Dry CargoEurope

Neptune Dry continues ultramax buildup with Shoei Kisen deal

Melina Travlos and her dry bulk outfit Neptune Dry Management continues to grow at a rapid pace with the company acquiring its third ultramax this year.

Seasure Shipbroking and Advanced Shipping and Trading both report that the Greek owner has forked out $24m for Shoei Kisen’s 2016-built ultramax Ultra Innovation.

VesselsValue values the Imabari Tadotsu-built ship at $21.64m, although the sale includes a 12-month charter to Ultrabulk at index levels.

Neptune Dry entered the ultramax sector in January, having acquired ultramaxes from Japan’s KN Maritime in January (Loch Nevis for $24.25m) and May (Loch Ness for $23m). Both vessels were constructed at Japanese yard Shin Kurushima Toyohashi.

Neptune is traditionally a pure car truck carriers owner, but in 2017 Travlos made a move into the dry bulk market setting up Neptune Dry and snapping up three Japanese supramaxes in three separate deals. The vessels are currently trading as ND Armonia, ND Pistis and ND Thelxis. Loch Nevis has since been renamed ND Aristeia.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.


  1. Dear Grant,

    Pls be advised that K Line doesn’t have a vsl called MV Ultra Innovation, that could be Ultrabulk’s tonnage. Pls correct vsl’s name, thanks.

    1. Hi Atakan, seems it belongs to Shoei Kisen and chartered to K Line.

      Have changed the article – many thanks.

  2. Hi Grant,
    I regret to say that this vsl is not under K Line control and found out that Ultrabulk is controlling.
    pls correct your article, thanks.

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