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