Athens-based shipowner and operator Nicholas G Moundreas (NGM) has again demonstrated its ability to read the dry bulk sale-and-purchase market with precision, taking advantage of strong demand for older capesize bulk carriers and selling the 2003-built, 171K DWT capesize bulk carrier MV Charm to Chinese interests for approximately $17.4 million. The transaction underlines the continued strength of the second-hand capesize bulk carrier market, where vintage ships have remained attractive to buyers seeking immediate exposure to firm freight conditions rather than waiting for newbuilding deliveries. Nicholas G Moundreas (NGM), controlled by the long-established Moundreas family, has built its reputation in Greek shipping through disciplined asset management, careful timing, and a willingness to move in and out of older tonnage when market conditions support profitable decisions. The sale of MV Charm is a clear example of this strategy. Nicholas G Moundreas (NGM) acquired the ship in 2020 as capesize bulk carrier MV Aquacharm from John Michael Radziwill for around $10 million, and the resale at about $17.4 million reflects a substantial capital gain before taking into account trading income earned during the ownership period. The result shows how older dry bulk ships can still generate considerable value when purchased at the right point in the market cycle and sold during a period of stronger sentiment. Nicholas G Moundreas (NGM) has long been associated with a pragmatic Greek shipping approach in which asset values, freight earnings, demolition prices, charterer demand, and fleet age are assessed together rather than separately. Instead of relying only on fleet expansion, Nicholas G Moundreas (NGM) has often been viewed as an active asset player, buying ships when values appear attractive and selling when demand from other buyers improves. This approach is particularly important in the capesize bulk carrier segment, where values can move sharply because of changes in iron ore trades, coal demand, port congestion, fleet supply, environmental regulations, and expectations for future earnings. In this context, the sale of MV Charm is not simply an isolated disposal of an ageing ship, but part of a broader pattern of Greek owners monetising vintage capesize bulk carriers while buyers remain prepared to pay firm prices for tonnage that can trade immediately. Nicholas G Moundreas (NGM) has reportedly sold three vintage capesize bulk carriers within the past six months, reinforcing the view that Nicholas G Moundreas (NGM) is actively reducing exposure to older large bulk carriers while market liquidity remains supportive. For a shipowner and operator such as Nicholas G Moundreas (NGM), the timing is commercially logical. Older capesize bulk carriers can still earn well in a strong freight market, but they also carry rising risks as they age, including higher maintenance costs, more demanding surveys, possible environmental compliance expenditure, and greater uncertainty over future trading restrictions. Selling at a firm price allows Nicholas G Moundreas (NGM) to crystallise profit, reduce technical and regulatory risk, and preserve capital for future opportunities. The broader market backdrop has helped support this type of transaction. A number of vintage capesize bulk carriers have avoided demolition in recent months because second-hand buyers, particularly in Asia, have continued to see trading value in ships that might otherwise have been considered recycling candidates in a weaker market. Buyers of older capesize bulk carriers often focus on short-to-medium-term earnings potential, especially when freight rates are strong enough to justify the acquisition price. Sellers, meanwhile, can benefit from a rare window in which older ships command prices that may appear generous compared with their age profile. Nicholas G Moundreas (NGM) appears to have used this window effectively. The sale of MV Charm also highlights the enduring importance of Greek shipowners in the international dry bulk sale-and-purchase market. Greek owners have historically played a central role in buying, trading, upgrading, and selling second-hand ships across market cycles. Nicholas G Moundreas (NGM) fits within that tradition, combining family-controlled decision-making with market awareness and a flexible attitude toward fleet management. The Moundreas name is well known in Greek shipping circles, and Nicholas G Moundreas (NGM) has remained closely associated with dry bulk shipping, where second-hand asset decisions can be as important as day-to-day chartering performance. In the capesize bulk carrier sector, this skill is especially valuable because the segment is highly cyclical and heavily influenced by industrial commodity flows. A capesize bulk carrier can rise or fall sharply in value depending on the outlook for iron ore, coal, steel production, Chinese import demand, bunker costs, and fleet replacement expectations. By selling MV Charm at a price significantly above the acquisition level, Nicholas