31-October-2017
New York-listed shipowner and operator Scorpio Bulkers is negotiating to acquire a new building 81K DWT kamsarmax dry bulk carrier which is under construction at Yangzijiang Shipyard China for around $25 million. New York-listed Scorpio Bulkers has a fleet of 50 dry bulk carriers on oceans. Scorpio Bulkers is interested in adding tonnage in a recovering market.
30-October-2017
Nasdaq-listed and led by Ed Coll Pangaea Logistics Solutions acquired 2008 built supramax dry bulk carrier 58K MV Bulk Pride (ex MV Tenmyo Maru) for around $14 million from Japanese shipowner Kambara Kisen. In 2017, Nasdaq-listed Pangaea Logistics Solutions made its fourth dry bulk carrier acquisition. Pangaea Logistics Solutions keeps steady growth.
30-October-2017
South Korean shipowner and operator Sinokor Merchant Marine is selling 1995 built capesize dry bulk carrier 161K DWT M/V Silver Express for demolition for $428 per ldt to Pakistan scrap yard. In 2012, Sinokor Merchant Marine bought capesize dry bulk carrier M/V Silver Express (ex M/V Aquabella) from Greek shipowner and operator Carras for $11.2 million. In 2017, demolition of capesize dry bulk carriers has become a scarcity, and Pakistan is not able to take tankers for scrap but only dry bulk carriers.
27-October-2017
Petros Pappas led Star Bulk Carriers bought 2004 built capesize bulker 176K DWT M/V Cape Triumph from Japanese shipowner Osaka Asahi Kaiun for $14.5 million. Currently, Star Bulk Carriers has a fleet of 70 dry bulk carriers.
25-October-2017
Shanghai Newseas Navigation Co. Ltd., the shipping division of Orient International Logistics Holding, has completed the purchase of the 2013-built ultramax bulk carrier 64K DWT MV Ocean Leopard (formerly MV Star Vivian) from Singapore-based ship operator Raffles Ship Chartering Pte Ltd, a subsidiary of commodity trader Wilmar International. Raffles Ship Chartering Pte Ltd received approximately $15.5m from the sale. Just two months prior, Raffles Ship Chartering Pte Ltd, also a subsidiary of commodity trader Wilmar International, had acquired MV Ocean Leopard (ex MV Star Vivian) from Singapore-based Norr Systems for about $14.5m. Currently, Shanghai Newseas Navigation Co. Ltd. manages a fleet of three (3) supramax bulk carriers and one container ship. Raffles Ship Chartering Pte Ltd is an established entity in the shipping industry, specializing in the chartering and management of bulk carriers. With a strategic focus on the Asia-Pacific region, the company operates a fleet that includes a variety of ship types, primarily serving the commodity trading operations of its parent company, Wilmar International. Raffles Ship Chartering is known for its expertise in logistical solutions, providing cost-effective and efficient shipping services. The company’s business model is built on long-term relationships with clients and a robust network within the maritime logistics sector. This recent transaction with Shanghai Newseas Navigation underscores Raffles Ship Chartering’s active role in the trading and operational management of shipping assets, continually adjusting its fleet composition in response to market conditions and strategic objectives.
23-October-2017
New York-listed Scorpio Bulkers took delivery of newbuilding ultramax dry bulk carrier 63K MV Ocean Phoenix Tree. MV Ocean Phoenix Tree is chartered-out by Hong Kong-based shipowner and operator Big Fame Shipping. New York-listed Scorpio Bulkers is going to pay for M/V Ocean Phoenix Tree at $10,125 per day for two years.
23-October-2017
Emanuele Lauro-led Scorpio Bulkers will start to pay a quarterly cash dividend of $0.02 per share. New York-listed Scorpio Bulkers reported a slight loss for Q3 2017. Scorpio Bulkers reported a Q3 2017 net deficit of $10.7 million in other words $0.15 per share. Scorpio Bulkers have been happy with quarter-on-quarter improvements in charter rates which creates positive cash flow. Emanuele Lauro believes that freight rates will improve through 2018. Emanuele Lauro is confident about Scorpio Bulkers’ financial strength. Fearnley Securities upgraded Scorpio Bulkers’ stock to buy.
21-October-2017
UK Marine Accident Investigation Branch (MAIB) is examining ECDIS (Electronic Chart Display and Information Systems) of 2008 built coaster dry carrier 5K DWT MV Muros. MV Muros grounded on the coast of England. Numerous different grounding events might be caused by ECDIS (Electronic Chart Display and Information Systems).
