23-February-2017
Clarksons Platou Securities which operates as the investment banking arm of shipbroking giant Clarksons Platou lifted its expectations for New York-listed dry bulk shipowner and operator Scorpio Bulkers. Clarksons Platou Securities said Scorpio Bulkers in a position of strength to ride an upswing in the dry bulk market and has long-term potential. Scorpio Bulkers has modest leverage, plenty of liquidity, and a nearly fully-delivered order-book. Clarksons Platou Securities estimates that Scorpio Bulkers’ shares will be $10 soon.
22-February-2017
For ages, winds have propelled ships across the vast oceans. Yet, as we traverse the 21st century, these ancient breezes seem poised to reclaim their esteemed position as a primary force behind maritime freight transportation, catering to the budget-conscious proprietors and the ecologically expectant clientele. Present indications infer a shift in the atmospheric pendulum, favoring this once omnipresent mode of maritime transit. Diane Gilpin, the visionary behind the Smart Green Shipping Alliance, perceives an immense scope for amplification and enhanced fiscal outcomes via harnessing wind energy for ships. In her estimation, the global fleet boasts approximately 15,000 vessels amenable to wind-driven motion. Echoing her sentiments, Gavin Allwright, the luminary at the helm of the International Windship Association (IWSA), pronounces, “The international fleet is tasked with slashing its emissions by a staggering 50% come 2050. Wind energy is exceptionally tailored for specific categories, notably dry bulk and tankers, when operating within conducive locales. This substantial segment can embark on swift decarbonization via wind power interventions, granting respite to more formidable vessel varieties as we navigate towards the requisite 50% emission decrement.” Both Gilpin and Allwright opine that the grand impediment to embracing this propulsion mode is the void of a decisive objective or a pioneering industry frontrunner prepared for a significant inaugural dive. “In this current epoch, the maritime world grapples with an ambiguity in emissions diminution goals. Trailblazers risk the peril of market ostracization for endorsing nascent technologies. An unambiguous objective sets the stage for innovation,” Allwright emphasizes. At this juncture, wind propulsion innovations are transitioning from blueprint to tangible implementation. Numerous such systems eagerly await maritime validation, with appropriate vessels in search. Henning Kühl, a strategist from the German enterprise Skysails, identifies fiscal challenges as part of the developmental maze. He speaks of the dichotomy between economies of scale in producing wind propulsion equipment and the oscillating fuel price spectrum. Further complicating matters is the market’s intricate structure. Skysails has pioneered wind propulsion mechanisms for maritime giants. To date, their installations grace a singular BBC Chartering vessel for R&D intents, with additional placements on vessels owned by Wessels and Anbros Maritime on the horizon. “The quandary,” Kühl elucidates, “lies in the investment-return paradox. Ship proprietors, despite funding advancements, seldom benefit from fuel economies, while lessees seldom lease long enough to achieve a return on investment.” Tuomas Riski, the chief executive of Norsepower, articulates that embracing wind as an auxiliary energy source, reducing fuel dependence, is an evolutionary stride for the maritime sector, aligning cost-effectiveness with environmental mandates. As the vanguard of renewable maritime solutions, Norsepower championed their Rotor Sail Solution aboard Bore’s vessel, Estraden, in 2015. Riski advocates for an augmented installation of such technologies across diverse vessels to fuel market expansion. Greg Atkinson of Eco Marine Power perceives immense potential for wind as an ancillary energy source aboard vessels, yet the commercial scalability remains elusive. He envisages wind energy finding its niche alongside other technological marvels, emphasizing the need for transparent communication regarding potential fuel savings. Volker Bertram of DNV GL perceives a surge in enthusiasm towards wind aid, yet fluctuating oil prices have deterred many. He suggests that optimal wind-assisted vessels would be those operating in wind-rich zones, conforming to global and class regulations. Concluding, Bertram prognosticates, “Even though fuel prices remain subdued, future forecasts hint at an escalation, especially with stricter fuel standards. This could potentially bolster the case for wind-assisted maritime endeavors.”
