31-March-2016
Blumenthal JMK (Bluships) operated and managed panamax dry bulk carrier MV Carola arrested by Korean Rics Shipping for charter-party claim $49,580. MV Carola is owned by New Success Maritime which is a Liberian registered single ship company.
31-March-2016
Blumenthal JMK (Bluships) is selling its last capesize bulker 1994 built 149K DWT MV Martha for $6.2 million for recycling. Blumenthal JMK (Bluships) bought MV Martha as MV Arimathian for a $62 million in 2007.
31-March-2016
China Steel Express Corporation (CSE Bulk) sold two capesize bulk carriers for scrap 154K M/V China Steel Investor built 1997 and M/V China Steel Developer built 1998 for $5.9m each. Both capesize bulk carriers were serving China Steel Express since they were newly built. It seems that soon Taiwan China Steel Express will scrap 154K M/V China Steel Trader built 1997. 96 capesize bulk carriers scrapped in 2015 and so far 34 capesize bulk carriers scrapped in 2016.
31-March-2016
Greek Athenian Ship Management sold 1997 built panamax bulk carrier 69K DWT MV Sea Lord (ex MV Seaflower) to Indian scrapyard for around $2.7 million. Athenian Ship Management bought the ship as MV Sea Lord (ex MV Seaflower) from Greek shipowner Primerose Shipping for $24 million in 2010. Athenian Ship Management sold the 1996 built panamax bulk carrier 74K DWT MV Sea Fortune to an Indian scrapyard last December.
31-March-2016
Kristian Gerhard Jebsen Skipsrederi sold OBO (Oil Bulk Ore Carrier) 110K DWT MV SKS Tana built 1996 to Turkish shipowner for $7 million was mainly used as a tanker. OBOs phasing out gradually from the market.
31-March-2016
Tai Chong Cheang (TCC) Hong Kong-based shipowner sold 2001 built 15-year-old capesize bulker 169K M/V CSK Radiance to scrap for $5.7 million. Currently, dry bulk shipping is at the rock bottom.
31-March-2016
South Korean shipowner and operator SK Shipping has been trying to sell the entire bulk carrier fleet since last year. However, SK Shipping could not find any buyer due to the price difference. SK Shipping profit comes from tanker and gas carrier segments. Korean SK Shipping fleet consists of 10 capesize, 10 supramax, and 1 panamax bulk carriers.
29-March-2016
Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd. has embarked on a new phase of fleet renewal with the sale of its two oldest bulk carriers, signaling a decisive step toward modernizing its tonnage profile and optimizing operational efficiency. This marks the first asset disposal by Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd. in more than five years, reflecting both favorable market conditions for secondhand tonnage and the shipowner’s broader objective of maintaining a young, fuel-efficient fleet aligned with new environmental and technical standards. The Chellaram family-controlled shipowner and operator KC Maritime Hong Kong Ltd. has found buyers for two of its vintage panamax bulk carriers—the 73,000 DWT MV Darya Tara, built at the start of the millennium, and her one-year-younger sister ship, MV Darya Shanti. The two panamax bulk carriers, which have served global charterers on long-haul routes carrying coal, grain, fertilizer, and mineral cargoes, are expected to fetch around $3 million each. Although the identities of the buyers have not yet been disclosed, market sources suggest strong interest from Asian-based private shipowners seeking reliable, mid-sized bulk carriers for short- and medium-haul regional trades. Once these transactions are finalized, KC Maritime Hong Kong Ltd. will retain a core fleet of around ten ships, the majority of which are less than five years old. This younger fleet includes modern kamsarmax, panamax, and ultramax bulk carriers, as well as a small number of specialized cement carriers, reflecting the shipowner’s diversified approach to dry bulk transportation. Founded in 1999 as part of the Chellaram Group’s strategic expansion into dry bulk shipping, KC Maritime Hong Kong Ltd. represents a continuation of a maritime legacy that stretches back to the early 20th century. The Chellaram family, originally active in trade and shipping across India, West Africa, and the Far East, established KC Maritime Hong Kong Ltd. to create a dedicated platform for dry bulk ownership and operations, combining traditional family values with modern ship management practices. Headquartered in Hong Kong and supported by operational offices in India, KC Maritime Hong Kong Ltd. leverages Hong Kong’s role as a global maritime hub and India’s extensive pool of seafaring and technical expertise to deliver reliable