Could low profile Olympic Shipping & Management be eyeing a listing? The bulk firm belonging to the Onassis family has just appointed a well-known IPO veteran as well as snapping up some bargain VLCC resales.
George Karageorgiou, formerly with US listed Stelmar and Globus Maritime, has been tapped as the new president and ceo of Olympic, a company whose fleet includes 10 bulkers and 17 tankers.
Online pricing vehicle VesselsValue.com has also revealed that Olympic has bagged the last two VLCCs originally ordered by compatriot Metrostar Management at South Korea’s Hyundai Heavy Industries. At $81m each, the 308,000 dwt ships are due to deliver this quarter and are a snip compared to the $97m Metrostar originally paid, or even the $96m Euronav paid in buying four of the series back in June 2015. John Fredriksen’s Frontline paid $84m a piece last year for the other two in the series of eight.
