery delays, emissions regulation, and uncertainty over future fuels. For M/Maritime, younger chartered-in bulk carriers can support commercial expansion while allowing M/Maritime to avoid retaining older ships that may require heavier investment. This balance between owned tonnage and chartered-in exposure can help M/Maritime manage market risk while preserving operating scale. The sale of MV All Star Atlas also supports the environmental and technical direction of M/Maritime. As dry bulk shipping faces stricter emissions regulation, closer charterer scrutiny, and growing attention to fuel performance, younger ships generally provide advantages in efficiency, compliance, and operating reliability. Older ships can still have commercial value, but shipowners must weigh future maintenance obligations, emissions performance, dry-docking needs, and regulatory costs against expected earnings. By disposing of its oldest bulk carrier, M/Maritime improves its overall fleet profile and reduces exposure to tonnage that may face greater technical and environmental pressure in the coming years. The transaction with a Chinese shipowner also illustrates the continuing liquidity of the secondhand ultramax bulk carrier market. Chinese buyers have remained active across several dry bulk segments, and ultramax bulk carriers are often attractive because of their flexible employment profile and broad cargo capability. For M/Maritime, the $24.5 million sale price provides a clear asset realisation and creates room for M/Maritime to redeploy capital, adjust fleet commitments, or support future renewal plans. In dry bulk shipping, capital recycling is often central to long-term performance, as shipowners seek to sell at attractive levels and reinvest in tonnage better suited to future market needs. The decision of M/Maritime to sell MV All Star Atlas therefore reflects both fleet renewal and disciplined asset management. The Athens base of M/Maritime places M/Maritime within one of the world’s most important shipowning centres. Greece remains a major hub for dry bulk ownership, ship finance, chartering, brokerage, technical management, insurance, crewing, and maritime services. Operating from Athens gives M/Maritime access to a deep pool of shipping knowledge, commercial contacts, and maritime expertise. Within this competitive environment, M/Maritime has built its identity around dry bulk growth, fleet quality, and careful expansion supported by John Mytilineos. The sale of MV All Star Atlas shows that M/Maritime is not only interested in increasing fleet size but also in maintaining a fleet that matches its long-term commercial and technical direction. The fleet renewal programme of M/Maritime is particularly important because dry bulk markets can change rapidly. Freight rates may be affected by commodity demand, grain seasons, coal flows, iron ore movements, raw materials demand, port congestion, canal restrictions, geopolitical disruption, sanctions, weather patterns, and fleet supply. In such a market, a shipowner and operator needs ships that are efficient, dependable, flexible, and attractive to charterers. By moving away from its oldest bulk carrier and concentrating more heavily on younger chartered-in bulk carriers, M/Maritime is positioning itself to respond more effectively to changing dry bulk conditions. The disposal of MV All Star Atlas also underlines the difference between expansion and renewal. A shipping business can grow by adding ships, but fleet quality may decline if older ships remain in service too long without replacement, investment, or renewal. M/Maritime appears to be managing this balance by selling older tonnage while continuing to pursue a younger and more flexible fleet profile. This strategy can support better chartering prospects, lower technical risk, improved regulatory readiness, and stronger long-term competitiveness. For M/Maritime, fleet renewal is not only a matter of age; fleet renewal also concerns commercial suitability, operating efficiency, environmental performance, and asset value. The backing of John Mytilineos remains central to the ongoing development of M/Maritime. John Mytilineos has supported the growth of M/Maritime as a Greek shipowner and operator with a focused dry bulk strategy and a disciplined approach to fleet development. With this support, M/Maritime has been able to build scale while making strategic decisions about when to buy, when to charter, and when to sell. The disposal of MV All Star Atlas shows that M/Maritime is prepared to make active portfolio decisions rather than passively holding ships through every stage of the market cycle. Looking ahead, M/Maritime is