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Vafias pockets $7m from quick dry bulk asset play

Nicholas Vafias has completed a stealthy dry bulk asset play.

The Vafias family controlled company had made a couple of cape acquisitions in March this year, just as dry bulk assets started to climb.

Sources tell Splash South Korea’s Sinokor has paid $14.5m per ship for the 10-year-old, 177,000 dwt Namura-built Monegasque Eclat and $14.5m for the eight-year-old, Daehan built, 169,000 dwt Tigerlily. Splash estimates the Vafiases pocketed around $7m from this quick asset play.

Sinokor has been aggressively building up its bulk fleet in recent months.



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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