29-November-2016
Greek shipowner and operator Poseidon Shipping is selling 2001 built panamax bulk carrier 76K MV Eleftheria around $5 million. In July 2015, Poseidon Shipping sold sistership 2001 built MV Mahitis for around $8 million. MV Eleftheria and MV Mahitis each ordered for $21 million and were cash cows for Poseidon Shipping in the boom years.
29-November-2016
Irish shipowner and operator Arklow Shipping ordered four (4) 16K DWT small dry bulk carriers. Arklow Shipping has a fleet of 47 ships.
28-November-2016
Arne Blystad led Songa Bulk bought 2 modern supramax dry bulk carriers. Chinese 2009 built supramax dry bulk carrier 58K DWT M/V Songa Marlin for $11.85 million and Chinese 2012 built supramax dry bulk carrier M/V Songa Glory for $14.85 million. M/V Songa Marlin and M/V Songa Glory will be Norwegian shipowner and operator Songa Bulker’s second and third acquisitions.
27-November-2016
Panama based Cullan Maritime sold 1990 built panamax bulk carrier 67K DWT MV Anita (ex MV CSL Atlas) to Indian scrapyard for about $4 million. In May 2016, Cullan Maritime bought MV Anita (ex MV CSL Atlas) from Canada Steamship Lines (CSL). Canada Steamship Lines (CSL) also sold 1985 built dry bulk carrier 1985 built 38K DWT M/V Atlantic Erie for demolition for $2 million.
27-November-2016
Athens-based Greek shipowner and operator Kassian Maritime bought kamsarmax dry bulk carrier 2012 built 81K DWT MV Grand Ocean from MSI Shipmanagement for about $13 million. Greek shipowner and operator Kassian Maritime has been renewing its fleet. In September 2016, Kassian Maritime bought 2006 built capesize bulk carrier 174K DWT MV Voge Master and 2001 built supramax dry bulk carrier 50K DWT MV Virginia.
27-November-2016
Chennai based shipowner and operator Sanmar Shipping sold 1985 built handymax bulk carrier 54K MV Sanmar Phoenix to demolition for about $4 million. MV Sanmar Phoenix was the last dry bulk carrier in Sanmar Shipping’s fleet. In August 2016, Chennai based shipowner and operator Sanmar Shipping sold 1996 built panamax bulk carrier 73K DWT MV Sanmar Paragon for demolition. After selling MV Sanmar Phoenix, Chennai based shipowner and operator Sanmar Shipping is temporarily exiting the dry bulk shipping market.
26-November-2016
Athens-based Chartworld Shipping Corporation bought 2016 built panamax bulk carrier 81K DWT M/V Hyundai Grande for $20.1 million and M/V Hyundai Princess for $18.9 million from Seoul based H-Line Shipping.
26-November-2016
Athens based Interunity Management has made an impressive comeback in the dry bulk shipping. Distressed sales increased in the depressed dry bulk market. Interunity Management’s clients acquired five (5) handysize bulk carriers and one (1) general cargo ship since August 2016. Athens based Interunity Management Corporation SA (IMC) has an office in Germany named Interunity Management (Deutschland) GmbH. Interunity Management (Deutschland) GmbH had been without dry bulk carriers since 2013. Last time, in June 2009, Interunity Management acquired a bulk carrier.
26-November-2016
Denmark-based shipowner and operator Navision Group has moved ahead with another fleet reshaping step by concluding the sale of the 2007-built handymax bulk carrier 48K DWT M/V Stelvio (ex MV Loyal Union) at a price close to $7.5 million, a transaction that delivered a clear profit uplift for the seller. Navision Group had previously acquired the M/V Stelvio (ex MV Loyal Union) for roughly $6 million from Greek shipowner Union Commercial, and the new resale underscores the group’s ongoing focus on disciplined asset play, timing the market, and maintaining a flexible fleet profile. The sale follows Navision Group’s disposal last year of the 1995-built MV Navision Alliance, which was transferred to a Turkish shipowner for around $3 million, further reflecting the group’s readiness to rotate out older tonnage as part of its long-term renewal model. Navision Group, headquartered in Denmark and active across multiple dry bulk segments, has cultivated a reputation for keeping a lean, efficiently run fleet while placing strong emphasis on commercial agility and strategic portfolio adjustments. Over the past several years, Navision Group has steadily built an identity as a hands-on shipowner and operator with a preference for maintaining a diversified mix of handysize, handymax, and supramax bulk carriers, allowing the group to respond quickly to market shifts and regional cargo trends. By focusing on medium-age tonnage and selectively adding or offloading ships depending on freight sentiment, Navision Group aims to preserve operational resilience and maintain consistently competitive utilization levels. Industry observers often highlight that Navision Group’s business model relies heavily on close relationships with charterers, proactive technical management, and cost-conscious ship operations across its controlled fleet. Navision Group traditionally emphasizes strong maintenance standards, careful dry dock planning, and efficient voyage management to enhance asset longevity and reduce operational expenditures. The group’s ability to generate returns through asset trading—such as the profitable resale of the M/V Stelvio (ex MV Loyal Union)—is seen as a defining strength underpinning its broader commercial strategy. As global dry bulk markets remain volatile, the latest divestment by Navision Group reaffirms the Denmark-based shipowner and operator’s commitment to maintaining a streamlined and financially optimized fleet, ensuring that capital can be redeployed toward newer opportunities or more modern ships when market conditions align.
