26-December-2016
New York-listed bulker owner Genco Shipping & Trading’s shares declined this week. Genco Shipping & Trading’s shares plummeted 16.3%, taking it to $6.99 per share.
26-December-2016
New York-listed, CEO Angeliki Frangou-led, bulker owner Navios Maritime Holdings shares moved up 21.3% to $1.54 after receiving a boost from an arbitration ruling that declared that a key contract with Vale is valid. Vale, the Brazilian mining giant, had tried to back out of the iron ore terminal deal. Friday’s closing spike of Navios Maritime Holdings’ shares materially improves the outlook for the dry bulk shipping business.
26-December-2016
Italian tanker and bulker owner Premuda SpA is in debt restructuring program with Pillarstone. Premuda SpA might be delisted from the Milan Stock Exchange. Private Equity company Pillarstone will be left as the largest shareholder of the shipowner Premuda SpA. Formerly, Premuda SpA controlled by the Duferco, Rosina family, and Generali Insurance. Currently, Italian shipowner Premuda SpA has debts around EUR 335 million. Enormous impairments are likely to wipe-out existing shareholders at Premuda SpA.
21-December-2016
Singapore based shipowner and operator Berge Bulk and Brazi based commodity giant Vale are both reported to have each sold a capesize dry for demolition. 1998 built capesize dry bulk carrier 172K DWT M/V Berge Atlantic was sent to a Bangladesh scrapyard. 1986 built capesize dry bulk carrier 251K DWT M/V Ore Brutucu was also sent to Bangladesh Scrapyards. Cash buyer GMS said these two (2) capesize dry bulk carriers appear to be at least $15 to $20 per ldt (Lightweight Displacement Tonnage) ahead of the market.
21-December-2016
Lorentzen & Stemoco (L&S) employees are trying to force the firm to pay bonuses. Lorentzen & Stemoco (L&S) deny the accusations, while some employees concede that bonus payments not paid for 2015. CEO Caroline Figenschou Tidemand is the daughter of shipowner Otto Gregard Tidemand. Lorentzen & Stemoco (L&S) recently lost 2 more brokers to compatriot Fearnleys. Stemoco Shipping was formed in 1985 and merged with Lorentzen Chartering to become Lorentzen & Stemoco (L&S) in 1994.
21-December-2016
One of the modern Greek Shipping founder Captain Nikolaos Frangos died at the age of 90. Navios Group CEO Angeliki Frangou’s father Captain Nikolaos Frangos spent his lifetime in the shipping business. Captain Nikolaos Frangos was one of the most emblematic figures of Greek shipowning. Captain Nikolaos Frangos was born in 1926 in Kardamyla, Chios. Tsakos and Angelicoussis shipping clans also hail from Chios. Captain Nikolaos Frangos story as an independent owner began in 1960 when he bought his first ship, which he named M/V Captain Frangos. Captain Nikolaos Frangos was one of the first owners to make contacts with China. Captain Nikolaos Frangos established Good Faith Shipping which becomes one of the biggest ship-management companies in Greece.
21-December-2016
On 21 December 2016, 2005 built supramax dry bulk carrier 53K DWT MV Star Harmony grounded at Istanbul Bosporus Strait. MV Star Harmony was loaded with grain cargo. MV Star Harmony was heading from Odessa to Egypt. MV Star Harmony is managed by Greece based Dekoil.
20-December-2016
John Fredriksen stopped doing business with shipbroker Clarksons Platou. John Fredriksen worked with Clarksons for 50 years and now-departed ways. The reason might be Clarksons broking 2 jack-up rigs to John Fredriksen’s former right arm Tor Olav Troim. John Fredriksen has his own sale and purchase broking house which was set up in partnership with Arctic Securities at the beginning of 2016.
