20-October-2015
Chao-controlled Foremost Group, a shipping and trading company based in New York, has recently entered into financing agreements with the China Exim Bank and Taiwan’s First Commercial Bank. According to these agreements, the banks will collaboratively provide a financing package of $300 million. This funding is allocated to support the construction of two 180K DWT capesize bulk carriers at CSIC-affiliated Qingdao Beihai Shipbuilding Industry in China, an order Foremost Group placed in 2014. This financing arrangement marks a significant milestone as it represents the first instance of financial institutions from China and Taiwan jointly participating in a ship financing deal. This collaboration between the two banks from different regions underscores the international appeal and significance of Foremost Group’s shipping projects.
15-October-2015
Ukraine-based ship operator Phaethon International Company Ltd. chartered in 2013 built capesize bulk carrier 175K DWT MV Bulk China for 4 to 7 months at $11,900 per day. The decline in the capesize spot market rates this week is likely to have a knock-on effect on shipowners pursuing period charters. Ukraine-based ship operator Phaethon International Company has been benefiting from the low freight rates and chartering in many bulk carriers.
12-October-2015
South Korean specialist in small container ships, Dae Sun Shipbuilding & Engineering, is poised to secure a series of orders shortly. Following an initial order in February for two container ships with an option for two additional vessels, Athens-based shipowner and operator Cosmoship Management SA is expected to exercise options for two more 1,800 TEU container ships. These vessels are anticipated to be chartered to Korea Marine Transport for a decade. Additionally, T.V.L. Shipping of Taiwan has placed an order for two 1,800 TEU container ships with Dae Sun Shipbuilding & Engineering. Priced at approximately $25 million each, these ships are slated for delivery in the third quarter of 2017. Furthermore, early this month, T.V.L. Shipping ordered another two 1,800 TEU container ships from Dae Sun Shipbuilding & Engineering, also scheduled for delivery in Q3 2017 at a cost of around $25 million each. Dae Sun Shipbuilding & Engineering is also on the verge of finalizing a contract with an unnamed European shipowner for a series of 2,600 TEU container ship newbuilds. After a sluggish beginning to the year, Dae Sun Shipbuilding & Engineering is on track to meet its order target of 20 new builds valued at $500 million. Cosmoship Management SA, the Athens-based shipowner and operator, plays a significant role in these developments. Founded by a group of maritime professionals with a deep understanding of the shipping industry, Cosmoship Management SA has grown to become a key player in the maritime sector, particularly in managing and operating container ships. Under the strategic leadership of Nikos Savvas, the company has expanded its operations significantly, consistently focusing on modernizing its fleet to improve operational efficiency and meet the global demand for containerized shipping. Cosmoship Management SA’s business strategy revolves around acquiring, operating, and managing a diverse fleet of container ships, with a particular focus on feeder vessels that are crucial for transshipment services. These ships are designed to operate efficiently in smaller ports that cannot accommodate large-scale container ships, thus providing flexible and essential services in the logistics chain. Nikos Savvas-led shipowner and operator Cosmoship Management SA’s decision to exercise additional options for newbuilds from Dae Sun Shipbuilding & Engineering reflects its ongoing commitment to expanding its fleet with modern, efficient vessels. This strategy not only enhances Cosmoship Management SA’s capacity to handle increased cargo volumes but also bolsters its competitive edge in the feeder services market. Each new vessel is equipped with the latest maritime technologies, including fuel-efficient engines and optimized hull designs, which reduce the environmental impact and operational costs. Cosmoship Management SA places a high priority on sustainability and environmental stewardship, aligning with international regulations and standards. Athens-based shipowner and operator Cosmoship Management SA actively participates in global discussions on maritime environmental issues and invests in technologies that minimize emissions and waste. The management team at Cosmoship Management SA is well-versed in international shipping regulations, ensuring that all operations adhere to the highest safety and environmental standards. Athens-based shipowner and operator Cosmoship Management SA team’s expertise also extends to strategic route planning, cargo handling, and customer service, ensuring that all aspects of operations run smoothly and efficiently. With its robust fleet management practices and strategic investments in new capacities, Cosmoship Management SA is well-positioned to continue its growth trajectory and strengthen its presence in the global shipping industry. Greek shipowner and operator Cosmoship Management SA’s proactive approach to fleet expansion, environmental responsibility, and operational excellence continues to drive its success and reputation in the competitive maritime sector.
4-October-2015
Italian Guardia di Finanza embarked upon a substantial confiscation, amounting to €28.7 million, alongside select prime estates nestled in Torre del Greco and Pescocostanzo in Naples. These properties are intrinsically linked to luminaries Giuseppe Mauro Rizzo and Michele Bottiglieri, distinguished chieftains of maritime enterprises RBD Armatori (Rizzo Bottiglieri De Carlini S.p.A) and Michele Bottiglieri Armatore (MBA). This judicious intervention materialized posthaste upon the entreaty of the Torre Annunziata Court, subsequent to a rigorous fiscal scrutiny directed towards the corporation Rizzo Bottiglieri de Carlini Armatori Spa. The meticulous examination unveiled consequential fiscal engagements with foreign conglomerates, predominantly anchored in Luxembourg, from days of yore. Prosecutor Alessandro Pennasilico, in his discernment, postulates that these entities all reverberate back to a singular proprietorship. Prosecutor Alessandro Pennasilico further insinuates that an obscured revenue of €37 million might have been discreetly redirected to Luxembourgian firms. Echoing a similar sentiment, assets valuing €11.5 million, in conjunction with opulent real estates in Milan, Capri, and Ischia, were previously impounded in June 2014, all attributed to these very Italian shipping magnates. The Luxembourg-situated Luxdynamic stands as the presiding conglomerate overseeing the RBD Group. Meanwhile, an auxiliary establishment dubbed Marine Trade is conjectured to serve as the strategic conduit through which Giuseppe Rizzo and Michele Bottiglieri orchestrated speculative forays into forward freight accords. Accusations are rife against Marine Trade, suggesting a calculated evasion from Italian tax brackets, skimming off a staggering €120 million during the fiscal epoch of 2006-2008.