Leading Greek shipping companies renew their fleet by selling their oldest ships.

Costamare of Kostis Konstantakopoulos, Star Bulk of Petros Pappas, Maran Dry of the Maria Angelikoussis group, but also Alpha Bulkers of the Anna Angelikoussis group proceeded with the sale of the oldest bulk carriers they have in their fleets, Naftemporiki reports.

Costamare, owned by Kostis Konstantopoulos, has made a huge investment in the last three years. An opening that includes ship ownership as well as a third-party bulk carrier management platform.

A total of more than 100 dry bulk carriers are managed by Costamare, alongside the fleet of 68 containerships that the family has traditionally managed for more than 50 years.

The company, according to shipbroker reports, appears to be in the process of selling the bulker Triton to an Indonesian interest for about 16 million dollars. A 2009-built vessel with a capacity of 58,100 tons.

Investments
The shipping company has sold a total of 15 bulk carriers in the last 18 months. During the same period, it acquired six modern bulk carriers, capesize type, with a transport capacity of approximately 180,000 tons.

A similar path is followed by Star Bulk, which acquired another shipping company of Eagle Bulk with a fleet of approximately 50 medium capacity bulk carriers via a share exchange. After the big deal completed last May, Star Bulk manages a fleet of 160 vessels, either in operation or under construction.

Alongside the agreement, the company has proceeded with the sale of 23 bulk carriers, the largest of the fleet, for approximately 500 million euros. The company has also started investing in ships with alternative fuels. The latest sale concerns Star Triumph.

Large projects
The Angelikousssis group is also gradually selling the oldest ships in its fleet, which manages bulk carriers, tankers and LNG carriers and has made large investments lately in ships powered by LNG, while it is proceeding with large projects for other fuels as well, such as ammonia.

Maria Angelikoussi’s Maran Dry Management may have spent as much as 100 million euros in the past two months to buy two modern capesizes, while it sold the 174,000-dwt Maran Prosperity (built 2006) at a time when bulk carrier values are at high levels.

A similar move was made by Alpha Bulkers, which is the company that manages the bulk carriers of Anna Angelikoussis and her sons Frangiskos and Antonis Kanellakis. The company recently delivered an eight-year-old modern cape Herun Global on August 29, and a few days later brokers reported the 24.75 million dollar sale of the 16-year-old Cape Alpha Prudence.