Former Aroania Maritime vessel fares better in new hands

With the dry cargo market giving strong results and older ships changing hands at strong levels it is little wonder that vessels from defunct companies such as Aroania Maritime are now showing good results in new hands.

The case of the Amsel hit the headlines after the vessel was abandoned in Varna in Bulgaria three years ago. The 1994-built handysize lay rusting in Varna for years until sold to UK-based Medway Marine represented by Richard Allen for $2.1m.

The ship finally left Varna in January this year under tow and was rebuilt in Constanta, Romania. It has now been reported that Medway Marine has resold the vessel for a price close to $4m and the vessel sails for new owners under the name of Articulate. Shipping database lists the ship now owned by Belize-based Articulate Shipping. It is currently in Dubai.

With additional reporting by Harrison Smythe.