Meghna Group Continues Aggressive Fleet Expansion
Bangladesh’s Meghna Group has kicked off 2025 by continuing its trend of acquiring secondhand vessels. The Dhaka-based company has added another modern ultramax bulk carrier to its fleet, further solidifying its position as a leading buyer in the maritime industry. This latest acquisition follows a successful year in which Meghna expanded its Mercantile Shipping Lines with multiple new vessels.
Recent Acquisition Details
The newly acquired vessel is the *Nord Magellan*, a 63,500 deadweight tonnage (dwt) ultramax bulk carrier built in 2020 by Iwagi Shipbuilding in Japan. The deal, valued at approximately $29.2 million, was brokered with Tokei Kaiun, the vessel’s previous owner. Notably, the *Nord Magellan* had been on a long-term charter to Denmark’s Norden prior to the sale.
This acquisition marks Meghna’s ongoing strategy to enhance its fleet with modern and efficient vessels. The purchase price of the *Nord Magellan* is $3.3 million less than the previous sale of a similar vessel, the 2020 Tsuneishi-built *Erin Manx*, which was sold in November. This trend indicates a competitive market for secondhand tonnage, where prices can fluctuate based on various factors, including vessel age and specifications.
In addition to the *Nord Magellan*, Meghna Group is reportedly in discussions to acquire another ultramax bulk carrier, the *CMB Rubens*, built in 2018 by Bocimar for $27.6 million. With nearly 60 vessels listed on VesselsValue, Meghna Group continues to diversify its fleet, positioning itself as a formidable player in the global shipping industry. The company’s aggressive purchasing strategy reflects its commitment to expanding its operational capabilities and enhancing its market presence.
