Greek shipowner Paris Kassidokostas-Latsis teamed up with two unidentified global investors to venture into dry-bulk shipping.
As informed, the parties have formed a joint venture vehicle, Ivy Shipping LLC, its primary purpose being investment in Supramax and Panamax dry bulk carriers.
Four Japanese-built Supramaxes have been purchased for the purpose and are expected to be delivered by the end of summer 2017.
Once delivered, the ships will be managed by Marla Shipmanagement Ltd, a company owned by Kassidokostas-Latsis.
Ivy Shipping will be monitoring developments on the market to further expand the fleet by the end of the year, availing of attractive second-hand prices.
Kassidokostas-Latsis, who is the director at Athens-headquartered Latsco Shipping which owns VLGCs and MR product carriers, voiced his optimism about the joint venture and its prosperous future amid expected recovery of the dry-bulk market.
Based on the data from VesselsValue, Ivy Shipping currently has two live Supramax bulkers of 55,9000 DWT, built in 2011 by Japan’s Ishikawajima Harima Heavy Industries, Ivy Alliance, and Ivy Blue.
They are valued at around USD 15 million each.