likely to keep shaping its fleet around younger, more flexible, and technically reliable dry bulk ships. The sale of the 2014-built 63K DWT ultramax bulk carrier MV All Star Atlas to a Chinese shipowner removes the oldest bulk carrier from the fleet of M/Maritime and supports the wider fleet rejuvenation plans of M/Maritime. For M/Maritime, the transaction strengthens the long-term direction of its dry bulk platform by improving fleet quality, supporting capital discipline, and allowing M/Maritime to focus on ships better aligned with future trading requirements. The disposal is therefore more than a routine asset sale. The disposal is a strategic fleet renewal move by Athens-based shipowner and operator M/Maritime, backed by John Mytilineos, as M/Maritime continues to develop into a more modern, adaptable, and carefully managed dry bulk operator. 21-April-2023

Greek shipowner and operator M/Maritime has joined C Transport Maritime’s (CTM) supramax pool as the latest owner participant, adding another recognised Greek dry bulk player to the Monaco-based commercial platform. M/Maritime placed the 2017-built 60K DWT supramax bulk carrier MV Areti GR into C Transport Maritime’s (CTM) supramax pool through the RSA (Revenue Sharing Agreement), giving Athens-based M/Maritime access to a broader commercial system designed to improve employment, earnings allocation, cargo coverage, and ship positioning in the supramax bulk carrier market. Monaco-based C Transport Maritime’s (CTM) expressed strong satisfaction at the arrival of Greek entrepreneur John Mytilineos-backed M/Maritime in the supramax RSA (Revenue Sharing Agreement), which C Transport Maritime’s (CTM) presents as one of the most adaptable and prominent supramax bulk carrier pool arrangements in the market. For M/Maritime, the move creates another commercial outlet for one of its geared bulk carriers and supports the continuing progress of M/Maritime as a growing Athens-based dry bulk shipowner and operator. Athens-based M/Maritime became the third new entrant to enter the C Transport Maritime’s (CTM) supramax pool during the same month, after d’Amico Group and Eastern Pacific Shipping joined in quick sequence. The participation of M/Maritime in the RSA (Revenue Sharing Agreement) shows that M/Maritime is not only growing through ship purchases and newbuilding exposure, but also using commercial pooling arrangements to widen market access and improve earnings flexibility. For a dry bulk shipowner and operator such as M/Maritime, placing MV Areti GR into a supramax pool can reduce dependence on a single voyage fixture, expand access to cargo opportunities, and allow M/Maritime to benefit from the commercial strength of a larger grouped fleet. This can be particularly useful in the supramax and ultramax bulk carrier markets, where employment can be shaped by regional cargo flows, port congestion, grain seasons, coal movements, steel trades, fertilizer shipments, raw materials demand, and changing tonnage availability. Founded in 2016 and supported by Greek entrepreneur John Mytilineos, M/Maritime has developed rapidly as an Athens-based dry bulk shipowner and operator with growing exposure across geared and larger dry bulk segments. M/Maritime has already acquired three ultramax bulk carriers, together with smaller bulk carriers and newbuildings on order, showing a strategy based on fleet expansion, modern tonnage, and exposure to flexible dry bulk ship classes. The focus of M/Maritime on geared bulk carriers is commercially important because geared ships can trade into ports where shore-based cargo-handling infrastructure may be limited. This gives M/Maritime access to a wider cargo base and allows M/Maritime to serve trades involving grains, fertilizers, steel products, forest products, minerals, cement, petcoke, raw materials, project cargoes, and other dry bulk commodities. M/Maritime has built its profile around dry bulk shipping and has shown a clear preference for high-quality tonnage, especially ships constructed at respected Japanese shipyards. This fleet approach supports the reputation of M/Maritime for technical reliability, efficient performance, strong asset quality, and charterer appeal. In dry bulk shipping, the earning strength of a ship depends not only on market freight levels but also on fuel consumption, cargo-handling ability, maintenance condition, port suitability, inspection performance, and operational dependability. By combining owned tonnage, chartered-in ships, newbuilding commitments, and pool participation, M/Maritime is building a flexible platform that can react to changing market conditions without depending on a single employment