22-February-2017
Koninklijke Bunge B.V. (Bunge), an entity fully owned by Bunge Ltd., an international agribusiness and food company, has partnered with Bahri Dry Bulk Co. (BDB), a subsidiary of the Bahri Group and the national maritime branch of Saudi Arabia, to form a joint venture focused on establishing a key ocean freight provider for dry bulk import and export in the Middle East. This new entity, named Bunge Bahri Dry Bulk Ltd., aims to offer freight transport services to clients in the region and globally. In its initial year, the company anticipates handling over 5 million tonnes, with plans to significantly increase this volume. Ownership is divided between BDB and Bunge at 60% and 40% respectively, and it will be headquartered in Dubai. Details of the financial arrangement remain undisclosed. Ibrahim Al-Omar, CEO of Bahri Dry Bulk Ltd., emphasized that this collaboration is a strategic move by BDB to simplify customer experiences in the supply chain. Bunge’s global expertise in commodity trading and the freight market, combined with Bahri’s maritime knowledge and regional prominence, is expected to fulfill the increasing demand for freight services in the Middle East. The venture will be equally financed by BDB and Bunge, focusing initially on chartering and operating supramax bulk carriers, panamax bulk carriers, or other suitable dry bulk vessels from BDB’s current fleet and eventually from external sources. Brian Thomsen, Bunge’s managing director and CEO, expressed excitement about partnering with BDB to expand Bunge’s influence in the Middle East. The joint venture is envisioned to become a preferred carrier for grain and agricultural commodity importers in the Middle East and for dry bulk exports from the region. This collaboration merges Bunge’s proficiency in freight services and risk management with BDB’s insights into Middle Eastern customer needs. Moreover, Bunge’s CEO Soren Schroder, during a conference call on February 15 discussing fiscal 2016 results, highlighted Bunge’s focus on maintaining a robust global presence, which has been vital in providing year-round customer service and fostering company growth. This includes various strategic initiatives like upgrading facilities in Brazil, expanding operations in New Orleans, Ukraine, and China, and acquiring additional soy crush capacity in Northern Europe. Additionally, Bunge’s CEO Soren Schroder pointed out Bunge’s commitment to strategic partnerships, with joint ventures in Brazil, Canada, and Vietnam, enhancing its competitive position and facilitating growth in a cost-effective manner. Bunge has also extended its market access through distribution partnerships in the Asia-Pacific region, notably in the Philippines.
20-February-2017
Agribusiness titan Koninklijke Bunge B.V. (Bunge), a wholly-owned subsidiary of Bunge Limited, is collaborating with one of the Middle East’s largest shipowners, Bahri from Saudi Arabia, to establish a novel enterprise focused on dry bulk. Koninklijke Bunge B.V. (Bunge) and Bahri Dry Bulk Co LLC joint venture, operating under the name BahriBunge Dry Bulk Ltd., aim to offer exclusive freight transportation services to Middle Eastern and international clientele. In its inaugural year, the company plans to ship over 5 million metric tons, with ambitions to increase this volume significantly in the future. Bahri Dry Bulk Co LLC and Koninklijke Bunge B.V. (Bunge) will have ownership stakes of 60% and 40%, respectively, in the joint venture, which will be registered and headquartered in Dubai. Brian Thomsen, managing director of Bunge Global Agribusiness, expressed his anticipation for the joint venture BahriBunge Dry Bulk Ltd. to become the preferred carrier for customers importing grains and agricultural commodities in the Middle East, as well as for dry bulk exports beyond the region. Initially, the joint venture BahriBunge Dry Bulk Ltd. will charter and operate supramax and panamax bulk carriers from Bahri Dry Bulk Co LLC’s existing fleet or third-party sources. While Riyadh-based tanker and dry bulk shipowner and operator Bahri is renowned for its tanker operations, Bahri’s dry bulk division Bahri Dry Bulk Co LLC is a 60/40 partnership with Arabian Agricultural Services Company (ARASCO). The division experienced an astounding 300% growth in cargo volumes during 2016 and has set an ambitious target of achieving approximately 14 million cargo volumes by 2020.