20-December-2016
Athens-based Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd. has recently acquired 2010 built kamsarmax bulk carrier 80K DWT MV Maverick Gunner from its compatriot shipowner and operator Efploia Shipping. Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd. will pay around $13.25 million for 2010 built kamsarmax bulk carrier 80K DWT MV Maverick Gunner. Athens-based shipowner and operator Empire Bulkers Ltd. emerged as a distinguished entity in March 2013 following a spin-off from Empire Navigation. The heightened level of activity in bulk carrier S&P (sale and purchase) this year is, in part, a consequence of the persistently depressed dry bulk market conditions. The prolonged duration of this downturn has imposed a severe financial strain on bulk carrier shipowners, which has been further compounded by mounting pressure from banks. Consequently, a significant portion of secondhand transactions this year can be attributed to distressed’ sales.
20-December-2016
Capesize spot market halved in two weeks to just $7,100 per day by December 14, 2016. $7,100 per day only enough to cover the operating costs of capesize dry bulk carriers. US-listed owner Diana Shipping chartered out 2015 built capesize dry bulk carrier 180K DWT M/V New Orleans to Koch Shipping for $11,250 per day 12 to 16 months.
20-December-2016
Legendary Greek shipowners are going to flock towards the Portuguese ship registry over the next few weeks. Many renowned Greek shipowners have already accepted to participate in Portugal’s newly-founded International Shipowners’ Association (EISAP). Many Greek shipowners will shift to International Shipowners’ Association (EISAP). International Shipowners’ Association (EISAP) has offices in Hamburg and Rotterdam, Lisbon. International Shipowners’ Association (EISAP) which is established in 2013 has already had extraordinary progress in pulling shipowners, especially from Germany. Up to now, the International Shipowners’ Association (EISAP) has attracted around 300 ships under the Portuguese flag. Presently, Euromar is intending to replicate this success in Greece.
20-December-2016
Argentine shipowner and operator Ultrapetrol bought a newbuilding kamsarmax dry bulk carrier while still considering a bankruptcy filing. Argentine shipowner and operator Ultrapetrol bought 2016 built 81K DWT MV BSI Cadogan from Malta-based Berkeley Shipping for around $20 million. 2016 built 81K DWT M/V BSI Cadogan was built at Chinese Shipyard Hudong-Zhonghua Shipbuilding Group a sub-company of state-run China Shipbuilding Group Corp (CSSC). Argentine shipowner and operator Ultrapetrol have been focusing on its core business, river barge, and offshore fleets. In November 2016, Argentine shipowner and operator Ultrapetrol planned to put the river fleet into a pre-packaged Chapter 11 restructuring and would explore an out-of-court restructuring for its offshore supply vessels.
20-December-2016
Dry bulk freight rates have been in the doldrums for eight years. Dry bulk shipping has grown up on the premise that world trade will increase that the trick to maintaining healthy earnings lies in keeping the supply equilibrium in check. Shipowners restraint in new orders, restraint in leveraging, restraint in keeping vintage tonnage trading, but shipowners actually over-order, shipowners love leverage, and vintage tonnage has been known to be a cash cow. Shipowners are subjected to repetitive and even conflicting vetting, inspections, surveying by a multitude of regulatory bodies, charterers, insurers, financiers, and others. Shipowners allowed to be manipulated by lesser groups with special interests. In the dry bulk shipping sector, if shipowners continue recycling this year at the pace of 2016 over the next 12 to 18 months and don’t shoot themselves in the foot with new orders, then even with the lackluster demand equation and scheduled deliveries, we should be poised for a return to a robust freight market in late 2017 and 2018.
19-December-2016
Greek shipowner and operator Chandris Hellas Inc. sold its 2001 built panamax dry bulk carrier 74K DWT MV Marichristina (ex M/V SA Warrior) for around $5 million. MV Marichristina (ex M/V SA Warrior) is the first bulk carrier sale of Chandris Hellas Inc. since December 2014. In 2003, Greek shipowner and operator Chandris Hellas Inc. bought MV Marichristina (ex M/V SA Warrior) for around $21 million. Greek shipowner and operator Chandris Hellas Inc. also has a sistership 2001 built MV Amira in its fleet. Currently, Chandris Hellas Inc. fleet consists of nine 9 tankers and 16 dry bulk carriers.
