30-June-2016
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Group (Agricore Shipping ASL) was established in Hong Kong in 2016. Following over seven years of growth, it has evolved into a conglomerate focused on maritime affairs, encompassing fleet operations, ship management, integrated logistics, investment and financing, shipping funds, and bulk trade. With its headquarters situated in Qingdao, China, Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd delivers offshore logistics and ocean shipping services worldwide, involving the transportation of commodities such as grain, coal, iron ore, nickel ore, petroleum coke, and fertilizers in bulk, alongside general cargo. Additionally, Agricore Group (Agricore Shipping ASL) operates branches in Beijing, Shanghai, Hong Kong, Singapore, and other locations to provide ship management, ship asset investment and financing, and asset management services. Guided by the purpose of serving customers, offering opportunities to employees, and creating value for society, the Agricore Group (Agricore Shipping ASL) has progressively achieved the financialization of shipping assets, the scaling of ship management, the commercialization of freight concepts, and the professionalization of industrial services. In the forthcoming years, upholding the enterprise spirit of high efficiency, safety, trust, and mutual benefit, Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd will persistently endeavor to cultivate a diverse international shipping brand with shipping operations and ship management at its core. Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd will strive vigorously to attain sustainable development and foster win-win collaborations with customers.
30-June-2016
Bahri Dry Bulk Co LLC, a subsidiary of Bahri (National Shipping Company of Saudi Arabia), is engaged in the transportation of grains, coal, iron ore, barley, and other dry bulk cargoes through its premier bulk carrier in Saudi Arabia. Established as a joint venture between Bahri (60%) and Arabian Agricultural Services Company (ARASCO) (40%), Bahri Dry Bulk Co LLC aspires to become a leading and competitive dry bulk logistics provider in the region, with ambitions to expand into global trade in the near future. Pioneering innovation and setting high industry standards remain at the core of its mission. The inception of The National Shipping Company of Saudi Arabia (Bahri) dates back to 1978 when a Royal Decree formed it as a Public Company. Ownership is distributed with 22% held by the Public Investment Fund “PIF” of the Saudi Government, 20% by Saudi Aramco Development Company, and the rest widely held in public shares by Saudi Nationals. Bahri Ship Management is held in high esteem across the Middle East as a world-class ship management and maritime services provider within the shipping industry. For over 20 years, Bahri Ship Management has been a steadfast support to Bahri’s business units and extends its high-class services to other ship owners. The company excels in maximizing ship safety, quality, and reliability through the most cost-effective operations while further enhancing Bahri’s reputation with its unwavering commitment to integrity, full compliance, and impeccable safety records. With dedication, Bahri Ship Management upholds best practices across its fleet of over 92 vessels, along with its crew of more than 3,500 onboard and in the office. Presently, Bahri efficiently manages a fleet of 95 vessels, comprising 42 VLCCs, 38 chemical and products tankers, 6 multipurpose vessels, and 9 dry bulk carriers.
30-June-2016
Established in 1973, PCL (Pacific Carriers Ltd) was birthed to cater to the maritime cargo demands of the esteemed Kuok Group. Over the decades, Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) has elegantly metamorphosed into a distinguished provider of maritime logistics services, catering to an array of global commodity and trading enterprises. Boasting a multifaceted fleet, Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) is equipped with dry bulk carriers, versatile multipurpose ships (MPP), product tankers, gas carriers, and feeder containerships, commanding a growing armada of over 100 majestic ocean-bound vessels. These vessels journey across the world’s oceans, transporting a vast array of dry bulk commodities; from coal, iron ore, grains, and logs to fertilizers, ores, refined petroleum derivatives, liquefied petroleum gas, unitized freight, and container units. With its primary operations anchored in Singapore, PCL’s (Pacific Carriers Ltd) influence extends globally with prestigious offices in renowned maritime hubs including London, New York, Melbourne, Mumbai, Beijing, Shanghai, Kuala Lumpur, and Hamburg.
