Greek Aegean Shipping Management S.A. marked its first move into the dry bulk shipping, by signing an agreement with Cosco Shipping Heavy Industry, for construction of a series of up to eight 82,000 dwt ‘Kamsarmax’ Bulk Carriers.
The ships are expected to be constructed at Cosco Zhoushan shipyard, with deliveries scheduled for the second half of 2019 onwards. This move coincides with the creation of the spin-off Aegean Shipping Dry Bulk.
Announcing the order, Company Chairman Mr George Melissanidis, stressed: “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.”
As informed, the bulk carriers will be delivered at a time when most industry analyses show the dry cargo sector to have recovered to long-term sustainable average rates, as there will have been an increase in trade.
Company CEO, Apostolos Poulovassilis, stressed: “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.”