26-November-2016
Portline Bulk International sold ultramax dry bulk carrier MV Port Belavista for around $18 million with a time charter attached to Pacific Basin Shipping at $5,700 per day until May 2017. In 2014, Portline Bulk International bought MV Port Belavista for around $28 million. After selling MV Port Belavista, Portline Bulk International will have 13 trading dry bulk carriers left in the fleet.
26-November-2016
China-based shipowner and operator Sea Star Ships sold 1999 built panamax bulk carrier 73K DWT MV Luyang Eagle (ex MV Cielo Lucia) for around $3.5 million. Demolition price for MV Luyang Eagle (ex MV Cielo Lucia) is around $3 million. In November 2012, China-based shipowner and operator Sea Star Ships bought MV Luyang Eagle (ex MV Cielo Lucia) for $10 million. Sea Star Ships has 1998 built panamax bulk carrier 72K DWT MV Jin Run in its fleet. Currently, other bulk carriers in the fleet:
- MV AFRICA PRIDE (1991 built 28K DWT)
- MV JIN RUN (1998 built 71K DWT)
- MV SEA BENEVOLENCE (2004 built 35K DWT)
- MV CS FORTUNE (2009 built 34K DWT)
- MV CS FUTURE (2010 built 34K DWT)
- MV CS FLOURISH (2010 built 34K DWT)
- MV CS FELICITY (2009 built 28K DWT)
26-November-2016
Denmark-based shipowner and operator Navision Group has carried out another targeted adjustment to its fleet profile by completing the sale of the 2007-built handymax bulk carrier 48K DWT M/V Stelvio (ex MV Loyal Union) for nearly $7.5 million, producing a solid profit margin for the seller. Navision Group originally acquired the M/V Stelvio (ex MV Loyal Union) for close to $6 million from Greek shipowner Union Commercial Inc., and the resale highlights Navision Group’s continued commitment to disciplined asset play, market-responsive divestments, and a flexible tonnage strategy. The disposal follows last year’s sale of the 1995-built MV Navision Alliance to a Turkish shipowner for about $3 million, further demonstrating Navision Group’s willingness to rotate out older units in pursuit of a more efficient and modernized operating profile. Denmark-based shipowner and operator Navision Group, active across several dry bulk size categories, has cultivated a long-standing reputation for maintaining a lean, commercially agile platform. The group frequently adjusts its fleet composition by carefully choosing when to buy or sell ships, supporting a dynamic approach to freight cycles and market conditions. Built around handysize, handymax, and supramax bulk carriers, Navision Group’s operational model emphasizes adaptability, cost discipline, and strong relationships with charterers across major global trading areas. Through selective acquisition of mid-age ships and timely disposals, Navision Group aims to preserve operational resilience and maintain robust utilization levels across varying cargo environments. Observers frequently point to Navision Group’s emphasis on strict technical management, prudent dry dock scheduling, and performance-oriented voyage planning. These measures help extend the useful life of its ships, reduce overheads, and ensure operational reliability. Navision Group’s ability to extract value through asset trades—exemplified once again by the profitable exit from the M/V Stelvio (ex MV Loyal Union)—remains a key strength and an integral part of its broader commercial blueprint. The transaction also shines a spotlight on the seller, Union Commercial Inc., one of Greece’s historically significant shipowning and shipmanagement entities. Union Commercial Inc. traces its roots to Union Commercial Steamship Company, founded in 1960 by Mark Scufalos. At a time when New York and London dominated global maritime administration, Mark Scufalos recognized Greece’s unique geographical and strategic advantages—its proximity to the Suez Canal, Middle Eastern cargo flows, and a dense cluster of shipowning families—and chose to establish operations in Piraeus. His decision proved prescient, laying the foundation for a diversified, long-standing maritime enterprise. As Union Commercial Steamship Company expanded its fleet, the organization simultaneously developed deep expertise in technical supervision, day-to-day ship management, and marine insurance. What began as an internal necessity soon evolved into a broader consultancy service for other shipowners seeking reliable commercial and technical support. In 1969, observing the limited availability of specialized marine insurance capabilities within Greece, Mark Scufalos established Union Commercial International Ltd. in London. The London entity quickly flourished, eventually handling the insurance requirements of more than 120 ships owned by independent shipowners worldwide. Over time, Union Commercial Incorporated grew its managed fleet to include roughly 40 ships across multiple categories: conventional cargo ships, bulk carriers, car carriers, refrigerator ships, oil tankers, and container ships. This diversification strengthened Union Commercial Inc.’s position as a versatile maritime services provider with decades of operational knowledge and technical expertise. The sale of the M/V Stelvio (ex MV Loyal Union) from Union Commercial Inc. to Navision Group reflects the ongoing evolution of this historically influential Greek maritime enterprise, whose legacy continues to shape its modern fleet decisions. As global dry bulk markets experience continued volatility, the latest divestment by Navision Group reinforces the Denmark-based shipowner and operator’s commitment to preserving a financially efficient, strategically balanced fleet while freeing capital for future acquisitions, modernization opportunities, or value-accretive fleet growth when market timing aligns.