G Moundreas (NGM) has shown the commercial benefit of disciplined timing. The transaction also comes at a moment when several other vintage capesize bulk carrier sales have been recorded, showing that Nicholas G Moundreas (NGM) is not acting alone but is part of a wider market movement. Recent sales have included MV Kerkis, built in 2007 and sold by Alberta Shipmanagement; MV Maran Argonaut, built in 2009, and MV Maran Happiness, built in 2008, sold by Maran Dry Management; MV Chin Shan, built in 2004 and sold by Sincere Navigation Corp; MV Pigassos, built in 2011 and sold by Lavinia Bulk; and MV XH Navigator, built in 2005 and sold by Everbright Financial. These transactions show that demand for older capesize bulk carriers has remained resilient, even as environmental pressure and fleet-efficiency concerns continue to influence long-term planning. For Nicholas G Moundreas (NGM), the decision to sell MV Charm appears to be a well-timed exit from an asset purchased at a much lower level. The ship’s resale demonstrates the continuing profitability of classic Greek asset-play shipping when market timing is handled carefully. Rather than holding older tonnage until technical costs or regulatory pressure erode value, Nicholas G Moundreas (NGM) has converted market strength into realised profit. This approach gives Nicholas G Moundreas (NGM) flexibility to reinvest, reduce exposure, or wait for more attractive buying opportunities if the dry bulk market softens. In a volatile sector such as capesize bulk carriers, that flexibility is often more valuable than simply maintaining fleet size. The MV Charm sale therefore strengthens the image of Nicholas G Moundreas (NGM) as a sharp and disciplined Athens-based shipowner and operator with a clear understanding of the relationship between asset values and freight market cycles. It also confirms that vintage capesize bulk carriers remain highly tradable when earnings expectations are strong and buyers believe older ships can still deliver meaningful returns. For Nicholas G Moundreas (NGM), the transaction represents another successful move in a market where timing, experience, and commercial judgement continue to separate ordinary ship disposals from profitable asset plays. 12-June-2026
Athens-based shipowner and operator Nicholas G Moundreas (NGM), controlled by the long-established Moundreas family, is capitalising on a sharply improved capesize bulk carrier market, securing a highly profitable asset play as capesize bulk carrier freight rates surge toward multi-year highs. The organisation, which has cultivated a reputation for disciplined fleet management and opportunistic timing in the secondhand market, is once again demonstrating its strategic acumen. Greek shipping family Nicholas G Moundreas (NGM) has unlocked a notable gain from the 2011-built capesize bulk carrier 181K DWT MV Pacifist, a vessel that Nicholas G Moundreas (NGM) acquired in 2020 when asset prices were substantially lower due to market weakness. By recognising the upward trajectory of iron ore cargo demand—especially driven by Chinese steel sector activity—Nicholas G Moundreas (NGM) has positioned itself to monetise the rising values in the capesize bulk carrier sector. Continuous and heavy iron ore shipments bound for China have propelled capesize bulk carrier freight rates to their strongest levels in nearly two years. This surge in demand has significantly tightened tonnage availability, pushing daily earnings higher and creating ideal conditions for owners to lock in gains through vessel sales. With capesize bulk carrier freight rates climbing toward two-year highs, the Moundreas family-run shipowner and operator Nicholas G Moundreas (NGM) seized the opportunity to realise an advantageous return on a vessel strategically purchased during a downturn. Athens-based shipowner and operator Nicholas G Moundreas (NGM) has now committed the 2011-built capesize bulk carrier 181K DWT MV Pacifist for sale to Chinese interests for around $32 million, capturing a strong capital appreciation relative to its 2020 entry point. This move is consistent with the broader commercial philosophy of Nicholas G Moundreas (NGM), a shipping organisation founded by the Moundreas family and active across several segments of the dry bulk market. Over the years, Nicholas G Moundreas (NGM) has cultivated a reputation for prudent investment cycles, careful risk management and a hands-on commercial approach that allows it to react swiftly to market momentum. The group’s business model blends traditional Greek shipowning values with modern commercial strategies—balancing long-term fleet stability with tactical buying and selling decisions. Nicholas G Moundreas (NGM) operates a fleet that spans various dry bulk sizes and focuses strongly on maintaining high technical standards, safety performance and commercial reliability. The organisation’s long-standing relationships with charterers, traders and financial institutions have strengthened its position as a respected participant in the