28-January-2017

The Hong Kong-based maritime company, Pacific Basin Shipping Limited, known for its extensive fleet, has sold its supramax bulk carrier, the 53K DWT MV Pacific Sea, of middle age. The Athens-based Vulcanus Technical Maritime Enterprises acquired the vessel for approximately $5 million. The MV Pacific Sea, constructed in 2004 at the Xiamen Shipbuilding facility in China, now joins the fleet of Vulcanus Technical Maritime Enterprises. Pacific Basin Shipping Limited stands as one of the leading global entities in the ownership and operation of handysize and supramax bulk carriers, with a current operational fleet exceeding 200 vessels. Last year, Pacific Basin Shipping Limited announced its intention to establish a reserve fund for the acquisition of secondhand handysize and supramax bulk carriers, citing the historically low prices of these vessels. The company asserted that these strategic acquisitions are expected to yield earnings that surpass standard market indices.

 

27-January-2017

Iron ore mining giant BHP (formerly known as BHP Billiton) went direct to shipowners through a new online auction system and bypassing shipbrokers. BHP’s (formerly known as BHP Billiton) Freight VP Rashpal Bhatti said the auction was limited to a pool of 13 shipowners and operators like Japan’s NYK Bulk, Mitsui OSK Lines, Anangel Maritime, and Cargill. BHP (formerly known as BHP Billiton) first auction was held on 25 January 2017 for 170,000 tons of iron ore from Australia to China. BHP’s Freight VP Rashpal Bhatti thinks that shipowners benefit from web-based auctioning through not having to pay commissions to shipbrokers.

 

27-January-2017

Chinese shipowner and operator HNA Logistics is selling 16-year-old capesize dry bulk carrier 2001 built 172K DWT M/V Bulk Prosperity for further trading for $7.9 million. M/V Bulk Prosperity passed SS (special survey) in January 2016. Chinese shipowner and operator HNA Logistics bought M/V Bulk Prosperity from Belgium Bocimar as M/V Mineral Viking in 2009 for $42 million. Chinese shipowner and operator HNA Logistics has a fleet of 24 dry bulk carriers with an average age of six years. HNA Logistics also disposing of its modern dry bulk carriers like 2008 built handy bulk carrier 33K DWT M/V Zhi Jing for $4 million.

 

27-January-2017

US-listed shipowner and operator Genco Shipping and Trading’s founder Peter Georgiopoulos is selling all his shares in the company. Peter Georgiopoulos resigned in 2016 and active in the tanker market. Peter Georgiopoulos was registered with a 2.3% stake in Genco Shipping and Trading. In October 2016, Genco Shipping and Trading sold $125 million convertible preferred shares to Centerbridge Partners, Strategic Value Partners (SVP), and Apollo Global Management.

 

27-January-2017

Greek shipowner and operator Omicron Ship Management bought the Italian d’Amico-controlled 2005 Japanese built 76K DWT MV Omicron Light (ex Medi Venezia) for around $8 million. In January 2016, Omicron Ship Management sold 2001 Japanese built supramax dry bulk carrier 51K DWT MV Omicron Pride for around $5 million. Currently, Omicron Ship Management left with a fleet of 5 dry bulk carriers. Greek shipowner and operator Omicron Ship Management has been renewing up its fleet since 2013.

 

26-January-2017

Athens based shipowner and operator Empire Bulkers Ltd. bought 2006 built panamax bulk carrier 76K DWT MV Red Jasmin for around $8 million. In December 2016, shipowner and operator Empire Bulkers Ltd. bought another 2010 built panamax bulk carrier 80K DWT MV Maverick Gunner at auction for around $13 million. Currently, Greek Empire Bulkers Ltd. manages a fleet of 15 bulk carriers.

