Sources link the Petros Pappas-led bulker owner to four bulkers from one of Japan's biggest sellers, Nisshin Shipping.

In a quarterly statement from a week ago, Pappas commented, "Amidst the weakest dry bulk market of the last three decades, we have taken all appropriate measures to ensure our company's liquidity through this cycle. The proceeds from the recent US$51.5m private placement of common shares bring our total cash to about US$250m." It appears a chunk of this money is being spent on ships.

The quartet of four-year-old ships are the 81,800dwt Kapetan Trader 1, 2, and 3, and the Canon Trader II, all built at Jiangsu New Yangzijiang Shipbuilding. Brokers say the ships were sold in an en block deal for US$60.8m deal. The sale appears a bargain as the market value for the ships is US$16.2m each, according to online portal VesselsValue.com.