Sources link the Petros Pappas-led bulker owner to four bulkers from one of Japan’s biggest sellers, Nisshin Shipping.
In a quarterly statement from a week ago, Pappas commented: “Amidst the weakest dry bulk market of the last three decades, we have taken all appropriate measures to ensure our company’s liquidity through this cycle. The proceeds from the recent $51.5m private placement of common shares bring our total cash to about $250m.” It appears a chunk of this money is being spent on ships.
The quartet of four-year-old ships are the 81,800 dwt Kapetan Trader 1, 2 and 3, and the Canon Trader II, all built at Jiangsu New Yangzijiang Shipbuilding. Brokers say the ships were sold in an en bloc deal for $60.8m deal. The sale appears a bargain as the market value for the ships is $16.2m each, according to online portal VesselsValue.com.