Pantelis Posted February 16, 2009 Share Posted February 16, 2009 (edited) Pittas' panamax Euroseas has bought a panamax bulker in an $18.7m move, brokers say. Aristides Pittas, CEO of Euroseas. The Japanese-controlled Glorious Wind (built 1997) was reported sold by TradeWinds on Friday, but the buyer was yet to emerge. Sources at Aristides Pittas-led Euroseas tentatively confirm the deal but the listed shipowner has yet to go public with the transaction. Attempts to contact Pittas for comment were unsuccessful at the time of writing Monday. The sale suggests the value of second hand bulkers is failing to keep pace with the recent rise in the Baltic Dry Index. As we reported last week the Sojitz Marine-controlled Glorious Wind was attracting offers in excess of $20m, with several buyers in the running. "If the Glorious Wind deal represents an increase in price it is relatively minor," a broker commented. Last July, a comparable vessel, the 74,000-dwt Ming May (built 1997), was reported sold for $76.5m. By Andy Pierce and Eric Martin, London and Stamford Tradwinds Edited February 16, 2009 by Pantelis Link to comment Share on other sites More sharing options...
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