29-August-2018
Greek shipowner and operator Pioneer Marine reported a net profit of $1.1 million in Q2 2018. Same period last year, Pioneer Marine reported a net loss of $1.9 million in Q2 2017. In Q2 2018, Pioneer Marine reported Time Charter equivalent (TCE) revenue of $13.6 million as compared to $11.1 million for the same period of Q2 2017. Time Charter Equivalent (TCE) revenue was mainly due to the increase in the dry bulk market rates for Q2 2018. In Q2 2018, the Time Charter equivalent (TCE) rate increased to $9,484 per day as compared to $8,009 per day in Q2 2017 which is an increase of 18%. CEO Torben Janholt confirmed that Greek shipowner and operator Pioneer Marine had entered into a $64.4 million credit facility with ABN Amro Bank with significantly improved terms. ABN Amro Bank credit was used to refinance one of existing loans and to finance the acquisition of MV Monterey Bay and MV Alsea Bay.
28-August-2018
Greek shipowner and operator Sea Traders SA managed 2009 built panamax dry bulk carrier 76K DWT MV Glyfada I lost its propeller while at anchorage off Hay Point, Australia. Australian Maritime and Safety Authority (AMSA) commenced an investigation about the incident. According to administrators, missing a propeller during engine trial is remarkably uncommon. Propeller was dropped when its tail shaft sheared off. MV Glyfada I will be towed to the Philippines for repairs.
26-August-2018
US Commerce Secretary Wilbur Ross backed Nautical Bulk Holdings sold 2012 built supramax dry bulk carrier 56K DWT MV Nautical Aventurin for around $14 million. MV Nautical Aventurin was built at Chinese shipyard Jiangsu Hantong.
In March 2017, Nautical Bulk Holding bought MV Nautical Aventurin from German shipowner and operator Conti Group for around $12 million. Conti Group is also one of the shareholders of Nautical Bulk Holdings. Nautical Bulk Holdings was launched by WL Ross & Co, Fearnley Advisors, Solus Alternative Asset Management, and the Conti Group.
In 2013, Nautical Bulk Holdings was established and raised in excess of $100 million of equity capital for asset plays. Nautical Bulk Holdings has been concentrating on ultramax bulk carriers and has a fleet of 14 dry bulk carriers. Nautical Bulk Holdings’ newbuilding dry bulk carriers fixed on long term contracts to Oldendorff Carriers on index-related terms.
US Commerce Secretary Wilbur Ross also invested in Diamond S Shipping and Navigator Gas.
25-August-2018
Greek shipowner and operator AM Nomikos acquired 2012 built supramax dry bulk carrier 56K DWT MV Osios David (ex MV Zola). Acquisition of MV Osios David (ex MV Zola) is the first sale and purchase move of Athens-based shipowner AM Nomikos in 2018. Greek shipowner and operator AM Nomikos acquired has acquired four (4) supramax dry bulk carriers in the past 18 months. In May 2018, shipbrokers reported that MV Osios David (ex MV Zola) was sold to an unidentified Greek buyer for $17.4 million. MV Osios David (ex MV Zola) was operating under Stamford Shipping which is a Singapore-based shipowning joint venture between commodities trader Olam International and private equity interests. Greek shipowner and operator AM Nomikos has a fleet of 42 bulk carriers and 4 containerships.
25-August-2018
Japanese shipowner Doun Kisen is attracted by lower prices and earlier deliveries of Chinese shipyards and ordered six (6) dry bulk carrier new-buildings worth more than $164 million. Japanese shipowner Doun Kisen preferred Chinese shipyards to take advantage of lower-priced new-buildings and earlier delivery dates. Japanese shipowner Doun Kisen ordered 4 ultaramax dry bulk carriers 63K DWT and 2 kamsarmax dry bulk carriers 82K DWT at Nantong Xiangyu Shipbuilding in China. All the dry bulk carriers are going to be built according to Tier II NOx emissions standards rather than the International Maritime Organization’s newer Tier III rules. Japanese shipowner Doun Kisen’s fleet is mostly built at domestic Japanese shipyards. Furthermore, Japanese shipyards are not offering Tier II new-buildings anymore. Tier III new-buildings are also more expensive and less economical. Besides Doun Kisen, other Japanese shipowners like Nisshin Shipping, Nissen Kaiun, and Mitsui & Co. preferred Chinese shipyard. Japanese shipowner Doun Kisen is one of the largest private shipowning companies with a mixed fleet of about 120 ships. Japanese tonnage provider Doun Kisen charters out its fleet to biggest ship operators like NYK Line, MOL, K Line (Kawasaki Kisen Kaisha), and Daiichi Chuo Kisen Kaisha.
