Dr. Matheos D Los-led Greek shipowner and operator Vrontados SA has recently continued its fleet renewal strategy with the reported sale of its oldest bulk carrier, the MV Dimitris L. This panamax bulk carrier, with a deadweight tonnage (DWT) of 73,000 and built in 2001, was sold for approximately $7.1 million. This move aligns with Vrontados SA’s policy of trading ships throughout their operational life, beginning from when they are newly built. Earlier in the year, Vrontados SA had already sold two other aging vessels. The MV Nicos L, a 73K DWT panamax bulk carrier built in 2002, was purchased by Chinese buyers and subsequently renamed MV Golden L. Additionally, the MV Ero L, a 50K DWT supramax bulk carrier built in 2003, was sold to buyers in Hong Kong and rechristened MV HY Glory. In parallel with these sales, Vrontados SA is enhancing its fleet with the addition of four new kamsarmax bulk carrier newbuildings, commissioned from Sasebo Heavy Industries in Japan. Two of these ships were delivered to Los family-controlled Greek shipowner and operator Vrontados SA last year, while the remaining two are scheduled for completion in 2021. This strategy of gradually phasing out older vessels in favor of newer, more efficient ones is a common practice among shipping companies. It allows them to maintain a modern, competitive fleet while adhering to increasingly stringent environmental regulations and operational efficiency standards. For Vrontados SA, these moves signify a commitment to staying at the forefront of the maritime shipping industry with a fleet that is both technologically up-to-date and environmentally responsible. 15-March-2021
Los family-controlled Greek shipowner and operator Vrontados SA sold two (2) vintage bulk carriers. Dr. Matheos D Los led Greek shipowner and operator Vrontados SA sold 2003 built supramax bulk carrier 50K DWT MV HY Glory (ex MV Ero L) to Chinese shipowner and operator for around $5.5 million. Furthermore, Athens based Vrontados SA sold 2002 built panamax bulk carrier 73K DWT MV Nicos L for around $6 million. Vrontados SA was established by the Los family from Chios Island. 9-February-2021
Dr. Matheos D Los-led Greek shipowner and operator Vrontados SA has ordered two (2) kamsarmax bulk carriers 82K DWT at Sasebo Heavy Industries, Japan. Los family-controlled Vrontados SA replaces old supramax bulk carriers with more substantial kamsarmax bulk carriers. Previously, Vrontados SA ordered two (2) more kamsarmax bulk carriers and the freshest order leads the entire order-book at Sasebo Heavy Industries to four (4) kamsarmax bulk carriers. None of the four (4) kamsarmax bulk carriers will be scrubber-fitted. Athens based Vrontados SA’s prevailing method of ordering new vessels and operating for lifespan. In February 2018, Vrontados SA ordered a firm one (1) kamsarmax bulk carrier newbuilding and an optional one (1) for around $30 million each at Namura Shipbuilding. Namura Shipbuilding is Sasebo Heavy Industries’s parent company. In July 2018, Vrontados SA sold 2003 built supramax sisterships 50K DWT MV Christina L and MV Kaity L for around $16 million in total. Freshly, Vrontados SA sold 2003 built supramax sisterships 50K DWT MV Ero L and MV Maria L for around $6 million each. 30-November-2019
Greek shipowner and operator Vrontados SA and Navarone have reported four (4) supramax bulk carriers for sale in the S&P market. Athens based Vrontados SA has been encouraging shipowners to inspect 2003 built 50K DWT supramax bulk carrier sisterships MV Maria L and MV Ero L. Navarone and sister company Canfornav are trying to sell 2011 built supramax bulk carrier 56K DWT MV Pintail and 2012 built supramax bulk carrier 56K DWT MV Scoter. 18-July-2019
The shipping industry is currently witnessing a significant impact due to new Chinese legislation, particularly affecting transactions involving aging bulkers. In the last 10 days, there have been multiple instances of deals for older bulk carriers falling through, largely attributed to the upcoming implementation of this new legislation set by Beijing. The central issue revolves around a deadline of September 1st imposed by the Chinese government. Under this new regulation, ship buyers in China are restricted from importing ships for domestic trades unless they meet specific criteria: the vessels must be at least IMO (International Maritime Organization) Tier II compliant and built in 2011 or later, or they must have been retrofitted to meet these standards. Given that the process of Chinese ship registration takes at least two weeks, the effective deadline for compliance is realistically around August 15th. This legislative change is creating challenges for Chinese buyers, particularly those who have been purchasing vintage