Greek shipowners splurge over $3bn on newbuildings

Athens -In just the last few weeks, Greek interests have committed over $3bn to ship newbuilding projects.

Athens - While some shipping communities many be sitting on the fence just now considering whether now is the time to make a final move into the new ship market, many leading Greek shipowners have expressed their view in cash terms. In just the last few weeks, Greek interests have committed over $3bn to ship newbuilding projects. Data compiled by Newsfront, Greek Shipping Intelligence, reveals 14 companies and 54 ships are involved in this investment. The projects range across ranging from ethylene carriers, aframax and suezmax tankers, bulk carriers from 61,000 dwt up to 180,000 dwt and container ships of 9,400 teu. At the same time they have invested $190m in the purchase of seven newbuildings in the secondhand market. Athens-based Intermodal Shipbrokers commented in its week 15 report, the newbuilding market has been on “afterburner” mode over the past few weeks. Among the projects is the staggering one put together by Stamatis Molaris involving up to 18 capesize bulkers worth $1bn. A recognized deal maker, Molaris is keeping details under wraps at present, but his Empire Bulkers is to built the ships in China’s JES International Holdings. The deal is said to be for 10 firm with eight options, and carry a price tag of $55m each. They are to start delivering in October 2015 and then quickly through 2016, with the delivery schedule said by brokers to have played a big part in the order going to JES.

The orders have been placed by a mix of listed and privately-run companies with shipbuilders in China, Japan and South Korea, getting a share. New York-listed, Athens-based Costamare Shipping, controlled by the Constantakopoulos family is the exception, going to Hanjin Heavy Industries & Construction Subic Shipyard in the Philippines for four 9,000 teu container ships, now being termed at the ‘Greekmax’. The four ships are added to the two already booked last summer of 2013. The price is said to be slightly over $80m each. Energy ship contracts include: Constantine Angelopoulos group’s Arcadia Shipmanagement which is understood to have ordered four suezmax tankers with a further two options at Hyundai HI worth a total $400m. The 160,000-tonners are slated for 2016 delivery. Michael Lemos / Nereus Shipping has booked two plus two suezmaxes at same South Korean yard, while the Chandris group has booked two aframaxes at Daewoo at $51m each. Eletson Corp has expressed interest in two 22,000 cu m ethylene carriers at China’s SinoPacific.

Others said to have put pen to paper in recent weeks include, Union of Greek Shipowners’ president Theodore Veniamis, two 180,000 dwt bulkers at Hanjin, worth $114m, adding to an already heavy orderbook; Poseidon Shipping went to Hanjin for two capesize bulkers, worth around $110m; Quintana Shipmanagement and Laskaridis Shipping have booked kamsarmaxes at Penglai Jinglu, China and Japan’s Sasebo, respectively; Euroseas / Aristides Pittas, has penned for a pair of 82,000-tonners at Jiangsu, worth $30m each; Paragon / Michael Bodouroglou, two 63,000-tonners at Dayang; AM Nomikos interests have booked four 61,000dwt bulkers, two each at NACKS and Cosco; George and Stathis Gourdomichalis / Blue Wall Shipping, have exercised an option for a pair B.Delta-43 design bulkers at China’s Qingshan Shipyard for delivery 2017, worth a reported $14.5m each.

Capital Maritime / Evangelos Marinakis ordered four 9,443teu container ships at Hyundai Samho HI at a reported $85m each. Capital took up an option for a fourth 9,160 teu unit at Daewoo Mangalia HI, in Romania, in February and the latest order lifts Capital’s box orderbook to eight neo-panamaxes worth just on $700m. And this roll of orders does not include the project being finalised on behalf of Chemical Transport by Peter Georgiopoulos, for five plus five 25,000 cu m chemical tankers at China’s AVIC Weihai Shipyard which could add another 10 ships and $400m to the various totals.

(Source: Seatrade Global)

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