 

26-January-2017

CEO Emanuele Lauro led bulker and tanker owner Scorpio Bulkers shares rocketed 15.8% to close at $5.85. Most analysts believe in 2017 will be more optimistic for the dry bulk market. Scorpio Bulkers shares upgraded to “buy” from “hold” by Deutsche Bank analyst Mehrotra who believes the bulker market bottomed in 2016. Deutsche Bank analyst Mehrotra sees these dry bulk stocks are undervalued. Other US-listed shipowners stocks rocketed like Star Bulk Carriers from rising 11.2% to $5.68 and Diana Shipping gained 9.3% to close at $3.30.

 

26-January-2017

Genco Shipping & Trading nominated Apollo Management’s Jason Scheir to succeed former CEO Peter Georgiopoulos. The Board committee recommended Jason Scheir to fill a vacancy on the board of Genco Shipping & Trading. Apollo Management’s operating partner and Genco Shipping & Trading board member Arthur Regan took over the chairman’s role from Peter Georgiopoulos who resigned in October 2016.

 

26-January-2017

Italian bulker and tanker owner Giuseppe Bottiglieri Shipping Company (GBSC) filed for a mortgage protection plan and attempt debt restructuring after being hammered by shipping crises. Italian shipowner Giuseppe Bottiglieri Shipping Company (GBSC) has commenced on a debt restructuring agreement with its mortgagers. Italian bulker and tanker owner Giuseppe Bottiglieri Shipping Company (GBSC) filed a petition in line with Italian bankruptcy law on 29 December 2016. Italian shipowner Giuseppe Bottiglieri Shipping Company (GBSC) will analyze to restructure mortgages in line with article 182 of the Italian Insolvency Law. Italian bulker and tanker owner Giuseppe Bottiglieri Shipping Company (GBSC) has lately provided a new business and financial plan which is under the review of the mortgagers. Due to fleet depreciation and negative currency, Giuseppe Bottiglieri Shipping Company (GBSC) filed a petition. Currently, Giuseppe Bottiglieri Shipping Company (GBSC) has a fleet of 11 dry bulk carriers and 4 tankers.

 

26-January-2017

Otto Gregard Tidemand controlled Norwegian shipowner and operator Z Bulk filed for bankruptcy in Norway. Z Bulk was working with Canpotex of Canada. Z Bulk has been working with Canadian giant Canpotex for 20 years. Eastern Bulk Holdings’ company Eastern Bulk has provided Z Bulk significant capital for a solution. Nonetheless, Z Bulk has filed for bankruptcy.

 

23-January-2017

Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has entered into a time charter agreement for its 2010-built panamax bulk carrier MV Selina with Hong Kong-based dry bulk shipowner and operator BG Shipping (Beibu Gulf Shipping). The charter is set for a duration of nine to twelve months, beginning on January 24. The charter rate is structured uniquely, with BG Shipping paying $4,500 per day for the first 30 days, followed by $7,100 per day for the remainder of the charter period. Based on the minimum scheduled period of nine months, the charter is expected to generate approximately $1.84 million in revenue for Diana Shipping Inc. This agreement highlights Diana Shipping’s flexible chartering strategy, aimed at optimizing earnings and fleet utilization in a dynamic market environment. BG Shipping’s engagement of the MV Selina further supports its operational needs, enhancing its capacity to manage and transport dry bulk commodities efficiently across its shipping routes. This charter deal not only demonstrates Diana Shipping’s active management of its fleet amidst fluctuating market conditions but also reflects the ongoing demand and strategic partnerships within the global shipping industry, particularly between well-established companies in major maritime hubs like Athens and Hong Kong.

 

22-January-2017

Omicron Ship Management, located in Kallithea, is set to increase its fleet size to six vessels. The company has been identified as the purchaser of the 2005-built MV Medi Venezia. Omicron Ship Management has confirmed that the MV Medi Venezia is slated for acquisition, although a representative from the Italian shipping conglomerate clarified that the reported sale price of $7.5 million is inaccurate. Nonetheless, the current market valuation of the MV Medi Venezia stands at $7.5 million, with the transaction expected to be finalized shortly. Presently, Omicron Ship Management, a Greek shipping entity, operates a fleet of five mid-aged bulk carriers, with capacities ranging from 28K DWT to 77K DWT. In addition to acquiring the panamax bulk carrier, Omicron Ship Management has also divested the 15-year-old, 2001-built handymax bulk carrier MV Omicron Pride, selling it to undisclosed buyers in Asia for $5.3 million, as part of its ongoing fleet management and optimization strategy.