21-October-2017
Congo-based Lignes Maritimes Congolaises (LMC) chartered in 2011 built multipurpose MPP 8K DWT MV Thorco Reef from Thorco Shipping. Lignes Maritimes Congolaises (LMC) is projecting to develop business in West Africa. Broekman Logistics chartered in MV Thorco Reef on behalf of Lignes Maritimes Congolaises (LMC) which has been serving as an agent since 1975.
21-October-2017
Norwegian fertiliser and LPG carrier giant Yara International reported weak Q3 2017 results. Yara International reported Q3 2017 net profit as NOK 709 million. Norwegian fertiliser and LPG carrier giant Yara International accused costlier energy and weaker US dollar. Yara International is led by CEO Svein Tore Holsether.
In 2016, Norwegian fertiliser giant Yara International invested $270 million to acquire five (5) new building LPG carriers from Korean shipbuilder Hyundai Mipo Dockyard (HMD).
In 2017, Norwegian fertiliser and LPG carrier giant Yara International plans to charter in up to 18 LPG carriers to cover the company’s commitments.
20-October-2017
Thailand based shipowner and operator Thoresen Shipping confirmed the acquisition of 2009 built supramax dry bulk carrier 58K DWT M/V Thor Courage (ex M/V Songa Marlin) from Songa Bulk for around $14 million. Including the latest purchase Thai ship owner and operator Thoresen Shipping’s fleet reached to 22 ships. In 2016, Norwegian shipowner and operator Songa Shipping bought M/V Thor Courage (ex M/V Songa Marlin) for around $12 million. Beginning of 2017, Thoresen Shipping acquired 2008 built supramax dry bulk carrier 58K DWT M/V Crystal Palace and 2006 built supramax dry bulk carrier 54K DWT M/V Karaweik.
17-October-2017
Greek handysize shipowner and operator Narval Shipping Corp sold 1997 built 27K DWT MV Minas (ex M/V Pacific Bulker) for around $3 million for further trading. The scrap value of Japanese built MV Minas is around $2.5 million.
In 2013, Greek handysize shipowner and operator Narval Shipping Corp bought MV Minas (ex M/V Pacific Bulker) for around $8 million. Narval Shipping has a fleet of 5 handysize bulk carriers.
17-October-2017
HSBC Global Research raised the target price for Pacific Basin Shipping to HKD 1.80, from HKD 1.70. Previously due to positive supply-demand projection in 2019 HSBC Global Research evaluated the target price of HKD 1.70. HSBC Global Research believes the balance between bulk carrier supply and charterer demand will remain favorable for shipowners in 2019. Hong Kong-listed shipowner and operator Pacific Basin Shipping reported last week that the dry bulk sector was past the worst part of the cycle in shipping history. Pacific Basin Shipping expects a gradual market improvement in the dry bulk shipping sector. In Q3 2017, Time Charter Equivalent (TCE) for the Pacific Basin Shipping’s handysize dry bulk carriers was $8,130 and supramax dry bulk carriers was $9,350. HSBC Global Research is now forecasting a loss of $9 million for Pacific Basin Shipping at the end of 2017.
17-October-2017
Around 13,500 vessels transited the expanded Panama Canal between October 2016 and September 2017. Containerships are the most general transitting vessel that is followed by tankers, bulk carriers respectively.
16-October-2017
Polish Steamship Polsteam is selling panamax dry bulk carries 2010 built 79K DWT MV Giewont and 2011 built MV Rysy. Both panamax dry bulk carriers were built in China and will shortly be open for inspection. MV Rysy is worth around $14.5 million and MV Giewont is worth around $13.8 million. MV Rysy and MV Giewont were built at New Century Shipbuilding in China. In February 2017, Polish Steamship Polsteam is reportedly put MV Giewont up for sale. In February 2017, MV Giewont would likely have fetched $10 million. In 2007, Polish Steamship Polsteam ordered sister ships for $45 million each. Szczecin-based Polish Steamship Polsteam is the biggest shipowner in Poland. The state-owned Polish Steamship Polsteam has a fleet of 61 dry bulk carriers. CEO Pawel Brzezicki explained that Polish Steamship Polsteam needs 7 newbuilding ships every year. Polish Steamship Polsteam has no intention to sell any ships and dry bulk carriers circulated for sale have been pulled from S&P market and continued trading in feet of Polish Steamship Polsteam.