29-June-2016
Greek shipowner and operator Efploia Shipping’s 2010 built kamsarmax dry bulk carrier 81K MV Maverick Gunner was detained in Singapore due to unpaid services. In 2010, MV Maverick Gunner was built in the Korean STX Shipyard. Greek Shipowner Efploia Shipping has a fleet of modern three kamsarmax bulk carriers M/V Maverick Genesis, M/V Maverick Guardian, and M/V Maverick Gunner.
26-June-2016
Under the auspices of Robert Kuok, Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) has divested itself of a handymax, fetching a sum of $8.7 million. The Japanese-built handymax bulk carrier, MV Ikan Sudip, has been judiciously acquired by one of Bangladesh’s preeminent industrial magnates, Akij Group. Established in the epoch of the 1940s as a jute commerce entity, Akij Group has subsequently branched out, encompassing over 20 diverse sectors such as tobacco, real estate, and cement. Within its maritime endeavors, the firm operates two distinguished shipping enterprises: Akij Ocean Line and Akij Shipping Line.
21-June-2016
Greek shipowner and operator Angelakos (Hellas) S.A. has been found guilty in the US District Court in Seattle for discharging oily waste into the ocean. Two engineers aboard the involved bulk carrier, the 2001-built MV Gallia Graeca, were also convicted of violating the Act to Prevent Pollution from Ships, falsifying records during a federal investigation, and participating in a scheme to defraud the United States government. Following three days of jury deliberations, the individuals and entities were convicted on a total of 12 felony charges. The offenses took place during three separate incidents in October 2015 while the bulk carrier MV Gallia Graeca was en route from China to Seattle. Due to a malfunctioning oil water separator, the engineers bypassed the equipment and illegally discharged around 5,000 gallons of oily bilge overboard. They then attempted to conceal the illegal discharge by altering the MV Gallia Graeca’s oil record book and misleading US Coast Guard port state control inspectors. The convicted entities included the ship operator, Angelakos (Hellas) S.A., and the shipowner, Gallia Graeca Shipping, both of which were found to have instructed the engineers on how to manipulate the records. The most severe charge, falsifying records in a federal investigation, carries a potential maximum prison sentence of 20 years. Financial penalties begin at $500,000 per offense for the corporate defendants and $250,000 per offense for the individual defendants. Established in 1968 and headquartered in Athens, Angelakos (Hellas) S.A. has long been engaged in the global dry bulk sector and operates a fleet of modern bulk carriers with a focus on safe and environmentally compliant ship operations. Athens-based shipowner and operator Angelakos (Hellas) S.A. has a reputation in the maritime industry for its technical proficiency and commercial reliability and has traditionally emphasized high standards of ship maintenance and crew management. Despite this reputation, the recent convictions have raised significant concerns regarding corporate oversight and compliance practices within Angelakos (Hellas) S.A., especially given the direct involvement of the firm in advising crew members on how to falsify records and evade environmental regulations.
17-June-2016
Grieg Group financial report:
| Division | Pre-tax profit 2017 (million) | Pre-tax profit 2016 (million) |
| Grieg Seafood | NOK 889 | NOK 1,040 |
| Grieg Star | NOK -253 | NOK -64 |
| Grieg Shipbrokers | NOK 10 | NOK 1 |
| Grieg Finance Investments | NOK 368 | NOK 11 |
Bergen-based shipowner Grieg Star Shipping has completed refinancing with a $400m package that pushed debt maturities. Current Grieg Star Shipping’s refinancing from five banks would help support further growth in the future.
17-June-2016
Houston US Federal Court Judge Lynn Hughes rejected the application of Castleton Commodities to seize bunkers on panamax bulk carrier 77K DWT MV Nord Hydra in its dispute with Hudson Shipping Lines (HSL). Chicago-based ship operator Hudson Shipping Lines (HSL) chartered-in tonnage from Castleton Commodities. Castleton Commodities started a $12 million legal fight over Hudson Shipping Lines (HSL) bareboat charters for two panamax new building bulk carriers. Castleton Commodities alleged that Hudson Shipping Lines (HSL) breached the seven-year bareboat charter contracts.
