Athens based shipowner and operator Pavimar SA is selling the oldest supramax bulk carrier in fleet renewal move. Pavimar SA is selling 2005 built supramax dry bulk carrier 53K DWT MV Ribbon for about $9 million. Deal has not yet been concluded. Ismini Panayiotidies led Pavimar will lower the age profile of its fleet. Imabari Shipbuilding constructed MV Ribbon is due for a special survey in 2020.
In May 2019, Pavimar SA acquired 2009 built panamax bulk carrier 78K DWT MV May (ex MV Lake Dahlia) from Triton Navigation for $13.8 million.
Ismini Panayiotidies established Pavimar in 2014. MV Ribbon was earlier in the fleet of Maryville Maritime which is controlled by Ismini Panayiotidies’ father Villy Panayotides. Pavimar SA has a fleet of four (4) supramax, ten (10) panamax, one (1) capesize bulk carriers.
Greek shipowner and operator Pavimar SA increased the fleet to 15 ships after the latest panamax purchase. Ismini Panayotides led Pavimar SA has acquired 2012 Japanese built 74K DWT MV Scorpio (ex MV Eisho) in December 2019 for around $18.5 million from Japanese shipowners Doun Kisen.
Greek shipowner and operator Pavimar SA’s two-thirds of its fleet were built in Japan. Greek Ismini Panayotides established Pavimar SA in 2014 with two supramax dry bulk carriers. Currently, Pavimar SA has a fleet of 15 ships in fleet: 6 panamax, 4 kamsarmax, 4 supramax and 1 capesize dry bulk carriers. Pavimar SA’s 2004 built panamax dry bulk carrier 76K DWT MV Magic P belongs to Castor Maritime which is headed by Ismini Panayotides’ brother Petros Panayotides.
Greek ship-manager and operator Pavimar SA acquired second kamsarmax dry bulk carrier from its bankrupt compatriot owner Toisa Shipping. After these acquisitions Ismini Panayiotides-led Pavimar SA increased fleet to 14 ships. Greek ship-manager and operator Pavimar SA acquired 2016 built kamsarmax dry bulk carrier 82K DWT MV Trade Prosperity. MV Trade Prosperity is one of the dry bulk carriers sold by Clarksons as part of Toisa Shipping’s US bankruptcy.
Bankrupted Greek shipowner and operator Toisa Shipping had a fleet of 26 tankers and 6 dry bulk carriers. In June 2018, Greek ship manager and operator Pavimar SA acquired 2012 built 81K DWT MV Trade Will around $15.5 million. In February 2018, Toisa Shipping owner Gregory Callimanopulos filed for Chapter 11 bankruptcy protection in United States over a debt exceeding $1billion. Citibank was one of his several creditors of bankrupted shipowner Toisa Shipping. Toisa Shipping’s 13 tankers and 76 dry bulk carriers would be yielding estimated proceeds of $385 million.
Greek shipowner and operator Pavimar SA sold 2009 Japanese built supramax dry bulk carrier 51K DWT MV Queen P for about $12 million. In 2017, Ismini Panayiotides-led Pavimar bought MV Queen P (ex MV Chavin Queen) for about $10 million. Greek shipowner and operator Pavimar SA’s fleet is left with 2011 built capesize dry bulk carrier 181K DWT MV Mairaki.