26-November-2016
A Korean financial institution has completed the sale of four supramax bulk carriers, disposing of the 2010-built 56K DWT MV CS Champ, MV CS Daisy, and MV CS Brave at prices of $7 million each, while the 2011 built MV Jin Hai Xin was sold for approximately $8 million. MV Jin Hai Xin was constructed at Jiangsu Yangzijiang Shipbuilding, China, one of the most prominent private shipbuilding groups in the country, known for producing modern, fuel-efficient bulk carriers, containerships, and tankers across its advanced yards in Jiangsu Province. Jiangsu Yangzijiang Shipbuilding has, over the past two decades, developed into a global shipbuilding powerhouse by combining competitive cost structures with increasingly sophisticated engineering, digital fabrication systems, and energy-efficient vessel designs. The full company’s technical capabilities extend across ultramax and kamsarmax bulk carriers, feeder to post-panamax container ships, LR1 and LR2 product tankers, gas-related vessels, and dual-fuel newbuildings aligned with emerging IMO environmental frameworks. Its shipyards have gained a reputation for consistent delivery schedules and high-quality workmanship, making Jiangsu Yangzijiang Shipbuilding a preferred construction partner for many international shipowners seeking reliability and advanced hydrodynamic performance. Jiangsu Yangzijiang Shipbuilding’s extensive investments in eco-design hull forms, propulsion efficiency improvements, and digitally integrated shipyard operations have accelerated its rise as one of Asia’s most influential contributors to modern merchant ship construction. Supporting this industrial strength is Yangzijiang Maritime Development Ltd., the maritime investment and ship-financing platform associated with the broader Yangzijiang ecosystem. Listed on the Singapore Stock Exchange, Yangzijiang Maritime Development Ltd. specializes in structured leasing, maritime asset financing, co-investment partnerships, and long-term shipownership platforms that connect global shipowners with competitive capital solutions. Through a combination of strong financial resources, deep industry partnerships, and direct alignment with Chinese shipbuilding capacity, Yangzijiang Maritime Development Ltd. has positioned itself as a fast-growing player in the global maritime finance arena. Its portfolio spans investments in dry bulk, tanker, and container ship sectors, and the full company has increasingly played a central role in supporting next-generation vessel projects, from MR tankers to kamsarmax bulk carriers and feeder container ships.By bridging the shipbuilding expertise of Jiangsu Yangzijiang Shipbuilding with the financial structuring power of Yangzijiang Maritime Development Ltd., the broader Yangzijiang network continues to expand its influence across both the industrial and financial dimensions of the maritime world. Transactions involving ships like MV Jin Hai Xin—originally built at Jiangsu Yangzijiang Shipbuilding—highlight how the group’s global footprint extends beyond construction and into long-term asset circulation, investment strategies, and fleet renewal trends throughout the international shipping market.
25-November-2016
Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) bought 4 handysize sisterships. Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) continues to expand the fleet and paying $8 million for each ship. Chinese 2012 built handy bulk dry carriers 36K DWT:
- M/V Adfines North
- M/V Adfines East
- M/V Adfines West
- M/V Adfines South
25-November-2016
Singapore based ship-manager and operator Synergy Maritime Group sold modern supramax dry bulk carrier. 2009 China built 58K DWT M/V Vinayak was sold for further trading for $12 million. Singapore based ship-manager and operator Synergy Maritime Group bought the M/V Vinayak as M/V Caly Manx in August 2016 from Ugland for just $9.8 million. Synergy Maritime Group has been controlling a fleet of 5 modern dry bulk carriers.
