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George Economou strikes as capes heat up

With capes trading above $35,000 a day, one very famous name in Greek shipping has decided to make his first big bulker play of the year.

George Economou, and his bulker arm, Dryships, has reentered the limelight.

The Greek owner is reportedly paying just under $75m for two Qingdao Beihai-built capes sold by Singapore-based Cara Shipping.

Broking sources say that the delisted heavyweight has snapped up two six-year-old capes named Stella Lucy and Stella Laura.

The structure of the deal appears complex. One of the ships is noted sold with an index-linked time charter while the second ship has a time charter attached.

The deal is one of the most costly en bloc deals signed in this segment this year.

Online portal VesselsValue notes that Dryships has another four similarly aged capes in its fleet in addition to an ageing panamax division.

Hans Thaulow

Hans Henrik Thaulow is an Oslo-based journalist who has been covering the shipping industry for the last 15 years. As well as some work for the Informa Group, Hans was the China correspondent for TradeWinds. He also contributes to Maritime CEO magazine. Hans’ shipping background extends to working as a shipbroker trainee with Simpson, Spence & Young in Hong Kong.
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