16-October-2017
Orest Alexandrovich Sychenikov died in Russia. Under Orest Alexandrovich Sychenikov’s administration, Novorossiysk Shipping Co (Novoship) became a tanker market leader. In 2007, Novorossiysk Shipping Co (Novoship) was taken over by Sovcomflot (SCF). Orest Alexandrovich Sychenikov (1922-2017) advanced Russia’s port and shipyard infrastructure.
14-October-2017
Seoul-based shipowner and operator Hyundai Merchant Marine (HMM) is selling 120 million shares worth $614.4 million to finance ships and terminal investments. Hyundai Merchant Marine (HMM) is aiming to strengthen its long-term cost competitiveness. Lately, Hyundai Merchant Marine (HMM) has signed $419 million worth of 5 VLCC newbuilding contracts and bought two 11,000-TEU containerships.
14-October-2017
Oslo based shipowner and operator Mosvold Shipping led by shipping tycoon Roy Mosvold has ordered 4 capesize new-buildings at Yangzijiang Shipyard. Each cape size dry bulk carrier costs around $42 million and delivery will begin in 2019. Chinese shipbuilder Yangzijiang Shipyard is very well known and experienced in building capesize dry bulk carriers and large containerships.
14-October-2017
Vietnamese state shipowner and operator Vinalines Shipping has exited bankruptcy. During five years of bankruptcy process Vinalines Shipping payed off approximately all its debt. Vietnamese state shipowner and operator Vinalines Shipping has settled around VND 9.9 trillion of debt. Vinalines Shipping is still confident to start an IPO in 2017.
13-October-2017
Dubai based shipowner and operator Emerald Shipping controlled 2010 built supramax dry bulk carrier 57K DWT MV Emerald Star sank in the Philippines Sea on 12 October 2017. Two (2) crewmembers have been missing. MV Emerald Star was carrying nickel ore cargo from Indonesia. Densa Shipping’s 2011 built cape size dry bulk carrier 180K MV Densa Cobra rescued 15 crew members of MV Emerald Star. Shagang Steel chartered in MV Emerald Star.
11-October-2017
Danish shipowner and operator Clipper Group sold 16 ships. In 2014, Clipper Group signed a financing agreement maturing early in 2018 and now has to decrease debt. Numerous remaining ships were guaranteed as collateral and others being sold as part of the agreement. Clipper Group has to dispose of more handysize bulkers which were ordered at Tsuji Heavy Industries. Formerly, Danish shipowner and operator Clipper Group ordered 42 handysize dry bulk carriers from Tsuji Heavy Industries. According to Clipper Group’s restructuring scheme, Clipper Bulk is shutting down 5 offices worldwide. Clipper Bulk is closing offices in Stamford USA, Sao Paulo, Rio de Janeiro, Singapore, and Beijing. Clipper Bulk operates around 130 bulk carriers. Clipper Bulk operates from handysize up to panamax bulk carriers.
8-October-2017
Taiwanese shipowner and operator, Franbo Lines, has announced its acquisition of a 51K DWT supramax bulk carrier from Tai Shing Maritime, an affiliate of Taiwan Navigation Company (TNC). The purchase price for the vessel, believed to be the 2002-built supramax bulker MV Tai Harvest, is set at $8.55 million. Franbo Lines expects that this acquisition will contribute to the increased profitability of the company. The scheduled delivery of the ship is expected to take place before the end of the year, and upon arrival, it will become the largest ship in Franbo Lines’ fleet. Currently, Franbo Lines operates a fleet consisting of 11 bulk carriers, with most of them having a capacity below 20,000 DWT.
6-October-2017
DryShips CEO George Economou steak at DryShips increased worth over $222 million. DryShips CEO and founder George Economou was today revealed to have 72,421,515 shares which are worth $222 million. George Economou’s fleet, including DryShips and private companies, runs to 135 ships worth $5.4 billion. Furthermore, George Economou’s companies have 15 new-buildings add a further $1.8 billion.
6-October-2017
Shipowners splashed out more than $2 billion on dry bulk carriers during Q3 2017. Almost half of $2 billion is spent on second-hand dry bulk carriers. JP Morgan and Scorpio Bulkers are among the top shipowners that spent and dry cargo shipowners spent more than double what was put down by tanker shipowners. Between July and September, a total of $2 billion was spent on 142 dry bulk carriers. JP Morgan spent $198 million for 6 dry bulk carriers and Scorpio Bulkers spent $142 million for 6 dry bulk carriers which were acquired from Golden Ocean. In 2017 dry bulk carrier investments have increased but on the other hand, totally spent on tankers has plunged compared to 2016.
