Atlantska Plovidba

Croatian shipowner and operator Atlantska Plovidba has experienced a prosperous first quarter, as reported by CEO Marko Domijan. Listed on the Zagreb Stock Exchange, Atlantska Plovidba has seen an increase in both earnings and revenue up to March 31, 2024, benefiting from favorable conditions in the bulker markets. The company announced that its net earnings rose to $2.5 million, while its operating earnings reached $4.28 million for the Q1 2024. 1-May-2024

 

Croatian shipowner and operator Atlantska Plovidba is expanding its fleet with an additional ultramax bulk carrier from Jiangsu Hantong Ship Heavy Industry. Under the leadership of CEO Marko Domijan, Atlantska Plovidba is advancing its fleet renewal strategy, which has continued vigorously following its acquisition by Zadar-based Tankerska Plovidba. In a recent announcement to the Zagreb Stock Exchange, Atlantska Plovidba disclosed its decision to exercise an option for a third ultramax bulk carrier newbuilding at Jiangsu Hantong Ship Heavy Industry. This move aligns with the Atlantska Plovidba’s ongoing efforts to modernize and expand its fleet capabilities. The contract price for the 63K DWT ultramax bulk carrier newbuilding is set at approximately $32.5 million. This investment is part of Atlantska Plovidba’s broader strategy to enhance its operational fleet with newer, more efficient bulk carriers. 16-April-2024

 

The Croatian bulk carrier company Atlantska Plovidba has placed an order for two ultramax bulk carriers with Jiangsu Hantong Ship Heavy Industry in China. This order by the company, which is listed in Zagreb and primarily owned by the Zadar-based Tankerska Plovidba, involves an investment of approximately $65 million for the pair of 53K DWT ultramax bulk carriers, designed in compliance with the International Maritime Organization (IMO) Tier III and EEDI Phase 3 standards. With a current fleet of 11 bulk carriers, Atlantska Plovidba anticipates the delivery of these new ultramax vessels in 2026. In addition to this recent order, the Dubrovnik-based Atlantska Plovidba had previously commissioned four kamsarmax bulk carriers at Jiangsu Hantong in 2021, at a cost of around $34 million each. Of these, two have been delivered, with one undergoing a resale transaction worth $37.5 million, and the other, MV AP Dubrovnik, continuing as part of Atlantska Plovidba’s fleet under a decade-long agreement with a Chinese leasing company. Tankerska Plovidba, under the leadership of Mario Pavic and holding approximately 64% ownership, remains a significant stakeholder in Atlantska Plovidba, which has its headquarters in Dubrovnik. 1-March-2024

 

Tankerska Plovidba has successfully taken over Atlantska Plovidba by acquiring a $75 million stake, thereby becoming its controlling shareholder. This strategic acquisition saw Tankerska Plovidba add a 25% share, elevating its total ownership to 64.11% of Atlantska Plovidba. The acquisition involved purchasing 523,534 shares, representing a 25.01% stake, as disclosed in a stock exchange filing. This move consolidates Tankerska Plovidba’s position within the Croatian shipping industry, marking a significant expansion of its maritime assets. Tankerska Plovidba, established in 1955 in Zadar, Croatia, stands as the nation’s premier shipping company. It boasts an extensive office in Rijeka, alongside a subsidiary in London, England. This esteemed entity is renowned for its close collaboration with local shipyards for new constructions, thereby furnishing modern vessels for crude oil and dry bulk transportation. It is celebrated for harnessing cutting-edge technology within its fleet and ensuring its crew remains at the forefront of industry standards through continual training and education. This approach guarantees the provision of efficient, safe, and eco-friendly services to all its clients​​. In a strategic expansion, Tankerska Plovidba’s fleet includes a variety of vessels, ranging from tankers and bulk carriers to high-speed crafts for passenger transport. Among its notable assets are the aframax tankers, such as Olib, designed for oil transportation through icy waters, demonstrating the company’s engineering prowess and commitment to versatility in its service offerings​​. Moreover, Tankerska Next Generation (TNG), an offshoot founded in August 2014, underscores the company’s forward-looking investment strategy. TNG was launched with two existing product tankers and a newbuilding contract, marking its entry into the capital market through a successful initial public offering (IPO) in February 2015. This move raised significant capital for further fleet expansion, including contracts for newbuildings from the South Korean Hyundai Mipo shipyard​​. Tankerska Plovidba prides itself on its crew, regarding them as the company’s most valuable asset. It fosters a strong team spirit, with most of its crew locally sourced from the Zadar region, many of whom are graduates of the Zadar Nautical College, which the company supports. This investment in local talent and education not only secures the future of the region’s maritime heritage but also aligns with the company’s ethos of long-term commitment and quality in its operations​​. The fleet itself is a testament to Tankerska Plovidba’s breadth, including modern tankers and bulk carriers, as well as high-speed craft for passenger transport within Croatia, showcasing the company’s versatility and commitment to serving various sectors within the maritime industry​​. Tankerska Plovidba’s approach to its operations, emphasizing the integration of modern technology, crew expertise, and a strong partnership with local shipyards, positions it as a leader in the maritime industry, committed to excellence, safety, and environmental stewardship​​. 22-February-2024