model. The placement of MV Areti GR into C Transport Maritime’s (CTM) supramax RSA (Revenue Sharing Agreement) fits the broader commercial logic of M/Maritime. A 2017-built 60K DWT supramax bulk carrier such as MV Areti GR is well suited to a pool structure because supramax bulk carriers are regularly employed across many commodities and regions. Supramax bulk carriers offer a useful balance between cargo capacity and port flexibility, while onboard cargo gear gives these ships the ability to operate at ports with limited loading or discharge equipment. For M/Maritime, entering MV Areti GR into the C Transport Maritime’s (CTM) controlled RSA (Revenue Sharing Agreement) can help maximise utilisation, expand cargo reach, and smooth earnings through market cycles by participating in a wider revenue-sharing structure. The decision by M/Maritime also reflects the growing role of commercial partnerships in dry bulk shipping. A shipowner and operator may own or control capable ships, but the value of those ships depends heavily on how effectively they are commercially deployed. Pool structures such as the C Transport Maritime’s (CTM) supramax RSA (Revenue Sharing Agreement) can provide access to established charterer relationships, market intelligence, cargo programmes, voyage optimisation, and fleet scheduling. For M/Maritime, joining the pool with MV Areti GR allows M/Maritime to use the commercial reach of C Transport Maritime’s (CTM) while retaining ownership and strategic control over its ship. This can be appealing for a fast-growing owner that wants wider market presence without building a large standalone commercial desk for every regional trade. The development of M/Maritime has been closely connected with John Mytilineos, whose backing has helped M/Maritime move from a newly formed Greek dry bulk platform into a more visible shipowner and operator. Greek shipping has a long tradition of disciplined asset timing, dry bulk investment, secondhand acquisitions, newbuilding commitments, and flexible commercial deployment. M/Maritime reflects that tradition by using different methods to strengthen its fleet and earnings base. The addition of MV Areti GR to the C Transport Maritime’s (CTM) supramax pool shows that M/Maritime is prepared to use established commercial platforms when those platforms support employment efficiency and market access. For M/Maritime, the supramax and ultramax bulk carrier segments are especially attractive because these ship types offer broad employment flexibility. These ships are large enough to carry meaningful cargo parcels but flexible enough to call at many ports that are unsuitable for larger bulk carriers. This makes supramax and ultramax bulk carriers useful across both regional trades and longer-haul routes. As commodity movements become more complex due to sanctions, geopolitical disruption, canal restrictions, port inefficiencies, weather disruption, and changing demand patterns, flexible geared tonnage can become increasingly valuable. The growing exposure of M/Maritime to these ship types gives M/Maritime an adaptable position in dry bulk shipping. The entry of M/Maritime into the C Transport Maritime’s (CTM) supramax RSA (Revenue Sharing Agreement) also places M/Maritime alongside other well-known shipowners and operators within the same commercial framework. Monaco-based C Transport Maritime’s (CTM) recently welcomed the return of Idan Ofer’s Eastern Pacific Shipping to the RSA (Revenue Sharing Agreement), with Eastern Pacific Shipping adding its full supramax fleet: the 2010-built 53K DWT supramax bulk carrier MV Bridgegate, the 2017-built 63K DWT supramax bulk carrier MV Daimongate, and the 2019-built 63K DWT supramax bulk carrier MV Divinegate. C Transport Maritime’s (CTM) said the return of Idan Ofer’s Eastern Pacific Shipping highlighted the main strengths of the RSA (Revenue Sharing Agreement), including flexibility, no minimum duration, a three-month exit notice, no withdrawal fees, and no daily administration fees. C Transport Maritime’s (CTM) charges shipowners a 1.25% commission, and the structure of the RSA (Revenue Sharing Agreement) appears designed to attract owners that want commercial scale without high administrative costs or long lock-in periods. For M/Maritime, this flexibility matters because M/Maritime can benefit from pool participation while keeping room to adjust commercial strategy as market conditions change. In dry bulk shipping, owners often need to react quickly to movements in freight rates, regional tonnage supply, fuel costs, cargo demand, and ship values. A pool with limited exit restrictions and no daily administration fees can therefore