The UK’s recent sanctions, targeting various shipping companies and individuals in response to Russia’s full-scale invasion of Ukraine, underscore the international community’s efforts to apply economic pressure on Russia. These sanctions, announced just ahead of the second anniversary of the invasion, target entities and individuals believed to be contributing to Russia’s military efforts or bypassing existing sanctions.
Among those sanctioned are Fractal Shipping from the UAE and Beks Shipping (Beks Ship Management and Trading) based in Istanbul. Both of these entities have reportedly seen significant growth in their fleet sizes over recent years, which may have contributed to their visibility and subsequent inclusion in the sanctions list. The sanctions also extend to other players in the shipping industry, such as Turkey’s Active Shipping, Arctic LNG 2, and individuals like Niels Troost along with his Swiss company Paramount Energy & Commodities. Additionally, Azia Shipping Company and Ibex Shipping are accused of facilitating weapon transfers from North Korea to Russia, highlighting the global nature of the networks being targeted by these sanctions. The statement by David Cameron, the UK’s foreign minister, emphasizes the strategic intent behind these sanctions: to deplete Russian President Vladimir Putin’s resources necessary for sustaining the military invasion of Ukraine. By targeting the maritime sector, including shipping companies and vessels associated with Russia’s shadow fleet, the UK aims to disrupt Russia’s ability to circumvent sanctions and maintain its military logistics and supply chains. This move by the UK government, as part of broader international sanctions, reflects a concerted effort to bolster economic measures against Russia. The announcement also signals the UK’s intention to strengthen its legal framework to target malign Russian shipping activities more effectively, indicating a long-term commitment to applying pressure on Russia until the conflict is resolved. The impact of these sanctions on the targeted entities and the broader maritime industry will likely be significant. Sanctions can disrupt shipping operations, affect global supply chains, and increase operational costs for companies forced to navigate the complexities of compliance. For Russia, these measures add another layer of economic isolation, potentially impacting its military capabilities and economic stability. These actions highlight the ongoing geopolitical tensions and the role of economic measures as tools in international diplomacy and conflict resolution. The effectiveness of these sanctions in achieving their intended outcomes, particularly in influencing Russia’s actions in Ukraine, will be closely watched by the international community. 23-February-2024
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading), under the control of the Bekmezci family, has successfully sold its first and only newcastlemax bulk carrier, the 206K DWT MV Beks Brown (ex MV Cape Maple), a 2005-built newcastlemax bulk carrier. This sale, after a year of ownership, resulted in a $1.5 million profit. At the start of the year, the MV Beks Brown (ex MV Cape Maple) was acquired for about $15 million from Japanese interests. Constructed by Imabari, the MV Beks Brown (ex MV Cape Maple) is part of Turkish shipowner and operator Beks Shipping’s (Beks Ship Management and Trading) sizable fleet, which includes 17 bulk carriers. This year, Beks Shipping (Beks Ship Management and Trading) the highest bids for 14 ships, a decrease from last year’s 17. Currently, Beks Shipping’s (Beks Ship Management and Trading) expanding fleet comprises approximately 44 ships, collectively valued at nearly $900 million. This growth underscores the Beks Shipping’s (Beks Ship Management and Trading) active presence and strategic maneuvers in the maritime industry. 20-December-2023
