In a strategic maneuver that highlights its savvy in the maritime market, South Korean shipowner and operator Sinokor Merchant Marine achieved a remarkable $3 million gain from the sale of a capesize bulk carrier acquired in November 2023. This vessel, a 2009-built capesize with a deadweight of 170K, known as MV Genco Commodus, was purchased from the New York-listed Genco Shipping & Trading (GNK) for approximately $19.5 million. After taking delivery in January, Sinokor Merchant Marine renamed it MV Enco Ommodus, and has recently sold it to Agricore in China for about $22.5 million, where it now sails under the name MV ASL Loong. Adding to the narrative of capesize transactions, Agricore secured another vessel in November from the esteemed Belgian shipping company Bocimar. This additional purchase, the 2009-built capesize bulk carrier named MV ASL Polaris (formerly MV Mineral Ningbo) with a deadweight of 178K, was acquired for around $20 million. Bocimar, an Antwerp-based powerhouse in the shipping industry, is recognized for its substantial fleet and strategic operations within the global maritime sector. With a legacy of excellence and a keen eye for market opportunities, Bocimar has established itself as a leading shipowner and operator, leveraging its extensive experience and innovative approaches to maintain a strong presence in the competitive shipping market. The capesize market has shown significant strength this year, with values increasing across all age groups and size categories, and capesize bulk carriers notably leading the charge. This trend underscores the robust demand and strategic asset plays by companies like Sinokor Merchant Marine and Bocimar, who continue to navigate the complex dynamics of the global shipping industry with adeptness and strategic foresight. 22-March-2024


The Belgian shipping behemoth, Euronav, has completed the sale of three of its Very Large Crude Carriers (VLCCs) and has placed an order for two Newcastlemax bulk carriers along with an additional VLCC. The VLCCs that were sold include the MT Nectar, built in 2008 with a deadweight tonnage (DWT) of 307K; the MT Newton, built in 2009 also with a DWT of 307K; and the MT Noble, built in 2008 with a DWT of 307K. From this transaction, Euronav anticipates a capital gain of approximately $83 million. Moreover, Euronav has commissioned the construction of three vessels – two Newcastlemax bulk carriers and one VLCC – from the Qingdao Beihai Shipyard located in China, with delivery expected in the first quarter of 2027. Euronav, together with the Belgian maritime firm CMB.Tech, currently has orders for five VLCCs and twenty-four Newcastlemax bulk carriers with this Chinese shipyard. These vessels will either be equipped to be ammonia-ready or will come fitted with the necessary technology. CMB.Tech, under the control of the Saverys family, recently took possession of the fourth super-eco Newcastlemax bulk carrier, named Mineral France, expanding the combined Newcastlemax bulk carrier fleet of Euronav and CMB.TECH to four operational ships. An additional six Newcastlemax bulk carriers are slated for delivery throughout 2024. The collective fleet of these two companies now encompasses 150 sea-going vessels, inclusive of those currently under construction. This fleet covers a diverse range of segments such as dry bulk, container shipping, chemical tankers, offshore wind, and oil tankers. In a recent development, Compagnie Maritime Belge (CMB) disclosed that it has acquired a controlling interest of 88.61% in Euronav, following a successful takeover bid exceeding $1.2 billion. 21-March-2024


