Meadway Bulkers, a company set up about three months ago, has made moves to almost double the size of its original, six-vessel fleet.
A company executive said the George Dellaportas-led outfit has bought five ships since its launch, bringing the total fleet to 11 vessels.
TradeWinds reported in May that Meadway had made its first purchase with a deal for the 78,100-dwt Nord Sirius (built 2012) for about $19.5m.
A string of buys followed, some of which stayed below the radar and went unreported.
The latest transaction concerns the 83,400-dwt Glorious Wind (built 2010), which US brokers reported on 23 July as sold by Japan’s Marubeni Corp for about $20m.
Meadway has also emerged behind secondhand deals in which the buying party has so far remained unknown. In one of those, the company swooped last month on the 78,200-dwt panamax Orient Genesis (built 2014) — a vessel reportedly sold by Meiji Shipping for $23m. It has been renamed Integrale.
Dellaportas has not neglected handysizes in his expansion drive. In deals with Greek peer Alassia NewShips Management, Meadway bought the 28,200-dwt Star Life (built 2011), which is now the Della, and the 37,300-dwt Lucky Life (built 2013).
This string of purchases has yet to dampen the company’s buying appetite. According to a source familiar with its managers’ thinking, Meadway plans to expand further in the same types of ships it has acquired recently.
Rising competition
That reflects the continued view among several market players and observers that bulkers still cost relatively little compared with the freight rates they earn — and are expected to continue earning for the foreseeable future.
“Meadway Bulkers believes bulker values are still relatively low,” the source said. "That’s why they moved fast to expand."
However, finding the right ship to purchase is becoming increasingly difficult amid rising competition — especially from serial buyers such as US-listed Costamare. Costamare has acquired at least 28 ships on the secondhand market over the past few months.
It is, therefore, not surprising that several players have to accept relatively late delivery times for some of the vessels they are buying.
TradeWinds is told that Meadway will not take delivery of its latest acquisition — the Glorious Wind — before October.
Costamare’s delivery schedule stretches into early 2022.
In another example, the unidentified Greek buyers of the 95,700-dwt post-panamax Double Providence (built 2012) — a ship said to have cost about $21.3m — may have to wait until early 2022 to lay hands on their vessel.
New strategy
Meadway was set up in April after Dellaportas and his brother, Costas, amicably split the assets of original family company Meadway Shipping & Trading.
The Dellaportas family usually opted for newbuilding tonnage. However, Meadway Bulkers has embarked on secondhand acquisitions instead — in an urgency to reap the benefits from a spike in bulker freight rates and amid difficulties in finduing appropriate newbuilding slots.
Meadway Shipping & Trading, which continues under Costas, was originally founded by the siblings’ father, Dionysios “Dennis” Dellaportas, who unexpectedly died in 2019.
In memory of Dennis Dellaportas, Meadway Bulkers will rename the Nord Sirius as Dennisan.
