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Aegean enters dry bulk sector

Aegean Shipping Management SA has signed a newbuilding order for a series of four+two+two 82,000 dwt Kamsarmax bulk carriers. The ships will be constructed at Cosco Shipping Heavy Industry Co’s Cosco Zhoushan shipyard, with deliveries scheduled for the second half of 2019 onwards.

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This marks the first move of Aegean into the dry bulk sector, and will coincide with the creation of spin-off company, Aegean Shipping Dry Bulk.

George Melissanidis, chairman of Aegean, said: “We decided to move into the dry bulk sector now as an investment, taking advantage of the historically low asset price levels, combined with our belief that this sector is on its way to a sustainable recovery by 2018/19.

“We believe this is the right time to enter, and we are very happy to be collaborating with our partners at Cosco Shipping in this exciting new venture for Aegean Shipping Management. I am convinced that the Dry Bulk development will prove a great success.”

The company added that this newbuilding order will see the vessels delivered at a time when most industry analyses show that the dry cargo sector will have recovered to long-term sustainable average rates, there will have been an increase in trade, and there will have been more scrapping.

Apostolos Poulovassilis, CEO of Aegean, said: “This is a very significant newbuilding order for us, and it is firmly aligned with our diversification and fleet expansion strategy via modern and efficient vessels.

“The specification for these vessels has been jointly developed with the yard and designers, Cosco and SDARI, and has been enhanced in accordance with our company’s Green Fleet standards, in order to meet and exceed industry demand requirements for this ship type.”

 

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