28-February-2018
Greek Alpha Bulkers Shipmanagement is selling 2001 built panamax dry bulk carrier 75K DWT MV Alpha Harmony to a Chinese shipowner for about for $9.6 million. Anna Angelicoussis Kanellakis-backed Alpha Bulkers Shipmanagement has a fleet of 30 ships and valued over $680 million.
28-February-2018
Taiwanese shipowner and operator Kuang Ming Shipping’s 2017 built ultramax dry bulk carrier 63K DWT MV KM London has run aground in the Columbia River on US West Coast. MV KM London has not reported any types of pollution. MV KM London was taking on ballast water but could not cope with flooding under control. US Coast Guard (USCG) reported no crew injuries. Eventually, MV KM London was refloated and inspected for extra pollution evaluation. MV KM London’s crew and river pilot has attended drug and alcohol test.
28-February-2018
Greek shipowner and operator Pavimar SA sold 2009 Japanese built supramax dry bulk carrier 51K DWT MV Queen P for about $12 million. In 2017, Ismini Panayiotides-led Pavimar bought MV Queen P (ex MV Chavin Queen) for about $10 million. Greek shipowner and operator Pavimar SA’s fleet is left with 2011 built capesize dry bulk carrier 181K DWT MV Mairaki.
28-February-2018
US-listed shipowner and operator Safe Bulkers has acquired 2010 built baby cape dry bulk carrier 91K DWT MV Americana from an auction in Singapore for $14.8 million. MV Americana received 10 bids under the hammer in Singapore. Polys Hajioannou led Safe Bulkers won the race for MV Americana. In July 2017, HSH Nordbank started to arrest the procedure of MV Americana for mortgage debts of $34.3 million. MV Americana was owned by Piraeus-based shipowner Merchant Marine Management (MMM).
28-February-2018
Chinese shipowner and operator Seacon Shipping Group Ltd has ordered two (2) new-building kamsarmax dry bulk carriers and acquired two (2) ulratamax dry bulk carriers from the resale. Seacon Shipping Group Ltd ordered two (2) new-building kamsarmax dry bulk carriers from Chinese CSSC Huangpu Shipyard for 2019 delivery. Seacon Shipping Group Ltd also acquired two (2) ultramax dry bulk carriers from Chinese finance company. Chinese shipowner and operator Seacon Shipping Group Ltd is the biggest private shipping company. Seacon Shipping Group Ltd has a fleet of 30 owned or bareboat-chartered ships. Subsidiary Seacon Ship Management Company manages 86 ships.
28-February-2018
Korean shipowner and operator Sinokor Merchant Marine continues to be active in the demolition market. Sinokor Merchant Marine sold a capesize dry bulk carrier and an aframax tanker. Sinokor Merchant Marine sold 1995 built 170K DWT MV Chokang Sunrise for $480 per ldt or $10.2 million. Sinokor Merchant Marine sold 1998 built 105K DWT MT Pacific Pioneer (ex MT Cape Avila) for $455 per ldt, or $7.5 million. In early 2018, Korean shipowner and operator Sinokor Merchant Marine sold 1999 built 300K DWT MV Plata Pioneer for $440 per ldt.
27-February-2018
Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) has been associated by shipbrokers with the purchase of China’s Rewood Ocean Shipping (ROSCO) entire fleet for $185 million. The Rewood Ocean Shipping (ROSCO) fleet comprises seven (7) panamax bulk carriers, three (3) kamsarmax bulk carriers, and one (1) capesize bulk carrier. All of these ships are of Japanese origin, except for two (2) kamsarmax bulk carriers, which were constructed at Tsuneishi’s shipyard in Zhoushan. The transaction is expected to be carried out through John Michael Radziwill-led C Transport Maritime S.A.M. (CTM), rather than GoodBulk. C Transport Maritime S.A.M. (CTM) established a panamax pool in March 2016. Currently, C Transport Maritime S.A.M. (CTM) operates only five (5) panamax bulk carriers, whereas C Transport Maritime S.A.M. (CTM) supports its pools in the capesize and supramax segments with 32 and 59 bulk carriers respectively. Headquartered in Hebei, Rewood Ocean Shipping (ROSCO) is a subsidiary of Hopefull Grain and Oil Group, a Chinese private trader of grain products. In 2016, the company faced a financial crisis and closed its Shanghai office as a cost-cutting measure.