 

18-January-2017

Greek shipowner and operator Efploia Shipping Co. SA’s 2010 Korea built panamax dry bulk carrier 80K DWT MV Maverick Genesis will be auctioned on 31 January 2017. In 2007, M/V Maverick Genesis was ordered at the peak of the shipping market for $54 million. Credit Suisse has been trying to sell the ships for credit debts. In December 2016, MV Maverick Genesis sister ship MV Maverick Gunner was also sold at auction to Empire Bulkers for around $13 million. In November 2016, 2012 built panamax dry bulk carrier 83K DWT MV Maverick Guardian was sold at auction to Athens-based shipowner and operator Byzantine Maritime Corporation (BMC) for around $15 million.

 

18-January-2017

Athens-based shipowner and operator Samios Shipping Co. S.A. has moved on from the veteran panamax bulk carrier MV Agia Pisti, concluding a sale to a Chinese shipowner and operator that leaves Greek shipowner and operator Samios Shipping Co. S.A. operating with a single ship in its fleet. The fleet reduction follows the disposal of the 1999-built panamax bulk carrier 72K DWT MV Agia Pisti, an Imabari-built unit that has reportedly changed hands for as much as $4.6 million, underlining Samios Shipping Co. S.A.’s decision to scale down rather than continue trading older tonnage. Market talk places the 1999-built panamax bulk carrier 72K DWT MV Agia Pisti at around $4.1 million, while the timeline for mandatory maintenance remains a key commercial consideration, with the ship not due for special survey until December 2019. The transaction highlights the pragmatic, cycle-aware approach often associated with Samios Shipping Co. S.A., which has historically been linked with operating dry bulk carriers across mainstream segments, balancing trading optionality against technical upkeep, fuel performance, and charterer requirements as ships age. By exiting MV Agia Pisti, Samios Shipping Co. S.A. appears to be concentrating its exposure rather than carrying multiple older units through a period where survey costs, efficiency differentials, and potential off-hire risk can weigh more heavily on earnings, especially for panamax bulk carrier employment where competition from newer eco-designed tonnage can be intense. For Samios Shipping Co. S.A., shrinking to a single ship fleet can also be read as a deliberate reset of the platform, preserving flexibility for future fleet moves, whether that means staying lean, recycling capital into younger ships when pricing aligns, or selectively rebuilding with ships that better fit current chartering patterns and technical benchmarks.

 

18-January-2017

Greek shipowner and operator Efploia Shipping Co. SA’s 2010 Korea built panamax dry bulk carrier 80K DWT MV Maverick Genesis will be auctioned on 31 January 2017. In 2007, M/V Maverick Genesis was ordered at the peak of the shipping market for $54 million. Credit Suisse has been trying to sell the ships for credit debts. In December 2016, MV Maverick Genesis sister ship MV Maverick Gunner was also sold at auction to Empire Bulkers for around $13 million. In November 2016, 2012 built panamax dry bulk carrier 83K DWT MV Maverick Guardian was sold at auction to Byzantine Maritime for around $15 million.

 

17-January-2017

Switzerland-based shipowner and operator Suisse-Atlantique is currently divesting itself of a second panamax bulk carrier within a week, at a time when Chinese shipowners are showing great interest in ships built in the late 1990s. CEO Eric Andre-led shipowner and operator Suisse-Atlantique has sold 1999 built panamax bulk carrier 73K DWT MV General Guisan for around $4.1 million. MV General Guisan was constructed at CSBC Corporation (China Shipbuilding Corporation). This price represents a $1 million premium over the 1999 built panamax bulk carrier 73K DWT MV General Guisan’s demolition value and is the same amount achieved by the sistership, MV Nyon when it was sold to a Chinese shipowner. Switzerland-based shipowner and operator Suisse-Atlantique currently possesses two (2) additional bulk carriers from the same series, namely the MV Corviglia and MV Celerina, both built in 1999. However, it seems that these bulk carriers are not currently being considered for sale. According to the Suisse-Atlantique CEO Eric Andre, both of these bulk carriers are currently engaged in charter agreements for a period of two years.

