Singapore-based shipowner and operator SwissMarine Pte Ltd, led by Peter Weernink and widely recognised for SwissMarine Pte Ltd’s strong presence in the capesize and newcastlemax bulk carrier sectors, has returned to the secondhand S&P (Sale and Purchase) market by acquiring four bulk carriers from CLdN Cobelfret’s owned fleet. The purchase represents another expansion move for SwissMarine Pte Ltd and demonstrates that SwissMarine Pte Ltd remains prepared to move decisively when suitable dry bulk asset opportunities become available. SwissMarine Pte Ltd has bought four post-panamax bulk carriers at an undisclosed price after SwissMarine Pte Ltd identified a specific opportunity in the secondhand S&P (Sale and Purchase) market. The acquisition gives SwissMarine Pte Ltd access to some of the largest bulk carriers formerly held by CLdN Cobelfret and increases SwissMarine Pte Ltd’s owned and operated exposure in the larger dry bulk carrier segment. Peter Weernink, founder and chairman of bulk carrier owner and operator SwissMarine Pte Ltd, has been central to the development of SwissMarine Pte Ltd into one of the most prominent dry bulk platforms linked to large bulk carrier employment. SwissMarine Pte Ltd has traditionally been associated with strong commercial activity in capesize and newcastlemax bulk carriers, where operating scale, cargo relationships, chartering access, and accurate market timing are vital. The purchase of four post-panamax bulk carriers shows that SwissMarine Pte Ltd is also willing to widen SwissMarine Pte Ltd’s position into neighbouring bulk carrier size classes when pricing, ship availability, and long-term trading prospects support such a move. SwissMarine Pte Ltd was established by Peter Weernink and has grown into a major dry bulk shipowner and operator with a strong standing in the freight market. SwissMarine Pte Ltd’s background is closely tied to large bulk carrier trading, freight contracts, cargo relationships, and the management of exposure across volatile dry bulk market cycles. Over time, SwissMarine Pte Ltd has developed a commercially focused structure combining owned tonnage, chartered ships, cargo commitments, and freight market knowledge. This model enables SwissMarine Pte Ltd to serve cargo customers while also benefiting from changes in freight rates, ship values, and broader dry bulk market direction. SwissMarine Pte Ltd has been connected with leading shipping investors and dry bulk interests over the years, helping SwissMarine Pte Ltd build an extensive international network across the dry cargo sector. SwissMarine Pte Ltd’s activities have included large bulk carrier operations, post-panamax and baby-cape exposure, capesize bulk carrier employment, newcastlemax bulk carrier trading, and investment in modern dry bulk assets. SwissMarine Pte Ltd has also been linked with renewed shipowning growth, including ownership of modern kamsarmax bulk carriers, as SwissMarine Pte Ltd has worked to rebuild and expand SwissMarine Pte Ltd’s owned fleet base. The acquisition from CLdN Cobelfret adds further depth to that strategy. Post-panamax bulk carriers sit between panamax and capesize tonnage and can provide useful flexibility for cargoes requiring more carrying capacity than a standard panamax bulk carrier without the full port and draft limitations associated with the largest capesize or newcastlemax bulk carrier tonnage. For SwissMarine Pte Ltd, the addition of four post-panamax bulk carriers improves commercial flexibility, supports wider cargo coverage, and broadens the range of ships available to meet customer requirements across Atlantic and Pacific dry bulk trades. SwissMarine Pte Ltd’s renewed activity in the secondhand market also underlines the importance of timing in dry bulk shipping. Secondhand purchases allow shipowners and operators to obtain existing ships without waiting for distant newbuilding delivery positions. In a market where shipyard capacity, newbuilding prices, environmental regulations, and uncertainty over future fuel choices can complicate long-term ordering decisions, acquiring suitable secondhand ships can provide immediate or near-term trading capacity. SwissMarine Pte Ltd’s decision to buy four bulk carriers from CLdN Cobelfret indicates that SwissMarine Pte Ltd saw value in available ships that matched SwissMarine Pte Ltd’s commercial needs. The transaction also supports SwissMarine Pte Ltd’s broader move toward a more diversified dry bulk profile. Although SwissMarine Pte Ltd is best known for capesize and newcastlemax bulk carrier activity, SwissMarine Pte Ltd has also shown interest in smaller and mid-sized bulk carrier categories, including kamsarmax and ultramax bulk carriers. This diversification can help SwissMarine Pte Ltd reduce dependence on one segment and improve SwissMarine Pte Ltd’s ability to respond to changing cargo flows across different commodity trades. By adding post-panamax bulk carriers, SwissMarine Pte Ltd is further strengthening SwissMarine Pte Ltd’s