31-August-2016
Troubled Royal Bank of Scotland has more than $1.50 billion of dry bulk nonperforming loans in the shipping portfolio. According to the Royal Bank of Scotland, dry bulk has been mostly responsible for a near-trebling of the shipping loans and is considered to carry a 100% probability of default. Royal Bank of Scotland more than 15% of its current exposure to shipping debt around $8.7 billion. Royal Bank of Scotland is backed by the United Kingdom government. Royal Bank of Scotland attempted to sell all or parts of its shipping portfolio with help from investment bank Lazard. Royal Bank of Scotland’s current exposure of $8.7 billion, about $7.8 billion is assigned to new building vessels and shipyards.
26-August-2016
Athens based shipowner and operator Alpha Bulkers is taking advantage of the Chinese shipowners' appetite to shed older panamaxes and renew their fleets. In July 2016, Alpha Bulkers sold 1999 built 72K DWT MV Alpha Effort to Chinese Ningbo Tianhao. MV Alpha Effort has been renamed as MV Tian Hao 28.
26-August-2016
AS J. Ludwig Mowinckels Rederi reported a pre-tax loss of $6.2 million in 2015, deepening from a pre-tax loss of $3.4 million in 2014, reflecting the difficult earnings backdrop for panamax dry bulk carrier trading and the pressure that weak freight markets can place on a smaller, focused bulker platform. Despite the challenging environment, AS J. Ludwig Mowinckels Rederi continued to adjust and build its fleet during 2015, using selective acquisitions to position the business for a longer recovery cycle while managing exposure across its panamax dry bulk carrier portfolio. In 2015, AS J. Ludwig Mowinckels Rederi acquired the Japanese 2005 built panamax dry bulk carrier 76K DWT MV Hrina (ex MV Amarantha) from Kawasaki Kisen Kaisha, Ltd. (K Line) for about $10 million, adding a well-known Japanese-built panamax dry bulk carrier to the fleet at a level viewed as consistent with depressed market valuations. AS J. Ludwig Mowinckels Rederi also expanded further in 2015 by purchasing two (2) additional panamax bulk carriers, the 2008 built 75K DWT MV Ogna and the 2008 built 75K DWT MV Goya, moves that increased exposure to the panamax bulk carrier segment but also heightened sensitivity to the cycle when rate recovery did not materialise as quickly as owners had hoped. For AS J. Ludwig Mowinckels Rederi, the combination of continued fleet investment and a weak freight environment contributed to financial strain, and AS J. Ludwig Mowinckels Rederi revenues fell to $11.2 million, underlining how revenue compression can coincide with high fixed operating costs and financing obligations when panamax dry bulk carrier earnings decline. The results and acquisitions highlight AS J. Ludwig Mowinckels Rederi’s approach of staying active through the cycle, balancing the need to refresh and optimise the fleet with the realities of market volatility, and using disciplined pricing and selective opportunities to shape a portfolio that can generate stronger returns when utilisation and rates improve. Norwegian shipowner AS J. Ludwig Mowinckels Rederi was established in 1898 and AS J. Ludwig Mowinckels Rederi is today owned by charitable Norwegian trusts, a structure that often supports long-term stewardship, conservative decision-making, and fleet planning that is oriented toward durability across cycles rather than short-term trading alone.
26-August-2016
George Souravlas-led Athens-based shipowner and operator Load Line Marine SA continues fleet expansion plan. Greek Load Line Marine has increased its fleet to ten (10) dry bulk carriers. Load Line Marine bought 2001 built handymax bulk carrier 48K MV Fighter (ex MV New Glory) from Greek shipowner Transmar Shipping. Load Line Marine also bought 2001 built supramax 52K MV Challenger (ex MV New Spirit). Load Line Marine’s fleet contains handysize and supramax bulk carriers built between 2001 and 2013. Currently, Load Line Marine has a fleet of 12 bulk carriers.
26-August-2016
Singapore based MSI sold 1998 built panamax bulk carrier 75K DWT MV Grand Sky to Chinese shipowners for about $3 million. Greek Kassian Maritime sold 1998 built panamax bulk carrier 75K DWT MV North Prince to Chinese shipowners for about $3.5 million. 1998 built panamax bulk carrier MV Jimei Funao (ex MV Jimei Funao) sold for about $2.5 million to Chinese shipowner Golden Hero Shipping. 1999 built 29K DWT handy bulk carrier MV Golden Lyderhom was sold to Chinese shipowners for about $3.5 million. Greek Sea Justice sold 1999 built panamax bulk carrier 73K MV Dong Jiang Li (ex MV Endless) to Chinese shipowners Tianjin Dong Shipping for about $3 million.
