Greek shipowner Minoa Marine is accelerating its fleet renewal process, having placed additional orders for Kamsarmax bulk carriers with a Japanese shipyard while continuing to sell off older vessels.
According to information on Minoa Marine’s official website, Minoa Marine has placed an additional order with Oshima Shipbuilding for one 82,000 DWT Kamsarmax bulk carrier, scheduled for delivery in the second quarter of 2028. As early as the second half of 2025, Minoa Marine had already commenced negotiations with Oshima Shipbuilding regarding the purchase of additional Kamsarmax bulk carriers.
In 2024, Minoa Marine signed its first newbuilding contract since its inception, for Kamsarmax bulk carriers. The first vessel is expected to be delivered in the first quarter of 2028. This new shipbuilding project in 2024 marks a new phase of development for the shipowner, whose previous expansion relied entirely on second-hand vessel acquisitions.
Currently, Minoa Marine is simultaneously advancing its new shipbuilding program and selling off older vessels. By the end of 2025, both the post-Panamax bulk carrier “Afea” (built in 2006) and the Panamax bulk carrier “Anthos” (built in 2001) under Minoa Marine’s ownership will have been sold and renamed. The “Anthos” was sold for nearly $6 million.
As part of its fleet renewal strategy, Minoa Marine also completed the sale of four older vessels built between 1999 and 2005 during 2025.
According to its official website, Minoa Marine was established in 2015 and currently operates a fleet of seven bulk carriers built by Japanese shipyards, including Panamax, Kamsarmax, and post-Panamax vessels. Its ultimate goal is to manage a mixed fleet comprising bulk carriers and tankers.
In 2025, Minoa Marine underwent a management restructuring, with George Vakirtzis, a seasoned Greek shipping executive, assuming the role of Chief Executive Officer. Vakirtzis had previously served for nearly four decades at Polembros Shipping, an owner of tankers and bulk carriers.