broader dry bulk platform. SwissMarine Pte Ltd’s commercial identity has been shaped by deep involvement in major dry bulk cargo movements, especially where industrial commodities require large-scale ocean transportation. Capesize and newcastlemax bulk carriers are strongly connected with iron ore, coal, and other major raw materials trades, while post-panamax and kamsarmax bulk carriers can serve a wider spread of dry bulk cargoes depending on port infrastructure, cargo size, and chartering demand. This wider fleet mix gives SwissMarine Pte Ltd greater ability to match ships with cargo opportunities and balance market exposure between large-volume trades and more flexible dry bulk employment. Peter Weernink’s leadership remains closely linked to SwissMarine Pte Ltd’s market position. Peter Weernink is strongly associated with the creation and growth of SwissMarine Pte Ltd and has developed a reputation as a dry bulk operator with a detailed understanding of freight cycles, asset opportunities, and customer requirements. Under Peter Weernink’s direction, SwissMarine Pte Ltd has continued to hold a visible position in dry bulk shipping by combining operating scale with selective investment in owned ships. The latest acquisition follows that approach by adding four bulk carriers through a focused secondhand deal rather than through broad speculative fleet growth. CLdN Cobelfret’s involvement in the transaction is also notable because CLdN Cobelfret has long been connected with bulk carrier ownership and operations under the Lowlands naming tradition. The sale of four large bulk carriers from CLdN Cobelfret’s owned fleet to SwissMarine Pte Ltd shows how secondhand tonnage continues to move between established shipping groups as shipowners adjust fleet composition, capital allocation, and exposure to different segments. For SwissMarine Pte Ltd, the purchase of ships from an established European owner brings recognised tonnage into SwissMarine Pte Ltd’s dry bulk platform and improves SwissMarine Pte Ltd’s ability to compete for cargoes in the post-panamax bulk carrier market. The acquisition comes as dry bulk owners continue to compare the advantages of secondhand purchases with the risks of newbuilding orders. High ship prices, regulatory uncertainty, fuel technology questions, and long delivery schedules have made many shipowners more cautious about committing heavily to newbuildings. In this setting, modern or commercially well-positioned secondhand ships can become attractive when price, age, specifications, and employment prospects align. SwissMarine Pte Ltd’s purchase suggests that SwissMarine Pte Ltd identified the right combination of asset quality, market timing, and commercial usefulness. The four post-panamax bulk carriers will increase SwissMarine Pte Ltd’s ability to offer cargo customers a broader range of dry bulk transport solutions. For a shipowner and operator with a strong cargo and chartering network, additional owned ships can provide better control over tonnage availability, closer alignment with customer needs, and stronger participation in market upside. At the same time, expanding owned tonnage can support long-term strategy by giving SwissMarine Pte Ltd a larger asset base alongside SwissMarine Pte Ltd’s operating platform. SwissMarine Pte Ltd’s acquisition of four bulk carriers from CLdN Cobelfret is therefore more than a standard secondhand fleet transaction. The deal demonstrates SwissMarine Pte Ltd’s continuing ambition in dry bulk shipping, SwissMarine Pte Ltd’s readiness to expand when attractive opportunities appear, and SwissMarine Pte Ltd’s ability to adapt across several bulk carrier size classes. For a shipowner and operator built around commercial expertise, market access, and dry bulk experience, the purchase reinforces SwissMarine Pte Ltd’s position in the secondhand market and strengthens SwissMarine Pte Ltd’s long-term commitment to bulk carrier shipping. 15-May-2026
Reactivity and constant turbulence have become the defining hallmarks of today’s dry bulk market, shaped by relentless headline-driven shifts and unpredictable policy developments, according to discussions at the latest Baltic Exchange Forum. During the Baltic Dry Forward Freight Agreement (FFA) Forum in Geneva, a panel led by moderator Ben Goggin, Forward Freight Agreement (FFA) assessor at the Baltic Exchange, examined the growing influence of geopolitics, digitalisation, and commodity-market dynamics on both physical freight activity and the Forward Freight Agreement (FFA) ecosystem. One major theme was the market’s exceptionally fast reaction to global flashpoints such as sanctions, tariff threats, and sudden changes in international trade policy. Ben Goggin asked panellists to assess how sensitive dry bulk freight markets have become to the nonstop flow of shifting narratives surrounding tariffs and sanctions. Ardalan Sappino, Forward Freight Agreement (FFA) trader manager at SwissMarine, commented that the dry bulk sector is now “extremely