and efficient shipping services. Over the years, KC Maritime Hong Kong Ltd. has become known for its meticulous approach to ship maintenance, safety management, and regulatory compliance. The shipowner has cultivated long-term relationships with major charterers, banks, and classification societies worldwide, positioning itself as a trusted name in the international dry bulk sector. KC Maritime Hong Kong Ltd.’s leadership under Gautam Chellaram has been characterized by a strong commitment to modernization and sustainability. The shipowner has been actively pursuing a fleet renewal strategy that focuses on acquiring new-generation, energy-efficient ships capable of meeting the International Maritime Organization’s (IMO) decarbonization targets for 2030 and beyond. KC Maritime Hong Kong Ltd. has also invested in digitalization and advanced performance monitoring systems to enhance operational efficiency and reduce fuel consumption across its fleet. The recent divestment of older tonnage, such as MV Darya Tara and MV Darya Shanti, forms part of this long-term vision, ensuring the shipowner maintains a high-quality fleet that meets evolving industry standards. KC Maritime Hong Kong Ltd. is also deeply committed to crew welfare and training, maintaining rigorous recruitment and development programs through its India-based crewing division. The shipowner’s philosophy places human capital at the heart of its operations, recognizing that the safety and professionalism of its crews are vital to sustaining excellence at sea. KC Maritime Hong Kong Ltd.’s long-standing reputation for reliability, integrity, and operational excellence has earned it the trust of global charterers, shipyards, and financial institutions alike. Its continued focus on sustainability, safety, and innovation ensures that KC Maritime Hong Kong Ltd. remains one of the most respected privately owned dry bulk shipowners operating between Hong Kong and India. As the shipowner prepares to rejuvenate its fleet with newbuildings and advanced fuel-efficient designs, the sale of its two oldest ships represents both the closing of a chapter and the beginning of a new era for KC Maritime Hong Kong Ltd. in global maritime trade.
29-March-2016
USA based shipowner and operator Liberty Maritime sold 4 kamsarmax bulk carriers to Thenamaris Ships Management and Embiricos Shipping. CEO Philip Shapiro led Liberty Maritime sold 82K DWT M/V Liberty Dawn, M/V Liberty Desire, M/V Liberty Destiny, M/V Liberty Dream for around $12 million per ship. Liberty Maritime focuses on the US-flag market Johns Act and idled fleet due to declining US government food aid.
28-March-2016
Athens-based shipowner and operator EuroBulk Ltd bought supramax bulk carrier MV Calypso Colossus Japanese built for $8.3 million from K Line (Kawasaki Kisen Kaisha) of Japan. 55K DWT M/V Calypso Colossus built 2004 inspected by many bulk carrier owners.
28-March-2016
Piraeus based LA Maritime acquired 2004 built supramax bulk carrier 53K M/V Global Island for $3.7 million from Japanese shipowner NYK Bulk (Nippon Yusen Kabushiki Kaisha). Greek-Syrian shipowners LA Maritime previously linked to SMC (Shehadah Maritime Company) owned by Captain Mustafa Shehadah and lbrahim Shehadah. LA Maritime is not the only company with a Syrian background in Greece. Prelude Marine is also linked to Tartous, Syria based Yass Marine and Ghandourah Group.
28-March-2016
Italian shipowners will soon mass flag-out if Italian laws are imposed restricting the use of cheap foreign crew instead of the Italian and European Union (EU) crew. 600 ships will be forced to leave the Italian registry if the new laws are enacted. 13,000 seafarers will lose their jobs after flagging out.
28-March-2016
Panamax bulker sale is evidence of strong buying interest in the sector and a leveling off asset prices after heavy falls. This week some panamax and kamsarmax bulk carriers changed ownership. Ship sale and purchase (S&P) shipbrokers say the unusually high interest in today’s market is due to the fact that some shipowners are simply testing the market. MV FD Isabella, MV Sadan K, MV Zeynep K, MV Tenshin Maru, MV Tensei Mara, and M/V Triple were sold this.
28-March-2016
Norway’s KG Jebsen family is selling 2012 built supramax bulk carrier 53K MV Anne Kjersti for around $9 million. MV Anne Kjersti was built in 2012 at Ha Long Shipyard in Vietnam. MV Anne Kjersti is managed by KGJ Cement which is owned by Hans Peter Jebsen. M/V Anne Kjersti was trading as a conventional supramax bulk carrier but converted into a cement carrier.