19-December-2016
American fuel supplier World Fuel Services requested an order to arrest supramax dry bulk carrier 2011 built 56K DWT MV AS Varesia in New Orleans, USA over a bunkers bill that has allegedly gone unpaid by Denmar Chartering and Trading for 4 years. Currently, supramax dry bulk carrier 2011 built 56K DWT M/V AS Varesia is owned by Germany’s Ahrenkiel Steamship.
German shipowner and operator Denmar Chartering and Trading has never paid the more than $612,000 bill and American World Fuel alleges that it sold Denmar Chartering and Trading nearly 1,000 tonnes of bunkers for the MV AS Varesia in Singapore in November 2012 and never paid. There are no allegations against Ahrenkiel Steamship, but American law allows bunker suppliers to arrest a ship over unpaid fuel bills even when they involve its former charterer.
19-December-2016
Greek shipowner and operator Empros Lines sold 2003 built supramax dry bulk carrier 53K DWT MV Anassa Ioanna for around $7 million. Currently, Empros Lines has a fleet of four supramax bulk carriers. George Makrymichalos led Greek shipowner and operator Empros Lines has an order for two (2) ultramax bulk carriers 63K DWT at Imabari Shipbuilding. In March 2016, Greek shipowner and operator Empros Lines declared that the company is going to work with V.Ships as for third party ship management.
19-December-2016
Greek shipowner Evalend Shipping bought three (3) panamax dry bulk carriers for $60 million from Jiangsu New Yangzijiang Shipyard as resales. Kriton Lentoudis led Greek shipowner and operator Evalend Shipping bought three (3) panamax dry bulk carriers 81K DWT MV World Seas, MV Bright Seas and MV Inspiring Seas. MV World Seas, MV Bright Seas will be delivered in 2016 and MV Inspiring Seas will be delivered in 2017. Greek shipowner and operator Evalend Shipping has previously been active in the handysize and supramax sector.
19-December-2016
Norwegian shipowner and operator Torvald Klaveness appointed Liv Dyrnes as new CFO (Chief Financial Officer) effective on 15 February 2017. Norwegian shipowner and operator Torvald Klaveness announced that Liv Dyrnes has been working with Torvald Klaveness for many years and has a robust perception of the business.
19-December-2016
Malaysian Bulk Carriers (Maybulk) is selling 2006 India built 32K DWT handy bulk carrier M/V Alam Sakti for around $7 million. Malaysian Bulk Carriers (Maybulk) bought M/V Alam Sakti as M/V Ikan Juara for $23.75 million in October 2009. In 2016, up to now Malaysian Bulk Carriers (Maybulk) sold 5 dry bulk carriers. Malaysian Bulk Carriers (Maybulk) fleet left with 9 ships.
19-December-2016
Danish shipowner and operator Norden is strengthening the dry cargo operating platform in 2017. Danish shipowner and operator Norden’s new divisional boss Christian Christensen from Western Bulk Chartering. Danish shipowner and operator Norden CEO Jan Rindbo said that Norden refuses to sit idle and wait for the market to improve from the historical lows and wants to increase business significantly in the coming years. Norden wants to ensure the best combination of cargoes and ships on the market. Danish shipowner and operator Norden has a dry cargo fleet of 80 vessels mostly chartered in ships.
19-December-2016
New York-based Med Brokerage & Management Corp. is selling 2003 built supramax dry bulk carrier 53K DWT MV Besiktas M (ex MV Global Galaxy) for around $5.5 million. In 2015, Med Brokerage & Management Corp. bought the MV Besiktas M (ex MV Global Galaxy) for $8 million. New York-based Med Brokerage & Management Corp. co-operates with Turkey-based Iskenderun Ship Management which is listed with a fleet of 9 dry bulk carriers. Last year, Iskenderun Ship Management bought 2007 built supramax dry bulk carrier 55K DWT MV Deniz M (ex M/V Karaagac). Ibrahim Mazman is the owner of both Iskenderun Ship Management and Med Brokerage & Management Corp.