 

15-January-2017

Singapore-based ship operator Raffles Ship Chartering Pte Ltd, a subsidiary of commodity trader Wilmar International, has entered into shipbuilding agreements with HNA-affiliated Jinhai Heavy Industry Shipyard for the construction of six (6) 19K DWT chemical tankers. This order marks Jinhai Heavy Industry Shipyard’s inaugural venture into chemical tanker construction. The chemical tankers from Raffles Ship Chartering Pte Ltd will be certified by Bureau Veritas (BV) and deliveries are scheduled to commence from Q3 2018. Raffles Ship Chartering Pte Ltd, together with Raffles Shipping Corporation Pte. Ltd, operates as a shipping division under commodity trader Wilmar International. Wilmar International, through its subsidiaries, manages a fleet of 56 vessels, including 38 chemical tankers. Raffles Ship Chartering Pte Ltd specializes in the operation and management of tanker fleets, primarily serving the needs of the chemical and oil industries. The company is known for its strategic asset management, ensuring operational efficiency and adherence to the highest safety and environmental standards. It plays a pivotal role in Wilmar International’s supply chain, providing maritime logistics solutions that facilitate the global trade of commodities. Raffles Ship Chartering’s expertise in maritime operations extends to a comprehensive service offering that includes vessel chartering, technical management, and crew management. With a focus on expanding its services and fleet, the company continues to invest in new vessels like the 19K DWT chemical tankers to strengthen its market position and meet the growing demands of international shipping.

 

14-January-2017

1991 North Korea built dry bulk carrier 9K DWT MV Chong Gen sank off Japan. MV Chong Gen’s 26 crew members picked up safely near Japan. MV Chong Gen sent distress signals on 11 January 2016 from the Goto Islands of Japan. MV Chong Gen was carrying about 5,000 tonnes of rice from North Korea to Wongsan. North Korean shipping company owns MV Chong Gen.

 

13-January-2017

USA based shipowner and operator Probulk Carriers sued Eregli Shipping and Mr. Levent Karacelik for around $13 million unpaid arbitration award from 2013 against Marvel International Management and Transportation. Eregli Shipping has issued a denial of allegations that the Turkish company is an alter ego of vice-chairman Levent Karacelik’s Marvel International Management and Transportation.

 

12-January-2017

Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation acquired kamsarmax bulk carrier 82K DWT MV Super Luna (ex MV FH Santos) from the distinguished HNA-affiliated shipyard, Jinhai Heavy Industry. Athens-based shipowner and operator Kassian Maritime paid around $15 million for kamsarmax bulk carrier 82K DWT MV Super Luna (ex MV FH Santos). Initially, MV Super Luna (ex MV FH Santos) was crafted for Shanghai Zhijing International Ship Management.

 

10-January-2017

Switzerland-based shipowner and operator Suisse-Atlantique is currently divesting itself of four (4) vintage panamax bulk carriers. CEO Eric Andre-led shipowner and operator Suisse-Atlantique has sold 1999 built panamax bulk carrier 73K DWT MV Nyon for around $4.1 million to a Chinese shipowner. Currently, Chinese shipowners are showing great interest in ships built in the late 1990s. MV Nyon was constructed at CSBC Corporation (China Shipbuilding Corporation). While the 1999 built panamax bulk carrier 73K DWT MV Nyon’s demolition value stands at a mere $3 million, there is a notable interest from Chinese buyers, particularly for panamaxes built in the late 1990s. Suisse-Atlantique possesses four sister panamax bulk carriers.