25-August-2018
Finland based shipowner and operator ESL Shipping has taken delivery of the world’s most eco-friendly dry bulk carrier 25K DWT MV Haaga from Jinling Shipyard in Nanjing, China in the first week of August 2018. MV Haaga is LNG-fueled and generates less than 50% of CO2 emissions of the previous generation of ships. MV Haaga can also be fueled by completely carbon-free biogas when its availability improves in the near future. Recently, Finland based on shipowner and operator ESL Shipping took control of AtoB@C. In September 2018, MV Haaga will accomplish its maiden voyage with raw material cargo ex-Japan to the Baltic Sea. ESL Shipping has also ordered the sister ship of MV Haaga. Finland based shipowner and operator ESL Shipping and Cargotec’s MacGregor have also developed the world’s first autonomous cargo processing solution for MV Haaga to further improve safety and efficiency. Finland based shipowner and operator ESL Shipping is owned by Aspo. MV Haaga price tag is around $69 million. Finnish shipowner and operator ESL Shipping is one of the most environmentally responsible shipowners in the world. ESL Shipping is considering future generations.
25-August-2018
Hong Kong-based shipowner and operator Great Harvest Maeta Group seeking to diversify from its core dry bulk carrier business in order to decrease shipping risk. Great Harvest Maeta Group is planning to enter construction, tourism, and real estate projects. Hong Kong-based shipowner and operator Great Harvest Maeta Group will strictly control operating costs and reduce all unnecessary expenses. Great Harvest Maeta Group is seeking to charter out its fleet to reputable charterers. Currently, Hong Kong-based shipowner and operator Great Harvest Maeta Group has a fleet of four (4) panamax dry bulk carriers.
25-August-2018
Thailand based shipowner and operator Thoresen Thai Agencies (TTA) sold 1995 handymax dry bulk carrier 45K DWT MV Asian Enterprise (ex MV Thor Enterprise) to an Indian shipowner $5.6 million. Indian shipowner and operator Hermes Maritime Service acquired MV Asian Enterprise (ex MV Thor Enterprise). After-sale of this handymax, Thailand based shipowner and operator Thoresen Thai Agencies (TTA) has a fleet of 21 ships of an average age of 11 years. Currently, vintage dry bulk carriers are becoming less competitive and cannot meet operating costs. Mumbai based Hermes Maritime Service has 3 dry bulk carriers, 1 container-ship, and 1 anchor-handler in its fleet.
21-August-2018
The Foremost Group, a prominent New York-based bulk shipping company, has decided to sell three of its capesize bulk carriers. The vessels up for sale include the 2010-built MV Ping May with a deadweight tonnage (DWT) of 178K, and two 2011-built ships - the MV Guo May and the MV Zhong May, each with a DWT of 176K. The estimated fair market values for these vessels are as follows: around $29 million for the MV Ping May, $31.2 million for the MV Guo May, and $28.9 million for the MV Zhong May. This decision to sell comes at a time when Foremost Group is actively expanding its fleet. Just last month, Foremost Group placed an order for two post-panamax bulk carriers at Japan’s Oshima Shipbuilding. Additionally, Foremost Group has four newcastlemax bulk carriers on order at China’s Waigaoqiao Shipbuilding, indicating a strategic shift in their fleet composition and capacity.
21-August-2018
Singapore based shipowner and operator Winning Shipping 1995 built capesize dry bulk carrier 185K DWT MV Winning Brother (ex MV Noni M) for scrap in Bangladesh. Singapore based shipowner and operator Winning Shipping has 32 capesize dry bulk carriers in its fleet and MV Winning Brother (ex MV Noni M) was the oldest in the fleet. In 2012, Singapore based shipowner and operator Winning Shipping bought MV Winning Brother (ex MV Noni M) from Greek shipowner Transmed for $10.5 million. Winning Shipping second oldest capesize dry bulk carrier in its fleet is 1999 built 173K DWT MV Winning Joy.
19-August-2018
John Fredriksen’s dry bulk carrier company Golden Ocean Group has been plotting to install scrubbers on 16 capesize dry bulk carriers. New York-listed Golden Ocean Group is spending in exhaust gas scrubbers as the International Maritime Organisation’s low-sulfur mandate in 2020. On 17 August 2018, Golden Ocean Group declared that the company has signed agreements for the exhaust gas scrubbers to be installed on 16 capesize dry bulk carriers with 9 extra options. John Fredriksen’s dry bulk carrier company Golden Ocean Group has a fleet of 78 ships including 46 capesizes dry bulk carriers. Consequently, the Golden Ocean Group has been attempting to optimize the fleet by installing exhaust gas scrubbers. According to the International Maritime Organisation’s new regulations, all ships will be obliged to have exhaust sulfur emissions lowered to 0.5% from 3.5%. The Norwegian-born shipping tycoon John Fredriksen took a stake in a scrubber producer. In Q2 2018, Golden Ocean Group posted $9 million in net income on $140 million in revenue. The capesize bulk carriers market strengthens over the summer of 2018.
19-August-2018
Copenhagen based shipowners and operator J Lauritzen Bulkers is optimistic about further dry cargo market improvements despite uncertainties related to tariffs and trade friction between the USA and China. Danish shipowner and operator J Lauritzen extended 5 handysize dry bulk carriers time charters and chartered in 3 handy dry bulk carriers on medium-term deals. Danish shipowner and operator J Lauritzen is aiming to end bulker losses in 2019. J Lauritzen returned 3 loss-making handy bulk carriers to their owners at the end of contracts. J Lauritzen CEO Mads P Zacho mentioned that J Lauritzen replaced expensive time-chartered tonnage with attractively priced dry bulk carries improving J Lauritzen’s competitive position in Q2 2018. J Lauritzen reported an operating profit of $1 million for Q2 2018 overturned a loss of $6 million in Q2 2017.