responsive to those headlines”, noting that information is absorbed “at an increasingly rapid pace”. He emphasised, however, that speed does not necessarily mean irrational behaviour: in his view, the market has matured, allowing it to “respond instantly” while maintaining a degree of discipline. When the focus shifted toward how traders adjust positions after major news breaks, Ben Goggin questioned Karen Taylor, head of industrial commodities at ADM Investor Services, about behavioural changes among market participants. Karen Taylor explained that the old certainty surrounding sanctions and tariffs has largely disappeared. In the past, once measures were announced, “we knew it was going to stick”, she said—whereas now outcomes are unpredictable, which injects short-lived chaos into the market. This uncertainty forces traders to act quickly, producing “bursts of volatility” whose duration is impossible to forecast. Another panellist, Jeffrey Yao, managing director at Profision Shipping, stressed that the dry bulk trade cannot be separated from the commodities it serves. Because dry bulk shipping is fundamentally an essential logistics component, he argued that understanding the broader supply chain—both upstream and downstream—is indispensable. Yao underscored the dominance of iron ore, noting that it “is the largest commodity being shipped in dry shipping, 30–35% of the volume”, and even more influential within the capesize bulk carrier segment, where it overwhelmingly dictates demand. Although the linkage is not perfectly linear, Yao explained that traders routinely monitor the iron ore market to gauge potential short-term impacts on freight levels. He added that extremely high freight levels eventually trigger demand destruction, providing a natural ceiling. As the conversation moved to the future scale of the Forward Freight Agreement (FFA) market, Ben Goggin pointed out that current FFA volumes sit at roughly $100 billion, compared with about $90 billion for the physical market—amounting to “1.1 times the market”. Asked about future potential, Neil Pearson, dry Forward Freight Agreement (FFA) broker at Lightship, expressed considerable optimism, predicting the FFA market could plausibly expand to “two to three times” its current size. He cited rising interest from Indian trading firms as a significant future growth engine. However, he also acknowledged that such expansion will take time, likely unfolding gradually over a period of years. Offering a more cautious counterpoint, Ardalan Sappino argued that the Forward Freight Agreement (FFA) market’s growth potential hinges on the participation of natural hedgers. He suggested that educational obstacles have largely been overcome, and growth now depends primarily on whether the underlying dry bulk market expands in scale. Karen Taylor then addressed a structural barrier that continues to limit broader participation—especially in the thinner supramax and handymax Forward Freight Agreement (FFA) markets. She characterised the challenge as a classic “chicken-and-egg” dilemma: newcomers demand liquidity before entering, but their participation is precisely what would create it. Taylor emphasised that transparency remains a major sticking point. Funds and commodity trading advisors “want transparency” and prefer visible screen-based trading, but, as she noted, “the brokers really don’t want them”, which in her view constrains market development. The session ended with a familiar debate: does the Forward Freight Agreement (FFA) market lead physical freight markets, or does it instead mirror them? Ben Goggin likened the question to determining whether the “tail is wagging the dog”. Ardalan Sappino offered a nuanced conclusion, suggesting the answer varies depending on interpretation and context: “It depends on the story you want to tell, and it depends on the audience.” Ultimately, he noted that examples exist “in both directions”, reinforcing the idea that the physical and Forward Freight Agreement (FFA) markets continually influence each other rather than following a fixed hierarchy. 15-November-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), led by Chief Executive Officer Semiramis Paliou, has secured a high-value charter deal for one of its capesize bulk carriers with Singapore-based shipowner and operator SwissMarine Pte Ltd, achieving one of its strongest fixtures in recent years. The 2015-built 180,000 DWT capesize bulk carrier MV New Orleans has been fixed at a daily rate of $26,000 from October 28, 2025, until at least December 1, 2026, with optional extensions available until February 15, 2027. This new employment replaces the ship’s prior charter with Japanese shipowner and operator K Line’s (Kawasaki Kisen Kaisha KK’s) Singapore-based subsidiary, K Line Bulk, under which it was earning $20,000 per day. According to Athens-based shipowner and operator Diana Shipping Inc. (DSX), the new fixture will generate approximately $10.2 million in gross revenue over the minimum contractual