26-August-2016
Greek Capital Management Services is trying to sell its last ship 1999 Japanese built panamax dry bulk carrier 74K DWT MV Salandi for around $3 million. MV Salandi is not due for a special survey (SS) until March 2019. Greek Capital Management Services is led by Leonidas Voyazides. In 2003, Capital Management Services acquired MV Salandi (ex MV World Rye) for about $20 million from BW Group. In 2014, Greek Capital Management Services the last ship sale was 1984 built handy bulk carrier 29K DWT MV Cleanthes for about $2.5 million.
26-August-2016
Chinese shipowners and operators are showing an appetite for the late 1990s built panamax dry bulk carriers and vintage units. Last week, at least 6 panamax dry bulk carriers have been sold for trading, and 7 could soon follow.
26-August-2016
John Fredriksen’s Golden Ocean ex CEO Herman Billung returns to shipping with another high-profile Norwegian shipowner Arne Blystad’s Songa Bulk. Norwegian shipowner Arne Blystad planning to rebuild his position in the dry bulk market with Songa Bulk which is acquiring tonnage. Norwegian shipowner Arne Blystad reunited with a former colleague from Klaveness Per Kristian Aamlid who is going to handle chartering of the Songa Bulk fleet. Norwegian shipowner Arne Blystad ten years ago had more than 30 dry bulk carriers on order but sold all the contracts before the 2008 dry bulk market crash.
25-August-2016
USA based dry bulk carrier owner Genco Shipping & Trading is anticipating to raise $63 million in new equity. Genco Shipping & Trading has obtained a postponement until 30 September 2016 and for some other loans until 15 October 2016. Banks also have established an interim deadline for Genco Shipping & Trading to either produce a commitment letter or file a public prospectus. Genco Shipping & Trading published that the moneylenders accepted to postpone the deadline to 31 August.
25-August-2016
Norwegian shipowner Spar Shipping hit hard by the collapse of the dry bulk market. Norwegian shipowner Spar Shipping after agreeing a refinancing deal with its banks awaits newbuilding dry bulk carriers. Norwegian shipowner Spar Shipping has 6 supramax new buildings in China. Dag Magne Vedvik led Norwegian shipowner Spar Shipping slumped to a pre-tax loss of $117 million in 2015.
24-August-2016
Chittagong-based state shipowner and operator Bangladesh Shipping Corp (BSC) has unveiled an extensive plan to expand its dry bulk fleet over the next two years, marking one of the most ambitious fleet growth strategies in its modern history. The initiative comes as part of a broader government-backed program to rebuild Bangladesh’s maritime capability, ensure transport self-sufficiency for critical imports, and strengthen the role of Bangladesh Shipping Corp (BSC) as the nation’s flagship ocean carrier. According to internal plans and industry sources, Bangladesh Shipping Corp (BSC) intends to acquire up to sixteen secondhand dry bulk carriers, ranging in size from supramax to panamax, to serve both domestic and international trade requirements. Additionally, Bangladesh Shipping Corp (BSC) is also preparing to acquire up to ten coastal-sized secondhand dry bulk carriers that will support inter-port and regional cargo movements across Bangladesh’s growing network of coastal power plants and industrial terminals. These acquisitions will form a critical component of Bangladesh Shipping Corp (BSC)’s long-term logistics framework designed to meet the country’s rapidly increasing energy import demands. The ships are expected to be placed on long-term charters with state-owned power generation entities to ensure uninterrupted coal supply for electricity production. As part of the country’s energy transition strategy, Bangladesh aims to import nearly 20 million tonnes of coal annually in 2017 and 2018, up sharply from the existing 3 million tonnes per year. This surge reflects the government’s commitment to boosting national power generation capacity through large-scale coal-fired projects such as the Rampal, Payra, and Matarbari power plants, which will serve as the backbone of Bangladesh’s industrial and economic development. Bangladesh Shipping Corp (BSC)’s expanded fleet will play a pivotal role in maintaining the logistical chain for these imports, reducing dependency on foreign charterers, and keeping freight earnings within the national economy. Bangladesh Shipping Corp (BSC), founded in 1972 following the country’s independence, has remained a cornerstone of Bangladesh’s maritime identity. Headquartered in Chittagong, with administrative offices in Dhaka, the shipowner and operator was established to ensure the country’s maritime sovereignty and to carry Bangladesh’s exports and imports under its own flag. Over the past five decades, Bangladesh Shipping Corp (BSC) has managed an extensive and varied fleet, including dry bulk carriers, oil tankers, and general cargo ships. During its operational peak in the late 1970s and 1980s, Bangladesh Shipping Corp (BSC) operated more than 40 ships, serving routes across Asia, the Middle East, and Europe. However, years of underinvestment, global shipping downturns, and aging tonnage led to a gradual reduction in fleet size. The current initiative represents a major