28-March-2016
Greek shipowners have pushed fleet number more than 4,100 ships in 2016 which is representing 16% of the world fleet in Deadweight Tonnes (DWT) terms around 320 million DWT. In 2016, Greek shipowners have 347 new ship orders.
28-March-2016
Demolition prices have led owners of post-panamax bulk carriers to direct their ships to the beaches in Bangladesh and India. Indian shipbreakers has dropped from $440 per ldt in January last year to around $250 per ldt today.
27-March-2016
Marmaras Navigation acquired 2010 built kamsarmax bulk carriers 81K DWT MV Sadan K and MV Zeynep K at an auction in South Africa. Marmaras Navigation paid $20 million-plus bunker fuel costs. “K” stands for Kaptanoglu Shipping of Turkey. MV Sadan K and MV Zeynep K were put on the block sale by UniCredit. Kaptanoglu Shipping defaulted on credit payment of $52 million.
23-March-2016
Athens-based bulker and tanker shipowner and operator Centrofin Management Inc., led by veteran Greek shipping magnate Dimitris Procopiou, has completed the sale of two 20-year-old aframax tankers to a Turkish shipowner and operator, reinforcing its long-term strategy of modernizing and optimizing its fleet profile. The aframax tanker sisterships MT Ce Breeze (105,200 DWT, built 1996) and MT Ce Merapi (105,200 DWT, built 1996) were sold for $9m each, a figure notably above current shipbroker estimates that place their market value at around $7m per unit. Both ships are scheduled to undergo their special surveys, which will ensure compliance with international operational and safety standards before continuing trading. This deal comes as part of Centrofin Management Inc.’s broader investment program, which includes a substantial newbuilding pipeline of kamsarmax bulk carriers at Hengli Heavy Industry and suezmax tankers at Samsung Heavy Industries, positioning the company for future growth in both the dry bulk and tanker sectors. Currently, Centrofin Management Inc. operates a diversified fleet of over 40 ships managed through its subsidiaries Marine Trust and Trust Bulkers, with a commercial strategy focused on long-term charter stability, fuel efficiency enhancements, and compliance with IMO decarbonization targets, further solidifying its status as one of Greece’s most active and forward-looking privately-owned shipping enterprises.
23-March-2016
Athens-based Vassilis Laliotis-led shipowner and operator Sea Globe Management and Trading Inc secures a pair of bulk carriers after the Turkish shipowner fails to pay the deposit. In a remarkable transaction, Greek shipowner and operator Sea Globe Management and Trading Inc has significantly expanded its tonnage by acquiring two modern kamsarmax bulk carriers that were auctioned in South Africa earlier this month. Konstantinos Dedopoulos, the managing director of Sea Globe Management and Trading Inc, confirms that his company is the proud purchaser of both 2010 built kamsarmax bulk carrier MV Sadan K and 2010 built kamsarmax bulk carrier MV Zeynep K at a combined price of approximately $20 million.
21-March-2016
BW Dry Cargo will be headed by Nordic Bulk Carriers founder Christian Bonfils to enter Dry Bulk Carriers market. Fleet will initially be ultramax and kamsarmax ships. BW Group mostly in the gas sector, has not previously been involved with dry cargo but has a diversified fleet of more than 100 ships. BW Dry Cargo will focus on bulkers between 50K DWT and 90K DWT.
21-March-2016
Greek tycoon Peter Georgiopoulos is in consultations with moneylenders for another financial restructuring. Great concerns and warnings from company auditors were reported. Peter Georgiopoulos is controlling sister company Baltic Trading and Genco Ship Management LLC. Genco Shipping & Trading is the second New York-listed bulker company to go through a Chapter 11 bankruptcy reorganization after Eagle Bulk Shipping. Genco Shipping & Trading is in a grace period until 11 April 2016. Currently, Genco Shipping & Trading operates 70 bulk carriers.
21-March-2016
Confirmation of 30 more Valemax 400K DWT, i.e. $85 million per ship, bulkers shows China intends to enforce control of the iron ore freight market. For the next ten years, there is no chance of a spike in profits for capesize owners like in 2005. 30 Valemax mega bulkers will be built at Chinese domestic yards to carry iron ore from Brazil to Chinese mills. Order total $2.55 billion. China’s long term strategic aim of carrying 50% of its seaborne trade on its own vessels.
