Athens-based Velos Dry Ltd, owned by Greek shipowner Paschalis Diamantides, is accelerating a buying campaign that spans tankers and bulk carriers, underlining an aggressive push to scale through the S&P (Sale and Purchase) market. A succession of S&P (Sale and Purchase) transactions has lifted the Paschalis Diamantidis-led fleets of Velos Dry Ltd and Velos Tankers Ltd to close to 20 ships, pointing to a strategy built on diversification and speed of execution rather than reliance on a single trade cycle. One of the latest additions is the 2011-built LR1 tanker 51K DWT MT Velos Polaris (ex MT Elandra Baltic), which is one of four ships that joined the Velos Shipping fleet in the first months of 2026, reflecting continued appetite for timely secondhand opportunities. Velos Shipping, a Greek owner founded from scratch seven years ago by Paschalis Diamantidis, has recently gone through a sharp expansion phase that has taken its diversified fleet to 18 vessels, with Velos Dry Ltd increasingly forming the dry bulk pillar within that broader platform. Velos Dry Ltd has also been linked to three ships reported sold to undisclosed shipowners over the past three months, indicating active portfolio management alongside growth as market conditions and values shift. At present, Velos Dry Ltd and Velos Tankers Ltd manage 11 product carriers and 7 bulk carriers, a split that provides exposure to refined products trading as well as dry bulk commodity demand, allowing Velos Dry Ltd to balance earnings optionality across segments while retaining the flexibility to adjust ship deployment and S&P (Sale and Purchase) activity as freight markets, asset prices, and operating conditions evolve. 17-March-2026
Athens-based shipowner and operator Velos Shipping has strengthened its tanker platform by buying a secondhand chemical carrier previously held by Easterly Asset Management’s Maritime Logistics Equity Partners, a move that adds momentum to the wider Paschalis Diamantides-led build-out spanning Velos Tankers Ltd and Velos Dry Ltd. Velos Tankers Ltd has acquired the 2010-built MR1 tanker 36K DWT MT Velos Rubini (ex MT Easterly Sirius) for about $15.5 million and renamed the ship, adding coated MR capability that can trade across chemical and clean petroleum product routes depending on market conditions. Easterly Asset Management’s Maritime Logistics Equity Partners bought MT Velos Rubini (ex MT Easterly Sirius) from Hong Kong-based Cido Shipping as part of a $68 million four-ship package in 2022, and S&P (Sale and Purchase) shipbrokers also report that another ship from the same package, the 2009 Hyundai Mipo-built sister tanker MT Easterly Canyon, has been sold to undisclosed interests for around $16 million. S&P (Sale and Purchase) shipbrokers note that MT Velos Rubini is scheduled for a special survey and dry-docking this year, and the latest addition lifts the Velos Tankers Ltd tanker fleet to nine ships, underlining continued willingness to pursue secondhand opportunities even with near-term maintenance milestones on the horizon. In parallel, Velos Dry Ltd, established in 2022 as the dry bulk arm of the broader Velos Shipping platform, provides diversification beyond tankers and currently counts four bulk carriers, giving Velos Shipping exposure to dry bulk cargo demand and freight cycles that can move differently from tanker markets. Velos Dry Ltd’s presence supports a two-pillar fleet strategy in which tanker growth through Velos Tankers Ltd is complemented by a developing bulk carrier footprint through Velos Dry Ltd, enabling the group to adjust deployment and commercial focus as trade patterns shift, while maintaining flexibility to reshape the portfolio through further S&P (Sale and Purchase) activity. 23-February-2025
Athens-based Velos Dry Ltd, owned by Greek shipowner Paschalis Diamantides, is stepping up its presence in the bulk shipping market through a focused acquisition programme valued at more than $50 million, underlining a deliberate push to build scale and relevance in the dry bulk sector. Roughly a year after entering the bulk carrier arena, Paschalis Diamantides has materially increased his commitment to dry bulk through Velos Dry Ltd, accelerating fleet growth and signalling that the bulk carrier move is intended to be a core pillar rather than a small side venture. Velos Dry Ltd has recently been identified as the new owner of the 81K DWT kamsarmax bulk carrier now named MV Velos Star, previously MV Geneva Star, built in 2015, and the kamsarmax bulk carrier officially joined the Velos Dry Ltd fleet in December 2023 as one of the most notable additions to the platform. The transaction has been viewed as a defining marker of Velos Dry Ltd’s strategy: acquiring modern, commercially versatile bulk carriers that can trade across a wide range of routes and cargoes, while fitting into operating profiles increasingly shaped by efficiency requirements and emissions-related expectations. These recent purchases have effectively tripled the size