Pavimar buys second bulker from Toisa fleet

Ismini Panayiotides-led bulker company notches up 14th ship in Clarksons-run sell-off

Greek player Pavimar has confirmed it has picked up a second kamsarmax from its bankrupt compatriot owner Toisa.

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The company has purchased the 82,100-dwt Trade Prosperity (built 2016), although no price details have emerged.

The ship is one of a string of vessels sold by Clarksons as part of Toisa's US bankruptcy.

Last month, Greece’s Marmaras Navigation bought three of the Trade Prosperity's sisterships also previously with Toisa and all built at China’s Jiangsu New Yangzijiang Shipbuilding, for about $24.5m each.

The Trade Prosperity’s acquisition confirms a well-established pattern in the creditor-driven sale of Toisa’s fleet of 26 tankers and six bulkers.

Nineteen of these ships are known or believed to have found new buyers so far, and all of them are Greeks.

This is not the first time that Pavimar has participated in the Toisa feast.

The Ismini Panayiotides-founded company confirmed last month that it purchased the 81,700-dwt Trade Will (built 2012). Market sources said the vessel fetched $15.5m.

These two acquisitions increase the size of Pavimar’s managed fleet to 14 bulkers, four years after the company was established in Athens.

Rumours dismissed

However, Pavimar dismissed as “rumours” recurring broker reports that it has offloaded an older panamax in its fleet, the 76,700-dwt Toro (built 2008).

Over the past few weeks, brokers reported the vessel sold for $15.25m, which would be a lucrative asset play for Panayiotides, who purchased the vessel two years ago for about $8.5m.

The sale of the ex-Toisa fleet is handled by Clarksons. Toisa owner Gregory Callimanopulos filed for Chapter 11 bankruptcy protection in February over a debt exceeding $1bn. Citibank, one of his several creditors, is said to be providing finance in some of Clarksons' deals.

Thirteen tankers and six bulkers from the Toisa fleet are confirmed or widely believed to have been sold so far, yielding estimated proceeds of $385m.

The only bulker still unaccounted for in terms of a sale is the 82,000-dwt Trade Unity (built 2016).

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The six unaccounted for tankers are aframax and suezmax newbuildings. Some reports earlier this month suggested they were bought by Greek owner Dimitris Diamantides, who is already known to have picked up another three tankers and three bulkers from the fleet.

However, Diamantides company Delta Tankers never confirmed the purchase of the six tanker newbuildings.

A US-based broker reported on 13 July that Clarksons has re-marketed the sextet for sale, “implying the demise of the original transaction”.