6-October-2017
Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) nominated Chinese shipyard Yangzijiang Group for 6 newbuilding handymax bulk carriers. 45K DWT 6 handymax bulk carriers are based on Bluetech 42 model by Bluetech. Navibulgar (Navigation Maritime Bulgare) new handymax bulk carriers are building according to ice class of 1C standards and reinforced hull in order to steam in icy regions Baltic Sea, Azov Sea, and Canada. The first handymax bulk carrier will be delivered to Navibulgar Q2 2019. Navibulgar (Navigation Maritime Bulgare) will be Europe’s largest handysize shipowner with more than 1.5 million DWT fleet.
5-October-2017
BahriBunge Dry Bulk, an alliance unveiled in February 2017 between Saudi shipowner Bahri and agribusiness titan Bunge, has been officially inaugurated in Dubai. BahriBunge Dry Bulk will charter and operate a fleet of supramax and panamax bulk carriers, intending to transport more than 5 million metric tons of dry bulk commodities in its inaugural year, with a primary focus on the Middle East. The establishment of the BahriBunge Dry Bulk joint venture signifies a momentous milestone for Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LLC. Bahri’s invaluable insights into the Middle Eastern markets, combined with Bunge’s global dynamics in the freight industry, will enable BahriBunge Dry Bulk Ltd. to emerge as a dependable and sturdy carrier, particularly for the trade of grains and other agricultural commodities. Bahri Dry Bulk Co LLC is confident that this new joint venture BahriBunge Dry Bulk is set in the right direction to achieve Saudi Vision 2030 and reinforce Bahri Dry Bulk Co LLC’s commitment to nurturing existing relations and forging new ones. Bahri’s dry bulk division, Bahri Dry Bulk Co LLC, a 60/40 partnership between Bahri and Arabian Agricultural Services Company (ARASCO), will retain 60% ownership in the venture BahriBunge Dry Bulk Ltd., while Bunge will hold 40%.
5-October-2017
In the wake of the joint venture agreement between Bahri, a distinguished leader in transportation and logistics, and Koninklijke Bunge B.V. (Bunge), a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, the two entities proudly inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE. The occasion was celebrated with great fervor as the new company BahriBunge Dry Bulk Ltd.’s logo was unveiled. Mr. Abdulrahman M. Al-Mofadhi, Chairman of Bahri, hosted a special ceremony at the iconic Burj Al Arab, attended by several esteemed Bahri board members, top-level executives from the industry, representatives from Koninklijke Bunge B.V. (Bunge), heads of Bahri’s business units, and dignitaries representing major multinational corporations. Having laid the groundwork to ship over 5 million metric tons of dry bulk commodities in its maiden year, the newly formed company BahriBunge Dry Bulk Ltd. will elevate the import and export of dry bulk goods and ocean freight in the Middle East while reinforcing the operations of Bahri Dry Bulk Co LLC, an essential division within Bahri. BahriBunge Dry Bulk Ltd. and the bulk carriers chartered under its purview will offer exclusive freight transportation services to international customers, with a primary focus on the mobility of freight in the Middle East. As part of the agreement, Bahri Dry Bulk Co LLC will hold 60% of the venture’s shares, leaving the remaining 40% in the possession of Koninklijke Bunge B.V. (Bunge). Financed proportionally by Koninklijke Bunge B.V. (Bunge) and Bahri Dry Bulk Co LLC, the joint venture Bahri Dry Bulk Co LLC will initially charter and operate supramax and panamax bulk carriers from the existing fleet owned or managed by Bahri Dry Bulk Co LLC, and subsequently from third parties. BahriBunge Dry Bulk Ltd.’s headquarters in Dubai will oversee the shipping of more than five million metric tons of dry bulk commodities in its first operational year, with the goal of gradually increasing the volume figures to reach double digits. The launch of the BahriBunge Dry Bulk Ltd joint venture marks a momentous milestone for our company. Combining Bahri’s invaluable insights into the Middle Eastern markets with Koninklijke Bunge B.V.’s (Bunge) expertise in the global freight industry, BahriBunge Dry Bulk Ltd. is poised to emerge as a reliable and robust carrier, especially for the trade of grains and other agricultural commodities. Bahri Dry Bulk Co LLC has full confidence that this joint venture sets Bahri Dry Bulk Co LLC in the right direction to achieve Saudi Vision 2030, strengthening Bahri Dry Bulk Co LLC’s commitment to nurturing existing relations and forging new ones. Nezar Banabeela, Chairman of BahriBunge Dry Bulk Ltd., conveyed his congratulations to both Bahri Dry Bulk Co LLC and Koninklijke Bunge B.V. (Bunge) offices on this strategic alliance. Launching BahriBunge Dry Bulk Ltd. and introducing state-of-the-art bulk carriers to the existing fleet will significantly streamline the flow of dry bulk in the region and greatly contribute to executing trade in a seamless and efficient manner. Koninklijke Bunge B.V. (Bunge) brings with the company’s notable success in commodity trading and shipment of dry bulk, and its operational strength will be instrumental in meeting the growing demand for dry goods and reliable freight services in the region.
