Greek owner Element Shipmanagement has moved into the popular handysize segment, reshaping its once pure-play container strategy.
The Piraeus-based outfit made its first move outside containers since its humble start in 2012, picking up the 35,000 dwt Union Groove from fellow Greek owner Union Commercial for $13.6m. The ship is now renamed LM Demeter. Element had, until then, focused almost exclusively on vintage feeder and handy container ships, typically in the 1,100 to 2,500 teu range, carving out a niche as a feeder container specialist.
The bulker deal marked a clear diversification, and the company has stayed active in the secondhand market since. In May, Element took delivery of its third secondhand vessel in just over a year, underlining an ongoing buying spree.
According to VesselsValue, the owner’s fleet now stands at eight vessels.