22-November-2016
Greek shipowner and operator AM Nomikos scrapped its oldest bulk carrier 1997 built 73K DWT MV Gaspar for $3.5 million. AM Nomikos bought MV Gaspe as MV Linda Leah.
22-November-2016
BNP Paribas arrested of a Niton Capital-owned supramax bulk carrier 2004 Japanese built 52K M/V Niton Cobalt in Singapore last week. BNP Paribas filed a $1.6 million mortgage claim against M/V Niton Cobalt. In 2014, Niton Capital bought M/V Niton Cobalt as M/V Sea Lily from COSCO Shipping Bulk for $16 million. Ship Manager and Ship Operator of M/V Niton Cobal has been switched from SGM Maritime Services to Niton Cobalt Maritime.
22-November-2016
Greek shipowner and operator Rethymnis & Kulukundis (R&K) sold 2001 built handymax bulk carrier 45K DWT MV Star Capellafor for around $5 million. Greek shipowner and operator Rethymnis & Kulukundis (R&K) also owns a sistership 2002 built MV Star Canopus. After 16 years Rethymnis & Kulukundis (R&K) has started a new-building ship program.
21-November-2016
Norwegian shipowner and operator AS J. Ludwig Mowinckels Rederi has been in negotiations with DNB Bank regarding revised loan terms tied to two panamax dry bulk carriers, with AS J. Ludwig Mowinckels Rederi seeking reduced instalments as weak freight markets pressured cash flow and challenged the earnings capacity of mid-age panamax dry bulk carriers. The discussions reflect how AS J. Ludwig Mowinckels Rederi has historically balanced long-term ownership with pragmatic financial management, adjusting repayment profiles when markets deteriorate in order to preserve liquidity, maintain covenant compliance, and keep operational flexibility while the cycle resets. The two 2008 built panamax dry bulk carriers 75K DWT M/V Goya and M/V Ogna are subject to a minimum asset cover requirement that the ships must represent at least 120% of the outstanding debt, a threshold that becomes increasingly difficult to maintain when secondhand values soften, and the outstanding debt at the end of 2015 was reported at $24.9 million. For AS J. Ludwig Mowinckels Rederi, such loan-to-value mechanics are critical because they link day-to-day operating results to balance-sheet constraints, meaning periods of low rates can quickly turn into negotiations over amortisation profiles, collateral values, and covenant headroom even when the ships continue trading. The background to the financing stretches back to the acquisition of the 2008 built panamax dry bulk carriers 75K DWT M/V Goya and M/V Ogna as resale deals for $45 million each from John Fredriksen’s Golden Ocean Group, a purchase structure that originally combined modern tonnage with contracted earnings cover. M/V Goya and M/V Ogna were fixed by Danish shipowner and operator Torm for seven years at $24,000 per day, a rate level that at the time provided predictable revenue and underpinned financing assumptions on utilisation, debt service, and residual value protection. Subsequent market weakness, however, meant that the gap between contracted expectations and prevailing spot conditions widened, and AS J. Ludwig Mowinckels Rederi’s efforts to reduce instalments highlight a wider industry pattern in which shipowners seek to align debt service schedules with the realities of a low-rate environment rather than forcing distressed asset sales. AS J. Ludwig Mowinckels Rederi’s use of structured ownership and lender relationships has long been part of its operating model, and discussions with DNB Bank demonstrate how AS J. Ludwig Mowinckels Rederi manages downside risk through proactive engagement on covenants, collateral coverage, and repayment pacing, keeping the ships employed while working to protect longer-term fleet strategy. AS J. Ludwig Mowinckels Rederi traces its roots to Bergen, Norway, where AS J. Ludwig Mowinckels Rederi was established in 1898 by Johan Ludvig Mowinckel, who served as prime minister of Norway, and AS J. Ludwig Mowinckels Rederi is currently owned by charitable trusts, a structure that tends to support a long-horizon approach to capital allocation, conservative leverage choices, and disciplined fleet decisions across cycles. Within that context, the M/V Goya and M/V Ogna financing talks can be viewed as part of AS J. Ludwig Mowinckels Rederi’s broader effort to preserve financial resilience during downturns, maintain compliant asset coverage, and keep the business positioned to renew and optimise its fleet when market conditions and capital availability improve.