27-February-2018
GoodBulk CEO John Michael Radziwill is aiming to acquire 11 dry bulk carrier fleet of Rewood Ocean Shipping Co (Rosco) for $185 million. Chinese shipowner and operator Rewood Ocean Shipping Co (Rosco) has a fleet of 1 capesize, 3 kamsarmax and 7 panamax dry bulk carriers. Chinese shipowner and operator Rewood Ocean Shipping Co (Rosco) has a parent company Sanhe Hopefull Grain & Oil Group. John Michael Radziwill led GoodBulk, which is listed on Oslo’s OTC (Over The Counter) Market, is planning for a listing in New York Stock Exchange. In 2017, GoodBulk was the largest single buyer of second-hand dry cargo ships. CarVal holds a 44% stake in GoodBulk, with anchor investors Lantern Asset Management, Mangrove Partners, Fidelity and CTM Holding a combined 41%. Brentwood Group owns 14%. John Michael Radziwill’s private company C Transport Maritime (CTM) manages dry bulk carrier fleet of GoodBulk.
27-February-2018
Norwegian-listed leasing company Ocean Yield acquired 5 handysize dry bulk carriers to charter out Interlink Marine. Deal with 10-year charters worth around $75 million. Carlyle Group-backed Interlink Maritime has options to acquire the vessels during the charter period, with the first purchase option exercisable after 5 years in addition to an obligation to buy the ships at the end of the charters. Interlink Marine was founded in 1979 by Paul Gurtler. Interlink Marine owns a fleet of 28 handysize dry bulk carriers. In February 2018, Norwegian-listed leasing company Ocean Yield agreed a sale and charter back deal with Louis Dreyfus. Ocean Yield bought 2 handysize new-buildings from Louis Dreyfus in a deal that included a 12-year bareboat back to Louis Dreyfus for $18 million per ship. Ocean Yield sees potential for more transactions in the dry bulk market. Maritime leading banks have pulled back and focused on a handful of top clients. So, sale-and-leaseback deals becoming increasingly frequent in the dry bulk market.
27-February-2018
Wilhelmsen Ship Management, a major player in the global maritime industry, is relocating its global headquarters from Kuala Lumpur, Malaysia, to Singapore. The company has operated its headquarters out of Kuala Lumpur since 2008, employing a staff of over 200 individuals. According to Carl Schou, the CEO of Wilhelmsen Ship Management, this strategic move is aimed at bringing the company closer to its clients and burgeoning markets. Singapore’s status as a well-established maritime hub in Asia makes it an ideal location for the company. This move aligns with the industry’s ongoing shift towards digital transformation, as Singapore is recognized for driving digital innovation in the maritime sector. The relocation marks a significant shift in Wilhelmsen’s operational focus, as the company had previously moved its headquarters from Oslo, Norway, to Kuala Lumpur in 2008. However, the Kuala Lumpur office will continue to play a vital role in the company’s operations, serving as a center for shared services and back office functions to support the fleet. Initially, selected management teams from Wilhelmsen Ship Management will make the move to Singapore. This transition underscores the company’s commitment to adapting to the evolving maritime industry and leveraging Singapore’s strategic position and technological advancements to better serve its global clientele.
26-February-2018
Croatian shipowner and operator Uljanik Plovidba sold 2006 supramax dry bulk carrier 54K DWT MV Levan for further trading. Croatian shipowner and operator Uljanik Plovidba follows its long-term strategy and pursuant to its development strategy to 2030. Previously, Uljanik Plovidba sold the other two 2004 built bulk carriers in fleet MV Marlera and MV Volme. Croatian shipowner and operator Uljanik Plovidba has a fleet of 4 dry bulk carriers and 3 tankers.
26-February-2018
Canadian shipowner and operator Fednav’s handymax dry bulk carrier MV Federal Iris suffers engine explosion off Oregon, Portland. 2016 built handymax dry bulk carrier 63K DWT MV Federal Iris was 120 miles west of the Columbia River entrance after main diesel engine components malfunctioned and caused a localized explosion. None of the 21 crew members injuries has been reported. USCG said in a statement that MV Federal Iris main propulsion system is inoperable. On February 23, USCG’s Marine Safety Unit Portland received notification that MV Federal Iris had experienced a marine diesel engine explosion. MV Federal Iris enacted emergency salvage operations by towing tugs. Panama flagged MV Federal Iris was en route from the Port of Changzhou, China, to pick up cargo in Longview, Washington USA. 2016 built handymax dry bulk carrier 63K DWT MV Federal Iris is owned by Japanese Daiwa Kisen and chartered out Fednav.