turnaround effort to rebuild and modernize the fleet, aligning it with international environmental standards and digital operational capabilities. The strategic fleet expansion by Bangladesh Shipping Corp (BSC) is also part of the government’s “Blue Economy” vision, which aims to leverage Bangladesh’s maritime assets for sustainable growth. The new ships, both ocean-going and coastal, will not only support power generation logistics but also strengthen Bangladesh’s role in regional maritime trade through enhanced transport capacity for bulk commodities such as coal, fertilizer, grain, clinker, and other industrial raw materials. The coastal fleet in particular will be instrumental in supporting domestic port connectivity, reducing congestion on land transport networks, and improving supply chain efficiency for Bangladesh’s rapidly industrializing economy. Bangladesh Shipping Corp (BSC)’s planned investment also aligns with its broader fleet renewal policy, which focuses on acquiring modern, fuel-efficient, and environmentally compliant ships that adhere to the International Maritime Organization (IMO)’s EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator) regulations. Each ship acquisition will contribute to lowering the fleet’s average age while reducing carbon emissions and enhancing operational performance. This modernized fleet will also help Bangladesh Shipping Corp (BSC) expand its participation in the international chartering market, potentially generating substantial foreign exchange earnings through long-term contracts and time-charter agreements. Bangladesh Shipping Corp (BSC)’s role extends beyond commercial operations; it embodies Bangladesh’s maritime heritage and its ambition for economic independence through ocean trade. The shipowner and operator remains the country’s primary state-run maritime institution responsible for ensuring the security and continuity of essential sea transport, particularly for energy and industrial cargoes. Its expansion initiative underscores a dual objective: supporting the nation’s infrastructure growth while positioning Bangladesh Shipping Corp (BSC) as a modern, self-reliant player in the global shipping arena. The organization also continues to play a vital social and developmental role through employment generation, seafarer training, and technical skill development. Hundreds of Bangladeshi mariners trained under Bangladesh Shipping Corp (BSC) have gone on to serve in international fleets, contributing to foreign remittances and bolstering the country’s image as a trusted source of skilled maritime professionals. Bangladesh Shipping Corp (BSC) also maintains strong collaboration with maritime academies, classification societies, and international safety organizations to enhance training, compliance, and ship management capabilities. As part of its strategic roadmap, Bangladesh Shipping Corp (BSC) is exploring joint ventures with regional shipyards to secure future newbuild orders and is in discussions to add more eco-designed ultramax and panamax ships to its fleet by 2026. It has also begun exploring the feasibility of acquiring or constructing new medium-range (MR) tankers and potentially LNG-compatible vessels to support the nation’s future energy transition. With renewed financial strength, policy backing, and operational ambition, Bangladesh Shipping Corp (BSC) is on course to re-establish itself as one of South Asia’s most significant state-owned maritime enterprises. Its expansion into larger, more efficient dry bulk carriers signals a forward-looking vision rooted in Bangladesh’s historical maritime legacy but fully aligned with the technological and environmental demands of the modern era. Through this renewed strategy, Bangladesh Shipping Corp (BSC) continues to reaffirm its role as the guardian of Bangladesh’s national maritime interest and a key pillar in the country’s quest for sustainable, trade-driven growth.
24-August-2016
Turkish Ciner Ship Management owned 2013 built ultramax bulk carrier MV Kenya was arrested in Gujarat, India. ING Bank continues to chase shipowners for payments owed to OW Bunker. High Court of Gujarat ordered the arrest of the Ciner Ship Management ship. Ciner Ship Management owned ultramax bulk carrier MV Kenya was fixed to Danish ship operator Copenship. Copenship declared bankruptcy in 2015 and left the bunker bill unpaid to OW Bunker.
24-August-2016
Korea Shipping Corporation (KSC) subsidiary, Seoul-listed shipowner, and operator Korea Line Corporation (KLC) send demolition 1991 built handy bulk carrier 38K DWT MV Delta Pride to the scrapyard in Bangladesh for about $2 million.
24-August-2016
Indian shipowner Mercator Line sold 2007 built panamax bulk carrier 74K MV Ganges (ex MV Gauri Prem) and 2001 built panamax bulk carrier 73K MV Yangtze (ex MV Prem Aparna).
24-August-2016
Norwegian shipowner Kristian Gerhard Jebsen Skipsrederi sold eight (8) the 1990s built aframax 109K DWT Oil Bulk Ore (OBO) combined carriers. Kristian Gerhard Jebsen Skipsrederi sold 1996 built MV SKS Tyne and MV SKS Tana to Turkish shipowner Kardeniz Energy Group for $7 million each. Norwegian shipowner Kristian Gerhard Jebsen Skipsrederi is looking for ship buyers for other vessels for further trading.