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) continues to advance its fleet augmentation, acquiring a sophisticated 17-year-old Japanese-constructed capesize bulk carrier. Ali Bekmezci-led Turkish shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired the 2005 built capesize bulk carrier 176K DWT MV Santa Lucia from Mitsubishi Ore Transport for a transaction surpassing $16 million. This rapidly-growing Beks Shipping (Beks Ship Management and Trading) emerges as the predominant Turkish contender in the secondhand maritime marketplace, with a remarkable procurement of 12 vessels this year. Subsequent to this recent acquisition, Beks Shipping (Beks Ship Management and Trading) boasts a diverse fleet of 42 vessels, comprising 17 bulk carriers and 25 tankers. 5-September-2023
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired 2006 built capesize bulk carrier 176K DWT MV Santa Lucia for around $16 million. Turkish shipowner and operator Beks Shipping’s (Beks Ship Management and Trading) diverse fleet now boasts 17 bulk carriers and an impressive 25 tankers. Beks Shipping (Beks Ship Management and Trading) has further enhanced its esteemed stature as one of Europe’s most swiftly proliferating maritime enterprises through another esteemed secondhand procurement. Beks Shipping (Beks Ship Management and Trading) gracefully secures another Japanese-built capesize bulk carrier in its strategic expansion quest. Established in 2011 by the Turkish magnate Ali Bekmezci, Beks Shipping (Beks Ship Management and Trading) embarked on its foray into the cape trades in 2021. 30-August-2023
A conflagration erupted today aboard the Turkish-owned capesize bulk carrier MV Beks Force, approximately 85 kilometers south of the Russian Nakhodka port in the Sea of Japan. 2005 built capesize bulk carrier 177K DWT MV Beks Force belongs to Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading). MV Beks Force was en route from China to load coal at the port of Vostochny when the inferno broke out in the engine room on Friday. Two out of the 24 crewmembers sustained injuries and were promptly evacuated to the shore. Despite the situation, the remaining crew members declined evacuation. As per the latest AIS information, the MV Beks Force is presently marked as “not under command,” with two nearby vessels. MV Beks Force’s crew successfully contained the fire in the engine room, and local news sources report that the MV Beks Force remains afloat without any indications of an oil spill. Bekmezci-family controlled Beks Shipping (Beks Ship Management and Trading) entered shipping in 2008. 16-June-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading) demonstrates an insatiable appetite for acquiring vintage tanker tonnage. Recent data has revealed that Istanbul-based Beks Shipping (Beks Ship Management and Trading) has purchased a number of older tanker vessels. The Bekmezci family has made their second consecutive acquisition, adding the exquisite LR-class vessel named MT Sauger to their fleet. This Samsung-built MT Sauger boasts a capacity of 72,000 deadweight tons (DWT) and was acquired for just under $18.5 million from Prima Marine, a shipowner based in Athens. Remarkably, this marks the second transaction within a month between Beks Shipping (Beks Ship Management and Trading) and a Greek counterpart. Continuing its impressive growth trajectory, Beks Shipping (Beks Ship Management and Trading), the fastest-growing shipowner in Turkey, recently procured the MT Energy Champion vessel. MT Energy Champion, built by STX, closely resembles the previously acquired ship in terms of age and size. The transaction, which amounted to just under $20 million, involved the sale of the MT Energy Champion by Victor Restis, another Greek shipowner, and his esteemed Enterprises Shipping and Trading. With a fleet comprising 38 remarkable vessels, Beks Shipping (Beks Ship Management and Trading), boasts a staggering valuation of $779 million. 7-May-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading), renowned as one of the most dynamic Turkish shipowners in the secondhand market during the preceding 12 months, has successfully concluded its inaugural transaction of the year. Beks Shipping (Beks Ship Management and Trading) has incorporated its initial newcastlemax vessel, MV Cape Maple, boasting a remarkable cargo capacity of 206,000 DWT (deadweight tons). 