period, excluding potential optional extensions. The improvement in charter rate reflects the firmer market sentiment for capesize bulk carriers heading into Q4 2025, driven by increased iron ore and coal demand. The charter counterparty, SwissMarine Pte Ltd, is one of the world’s leading independent dry bulk freight operators. Established in 2001 and headquartered in Singapore, SwissMarine Pte Ltd manages a large fleet of primarily capesize and panamax bulk carriers through a mix of owned, long-term chartered, and operated ships. The shipowner has built a strong reputation as a major freight trader and one of the most active players in the forward freight agreement (FFA) markets, offering global industrial clients flexible, reliable, and cost-efficient transport solutions. Founded by former executives of Cargill and Bocimar, SwissMarine Pte Ltd operates offices in Singapore, Geneva, Copenhagen, Verbier, and Athens, overseeing a commercially controlled fleet of more than 170 ships. SwissMarine Pte Ltd’s clientele includes major mining companies, steel producers, and energy traders who rely on its expertise in long-haul dry bulk logistics. The shipowner is particularly active in the Atlantic and Pacific basins, specializing in the transportation of iron ore, coal, bauxite, and grain. SwissMarine Pte Ltd’s success lies in its hybrid business model, which blends the flexibility of a ship operator with the strategic stability of a traditional shipowner, allowing it to manage both freight exposure and tonnage optimization effectively. The firm’s founder and long-serving executive Peter Weernink has been instrumental in building SwissMarine Pte Ltd into one of the most recognized names in the bulk shipping industry. SwissMarine Pte Ltd maintains a strong financial standing, backed by long-term relationships with top-tier charterers and banks, and continues to expand its controlled fleet with high-quality tonnage sourced from reputable owners and newbuilding programs. The partnership between Athens-based shipowner and operator Diana Shipping Inc. (DSX) and SwissMarine Pte Ltd underscores both shipowners’ shared focus on operational excellence and prudent risk management. For Diana Shipping Inc. (DSX), the deal secures predictable income visibility in a strengthening market, while for SwissMarine Pte Ltd, it ensures access to a high-specification capesize bulk carrier to meet growing demand for long-haul cargo transport. The charter also reinforces SwissMarine Pte Ltd’s position as a leading operator in the global dry bulk sector and highlights Diana Shipping Inc. (DSX)’s ability to capitalize on strong charterer relationships to enhance earnings amid an improving freight environment. 16-October-2025
Is the era of seaborne coal nearing its end? Bulker companies continue to hold contrasting opinions on the future of the commodity. Shipbrokers, ship operators, and shipowners remain divided over whether a revival in coal demand is likely to materialize in the coming years. Peter Weernink, founder and CEO of SwissMarine, has taken a firm stance, arguing that seaborne coal volumes will continue to decline steadily over the long term as global energy markets shift toward cleaner alternatives and governments implement stricter decarbonisation policies. The debate persists, as seaborne coal volumes have already fallen in 2025, leaving the industry to speculate on whether there will be a rebound and, if so, when it might occur. Founded in 2001, SwissMarine has grown into one of the world’s leading commercial operators of dry bulk ships, with a particular focus on the capesize segment. Headquartered in Lausanne, Switzerland, SwissMarine was established by Peter Weernink alongside several major industry backers, including commodity trading houses and shipowning partners, with the goal of creating a powerful freight trading platform. Today, SwissMarine commercially manages and operates a large fleet of bulk carriers, specializing in the transportation of iron ore and coal, two of the most critical raw materials in global trade. Over the years, SwissMarine has gained a reputation as an influential player in the dry bulk shipping market, not only due to the scale of its operations but also because of its active role in the freight derivatives and forward freight agreement (FFA) markets. The company has consistently emphasized efficiency, competitive freight solutions, and close relationships with charterers worldwide. Peter Weernink, who has been the driving force behind SwissMarine’s growth, has guided the group’s strategic focus on building a flexible and modern fleet profile, capable of responding to the cyclical nature of dry bulk markets. Despite SwissMarine’s strong presence in coal transportation, Weernink’s recent comments reflect the group’s pragmatic view of the long-term decline in coal demand. His perspective highlights the structural changes within the energy and shipping sectors, where diversification of cargoes and adaptation to new trade flows are becoming increasingly vital for survival and profitability. SwissMarine’s history of navigating volatile markets, its involvement in freight trading, and its scale in the capesize market position it as a key voice in the debate on the future of seaborne coal. While many in the industry question whether coal volumes could rebound following the 2025 decline, SwissMarine’s outlook underscores a broader transition, signaling that even companies deeply rooted in coal transportation are preparing for a world where alternative cargoes and environmentally sustainable strategies will define the next chapter of bulk shipping. 