19-February-2017
Wind has been an essential part of maritime transportation for thousands of years, powering global trade long before the introduction of steam engines and heavy fuel oil. Now, in the 21st century, wind propulsion is making a notable return as one of the most promising solutions for reducing shipping costs and meeting environmental requirements. Shipowners are searching for alternatives that can lower fuel consumption, cut emissions, and align with the International Maritime Organization’s decarbonization targets, while charterers are increasingly demanding greener operations. Against this backdrop, wind propulsion technology is progressing from experimental stages into early commercial use, showing signs that it could become a mainstream addition to the shipping industry. Diane Gilpin, founder of the Smart Green Shipping Alliance, sees substantial potential for growth, efficiency, and profitability through the adoption of wind-assisted technologies. She estimates that nearly 15,000 ships worldwide could be suitable candidates for wind propulsion. Gavin Allwright, Secretary General of the International Windship Association (IWSA), echoes these sentiments, stressing that global shipping must cut carbon emissions by at least 50% by 2050. He notes that bulk carriers and tankers, operating on routes where strong and steady winds are available, are particularly well suited to take advantage of wind technology. This segment of the industry could achieve rapid decarbonization by adopting wind systems, buying valuable time for other sectors of the global fleet that face greater challenges in meeting emissions targets. Both Gilpin and Allwright agree that the absence of firm emissions reduction goals and the lack of a pioneering market leader are slowing the pace of adoption. Without clear regulatory targets, early movers risk being penalized in the market when investing in new, unproven technologies. A stronger regulatory framework would create a level playing field and encourage wider innovation across the shipping industry. Several companies have moved beyond theoretical concepts and are now working on large-scale testing and commercial deployment. German engineering firm Skysails has developed kite-based wind propulsion systems, and Henning Kühl, the company’s head of marketing and business development, highlights challenges related to economies of scale and market structures. He points out that fuel price fluctuations play a decisive role in the attractiveness of wind propulsion. Additionally, the split between shipowners, who are expected to invest in the systems, and charterers, who typically pay for fuel, creates a “chicken and egg” problem that discourages investment. Skysails has already installed its systems on one BBC Chartering ship for research purposes, as well as two ships belonging to German shipowner Wessels, with further installations planned on two more ships from Wessels and one ship belonging to Athens-based shipowner and operator Anbros Maritime SA. The involvement of Anbros Maritime SA in these trials is particularly noteworthy. Anbros Maritime SA, a Greek shipowner and operator controlled by the Angelakis family, has a long history in the shipping sector, although it has traditionally maintained a relatively low profile compared to some of Greece’s larger shipping enterprises. Based in Athens, Anbros Maritime SA has historically concentrated on operating handysize and supramax bulk carriers, serving global trade routes that transport a wide range of minor bulk commodities such as fertilizers, steel products, grain, and agricultural cargoes. Over the years, Anbros Maritime SA has built a reputation for cautious and disciplined fleet management, often avoiding speculative orders or aggressive expansion strategies. Instead, the shipowner and operator has pursued a model of steady growth, maintaining close relationships with charterers and ensuring reliable service across multiple markets. In recent years, Anbros Maritime SA has begun to renew its fleet more aggressively, marking a shift in strategy. The acquisition of several modern handysize bulk carriers from Costamare Bulkers Holdings Limited in 2025 signaled the company’s readiness to reposition itself within the competitive landscape of global dry bulk shipping. By refreshing its fleet with younger tonnage, Anbros Maritime SA has ensured that its operations remain attractive to charterers who demand efficiency, reliability, and compliance with environmental standards. The decision to engage with Skysails and explore wind propulsion systems further demonstrates the forward-looking approach of Anbros Maritime SA. By testing and