15-August-2018
Three crew members are missing, and another was airlifted to a hospital with burn injuries following a fire on an Indian VLCC (Very Large Crude Carrier) in ballast off the coast of Oman on Tuesday morning. The tanker, MT Desh Vaibhav, owned by the Shipping Corporation of India (SCI), experienced an explosion while it was en route from India to Fujairah. In the ensuing chaos, four crew members jumped overboard. Shipping Corporation of India (SCI) has released a statement confirming that the fire in the cargo tank has been brought under control, and a salvage tug is currently on its way to help cool down MT Desh Vaibhav’s tanks. Furthermore, Shipping Corporation of India (SCI) has updated that two seafarers have tragically lost their lives due to the explosion that occurred Tuesday morning off Oman. Another crew member is currently receiving treatment for burns in a hospital in Muscat. Plans are being made for MT Desh Vaibhav to head to a nearby port to evaluate the extent of the damage and necessary repairs. Photos circulating on social media reveal a significant hole in the deck of MT Desh Vaibhav. As of now, there have been no reports of pollution resulting from the incident. An investigation into the cause of the explosion is just beginning.
12-August-2018
Zeaborn Group is elegantly amalgamating its ship management endeavors under the sophisticated label of Zeaborn Ship Management GmbH & Co. KG.. Based in Hamburg, this nascent establishment integrates the venerable Rickmers Shipmanagement, assimilated by Zeaborn Ship Management GmbH & Co. KG. in the autumn of 2017, and ER Schiffahrt, annexed earlier this annum. The jointly managed flotilla presently boasts in excess of 150 vessels, an eclectic blend of containers, bulk carriers, and multipurpose ships. On land, it commands a cadre of roughly 300 professionals, whilst at sea, a formidable 4,550 mariners ply their trade. In recent epochs, the maritime realm has witnessed an intricate tapestry of consolidations. The advent of Zeaborn Ship Management GmbH & Co. KG. heralds the rise of a potent, global force. In the new venture’s leadership helm, Nils Aden and Holger Strack shall jointly preside as co-CEOs. Paying homage to its lineage, Isabelle Rickmers assumes the role of the distinguished managing director.
9-August-2018
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime has successfully acquired a 2006 built capesize bulk carrier MV Royal Chorale from Japanese shipowner and operator Tokei Kaiun. Athens-based shipowner and operator Kassian Maritime paid around $20 million for the 2006 built capesize bulk carrier MV Royal Chorale, a sum in close proximity to the MV Royal Chorale’s fair market value, assessed at $20.2 million by MSI. Throughout this year, Athens-based shipowner and operator Kassian Maritime has been steadily expanding its fleet, demonstrating a keen focus on kamsarmax bulk carriers.
3-August-2018
Athens based shipowner and ship manager Times Navigation Inc. acquired three (3) supramax dry bulk carriers for a total of $35 million. Greek John Karageorgis led Times Navigation approved the acquisition of MV Panagia Korona (ex MV Venus), MV Suprastar, MV Prosperity for All (ex MV Alexandrit).
2012 built supramax dry bulk carrier 56K DWT MV Panagia Korona (ex MV Venus) is acquired from Greek Super-Eco Bulkers for around $13 million. 2011 built supramax dry bulk carrier 56K DWT MV Suprastar is acquired from French Unishipping for around $12 million. 2010 built supramax dry bulk carrier 57K DWT MV Prosperity for All (ex MV Alexandrit) is acquired from another Greek shipowner for around $11 million.
After the latest acquisition Greek shipowner and ship manager Times Navigation Inc. fleet increased to five (5) dry bulk carriers. Recently, capesize dry bulk carrier prices have soared while the outlook for their future earnings remains volatile. Therefore, various Greek shipowners still favor supramax dry bulk carriers.
1-August-2018
Athens-based shipowner Evalend Shipping Co SA is still chasing an arbitration award worth $186,000 against a charterer it believes to be part of Nanjing Ocean Shipping Co (NASCO). In December 2016, Kriton Lentoudis-led Greek shipowner Evalend Shipping Co SA controlled 2007 built supramax bulk carrier 58K DWT MV Consolidator was loaded iron ore. An arbitration award worth $186,000 against a charterer was granted by London arbitrators at the end of April. Greek shipowner Evalend Shipping Co SA controlled 2007 built supramax bulk carrier 58K DWT MV Consolidator was chartered by Naspacific Shipping Co. Naspacific Shipping Co. deducted approximately $150,000 in outstanding charter hire. Evalend Shipping Co SA controlled 2007 built supramax bulk carrier 58K DWT MV Consolidator’s charterer Naspacific Shipping Co. cited unsafe working conditions on one of the ship’s cranes that resulted in the MV Consolidator being off-hire for more than two days at Bandar Abbas Port. Athens-based shipowner Evalend Shipping Co SA has a mixed fleet of gas carriers, tankers, and bulk carriers.