19-March-2016
Greek Nikolaos Vafias acquired his second cape size bulker 177K DWT MV Spring Hydrangea (built 2006) for about $12 million soon after buying 169K DWT MV C Winner (built 2008). Sale and Purchase (S&P) shipbroker was Banchero Costa. Last year, similar capesize bulk carriers were priced at more than $20 million.
19-March-2016
C Transport Maritime (CTM) has launched a new revenue-sharing agreement for spot trading panamax bulkers with three owners and 10 panamax bulk carriers. All panamax bulk carriers in revenue sharing will be managed centrally, the revenues shared among all participants, with flexible three months exit notice terms for all ships.
16-March-2016
Greek Transmed Shipping Ltd has bought 2008 built capesize bulk carrier 169K DWT M/V C Winner (built 2008) for about $11 million. Transmed Shipping’s current fleet consists of 19 bulkers and an average of 4 years old.
14-March-2016
Norwegian war risks mutual Den Norske Krigsforsikring for Skib (DNK) fully covers Iran without the risk of claims going partially unpaid. Oslo based DNK has decided to bridge any gap in cover, so can provide full regular cover for legitimate trade to Iran.
14-March-2016
Sinopacific Shipbuilding Group (SSG) is restructuring one of its yards, Dayang Shipbuilding has not been in operation since it closed for the Lunar New Year. China/Yangzhou based shipyard is said to be behind in paying workers’ wages for several months and that it is planning to reduce the workforce by 30% of 1,600 employees. SSG Shipyard built its success on the fuel-efficient Crown bulker design during the market peak.
8-March-2016
Simpson Spence Young (SSY) named Mark Richardson as its next chairman for retiring John Welham. Mark Richardson is a former Clarksons’ dry cargo and futures broker.
8-March-2016
Eastern Pacific Shipping bought 2016 Japanese built capesize bulk carrier 180K DWT M/V Aquacargo which is the second similar capesize bulk carrier acquired for $33 million. In January 2016, Eastern Pacific Shipping bought 182K DWT MV Mount Hermon (ex MV Megalodon) from Star Bulk Carriers for $35 million.
7-March-2016
Optima Shipbrokers’ Managing Director (MD) Dimitris Koukas opened office in Istanbul. Optima Shipbrokers Istanbul office will focus principally on sale and purchase market. Furthermore, Optima Shipbrokers will also deal with repairs.
7-March-2016
Greek shipowner and operator Stam Shipping sold 1998 built handysize bulk carrier 42K DWT MV Barra to a shipowner in Iraq for $2.6 million. MV Barra recently passed SS (Special Survey) and has been laid up in Greece since January. Stam Shipping bought MV Barra in 2010 for $22 million. Stam Shipping is owned by Stamatis Sarris.
6-March-2016
Montreal-based shipowner and operator Fednav has returned to its preferred Oshima Shipyard to place an order for a series of handysize bulk carriers. The leading Lakes-fitted shipowner and operator has commissioned four 34K DWT lake-fitted bulk carriers, scheduled for delivery in 2018. The cost of these vessels has not been disclosed by Fednav. Oshima Shipyard, recognized globally as one of the premier builders of bulk carriers, is currently scheduling new builds for 2019, indicating that the yard is fully booked for the upcoming years. This ongoing partnership underscores Canadian shipowner and operator Fednav’s confidence in Oshima Shipyard’s capability to deliver high-quality vessels tailored to the specific requirements of lake-fitted operations.
3-March-2016
Erasmus Invest chartered out most of its fleet to commodity companies majors for the long term. The next ship to come up for charter renewal will be in 2017. Erasmus Invest fleet consists of 1 ultramax, 7 panamax, and 1 kamsarmax bulk carriers.
3-March-2016
From Athens to London, Europe is facing a crisis of confidence in shipping. Athens’ claims that its shipping sector deserves special treatment and tonnage tax policy. The threats of the Union of Greek Shipowners (UGS) that its members will quit Greece and head to Asia if Brussels drives a hard bargain on the tonnage tax will carry some weight.
3-March-2016
Australian bulker 1998 built handysize bulk carrier 36K DWT DWT M/V Portland (built 1988) involved in an acrimonious crewing row between unions, employers and the government is sailing into a fresh controversy over where it should be demolished. Environmental recycling lobby group NGO Shipbreaking Platform says that Australia is a signatory to the Basel Convention on Transboundary Movement of Hazardous Waste and that since it is an Australian-flagship operating in the Australian cabotage trades it should be demolished in line with the convention. Under Basel Convention‘s ban amendment, the owner, Alcoa Australia, is obliged to dispose of the bulker at another OECD member country and none of the mainstream ship recycling nations (Bangladesh, India, Pakistan) with the exception of Turkey, are members of the OECD.