24-August-2016
Seoul based Hayne Shipping sold 1997 built panamax bulk carrier 73K DWT MV Evelyn Hayw for demolition in Bangladesh for about $3 million. In 2014, Korean shipowner Hayne Shipping bought MV Evelyn Hayw (ex MV Chang Sheng) for $7 million. Currently, Hayne Shipping has one more 1996 built handy bulk carrier 28K DWT MV Gloria Hayne in its fleet.
23-August-2016
Norway DNB Bank is planning to appoint a new shipping chief for DNB Asia Ltd. Christos Tsakonas from Singapore, will take the position of current DNB Asia Ltd manager Vidar Andersen. DNB Asia Ltd has 15 employees in DNB Asia Ltd.
23-August-2016
Far East Horizon scrapped panamax dry bulk carrier for $2.5 million. Far East Horizon of China sold 1996 built 70K DWT M/V Richmond for demolition in Bangladesh for $275 per Idt. Far East Horizon of China bought M/V Richmond as M/V Pierre in 2009 for $22.5 million from OceanFreight. In June 2016, Far East Horizon sold 1998 built dry bulk carrier 45K DWT M/V Top Brilliance to another Chinese shipowner for $2.45 million.
23-August-2016
Norwegian shipowner Stove Shipping is scrapping its two sinter dry bulk carriers Japanese 1999 built, 46K DWT M/V Stove Campbell, and M/V Stove Trader for $3.25 million. Both handymax carriers are due for a special survey in 2017. January 2016, Stove Shipping sold a sistership 1998 built M/V Stove Transport for $3.5 million to Oryx Shipping of Greece. February 2016, 1998 built handymax dry bulk carrier M/V Stove Tradition was sold to Data Marine of China for $3.2 million. Norwegian shipowner Stove Shipping is controlled by Otto Gregard Tidemand who also controls Eastern Bulk and his brother Sverre Jorgen Tidemand controls Norwegian Belships.
22-August-2016
Korea Shipping Corporation (KSC) subsidiary Korea Line Corporation (KLC) is selling an 8-year-old supramax bulk carrier. Korea Line Corporation (KLC) sold 2008 built supramax bulk carrier 56K DWT MV Sanbay for about $6 million. MV Sanbay was on time charter to Hayne Shipping at $4,900 per day. On the other hand, Korea Line Corporation (KLC) is buying 2002 built panamax bulk carrier 72K DWT MV Matilde Corrado for about $5 million from Gestion Maritime. Seoul based Korea Line Corporation (KLC) has a fleet of 20 bulkers.
22-August-2016
In the current challenging freight rate market, Japanese shipowner and operator Iino Kaiun Kaisha has emerged as one of the year’s most active sellers of dry bulk tonnage. Joining the wave of sales, Iino Kaiun Kaisha has successfully completed the sale of the eight-year-old MV Atlas Island, a panamax bulk carrier, netting $9.4 million from the transaction. The vessel, an Imabari-built panamax with a deadweight of 76K, was acquired by the Monaco-based Transocean Maritime Agencies. The MV Atlas Island, under Iino Kaiun Kaisha’s management, has attracted significant interest in the dry bulk sector, with owners looking for value buys paying keen attention. The vessel notably received double-digit numbers of inspections from prospective buyers, highlighting its desirability in a market filled with cautious optimism and strategic acquisitions.
22-August-2016
Dhaka-based Kabir Steel Group subsidiary SR Shipping is buying a Tokyo based Kambara Kisen controlled supramax bulk carrier 58K DWT MV Ten Ya Maru for about $12 million. SR Shipping recently inspecting supramax bulk carriers in Japan and Singapore. Kabir Steel Group subsidiary SR Shipping so far bought four (4) dry bulk carriers.
21-August-2016
New York-listed Diana Shipping has chartered out 2013 built panamax dry bulk carrier 77K DWT M/V Ismene to Glencore at $5,850 per day for a year. MV Ismene was earning $7,825 per day previously from Glencore for the past 3 months.
21-August-2016
Greek Golden Flame Shipping chartered out cape size 2010 built dry bulk carrier 180K DWT M/V Samjohn Legacy to Rio Tinto 5 to 8 months for $9,100 per day. Previously, M/V Samjohn Legacy was chartered out to E.ON for the past year at $11,000 per day.
21-August-2016
2010 built handy bulk carrier 27K DWT MV Qin Feng 318 was sold for about $2.7 million.
21-August-2016
Japanese 1997 built handy bulk carrier 28K DWT MV Castle Island was sold for about $2 million. MV Castle Island is due for SS (special survey) in June 2017.
21-August-2016
1997 built bulk carrier 18K DWT MV Moondy Bay sold at auction in Italy last week for about $1.8 million. Greek Antares Ship Management was the manager MV Moondy Bay. M/V Moondy Bay was arrested in December 2015 for financial debts and wages owing to crew members. Italian ship class RINA suspended the ship’s class in June 2015. Greek Antares Ship Management bought M/V Moondy Bay as M/V Bulk Sunset for about $4 million in 2013.
