Olympic appoints Karageorgiou, snaps up bargain VLCC resales

Olympic appoints Karageorgiou, snaps up bargain VLCC resales

Could low profile Olympic Shipping & Management be eyeing a listing? The bulk firm belonging to the Onassis family has just appointed a well-known IPO veteran as well as snapping up some bargain VLCC resales.

George Karageorgiou, formerly with US listed Stelmar and Globus Maritime, has been tapped as the new president and ceo of Olympic, a company whose fleet includes 10 bulkers and 17 tankers.

Online pricing vehicle VesselsValue.com has also revealed that Olympic has bagged the last two VLCCs originally ordered by compatriot Metrostar Management at South Korea’s Hyundai Heavy Industries. At $81m each, the 308,000 dwt ships are due to deliver this quarter and are a snip compared to the $97m Metrostar originally paid, or even the $96m Euronav paid in buying four of the series back in June 2015. John Fredriksen’s Frontline paid $84m a piece last year for the other two in the series of eight.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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