19-December-2016
Desperate shipping markets have squeezed Greek shipping companies but big shipowners continue to get bigger. Smaller shipowners have been suffering for many months and have been forced to sell their ships. Large Greek shipowners are becoming larger as they take advantage of low ship prices. Greek shipowners fleet has expanded by 10% to 362 million DWT despite record scrapping in 2016. Greek shipping companies fleet number has increased to 5,230.
19-December-2016
Norwagian shipowner and operator Arne Blystad’s Songa Bulk is looking to upgrade its Oslo OTC (over the counter) listing. Arne Blystad’s Songa Bulk has filed to join the Merkur Market in Oslo, Norway. Oslo Stock Exchange was launching a new market with growth-oriented shipping and offshore companies.
18-December-2016
2000 built handymax bulk carrier 46K DWT MV Aurora Christine is sold for around $5 million. 1997 built handymax bulk carrier 46K DWT MV Baofeng is sold for around $2.5 million. 2009 built handy bulk carrier 21K DWT MV Qin Feng 180 is sold for around $4 million.
16-December-2016
New York-based Scorpio Bulkers chartered out 2016 built kamsarmax dry bulk carrier 81K M/V SBI Zumba for $10,500 per day for 5 to 7 seven months. Panamax dry bulk carriers’ average spot market rates were at $10,600 per day on Wednesday.
16-December-2016
Spot market rates for capesize bulkers have halved in two weeks to just $7,100 per day by Wednesday. Currently, spot market rates for capesize bulkers have only covering operating costs. Greek shipowner and operator Diana Shipping first fixed out the 2015 built capesize dry bulk carrier 180K DWT M/V New Orleans to Koch Shipping for a year at $11,250 per day. Koch Shipping has done another deal with the US-listed shipowner and operator Diana Shipping. Koch Shipping chartered in capesize dry bulk carrier 208K DWT M/V San Francisco for a year at $11,750 per day.
12-December-2016
Greek shipowner and operator Adelfia Shipping has been rejecting rumors that the company is selling half of its fleet under order from debt lenders. Greek shipowner and operator Adelfia Shipping insists this is part of a reorganisation programme. Greek shipowner and operator Adelfia Shipping was founded in 1981. After these sales Greek shipowner and operator Adelfia Shipping fleet consist of with three ships: 2004 built panamax dry bulk carrier 76K DWT MV Agios Nikolas for about $36 million, 2002 built panamax dry bulk carrier 75K DWT MV Anna for about $34 million and 2005 built supramax dry bulk carrier 56K DWT MV Galini for $41 million.
10-December-2016
Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited sold a handysize dry bulk carrier 2012 Japan built 38K DWT M/V Jin Yu for $14.4 million for further trading. In October 2016, Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited sold 2009 built panamax dry bulk carrier 76K DWT M/V Jin Rui to Hanse Shipping Co for $10.6 million. Also in October 2016, Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited sold other 2011 built panamax dry bulk carrier 75K DWT M/V Jin Chao to Greece based shipowner and operator Fundador Compania Naviera for $12.8 million.
10-December-2016
USA based shipowner and operator TBS Ship Management’s sister company Valhalla Management sold two supramax bulk carriers 2002 built 51K DWT MV V Green Heron for around $4.5 million and MV V Gannet for around $5 million. Valhalla Management bought sisterships from Greek-based shipowner and operator Marmaras Navigation for around $18 million each in 2014. USA based shipowner and operator TBS Ship Management’s sister company Valhalla Management has six (6) supramax dry bulk carriers and one (1) handysize dry bulk carrier in the fleet. TBS Ship Management set up a supramax bulk pool called BlueMax Bulkers and a handy bulk pool called BlueHorizon Bulkers.