2005 built newcastlemax bulk carrier 206K DWT MV Cape Maple was relinquished by Japanese interests for an estimated sum of $15 million. The Imabari-built MV Cape Maple will join the Beks Shipping (Beks Ship Management and Trading) fleet, overseen by the esteemed Turkish magnate, Ali Bekmezci. Demonstrating its prowess, Beks Shipping (Beks Ship Management and Trading) emerged triumphant in acquiring 17 transactions in the previous year. The burgeoning fleet roster of Beks Shipping (Beks Ship Management and Trading) now proudly encompasses a total of 32 vessels. 15-January-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading) continues to be one of the most active Turkish proprietors in the secondhand market. Turkish magnate Ali Bekmezci has almost exclusively ensured the Republic of Turkey a position on Allied Shipbroking’s S&P’s top 10 rankings, which was published in the final week of 2022, elevating the country to the third spot in the category that assesses the nationality of buyers. Turkey has ascended by six positions since 2021, claiming bronze on the top 10 list, falling short only to China and Greece. Turkey is recorded with 77 ship acquisitions in the previous year, comprising 32 bulk carriers, 34 tankers, and the remaining eight assets evenly distributed between container ships and gas carriers. Beks Shipping (Beks Ship Management and Trading) is responsible for 17 of these transactions. The Istanbul-based shipowner and operator, Beks Shipping (Beks Ship Management and Trading), has now been identified as the purchaser of two additional vessels. Beks Shipping (Beks Ship Management and Trading) has acquired the 16-year-old Daewoo-built 70K DWT MT Beks Loyal (ex MT Antikeros) LR tanker from Chinese interests for a sum of $13 million. In a separate deal, Beks Shipping (Beks Ship Management and Trading) has reached an agreement with Greece’s Stealth Maritime to obtain the 15-year-old, 50K DWT tanker MT Beks-T Rex (ex MT T Rex) for an undisclosed price. Beks Shipping (Beks Ship Management and Trading) has expanded its fleet roster throughout the course of 2022, amassing a total of 31 vessels. 3-January-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading) has solidified its position as one of the foremost purchasers of capesize bulk carriers in the region. The Turkish shipowner has acquired its sixth cape, marking its fourth acquisition within the span of four months. Beks Shipping (Beks Ship Management and Trading) acquired 2004 built capesize bulk carrier 176K DWT MV Bulk China from Monaco-based shipowner CTM. The purchase price remains undisclosed. Established in 2011 by the Turkish magnate Ali Bekmezci, Beks Shipping (Beks Ship Management and Trading) embarked on its foray into the cape trades in 2021. 15-December-2022
One of Turkey’s rapidly expanding maritime enterprises, Beks Shipping (Beks Ship Management and Trading), has divested a popular ice-class aframax tanker in a surging market. Beks Shipping (Beks Ship Management and Trading) has successfully sold the 15-year-old MT Beks Atlantica, equipped with a scrubber, for an approximate amount of $33 million. Last year, in September, Beks Shipping (Beks Ship Management and Trading) acquired MT Beks Atlantica for approximately $15.5 million. Throughout the year, Beks Shipping (Beks Ship Management and Trading) has significantly reinforced its fleet of tankers by procuring four MR tankers, one aframax, one LR1, and one LR2 vessel, all constructed between 2003 and 2005. The demand for ice-class aframax tankers has soared following Russia’s invasion of Ukraine. According to Braemar, during most winters, the ice-class aframax/LR2 fleet, boasting an impressive 124 vessels with a rating of 1C and above, accounts for almost four-fifths of all crude oil exported from Russian ports in the Baltic Sea. Prior to the war, Russian interests controlled approximately 20 of these tankers, a figure that could potentially double by year-end. 17-September-2022
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired 2012 built capesize bulk carrier 179K DWT MV True Endurance from Defender Holdings for around $33 million. Defender Holdings is an outfit linked to JP Morgan Bank. 2012 built capesize bulk carrier 179K DWT MV True Endurance was the last ship Defender Holdings was listed with. The sale of the last bulk carriers leaves Defender Holdings without any other ships. Beks Shipping (Beks Ship Management and Trading) has acquired five (5) ships since the beginning of 2021. Recently, Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired 2011 built capesize bulk carrier 179K DWT MV Beks Instanbul (ex MV Prosperous). Furthermore, Beks Shipping (Beks Ship Management and Trading) acquired three (3) supramax bulk carriers and two (2) tankers. Bekmezci-family controlled Beks Shipping (Beks Ship Management and Trading) entered shipping in 2008. Currently, Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) has a mixed fleet of 14 ships. 12-October-2021
