Greek shipping interests have sold the 63,547 dwt ultramax bulker WF Artemis to Bangladesh's Meghna Group for $36.5 million on a prompt delivery basis, generating a profit of approximately $6.7 million in what sources describe as one of the year's most profitable dry bulk asset plays, according to Splash247.
The Deal
The six-year-old eco-design bulk carrier was built in 2020 by Japan's Iwagi Zosen. A little over a year ago, an entity registered as Caliber Maritime appeared as the vessel's new manager after acquiring it for around $29.8 million, at which point the ship, then named Nord Magellan, was renamed WF Artemis. One month later, shipping databases listed Nortus Management as the vessel's manager. The latest sale at $36.5 million gives the selling interests a profit of roughly $6.7 million, Splash247 reported.
| Item | Value |
|---|---|
| Vessel | WF Artemis (ex-Nord Magellan) |
| DWT | 63,547 dwt |
| Year built | 2020 |
| Builder | Iwagi Zosen (Japan) |
| Acquisition price | ~$29.8 million |
| Sale price | $36.5 million |
| Profit | ~$6.7 million |
| Buyer | Meghna Group (Bangladesh) |
Meghna's Fleet Expansion
The acquisition marks the fifth ultramax purchase made by Meghna Group and its shipping arm Mercantile Shipping Lines over the past couple of years. The fast-growing Bangladeshi player, which registers its vessels under the domestic flag, now controls around 15 ships in the ultramax segment. Data compiled by VesselsValue indicates that the fleet has an average age of about six years and consists entirely of Japanese-built tonnage, Splash247 stated.
Active Ultramax Secondhand Market
The sale comes amid a particularly active period for the ultramax secondhand market. According to Splash247, a large number of ships across a wide range of ages have changed hands in recent weeks, with values pointing upwards, especially for vessels offering prompt delivery. The profitable resale of the WF Artemis underscores the current tight supply and rising asset values in the dry bulk sector.
Grain Trade Implications
The WF Artemis has recently been employed carrying wheat under a memorandum of understanding between Bangladesh's Directorate General of Food and the US Department of Agriculture (USDA). Under the arrangement, Bangladesh is expected to import 220,000 tonnes of US wheat. Meghna Group's growing fleet, now at 15 ultramaxes, positions the company to handle a significant share of Bangladesh's grain imports and other dry bulk commodities.
For logistics operators and freight forwarders: The active secondhand market and rising values for ultramax tonnage suggest increased demand for dry bulk capacity, particularly for prompt-delivery vessels. Bangladesh's expanding domestic flag fleet, led by Meghna Group, may shift some cargo flows from charter market to controlled tonnage, potentially affecting spot rate dynamics on the Indian subcontinent and bay of Bengal trade lanes. The ongoing US wheat shipments underline sustained grain volumes into Chittagong and other ports — watch for potential congestion during peak import periods.
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