3-March-2016
Oslo-listed Bulk Invest filed for bankruptcy today, only weeks after former Western Bulk ASA carried out the separation of its chartering activities and its shipping exposure, a restructuring that left Bulk Invest without a viable path forward once key counterparties resisted the transaction. Chief Executive Officer Jens Ismar is understood to have worked extensively to secure an alternative solution, but despite those efforts the process did not produce an outcome that could sustain ongoing operations at Bulk Invest. Market talk indicates that Japanese owners collectively pushed back hard in an attempt to unwind or reverse the sale of Western Bulk Chartering (WBC), and with that opposition in place it was ultimately concluded that there was no longer a workable basis for Bulk Invest to continue trading. Western Bulk Chartering (WBC), however, is not impacted by the bankruptcy of Bulk Invest, and Western Bulk Chartering (WBC) continues to operate as a distinct chartering platform focused on freight market execution rather than shipowning exposure. Western Bulk Chartering (WBC) is widely associated with an asset-light operating model built around chartering reach, cargo relationships, and the ability to manage contractual coverage and voyage decisions across bulk carrier segments, with value creation driven by market access, commercial management, and operational coordination rather than balance-sheet-heavy ownership. In practical terms, Western Bulk Chartering (WBC)’s business rests on matching cargo demand with available bulk carrier supply, managing performance and cost outcomes through in-house commercial and operational processes, and leveraging a broad counterparty network to secure employment, structure periods, and optimise trading across shifting market conditions. This separation is central to why Western Bulk Chartering (WBC) can remain insulated from the Bulk Invest bankruptcy filing: Western Bulk Chartering (WBC) sits outside the entity that has applied for bankruptcy, and Western Bulk Chartering (WBC)’s ongoing activities are tied to its own chartering operations, customer relationships, and management execution rather than the discontinued operating basis at Bulk Invest.
2-March-2016
New York-listed shipowner Eagle Bulk Shipping (EGLE) is a particularly potent symbol of the dry cargo crisis given Sophocles Zoullas first put his company into Chapter 11 bankruptcy 18 months ago. Many other dry bulk shipping companies are struggling to meet their funding commitments with charter rates and vessel values plunging through the lowest levels since 1986. Another Dry Bulk Ship Owner Micheal Bodouroglou missed a $900,000 loan repayment earlier this month. Chapter 11 is also said to have been considered by the Paragon Shipping’s board. These are sizeable public companies whose situations are made more transparent by their need to disclose important financial information to the US Securities and Exchange Commission. But the vast majority of the world‘s bulk fleet is in the hands of smaller private owners with only a few vessels each. More transparency needed.
2-March-2016
Greek shipowners Theodore Veniamis and Petros Pappas have been added to the list of owners taking vessels out of circulation and laying up at the Elefsina Anchorage area. Golden Union Shipping has already placed two (2) panamax bulk carriers 75K DWT at Elefsina, M/V CIC Piraeus (built 2001), and M/V Elena Ve (built 2010). Furthermore, Golden Union Shipping has filed notice that the company will lay up another three (3) panamax bulk carriers. Pappas’ private company, Oceanbulk, has laid up its first vessel, the 53,800 DWT M/V Roadrunner (built 2008).
2-March-2016
Ilios Shipping scrapped 1989 built bulk carrier 69K DWT DWT M/V Agios Emilianos in India for around $2 million. CEO Panos Eliopoulos aiming at ships of a maximum of three (3) years old.
Ilios Shipping bought M/V Agios Emilianos as M/V Sea Synergy for $22.75 million in 2007. Panamax specialist Ilios Shipping sold four (4) 1980s-built bulk carriers at lucrative levels between 2007 and 2011. Currently, Ilios Shipping is now is left with three bulkers, two 2004 built panamax bulk carriers plus the 80,000 M/V Agia Valentini (built 2012). Ilios Shipping purchased M/V Agia Valentini as resale in November 2011 for $32.75 million.
