The Greek tycoon confirmed talksurrounding the purchase of the 57,000-dwt Chungo Tres, Arrozero Tres, Minero Tres (allbuilt 2011) and 28,500-dwt Destino Dos (built 2001) when contacted byTradeWinds but couldn’t discuss details due to a confidentiality agreement.
Marketsources, however, say Bodouroglou cleared theraid with US-listed Paragon Shipping, where he serves as CEO, before inking adeal that has been described as “distressed” as the estimated $75m price tag isbelieved to be well below what the ships’ previous owner owed on outstanding loans.
They said Paragon would have jumped atthe chance to pick up the assets when it was given the option had it been ableto assume more debt but don’t believe it could have handled the added burdenand claim it would have been a challenge to secure the approval of its existinglenders.
Observers say the transaction is particularlysignificant as it marks the first private vessel purchase Bodouroglou has madesince 2006. It is believed that the bulkers will be managed by affiliate Allseas Marine,which intends to trade them in the spot market while waiting for the sector torecover.
