29-September-2016

German E.R. Schiffahrt is a ship-owning and ship-management company sold cape size bulk carriers to Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP). New York-listed Seanergy Maritime has paid around $61 million for three Korean built capesize bulkers 178K DWT 2010 built sisterships MV ER Bayern, MV ER Boston and M/V ER Bavaria.

 

18-September-2016

Angelicoussis-led Anangel Maritime has secured a time charter for one of the company’s capesize bulk carriers for a period of four to eight months, amidst the surging rates in the spot market. MV Anangel Argonaut has been chartered to Jiangsu Steamship at a daily rate of $10,500, with the cape scheduled to promptly deliver its cargo in China. This agreement is one of several short-term capesize period fixtures observed in response to the escalating spot rates. Interestingly, the period rate remains unchanged compared to the previous week when British Virgin Islands-registered Ukraine-based ship operator Phaethon International Company Ltd chartered Ceres Shipping controlled 2015 built capesize bulk carrier 182K DWT MV Red Sage. In the present market, the Baltic Dry Index has risen by 36 points since Friday, reaching 836, which effectively corrects the dip in chartering activity witnessed last week. Notably, capesize bulk carriers are experiencing exceptional performance, exhibiting significant rate increases across all of the Baltic’s benchmark routes.

 

7-September-2016

Seoul based Chang Myung Shipping sold 1996 built panamax dry bulk carrier 71K DWT MV C Iris (ex MV Claret) to Bangladesh scrapyard for about $3 million. In 2004, Korean shipowner Chang Myung Shipping bought MV C Iris (ex MV Claret) for about $25 million. In 2016, Korean shipowner and operator Chang Myung Shipping sold 5 capesize bulk carriers for scrap.

 

7-September-2016

Taiwanese shipowner and operator First Steamship sold1990 built panamax bulk carrier 73K DWT MV Ever Excellent to Pakistan Scrapyard for about $2.8 million. In 2016, 89 panamax dry bulk carriers have gone for demolition so far in 2016 compared with 98 in 2015.

 

7-September-2016

Indian Sanmar Shipping sold 1996 built panamax bulk carrier 73K DWT MV Sanmar Paragon to Bangladesh scrapyard for about $3 million.

 

7-September-2016

Taiwanese shipowner and operator U-Ming Marine Transport sold 1999 built panamax bulk carrier 80K DWT MV Cemtex Diligence to a scrapyard for about $3 million.

 

5-September-2016

BW Group dry bulk arm BW Dry Cargo bought two (2) kamsarmax dry bulk carriers 2010 built 81K MV BW Einkorn (Ex MV Mighty Sky) for $14 million and 2014 built 82K MV BW Canola (Ex MV United Legacy) for $17 million. BW Group dry bulk arm BW Dry Cargo fleet has also MV BW Acom and MV BW Barley.

 

5-September-2016

Danish shipowner and operator Celsius Shipping has taken delivery of two ultramax bulk carriers that Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd. declined earlier this year, marking a notable shift in ownership for the pair of modern Chinese-built ships. Guangzhou Huangpu Shipbuilding, part of the CSSC (China State Shipbuilding Corporation) group, has successfully secured Celsius Shipping as the new buyer for the two 64,000 DWT ultramax bulk carriers, MV Darya Rani and MV Darya Maya, after Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd. opted not to proceed with delivery due to unresolved contractual and design-related concerns. Both ships, completed in March, are fitted with four 30-tonne cargo cranes and are designed for versatile loading operations across major dry bulk commodities such as coal, fertilizers, grains, and steel products. Each ship was reportedly sold for around $17.5 million, reflecting Celsius Shipping’s continued appetite for quality tonnage and its capacity to act swiftly in the secondhand and resale markets. Danish shipowner and operator Celsius Shipping, known for its investment-backed growth strategy, provides a platform for private and institutional investors to participate in ship acquisition ventures with a focus on specialized tonnage and efficient, modern assets. This latest acquisition follows Celsius Shipping’s earlier purchase of four Chinese-built bulk carriers valued at approximately $41 million and comes shortly after it resolved a high-profile dispute with Chinese shipyard Sainty Marine concerning three cancelled newbuildings. Since settling that matter in June, Celsius Shipping has been an aggressive buyer in the global S&P (Sale and Purchase) markets, capitalizing on favorable market conditions and distressed or delayed delivery opportunities. The case of MV Darya Rani and MV Darya Maya highlights a rare withdrawal by Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd., a shipowner widely known for its conservative financial management and strong technical oversight. Founded in 1999 as part of the Chellaram Group—a family enterprise with over a century of involvement in global shipping and trade—KC Maritime Hong Kong Ltd. was established to focus on dry bulk operations, particularly in the handysize, supramax, panamax, and kamsarmax segments. Over the years, KC Maritime Hong Kong Ltd. has built an enduring reputation for reliability, safety, and professionalism, earning the trust of international charterers and trading houses. The shipowner manages a diverse fleet of bulk carriers and cement carriers, operating primarily in the Pacific, Indian Ocean, and Atlantic trades, transporting commodities including coal, grain, ores, fertilizers, and clinker. KC Maritime Hong Kong Ltd. maintains operational offices in both Hong Kong and India, blending Hong Kong’s position as a global maritime hub with India’s extensive pool of maritime talent and technical expertise. Under the leadership of Gautam Chellaram, who also serves as chairman, KC Maritime Hong Kong Ltd. has consistently emphasized sustainable growth, operational efficiency, and human capital development. The shipowner prioritizes safety management, crew welfare, and compliance with international maritime standards, working closely with globally recognized ship management and classification organizations. KC Maritime Hong Kong Ltd.’s refusal to accept the two ultramax bulk carriers from Guangzhou Huangpu Shipbuilding in 2013 was reportedly based on quality control and design concerns that did not meet its internal benchmarks. This decision reflected the shipowner’s longstanding policy of maintaining stringent standards for fleet integrity rather than expanding at the cost of quality or technical consistency. Despite occasional contract disputes, KC Maritime Hong Kong Ltd. has continued to thrive as one of the few independent family-owned shipowners operating successfully within the competitive Asian dry bulk shipping sector. The shipowner’s business model is centered around prudent asset management—balancing acquisitions, sales, and charters to maintain a flexible and resilient fleet suited for volatile freight markets. KC Maritime Hong Kong Ltd. has also been proactive in aligning its fleet renewal strategy with environmental regulations such as IMO 2020 and the upcoming decarbonization targets for 2030 and 2050, investing in energy-efficient designs and exploring alternative fuel technologies. The transition of the two ultramax bulk carriers MV Darya Rani and MV Darya Maya to Danish shipowner and operator Celsius Shipping represents a divergence in strategy between the two shipowners: while Celsius Shipping pursues rapid portfolio expansion backed by external investors, KC Maritime Hong Kong Ltd. continues to focus on sustainable fleet renewal and operational reliability. With a solid legacy, diversified fleet, and strong global reputation, KC Maritime Hong Kong Ltd. remains a respected player in international dry bulk shipping, combining a century-old family maritime tradition with modern technical and commercial expertise that continues to define its presence in global seaborne trade.