2-March-2016
Greek shipowner and operator JME Navigation S.A. has finalized the sale of the 2001-built supramax bulk carrier M/V Michael S 50K DWT to Athens-based Eastern Mediterranean Maritime for an estimated $2.1 million, marking a significant depreciation compared to its purchase value during the shipping boom of 2008. JME Navigation S.A. originally acquired the M/V Michael S, then known as M/V Darya Gyan, from China’s Chellaram Shipping in May 2008 for approximately $68 million—one of the peak years for ship asset prices prior to the global financial downturn. The transaction underscores both the volatility and cyclical character of the dry bulk market, where vessel values can fluctuate dramatically in response to macroeconomic shifts, freight rate movements, and global commodity demand. JME Navigation S.A., headquartered in Athens, Greece, is a privately owned and managed shipping enterprise specializing in the operation, ownership, and commercial management of dry bulk carriers. Over the years, JME Navigation S.A. has developed a reputation for operational integrity, financial discipline, and technical expertise in managing ships that carry essential commodities such as coal, iron ore, grains, fertilizers, and steel products. The shipowner and operator has demonstrated strong resilience through various market cycles, maintaining an active presence across the handymax, supramax, and ultramax segments, which together form the backbone of global dry bulk logistics. The sale of M/V Michael S forms part of JME Navigation S.A.’s broader fleet renewal and asset optimization strategy. As of now, the Greek shipowner and operator maintains a fleet of four dry bulk carriers, reflecting its balanced exposure to medium-sized tonnage that combines commercial flexibility with global trading capability. The fleet is composed of a mix of supramax, ultramax, and handy bulk carriers, all of which are employed in worldwide tramp trades under a combination of time charters and spot market employment. These ships are designed to meet modern operational and environmental standards, including compliance with the International Maritime Organization’s (IMO) Energy Efficiency Existing Ship Index (EEXI) and Carbon Intensity Indicator (CII) regulations. In April 2007, JME Navigation S.A. further expanded its footprint in the dry bulk market with the acquisition of the 1996-built handymax bulk carrier 41K DWT M/V Eirini K for about $33 million. The ship, formerly known as M/V Glyhafiloussa, was purchased from Dinos Martinos-led Thenamaris Shipping, another prominent Greek shipowner and operator. The deal, concluded during the peak of the pre-crisis shipping cycle, reflected JME Navigation S.A.’s strategic approach to asset acquisition during periods of heightened market confidence, as freight rates and secondhand ship values reached record levels driven by surging Chinese industrial demand and constrained fleet supply. Founded and managed by experienced maritime professionals, JME Navigation S.A. operates under a traditional Greek family-style ownership model, emphasizing long-term relationships with charterers, shipbrokers, financial institutions, and maritime service providers. The shipowner and operator is recognized for its hands-on management structure, which allows for swift decision-making and adaptability to changing market dynamics. By combining conservative financial policies with selective market participation, JME Navigation S.A. has maintained stability and avoided excessive leverage, enabling it to act opportunistically in both strong and weak market environments. Over the years, JME Navigation S.A. has established itself as a reliable counterparty for charterers and commercial partners worldwide. Its emphasis on high technical standards, cost efficiency, and crew safety has contributed to its growing profile among small to mid-sized Greek shipping enterprises. The shipowner and operator invests heavily in technical management and ship maintenance, ensuring that all its bulk carriers are operated in accordance with international safety and environmental protocols. JME Navigation S.A. collaborates closely with classification societies and ship management service providers to ensure that its ships meet stringent inspection, vetting, and performance requirements demanded by major charterers. The divestment of the M/V Michael S reflects not only a financial decision but also a shift in JME Navigation S.A.’s broader commercial and environmental strategy. As the global shipping industry continues to move toward decarbonization and digitalization, JME Navigation S.A. has been gradually modernizing its operations by investing in younger, fuel-efficient bulk carriers and integrating advanced voyage optimization technologies. The company’s operational philosophy emphasizes sustainability, efficiency, and commercial adaptability—key elements required to thrive amid the evolving dynamics of international trade and maritime regulation. The Athens-based shipowner and operator also benefits from Greece’s well-established maritime ecosystem, leveraging local expertise in financing, shipbroking, and technical support. Through prudent management and consistent investment in its fleet, JME Navigation S.A. continues to strengthen its position within the competitive Greek dry bulk sector, standing among the numerous yet influential privately managed shipowners that form the backbone of the nation’s maritime industry. By executing well-timed asset sales and acquisitions—such as the sale of M/V Michael S and the earlier purchase of M/V Eirini K—JME Navigation S.A. has demonstrated a deep understanding of the cyclical shipping landscape. The shipowner and operator’s ability to balance financial caution with entrepreneurial initiative has allowed it to endure volatile market cycles while pursuing steady growth. As JME Navigation S.A. continues to adapt to global trade shifts and regulatory developments, its focus remains on expanding its fleet intelligently, upholding operational excellence, and reinforcing its standing as a trusted and forward-looking participant in the international dry bulk shipping market.
