Dry CargoEurope

NGM seals second capesize purchase this summer

Nicholas George Moundreas’s NGM Energy has sealed its third cape purchase in 2021. Multiple sources link the active Greek owner to the sale of the nine-year-old 181,000 dwt Frontier Phoenix, a ship noted sold in top shape with a freshly installed ballast water system fitted and its surveys freshly passed.

The ship is widely reported sold for $33.75m, some $3m more than last done, reflecting the competition for ships in the cape segment.

The high price also reflects that the ship was sold in a week when the time charter average was touching the $50,000 per day mark.

The last time NGM made headlines was in July when Splash reported that the Greek outfit had taken its tenth cape, adding the same aged, 180,000 dwt Lowlands Tenacity from Cobelfret for just under $30m. This bulker has since been renamed NN Tenacity.

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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