potentially adopting such systems, Anbros Maritime SA is not only aligning itself with the global push toward sustainability but also ensuring that it can remain competitive in a market increasingly shaped by decarbonization requirements. Sea trials on Anbros Maritime SA’s ships with wind propulsion systems mark a significant development, as the company has traditionally been conservative in its adoption of new technologies. This move indicates a willingness to invest in innovation when it aligns with long-term commercial and environmental goals. For Anbros Maritime SA, integrating wind propulsion technology could provide a double benefit: reducing fuel consumption and operational costs while also enhancing its reputation among environmentally conscious charterers and financial institutions that are placing increasing pressure on shipowners to meet ESG (Environmental, Social, and Governance) criteria. Other technology providers are also contributing to the growth of wind propulsion. Finnish engineering firm Norsepower has developed its Rotor Sail Solution, which has already been installed on several vessels, including the roro ship Estraden. Tuomas Riski, CEO and partner at Norsepower, believes wind will play a key role as an auxiliary power source, reducing fuel consumption and enabling the industry to meet environmental regulations without sacrificing commercial efficiency. Similarly, Japanese renewable energy technology developer Eco Marine Power has been conducting studies on the use of wind-assisted propulsion on different types of ships, with CEO Greg Atkinson stressing the importance of realistic claims regarding fuel savings to avoid skepticism within the sector. Volker Bertram, project manager at classification society DNV GL, observes that while low oil prices have slowed investment in wind propulsion, interest is now gaining traction as environmental regulations tighten and fuel costs are expected to rise in the medium to long term. He emphasizes that wind-assisted technologies are most effective for ships operating at slower speeds in wind-rich regions such as the North Atlantic and Pacific. Over time, higher fuel costs combined with emissions reduction targets will strengthen the economic case for wind propulsion systems. The willingness of Anbros Maritime SA to embrace wind propulsion as part of its fleet renewal strategy places it among the forward-looking Greek shipowners who are adapting to the realities of a decarbonizing maritime industry. While many Greek shipowners remain cautious, Anbros Maritime SA is demonstrating that smaller and mid-sized shipowners can take a proactive role in adopting innovative technologies. By combining its traditional strengths—financial discipline, operational reliability, and family-led management—with a willingness to invest in sustainable solutions, Anbros Maritime SA is setting the stage for long-term resilience. The integration of wind propulsion technology into the Anbros Maritime SA fleet could allow the shipowner and operator to reduce costs, enhance its chartering competitiveness, and position itself as an innovator within the Greek shipping cluster. Ultimately, the return of wind to shipping is no longer just a nostalgic nod to history but a practical and commercially viable pathway toward decarbonization. As stakeholders across the maritime value chain push for greener solutions, pioneers like Anbros Maritime SA, by embracing wind technology, are helping to chart a course for the future of sustainable maritime trade.
19-February-2017
US-based shipowner and operator Eagle Bulk Shipping (EGLE) sees investors cash out July investment and double their money. Gary Vogel-led shipowner and operator Eagle Bulk Shipping’s stocks plunged nearly 20%. 29 million Eagle Bulk shares issued in connection with the summer private placement were blocked from trading for a mandatory six-month period that expired today. Investors jumped at the chance to double their money and triggered downward pressure on Eagle Bulk Shipping’s stock.
19-February-2017
New York-listed Scorpio Bulkers president Robert Bugbee explains why Scorpio Bulkers is now turning away both private investors who want to buy company shares and investment bankers who tell him there is ample demand for further raises. New York-listed Scorpio Bulkers president Robert Bugbee explains that Scorpio Bulkers have $142 million in cash on the balance sheets and will be helpful during the rising dry bulk market. Robert Bugbee commented that Scorpio Bulkers raises money but cannot execute quickly essentially runs the risk of diluting shareholders. In Q4 2016, New York-listed Scorpio Bulkers posted a loss of $20 million.