2-March-2016
Mardeniz Shipping puts the entire fleet of supramax bulk carriers on the sale and purchase (S&P) market. Istanbul based Mardeniz Shipping has put its whole fleet of seven (7) supramax bulk carriers on the market for sale. Currently, the market value of the combined worth of the seven ships at $67 million. Mardeniz Shipping may have been looking for up to $120 million for the bulkers.
Mardeniz Shipping is part of the Mardas Group, which also owns terminal facilities at Istanbul Ambarli Port, as well as its shipowning, management, and agency operations. Another group company, Kardeniz Shipping, acts as an exclusive charterer for Icdas Steel, one of the biggest steel producers in Turkey that is also part of the group. Mardas Group also other interests include energy, insurance, building, and tourism.
2-March-2016
German owner Neu Seeschiffahrt has sold 1992 built bulk carrier 285K DWT M/V Renate N to Bangladesh for $230 per Light Wight Displacement Tonnage (LDT), or $7.6 million. Another German shipowner, Oldendorff Carriers sold 1988 built bulk carrier 227K DWT M/V Bold Carrier to India for $6.3 million.
2-March-2016
MV El Fara sinking has revealed a potential weakness in the oversight of US programs that delegate the US Coast Guard (USCG)’s authority to carry out flag-state inspections and plan approval.
2-March-2016
New Panama Canal Pilots had previously complained of plans for two-way traffic of post-panamax ships of up to 49 meters beam in the Culebra Cut, the narrowest area of the canal. Londor Rankin, who became secretary-general of the Panama Canal Pilots Association in January, says the union still has some concerns, particularly with regard to the prospect of the first LNG carriers to transit the canal.
2-March-2016
Top protection and indemnity (P&I Clubs) plan to join forces to create a superclub that would be bigger than the current market leader Gard. Britannia and UK clubs are in merger talks. Britannia and UK clubs confirmed they are in discussions with the aim of creating a world-beating mutual. Currently, there are 13 International Group P&I Clubs.
2-March-2016
Eyal Ofer’s Zodiac Maritime has stayed firmly in fleet-renewal mode, continuing to dispose of aging bulker tonnage for demolition as part of a broader effort to reshape its dry bulk exposure and recycle capital into newer, more efficient ships. The latest move sees Zodiac Maritime selling the 1991 built Very Large Ore Carrier (VLOC) 267K DWT M/V Wugang Orient for scrapping in Bangladesh at about $234 per ldt, translating to roughly $8.7 million, and the deal underlines how Zodiac Maritime is actively using the recycling market to remove older ships that are less competitive on fuel efficiency, maintenance costs, and charterer acceptance in a tightening regulatory environment. The M/V Wugang Orient disposal is the fourth large bulker that Zodiac Maritime has sold for recycling this year, highlighting a steady pace of removals rather than a one-off decision, and suggesting that Zodiac Maritime is methodically thinning out legacy tonnage to reduce operational complexity and improve the overall age profile of the fleet. Market participants often view Zodiac Maritime as an owner-operator that balances commercial management with disciplined asset strategy, and the repeated choice to scrap vintage bulkers indicates that Zodiac Maritime is prioritising balance-sheet flexibility and fleet quality over keeping older ships trading at the margins. Even after these removals, Zodiac Maritime is still understood to have nine (9) capesize bulk carriers built before 2000, meaning further pruning remains possible if demolition pricing stays attractive and if Zodiac Maritime continues to align its bulker fleet with charterer requirements, emissions expectations, and evolving trading patterns. By sending M/V Wugang Orient to the breakers and continuing a series of recycling sales, Zodiac Maritime reinforces the view that Eyal Ofer’s Zodiac Maritime is actively reshuffling its asset base, taking advantage of demolition demand to monetise end-of-life ships while keeping capital available for renewal, upgrades, and selective secondhand opportunities when market conditions offer value.