international dry bulk shipping arena. The Moundreas family’s multi-generational experience and deep familiarity with shipping cycles have enabled Nicholas G Moundreas (NGM) to consistently align its fleet strategy with market conditions, capitalising on periods of volatility and cyclical movement. The profitable disposal of the MV Pacifist reinforces Nicholas G Moundreas (NGM)’s reputation for executing well-timed asset plays and maintaining a forward-looking approach. As the capesize bulk carrier market continues to fluctuate in response to commodity trends and global industrial activity, Nicholas G Moundreas (NGM) remains committed to leveraging its market insight, operational expertise and family-driven leadership to navigate future opportunities in the dry bulk shipping sector. 29-November-2025
Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, managed by the Moundreas family, has completed its first publicly reported bulk carrier acquisition of 2025, reflecting a calculated shift in its asset strategy. Nicholas G Moundreas (NGM) acquired the 2020-built kamsarmax bulk carrier 82K DWT MV Aom Sophie II from Japanese shipowner Kyowa Kisen Co Ltd for approximately $31m, representing a departure from Greek shipowner and operator Nicholas G Moundreas’s (NGM’s) conventional focus on acquiring mid-aged tonnage. The latest ship acquisition comes after a series of asset plays in recent years, including a notable March 2024 transaction in which Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold the 2010-built capesize bulk carrier 180K DWT MV Epic to a Chinese shipowner, generating a 75% return on the capesize bulk carrier. Founded in the early 1970s, Nicholas G Moundreas (NGM) is a well-established and privately held maritime group with deep roots in the Greek shipping industry, active in both the dry bulk and tanker segments. The Moundreas family, through Nicholas G Moundreas (NGM), has built a reputation for its prudent asset management, market timing, and ability to identify value-accretive opportunities. The group’s structure, which blends direct ship ownership with ship management services for third-party investors and partners, provides Nicholas G Moundreas (NGM) with the agility to transition across ship classes and segments in response to evolving market fundamentals, asset price trends, and age profile opportunities, positioning it as a flexible and opportunistic player in the global shipping sector. 17-June-2025
Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, managed by the Moundreas family, has recently facilitated significant transactions with buyers from the Far East, who have shown a strong appetite for ageing tonnage. NGM Energy SA, under the guidance of the Moundreas family, has successfully completed the sale of the 2014-built supramax bulk carrier MV Porthos, constructed by Jiangsu Hantong Heavy, to Indonesian shipowner and operator Bahtera Adhiguna for approximately $13 million. State-owned Indonesian company Bahtera Adhiguna, along with undisclosed Vietnamese interests, have acquired a supramax bulk carrier and a chemical tanker from NGM Energy SA. This transaction highlights the consistent demand from shipowners in Indonesia and Vietnam for mid-aged vessels that are being released by Greek shipping companies. The Moundreas family’s Nicholas George Moundreas Group (NGM Group) has effectively capitalized on this market dynamic, finding eager buyers in these regions for two of their ships. Jakarta-based Pelayaran Bahtera Adhiguna specifically agreed to purchase NGM Energy SA’s 2010-built supramax bulk carrier 56K DWT MV Porthos. NGM Energy SA is a prominent subsidiary within the Nicholas George Moundreas Group (NGM Group), which is reputed for its robust presence in the global shipping industry. The NGM Group, founded and led by Nicholas G Moundreas, has a well-established reputation for excellence in managing a diverse fleet of vessels that includes bulk carriers, tankers, and chemical carriers. The group’s operational philosophy is centered around strategic asset management, operational safety, and environmental responsibility. NGM Energy SA specializes in the operation and management of bulk carriers, leveraging decades of industry expertise to provide high-quality maritime transport solutions. The company’s fleet is well-maintained and regularly upgraded to meet and exceed international safety and environmental standards, ensuring efficient service delivery across global trade routes. The Nicholas George Moundreas Group (NGM Group) stands out in the maritime sector for its entrepreneurial spirit and its commitment to innovation. The group’s ability to adapt to market changes and its strategic vessel acquisitions have fueled its growth and enabled it to maintain a competitive edge in the shipping industry. Moreover, the Chartering Department of NGM Energy SA plays a crucial role in the commercial success of the company. This department is responsible for securing profitable charter agreements, negotiating contract terms, and managing relationships with international clients and partners. The skilled team ensures that each vessel in the fleet is employed optimally, maximizing revenue while adhering to the highest standards of operational integrity. The recent transactions by NGM Energy SA, facilitated by the strategic foresight of the Nicholas George Moundreas Group (NGM Group), underscore the group’s influential role in the international shipping market. By effectively managing a diverse fleet and engaging in timely sales of mid-aged ships to buyers in the Far East, NGM Energy SA continues to enhance its global footprint and contribute to the overall success and resilience of the Nicholas George Moundreas Group. 18-December-2024
