Minerva Dry Inc.

Based in Athens, the shipowner and operator Minerva Dry Incorporation has capitalized on the buoyant dry bulk market conditions to divest its most senior capesize vessels. As a branch of Minerva Marine, which is under the leadership of Andreas Martinos and boasts a diverse fleet of over 70 vessels, Minerva Dry Incorporation has completed its first bulker transaction in almost a decade by selling the 15-year-old capesize vessel MV Sapientza. This sale marks a significant move for the company, with the vessel, constructed by Jiangnan Shanghai Changxing Shipbuilding with a deadweight of 177,000 tons, being transferred to a Chinese shipping company for an approximate sum of $22 million. The last sale conducted by Minerva Dry Incorporation occurred in November 2014, involving the MV Fiskardo, a kamsarmax bulker built in 2010, for about $23 million. Since October 2023, the market for bulk carriers, especially the secondhand capesize segment, has seen a notable increase, reaching a peak in value not seen in five years and experiencing substantial growth in percentages. This surge in prices has prompted various shipowners to acquire additional tonnage to leverage the flourishing dry bulk sector. Simultaneously, some have opted to sell their older vessels to rejuvenate their fleets with newer, more efficient ships. With the disposal of MV Sapientza, Minerva Dry Incorporation’s portfolio will consist of eight capesize bulk carriers, bringing the average age of their fleet to approximately 13.4 years. Minerva Dry Incorporation is part of Minerva Marine, a significant player in the global shipping industry. Minerva Dry Incorporation focuses specifically on the dry bulk sector, managing a fleet that includes vessels capable of carrying a wide range of bulk commodities such as grain, coal, and iron ore. Minerva Dry Incorporation’s strategic maneuvers, including the recent sale of MV Sapientza, demonstrate its adaptive approach to market trends and commitment to maintaining a modern and efficient fleet. This aligns with Minerva Dry Incorporation’s broader goals of operational excellence, environmental responsibility, and enhancing its competitive edge in the global shipping market. 22-February-2024

 

Minerva Dry Incorporation, an Athens-based shipowning and operating company, is in the process of selling its first bulker in a decade. The company, led by Andreas Martinos, is preparing to transfer its oldest capesize bulk carrier to a Chinese shipowner, who has been actively purchasing in the market. This move comes at a time when major Greek shipowners are making significant investments in the bulker market, acquiring modern secondhand vessels in anticipation of favorable freight market conditions in the coming years. Meanwhile, other Greek maritime entities are capitalizing on this demand by offloading some of their older bulk carriers to eager buyers, particularly from China, who are active in various segments of the bulker market. 20-February-2024

 

Athens-based shipowner and operator Minerva Dry Incorporation is planning to acquire 2009 built capesize bulk carrier 179K DWT MV Dong-A Eos, 2010 built capesize bulk carrier 179K DWT MV Dong-A Oknos, and 2010 built capesize bulk carrier 179K DWT MV Dong-A Astrea for around $27 million each from South Korean shipowner and operator Dong-A Tanker Corporation. Athens-based shipowner and operator Minerva Marine is about to complete one of the largest ship expansion moves. Andreas Martinos-led shipowner and operator Minerva Marine is predominantly known as a tanker shipowner and operator. Athens-based shipowner and operator Minerva Marine especially concentrate is on aframax tankers. Currently, Andreas Martinos-led shipowner and operator Minerva Marine has 27 tankers in the company’s mixed fleet. In 2020, Athens-based shipowner and operator Minerva Marine established a dry bulk unit called Minerva Dry Incorporation. In 2021, Minerva Dry Incorporation acquired 2011 built capesize bulk carrier 169K DWT MV Pantariste (ex MV Jabal Nafusa) and 2010 built capesize bulk carrier 169K DWT MV Minerva Providence (ex MV Cape Providence). If the latest transaction is concluded, the acquisition of the South Korean shipowner and operator Dong-A Tanker Corporation trio would increase Minerva Dry Incorporation’s capesize fleet to eleven (11) large bulk carriers. Furthermore, Andreas Martinos-led shipowner and operator Minerva Dry Incorporation owns and operates another two (2) 85K DWT post-panamax bulk carriers. In 2019, Andreas Martinos-led shipowner and operator Minerva Dry Incorporation took delivery two (2) 85K DWT post-panamax bulk carriers as newbuildings. 27-February-2022