17-September-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited, through its subsidiary company Refined Success, chartered in one newcastlemax bulk carrier and one post-panamax bulk carrier from Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX); Cosco Shipping Bulk subsidiary Refined Success chartered in the 2012-built newcastlemax bulk carrier 206K DWT MV Philadelphia until June 2026 at a daily rate of $21,500, with extension options beginning from 8 August 2026, and is scheduled to take delivery of the newcastlemax bulk carrier MV Philadelphia on 29 May 2025, while the same newcastlemax bulk carrier MV Philadelphia had previously been chartered by CEO Semiramis Paliou-led Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) to Nippon Yusen Kaisha (NYK) at a daily rate of $22,500; furthermore, Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) chartered out the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra to Singapore-based shipowner and operator SwissMarine Pte Ltd for $9,750 per day following the conclusion of the post-panamax bulk carrier MV Phaidra’s earlier charter with Athens-based ship operator Aquavita International at a rate of $12,000 per day, with the new fixture for the 2013-built post-panamax bulk carrier 87K DWT MV Phaidra commencing on 31 May 2025 and continuing until 1 January 2026, and Singapore-based shipowner and operator SwissMarine Pte Ltd retaining options to extend the employment of the MV Phaidra until 8 February 2026, with both ships combined expected to generate approximately $10 million of gross revenue for Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), which currently owns and operates a fleet of 37 bulk carriers and has two methanol dual fuel kamsarmax newbuilds scheduled for delivery in 2027 and 2028, while SwissMarine Pte Ltd, founded in 2001 and headquartered in Singapore with additional offices in Geneva and Dubai, is one of the world’s leading dry bulk freight trading and ship operating firms, specializing in panamax, post-panamax, and capesize bulk carrier operations, managing a large fleet through chartered-in tonnage and focusing on servicing major industrial clients across energy, steel, mining, and agricultural commodity sectors through both spot and time-charter freight solutions. 28-May-2025
Singapore-based shipowner and operator SwissMarine Pte Ltd, led by Peter Weernink and traditionally recognized for its significant presence in the capesize and newcastlemax bulk carrier segments, is now redirecting its expansion strategy toward smaller bulk carrier classes, specifically kamsarmax and ultramax ships, as the capesize bulk carrier market presents limited room for further growth; SwissMarine Pte Ltd is actively enlarging its fleet in these mid-size segments and increasing its workforce to support operational growth and diversification. Founded in 2001 and headquartered in Singapore, SwissMarine Pte Ltd is a privately held dry bulk shipping company that has historically specialized in the transportation of major commodities including iron ore, coal, and grains across global routes. SwissMarine Pte Ltd operates one of the largest commercially managed capesize fleets in the world and serves major mining, energy, and commodity trading companies. The shift toward kamsarmax and ultramax ships reflects SwissMarine Pte Ltd’s intention to diversify cargo coverage, enhance flexibility across more trade routes, and capture market opportunities in regions and ports less accessible to larger bulk carriers, all while maintaining its reputation for efficient and reliable global dry bulk transportation services. 23-May-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), under the leadership of Semiramis Paliou, has finalized the sale of its 2010-built post-panamax bulk carrier 93K DWT MV Alcmene for approximately $12m and has successfully negotiated a charter extension for one of its newcastlemax bulk carriers at an increased rate. Greek shipowner and operator Diana Shipping Inc. (DSX) will transfer the post-panamax bulk carrier MV Alcmene to an undisclosed shipowner by March 7, 2025. The Jiangsu New Yangzijiang-built post-panamax bulk carrier MV Alcmene, purchased by Athens-based Diana for about $40m in 2010, is the oldest post-panamax bulk carrier in Diana’s fleet, which will include 37 bulk carriers following the completion of this transaction. Additionally, Diana Shipping