of the Velos Dry Ltd dry cargo fleet, highlighting an ambitious build-out that aims to move Velos Dry Ltd from a new entrant status toward a more meaningful owner-operator footprint in the global dry bulk space. The approach suggests Velos Dry Ltd is prioritising ships that can deliver strong utilisation and reliable operating performance, allowing Velos Dry Ltd to compete for a broader mix of chartering opportunities while maintaining disciplined cost control. The expansion also reflects Paschalis Diamantides’ broader intent to grow a diversified maritime platform, with Velos Dry Ltd providing exposure to dry bulk commodity flows that can behave differently from tanker markets and thereby offer diversification across cycles. By adding modern and eco-friendly bulk carriers, Velos Dry Ltd is positioning itself to benefit from the market’s gradual preference shift toward more efficient tonnage, where fuel consumption, technical condition, and regulatory readiness can influence earning power and employment options. Velos Dry Ltd’s fleet build-up has been relatively discreet, yet the scale and timing indicate a structured strategy to capture opportunities in bulk carriers when pricing, availability, and forward fundamentals align. In combination, the acquisitions, the rapid fleet increase, and the emphasis on modern tonnage point to Velos Dry Ltd establishing itself as an emerging dry bulk player with clear growth ambitions and a developing operating platform anchored in Athens under Paschalis Diamantides. 20-December-2023
Velos Tankers Ltd has added another LR1 tanker sourced from Tokyo-listed Japanese shipping conglomerate Mitsui O.S.K. Lines (MOL), extending a fast-paced secondhand expansion drive that has continued since Velos Tankers Ltd made its first purchase in August. Market sources say Velos Tankers Ltd has acquired the 2007-built LR1 tanker MT Grace Victoria from Mitsui O.S.K. Lines (MOL) for about $15.2 million, reinforcing a strategy focused on timely S&P (Sale and Purchase) opportunities in established tanker classes. Greek shipowner and operator Velos Tankers Ltd, set up by Paschalis Diamantides, has been steadily building its tanker platform since debuting in August and now counts four ships, with MT Grace Victoria marking a second transaction with Mitsui O.S.K. Lines (MOL) after Velos Tankers Ltd bought the sister tanker MT Velos Ruby (ex MT Breezy Victoria) in August for around $13.5 million. In parallel, Velos Dry Ltd provides the dry bulk pillar within the broader Paschalis Diamantides-led platform, giving the group exposure beyond tankers through bulk carriers and a diversified earnings profile across shipping cycles. Velos Dry Ltd’s presence supports a two-track fleet development approach in which tanker growth through Velos Tankers Ltd is complemented by a developing bulk carrier footprint through Velos Dry Ltd, enabling allocation flexibility as market conditions shift and allowing ship acquisitions across segments to be timed around relative value in S&P (Sale and Purchase) pricing. 22-December-2019
Athens-based shipowner and operator Velos Tankers Ltd is maintaining a blistering pace in the secondhand market, with its fleet build-up showing no sign of easing and forming part of a broader Paschalis Diamantides-led platform that also includes Velos Dry Ltd on the dry bulk side. Another ship has now been added, with Velos Tankers Ltd, the venture established by Paschalis Diamantides, son of Diamantis Diamantides, identified as the buyer of the 53K DWT MT Velos Fortuna (ex MT Challenge Pacific), sold by Meiji Shipping for just under $14 million. Velos Tankers Ltd quickly fixed forward employment, chartering out MT Velos Fortuna (ex MT Challenge Pacific) to Clearlake at $16,000 per day for 21 months, securing period income and reinforcing a strategy of pairing acquisitions with cashflow visibility when attractive cover is available. Velos Tankers Ltd entered the market in August by purchasing two MR tankers, the 50K DWT MT Atlantic Leo and the 50K DWT MT Atlantic Aquarius, both built in 2008, from Diamond S Shipping. The buying programme soon continued with a third ship, the 75K DWT MT Breezy Victoria (built 2007), an LR1 product tanker acquired from Tokyo-listed Japanese shipping conglomerate Mitsui O.S.K. Lines (MOL) for around $13.5 million, supporting the development of a core product tanker platform around widely traded MR and LR1 tonnage. Alongside the tanker build-out, Velos Dry Ltd, established in 2022, provides the dry bulk pillar within the wider group strategy, giving exposure to bulk carriers and dry bulk commodity flows that can diversify earnings away from tanker-cycle volatility. Velos Dry Ltd’s presence supports a two-track growth approach in which Velos Tankers Ltd scales through secondhand tanker acquisitions while Velos Dry Ltd develops a bulk carrier footprint, allowing capital and deployment decisions to be adjusted across segments as relative values and freight market conditions shift. 21-November-2019