be attractive for a growing owner such as M/Maritime. The expansion of the C Transport Maritime’s (CTM) controlled supramax RSA (Revenue Sharing Agreement) gives further context to the decision by M/Maritime to join. In 2013, the C Transport Maritime’s (CTM) controlled supramax pool had five members and six bulk carriers. The supramax pool has since grown to 18 members and 66 bulk carriers, showing that the platform has built greater scale and wider acceptance among shipowners. A larger pool can offer broader cargo access, stronger market presence, and more efficient positioning across different regions. By contributing MV Areti GR, M/Maritime becomes part of a larger commercial structure that has expanded considerably over time. Earlier in March, Italian shipowner and operator d’Amico Dry joined C Transport Maritime’s (CTM) Supramax Revenue Sharing Agreement (RSA) with the 2006-built 53K DWT supramax bulk carrier MV Medi Bangkok and the 2009-built 56K DWT supramax bulk carrier MV Medi Paestum. In December, Athens-based Greek shipowner and operator Chandris (Hellas) also added a supramax bulk carrier to the C Transport Maritime’s (CTM) controlled supramax RSA (Revenue Sharing Agreement). The recent additions of d’Amico Dry, Eastern Pacific Shipping, Chandris (Hellas), and M/Maritime show that the RSA (Revenue Sharing Agreement) continues to attract shipowners from different regions and shipping backgrounds, further increasing the commercial depth of the pool. For M/Maritime, joining this pool is consistent with a wider strategy of measured growth and commercial diversification within dry bulk shipping. M/Maritime has expanded through acquisitions, built a fleet around quality tonnage, maintained a focus on bulk carrier segments with practical employment flexibility, and used commercial structures that can improve access to earnings. The placement of MV Areti GR into the supramax pool improves the ability of M/Maritime to participate in a wider cargo network while preserving the disciplined fleet-building approach associated with M/Maritime. It also strengthens the reputation of M/Maritime as a young but increasingly active Greek shipowner and operator willing to combine asset ownership with modern commercial management. Looking ahead, the participation of M/Maritime in C Transport Maritime’s (CTM) supramax RSA (Revenue Sharing Agreement) may help M/Maritime deepen its role in the geared dry bulk market. The pool gives MV Areti GR access to a broader commercial platform, while M/Maritime gains more exposure to supramax employment opportunities without relying solely on independent fixtures. As M/Maritime continues to grow under the backing of John Mytilineos, the ability to combine modern ships, flexible employment structures, respected commercial partners, and disciplined fleet development could become central to the long-term strategy of M/Maritime. The placement of MV Areti GR into the C Transport Maritime’s (CTM) supramax pool is therefore more than a routine commercial step. It is another stage in the development of M/Maritime as an Athens-based Greek dry bulk shipowner and operator focused on quality tonnage, market adaptability, and stronger participation in international dry bulk trades. 30-April-2019

Greek shipowner and operator M/Maritime has purchased the 2014 Japanese-built 81K DWT kamsarmax bulk carrier MV Puppis Ocean from Diamond Star Shipping, the Singapore subsidiary of Mitsubishi Corporation, for $24 million, adding a larger dry bulk ship class to the growing fleet of M/Maritime. Athens-based Greek shipowner and operator M/Maritime was founded in 2017, and following the acquisition of MV Puppis Ocean, the fleet of M/Maritime has expanded to 9 bulk carriers. The purchase is a meaningful development for M/Maritime because the fleet of M/Maritime had mainly been made up of ultramax and handysize bulk carriers, while the addition of a kamsarmax bulk carrier gives M/Maritime broader exposure to larger-volume dry bulk trades. By bringing MV Puppis Ocean into its fleet, M/Maritime strengthens its operating base and increases its ability to participate in cargo movements requiring more carrying capacity than handysize or ultramax bulk carriers can offer. The acquisition of MV Puppis Ocean matches the growth pattern of M/Maritime as a young but increasingly active Athens-based shipowner and operator. Since its formation in 2017, M/Maritime has moved quickly to develop a dry bulk fleet built around commercially practical ship types, quality tonnage, and close links with Japanese-built ships. The purchase from Diamond Star Shipping, the Singapore subsidiary of Mitsubishi Corporation, also reinforces the