China Development Bank Financial Leasing has opted to sell the 2019 built kamsarmax bulk carrier 81K DWT MV BBG Qinzhou through an online auction instead of proceeding with its first SS (Special Survey). BBG Qinzhou was previously under a bareboat charter with Hong Kong-based shipowner and operator BG Shipping. The sale culminated with the kamsarmax bulk carrier MV BBG Qinzhou being acquired by undisclosed Chinese buyers for around $30 million. BG Shipping has confirmed that the MV BBG Qinzhou is leaving its fleet but has refuted reports suggesting the sale of any of its kamsarmax bulk carriers. The online auction started with a base bid of around $28 million, highlighting the use of digital platforms by Chinese leasing companies to efficiently manage and liquidate their maritime assets. This method is becoming increasingly popular among such entities as a way to streamline asset disposition and capitalize on market conditions. 27-June-2024
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has entered into a new time charter contract with the Chinese dry bulk shipowner and operator BG Shipping Co., Limited (Beibu Gulf Shipping). The agreement pertains to the 2012-built post-panamax bulk carrier MV Amphitrite. This charter began on September 13 and is set to continue until a period between October 15, 2022, and December 15, 2022, at a daily charter rate of $27,000. Previously, in March of the preceding year, the MV Amphitrite was chartered by SwissMarine of Singapore for a duration of 13-15 months at a rate of $10,250 per day. With the new charter rate significantly higher, Diana Shipping anticipates generating approximately $10.5 million in revenue for the minimum scheduled period of the current charter, marking a substantial increase in earnings from its prior contract. This strategic chartering decision underscores Diana Shipping’s effective management and operational efficiency in capitalizing on market opportunities. BG Shipping Co., Limited, commonly referred to as Beibu Gulf Shipping, is a prominent Chinese dry bulk shipping company based in Guangzhou, with a strong operational presence in the Asia-Pacific region. The company specializes in the transportation of bulk commodities such as coal, iron ore, and grain, servicing major trading routes across the East and South China Seas. Established with a focus on regional bulk shipping, BG Shipping has expanded its operations to include global trade routes, positioning itself as a key player in the maritime shipping industry. The partnership with Diana Shipping reflects BG Shipping’s strategic initiative to enhance its capacity and service offerings through the chartering of high-capacity vessels like the MV Amphitrite. 13-September-2021
SPDB Financial Leasing, the leasing division of Shanghai Pudong Development Bank, has commissioned the construction of four 61K DWT ultramax bulk carriers at Nantong Cosco KHI Engineering (NACKS). This order is a segment of a comprehensive financial leasing agreement with Hong Kong-based shipowner and operator BG Shipping, which is a maritime subsidiary of the Guangxi Beibu Gulf International Port Group. Each vessel in this new series is priced at approximately $24 million, with deliveries scheduled for the fourth quarter of 2021. SPDB Financial Leasing, which currently manages a fleet of 25 ships, continues to expand its maritime assets through strategic partnerships and new vessel acquisitions. BG Shipping (Beibu Gulf Shipping), a noted Chinese dry bulk shipowner and operator, is set to enhance its operational fleet, which already includes 18 bulk carriers—16 panamax and 2 ultramax bulk carriers. A significant portion of BG Shipping’s fleet has been acquired through financial leasing arrangements, primarily with China Development Bank, reflecting a robust financial strategy that supports its fleet expansion and renewal initiatives. This latest order with NACKS not only contributes to the growth of BG Shipping’s fleet but also reinforces its market presence in the dry bulk shipping sector. 11-October-2020
