Economou linked to buy number 10

Greek shipowner's busy week continues with reported purchase of aframax resale.

George Economou is rumoured to have continued a productive week with the addition of a 10th vessel in quick succession.

As TradeWinds reported in this week’s print edition, Economou companies are being tied to the acquisition of fleets of newcastlemax bulkers and LR tankers at the same time as adding a modern VLCC.

Now, the Greek tycoon is also being touted at the buyer of an aframax resale, which if confirmed would take his reported transactions this week to almost $310m.

Brokers point to the Dong-A controlled aframax hull 812 at Hyundai Samho Heavy Industries as the latest vessel on Economou’s shopping list at $41.73m.

As TradeWinds has reported, Economou’s DryShips is believed to be taking four Newcastlemaxes, previously set for Hunter Maritime Acquisition, in a deal worth around $120m.

At the same time, his TMS Tankers is in line to buy four LR2s from India Steamship in a potential transaction priced at around $90m.

Economou has only a couple of products tankers in his vast fleet and brokers note the LR2 investment could be purely value driven.

A further $57m is reported to have been spent on the 319,000-dwt Orthis (built 2011) in a deal brokers say marks a strong data-point for VLCC values at a time few modern vessels are available in the market.

Repeated attempts to reach Economou this week for comment on the various activities have been unsuccessful and calls to his office today were unanswered.

While both public and private companies within the Economou empire have been involved in the various deals, it is no surprise to see the owner increasing his activity.

His pubic company DryShips is flush with over $300m in ammunition after completing a restructuring effort and has voiced a desire for aggressive expansion.

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George Economou is being linked with fleet transactions in the tanker and bulker markets in deals that could run to $210m for eight vessels.

16 Feb 18:00 GMT