Istanbul-based Beks Shipping (Beks Ship Management and Trading) has acquired its second capesize bulk carrier within a single month. The rapidly expanding Beks Shipping (Beks Ship Management and Trading) has invested approximately $32.5 million in the purchase of the nine-year-old cape, MV True Endurance, which was sold by JP Morgan’s Global Maritime Investment Fund. Beks Shipping (Beks Ship Management and Trading) is among numerous buyers aiming to lease their vessels in a market segment that is swiftly approaching the daily rate threshold of $100,000. Throughout this year, Beks Shipping (Beks Ship Management and Trading) has been remarkably active, having allocated around $100 million for the procurement of five (5) vessels, consisting of four (4) bulk carriers and a tanker. The establishment of Beks Shipping (Beks Ship Management and Trading) dates back to 2011, under the stewardship of the Turkish magnate, Ali Bekmezci. 10-October-2021
Istanbul-based Beks Shipping (Beks Ship Management and Trading) is reportedly joining a string of other Turkish shipowners, venturing into the secondhand market. The rapidly expanding Beks Shipping (Beks Ship Management and Trading) has offered approximately $31 million for the ten-year-old cape MV Prosperous, which is being sold by Chinese shipowner Teh Hu Cargocean. The capesize bulk carrier MV Prosperous, constructed in 2011, is reported to be in excellent condition, having successfully passed its special survey in May, with several years remaining until its next drydock maintenance. Beks Shipping (Beks Ship Management and Trading) has remained active throughout the year, acquiring three supramax bulk carriers. Turkish shipowner Beks Shipping’s (Beks Ship Management and Trading recent buying spree also includes an entry into the tanker market, with the purchase of a 105,000 DWT tanker, aged 15 years, from Athens-based shipowner Minerva Marine. Beks Shipping (Beks Ship Management and Trading) was established in 2011 by the esteemed Turkish magnate, Ali Bekmezci. 21-September-2021
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired the third supramax since the beginning of 2021. Beks Ship Management and Trading acquired 2009 built supramax bulk carrier 55K DWT MV Antoine for around $20 million from Archangel Pacific Ltd. MV Antoine’s deal involves the balance of a time charter set at 97% of the Baltic Supramax Index (BSI), which will expire by February 2022. Beks Ship Management and Trading will get the delivery of MV Antoine in October 2021. Archangel Pacific Ltd has been selling bulk carriers as ship values climb. Istanbul-based shipowner and operator Beks Ship Management and Trading was established in 2011 by the Turkish tycoon Ali Bekmezci. Beks Ship Management and Trading ordered as newbuilding supramax and ultramax bulk carriers at the beginning. Lately, Beks Shipping entered into tanker market. Beks Shipping acquired 2007 LR2 tanker MT Beks Indiana (ex MT Minerva Indiana) from Minerva Marine. Beks Shipping plans for expansion in tanker business. 55K DWT MV Antoine is the third ship the Archangel Pacific Ltd has sold since July 2021. Previously, Archangel Pacific Ltd sold 2015 built ultramax bulk carrier 61K DWT MV Calico Jack and 2015 built ultramax bulk carrier 60K DWT MV Phoenix Rising. Currently, Archangel Pacific Ltd has two (2) panamax bulk carriers in its fleet. In early 2021, Beks Shipping (Beks Ship Management and Trading) acquired 2011 built supramax bulk carrier 57K DWT MV Beks North (ex MV Densa Leopard) and 2011 built supramax bulk carrier 57K DWT MV Beks Sky (ex MV Densa Panther) from Turkish Sabanci family-led Marinsa Shipping. Currently, Istanbul-based shipowner and operator Beks Ship Management and Trading owns and operates nine (9) vessels. 9-September-2021