Inc. (DSX) has arranged a charter extension with Singapore-based shipowner and operator SwissMarine Pte Ltd for the 2017-built newcastlemax bulk carrier 208K DWT MV San Francisco. The newcastlemax bulk carrier MV San Francisco, currently earning $22,000 per day, will see its rate increase to $26,000 per day starting February 27, extending until at least October 25, 2026, with options to extend the charter up to December 25, 2026. SwissMarine Pte Ltd, known for its robust operations in the dry bulk sector, manages a diverse fleet that specializes in the transport of bulk commodities such as iron ore, coal, and grain across international waters. Established with a strategic vision to capitalize on global trade flows, SwissMarine Pte Ltd leverages its extensive network and market insights to optimize ship employment and ensure efficient service delivery. This latest charter agreement with Diana Shipping Inc. (DSX) exemplifies SwissMarine Pte Ltd’s commitment to securing long-term partnerships with leading shipping companies, enhancing its stability and growth in the competitive maritime industry. 12-February-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), led by Semiramis Paliou, has secured a time charter agreement with Singapore-based SwissMarine Pte Ltd for one of its capesize bulk carriers. The 2010-built capesize bulk carrier, MV New York, with a deadweight of 177K, has been chartered out to Stone Shipping. The agreed gross charter rate is $17,600 per day, spanning from a minimum of January 15, 2026, to a maximum of March 30, 2026. The charter commenced on January 12. This engagement of the MV New York is expected to generate approximately $6.03 million in gross revenue for the minimum duration of the time charter. Currently, the fleet of Diana Shipping Inc. comprises 38 dry bulk carriers, which include four newcastlemax bulk carriers, eight capesize bulk carriers, five post-panamax bulk carriers, six kamsarmax bulk carriers, six panamax bulk carriers, and nine ultramax bulk carriers. Moreover, Diana Shipping Inc. is set to expand its fleet with the addition of two methanol dual-fuel new-building kamsarmax dry bulk vessels, scheduled for delivery in the second half of 2027 and the first half of 2028, respectively. SwissMarine Pte Ltd, the Singapore-based shipowner and operator, is a significant player in the global shipping industry, specializing in the ownership and operation of bulk carriers. Established with a strategic vision to lead in maritime freight services, SwissMarine has cultivated a strong market presence particularly in the Asia-Pacific region, leveraging Singapore’s pivotal maritime hub status. SwissMarine’s operations are diversified across various bulk commodities, including iron ore, coal, grain, and other essential goods, necessitating a versatile and robust fleet capable of meeting the demands of international trade. The company prides itself on its operational excellence, maintaining a fleet that adheres to the highest standards of safety and environmental responsibility. SwissMarine is known for its innovative approach to shipping, integrating the latest technological advancements to enhance efficiency and reduce environmental impact. The company’s strategic location in Singapore allows it to effectively manage and expand its services across critical shipping routes, facilitating trade between major global economies. SwissMarine’s commitment to sustainability is evident in its participation in various environmental initiatives and its investments in greener technologies, reflecting the broader industry’s shift towards more sustainable operations. SwissMarine Pte Ltd’s collaborations with leading shipowners like Diana Shipping Inc. reflect its reputable standing in the industry, underpinned by mutual goals of reliability, efficiency, and sustainable development. These partnerships are crucial as SwissMarine continues to navigate the complexities of global trade, reinforcing its commitment to providing top-tier maritime logistics solutions. As SwissMarine Pte Ltd looks to the future, it remains dedicated to enhancing its operational capabilities and extending its reach within the global shipping market, ensuring it continues to provide exceptional value and service to its clients worldwide. 22-January-2025