connection of M/Maritime with Japanese-related shipping interests. This connection is important because M/Maritime has not only acquired Japanese-built tonnage but has also formed management and operating relationships with Japanese shipowners, strengthening the technical and commercial standing of M/Maritime in the dry bulk sector. MV Puppis Ocean gives M/Maritime a larger and more adaptable ship in the kamsarmax bulk carrier segment. Kamsarmax bulk carriers are generally valued because they provide greater cargo capacity than supramax or ultramax bulk carriers while still retaining suitability for many port and trade requirements. An 81K DWT kamsarmax bulk carrier such as MV Puppis Ocean can be employed in major dry bulk trades involving grains, coal, minerals, bauxite, raw materials, and other bulk commodities. For M/Maritime, this creates wider commercial coverage and allows M/Maritime to serve charterers seeking larger parcel movements. The kamsarmax segment can also give exposure to longer-haul routes and major commodity flows, giving M/Maritime a broader earnings base than a fleet concentrated only in smaller geared bulk carriers. The fleet of Athens-based shipowner and operator M/Maritime has mostly been shaped around ultramax and handysize bulk carriers, which are recognised for flexibility, port access, and broad cargo employment. Handysize bulk carriers can serve smaller ports and regional trades, while ultramax bulk carriers combine useful cargo capacity with geared cargo-handling capability. The addition of MV Puppis Ocean creates another layer in the fleet structure of M/Maritime by introducing a larger bulk carrier type suited to higher-volume trades. This diversification helps M/Maritime reduce dependence on one ship size and gives M/Maritime more ways to participate in dry bulk market cycles. M/Maritime has developed its business with a clear concentration on dry bulk shipping, while also building a broader role through ship management and operational services. Greek shipowner and operator M/Maritime manages dry bulk carriers owned by Japanese shipowners, showing that M/Maritime is not only a fleet owner but also a trusted manager and operator for third-party tonnage. At the beginning of March 2019, M/Maritime signed a management and operation agreement covering three 37K DWT Japanese newbuildings with Japanese shipowner Hisafuku Kisen KK. This agreement shows the confidence placed in M/Maritime by Japanese shipowners and strengthens the position of M/Maritime as a bridge between Greek dry bulk management experience and Japanese-built tonnage. The relationship with Japanese shipowners is particularly significant for M/Maritime because Japanese shipping interests are often associated with high construction standards, careful technical management, long-term ownership discipline, and strong asset quality. By managing Japanese-owned dry bulk carriers and acquiring Japanese-built ships, M/Maritime improves its reputation for reliability, technical capability, and commercial professionalism. In dry bulk shipping, reputation matters because charterers, financiers, insurers, and shipowners often prefer counterparties with a record of careful operation and dependable performance. The management agreement with Hisafuku Kisen KK therefore adds depth to the profile of M/Maritime beyond the number of ships in its own fleet. The purchase of MV Puppis Ocean for $24 million also reflects the asset-building strategy of M/Maritime. Dry bulk shipping is deeply cyclical, and the timing of ship acquisitions can strongly affect long-term returns. By buying a 2014-built Japanese kamsarmax bulk carrier, M/Maritime gains a ship with immediate trading potential, proven construction quality, and remaining commercial life. A secondhand acquisition can provide faster fleet growth than ordering a newbuilding, especially when a shipowner wants to expand without waiting years for shipyard delivery. For M/Maritime, MV Puppis Ocean offers an opportunity to increase fleet scale and diversify ship size while acquiring an existing ship with respected build quality. The backing and direction behind M/Maritime have helped M/Maritime expand quickly since 2017. In a short period, M/Maritime has grown to 9 bulk carriers and established itself across several dry bulk segments. This pace of development shows a clear ambition to become a stronger Greek dry bulk shipowner and operator, while maintaining a fleet profile centred on quality and commercial usefulness. Athens remains one of the world’s leading shipping centres, and M/Maritime benefits from operating within a deep Greek maritime ecosystem that includes brokers, charterers, banks, insurers, technical