9-December-2016
Shanghai shipowner and operator China Cosco Shipping Bulk is preparing to launch a new financial leasing operation that will compete with a number of other leasing companies. China Cosco Shipping Bulk’s new leasing shop has currently only three employees and is targeting a $3 billion v in ship finance annually. China Cosco Shipping Bulk’s new leasing shop is said to be targeting third-party assets. This will make it different from sister leasing entity Cosco Shipping Development Co (CSDC) which is mostly financing of COSCO tonnage.
9-December-2016
Japanese shipowner and operator Eiko Kisen sold 2008 built panamax dry bulk carrier 82K DWT MV Bulk Brasil for further trading to a Greek shipowner and operator for around $11 million.
9-December-2016
German shipowner Oskar Wehr KG sold supramax dry bulk carrier 2011 built 55K DWT M/V Ingwar Selmer to Greek shipowner and operator Almi Marine for $13.5 million.
9-December-2016
Chinese shipowner and operator bought 2009 built handy bulk carrier MV Qin Feng 180 for around $4 million. Furthermore, Amsterdam based shipowner and operator Reederei Nord sold 2001 built panamax bulk carrier 75K DWT MV Nordems to Chinese shipowner for around $5 million.
9-December-2016
Singapore-based shipowner and operator China Navigation (CNCo) bought 2016 built 38K DWT handy bulk carrier MV Sulawesi for around $15 million. The price tag of MV Sulawesi is in line with the sisterships 2016 built MV Cumbria, MV Galicia, and MV Venezia.
8-December-2016
Athens-based Vassilis Laliotis-led shipowner and operator Sea Globe Management and Trading Inc controlled 2008 built supramax bulk carrier 58K DWT MV Globe Trinco reemerged upon the Parana River, ensnared by Argentina’s draught restrictions in the very vicinity where MV Globe Trinco met its grounding. 2008 built supramax bulk carrier 58K DWT MV Globe Trinco under the management and trade of Greek shipowner and operator Sea Globe Management and Trading Inc has been successfully refloated in the Parana River, though the imposition of draught restrictions persists in the precise location where it previously ran aground. MV Globe Trinco shall undergo customary inspections following the incident, yet it is expected to obtain clearance for sailing within a few hours, according to Costas Dedopoulos, the adept managing director representing the Greek shipowner.
7-December-2016
MV Antaios’ 19 crew members safely picked up after fire 800 miles off Cape Town. 1999 built handy bulk carrier 27K DWT MV Antaios suffered flooding in its engine room after the blaze. MV Antaios was en route from Argentina to Saudi Arabia with a grain cargo. The fire caused some damage to MV Antaios which led to flooding in the engine room. When the flooding became uncontrollable, the captain of MV Antaios decided to make a distress call. In 2013, Greek owner and operator Amalthia Shipping bought MV Antaios for about $10 million from Ellora Sea Carriers.
4-December-2016
Athens-based shipowner and operator Almi Marine has entered the secondhand market, securing its first deal of the year. The Greek shipowner and operator Almi Marine is associated with a $13.5 million transaction for the five-year-old, Mitsui-built supramax bulk carrier 55K DWT MV Ingwar Selmer. The newly acquired supramax bulk carrier MV Ingwar Selmer will become the eighth supramax in the fleet of the Athens-based bulker company Almi Marine, which focuses exclusively on this ship type. This marks the first reported sale by the seller, Oskar Wehr KG, which now operates a fleet of 20 ships, evenly split between bulkers and container ships. Founded in 1945, Oskar Wehr KG is a family-owned Hamburg-based shipowner and operator with a long-standing reputation in the global shipping industry. Now managed by the third generation of the Wehr family, the company initially had a diversified fleet but made a strategic shift in 2020 by exiting the containership market to focus primarily on dry bulk shipping. Oskar Wehr KG operates vessels in the handysize, supramax, and capesize segments, maintaining a strong presence in global maritime trade. Oskar Wehr KG is committed to fleet modernization and sustainability, consistently investing in fuel-efficient and environmentally compliant vessels. Oskar Wehr KG has built strong relationships with international charterers and partners, leveraging its expertise in both technical and commercial ship management. The sale of MV Ingwar Selmer aligns with the company’s strategy to optimize its fleet while maintaining operational efficiency across its shipping segments. With a history of adaptability and growth, Oskar Wehr KG continues to be a key player in the shipping industry, balancing fleet renewal with market opportunities.
