In Management We Trust

Last week, two Greek owners, true to their heritage, acted upon perceived opportunities and re-positioned their fleets. In a diversification move, Michael Bodouroglou of Paragon Shipping took advantage of the sale and purchase market and sold a contract for one of its three Kamsarmax newbuilding contracts for a profit while agreeing to purchase two 3,400 TEU container ships built at HDW for delivery during July and August. The containerships were purchased for EUR 40 million each. The timing for both was propitious. Values of dry bulk vessels have held up despite a plummeting BDI and despite a recent rise in containership values are near recent lows, while prospects are improving.

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