vessels. The new requirement may force these buyers to shift their focus to more modern ships, which are typically more expensive. Additionally, they will now be subject to a 25% import duty. In light of these developments, Greek owner Vrontados Shipping has managed to commit three 15-year-old Chinese-built handy bulk carriers – MV Kaity L, MV Christina L, and MV Maria L – to Chinese shipowners for $8.5 million, $8 million, and $8 million respectively. Interestingly, these vessels had previously failed to sell to Chinese buyers earlier in the month at $8.5 million, likely due to the impending new regulations. This situation reflects the complexities of international shipping trade, where regulatory changes in a single country can have far-reaching effects on global maritime transactions. The new Chinese legislation is poised to reshape the dynamics of the ship trading market, particularly affecting the trade of older vessels and potentially influencing the global pricing and demand for more modern ships. 22-July-2018
The dry bulk sector has recently seen solid freight rates, which has helped maintain a steady pace in the secondhand ship sales market. Despite this, there’s been a noticeable hesitation in making significant investment decisions by shipowners, influenced by various factors concerning the future outlook for ship prices. This cautious stance, along with the typical summer slowdown in the northern hemisphere, is expected to result in a quieter sale and purchase (S&P) market in the upcoming weeks. In the dry bulk segment, there has been a resurgence in activity with a considerable number of transactions. However, this has come with a caveat – certain deals have experienced downward pressure on prices. It appears that buyers have become more reserved in the past month, influenced by several market disruptions, including the recent regulatory changes in China regarding ship imports. These factors suggest a possible substantial restructuring in the market and a shift in price levels among different age groups of vessels, as noted in Allied Shipbroking’s latest weekly report. Several notable transactions have been reported by multiple shipbroking houses:
- Japanese owner Doun Kisen Kaisha sold the 2008-built, 55,522 DWT supramax bulker MV Navios Armonia. The Japanese-built vessel was reportedly sold to Greek interests for about $14.2 million.
- Allied Shipbroking and Advanced Shipping & Trading reported that Greek shipowner Vrontados SA sold the 2003-built, 50K DWT supramax bulk carrier MV Kaity L to Chinese shipowners for $8.2 million.
- More than five shipbroking houses reported an en bloc deal involving two sister kamsarmax bulk carriers – the 2015-built MV Hanton Trader V and the 2016-built MV Hanton Trader VI. These Chinese-built vessels, each with a DWT of 81K, were sold by Japanese owner Nisshin Shipping to an undisclosed buyer for a total of $48.5 million.
These transactions indicate a dynamic period in the dry bulk shipping market, with a mix of cautious investment behavior and notable sales activities shaping the current landscape. The impact of regulatory changes and market conditions is evident in the shifting strategies of shipowners and buyers, reflecting the complex and ever-evolving nature of the global maritime industry. 17-July-2018
Los family-controlled Greek shipowner and operator Vrontados SA has recently expanded its fleet with the acquisition of the MV Equinox Melida, an ultramax bulk carrier. This vessel, with a deadweight tonnage (DWT) of 61,299, was built at Cosco Dalian and was previously owned by another Greek company, Equinox Maritime. Vrontados purchased the ship for $25.5 million, continuing its pattern as a specialist in acquiring vintage vessels. This transaction is not the first of its kind for Equinox Maritime, which has been actively selling parts of its fleet. Notably, in December of the previous year, Equinox Maritime completed a notable sale with Songa Bulk of Norway. In this deal, Equinox Maritime sold a bulk carrier built in 2009 for $14.8 million. Uniquely, part of the payment for this transaction was made in shares, resulting in Equinox Maritime obtaining a 6% stake in Songa Bulk, a rapidly expanding Norwegian company. Such transactions highlight the dynamic nature of the shipping industry, where fleet composition is continually evolving. Companies like Vrontados and Equinox Maritime regularly engage in buying and selling vessels as part of their operational strategies, capitalizing on market opportunities and adjusting their fleets to meet current and anticipated demands. These deals also reflect the intricate financial arrangements that can occur within the industry, such as the exchange of shares as part of purchase agreements. 1-December-2017