21-November-2016
New York-listed bulker owner Scorpio Bulkers chartered out three (3) dry bulk carriers on period. Scorpio Bulkers chartered out ultramax dry bulk carrier 2016 built 61K DWT M/V SBI Achilles for $11,000 per day. Scorpio Bulkers chartered out ultramax dry bulk carrier 2015 built 61K DWT M/V SBI Leo for $9,000 per day. Scorpio Bulkers chartered out kamsarmax dry bulk carrier 2014 built 81K M/V Cakewalk DWT for $9,000 per day. M/V SBI Achilles, M/V SBI Leo, and M/V Cakewalk were chartered out for 5 to 7 months.
21-November-2016
Antwerp based shipowner and operator Pola Maris’ dry bulk carrier 2014 built 38K DWT MV Pola Palekh has been refloated after grounding off the United States. Incident happened on 17 November 2016 in Beaufort Inlet Channel. The US Coast Guard and tugs attended to release MV Pola Palekh and maritime traffic resumed.
21-November-2016
Greek shipowner and operator Transmed Shipping Ltd agreed to buy 3 kamsarmax dry bulk carriers 2013 built M/V Mangan Trader I, M/V Mangan Trader II, and M/V Mangan Trader III for $16.75 million each. Athens and Cyprus based Transmed Shipping Ltd bought 3 kamsarmax dry bulk carriers from Japanese shipowner Nisshin Shipping.
20-November-2016
Greek shipowner and operator AM Nomikos is selling seven (7) dry bulk carriers which comprise two (2) capesize, five (5) handysize bulk carriers formerly owned by Oaktree Capital Management backed Maritime Equity Partners (MEP). AM Nomikos is also clearing out vintage bulkers. In September 2016, AM Nomikos sold 1999 built panamax bulk carrier 72K DWT M/V Lucky Luke to Chinese shipowner for $3.75 million. Last month, AM Nomikos sent to demolition another 1997 built panamax dry bulk carrier 73K DWT M/V Gaspar.
20-November-2016
Cyprus reunification would be a significant escalation to Cyprus’s shipping industry. Cyprus reunification would promote the country as an international ship-management hub. Cyprus reunification would have real strong consequences on shipping if Greek and Turkish Cypriot leaders overcome Cyprus’s historical division. Cyprus has been divided since 1974 north as Turkish Cyprus and south as Greek Cyprus. A deal to reunify Cyprus would absolutely lead to an end of Turkey’s prohibit Cyprus-flagged vessels from calling at Turkish ports. Lifting maritime sanctions could bring a paramount boost and might double the size of Cyprus flagged ships. Cyprus’ open register was established in 1960 and has almost 2,000 registered vessels with a total tonnage exceeding 20 million DWT. Cyprus reunification deal could also produce benefits on the ship-management side, where Cyprus is already one of the world’s top ship-management hubs. Cyprus reunification could attract more numerous ship-managers, particularly from Turkey and shipowners that trade with Turkey.
20-November-2016
Donald Trump is corresponding to the Iran nuclear treaty that was negotiated with the United States, United Kingdom, France, Germany, Russia, and China. Donald Trump cautioned to shred the Joint Comprehensive Plan of Action (JCPOA) agreement. This might have a major impact on the Iranian shipping industry. Once again the US might restrict foreign shipowners from calling at Iranian ports or loading Iranian cargoes if shipowners want to continue trading to US ports. On the other hand, the Islamic Republic of Iran Shipping Lines (IRISL) and National Iranian Tanker Co (NITC) fleet renewal programmes might be crashed.
20-November-2016
Donald Trump’s presidency could have significant impacts on the global shipping industry, especially in terms of foreign trade and security policy, the environment, and world trade. Donald Trump said he will pull the US out of a string of international deals, alliances, processes, and organizations. Currently, the United States is one of the largest single markets outside Europe for shipowners and a more isolationist USA will inevitably have consequences for shipping companies. Donal Trump’s statements about renegotiating existing trade deals and pulling the plug on processes such as the Transatlantic Trade and Investment Partnership (TTIP) and ratifying the Trans-Pacific Partnership (TPP) inescapably have effects for shipping companies.
20-November-2016
Indian shipowner and operator Liberty Marine Syndicate went out of shipowning business with the sale of its single ship. Liberty Marine Syndicate sold 2003 built supramax bulk carrier 52K DWT MV Liberty Prudencia (ex MV New Orion) for around $6 million. In 2010Kolkata based shipowner and operator, Liberty Marine Syndicate acquired MV Liberty Prudencia (ex MV New Orion) for around $29 million from STX Pan Ocean.
19-November-2016
Korean shipowner and operator Chang Myung sold it’s last 1995 built capesize bulk carrier 151K MV C March (ex MV Marina) to Pakistan scrapyard for about $5.6 million including bunkers. In 2005, Chang Myung bought MV C March (ex MV Marina) for $51 million from Greek shipowner Lykiardopulo Family. In 2016, total of 70 capesize bulk carriers have been sold for scrap comparing with 2015 total 96 capesize bulk carriers sold for scrap.