15-February-2017
Athens-based Lou and George Kollakis-led shipowner and operator Chartworld Shipping Corporation has resurged into action with a trio of acquisitions, adeptly capitalizing on the opportunity of bargain secondhand prices available in the ship market. Greek shipowner and operator Chartworld Shipping Corporation has acquired two contemporary ex-Hanjin Shipping mini-capesize bulk carriers, namely the MV N Buchanan and MV N Odessa, each for a sum of $13.2 million. Furthermore, Chartworld Shipping Corporation has engaged with Nisshin Shipping, a prominent bulk carrier seller in Japan, to secure 2009 built kamsarmax bulk carrier 82K DWT MV Epson Trader II for around $12 million. MV Epson Trader II, conspicuously illustrates the notable surge in prices for this Japanese-built bulk carriers, having escalated by approximately 50% within a span of merely 12 months.
10-February-2017
Hermann Billung controlled shipowner and operator Songa Bulk bought 2011 built kamsarmax 80K DWT M/V Flama. Including M/V Flama, Songa Bulk expanded the fleet to five dry bulk carriers. Songa Bulk bought 2011 Korea built kamsarmax 80K DWT M/V Flama for $14.8 million and renamed M/V Songa Flama. In January 2017, shipowner and operator Songa Bulk bought 2010 Korea built panamax dry bulk carrier 81K DWT M/V Maverick Genesis at auction for $13 million.
9-February-2017
German-based shipowner and operator Briese Schiffahrts operated 2008 built multipurpose (MPP) ship 6K DWT MV BBC Caribbean’s eight (8) crew members abducted off Nigeria. On 5 February 2017, MV BBC Caribbean was attacked by pirates. Pirates surrounded MV BBC Caribbean and kidnapped the crew members without using guns.
8-February-2017
Thailand based shipowner and operator Precious Shipping posted a $19 million loss in 2016 after losing money on 13 dry bulk carrier sales. Thailand based shipowner and operator Precious Shipping now operating 32 dry bulk carriers and 2 new building orders in China.
8-February-2017
Korea Development Bank (KDB) has been collecting bids for ten (10) bulk carriers and containerships of collapsed Hanjin Shipping by 21 February 2017. Korea Development Bank (KDB) is attempting to rescue some of its loans. In 2016, Korean Woori Bank and EXIM Bank each sold off four (4) ships of Hanjin Shipping.
7-February-2017
Athens-based shipowner and operator Chartworld Shipping Corporation has inked shipbuilding agreements with Jinhai Heavy Industry (JHI), a shipyard affiliated with Chinese HNA Group, for the construction of four (4) newcastlemax bulk carriers, each boasting a capacity of 208K DWT (deadweight tons). Chartworld Shipping Corporation deal marks Jinhai Heavy Industry’s (JHI) second order of the year 2017, with the prior one being from Singapore-based Raffles Shipping. Greek shipowner and operator Chartworld Shipping Corporation has been notably active in the second-hand market as of late. In the month of January, Chartworld Shipping Corporatio procured three (3) ex-Hanjin bulk carriers and an additional bulk carrier from Nisshin Shipping. Currently, the fleet of Athens-based shipowner and operator Chartworld Shipping Corporation is diverse, comprising 64 ships in total, encompassing 10 bulk carriers, 7 tankers, 22 containerships, and 27 reefer cargo ships.
7-February-2017
Istanbul-based shipowner and operator Densay Shipping acquired 2010 built supramax bulk carrier 57K DWT MV SSI Expedition (ex MV CS Champ) and 2010 built supramax bulk carrier 57K DWT MV SSI Invincible (ex MV CS Azalea) for around $6.5 million each. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping acquired MV SSI Expedition (ex MV CS Champ) and MV SSI Invincible (ex MV CS Azalea) from South Korean shipowner and operator Chang Myung Shipping. Both MV SSI Expedition (ex MV CS Champ) and MV SSI Invincible (ex MV CS Azalea) were built at Zhejiang Zhenghe Shipyard. Densay Shipping is keeping the company’s continuous expansion course.