Under the leadership of the Saverys family, the Belgian shipping company CMB.Tech has notably enhanced its fleet with an ambitious addition of ammonia-fueled newbuilds, pushing its orderbook at Qingdao Beihai Shipbuilding to a total of 26 ships. This strategic move by the Saverys-supported CMB.Tech to incorporate more Newcastlemax bulk carriers into its fleet highlights the company’s steadfast commitment to innovation and sustainability in maritime transport. The addition of two more vessels to its already substantial orderbook signifies CMB.Tech’s relentless pursuit of expanding its capacity with environmentally forward solutions, bringing the total to 26 ammonia-fueled and ammonia-ready ships. CMB.Tech, with its base in Antwerp, Belgium, operates through its dry bulk arm, Bocimar. This division has recently reaffirmed its confidence in China’s Qingdao Beihai Shipbuilding Heavy Industry by commissioning the construction of two dual-fuel Newcastlemax bulk carrier newbuilds, expected to be delivered in the second half of 2026. This decision is in line with CMB.Tech’s broader vision of leading the transition towards more sustainable maritime operations. CMB.Tech is a pioneering force in the maritime and technology sectors, driven by a vision to integrate sustainable energy solutions into the shipping industry. The company’s innovative approach is evident in its commitment to developing ammonia-fueled vessels, positioning itself at the forefront of green shipping technologies. Bocimar, as CMB.Tech’s specialized dry bulk division, plays a critical role in this endeavor, overseeing the acquisition and management of the bulk carrier fleet. The focus on ammonia as a fuel source is part of CMB.Tech’s strategy to reduce the maritime industry’s carbon footprint, in alignment with global environmental standards and expectations. The company’s investment in dual-fuel technology and ammonia-ready ships underscores its commitment to leading by example in the transition towards cleaner energy alternatives. CMB.Tech’s collaboration with Qingdao Beihai Shipbuilding Heavy Industry for these newbuilds further solidifies its position as a key player in the industry, aiming to make significant contributions to environmental sustainability while maintaining its competitive edge in the global shipping market. Through these strategic expansions and technological advancements, CMB.Tech and Bocimar are setting new benchmarks in maritime transport, focusing on efficiency, innovation, and environmental responsibility. 28-February-2024


The Saverys family-led Belgian shipowner Bocimar is capitalizing on the robust demand in the bulker market through a notable transaction involving the sale of a modern newcastlemax bulk carrier. Recently, Bocimar has sold its fifth cape segment bulk carrier in as many weeks. Shipbroking sources have identified the buyer as Singapore-based Winning Shipping, which has reportedly paid around $55 million for the 2021-built, 206K DWT MV Mineral Qingdao. This vessel, constructed at Yangfan Qingdao Shipbuilding, was previously part of a sale and leaseback agreement with Ocean Yield. Before finalizing its sale to Winning Shipping, Bocimar repurchased the MV Mineral Qingdao from the lease. This transaction follows Bocimar’s December sales, where it sold three capesize bulk carriers built by New Times Shipbuilding – the 175K DWT sister ships MV Mineral Destelbergen, MV Mineral Temse, and MV Mineral Brugge – to EGPN Bulk Carrier for approximately $59 million, as well as the 2009-built MV Mineral Ningbo to Agricore. In 2023, the Saverys family made a significant move in the shipping industry by commissioning a series of 210K DWT newcastlemax bulk carrier newbuilds, all equipped with ammonia-fueled engines, marking a historic development in their fleet expansion and environmental commitment. The Compagnie Maritime Belge (CMB), based in Antwerp, stands as one of the city’s most venerable shipowning entities. This esteemed company is under the control of the Saverys family, a prominent name in the maritime industry. The family’s influence extends beyond CMB, as they also hold significant stakes in other major shipping groups, namely Exmar and Euronav. This illustrates the Saverys family’s substantial presence and impact in the global shipping sector. 19-January-2024


Belgian shipowner CMB and subsidiary Bocimar have completed capesize charter-back sale. CMB sold 2004 built capesize dry bulk carrier 170K DWT MV Mineral Noble for about $13 million with a 4-year charter back to subsidiary Bocimar at $13,000 per day. Belgian shipowner CMB is in a fleet renewal process. CMB CCO Benoit Timmermans confirmed sale of South Korean built MV Mineral Noble. MV Mineral Noble deal shows that dry bulk carrier prices are under pressure due to market conditions. In September 2003, CMB acquired capesize dry bulk carrier 170K DWT MV Mineral Noble as an order resale from Metrostar for $44.5 million. CMB chartered out MV Mineral Noble to Israeli National Coal Company for 10 years. In May 2019, MV Mineral Noble’s 2003 built sister-ship MV Mineral China was sold to STX Marine for $14 million with a 3-year charter back to subsidiary Bocimar for $15,000 per day. In May 2018, Belgian shipowner CMB acquired 5 capesize bulk carriers from Oskar Wehr in exchange for 12 handysize bulk carriers and cash payment. In October 2018, Belgian shipowner CMB acquired two 206K DWT new-buildings at Qingdao Beihai Shipbuilding Heavy Industry for delivery 2019-2020 with a price tag of $52 million each. Originally two 206K DWT new-buildings were ordered by Trafigura. 2-July-2019