2024 has been a relatively slow year for Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, managed by the Moundreas family. However, December 2024 marks a notable change for NGM Energy SA. NGM Energy SA, led by the Moundreas family, has successfully sold the 2014-built supramax bulk carrier MV Porthos, constructed by Jiangsu Hantong Heavy, for approximately $13m to Indonesian shipowner and operator Bahtera Adhigunar. Additionally, NGM Energy SA completed the sale of a 13K DWT clean tanker named MT Winter for about $14m to a Vietnamese shipowner and operator. The last notable transaction by NGM Energy SA prior to these was in March 2024, when they sold the 2010-built capesize bulk carrier MV Epic Union (formerly MV Epic) to Chinese shipowner and operator Cape Marine. NGM Energy SA is a prominent entity within the shipping industry, specializing in the management and operation of a diverse fleet that includes bulk carriers, tankers, and container ships. Established by the Moundreas family, NGM Energy SA has built a reputation for its strategic asset management and operational efficiency, positioning itself as a competitive player in the global shipping market. The Chartering Department of NGM Energy SA is a critical component of the company, overseeing the commercial management of the fleet. NGM Energy SA’s chartering department is responsible for negotiating charter contracts, handling the logistics of voyages, and optimizing the deployment of the fleet across various trade routes. NGM Energy SA’s chartering department consists of experienced professionals who excel in market analysis, negotiations, and risk management, ensuring that NGM Energy SA maintains its profitability and adapts to market fluctuations. NGM Energy SA’s Chartering Department also plays a pivotal role in strategic decision-making, assessing market trends to guide the purchase and sale of ships. This proactive approach to managing the fleet composition has enabled NGM Energy SA to navigate the cyclical nature of the shipping industry successfully. For instance, the recent sales of MV Porthos and MT Winter were strategically timed to capitalize on favorable market conditions, reflecting the department’s acumen in maximizing asset value. Moreover, NGM Energy SA’s Chartering Department is dedicated to fostering strong relationships with cargo owners, shipbrokers, and other stakeholders in the maritime sector. These relationships are crucial for securing profitable charter agreements and expanding the company’s network within the industry. The department’s commitment to customer service and its ability to tailor services to meet client needs further enhance NGM Energy SA’s reputation and business prospects. Innovation and sustainability are also key focuses for NGM Energy SA’s chartering department. As the shipping industry moves towards greener alternatives, NGM Energy SA is exploring opportunities to incorporate more environmentally friendly technologies and practices into their operations. This includes investing in newer, more efficient vessels and considering alternative fuels to reduce the environmental impact of their fleet. In conclusion, NGM Energy SA, supported by its adept Chartering Department, continues to be a significant force in the shipping industry, adept at maneuvering through market challenges while capitalizing on opportunities to enhance growth and sustainability. The strategic sales and acquisitions of ships, as evidenced by their recent transactions, highlight NGM Energy SA’s chartering department’s dynamic approach to fleet management and its commitment to long-term success in the maritime sector. 13-December-2024
The vibrant Sale and Purchase (S&P) markets are experiencing significant activity, especially within the bulk carrier segment. This week, Nicholas G Moundreas’s Athens-based company, NGM Energy SA, a subsidiary of NGM, has been highlighted in several shipbroker reports as a leading player. NGM Energy SA, a Greek shipping firm, has once again demonstrated its prowess in generating substantial profits through the adept trading of bulk carriers. Notably, NGM Energy SA has successfully concluded the sale of the 2010-built capesize bulk carrier MV Epic – a vessel that was acquired in 2020 for approximately $18 million and has now been sold for $32.5 million to unnamed parties, capitalizing on the upward trend in the market. The MV Epic, initially acquired from Stamatis Molaris’s Alma Maritime where it was known as MV Cape Leonidas, proved to be a lucrative asset for NGM Energy SA. 13-March-2024