managers, crewing specialists, legal advisers, and commercial partners. The kamsarmax acquisition also gives M/Maritime more options in chartering strategy. A larger ship such as MV Puppis Ocean can participate in cargo programmes that may not be suitable for handysize or ultramax bulk carriers. This can include grain exports, coal movements, minerals trades, and raw materials shipments where parcel sizes are larger and charterers require more carrying capacity. At the same time, M/Maritime can continue to operate its ultramax and handysize bulk carriers in more flexible trades involving smaller parcels and ports with different infrastructure limits. This mix gives M/Maritime a broader commercial toolkit and makes the fleet of M/Maritime more adaptable to changing dry bulk conditions. M/Maritime’s ability to manage ships for Japanese owners also supports the operational side of its growth. Managing newbuildings requires technical organisation, crewing capability, maintenance planning, safety procedures, regulatory compliance, voyage execution, and commercial coordination. By taking responsibility for three 37K DWT Japanese newbuildings under the agreement with Hisafuku Kisen KK, M/Maritime demonstrates that M/Maritime has the systems and expertise to manage modern dry bulk ships from delivery and operation. This capability can strengthen the confidence of lenders, charterers, and other shipowners in the platform of M/Maritime. The acquisition of MV Puppis Ocean from Diamond Star Shipping also has strategic importance because it adds another Japanese-built ship to the fleet of M/Maritime. Japanese-built bulk carriers are widely respected for fuel-efficient designs, robust construction, durable machinery, and strong long-term value. For M/Maritime, building a fleet with Japanese-built ships can support charterer confidence and help preserve asset quality over time. This is particularly relevant in dry bulk shipping, where operating costs, inspection performance, cargo readiness, and fuel consumption all affect commercial results. As M/Maritime grows, the combination of ownership and management activity gives M/Maritime more than one route to scale. Owning ships gives M/Maritime direct exposure to freight earnings and asset values, while managing third-party ships gives M/Maritime additional operational presence and relationships without requiring full capital investment in every ship. This balance can be useful for a young shipowner and operator seeking to expand carefully. It allows M/Maritime to build commercial and technical experience across more ships while preserving flexibility in capital deployment. The addition of MV Puppis Ocean also shows that M/Maritime is prepared to move beyond a narrow fleet composition. A fleet dominated by ultramax and handysize bulk carriers can offer strong flexibility, but a kamsarmax bulk carrier provides access to different cargo programmes and a different earnings profile. This gives M/Maritime greater resilience if one dry bulk segment is weaker while another is more active. Dry bulk markets often shift unevenly across ship classes, and having exposure to more than one size category can help a shipowner and operator capture opportunities across changing market conditions. Looking ahead, the purchase of MV Puppis Ocean positions M/Maritime for a broader role in the dry bulk market. With 9 bulk carriers, management agreements with Japanese shipowners, and a fleet profile that now includes kamsarmax capacity alongside ultramax and handysize tonnage, M/Maritime is building a more diversified and capable platform. The acquisition strengthens the growth story of M/Maritime, expands the commercial reach of M/Maritime, and deepens the connection of M/Maritime with Japanese-built bulk carriers and Japanese shipping interests. For Athens-based Greek shipowner and operator M/Maritime, the transaction is more than the purchase of one ship. It is another step in the development of M/Maritime as a modern dry bulk shipowner and operator focused on quality tonnage, trusted management relationships, and controlled expansion in the international bulk carrier market. 22-March-2019

