The Greek shipowner Minerva Dry, led by Andreas Martinos, has further expanded its newbuild order for container vessels by placing an additional order at a Chinese shipyard, while simultaneously phasing out its aging tanker fleet through a strategic fleet renewal program.
Shipping platform data indicates that Minerva Dry has increased its order for 3,100 TEU container vessels at Penglai Zhongbai Jinglu Ship Industry Co., Ltd. (Jinglu Shipyard) to five units, all scheduled for delivery between 2027 and 2028. Two of these vessels represent recent additional orders.
According to reports in October, Minerva Dry had ordered three 3,100 TEU container vessels from Jinglu Shipyard, with each vessel reportedly costing approximately $45 million at the time. Shipbrokers indicated that the initial three slots at Jinglu Shipyard reserved for Minerva Dry were originally booked by Norway’s Songa Box and supported by Arne Blystad. Negotiations between the two parties reportedly failed to reach an agreement, thereby freeing up the slots for Minerva Dry’s newbuild project.
Minerva Dry, a subsidiary of Minerva Marine, primarily manages the latter’s dry bulk and container shipping operations, currently overseeing a fleet of 18 vessels. Minerva Dry entered the container shipping market two years ago (October 2023) and has since invested over $250 million in acquiring second-hand vessels, thereby establishing a fleet of eight feeder container vessels.
In the newbuild container ship market, Minerva Dry also placed orders for four 1,800 TEU container vessels with Yangzijiang Shipbuilding and 2+2 1,800 TEU container vessels with Huanghai Shipbuilding.
Although Minerva Marine is active in the container vessel market, tankers remain the core business of this shipowner, which currently manages a fleet of 50 tankers. Recently, Minerva Marine has been advancing the renewal of its tanker fleet by selling older vessels and investing in newbuildings.
Since October, Minerva Marine has sold three Aframax tankers: the “Minerva Lisa” and “Minerva Iris” built in 2004, and the “Minerva Ellie” built in 2005. All three vessels have been renamed and changed hands. The MR product tanker “Minerva Lydia” has also been sold.
While managing its aging tanker fleet, Minerva Marine is simultaneously advancing its newbuilding program. The company has placed orders with Hengli Heavy Industries and New Times Shipbuilding for multiple new vessels, all of which are Aframax/LR2 product tankers. Deliveries will continue through 2027.
According to incomplete statistics, including the additional order from Minerva Dry, Jinglu Shipyard has signed contracts for 16 new vessels this year. The remaining 11 vessels are: 6 MR2 product tankers for Greek shipowner Oceanold Tankers; 3 container vessels for Arne Blystad; and 2 MR product tankers for Norwegian shipowner Champion Tankers.