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Management may be new source

Management may be new source
Management of distressed bulk carriers could be a new source of activity for the Vafias family?s Brave Maritime.

Management of distressed bulk carriers could be a new source of activity for the Vafias family"s Brave Maritime.

Management of distressed bulk carriers could be a new source of activity for the Vafias family"s Brave Maritime.

The company has begun discussions about managing three bulkers being touted by Greek and foreign banks, said Harry Vafias, who also heads Nasdaq-listed liquefied petroleum gas carrier specialist StealthGas.

?Management has been approached by various bankers to discuss the possibility of Brave managing some ships that are either taken over by banks or the banks believe Brave can manage more cost-efficiently than their existing managers,? he said.

Despite the gloom sweeping the dry bulk market, ?only a few? ships have yet been repossessed, Mr Vafias said.

?Unfortunately, a lot more ships may come up in the next few weeks.?

After some 14 dry bulk sales in the last three years, Brave now only controls one bulker.

?For us it makes obvious sense to look at this, because Brave and [tanker arm] Stealth together employ more than 100 experienced office staff and on the bulker side they are not all that busy at the moment,? Mr Vafias said.

?We have the capacity, but banks also need to be satisfied that you have transparent management and are efficient, which we are.?

In recent days, Stealth has named two aframax tanker newbuildings at New Times Shipbuilding in China.

The first of the two 114,000 dwt tankers was named Stealth Haralambos after Mr Vafias" grandfather by Ian Beckman of mortgagee bank WestLB Bank. Sistership Stealth Chios is due for delivery in May.

www.TurkishMaritime.com.tr

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