Singapore-based shipowner and operator SwissMarine Pte Ltd has joined the expanding roster of maritime firms investing in publicly traded dry bulk entities, signifying a trend in the shipping industry. Helmed by Peter Weernink, the dry bulk behemoth SwissMarine Pte Ltd has recently procured nearly 2.5 million shares in Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL). These shares, currently circulating at roughly $6 apiece, constitute a 5.34% ownership stake in Pangaea Logistics Solutions (PANL). SwissMarine Pte Ltd CEO Peter Weernink’s journey began with the founding of SwissMarine in 2001, initially envisioned as a freight operator catering primarily to coal-powered stations and steel producers in Europe, utilizing capesize and panamax bulk carriers. SwissMarine’s journey began in 2001, positioning itself as a freight operator primarily serving European coal power stations and steel mills, as well as providing transportation solutions for raw materials needed by various industries. Initially focusing on capesize and panamax vessels, the company carved a niche for itself in the maritime industry. Over time, SwissMarine didn’t just grow in terms of scale; it also diversified its services, steadily transforming into a brand that’s well-recognized within the shipping industry. The company’s expansion wasn’t just about increasing the number of ships in its fleet, but also about broadening its service offerings to cater to a more diverse clientele. As of now, SwissMarine Pte Ltd operates under the leadership of its Singapore headquarters, with a global presence marked by offices in diverse locales such as Geneva, Copenhagen, and Verbier, and a representative branch in Tokyo. The company’s human resource strength stands at over 50 professionals. Its operational fleet comprises around 160 dry bulk vessels, including major capesize, babycape, panamax, and supramax bulk carriers. Annually, SwissMarine oversees the transportation of approximately 120 million metric tons of cargo on a global scale, a testament to its substantial role in the industry. A significant shift occurred on September 13, 2019, when Singapore Marine Pte. Ltd., a venture initiated by Peter Weernink, SwissMarine’s former Managing Director and founder, acquired SwissMarine and its subsidiaries. This strategic move wasn’t just a change in ownership; it was backed by influential investors from the maritime sphere. These included notable names like Golden Ocean, Ionic Shipping, the Martinos family through Thenamaris, individuals such as Angus Paul and Will Snellings of the Marianas fund, and the Veniamis family, known for Golden Union Shipping. This consortium of high-profile stakeholders highlights the confidence and interest vested in SwissMarine’s potential and strategic direction in the shipping industry. At present, the Singapore-based shipowner and operator SwissMarine Pte Ltd oversees operations for approximately 150 bulk carriers. Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) maintains a fleet of around 50 bulk carriers, encompassing both owned assets and those chartered in the short term. This development underscores the ongoing pattern in 2023 of investments within the dry bulk sector. Notable transactions include John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) and Petros Panagiotidis-led Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) securing a stake in Eagle Bulk Shipping (EGLE); Greek Konstantinos Konstantakopoulos-led New York-listed shipowner and operator Costamare Inc. (CMRE) acquiring a significant share in fellow Stamatis Tsantanis-led pure capesize shipowner and operator Seanergy Maritime (SHIP); and Greek shipping tycoon George Economou, apart from his endeavors with Performance Shipping in the tanker segment, initiating a strategic investment in the Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company. These movements highlight the dynamic capital reallocation and strategic partnerships unfolding in the shipping industry. 16-October-2023
Geneva-based shipowner and operator SwissMarine chartered in 2015 built capesize bulk carrier 181K DWT MV KSL Sakura as a sublet deal from German energy giant RWE for around two years. German energy giant RWE chartered in 2015 built capesize bulk carrier 181K DWT MV KSL Sakura from New York-listed Golden Ocean Group. Peter Weernink led shipowner and operator SwissMarine will pay a $4,000 premium over the Baltic Exchange’s Capesize 5TC. Currently, The Baltic Exchange’s Capesize 5TC spot rate average is around $8,918 per day. 30-January-2022
Geneva-based shipowner and operator SwissMarine and P&I (Protection and Indemnity) insurer Gard are trying to force a payout for damage to 2006 built capesize bulk carrier 174K DWT MV Mineral Libin after a clash with another ship in China in 2007. Norwegian Supreme Court delivered a landmark judgment that authorizes a lawsuit to be followed against Skuld over a collision in 2007. Norwegian Supreme Court found that the claim was not time-barred because a tribunal did not base liability until 2016. Peter Weernink-led shipowner and operator SwissMarine and P&I (Protection and Indemnity) insurer Gard’s lawyers at Thommessen expressed that the Norwegian Supreme Court’s verdict clarified key issues on the interpretation of the Insurance Contracts Act (ICA) and the Norwegian Limitation Act (NLA). In 2007, The conflict arose after 2006 built capesize bulk carrier 174K DWT MV Mineral Libin, while turning to starboard to berth in a river, smashed a buoy and another berthed ship, provoking substantial damage to both ships. In 2010, Disponent Owner Geneva-based SwissMarine commenced arbitration proceedings against sub-charterer Transfield, alleging that the port was unsafe for the