21-August-2016
Loss-making fixtures causing shipbrokers to work for a discount in a dry bulk market where both shipowners and shipbrokers would be suffering together. In the current depressing market, shipbrokers are still providing the same services and information as in a peak dry bulk market. Shipbrokers comment “fixture below operating expenses is better than no coverage at all”. The discounting for shipbrokers services from 1.25% to 1% is said to be particularly widespread in the Far East. Big players, including Chinese State-Owned Enterprises prefer not to use shipbroker services and deal directly with charterers.
20-August-2016
New York-based shipowner Apex Bulk Carriers is selling 2010 built handysize bulk carrier 34K DWT MV Lisa J. MV Lisa J might be the third sistership Apex Bulk Carriers has been trying to sell this year. Previously, Apex Bulk Carriers sold MV Ethel L for about $9 million in July 2016. In June 2016, Apex Bulk Carriers sold the sistership MV Quinn J to Greek shipowner Empire Bulkers for $9.5 million. MV Quinn J has been renamed as Aphrodita M.
20-August-2016
In a move that marks a significant crossover from the private to the public sector, New Delhi has appointed Anoop Kumar Sharma, the Managing Director of Essar Shipping, as the head of the state-run Shipping Corporation of India (SCI). This decision is notable for being a rare instance where the Indian government has selected a leader from the private sector to helm a state-owned enterprise. The top position at SCI had been vacant for over a year, with BB Sinha, a director at the corporation, serving as the temporary head for the past 12 months. Sharma has been awarded a three-year contract to lead SCI. His acceptance of this role is particularly remarkable given that it reportedly involves a substantial reduction in pay, with some local media outlets suggesting as much as an 80% decrease in his salary compared to his private sector earnings. Sharma’s career in shipping is extensive and includes significant prior experience with Shipping Corporation of India (SCI). Born in 1960 in Jhansi, Uttar Pradesh, he moved to Mumbai as a teenager and began his maritime training at Training Ship T.S. Rajendra. Following his training completion in 1978, he joined Shipping Corporation of India (SCI), a major training ground for Indian shipping talent. Sharma sailed on SCI’s vessels until late 1992 and transitioned to shore-based roles the following day after the demolition of the Babri Masjid, an event that led to significant political unrest and violence in India. Over the next 16 years, Sharma accumulated a wealth of experience in various departments at Shipping Corporation of India (SCI). In 2008, he joined Essar Shipping, India’s third-largest shipping line, and ascended to the roles of CEO and Managing Director by April of the previous year. His appointment as the head of Shipping Corporation of India (SCI) signifies not only his personal professional achievements but also reflects a broader openness in the Indian government’s approach to leadership in public sector enterprises, recognizing the value of diverse experience and expertise from the private sector.
20-August-2016
South Korean shipowner and operator Daebo International Shipping continues to reduce its fleet to two kamsarmax bulk carriers. Daebo International Shipping sold supramax 2007 built MV Maemi Pioneer for about $8 million. Daebo International Shipping has been under court protection since December 2015. In January 2016, Daebo International Shipping sold 2002 built 70K M/V Daebo Trader for about $5 million. In 2011, South Korean Daebo International Shipping owned a fleet of 11 bulkers which were acquired at the peak of the shipping market between 2007 and 2009. Daebo International Shipping was established in 1974 and operated a fleet of 35 vessels but currently having financial difficulties.
20-August-2016
The appointment of Anoop Kumar Sharma as the head of the Shipping Corporation of India (SCI) represents a significant development in the intersection of the private and public sectors in India. Sharma, who has been serving as the Managing Director of Essar Shipping, brings a wealth of experience from the private sector to this prominent state-run entity. This appointment is especially noteworthy as it’s uncommon for the Indian government to select a leader from the private sector for a key role in a state-owned enterprise. The leadership role at Shipping Corporation of India (SCI) had remained vacant for over a year, with BB Sinha, a director of the corporation, temporarily overseeing operations for the past 12 months. Sharma’s new role comes with a three-year contract. What makes Anoop Kumar Sharma’s acceptance of the position even more remarkable is the significant pay cut involved, as reported by local media, which suggest a decrease in salary of up to 80% compared to what he earned in the private sector. Anoop Kumar Sharma’s background in shipping is extensive. Born in 1960 in Jhansi, Uttar Pradesh, he moved to Mumbai as a teenager to commence his maritime training at Training Ship T.S. Rajendra. Completing his training in 1978, Anoop Kumar Sharma began his career with Shipping Corporation of India (SCI), a well-known training hub for Indian shipping professionals. Anoop Kumar Sharma served onboard Shipping Corporation of India’s (SCI) ships until the end of 1992 and then transitioned to shore-based roles. This transition coincided with a tumultuous period in India’s history, marked by the demolition of the Babri Masjid and the ensuing political unrest and violence. Over the next 16 years, Anoop Kumar Sharma gained valuable experience across various departments within Shipping Corporation of India (SCI). In 2008, he joined Essar Shipping, India’s third-largest shipping line, eventually rising to the roles of CEO and Managing Director by April of the previous year. Anoop Kumar Sharma’s appointment as the head of Shipping Corporation of India (SCI) is not just a testament to his impressive career trajectory but also indicates a shift in the Indian government’s approach to public sector leadership. By choosing a leader with a diverse range of experiences from the private sector, the government demonstrates its recognition of the value such expertise can bring to state-run enterprises.