17-June-2016
Danish Shipowner Dampskibsselskabet NORDEN A/S sold four post-panamax bulk carriers to Oldendorff, SwissMarine and Laskaridis Shipping.
17-June-2016
Bulgarian Shipowner and Operator Navibulgar (Navigation Maritime Bulgare) expanding fleet. Navibulgar (Navigation Maritime Bulgare) bought 2010 Chinese built 37K DWT M/V Cyan Phoenix $7.2 million. In May 2016, Navibulgar (Navigation Maritime Bulgare) bought 2012 built 32K DWT M/V Slavyanka (ex M/V Cabot Aviva) for $6.2 million. Currently, Bulgarian Shipowner Navibulgar (Navigation Maritime Bulgare) fleet constitutes 28 dry bulk carriers mostly handy handymax size and 6 new-building handy bulk carriers in Chinese Shipyards.
17-June-2016
Danish Shipowner Dampskibsselskabet NORDEN A/S sold the 32K DWT M/V Nord Hong Kong, M/V Nord Houston, M/V Nord London and M/V Nord Vancouver for $6.3 million each to Clipper Bulk. Last week NORDEN A/S also sold four (4) post-panamax bulk carriers to Oldendorff, SwissMarine and Laskaridis Shipping. Dampskibsselskabet NORDEN A/S remained with 8 owned handysize ships and will charter in tonnage to operate.
17-June-2016
India Cements Ltd (ICL) sold 1983 built 41K DWT handymax bulk carrier MV Chennai Jayam to Bangladesh Scrapyard for $290 per ldt. In 2007, India Cements Ltd (ICL) bought MV Chennai Jayam (ex M/V Effy N) for $30 million from Greek Shipowner AM Nomikos. India Cements Ltd (ICL) fleet has 2001 built 52K DWT MV Chennai Selvam. India Cements Ltd (ICL) will focus on spot chartering ships to transport coal and limestone to India.
17-June-2016
Arne Blystad, widely regarded in shipping circles for sharp timing in the sale-and-purchase market, has returned as a buyer in the handy bulk carrier segment, acquiring the 2010 built 32K MV Western Stavanger for $6 million and immediately placing MV Western Stavanger into a three-year time charter to Western Bulk Chartering (WBC) in Norway. The fixture highlights how Western Bulk Chartering (WBC) continues to act as a commercial home for modern midsize bulk carriers, using its chartering platform to secure medium-term coverage that supports predictable employment while still allowing Western Bulk Chartering (WBC) to optimise trading and cargo positioning within its wider market reach. Under the arrangement, technical management of MV Western Stavanger will be carried out by Arne Blystad, meaning Western Bulk Chartering (WBC) will focus on the commercial and employment side while the owner retains control over technical operations, maintenance execution, and compliance management, a split that is common when a chartering house brings market access and employment stability while the owner manages the ship. Western Bulk Chartering (WBC) is typically associated with an asset-light chartering model in which value is created through freight market execution rather than owning a large fleet outright, with Western Bulk Chartering (WBC) leveraging customer and supplier relationships, chartering reach, and operational coordination to place ships efficiently across changing trade flows. Western Bulk Chartering (WBC) can add value to a time charter by reducing ballast exposure, improving utilisation through cargo coverage, and applying market intelligence to routing and fixture strategy, which is often why owners choose Western Bulk Chartering (WBC) as a chartering counterparty for multi-year employment. Arne Blystad is also remembered for a decisive move in 2008, when Arne Blystad sold more than 30 bulker contracts ahead of what became the most severe market downturn in shipping, a track record that reinforces the impression of a shipowner willing to act early when market risk builds. In fleet terms Arne Blystad is primarily concentrated in the tanker sector, with a portfolio that includes 15 smaller chemical tankers, and the MV Western Stavanger transaction underlines how Arne Blystad can still selectively add dry bulk exposure when pricing and employment terms through Western Bulk Chartering (WBC) create a compelling risk-reward profile.