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has successfully chartered out the 2010-built post-panamax bulk carrier MV Alcmene to Hong Kong-based bulk shipowner and operator BG Shipping (Beibu Gulf Shipping). Under the terms of the charter, BG Shipping will pay $11,500 per day to operate MV Alcmene for a period of one year, totaling approximately $3.8 million based on the minimum time charter period. This charter agreement aligns with Diana Shipping Inc.’s strategy to maximize the profitability and operational efficiency of its fleet through strategic partnerships and charter arrangements. BG Shipping, known for its extensive operations in bulk shipping, particularly in the Asia-Pacific region, secures a vessel that enhances its capacity to manage and transport bulk commodities effectively. The arrangement between Diana Shipping Inc. and BG Shipping not only reflects the robust activity in the maritime shipping market but also indicates the continued demand for large-capacity vessels that can efficiently handle major bulk shipping routes. This partnership is expected to benefit both companies, with Diana Shipping leveraging stable charter income and BG Shipping expanding its operational capabilities in the competitive shipping market. 20-November-2018
Chinese dry bulk shipowner and operator BG Shipping (Beibu Gulf Shipping) sold 2009 Chinese built kamsarmax dry bulk carrier 82K DWT MV BBG Ambition (ex MV FD Isabella) to a Greek shipowner for around $19 million. BG Shipping (Beibu Gulf Shipping) is booking a tremendous profit from the sale of a modern kamsarmax bulker. In 2016, BG Shipping (Beibu Gulf Shipping) bought MV BBG Ambition (ex MV FD Isabella) for around $9 million from Japanese shipowner Kambara Kisen. currently, Hong Kong-based BG Shipping (Beibu Gulf Shipping) fleet is left with 3 modern kamsarmax dry bulk carriers. Hong Kong-based BG Shipping (Beibu Gulf Shipping) is led by former COSCO Shipping manager William Lu. BG Shipping (Beibu Gulf Shipping) operates more than 70 dry bulk carriers. In 2016, BG Shipping (Beibu Gulf Shipping) sold 2013 kamsarmax dry bulk carriers 82K DWT MV BBG Glory and MV BBG Hope to Chinese shipowner and operator Seacon Ships Management for $30 million en bloc. BG Shipping (Beibu Gulf Shipping) is 100% controlled by the Guangxi province-owned Beibu Gulf Port Group. 6-April-2018
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has successfully negotiated an extension of the time charter for the 2010-built panamax bulk carrier MV Selina with Hong Kong-based shipowner and operator BG Shipping. The charter extension is set for a period of 16 to 19 months at a rate of $12,250 per day, a significant increase from the previous rate of $7,100 per day that BG Shipping was paying under the original contract. This enhanced rate reflects the vessel’s continued operational value and the robust demand in the shipping market. Based on the minimum time charter period of 16 months, BG Shipping is expected to pay approximately $5.8 million for the use of the MV Selina. This agreement not only ensures a steady revenue stream for Diana Shipping Inc. over the extended period but also strengthens the business relationship between Diana Shipping and BG Shipping, underpinning their strategic partnership in the competitive maritime transport sector. 4-February-2018
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has entered into a time charter agreement for its 2010-built panamax bulk carrier MV Selina with Hong Kong-based dry bulk shipowner and operator BG Shipping (Beibu Gulf Shipping). The charter is set for a duration of nine to twelve months, beginning on January 24. The charter rate is structured uniquely, with BG Shipping paying $4,500 per day for the first 30 days, followed by $7,100 per day for the remainder of the charter period. Based on the minimum scheduled period of nine months, the charter is expected to generate approximately $1.84 million in revenue for Diana Shipping Inc. This agreement highlights Diana Shipping’s flexible chartering strategy, aimed at optimizing earnings and fleet utilization in a dynamic market environment. BG Shipping’s engagement of the MV Selina further supports its operational needs, enhancing its capacity to manage and transport dry bulk commodities efficiently across its shipping routes. This charter deal not only demonstrates Diana Shipping’s active management of its fleet amidst fluctuating market conditions but also reflects the ongoing demand and strategic partnerships within the global shipping industry, particularly between well-established companies in major maritime hubs like Athens and Hong Kong. 23-January-2017