Minerva Dry Expands Fleet with Major Container Order
Minerva Dry, a Greek shipping company, is making significant strides in the container shipping sector by ordering a series of three 3,000 TEU vessels from a Chinese shipyard. This marks the company’s largest investment in boxships to date, reflecting its ambition to expand beyond smaller feeder vessels. The new ships are expected to be delivered between 2027 and 2028, further solidifying Minerva’s presence in the competitive container market.
Strategic Move into Larger Vessels
Led by Andreas Martinos, Minerva Dry has secured a deal with Penglai Zhongbai Jinglu Ship Industry for the construction of these new vessels. The order, valued at approximately $45 million per ship, was previously held by Songa Box, a company backed by Norwegian owner Arne Blystad. Reports suggest that negotiations between Songa Box and the shipyard fell through, paving the way for Minerva’s entry into this segment of the market.
In the meantime, Songa Box is reportedly pursuing a letter of intent with Taizhou Sanfu Ship Engineering for two firm vessels and two optional vessels in a similar TEU range. This development highlights the ongoing competition and shifting dynamics within the container shipping industry.
Minerva Dry’s latest order signifies a strategic shift for the company, which has primarily focused on smaller feeder vessels of around 1,800 TEU. Currently, Minerva holds orders for four additional 1,800 TEU ships at Yangzijiang Shipbuilding and Huanghai Shipbuilding, with deliveries expected between 2027 and 2028. The new 3,000 TEU vessels represent a significant scaling up of Minerva’s operations, as the company aims to establish a stronger foothold in the growing market for larger container ships.
Diversification and Future Prospects
Since entering the container market in 2022, Minerva Dry has invested over $250 million in secondhand vessels, acquiring eight modern containerships ranging from 1,780 to 2,430 TEU. This diversification strategy reflects a broader trend among traditional bulk and tanker owners who are increasingly drawn to the container sector due to its more stable returns and rising charter demand in key regional trades.
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The decision to order larger vessels underscores Minerva’s commitment to expanding its container operations and adapting to market demands. As the shipping industry continues to evolve, Minerva Dry’s proactive approach positions it well to capitalize on emerging opportunities in the container shipping landscape.