6-June-2016
Greek shipowner and operator Carras Hellas S.A. is selling panamax dry bulk carrier 2001 built 75K DWT M/V Elpis 1 (ex M/V Leto). M/V Elpis 1 was chartered out to German bulker giant Oldendorff Carriers for $5,500 per day for nine months in 2019. In 2006, Greek shipowner Carras Hellas S.A. bought M/V Elpis 1 from compatriot Target Marine for a $42 million and operated M/V Elpis 1 during the worst dry bulk shipping markets in shipping history. Carras Hellas S.A. has a newbuilding program with five (5) ultramax and one (1) kamsarmax bulk carriers in Japan. Currently, Piraeus based shipowner Carras Hellas S.A. has a fleet of thirteen (13) bulk carriers.
6-June-2016
Japanese shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) won a panamax contract of affreightment for 10 years to carry coal to Malaysia. Japanese K Line Bulk (Kawasaki Kisen Kaisha) established a joint venture with Halim Mazmin Group (HMG) to own a Malaysian flagged dry bulk carrier to carry coal of TNB Fuel Services which is the largest power utility in. K Line Bulk (Kawasaki Kisen Kaisha) signed a contract of affreightment (CoA) in order to carry 1.5 million metric tons of coal per year from Indonesia, South Africa to Malaysia till 2026.
6-June-2016
Thailand’s Wong Samut Navigation’s general cargo ship 1980 built 8K DWT MV Bangsrimuang was sold to Bangladesh ship scrapyards. Bangladesh Shipping Corp’s 1980 built 17K DWT MV Banglar Kallol was sold to Bangladesh ship scrapyards. GMZ Ship Management sold 1985 built handy bulk carrier 28K DWT MV Arwad Tower to Pakistan ship scrapyards. RK Shipping & Trading of Singapore’s sold 1990 built 7K DWT MV Jai Krishna to India ship scrapyards.
3-June-2016
Germany based Hanseatic Unity Chartering forming a new handysize bulker pool. Handysize bulker pool will begin with 10 dry bulk carriers around 37K DWT controlled by Reederei Nord. Additional dry bulk carriers could be contributed by Bernhard Schulte. Additionally, Hanseatic Unity Chartering has a third partner and support from UK-based Borealis Maritime which was chartering dry bulk carriers via sister company lvar Lundh & Co AB. Since 2013, Bernhard Schulte and Reederei Nord have been chartering dry bulk and container ships via sister company O&S Chartering. With the addition of Borealis Maritime ships, Hanseatic Unity Chartering would be much more powerful. CEO Kurt Klemme of Reederei Nord says “entrance of private-equity players into shipping require a commercial platform for operating ships and pool operations”.
3-June-2016
ACT Shipping started Indian Coastal Shipping with 1997 built handy dry bulk carrier 30K DWT M/V Propel Progress. Due to Indian Government initiatives to promote coastal shipping in India. In April, M/V Propel Progress loaded steel cargo at Paradip India and discharged at Mumbai India. In order to promote Indian Coastal Shipping, Mumbai port has reserved 2 berths exclusively for coastal ships besides a 40% discount on Port DAs.
3-June-2016
NewLead Holdings’ 1990 built 135K DWT small capesize bulk carrier M/V NewLead Castellano was arrested off Savannah USA in April 2016. No detentions found and no crew wage complaints on M/V NewLead Castellano. USA based Ray is trying to recover $1.6 million it claims is due on $6 million in convertible promissory notes that it took in 2013 from Tiger Capital. NewLead Holdings is putting up $7 million in security to release M/V NewLead Castellano.
1-June-2016
Singapore-listed Noble Group appointed William Randall and Jeff Frase as two Chief Executive Officers. William Randall is currently president of Noble Group and a board director in Hong Kong. Jeff Frase is currently president of Noble Americas and head of oil liquids in CT USA. CEO Yusuf Alireza has played a critical role in the successful sale of Noble Agri and has secured the recently announced re-financing of Noble Group. Noble Group is the 5th largest charterer in the shipping market according to fixture volume.