Minoa Marine has emerged as the highest bidder from last week’s most popular bulker sale, adding its second post-panamax.
The seller, Japan’s Mitsui OSK Lines (MOL), got $8.35m for the 15-year-old 88,200 dwt JP Magenta.
Athens-based Minoa Marine has timed the market well, taking over a ship at a time when the Baltic Dry Index has passed the 1,000-point mark for the first time this year.
Six-ship strong Minoa Marine has been around for a handful of years and has until now been a pure panamax sized player focusing on vintage units. Minoa Marine has big ambitions and aims to grow gradually but steadily to manage a fleet of up to ten vessels, both dry and tankers.