Nicholas George Moundreas Group (NGM) has successfully executed a significant asset transaction in the bustling capesize bulk carrier market’s Sale and Purchase (S&P) segment. The company has realized a 75% gain on the sale of a 14-year-old capesize bulk carrier. This transaction saw NGM offloading a mid-aged capesize bulk carrier for a substantially higher price than what the Greek shipowner originally paid for it in 2020. The sale underscores the current buoyant conditions of the secondhand bulker market, to such an extent that some participants are voicing concerns over its potential overheating. 9-March-2024
The Singapore High Court has directed Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, to pursue its $112.3 million collision claim in a Chinese court. This decision confirms the jurisdiction of Chinese law for the dispute involving a suezmax tanker collision. The case, which has been ongoing in Singapore since October 2022, initially saw the arrest of the 2005 built handysize bulk carrier 35K DWT MV G Harmony and affiliated with Glory Ships’ subsidiary, Sea Justice Ltd. Symphony Shipholding, an entity connected to NGM Energy and the registered owner of the 2001 suezmax tanker 150K DWT MT A Symphony had arrested the MV G Harmony as part of its efforts to secure the $112.3 million claim. However, with this ruling, the case will no longer be heard in Singapore and must be litigated in China. 4-January-2024
Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold 2000 built capesize bulk carrier 172K DWT MV Sunlight for demolition. Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold MV Sunlight as is in Singapore at around $572 LDT (Light Displacement Tonnage). Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold MV Sunlight to a Bangladesh ship breaker. As the monetary stress in Bangladesh eases, Bangladesh demolition yards lure with some high-value scrapping contracts. Bangladeshi ship demoliton market has been impressing all shipbrokers. 7-March-2023
Greek shipowner and operator Nicholas G Moundreas (NGM) acquired 2011 built capesize bulk carrier 181K DWT MV Frontier Phoenix for around $34 million. Furthermore, Nicholas G Moundreas (NGM) acquired 2011 built capesize bulk carrier 176K DWT MV DS Charme for around $28 million from Ds Schiffahrt GmbH & Co KG. In August 2021, capesize bulk carriers’ earnings increased to $50K per day in the spot market. Some shipowners feel that they do not want to regret it later. Previously, Athens-based Nicholas G Moundreas (NGM) acquired several tankers from Ds Schiffahrt GmbH & Co KG. 6-September-2021
Greek shipowner and operator Nicholas G Moundreas (NGM) subsidiary NGM Energy SA sold 2013 built panamax bulk carrier 79K DWT MV Countess I for around $19 million. In 2013, Nicholas G Moundreas (NGM) acquired MV Countess I for around $22 million as a new-building resale from the shipyard. 14-June-2021
Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold 2001 built capesize bulk carrier 172K DWT MV Ganbei for demolition. Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold MV Ganbei as is in Singapore at around $390 LDT (Light Displacement Tonnage). The price is declared to include 400 tons of bunkers. Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA sold MV Ganbei to a Bangladesh shipbreaker. This is a reasonable deal for Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, which is now earning an estimated $8.4 million for MV Ganbei. Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA acquired 2001 built capesize bulk carrier 172K DWT MV Ganbei three years ago for around $9.5 million. Bulker carrier demolition numbers have been going through the roof as freight rates collapse. Scrapping of bulk carriers increased by 129% year-on-year in terms of tonnage to 2.4 million DWT (Deadweight Tonnage). Capesize bulk carriers account for the extensive majority of that ship demolition activity. Approximately 2 million DWT (Deadweight Tonnage) were scrapped, up 146% year-on-year. 14 capesize bulk carriers have been sold for demolition so far in 2020, up from 5 in the same period of 2019. 19-February-2020
Greek shipowner and operator Nicholas G Moundreas (NGM) has bought two 2001 Japanese built capesize dry bulk carriers 172K DWT MV Ganbei (ex MV Ce-Alliance) and 170K MV Win Win (ex MV Ce-Duke) for around $9.5 million each. Nicholas G Moundreas (NGM) acquired the capesize dry bulk carriers just before the dry bulk market began picking up. Greek shipowner and operator Nicholas G Moundreas (NGM) bought capesize dry bulk carriers from Greek Centrofin Management. In January 2017, Nicholas G Moundreas (NGM) sold two 1997 capesize dry bulk carriers MV Natty and MV Tango to scrapyards for around $7 million each. Greek shipowner and operator Nicholas G Moundreas (NGM) tanker arm NGM Energy has a fleet of 18 tankers. 30-March-2017