Page 18: of Maritime Reporter Magazine (December 2016)

BY THE NUMBERS BY VESSELSVALUE.COM

Dry Bulk’s Biggest Spenders

By William Bennett

In the last month, we have seen the This article takes a look at which dry John Angelicoussis, principal at Anan- Zodiac Maritime

Baltic Dry Index (BDI) recover to the bulk owners have been buying the most gel, has a reputation at picking the bot- Spend: $246 million same level it was 12 months ago (see cir- in the last year. tom of the market. Size change: -91,000 DWT cles in ? g.1). Vessel values have started For example, following the supercycle Eyal Ofer’s operation was buying to ? rm, but not at the same rate and are Anangel Maritime Services in 2007-2008 he bought the cape resale steadily throughout 2015 and closed the still at historically low levels. Spend: $247 million Anangel Argonaut (177,800 DWT, 2009 year off with a mammoth acquisition

In the last 12 months, contrarian own- Size change: 863,200 DWT Blt, SWS) at $63.50 million. Following from Scorpio. Following two lone pur- ers have taken advantage of the low val- In January of this year Anangel pur- this he bought three more resale capes chases in December 2015 (PRT Future) ues and have been buying cheap tonnage. chased seven Capes (four resales from from Scorpio also at a market bottom in and March 2016 (Grand Future), Zodiac

With hindsight, this looks to have paid Star Bulk and three one-year-old vessels April 2015. began scrapping, shedding nearly 1.5 off with many values having increased from Scorpio Bulkers) at $247m. Cur- Figure 4 illustrates the timing of these million DWT. This brought Zodiac’s above the purchase price. rent VV market value is $230 million. purchases Vs the market. ? eet back to the similar level it was at in (Source: VesselsValue) 18 Maritime Reporter & Engineering News • DECEMBER 2016

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