ship in breach of the safe port warranty in the charterparty. However, sub-charterer Transfield claimed that the collision was caused by navigation errors of the Pilot or Ship Master. In 2010, sub-charterer Transfield went into liquidation, giving the shipowner a protected right to bring a potential direct claim against Skuld under the Insurance Contracts Act (ICA). Nevertheless, the case of liability through the charter chain was only eventually resolved through London arbitration in 2016. Later on, Geneva-based shipowner and operator SwissMarine brought the claim against Skuld, which argued that by that point it was too late. Norwegian Supreme Court started from the premise that the limitation period under the Norwegian Limitation Act (NLA) commences when the claim holders have sufficient information to institute legal proceedings. Norwegian Supreme Court stated that Geneva-based shipowner and operator SwissMarine filed a petition for conciliation proceedings against Skuld in September 2016, the claim was therefore not time-barred. 5-March-2020
Geneva-based shipowner and operator SwissMarine sold two (2) capesize bulk carriers. 2016 Japanese built 181K DWT MV Corsier and 2016 Japanese built 181K DWT MV Celigny were sold around $42.5 million each to JP Morgan Global Maritime. Last month, CEO Peter Weernink took back control of SwissMarine. According to market veterans, MV Corsier and MV Celigny is worth around $41.4 million each. In recent years, Switzerland based shipowner and operator SwissMarine has been scaling down its owned fleet. In 2013, MV Corsier and MV Celigny were ordered for $50 million each. The latest bulker offloads does not mean that SwissMarine is disappearing from the large bulk carrier segment. Cargill trained Dutchman CEO Peter Weernink formed SwissMarine in 2001. SwissMarine has been one of the dominating players in the capesize market. In April 2018, Peter Weernink left SwissMarine and established Singapore Marine. SwissMarine’s shareholders led by Glencore were unable to commit to growth. Peter Weernink led Singapore Marine is now taking over SwissMarine for an undisclosed price. Peter Weernink is aiming to cooperate with a group of committed new investors who wants to acquire around 150 bulk carriers. Currently, new investors are buying the shares of Peter Weernink’s co-shareholders in SwissMarine, including Glencore, steel trader MUR, and Greek shipowner Victor Restis. Norwegian shipping tycoon John Fredriksen’s shipping arm Golden Ocean is one of the key investors working with Peter Weernink. 19-September-2019
Geneva-based shipowner and operator SwissMarine chartered in two kamsarmax bulk carriers from New York-listed shipowner and operator Diana Shipping (DSX). Peter Weernink-led shipowner and operator SwissMarine chartered in 2017 built kamsarmax bulk carrier 208K DWT MV Newport News for around $16,500 per day and 2012 built kamsarmax bulk carrier 206K DWT MV Los Angeles for around $13,250 per day. In the spot market today, the Baltic Exchange’s weighted time charter average rate for capesize 5T routes was at $5,747 per day which is the lowest level seen since February 2017. 25-February-2019
On 15 March 2018 Switzerland based freight operator SwissMarine chartered in 2004 built capesize dry bulk carrier 175K DWT MV KWK Providence from Tai Chong Cheang (TCC) for $17,250 per day for 2 years. MV KWK Providence chartering will start in April and will be delivered at Qingdao, China. MV KWK Providence $17,250 per day charter rate is softer than the $20,000 per day for 180K DWT MV Navios Lumen that was chartered in by SwissMarine last week for a year. This week, SwissMarine also chartered in 2005 built capesize dry bulk carrier 171K DWT MV Star Lady at 93% of BCI for a year period. According to forwards market data from the Baltic Exchange, one-year freight markets are currently priced around $17,125 per day. 18-March-2018
Geneva-based ship operator SwissMarine chartered in capesize dry bulk carrier 2011 built 175K DWT M/V Charlotte Selmer for a year at $13,500 per day. 2-April-2017
Peter Weernink led shipowner and operator SwissMarine sold the oldest capesize bulker 1997 built 172K DWT M/V Confignon for demolition to Pakistani shipbreakers for $7.3 million. M/V Confignon was bought by SwissMarine as MV Orchid River for $12.5 million in 2012. M/V Confignon was due for a special survey in 2017. 5-January-2017
SwissMarine bought 2011 built panamax bulk carrier 82K DWT MV United Fortune for about $15 million. Main lenders of Japanese shipowner United Ocean are attempting to recover around one billion dollars in funds from the company, which filed for bankruptcy at the Tokyo district court in January 2016. Largest creditors of Japanese shipowner United Ocean are: Resona Bank, Tokyo Mitsubishi UFJ and Mizuho Bank. The collapse of the Japanese shipowner United Ocean was followed by allegations that charter parties had been misrepresented to secure funding from the bankruptcy filing revealed $1.23 billion of debts. 8-August-2016