The Belgian capesize powerhouse Bocimar, a key player in the bulk carrier market, has successfully negotiated a solid sale price for one of its older vessels. Benoit Timmermans, the CEO of Bocimar, confirmed the sale of the 171K DWT capesize bulk carrier MV Mineral China, constructed in 2003. According to shipbrokers, the vessel, built by Hyundai Heavy Industries, was sold for $14 million to a South Korean buyer, and it includes a three-year charter arrangement back to Bocimar at a rate that remains undisclosed. For Bocimar, the MV Mineral China has proven to be a lucrative investment. Acquired in September 2003 for $45 million, the vessel was initially chartered to Navix Line for five years at a daily rate of $20,500. While the MV Mineral China has been successfully sold, it wasn’t the only vessel from CMB’s subsidiary Bocimar considered for sale. In October 2018, Bocimar listed the 177K DWT capesize bulk carrier MV Mineral Oak (built in 2010) for sale, though it remains on the market. The MV Mineral Oak is jointly owned with Canada’s Oak Maritime on a 50:50 basis. However, Bocimar is not just divesting assets; it’s also fortifying its presence in the capesize segment. In May 2018, the company struck a deal to acquire five capesize bulk carriers from German owner Oskar Wehr, a transaction that involved exchanging 12 handysize bulk carriers and a cash payment from Bocimar. Based in Antwerp, Bocimar is not only a prominent shipowner but also a founding member of Capesize Chartering. This alliance, established in 2016 by four leading bulker owners, operates as a major spot player in the capesize bulk carrier sector, managing a fleet of over 60 bulk carriers. 23-May-2019


Belgium based shipowner and operator Bocimar Shipping sold 2011 built post-panamax dry bulk carrier 93K DWT MV Nadine Venture. Chinese Shanhaiguan Shipyard built MV Nadine Venture is sold to a Ukrainian shipowner. Bocimar Shipping CEO Benoit Timmermans confirmed the sale but not revealed the price tag. In the current market, MV Nadine Venture price tag is around $18 million. MV Nadine Venture is due for special survey in August 2021. In 2008, Belgium Bocimar Shipping and Hong Kong Wah Kwong Maritime Transport ordered MV Nadine Venture as 50/50 joint venture as new building. Bocimar Shipping and Wah Kwong Maritime joint venture also ordered sister ship MV Lara Venture at the peak of the market for about $53 million each. In 2014, Belgium Bocimar and Hong Kong Wah Kwong Maritime Transport decided to split their ownership stakes and ceased joint venture. Belgium Bocimar Shipping took MV Nadine Venture and Hong Kong Wah Kwong Maritime Transport took MV Lara Venture. 29-May-2018


Chinese shipowner and operator HNA Logistics is selling 16-year-old capesize dry bulk carrier 2001 built 172K DWT M/V Bulk Prosperity for further trading for $7.9 million. M/V Bulk Prosperity passed SS (special survey) in January 2016. Chinese shipowner and operator HNA Logistics bought M/V Bulk Prosperity from Belgium Bocimar as M/V Mineral Viking in 2009 for $42 million. Chinese shipowner and operator HNA Logistics has a fleet of 24 dry bulk carriers with an average age of six years. HNA Logistics also disposing of its modern dry bulk carriers like 2008 built handy bulk carrier 33K DWT M/V Zhi Jing for $4 million. 27-January-2017