7-February-2017
While primarily recognized for its tanker operations, Union Maritime Limited (UML) is steadily making its mark in the dry bulk sector. Recently, Cargill agreed to charter Union Maritime Limited’s (UML) panamax bulk carrier, MV Harrow, set for delivery on the east coast of South America later in February. Despite the predominance of tankers within its fleet, Union Maritime Limited (UML) has been expanding its dry bulk carrier lineup, which now features two handysize bulk carriers in addition to the panamax bulk carrier MV Harrow, acquired from Japan in the fourth quarter of 2016. Union Maritime Limited (UML) is led by CEO Laurent Cadji, who previously traded for Morgan Stanley in Morocco, and the company is under the ownership of Nigerian-Indian entities.
6-February-2017
Bulgarian shipowner and ship operator Navibulgar (Navigation Maritime Bulgare) has finalized the acquisition of four (4) bulk carriers from ABC Maritime. Navibulgar (Navigation Maritime Bulgare) confirmed the purchase of 2012 built handy bulk carrier 36K DWT M/V Chumerna (ex M/V Adfines South). Bulgarian shipowner and ship operator Navibulgar (Navigation Maritime Bulgare) is paying $8 million for each of M/V Adfines North, M/V Adfines East, M/V Adfines West and M/V Adfines South.
5-February-2017
Mumbai-based Essar Shipping Ltd is currently engaged in discussions to acquire four secondhand panamax bulk carriers. This move is aimed at catering to the rising demand at the Hazira Steel plant. Sources indicate that Essar Shipping Ltd is looking to finalize the deliveries of these vessels in the second quarter of 2017, provided that the pricing is favorable and the necessary financing arrangements can be secured in a timely manner. Furthermore, Essar Shipping Ltd is also exploring the option of taking ships on a bareboat charter as part of its strategic approach. The primary motivation behind this potential acquisition is to support the increased demand for iron ore at the Hazira Steel plant. The plant relies on iron ore supplies from Paradip and Vizag ports, which are located on India’s east coast. Should this acquisition proceed as planned, it will significantly expand Essar Shipping Ltd’s fleet. The addition of these four vessels will increase the size of the company’s fleet from the current 14 ships to a total of 18, reflecting Essar Shipping Ltd’s commitment to growth and its strategy to enhance its operational capacity in response to the demands of its steel plant.
1-February-2017
The most recent capesize bulk carrier from Hanjin Shipping’s esteemed fleet has found a new owner. Creditor KEB Hana Bank requested a price indication for the 2010 built capesize bulk carrier 179K DWT MV MV N Fos at the beginning of this month. Eventually, the capesize bulk carrier 179K DWT MV MV N Fos was sold for around $21.8 million and it was Athens-based Lou and George Kollakis-led shipowner and operator Chartworld Shipping Corporation that emerged as the buyer. Greek shipowner and operator Chartworld Shipping Corporation exhibited renewed vigor in the initial month of this year, expanding their fleet with the acquisition of a kamsarmax bulk carrier from Nisshin Shipping, in addition to two mini-capesize bulk carrier that were formerly part of the now-defunct Hanjin Shipping.
1-February-2017
British Virgin Islands-registered Ukraine-based ship operator Phaethon International Company requested the arrest of 2012 built heavy load carrier 15K DWT MV Korex SPB which is controlled by CJ Korea Express due to a chartering dispute. 2012 built heavy load carrier 15K DWT MV Korex SPB was arrested in Singapore by the demand of Phaethon International Company. High Court of Singapore shows that the Phaethon International Company’s claim amount was in the region of $316,000.