Greece’s Minerva Marine has made use of the hot dry bulk market to offload its oldest capesize vessels.
The Andreas Martinos-led diversified owner of more than 70 ships has sold the 15-year-old Sapientza, the company’s first listed bulker sale in nearly 10 years.
Brokers in Athens have seen the Jiangnan Shanghai Changxing Shipbuilding-built 177,736 dwt unit go to Chinese buyers for around $22m.
According to S&P databases, the last time Minerva shipped out a bulker was in November 2014, when the 2010-built kamsarmax Panamanian was sold as Fiskardo for $22.7m.
Bulker prices have been gaining momentum since last October, with the value of secondhand capes in particular at a five-year high and witnessing double-digit percentage growth.
Despite higher asking prices, many owners have rushed to secure tonnage on the back of a healthy dry bulk market, while others have used the opportunity to cash in on older ships and improve their average fleet age. Following the sale, Minerva will own eight capes with a fleet average of about 13.4 years.
Greece’s Xclusiv Shipbrokers has recorded over 50 capes changing hands between October 2023 and February 2024, with around 20 sales this year alone.