 

Croatian shipowner and operator Tankerska Plovidba has ambitious intentions regarding the acquisition of Atlantska Plovidba. Croatia-based Tankerska Plovidba is set to initiate a takeover bid for its compatriot bulker owner and operator, Atlantska Plovidba. The management of the Croatian shipowner is firmly supporting the offer made by their domestic competitor. Atlantska Plovidba’s CEO, Marko Domijan, is also in favor of the deal. Tankerska Plovidba is making a bid of $75 million to acquire the remaining 60.9% stake in the bulk shipping company Atlantska Plovidba that it does not already own. Atlantska Plovidba’s management has expressed their alignment with the strategic plans outlined by Tankerska in a stock exchange filing. 28-January-2024

 

The Egypt-based National Navigation Company (NNC) has been identified as the buyer of a new ship sold earlier this month by Atlantska Plovidba, a shipowner and operator based in Croatia. Documents reveal that Atlantska Plovidba disposed of a kamsarmax newbuild set for delivery in early 2024. The 82K DWT kamsarmax bulk carrier, named MV Aplovrijenac, is among four bulk carriers Atlantska Plovidba has commissioned in China. The Zagreb-listed Atlantska Plovidba completed the sale of the MV Aplovrijenac, constructed by Jiangsu Hantong Ship Heavy Industry, for $37 million. National Navigation Company (NNC), headquartered in Cairo, maintains a fleet comprising 13 bulk carriers under the Egyptian flag and one containership. This acquisition marks National Navigation Company’s (NNC) first in several years. 24-November-2023

 

Atlantska Plovidba, a Croatian shipowner that is currently a takeover target, has completed the sale of one of the four bulk carriers it had on order in China. The specific vessel is an 82K DWT (deadweight ton) kamsarmax bulk carrier new building with the Hull No 278, and it was sold for a total of $37 million. The identity of the buyer has not been disclosed. Additionally, Dubrovnik-based and Zagreb Stock Exchange-listed shipowner Atlantska Plovidba has disclosed new financing arrangements involving Hudson Structured Capital Management. 8-November-2023

 

Croatia-based Tankerska Plovidba is set to initiate a takeover bid for its compatriot bulker owner and operator, Atlantska Plovidba. Mario Pavic-led Tankerska Plovidba has disclosed its intention to launch a takeover offer to acquire the remaining 60.9% stake in Croatian shipowner and operator Atlantska Plovidba that it does not already own, as required by local takeover regulations. Tankerska Plovidba’s move follows a recent capital increase by Atlantska Plovidba, during which Tankerska Plovidba purchased approximately 32.7% of Atlantska Plovidba’s capital, increasing Tankerska Plovidba’s ownership stake in the Dubrovnik-based Atlantska Plovidba to 39.1%. Tankerska Plovidba needs to acquire an additional 11% to obtain a majority interest, and it is expected to make an offer for the remaining Atlantska Plovidba shares within the legal timeframe, possibly tendering around €53.5 per share, the price at which Tankerska Plovidba acquired shares during Atlantska Plovidba’s recapitalization. Currently, Tankerska Plovidba manages a diverse fleet comprising ten (10) tankers, three (3) bulk carriers, and six (6) ferries. In contrast, Atlantska Plovidba operates a fleet of ten (10) bulk carriers, with ownership confirmed for two, and four additional panamax bulk carrier newbuildings slated to join the fleet from Jiangsu Hantong in China. 8-November-2023

 

