Amid the current shipbuilding boom where newbuild slots are becoming increasingly scarce, Athens-based shipowner and operator Sea Traders SA, led by George Procopiou, has demonstrated exceptional skill in securing orders at rejuvenated shipyards in China. As one of the first foreign shipowners to place orders at Hengli Heavy Industries (formerly known as STX Dalian), Sea Traders SA has continued to leverage opportunities at revitalized facilities. Continuing this strategy, Sea Traders SA has recently secured six ultramax bulk carrier newbuilds at Sainty Shipbuilding. This shipyard, which ceased shipbuilding operations in 2017, has been revived by new ownership, making it an attractive venue for new orders. Each ultramax bulk carrier newbuilding is priced at approximately $32 million. Sea Traders SA is scheduled to start taking delivery of these ultramax bulk carriers starting in the fourth quarter of 2026. This strategic move not only underscores Sea Traders SA’s proactive approach in a tight market but also reinforces their position as a forward-thinking player in the global shipping industry. 17-July-2024
The decision to host the annual meeting of the sustainability-focused Global Maritime Forum (GMF) in Athens, a traditionally conservative shipping hub, has elicited a mixed response from local Greek shipowners. While leaders of the Global Maritime Forum (GMF) were pleased to see the participation of influential local figures in the opening debate, there were whispers of an informal boycott by some prominent individuals behind closed doors. This marks the sixth annual Global Maritime Forum (GMF) meeting, with previous events held in Hong Kong, Singapore, online, London, and New York, evolving from the Danish Maritime Forum in Copenhagen. The Global Maritime Forum (GMF), a not-for-profit organization dedicated to sustainable economic development and human well-being, brings together leading stakeholders in the shipping industry, including shipowners, charterers, energy companies, equipment manufacturers, academics, and other influential figures throughout the supply chain to discuss ways to enhance industry standards. Among the Greek shipowner representatives present at the event were Ioanna Procopiou, John Coustas, Semiramis Paliou, Polys Hajioannou, John Platsidakis, Charis Plakantonaki, and Paolo Enoizi, although this represented only a fraction of the local community. During the opening plenary session, participants from the Global Maritime Forum (GMF) raised crucial issues, focusing on topics such as the supply of low-carbon fuels, funding the transition to sustainability, and the recruitment and retention of skilled personnel. Hing Chao, Chairman of Wah Kwong Maritime Transport Holdings, emphasized the urgency of shipping’s decarbonization, underscoring that our current practices are unsustainable. Hing Chao urged for a fresh perspective on the questions posed, suggesting that reframing them is essential to finding solutions. John Coustas, CEO of Danaos Corp, called upon the forum to aspire to shape the evolution of regulations rather than passively observe it. He emphasized the need for the industry to proactively engage in determining its future. Ioanna Procopiou, owner of Sea Traders, expressed concerns about competition from other industries for low-carbon fuels. Sea Traders CEO Ioanna Procopiou pointed out that the shipping sector is not the only one striving for decarbonization, resulting in heightened competition for the same alternative fuels. Sea Traders CEO Ioanna Procopiou stressed the critical need for green fuels and emphasized the importance of collaboration among all industry stakeholders. Sea Traders CEO Ioanna Procopiou further highlighted the necessity of securing a fair distribution of the financial burden associated with the transition to sustainability. Additionally, Sea Traders CEO Ioanna Procopiou emphasized the need for skilled staff within the industry to drive these changes effectively. 18-October-2023
At the Maritime Cyprus conference held in Limassol on Monday, shipowners from Greece, Italy, and Cyprus voiced strong criticism of European policymaking. The overarching sentiment was that Europe often adopts introspective and counterproductive strategies. One of the most vocal critics, Greek shipowner George Procopiou, expressed strong disapproval of the European Union’s approach to sanctions and environmental policies. George Procopiou-led Athens-based shipowner and operator Sea Traders SA argued that sanctions rarely achieve their intended outcomes. Instead, they often lead to the targeted countries becoming more resilient and self-reliant, making the situation even more challenging. George Procopiou pointed to Iran as a case in point. George Procopiou, the founder of Dynacom Tankers, Sea Traders, and Dynagas, emphasized during a panel discussion that while dictatorial regimes tend to weather sanctions comfortably, it’s the ordinary citizens who bear the brunt of the hardships. Sea Traders SA CEO George Procopiou remarked, “The dictators always have a good time, it’s only poor people who are suffering.” This perspective underscores the broader concerns raised by southern European shipowners about the EU’s policies. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers. 11-October-2023
George Procopiou-led Athens-based shipowner and operator Sea Traders SA has augmented his burgeoning orderbook in China with an additional four new buildings. The dry bulk division of George Procopiou, Sea Traders, has elegantly committed to an acquisition of four (4) scrubber-equipped kamsarmax bulk carriers, valuing approximately $135 million, to be built by Qingdao Yangfan Shipbuilding, slated for a 2026 delivery. The esteemed George Procopiou lineage, holding dominion over Dynacom Tankers Management and Dynagas, boasts a formidable fleet exceeding 170 vessels. This year alone, George Procopiou-led companies have been fervently commissioning tankers and bulk carriers, amassing over 40 vessels in preparation at prominent Chinese shipyards. In consonance with these recent commitments, Sea Athens-based shipowner and operator Sea Traders SA has endorsed contracts for an impressive tally of 22 kamsarmax bulk carriers since July. This includes a fleet of ten (10) large bulk carriers from Hengli Heavy Industry and another eight (8) built by the renowned CSSC-affiliated Huangpu Wenchong Shipbuilding. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers. 14-September-2023