Athens-based shipowner and operator M/Maritime has purchased the resale newbuilding 38K DWT Imabari 936 handysize dry bulk carrier, bringing another modern Japanese-built ship into the growing fleet of M/Maritime. M/Maritime has christened the handysize dry bulk carrier MV Calypso GR, marking a further stage in the fleet-development plan of Athens-based shipowner and operator M/Maritime. Supported by the Mytilineos family, M/Maritime was formed in late 2016 and has moved rapidly to establish a dry bulk platform centred on modern ships, long-term fleet expansion, and exposure to flexible bulk carrier segments. The addition of MV Calypso GR strengthens the presence of M/Maritime in the handysize dry bulk carrier market, a sector appreciated for port access, cargo flexibility, and the ability to serve regional trades as well as smaller cargo lots that may not be suitable for larger bulk carriers. M/Maritime currently controls a fleet comprising two ultramax bulk carriers and one handysize dry bulk carrier, while M/Maritime is also preparing to acquire two further handysize newbuilding bulk carriers and one ultramax newbuilding bulk carrier. Athens-based shipowner and operator M/Maritime also has three long-term chartered-in bulk carriers in its fleet, giving M/Maritime a mix of owned and chartered-in tonnage that supports commercial flexibility during its early growth period. The purchase of the Imabari 936 resale newbuilding is especially significant for M/Maritime because Japanese-built dry bulk ships are widely recognised for construction standards, fuel-efficient design, technical strength, and long-term asset value. For a young shipowner and operator such as M/Maritime, acquiring a newbuilding from a respected Japanese yard such as Imabari Shipbuilding provides a strong base for fleet quality and charterer confidence. MV Calypso GR gives M/Maritime a modern handysize dry bulk carrier able to serve many cargoes, including grains, fertilizers, steel products, forest products, minerals, raw materials, minor bulks, and other dry commodities. Handysize dry bulk carriers are commercially valuable because these ships can call at smaller ports, regional terminals, and infrastructure-limited locations where larger bulk carriers may not operate efficiently. This makes MV Calypso GR a practical addition to the fleet of M/Maritime and a ship that can support both regional and international dry bulk employment. The establishment of M/Maritime in late 2016 shows the ambition of the Mytilineos family-backed platform to create a presence in Greek dry bulk shipping from an early stage. Greece has one of the world’s strongest shipowning traditions, and Athens remains a leading centre for dry bulk ownership, chartering, ship finance, brokerage, insurance, technical management, and maritime services. Within this competitive environment, M/Maritime has started to build its identity around modern Japanese-built tonnage, measured growth, and a fleet mix that includes both ultramax and handysize dry bulk carriers. The current fleet of M/Maritime, consisting of two ultramax bulk carriers and one handysize dry bulk carrier, gives M/Maritime exposure to different dry bulk employment patterns. Ultramax bulk carriers offer larger cargo capacity and geared cargo-handling flexibility, while handysize dry bulk carriers provide better access to smaller ports and more specialised cargoes. By combining these ship types, M/Maritime can take part in a broader range of dry bulk trades and avoid dependence on only one ship class. The planned acquisition of two more handysize newbuilding bulk carriers and one ultramax newbuilding bulk carrier suggests that M/Maritime is following a structured fleet-expansion strategy rather than growing in a random or purely opportunistic way. Adding more handysize tonnage would deepen the position of M/Maritime in a segment where flexibility, port reach, and cargo diversity are major advantages. Adding another ultramax newbuilding bulk carrier would reinforce the larger geared bulk carrier side of the fleet of M/Maritime and provide greater capacity for trades involving grains, coal, fertilizers, steel products, minerals, cement, petcoke, raw materials, and other dry bulk commodities. This balanced strategy allows M/Maritime to expand across complementary dry bulk segments while keeping its fleet concentrated on practical and widely employable ship types. The three long-term chartered-in bulk carriers in the fleet of M/Maritime also have an important role in the early development of M/Maritime. Chartered-in ships can provide operating scale without requiring immediate full ownership of every ship, giving M/Maritime more flexibility as M/Maritime builds market presence. Long-term chartered-in tonnage can help M/Maritime serve charterers, develop cargo relationships, increase trading experience, and maintain fleet availability while ownership growth continues. For a shipowner and operator in the early stages of expansion, this combination of owned newbuildings, resale purchases, and chartered-in ships can provide a useful bridge between commercial ambition and capital discipline. The acquisition of MV