Croatian shipowner and operator Atlantska Plovidba seeks to replenish its financial resources following a significantly less lucrative period in the dry cargo markets. Atlantska Plovidba, a shipping company specializing in bulk carriers, has announced its intention to issue new shares worth a minimum of €13.9 million and a maximum of €27.8 million. Only shareholders registered by 28 July 2023 will have the opportunity to subscribe to the stock offering, as stated by Atlantska Plovidba. The exact allocation of the funds was not disclosed in the submission to the Zagreb Stock Exchange. Currently, Atlantska Plovidba owns and operates four (4) handysize bulk carriers and five (5) panamax bulk carriers. 30-June-2023

 

Croatian shipowner and operator Atlantska Plovidba signed a sale and leaseback deal for three (3) bulk carriers with China Huarong Shipping Financial Leasing. Dubrovnik-based and Zagreb Stock Exchange-listed shipowner Atlantska Plovidba signed a five-year agreement sale and leaseback deal for 2012 built supramax bulk carrier 57K MV AP Astarea
2012 built supramax bulk carrier 57K MV AP Slano and 2015 built supramax bulk carrier 39K MV AP Dubrava. Croatian shipowner and operator Atlantska Plovidba resumes refinancing through Chinese sale and leaseback agreements. Currently, Atlantska Plovidba operates 11 bulk carriers extending from handysize up to panamax bulk carriers with 227 employees. 14-November-2022

 

Croatian shipowner and operator Atlantska Plovidba has put 2016 built handysize bulk carrier 39K DWT MV AP Revelin back into service two months after the bulk carrier suffered severe damage in a collision. Dubrovnik-based and Zagreb Stock Exchange-listed shipowner Atlantska Plovidba controlled MV AP Revelin was in collision with another ship in the US on 21 August 2022. Croatian shipowner and operator Atlantska Plovidba has repaired MV AP Revelin in the United States. 2016 built handysize bulk carrier 39K DWT MV AP Revelin has now been successfully repaired and has resumed routine trade operations. Currently, Atlantska Plovidba operates 11 bulk carriers extending from handysize up to panamax bulk carriers with 227 employees. 20-October-2022

 

Zagreb Stock Exchange-listed Croatian shipowner Atlantska Plovidba owned Martrade operated 2016 built handysize bulk carrier 39K DWT MV AP Revelin was involved in a collision in Texas, US Gulf on Sunday. The ship is currently anchored at Sabine. Dubrovnik-based shipowner and operator Atlantska Plovidba-owned MV AP Revelini is seriously damaged in the US collision. Croatian shipowner Atlantska Plovidba expressed that the accident involving another ship occurred at Port Arthur, Texas. Atlantska Plovidba would be facing an earnings headache. Currently, Zagreb Stock Exchange-listed Croatian shipowner operates ten (10) bulk carriers extending from handysize up to panamax bulk carriers. 28-August-2022

 

Croatian shipowner and operator Atlantska Plovidba sold 2012 built supramax bulk carrier 57K DWT MV AP Ston for around $19.5 million. Dubrovnik-based shipowner and operator Atlantska Plovidba has not revealed the buyers. Atlantska Plovidba will deliver 2012 built supramax bulk carrier 57K DWT MV AP Ston to the new shipowner in Q4 2022. However, till that time MV AP Ston will be managed by Zagreb-listed shipowner and operator Atlantska Plovidba. In June 2021, 2012 built supramax bulk carrier 57K DWT MV AP Ston was reported sold to a Chinese finance company in a leaseback deal. In Q1 2022, Croatian shipowner and operator Atlantska Plovidba reported a net profit of $9.4 million. Lately, Dubrovnik-based shipowner and operator Atlantska Plovidba has been boosting cash through a series of sale-and-leaseback agreements. In August 2021, Croatian shipowner and operator Atlantska Plovidba sold 2016 built handysize bulk carrier 38K DWT MV AP Revelin to leasing house CSSC Shipping to slash interest payments. Sale-and-leaseback agreement comprised a charter back to Croatian shipowner and operator Atlantska Plovidba for eight (8)years. In September 2021, Dubrovnik-based shipowner and operator Atlantska Plovidba expressed the company was renewing its fleet. Atlantska Plovidba ordered two (2) 82K DWT kamsarmax bulk carriers with two (2) options at Jiangsu Hantong Ship Heavy Industry. Zagreb-listed shipowner and operator Atlantska Plovidba paid around $34 million per kamsarmax bulk carrier. Currently, Atlantska Plovidba operates 10 bulk carriers extending from handysize up to panamax bulk carriers. 7-May-2022

 

