A Greek industrial tycoon is taking advantage of low ship prices to enter the dry bulk markets and build up his own fleet on the cheap.
M-Maritime Corp, a shipowning vehicle sources at Lion Shipbrokers tell Splash has been created by Mytilineos Holdings, has come in for its second ship in the space of a month. M-Maritime has paid a very firm $18.5m to buy the 64,000 dwt Caravos Melody ultramax. Equasis lists the ship as part of Athens-based Iason Hellenic Shipping. It is due to deliver shortly from China’s New Times yard.
Early last month M-Maritime was also linked with the $16.5m acquisition of Chowgule Steamship’s youngest ship, Maratha Premier, a 34,900 dwt bulker, although this sale appears yet to have been finalised.
Mytilineos Holdings is a diverse industrial conglomerate involved in power production, mining, metallurgy and defence equipment manufacturing. It can trace its history to 1908 and lays claim to being among Greece’s largest heavy industries groups and remains family controlled, currently chaired by Evangelos Mytilineos.