19-November-2016
Indonesian shipowner acquired 2006 built kamsarmax bulk carriers 82K DWT MV Sri Prem Varsha and MV Sri Prem Vidya from the bankrupted Singapore Mercator Lines. Sisterships MV Sri Prem Varsha and MV Sri Prem Vidya were acquired for around $9 million each. MV Sri Prem Varsha and MV Sri Prem Vidya were last two ships in the fleet of Singapore Mercator Lines. In 2006, Singapore Mercator Lines bought the kamsarmax bulk carriers as part of an en-bloc deal from Chios Navigation (Hellas) of Greece. In March 2016, the Singapore HSH Nordbank filed a winding-up application in the High Court of Singapore against Mercator Lines’s shipping arm Varsha Vidya Inc.
19-November-2016
Jakarta based shipowner and operator PT. Jaya Samudra Karunia Shipping (JSK) sold 1983 built panamax bulk carrier 70K MV Victory Union (ex MV Irenes Vigor) to Bangladesh scrapyard for about $3 million. In 2006, Indonesian shipowner and operator JPT. Jaya Samudra Karunia Shipping (JSK bought MV Victory Union (ex MV Irenes Vigor) from Greek shipowner Tsakos Shipping for about $8 million.
19-November-2016
Chinese shipowner and operator Maple Leaf Shipping has carried out another fleet reshuffle by disposing of two vessels, namely the 2010-built 23K MV Maple Harmony and the 2009-built MV Maple Pearl, for prices above $4 million for each ship. This latest transaction represents another stage in the continuing transformation of Maple Leaf Shipping, a privately owned Chinese shipping group that has progressively strengthened and adjusted its role across several parts of the maritime industry. Maple Leaf Shipping is known not only for its shipowning and ship operating business, but also for its broader maritime presence, which extends to shipbuilding through Maple Leaf Shipyard in China. That broader industrial connection gives Maple Leaf Shipping a more multi-layered business structure than many smaller operators, tying the group both to secondhand ship transactions and to the shipyard side of the maritime sector. The disposal of MV Maple Harmony and MV Maple Pearl can therefore be interpreted as more than an ordinary asset sale, instead forming part of Maple Leaf Shipping’s continuing effort to refine, renew, and reposition its overall fleet structure. Over the years, Maple Leaf Shipping has assembled a varied fleet portfolio and has repeatedly shown a willingness to react to changing market circumstances through vessel disposals, ship acquisitions, and adjustments in commercial direction. Previous descriptions of Maple Leaf Shipping have shown the group active in bulk carrier operations while also pursuing wider ambitions across additional ship types and cargo sectors. Within that framework, the sale of these two older vessels may suggest that Maple Leaf Shipping is seeking to refresh its fleet, release capital, and improve the broader commercial standing of its tonnage. Maple Leaf Shipping has also previously shown interest in wider strategic positioning and cooperative market initiatives, including participation in alliance arrangements and broader fleet expansion efforts. Seen from that perspective, the sale of MV Maple Harmony and MV Maple Pearl forms part of a larger pattern in which Maple Leaf Shipping appears committed to combining fleet renewal, commercial adaptability, and long-term operational resilience. While each individual disposal may be limited in size when viewed separately, together they add to the broader impression of Maple Leaf Shipping as a flexible and proactive Chinese shipowner and operator that continues to reorganise its fleet in line with shifting market realities.
19-November-2016
Capesize freight rates seem short-lived and were at the highest level since mid-2015. In November 2016, capesize freight rates saw spot earnings reached $16,000 per day. Capesize freight rates sparked due to higher commodity prices including iron ore, coking, steam coal, and following a reduction in Chinese stocks. Analysts expect spot rates of capesize bulk carriers to fall back below operating costs in the New Year essentially due to softer iron ore trade in Q1 2017 and more solid Chinese coal production has been narrowing coal import.
19-November-2016
Indian Government’s commitment to ship recycling convention ratification which is provoked by compromises with Japan. India and Japan made the commitment to ratify the International Maritime Organization (IMO) Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC). Hong Kong International Convention requires the backing of nations representing a proportion of world shipbreaking capacity to enter into force. Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships (HKC)’s shortage of support of recycling nations like India was seen as a possible stumbling block. Indian Government’s ratification will be representing more than 50% of the level required. Japan is encouraging notable overseas development compensation to promote India’s recycling industry.
19-November-2016
Italian shipowner and operator D’Amato sold 2011 built handy bulk carrier 35K DWT MV Trading Fabrizia to a Greek shipowner for about $10 million.