15-August-2016
SR Shipping, a subsidiary of the Dhaka-based Kabir Steel Group and one of the year’s most active bulker buyers, has recently completed a significant acquisition from one of Japan’s most consistent sellers. The Bangladesh-based shipowner and operator purchased the 2010-built supramax bulk carrier MV Ten Yu Maru from Kambara Kisen, a prominent Japanese shipping company, for $11.7 million. This price is considered quite robust by shipbrokers, being about $1 million higher than what a similar sister ship was sold for recently. SR Shipping is notably enthusiastic about supramax vessels constructed by Tsuneishi, the shipbuilding arm of Kambara Kisen. Their preference for Tsuneishi-built ships is evident in their purchasing patterns. This acquisition aligns with SR Shipping’s rapid expansion strategy in the dry bulk sector this year. Conversely, Kambara Kisen, like many other Japanese owners, has been actively selling off its fleet, particularly in the context of the current downturn in the industry.
14-August-2016
CEO Lou Kollakis-led Chartworld Shipping Corporation bought new building capesize dry bulk carrier 180K DWT Mustang for $33 million from Chinese shipyard Shanghai Waigaoqiao Shipbuilding (SWS). This might be Diana Shipping’s resale. In December 2015, Chartworld Shipping bought 2005 built capesize dry bulk carrier 171K DWT Pierre LD for $12.2m. Currently, Lou Kollakis led Chartworld Shipping operates around 40 ships at a given time.
14-August-2016
South Korean based H-Line Shipping, which was established two (2) years ago from Hanjin Shipping’s Bulkers was spun off, is planning to buy 2 two newcastlemax new-buildings under construction in China for Wilbur Ross’s Transport Recovery Fund (TRF). South Korean based H-Line Shipping is going to buy two (2) newcastlemax new-buildings for $34 million each. Seoul based shipowner H-Line Shipping is targeting new contracts from Korean POSCO and KEPCO. Currently, H-Line Shipping has 21 capesize bulk carriers in its fleet. In 2016, H-Line Shipping sold MV Pos Bravery, MV Pos Ambition, and MV Goodwill for scrap.
14-August-2016
Singapore based cash ship buyer Wirana Shipping lost top legal advisor Shashank Agrawal. Shashank Agrawal will continue his career to assist shipowners for legal issues involving sale-and-purchase (S&P) and chartering activities. Shashank Agrawal decision might be triggered by the decline in the ship demolition market, due to the fall in demand for steel.
14-August-2016
Greenship Bulk sold 2012 build supramax bulk carrier 63K DWT MV JS Meuse for around $12 million. In July 2016, Jacques de Chateauvieux led Greenship Bulk sold sistership supramax bulk carrier M/V JS Rhone for around $12 million. Norwegian Greenship Bulk has a fleet of 16 sister-ships which are operated by French Setaf-Saget.
14-August-2016
Another lawsuit filed against 2012 built bulk carrier 25K DWT MV Bulk Rose which is still under arrest in India since last October. Indonesian marine supplier Gamarends has been claiming $55K against MV Bulk Rose. 2012 built bulk carrier 25K DWT MV Bulk Rose is owned by Turkey-based shipowner Deniz Endustrisi. Deniz Endustrisi might abandon the bulk carrier which has a market value of around $6 million. Indian Gujarat Maritime Board set to take under the hammer in the forthcoming weeks.
12-August-2016
New York-based shipowner Apex Bulk Carriers sold 2010 built handysize bulk carrier 34K DWT MV Ethel L for $9.6 million. In June 2016, Apex Bulk Carriers sold the sistership 2011 built M/V Quinn J to Empire Bulkers $9.5 million.
CEO John Calicchio ordered eight (8) handysize new buildings during 2009-2012 between $33 million to $38 million apiece. Apex Bulk Carriers timing was wrong to build a fleet. In 1998, CEO John Calicchio bought shipless Apex Ship Management and then built up a fleet of eight handymax bulkers with secondhand purchases.
