Aegean Shipping Management enters dry bulk sector with Kamsarmax newbuilding order adding more “Green Ships”

This is an exciting new venture for Aegean Shipping Management!

Aegean Shipping Management S.A. announced the signing of a new building order of  ‘Kamsarmax’ Bulk Carriers. The ‘Kamsarmax’ vessels will be constructed at Cosco Shipping Heavy Industry Co. Ltd, Cosco Zhoushan shipyard, with deliveries scheduled for the second half of 2019 onwards.

This marks the first move of Aegean Shipping Management into the dry bulk sector and will coincide with the creation of the spin-off Aegean Shipping Dry Bulk.

Announcing the order, Company’s Chairman Mr. George Melisanidis stressed: “We decided to move into the dry bulk sector now as an investment. Firstly we take advantage of the historically low asset price levels. Secondly our belief is that this sector is on its way to a sustainable recovery by 2018/19. We believe this is the right time to enter. Furthermore, we are very happy to be collaborating with our partners at Cosco Shipping.”

This bulk carrier order will see the ships delivery at a time when industry analyses show the dry cargo sector to have recovered to long-term sustainable average rates as there will have been an increase in trade and we will have had more scrapping.

Company CEO, Apostolos Poulovassilis stressed: “This is a very significant newbuilding order for us. We firmly aligned it with our diversification and fleet expansion strategy via modern and efficient vessels.  COSCO and SDARI have jointly developed the specification for these vessels.”