Michael Bodouroglou, CEO of Allseas Marine SA, has raised concerns about charterers pressuring shipowners into navigating through the Red Sea’s danger zones, despite the increased risks from attacks by Yemen’s Houthi militia. According to reports, some charterers are not only threatening legal action against shipowners but are also pushing for the removal of war risk clauses from contracts. This move forces shipping companies to consider a perilous passage through the Red Sea and Gulf of Aden, areas that have seen a spike in maritime threats. In response to these security challenges, numerous owners have opted for safer, albeit longer, routes around South Africa to avoid the conflict-prone waters. The tension highlights the complex negotiation dynamics between shipowners and commodities traders, with safety concerns being weighed against contractual obligations and the financial implications of longer transit routes. 4-February-2024
Greek shipping tycoon Michael Bodouroglou-led Allseas Marine sold a pair of supramax bulk carriers for a total of more than $24 million. Voula based Allseas Marine SA reportedly sold 2011 built supramax bulk carrier 56K DWT MV Paros Seas and sistership MV Kavala Seas for more than $12 million each. MV Paros Seas and MV Kavala Seas were built at Jiangdong Shipyard, China. MV Paros Seas and MV Kavala Seas had been in the Allseas Marine SA’s fleet for more than six years since the Michael Bodouroglou bought them from Eastman Transport for about $21 million each. At the beginning of 2019, Allseas Marine has been exploring a sale of the two bulk carriers for several months. In October 2018, Allseas Marine SA sold 2002 built handysize bulk carrier 28K DWT MV Voula Seas to Lebanese interest for about $6.5 million. MV Voula Seas has been renamed MV Sallizar Forte. On the other hand, Michael Bodouroglou is adding tankers in what is understood to be a diversification process of his fleet. Allseas Marine SA ended a 12-year absence from the tanker market in 2018. In 2018, Allseas Marine SA acquired 2016 built 160K DWT MT RS Tara and 2017 built 159K DWT MT RS Aurora. 2016 built 160K DWT MT RS Tara is currently trading with Heidmar’s Blue Fin tankers pool. 2017 built 159K DWT MT RS Aurora is currently trading with Navig8’s Suez 8 pool. Voula based Allseas Marine SA is understood to be exploring further moves to reshuffle its fleet, with the possible addition of tankers and bulk carriers in all possible sizes. Currently, Voula based Allseas Marine SA has a mixed fleet of nine (9) bulkers, four (4) containerships, and two (2) tankers. 6-August-2019
Greek shipowner and operator Allseas Marine is selling an eight-year-old panamax dry bulk carrier. Michael Bodouroglou-led Allseas Marine is selling 2009 built 75K DWT M/V Dream Seas for $13.5 million. M/V Dream Seas was built in Chinese shipyard Hudong-Zhonghua Shipbuilding. Michael Bodouroglou’s New York-listed Paragon Shipping bought M/V Dream Seas (ex M/V Iorana) from Anangel Maritime Services for $41 million in 2010. 21-September-2017
New York-listed, Michael Bodouroglou-led Paragon Shipping will not take a delivery of new building ultramax bulk carrier from Chinese Shipyard. Paragon Shipping received a notice of default from Chinese Yangzhou Dayang Shipbuilding for not taking delivery of the ship. Paragon Shipping will take delivery of 3 kamsarmax bulk carriers at the end of 2016 from Jiangsu Yangzijiang Shipbuilding. Paragon Shipping sold all of its fleet (6 dry bulk carriers) in order to satisfy banks in March 2016. Paragon Shipping plans to delist from the Nasdaq due to not meeting the Nasdaq’s minimum stockholder equity requirement of $2.5 million. 25-May-2016
Paragon Shipping continues to sell vintage tonnage for further trading despite the spot market for bulk carriers having failed to meet operating costs for some time. Paragon Shipping appeared to have disposed of the 1999 built panamax bulk carrier 74K DWT MV Calm Seas and 1999 built panamax bulk carrier 72K DWT MV Deep Seas earlier this week for further trading to an undisclosed buyer for $2.9 million each, in line with demolition prices. MV Calm Seas is due for SS (special survey) in September 2018 and M/V Deep Seas in January 2019. MV Calm Seas and M/V Deep Seas’ sale price is $200,000 above scrap value. 25-January-2016