12-August-2016
Commodity Trader Cargill will cut back on asset sales after a $2.4 billion disposal effort in 2015. One of the major dry bulk carrier charterers and shipping market player Cargill Ocean Transportation reported a drop in full-year adjusted earnings. In the first half of 2016, Cargill Ocean Transportation reported operating earnings of $1.6 billion. Other commodity giants Archer Daniels Midland and Bunge have similar shrinking margins in 2016.
12-August-2016
Greek bulk owner Diana Shipping chartered out a 2013 built panamax bulk carrier 77K DWT M/V Ismene to Glencore for $5,850 per day for one year. In March 2016, Glencore chartered in M/V Ismene for a daily rate of $7,825.
12-August-2016
Japanese shipowner and operator Kambara Kisen Co Ltd has sold the 2005-built supramax dry bulk carrier 52K DWT MV Triple Ever to a Chinese shipowner for $7.3 million, and also finalized the sale of the 2016-built panamax bulk carrier 82K DWT MV Rikke together with a sistership newbuilding for $22 million each, as part of a broader fleet optimization strategy by Kambara Kisen Co Ltd, which is headquartered in Ehime Prefecture and serves as the shipping division of Japan’s Tsuneishi Shipbuilding; Kambara Kisen Co Ltd, known for operating a versatile fleet including bulk carriers, car carriers, and general cargo ships, continues to actively manage its assets through strategic sales and acquisitions to align with evolving market dynamics and regulatory requirements, while maintaining its role as a key player in Asian maritime logistics and a longstanding client of shipyards across China, Japan, and the Philippines under the wider Tsuneishi Group network.
12-August-2016
Commodity Trader giant Singapore-listed Noble Group is taking more cautious in chartering dry bulk carriers. In 2016, Noble Group carried less iron ore cargo. In the first 6 months, Noble Group commodity volume dropped to 112 million tonnes due to reducing counterparty risk. The shipping market is still trading below operating costs and in Q2 2016 capesize bulk carriers TCE is over $8,000 per day. In H1 2015, Noble Group was on green $169.2 million but in H1 2016 months on red $14.4m. Commodity Trader Noble Group profiting in ship operations but also exiting of certain businesses.
12-August-2016
Singapore based Raffles Shipping, a subsidiary of Wilmar International, bought 2010 built supramax bulk carrier 56K DWT MV Kilian S for $7 million. Market veterans believe that there is still a strong discount on Chinese built bulk carriers comparing to Japanese built.
12-August-2016
Netherlands based shipowner and operator Wagenborg sold 1996 built multipurpose (MPP) bulk carrier 9K DWT MV Keizersborg for about $2 million.
12-August-2016
Lorentzen Skibs has been expanding its fleet with acquisitions of both dry bulk carriers and containerships in Q12016. Five (5) ships have been bought by KS (limited partnership) companies. Lorentzen Skibs has also bought 2002 built supramax bulk carrier 52K DWT MV Anna. Generally, CEO Nicolai E Lorentzen takes around a 20% stake in the company’s projects. Furthermore, Lorentzen Skibs will acquire three (3) supramax bulker carriers and two (2) containerships.
12-August-2016
Oslo Shipbrokers in profit in 2015 despite the slowdown in the newbuilding market. Norwegian privately-owned shipbroker reported a pre-tax profit of $1.8 million in 2015. Oslo Shipbrokers CEO Paal J Norenberg finds the result satisfactory. Paal J Norenberg says that 2016 will be more challenging due to the late payment of commissions. CEO Paal J Norenberg holds 40% Of the shares in the Oslo Shipbrokers. Oslo Shipbrokers was set up in 1987 by 7 shipbrokers. Oslo Shipbrokers specializes in newbuilding and sale-and-purchase (S&P).
12-August-2016
Pankaj Khanna led Pioneer Marine in a loss in Q2 2016. Pioneer Marine canceled two (2) new-buildings at Chinese Shipyard. Pioneer Marine. Pioneer Marine reported a loss of $6.7 million in Q2 2016 including cancellation fees at Chinese Yangzhou Guoyu Shipyard. Pioneer Marine looking for more opportunities in the second-hand market for bigger dry bulk carriers. Pioneer Marine total revenue dropped to $7.1 million due to time charter equivalent dropped to $5,070 per day.
12-August-2016
Private Equity company Tufton Oceanic sold 1997 built handy bulk carrier 23K DWT MV UBC Boston for further trading to a Greek buyer for $2.35 million.
11-August-2016
Thailand based Thoresen Shipping has reported a net loss of $5.6 million in the Q2 2016. Even though BDI (Baltic Dry Index) has rebounded. Thoresen Shipping’s revenue was down 34% from 2015. Baltic Dry Index increased because of global coal and grain trade. Thailand based Thoresen Shipping’s fleet consists of mostly supramax bulk carriers with daily average time charter equivalent rate of $5,079 per day. Currently, Thoresen Shipping has 21 ships in the fleet.
