Dry CargoEurope

Meadway flips handy for sizeable profit

Costas Dellaportas, the owner of Meadway Shipping, is driving home for Christmas with a smile. Multiple brokers report that the six-ship strong Greek bulker owner has timed the market well. Reports indicate that he flipped his last handysize bulker, selling the 29,000 dwt, Imabari-built Targa to European buyers for $14.1m. The 2009-built bulker was snapped up in May for $8.5m from Japanese interests. The sale leaves Meadway with six other bulkers ranging in size from 56,000 to 82,000 dwt.

Another outfit in the money is Hong Kong-based Han Yang Shipping. This company is reported selling its only ship, the 53,000 dwt vintage bulker Xiang Hua. Brokers note that the 2003-built ship fetched $11m. VesselsValue’s fleet register shows that Han Yang paid Eagle Bulk Shipping $5.4m for the ship in September last year.

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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