Low-profile Greek shipowners have emerged as active buyers in the secondhand dry bulk market, primarily opting for modern and middle-aged tonnage
One such example is Attica-based Adelfia Navigation. The Greek shipping company has emerged as the new owner of CMB Permeke, a 2019-built, 81,795-dwt Kamsarmax bulk carrier, which was reportedly sold in late 2024. According to shipbroking sources, the vessel, now renamed Agia Filothei A, changed hands for approximately US$34.0M.
Equasis lists Adelfia Navigation as owning four bulk carriers, with the latest addition being the youngest in its fleet.
According to Xclusiv Shipbrokers, a five-year-old Kamsarmax vessel is currently valued at around US$32.5M, a 6% decrease from the same period last year. Meanwhile, Allied Shipbroking reports the value of five-year-old Panamax vessels has corrected by approximately 16% over the past six months.
Smaller segment deals
Turning to the smaller dry bulk segments, Seaspire Maritime appears to be the new owner ofUnity North, a 2015-built, 37,614-dwt Handysize vessel, recently renamed Icarian Spire, according to Equasis. Shipbroking firms initially reported the deal earlier this year, estimating the price at around US$16.0-16.5M.
Seaspire now owns four bulk carriers, as per Equasis. Additionally, the company acquiredCycladic Spire, a Handysize vessel built in 2013, for around US$14.5M in H1 2024. Notably, Seaspire has shown a preference for Japanese-built tonnage, as all its vessels were constructed in Japanese shipyards.
In the same Handysize segment, Load Line Marine has been linked to the acquisition of two 2012-built vessels,DL Tulip and DL Marigold, with a combined estimated cost of nearly US$20.0M. These acquisitions will expand Load Line Marine’s fleet to 19 bulk carriers. Notably, the Greek owner has remained very active in the sale and purchase market, completing six acquisition deals in 2024 alone.
According to Allied Shipbroking, Handysize values have decreased by 4% to 17% across all age groups over the past six months.
Greek shipping sector consolidation
According to Petrofin Research, a Greece-based firm specialising in Greek shipping data, in 2023, 83 owners controlled a combined fleet of 3,617 vessels totaling 376.6M dwt, which represents 79% of the Greek-owned fleet.
In the same year, the number of Greek shipping entities with fleets of 25 or more vessels increased to 57, the highest number ever recorded. These companies now control 67% of the Greek-owned fleet. Additionally, the number of owners with fleets of 16-24 vessels rose to 40, marking a 11% year-on-year increase in deadweight tonnage. Their market share currently stands at 11%.
Conversely, the number of smaller and mid-sized owners has decreased. There are now 302 companies controlling 1-4 vessels, down from 306 in 2022. These smaller owners now account for just 5% of the total fleet.