3-December-2016
Russian shipowner and operator Fesco Shipping has made less in the first 9 months of 2016 as tough shipping market conditions, lower time charter rates, and a general lack of demand for container ships. Russian shipowner and operator Fesco Shipping reported an operating profit of $30 million till Q3 2016. Russian shipowner and operator Fesco Shipping planning to sell shares.
1-December-2016
Greek shipping magnate George Economou in control of 90% of DryShips debt. George Economou steps in to become the lender of $85.1 million arranged by HSH Nordbank. New York-listed DryShips is no longer in any danger from its lenders exercising any of their rights under the company’s existing defaults. Currently, Greek shipping magnate George Economou holds $154.5 million debts of DryShips, and the remaining $16.5 million is still being negotiated with third party lenders.
1-December-2016
Mediterranean Shipping Co (MSC) and Hyundai Merchant Marine (HMM) trying to acquire Hanjin Shipping’s interest in Long Beach terminal. Mediterranean Shipping Co (MSC) and Hyundai Merchant Marine (HMM) formed a joint venture and submitted an offer for Hanjin Shipping’s 50% stake in Total Terminals International (TTI). Mediterranean Shipping Co (MSC) already owns the second half of Total Terminals International (TTI) through its subsidiary Terminal Investment Limited and is now looking to take full control of the terminal with Hyundai Merchant Marine’s assistance.
1-December-2016
The shipping outlook stays negative in 2017. Overcapacity in the shipping sector in 2017 putting pressure on freight rates and driving further consolidation and defaults. All segments will be under pressure but tanker shipping will face slightly less stress than dry bulk and container shipping. Funding is more critical for companies that are not able to cover their upcoming maturities. In 2017, shipping companies defaults are likely to be concentrated among companies with weak liquidity.
1-December-2016
Norwegian bulker operator Western Bulk Chartering (WBC) reported a narrower loss of $7 million in the third quarter of 2016, signalling an improvement in results even as freight markets remained challenging and trading conditions demanded strict risk control and disciplined chartering execution. Western Bulk Chartering (WBC) shares have been traded on the Oslo Over the Counter market since Western Bulk Chartering (WBC) separated from Bulk Invest, placing Western Bulk Chartering (WBC) in an OTC-listed setting while Western Bulk Chartering (WBC) continued to run its core chartering and bulker operating activity as a distinct platform. Western Bulk Chartering (WBC) has been operating an average fleet of 138 dry bulk carriers, illustrating the scale of Western Bulk Chartering (WBC)’s asset-light model in which Western Bulk Chartering (WBC) controls and deploys a large number of bulk carriers through chartering, coverage, and trading decisions rather than relying solely on owned ships. With that kind of operating footprint, Western Bulk Chartering (WBC) is positioned as a high-activity bulker operator that generates value through cargo sourcing, fixture execution, and employment optimisation across multiple routes and loading regions, using market presence and counterparty reach to place ships, manage exposure, and balance contract coverage with spot trading. The ability to run an average fleet of 138 dry bulk carriers also implies that Western Bulk Chartering (WBC) can leverage continuous market flow—cargo enquiries, ship availability, and regional imbalances—to refine pricing, improve utilisation, and capture incremental earnings through timing and positioning, and this operating intensity can be an important differentiator in volatile markets where freight rates and ship supply shift quickly.