 

5-January-2017

CSSC-affiliated shipyard Huangpu Wenchong Shipbuilding has won a significant legal victory in Hong Kong after the court granted its request to freeze the assets of Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd. The court’s ruling stems from a prolonged dispute involving a shipbuilding contract that dates back more than a decade and underscores the growing legal complexity surrounding international shipbuilding and delivery arrangements. Huangpu Wenchong Shipbuilding filed a formal application to freeze the assets of Dry Bulk Services, formerly known as KC Maritime Hong Kong Ltd, following years of arbitration and failed settlement attempts linked to the cancellation of a multi-ship newbuilding order. The disagreement originated in 2013 when KC Maritime Hong Kong Ltd placed an order for four ultramax bulk carriers at Huangpu Wenchong Shipbuilding, part of the China State Shipbuilding Corporation (CSSC) group. The conflict escalated in July of that year after KC Maritime Hong Kong Ltd refused to take delivery of the first two ultramax bulk carriers, alleging that the ships suffered from serious design flaws and technical deficiencies. Huangpu Wenchong Shipbuilding, however, denied any construction or design fault, maintaining that the ships were built according to contractual specifications and classification standards approved by the relevant authorities. The dispute soon proceeded to arbitration as both sides failed to resolve their contractual differences, leading Huangpu Wenchong Shipbuilding to terminate the contracts for the remaining two ultramax bulk carriers after KC Maritime Hong Kong Ltd failed to make full payments. In September 2016, Danish shipowner Celsius Shipping stepped in to acquire the two unfinished or undelivered ultramax bulk carriers for around $17.5 million each, effectively closing the gap left by the withdrawal of KC Maritime Hong Kong Ltd. Founded in 1999 as part of the Chellaram Group’s strategic expansion into dry bulk shipping, KC Maritime Hong Kong Ltd has long been recognized as one of the most reputable privately held shipowners in Asia, with operational offices in both Hong Kong and India. The shipowner manages a diversified fleet of kamsarmax, panamax, and ultramax bulk carriers, along with specialized cement carriers, and serves a wide range of global charterers transporting major commodities such as coal, iron ore, fertilizers, grain, and cement. Throughout its history, KC Maritime Hong Kong Ltd has emphasized a philosophy centered on safety, efficiency, and service quality, maintaining a strong reputation among ship managers, charterers, and financial institutions. Under the leadership of Gautam Chellaram, KC Maritime Hong Kong Ltd continues to focus on sustainable fleet management, human resource development, and operational excellence, supported by partnerships with leading technical management firms that ensure adherence to the highest international safety and environmental standards. The dispute with Huangpu Wenchong Shipbuilding marked one of the few instances where KC Maritime Hong Kong Ltd became entangled in a public legal controversy. While the shipowner has largely avoided litigation throughout its decades-long history, the disagreement highlighted the challenges shipowners often face when dealing with foreign shipyards amid rising expectations for vessel design innovation and compliance with evolving regulatory frameworks. Despite the legal setback, KC Maritime Hong Kong Ltd has remained operationally resilient, continuing to manage and expand its core fleet in the dry bulk sector while adjusting its investment portfolio through the sale of older ships and acquisition of modern, fuel-efficient tonnage. The recent court ruling freezing KC Maritime Hong Kong Ltd’s assets serves as a reminder of the intricate balance between contractual obligations and financial risk management in the global shipbuilding industry, and it further emphasizes the need for stronger cooperation between shipowners and shipyards as maritime projects become increasingly complex and capital-intensive.

 

5-January-2017

New York-listed dry bulk owner and operator Navios Maritime Partners sold 2000 built handymax dry bulk carrier 52K M/V Navios Apollon following the end of a time charter for $5 million to Chinese shipowners for further trading. Greek shipowner Angeliki Frangou led Navios Maritime Partners one of the oldest handymax bulk carriers in the fleet. Navios Maritime Partners has a larger presence in the capesize and panamax dry bulk carrier sectors.

 

5-January-2017

Peter Weernink led shipowner and operator SwissMarine sold the oldest capesize bulker 1997 built 172K DWT M/V Confignon for demolition to Pakistani shipbreakers for $7.3 million. M/V Confignon was bought by SwissMarine as MV Orchid River for $12.5 million in 2012. M/V Confignon was due for a special survey in 2017.