Harry Vafias pounces for bargain cape

Harry Vafias pounces for bargain cape

Harry Vafias has bagged a bargain capesize. Multiple shipbroking sources link the Greek owner to the 2005-built, 176,300 dwt capesize bulker Maritime Power owned by compatriot company Phoenix Energy Navigation with an incorrect price tag of $13.5m reported.

Sources at Brave Maritime Corporation, part of Vafias’s Stealth Maritime empire, confirm the deal, but told Splash today the Japanese-built ship had been bought for just $12.9m. VesselsValue puts a price of $13.7m for the ship.

The cheap price, brokers tell Splash, is likely down to the fact the bulker has special surveys due and still needs to install a ballast water water treatment system.

Brave Maritime’s fleet prior to the cape deal consisted of four ships – a handy bulker, a tanker and two LPG carriers.

Brokers tell Splash that there are now a raft of 2002- to 2006-built capesizes being lined up for sale after a record five-month period of no cape sales was brought to an end in April with news of Fred Cheng’s Shinyo International selling two capesizes.

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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