Calypso GR also supports the reputation of M/Maritime as a shipowner and operator focused on quality rather than simple fleet numbers. In dry bulk shipping, the long-term value of a ship depends not only on deadweight capacity but also on fuel consumption, cargo-handling arrangements, maintenance needs, technical performance, hold condition, port suitability, and charterer acceptance. A modern Japanese-built handysize dry bulk carrier can offer strong operating reliability and attractive commercial characteristics, especially when the ship is deployed carefully across cargoes and routes that match its design. For M/Maritime, MV Calypso GR provides immediate modern tonnage and strengthens the technical profile of the fleet. The backing of the Mytilineos family gives M/Maritime financial and strategic support as M/Maritime develops its dry bulk platform. Strong backing can be important in shipping, where asset values, freight markets, financing conditions, and newbuilding prices can change quickly. A young shipowner and operator needs capital discipline, technical knowledge, commercial relationships, and careful timing to build a durable fleet. M/Maritime appears to be using its early years to assemble a fleet based on respected shipyards, commercially flexible ship types, and a blend of ownership and long-term chartered-in exposure. This approach can help M/Maritime grow while maintaining the ability to adjust to market conditions. MV Calypso GR also gives M/Maritime greater visibility in the handysize dry bulk carrier segment. Handysize dry bulk carriers remain essential to global dry bulk trade because many cargoes move in smaller parcels, through regional ports, or to destinations that cannot accommodate larger bulk carriers. These ships often serve trades that require reliability, frequent port calls, careful stowage, and practical cargo-handling arrangements. For M/Maritime, increasing exposure to this segment can create access to a wide range of cargo programmes and charterers. The planned acquisition of two more handysize newbuilding bulk carriers indicates that M/Maritime sees further value in this part of the dry bulk market. The ultramax side of the fleet of M/Maritime also provides an important complement to the handysize strategy. Ultramax bulk carriers can carry larger parcels while retaining geared flexibility, making these ships suitable for ports where shore cranes may be limited or unavailable. With two ultramax bulk carriers already in the fleet and one more ultramax newbuilding bulk carrier planned, M/Maritime is positioning itself across a wider dry bulk spectrum. This gives M/Maritime the ability to pursue cargoes requiring more capacity than handysize dry bulk carriers can provide, while still avoiding complete dependence on very large bulk carrier segments. For M/Maritime, this fleet mix can support chartering flexibility and improve resilience across market cycles. The resale newbuilding nature of MV Calypso GR also has strategic importance. Buying a resale newbuilding can allow a shipowner to obtain a modern ship without waiting through the full original construction period. For M/Maritime, this can accelerate fleet development and provide earlier access to earning capacity. A resale newbuilding can be especially attractive when a shipowner wants modern tonnage but does not want to wait several years for a fresh shipyard order. The acquisition of the Imabari 936 handysize dry bulk carrier therefore supports the growth timetable of M/Maritime and helps M/Maritime build fleet scale more quickly. Looking ahead, M/Maritime appears to be building the foundation for a modern Greek dry bulk shipowner and operator with a clear focus on quality tonnage, Japanese-built ships, and flexible dry bulk employment. The fleet of M/Maritime currently includes two ultramax bulk carriers, one handysize dry bulk carrier, and three long-term chartered-in bulk carriers, while the planned acquisition of two handysize newbuilding bulk carriers and one ultramax newbuilding bulk carrier points to further growth. The naming of MV Calypso GR marks another stage in this development. For Athens-based shipowner and operator M/Maritime, backed by the Mytilineos family, the acquisition of the 38K DWT Imabari 936 handysize dry bulk carrier is more than a single fleet addition. It strengthens the handysize presence of M/Maritime, reinforces the preference of M/Maritime for Japanese-built quality, supports a balanced owned and chartered-in fleet structure, and confirms the intention of M/Maritime to grow into a more established dry bulk shipowner and operator with a modern, flexible, and commercially useful fleet. 18-June-2017