8-August-2016
Japanese shipowner and operator Kambara Kisen Co., Ltd., a long-established Hiroshima-based shipping company with roots dating back to 1903 and a key subsidiary of the Tsuneishi Group, which also controls Tsuneishi Shipbuilding, continues to actively offload tonnage in line with its fleet optimization strategy amid a prolonged dry bulk market downturn. The company, which operates a diversified fleet including bulk carriers, container ships, and specialized vessels, has built a reputation for leveraging its shipbuilding ties with Tsuneishi Shipbuilding to maintain a modern and efficient fleet while also trading actively in the sale and purchase market. In its latest move, Japanese shipowner and operator Kambara Kisen Co., Ltd. has sold two kamsarmax bulk carriers nearing delivery this year to compatriot shipowner and operator Nisshin Shipping Co. Ltd. (Nisshin Kaiun KK) for approximately $22m each. This transaction marks the first acquisitions of 2025 for Nisshin Shipping Co. Ltd. (Nisshin Kaiun KK), a prominent privately held Tokyo-headquartered maritime enterprise with a significant global footprint in the dry bulk and tanker sectors. In addition, Japanese shipowner and operator Kambara Kisen Co., Ltd. invited bids for the 11-year-old Tess 52 design handymax bulk carrier MV Triple Ever, which shipbrokers report has been purchased by an unspecified Singaporean shipowner for about $7.5m. With these sales, Japanese shipowner and operator Kambara Kisen Co., Ltd. has now divested 10 ships in 2025, underscoring its ongoing strategy to recalibrate its fleet composition, strengthen its balance sheet, and position itself for future market recovery while maintaining close integration with Tsuneishi Shipbuilding’s newbuilding program to secure competitive advantages in vessel design, fuel efficiency, and environmental compliance.
8-August-2016
Japanese shipowner and operator Kambara Kisen Co., Ltd, which also controls Tsuneishi Shipbuilding and has an extensive presence in both domestic and international maritime markets, continues its active bulk carrier divestment strategy amid the ongoing dry bulk market downturn. The latest transactions involve the sale of three bulk carriers — a newbuild pair due for delivery later this year and an 11-year-old Tess 52 design handymax bulk carrier — as the company capitalizes on asset sales to optimize its fleet profile. The two kamsarmax bulk carriers, each priced at $22m, have been acquired by compatriot shipowner and operator Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), marking its first acquisition activity of the year after a period focused on vessel disposals. Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), a prominent privately held maritime enterprise headquartered in Tokyo, operates a diversified fleet across the dry bulk, tanker, and container segments, with long-standing relationships with global charterers and a reputation for actively participating in the international sale and purchase market. The company is also known for its strategic fleet renewal program, often engaging in Japanese shipyard orders for high-specification eco-design bulk carriers to maintain competitive operating efficiency. Meanwhile, Kambara Kisen Co., Ltd also invited bids last week for the handymax bulk carrier MV Triple Ever, built to the Tess 52 design, with shipbrokers indicating an unspecified Singaporean shipowner as the buyer at a price of around $7.5m. With these latest transactions, Kambara Kisen Co., Ltd has now sold 10 ships in 2025, underscoring a year of significant fleet restructuring.
8-August-2016
SwissMarine bought 2011 built panamax bulk carrier 82K DWT MV United Fortune for about $15 million. Main lenders of Japanese shipowner United Ocean are attempting to recover around one billion dollars in funds from the company, which filed for bankruptcy at the Tokyo district court in January 2016. Largest creditors of Japanese shipowner United Ocean are: Resona Bank, Tokyo Mitsubishi UFJ and Mizuho Bank. The collapse of the Japanese shipowner United Ocean was followed by allegations that charter parties had been misrepresented to secure funding from the bankruptcy filing revealed $1.23 billion of debts.
7-August-2016
Hong Kong and India based shipowner and operator KC Maritime Hong Kong Ltd is rejecting of ultramax new buildings which are ordered at CSSC Huangpu Wenchong due to ship design problems. Chinese shipyard CSSC had moved to freeze the KC Maritime’s assets. KC Maritime ordered new buildings around $27 million each in 2013. Bulk carriers were designed by The Shanghai Merchant Ship Design and Research Institute. KC Maritime’s cancellation may not be opportunistic as the same design Sdari-64 ships ordered by different shipowners have similar tail shaft vibrations. Fewer mechanical problems have arisen with ships built to the design of Sdari 64’s closest competitors. On the other hand, KC Hong Kong and India based shipowner and operator KC Maritime has been trying to sell 2004 built panamax dry cargo bulk carrier 74K MV Darya Shree for around $6 million.