Minerva Marine Says Farewell to Its Oldest Capesizes

Minerva Marine of Greece has capitalized on the thriving dry bulk market by selling its most aged capesize ships.

Led by Andreas Martinos, the diversified shipping company with a fleet exceeding 70 vessels has completed its first bulk carrier sale in almost a decade, offloading the 15-year-old Sapientza. 

Market insiders in Athens have observed the sale of this 177,736 dwt vessel, constructed at Jiangnan Shanghai Changxing Shipbuilding, to Chinese purchasers for an estimated $22 million.

S&P market records indicate that Minerva's previous bulk carrier transaction took place in November 2014, involving the sale of the 2010-built kamsarmax named Panamanian, which was renamed Fiskardo, for $22.7 million.

Since October of the previous year, the market for bulk carriers, especially secondhand capesizes, has seen a significant uptick in prices, reaching a peak not seen in five years and experiencing substantial double-digit growth.

In light of the robust dry bulk market and escalating prices, numerous shipowners have been eager to acquire additional vessels, while some have opted to divest older ones to rejuvenate their fleets. With this recent transaction, Minerva's capesize fleet will be reduced to eight ships, with an average age of approximately 13.4 years.

Over 50 capesize transactions have been documented by Xclusiv Shipbrokers in Greece from October 2023 to February 2024, including about 20 sales in this year alone.