3-October-2017
A tragic incident occurred aboard the MV Efficiency OL, a bulker constructed in 2010, while docked at Bunbury Port in Western Australia, leading to the death of a Chinese seafarer. The 23-year-old crew member suffered electrocution during his duties on the ship and was subsequently transported to a hospital. It is suspected that he died instantly from the incident. The vessel, which is owned and operated by Taiwan’s Shih Wei Navigation, is currently detained at the port. Investigations into the incident and an examination of the ship’s safety protocols are being conducted by both the local police and the Australian Maritime Safety Authority.
1-October-2017
Trustees managing the dissolution of the defunct United Ocean Group are finalizing the sell-off of the Tokyo-based tonnage provider’s fleet. Amid these proceedings, the Athens and Monaco-based ship manager and operator White Sea Group, operating through White Sea Navigation S.A. in Athens and White Sea SARL in Monaco, has reportedly acquired the 2015-built supramax bulk carrier MV Ocean Morning for approximately $21.5 million. This acquisition marks a significant expansion for White Sea Navigation S.A., as it previously managed a fleet comprising three 32K DWT handysize bulk carriers. The addition of the MV Ocean Morning, a much larger vessel, represents a strategic advancement in White Sea Navigation S.A.’s operational capabilities. White Sea Navigation S.A. has been a key player in the maritime shipping industry, recognized for its robust approach to fleet management and operational efficiency. Founded with the vision to excel in global shipping operations, the company has steadily grown, emphasizing fleet modernization and strategic acquisitions to bolster its service offerings. White Sea Navigation S.A.’s focus has traditionally been on versatile and efficient vessels, such as handysize bulk carriers, which are well-suited for a variety of cargo types and shipping routes. White Sea Navigation S.A.’s strategic expansion into owning and operating larger vessels like the supramax bulk carrier MV Ocean Morning aligns with its goals to enhance its competitive edge in the bulk shipping market. This vessel, known for its greater cargo capacity and efficiency, enables White Sea Navigation S.A. to meet the growing demands of global trade and bulk commodity transportation. White Sea Navigation S.A.’s operational strategies are underpinned by a commitment to safety, environmental sustainability, and compliance with international maritime regulations. The company invests significantly in the latest navigational and operational technologies to ensure its fleet remains at the forefront of industry standards. Additionally, White Sea Navigation S.A. is dedicated to crew training and development, ensuring that its personnel are well-equipped to manage the challenges of modern maritime operations. As the shipping industry continues to evolve, White Sea Navigation S.A. actively seeks opportunities to expand its fleet with vessels that not only meet but exceed the environmental and efficiency standards expected in the market. This proactive approach to fleet enhancement has positioned White Sea Navigation S.A. as a forward-thinking leader in the maritime sector. United Ocean Group, founded in 1995 by Indian entrepreneur Vipan Sharma, sought court protection on December 31, 2015, due to overwhelming debts exceeding $1 billion. Over the subsequent 21 months, the company’s diverse fleet of seven car carriers and 33 bulk carriers was progressively liquidated. The acquisition of MV Ocean Morning by White Sea Navigation S.A. from this fleet not only demonstrates the company’s strategic growth initiatives but also its ability to capitalize on market opportunities to strengthen its presence in the global shipping industry. As White Sea Navigation S.A. integrates MV Ocean Morning into its fleet, it continues to focus on enhancing operational efficiencies and exploring further avenues for growth. This commitment to scaling up its operational base and diversifying its fleet portfolio ensures that White Sea Navigation S.A. remains a significant player in the competitive landscape of maritime shipping.