19-November-2016
Japanese shipowner and operator Daiichi Chuo Kisen sold 2011 built handy bulk carrier 37K DWT MV Ocean Hawk for about $10 million.
19-November-2016
Korean shipowner Hanjin Shipping’s tankers, bulkers, and containerships will be sold or refinanced. According to Sale-and-purchase (S&P) market sources $500 million worth ships under the control of 9 banks: Korea Exim Bank, Korea Development Bank (KDB), Woori Bank and Shinhan Financial Group and five European banks. While dry bulk sectors sentiment rising and shipowners eyeing specific candidates in collapsed Hanjin Shipping’s fleet, some lenders may opt to dispose of their tonnage. Around $16 million suggested by Sale-and-purchase (S&P) market players for eco-ship kamsarmax dry bulkers 2012 built 82K DWT MV Hanjin Port Kamsar, MV Hanjin Hadong, MV Hanjin Rosario, MV Hanjin Paradip. Around $19 million suggested by Sale-and-purchase (S&P) market players for capesize bulk carriers 179K MV N Fos (ex MV Hanjin Fos), MV Hanjin Rizhao, MV Hanjin Dangjin, MV Hanjin Esperance.
19-November-2016
Bankrupt Taiwanese shipowner Today Makes Tomorrow (TMT) has lodged a lawsuit against JP Morgan Chase over allegations about wrongfully failing to turn over the Today Makes Tomorrow’s cash. US federal court in New York civil complaint alleges that Today Makes Tomorrow (TMT) has been unable to regain access to at least $5.2 million of deposits at Royal Bank of Scotland (RBS) that were transferred to a JP Morgan account. In July 2007, Today Makes Tomorrow (TMT) deposited $5 million into the account and was transferred to a JP Morgan account for the benefit of Today Makes Tomorrow (TMT), according to legal papers filed by lawyers. New York-based lawyers say Today Makes Tomorrow (TMT) has demanded the return of the $5.2 million or, if it is no longer at the JP Morgan Bank, that JP Morgan provides information about its current location. Today Makes Tomorrow (TMT) also has asked for account statements for any cash held in the company’s name by JP Morgan.
19-November-2016
Greek shipowner Evangelos Marinakis has been buying more capesize dry bulk carriers from South Korean shipowner and operator SK Shipping. Greek shipowner Evangelos Marinakis’s shipping arm Capital Maritime and Trading bought capesize dry bulk carrier 2011 built 179K DWT MV K Endeavour and MV K Adventure for $22 million and 179K DWT 2012 built MV K Ambition for $23 million. In October 2016, Evangelos Marinakis bought capesize dry bulk carrier 2012 built 179K MV Gran Trader. In September 2016, Evangelos Marinakis bought capesize dry bulk carrier 2010 built 179K MV ER Boston.
19-November-2016
Copenhagen based shipowner and operator Torm remains ready to launch a New York initial public offering (IPO) when the freight and capital markets align. Danish shipowner and operator Torm ready for a US listing to add to its position on the Nasdaq Copenhagen for more than a year. Marc Saverys-backed acquisition vehicle Hunter Maritime Acquisition priced its IPO in New York and shortly after Arne Blystad’s Songa Bulk completed the first Oslo over-the-counter (OTC) offering in two years. Copenhagen based shipowner and operator Torm heading to the US capital markets when the freight market is more conducive.
19-November-2016
Nisshin Shipping, a Japanese shipping company, is continuing its significant reduction in fleet size at a rapid pace. After recently advertising three of its kamsarmax bulk carriers for sale, Nisshin Shipping has successfully completed a deal with Transmed Maritime Ltd, an Athens-based shipowner and operator, to sell all three kamsarmax bulk carriers in a single transaction. Shipbrokers have reported that the trio of sister ships – MV Mangan Trader I, MV Mangan Trader II, and MV Mangan Trader III – were each sold for $16.75 million. These vessels, all constructed in 2013 at Hyundai Samho, are part of Japanese shipowner Nisshin Shipping’s substantial reduction of its dry bulk fleet. This latest sale contributes to Japanese shipowner Nisshin Shipping’s position as one of the top five sellers in the dry bulk tonnage market this year.
18-November-2016
Greek shipowner and operator Alpha Bulkers Shipmanagement Inc. sold the Korea 1999 built panamax dry bulk carrier 72K DWT MV Alpha Happiness to a Chinese shipowner for further trading for $4.2 million.