George Procopiou-led Athens-based shipowner and operator Sea Traders SA has augmented his already extensive order book with an additional four (4) bulk carriers. The dry cargo division of the renowned Greek shipowner, Sea Traders, boasts a staggering total of 22 kamsarmax bulk carrier newbuildings awaiting completion. The ever-ambitious George Procopiou has recently sought the expertise of China’s Qingdao Yangfan Shipbuilding to craft kamsarmax bulk carriers. Sea Trader, George Procopiou’s esteemed bulker enterprise, is rumored to have enlisted the Qingdao Shipyard for the creation of four 82K DWT kamsarmax bulk carrier newbuildings, slated for delivery between June and December 2026. Notably, the Procopiou family, who also commands the realms of Dynacom Tankers Management and Dynagas, managing a grand fleet comprising over 170 ships, has demonstrated unwavering confidence in the Chinese shipbuilding prowess. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers. 6-September-2023
George Procopiou-led Athens-based shipowner and operator Sea Traders SA ordered eight (8) kamsarmax bulk carrier new buildings at CSSC-affiliated Huangpu Wenchong Shipbuilding. Greek shipowner and operator Sea Traders SA continues the impressive acquisition spree with additional bulk carriers in the renowned shipyards of China. Following closely behind Sea Traders SA’ successful deal for ten (10) kamsarmax bulk carriers at Hengli Heavy Industry, George Procopiou’s esteemed bulker arm Sea Traders has now secured eight (8) kamsarmax bulk carrier new buildings at CSSC-affiliated Huangpu Wenchong Shipbuilding, marking the first collaboration between the two illustrious entities. Scheduled for delivery between 2025 and 2027, these remarkable kamsarmax bulk carrier new buildings, measuring an impressive 228.9 meters in length, will be acquired at an estimated cost of $37 million a piece, significantly enhancing Athens-based shipowner and operator Sea Traders SA’s formidable fleet. Notably, the Procopiou family, who also commands the realms of Dynacom Tankers Management and Dynagas, managing a grand fleet comprising over 170 ships, has demonstrated unwavering confidence in the Chinese shipbuilding prowess. In 2023, Sea Traders SA has commissioned the construction of nearly 40 bulk carriers at esteemed Chinese shipyards, an investment surpassing a staggering $2 billion. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers. 2-August-2023
Greek shipowner and operator Sea Traders SA has finalized an agreement for the acquisition of ten (10) kamsarmax bulk carriers at the Hengli Heavy Industry Shipyard (previously known as STX Dalian). The Procopiou family, who also oversees Dynacom Tankers Management and Dynagas, possessing a combined fleet exceeding 170 vessels, is procuring each kamsarmax bulk carrier at an approximate cost of $35 million. Upon delivery between 2025 and 2027, these 82K DWT (deadweight tonnage) units will augment George Procopiou-led Athens-based shipowner and operator Sea Traders SAs’ existing fleet of 38 bulk carriers. In addition, the Dynacom division has capitalized on its profitable tanker operations by placing orders for ten (10_ confirmed and four (4) optional LR2s, as well as two (2) Very Large Crude Carriers VLCCs in China. In the meantime, Hengli Heavy Industry Shipyard (previously known as STX Dalian) has experienced a surge in orders for new ship buildings in the bulk carrier segment throughout this year. Currently, George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers. 12-July-2023
Greek shipowner and operator Sea Traders SA managed 2009 built panamax dry bulk carrier 76K DWT MV Glyfada I lost its propeller while at anchorage off Hay Point, Australia. Australian Maritime and Safety Authority (AMSA) commenced an investigation about the incident. According to administrators, missing a propeller during engine trial is remarkably uncommon. Propeller was dropped when its tail shaft sheared off. MV Glyfada I will be towed to the Philippines for repairs. 28-August-2018
George Procopiou-led Athens-based shipowner and operator Sea Traders SA has expended over $84 million on three (3) kamsarmax bulk carriers and five (5) supramax bulk carriers formerly possessed by Guangdong Lanhai Shipping, which were auctioned off by China Construction Bank. The Chinese shipping company Guangdong Lanhai Shipping collapsed in August 2014, along with its parent company, Guangdong Lanyue Energy. The three (3) kamsarmax bulk carriers and five (5) supramax bulk carriers, all classified and flagged in China, have been in warm lay-up for 14 to 15 months at different Chinese ports, with crews on board. George Procopiou-led Athens-based shipowner and operator Sea Traders SA was purportedly the sole bidder in the China Construction Bank’s sale. The exact prices paid for each vessel are yet to be confirmed. 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Zhao Yang, 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Xu Ri, and 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Yang Guang reportedly had a reserve price of $9.4 million each. 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Zhao Yang, 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Xu Ri, and 2011 built kamsarmax bulk carrier 79K DWT MV Lan Hai Yang Guang were constructed at Wujiazui Shipyard. 2011 built supramax bulk carrier 57K DWT MV Lan Hai Ying Xin, 2011 built supramax bulk carrier 57K DWT MV Lan Hai Lian He, and 2011 built supramax bulk carrier 57K DWT MV Lan Hai Qian Jin had a reserve price of $8.6 million each. 2010 built supramax bulk carrier 57K DWT MV Lan Hai Yang Fan, and 2010 built supramax bulk carrier 57K DWT MV Lan Hai Dong Feng had a reserve price of $7 million each. All five supramax bulk carriers were constructed at the Yangfang Shipyard in China. It is remarkable sale as non-Chinese shipowners rarely succeed in the inflexible system of Chinese maritime auctions. The bank attempted to auction off six of Lanhai’s bulk carriers in November and December of the previous year, but the ships remained unsold. Besides Sea Traders SA, the Procopiou family, who also oversees Dynacom Tankers Management and Dynagas. 20-September-2015