The Dubrovnik-based shipowner and operator Atlantska Plovidba is undertaking a significant renewal of its fleet, marked by the order of its largest bulk carriers to date. The Croatian company has confirmed the purchase of two 82K DWT Kamsarmax bulk carriers from Jiangsu Hantong Ship Heavy Industry, a Chinese shipyard. The agreement also includes an option for two additional ships. This investment, totaling $137 million, breaks down to $34.25 million per vessel, aligning with current shipbroker estimates for similar Kamsarmax orders in China. These new acquisitions, expected for delivery in 2023, represent a notable expansion for Atlantska Plovidba, whose largest vessels in its current fleet are four bulkers, each around 79K DWT. This move to acquire larger vessels is a strategic step in enhancing the company’s market presence and operational capabilities.
Throughout the year, Atlantska Plovidba, listed on the Zagreb stock exchange, has been actively raising capital through sale-and-leaseback transactions in buoyant markets. Notably, in August, the company sold the 38K DWT MV AP Revelin, built in 2016, to CSSC Shipping, a Hong Kong leasing company. This deal included a clause allowing Atlantska Plovidba to charter the vessel back for eight years. Additionally, five other ships in their fleet underwent refinancing. The MV AP Revelin is one of two Handymax bulk carriers in Atlantska Plovidba’s fleet, which also includes five Supramax and five Panamax bulk carriers. As of now, the average age of their fleet is 10 years. Earlier in the year, Atlantska Plovidba executed refinancing for five bulkers through Sale and Purchase deals. This included a contract with Avic International Leasing in China for the sale of the 79K DWT sister ships MV AP Jadran and MV AP Argosy, both built in 2012, with a five-year charter back agreement. Additionally, three other vessels, the 39K DWT MV AP Dubrava (built in 2015) and the 57K DWT MV AP Slano and MV AP Astarea (both built in 2012), were sold to the US-based Northern Shipping Fund Management, with a three-year leaseback arrangement. In the financial realm, Atlantska Plovidba reported a net earning of $7.1 million in the first half of 2021, reflecting a positive financial performance amidst these strategic fleet expansions and financial maneuvers. 21-September-2021

 

Croatian shipowner and operator Atlantska Plovidba signed a 5-year sale and leaseback deal for 2012 built supramax bulk carrier 57K DWT MV AP Ston. Atlantska Plovidba purpose was to refinance its investment in the bulk carriers. Dubrovnik-based Atlantska Plovidba controlled MV AP Ston was built at STX Offshore and Shipbuilding. Currently, Atlantska Plovidba managed MV AP Ston is valued at around $13 million. In Q1 2020, Atlantska Plovidba has reported a net loss of $5.6 million in unfavorable dry bulk business. Currently, Atlantska Plovidba operates 12 bulk carriers extending from handysize up to panamax bulk carriers with 224 employees. 3-June-2020

 

Croatian shipowner and operator Atlantska Plovidba declared that two (2) bulker crew members have died and two (2) crew members were injured during tank cleaning on 2015 built handysize bulk carrier 39K DWT MV AP Dubrava off Brazil. Dubrovnik-based shipowner and operator Atlantska Plovidba reported that two (2) injured crew members were taken by helicopter to the hospital. Furthermore, Atlantska Plovidba reported that another crew member who was not directly involved in the incident has also been taken to hospital. Zagreb-listed shipowner and operator Atlantska Plovidba informed that the tragic accident happened while a tank was being rinsed out. Atlantska Plovidba denied media reports that there were a series of explosions on the 2015 built handysize bulk carrier 39K DWT MV AP Dubrava. Atlantska Plovidba informed the families of the crew members. Croatian shipowner and operator Atlantska Plovidba sent an administrator from the company’s headquarters to Brazil as support. 18-July-2019

 

Croatian shipowner and operator Atlantska Plovidba’s 2009 built supramax dry bulk carrier 53K DWT MV AP Sveti Vlaho refloated in South America on 4 January 2019. MV AP Sveti Vlaho ran aground on the last week of 2018 in Argentina. MV AP Sveti Vlaho sailed to an anchorage in nearby Recalada to proceed with local coastguard formalities. Dubrovnik-based Atlantska Plovidba managed MV AP Sveti Vlaho was laden with grain from Argentina to Italy when it ran aground in the Putna Indio, Argentina channel on 29 December 2018 due to the main engine failed. Putna Indio, Argentina channel traffic was restored after the refloating of MV AP Sveti Vlaho. Croatian shipowner and operator Atlantska Plovidba’s 2009 built supramax dry bulk carrier 53K DWT MV AP Sveti Vlaho is insured by North P&I Club and classified by BV (Bureau Veritas). 6-January-2019