18-November-2016
New York-based shipowner and operator Genco Shipping & Trading sold 1999 built panamax bulk carrier 72K DWT MV Genco Acheron (ex MV Anita) to a Chinese shipowner for around $3 million. In July 2006, New York-based shipowner and operator Genco Shipping & Trading acquired MV Genco Acheron (ex MV Anita) for around $30 million. Genco Shipping & Trading’s bulk carriers are managed by Genco Ship Management LLC.
18-November-2016
Japanese shipowner Nisshin Shipping is actively downsizing its fleet, moving quickly to divest some of its assets. The company recently marketed three of its kamsarmax bulk carriers and has now finalized a transaction with Transmed Maritime Ltd, a shipowner and operator based in Athens, to sell all three vessels in one deal. According to reports from shipbrokers, each of the sister ships – MV Mangan Trader I, MV Mangan Trader II, and MV Mangan Trader III – has been sold for $16.75 million. Built in 2013 by Hyundai Samho, these ships are part of Nisshin Shipping’s strategic reduction of its dry bulk fleet. This move further cements Nisshin Shipping’s status as one of the leading sellers in the global dry bulk tonnage market this year.
18-November-2016
Greek Pitiousa Shipping sold 1997 China built 26K DWT MV Filia Grace and MV Filia Faith sold for around $4 million in total to Lebanese shipowner. MV Filia Grace renamed as MV Prince Hadi and M/V Filia Faith renamed as M/V Prince Haroun. Currently, MV Filia Grace and MV Filia Faith scrap value is apparently around $2 million. Greek Pitiousa Shipping has made an extensive fleet renewal in Chinese Shipyards.
18-November-2016
Greek shipowner and operator Tri-Marine Shipping sold its last ship in fleet 2000 built panamax bulk carrier 75K DWT MV Capetan Tassos (ex M/V Amalia) for about $4.5 million to another Greek shipowner. In 2012, Tri-Marine Shipping bought MV Capetan Tassos (ex MV Amalia) for about $16 million. Greek shipowner and operator Tri-Marine Shipping sold 1997 built handymax bulk carrier 47K DWT MV Maria TL to a scrapyard for about $2 million.
15-November-2016
Collapsed Hanjin Shipping’s 16 vessels, worth about $300m in total will be sold by Korea Development Bank (KDB). Eight shipbroker companies have submitted applications to the Korea Development Bank (KDB) ship sale. Independently applied by Clarksons, Fearnleys, Maersk Broker. Howe Robinson, Arrow Shipbroking, Braemar ACM, and Simpson Spence Young are bidding in tandem with South Korean partners. Korea Development Bank (KDB)’s 16 vessel sale applications were due in at the start of this week and a selection is expected by the end of it. Korea Development Bank (KDB) is understood to have asked shipbrokers to advise on whether they should sell the vessels now or wait for further market improvement. South Korea’s largest shipping company Hanjin Shipping, filed for court receivership on 31 August 2016 after months of trying to raise liquidity and restructure its debt.
15-November-2016
China’s biggest shipping merger COSCO Shipping Bulk and China Shipping Group which is the world’s largest shipping company China Cosco Shipping (CoscoCS) has notified hundreds of China’s maritime university students who had signed letters of intent (LOIs) a month ago that it will not be signing their contracts. Dalian Maritime University (DMU) and Shanghai Maritime University (SMU) has been informed that CoscoCS will not be taking cadets this year. CoscoCS was taking several hundred maritime students each year for training and service onboard their vessels. Sinocrew managing director Captain Wang Jixuan raised the question of cost-cutting and training at Bimco’s annual conference in Shanghai, where he did not mention the CoscoCS move but, in general terms, challenged a shipowner panel on whether they are endangering ships, lives and the environment by cutting their crewing and training expenditures.
15-November-2016
Donald Trump is well-known antipathy towards trade deals and Iran sanctions may be eased. But the protection of domestic shipping under the Jones Act is expected to remain unchanged. Donald Trump protectionism on trade is more pronounced. Donald Trump’s victory also brings uncertainty to the domestic shipping policy. Donald Trump having a supportive secretary of transportation and maritime administrator is key for the health of the US-flag sector. Donald Trump’s stance on protecting US jobs and defense, the Jones Act is expected to be safe. Jones Act restricts shipping between US ports to vessels that are built-in domestic yards, crewed by Americans, and owned by a US company. Donald Trump campaign pledged to reduce the red tape and bureaucratic hurdles facing oil, natural gas, and coal projects in the US. This development potentially represents more cargoes for tankers and dry bulk ships heading out of the US, and may potentially represent a disruption of current trade flows as the US further reduces its dependence on seaborne oil from other countries. Donald Trump’s stance on fossil fuels could end up as a marginal plus for the US oil sector but it is far too early to draw any conclusions about what his victory will eventually mean to oil prices