 

5-September-2016

It is almost impossible for Korean Shipowner and Operator Hanjin Shipping to resurface despite it going under court protection. In the past some Korean dry bulk shipping companies that were protected by the court made a comeback and survive but Hanjin Shipping is a container operator and it will be difficult to come back. Shippers would not want to continue using a liner shipping company Hanjin Shipping that has collapsed. Liner operators like Hanjin Shipping operate differently from bulker operators because Liner operators have more customers, more ports to call and the volumes of cargoes vary. On the bulker front, an embattled company can rely on long-term COA (contracts of affreightments)to turn things around. A containership company will have difficulty making freight income once it collapses. In 2015, Samsun Logix, Daebo International Shipping and SW Shipping has also sought court receivership. Hanjin Shipping is the second liner company with Hyundai Merchant Marine and 5th largest Korean Shipping Company which was established in 1977.

 

4-September-2016

Forward Freight Agreements (FFAs) lawsuit between shipowner d’Amico ​Società di Navigazione SpA and Greek Primera Maritime dismissed by New York District Judge. Forward Freight Agreements (FFAs) do not qualify as maritime contracts in English courts. New York District Judge and Appeal Court ruled that Forward Freight Agreements (FFAs) is only a maritime contract if its principal objective is to further maritime commerce, such as when it is used to hedge risks associated with the employment of a vessel. New York District Judge and Appeal Court decided that shipowner d’Amico ​Società di Navigazione SpA used Forward Freight Agreements (FFAs) for speculation rather than to hedge against a drop in shipping prices.

 

4-September-2016

Korean Hanjin Shipping filed for court receivership the first week of September 2016. Hanjin Shipping was set for a windup with assets returned to primary lenders, after state-owned secondary lender Korean Development Bank rejected the restructuring proposal devised by Morgan Stanley on the Korean Hanjin Shipping behalf. After the Korean Hanjin Shipping bankruptcy, 30 international banks are said to be exposed to the biggest lenders DVB Bank, ING Bank, DNB Bank, HSH Nordbank, Commerzbank, and Nord/LB. Unfortunately, these banks will have to take their ships back. Korean taxpayer will not support the shipping sector after all the problems with shipbuilding.

 

1-September-2016

Genco Shipping & Trading’s bankers extended waivers until 15 October 2016 from the previous 30 September 2016 deadline. Genco Shipping & Trading is trying to gain time to make a second run at an equity raise of $63 million which the equity is a prerequisite for a new $400 million term loan provisionally approved by banks. Genco Shipping & Trading previously failed in its first effort to increase the funds in June 2016.

 

1-September-2016

New York-listed shipowner Navios Maritime Partners which is led by is Angeliki Frangou is expected to hold onto newfound cash, rather than rushing to return it to shareholders. CEO Angeliki Frangou says Navios Maritime Partners is focused on ensuring stability now before resuming a dividend or buying up shares. Navios Maritime Partners would consider deploying liquidity to buy shares that are trading well below net asset value (NAV).

 

1-September-2016

Dampskibsselskabet NORDEN A/S not right now looking at selling further dry bulk carriers. Danish shipowner and operator Dampskibsselskabet NORDEN A/S has sold out of the capesize and postpanamax dry bulk carriers in 2016 and offloaded 4 handysize dry bulk carriers in order to focus on the panamax and supramax sectors. Dampskibsselskabet NORDEN A/S says the dry bulk market is oversupplied and due to too much overcapacity NORDEN is not in rush to buy more vessels.

 

1-September-2016

NewLead Holdings 2013 built handy bulk carrier 35K M/V NewLead Castellano sold at auction for $7.4 million. USA based MT Maritime Management’s (MTMM) dry bulk carrier arm Strategic Bulk Carriers SBC is the buyer of the vessel. After the auction, plaintiffs in two separate lawsuits that seized the handy dry bulk carrier are fighting over whether their cases should be combined now. DHL Project & Chartering has also filed a separate $14.3 million lawsuit.