Mytilineos Group, one of Greece’s biggest metal and mining groups, is teaming up with a new Athens-based dry bulk company, which has already notched up its first vessel. The new company, M-Maritime Co, was unveiled in a corporate presentation. Its managing director is Tassos Raissis, a former manager at C Marine Transport and a former managing director of Chemoil Shipping & Trading, Marachart Shipping and Sea Transport Contractors. Sources close to M-Maritime say it is an affiliate of Mytilineos and does not actually belong to the group. It has been founded by unidentified owners on expectations that Mytilineos’ production volume will rise, increasing its need to carry raw materials. Mytilineos runs an aluminum smelter and bauxite mines in central Greece.
Low prices in the sale-and-purchase (S&P) market for dry bulk vessels have also encouraged M-Maritime’s owners to set up the company. M-Maritime aims to facilitate the hedging of “freight regarding the transfer of the raw materials, alumina and aluminium products”, the Mytilineos presentation says. It also plans to carry third-party cargoes, to achieve economies of scale. M-Maritime has taken its first ship under management — the 34,900-dwt Maratha Premier (renamed Avra GR, built 2016). India’s Chowgule Steamships sold the vessel last month to unidentified buyers for between $16.25m and $16.5m.
Sources close to M-Maritime, however, dismiss recent reports linking it to another two ships: the 35,000-dwt Trading Fabrizia (built 2011), which D’Amato reportedly sold in November to an unidentified Greek buyer for $10.3m; and a 63,000-dwt ultramax newbuilding at New Times Shipbuilding of China, which is said to have changed hands early in December for about $18.6m. The company is considering expanding its fleet and has already chartered in two vessels, one of which is the 33,300-dwt Pioneer Skipper (built 2010). M-Maritime is being set up at a crucial time for Mytilineos, one of Greece’s biggest industrial conglomerates. On 14 December, the Evangelos Mytilineos-led group announced an overhaul of its structure, bringing all its units under the roof of Mytilineos Holdings. Mytilineos used to have another shipping arm, Desfina Marine — a low-key firm set up in 2010, which managed the 4,500-dwt Parnassos II (built 1992). In December 2012, Desfina Marine was transferred to Mytilineos subsidiary Aluminium of Greece at a nominal price of $2.2m.
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Source: Mytilineos Group