26-February-2018
Thailand based shipowner and operator Thoresen Shipping sold 1995 built handymax dry bulk carrier 45K DWT MV Thor Endeavour for further trading for around $4 million. In 2005, Thoresen Shipping bought Japanese built MV Thor Endeavour from Greek shipowner Elmira Shipping and Trading for around $26 million. Thailand based shipowner and operator Thoresen Shipping used the ship during the boom years. Thoresen Shipping has a fleet of 20 dry bulk carriers. MV Thor Endeavour price tag is in line with prevailing dry bulk shipping conditions. Older ships become less competitive and less able to meet operating costs. A few weeks ago, Thailand based shipowner and operator Thoresen Shipping acquired 2008 built supramax dry bulk carrier 58K DWT MV Albion (built 2008) for around $14 million.
20-February-2018
John Fredriksen’s Oslo-listed company Golden Ocean Group has reported a net profit of $27 million in 2017. In 2016, net profit was $6.4 million. Golden Ocean Group reported revenue of $151 million in 2017. In 2016, revenue was $685 million. Golden Ocean Group’s revenue was boosted by more favorable freight rates during 2017. John Fredriksen’s Oslo-listed company Golden Ocean Group has recently ordered 5 capesize dry bulk carriers. Golden Ocean Group reached an average time charter equivalent (TCE) rate of $16,444 per day in Q4 2017. Golden Ocean Group anticipates observing growth in dry bulk freight rates. IMO 2020 and ballast water regulations will influence fleet growth.
20-February-2018
Mehmet Turgut Yılmaz-led Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin) is preparing to branch out into the tanker market as part of its long-term growth strategy. Istanbul-based shipowner and operator GSD Denizcilik (GSD Marin), a subsidiary of the diversified Turkish conglomerate GSD Group, is positioning itself to benefit from what it believes will be a continued global economic recovery that could create favorable conditions for the shipping industry. CEO Akgun Turer-led GSD Denizcilik (GSD Marin) is considering allocating capital for the acquisition of new tankers to strengthen and diversify its fleet profile. Currently, GSD Denizcilik (GSD Marin) operates 5 bulk carriers, all of which are chartered out at an average rate of around $11,000 per ship. The management of GSD Denizcilik (GSD Marin) is confident that combining bulk carriers with tankers in its portfolio will help balance operational profitability, mitigate exposure to individual market cycles, and ensure more resilient earnings. GSD Denizcilik (GSD Marin) plays an important role within the GSD Group’s shipping division and has steadily built a reputation in the Turkish and international shipping markets for its disciplined approach to investment, prudent risk management, and efficient fleet operations. GSD Denizcilik (GSD Marin) focuses on optimizing fleet performance through professional management, transparent chartering practices, and a forward-looking strategy that considers both short-term market dynamics and long-term macroeconomic trends. The parent GSD Group is a diversified holding with interests spanning finance, shipping, and other sectors. In 2015, GSD Group sold 76% of Turkish lender Tekstilbank to Chinese banking giant ICBC (Industrial Commercial Bank of China) for approximately $250 million, a landmark transaction that highlighted GSD Group’s ability to capitalize on strategic opportunities. The shipping arm, GSD Denizcilik (GSD Marin), continues to represent a vital component of GSD Group’s global footprint and is now signaling its intent to enter the tanker market, which would complement its existing bulk carrier operations and further cement its standing as a diversified shipowner and operator with ambitions to expand on an international scale.
20-February-2018
Korea Shipping Corporation (KSC) subsidiary, Seoul-listed shipowner, and operator Korea Line Corporation (KLC) confirmed signing of two Contracts of Affreightment (COAs) with Brazilian iron ore giant Vale. Korea Line Corp contracts with Vale will run until 2045 and two contracts are worth over $600 million in total. Contracts of Affreightment (COAs) are due to start on 1 January 2020 for the carriage of iron ore between Brazil and Yangzhou. For these Contracts of Affreightment (COAs), shipowner and operator Korea Line Corporation (KLC) has ordered two VLOCs (Very Large Ore Carriers) 325K DWT at compatriot shipyard Hyundai Heavy Industries. Each VLOCs (Very Large Ore Carriers) is worth around $82 million.
20-February-2018
Japanese dry bulk shipowner and operator MOL (Mitsui O.S.K. Lines) ordered 3 supramax dry bulk carriers 52K DWT at Japanese shipyard Oshima Shipbuilding. MOL (Mitsui O.S.K. Lines) ordered 3 supramax dry bulk carriers that will be delivered in 2021. It has been 2 years since Tokyo based MOL (Mitsui O.S.K. Lines) ordered a ship last time. Three (3) supramax dry bulk carriers will be built to Nox Tier III specifications. Furthermore, three (3) supramax dry bulk carriers will meet the upcoming 2020 IMO (International Maritime Organization) limits on sulfur emissions. 52K DWT bulk carrier new-buildings built to NOx Tier III specifications are priced around $24 million each in Japanese Shipyards. Japanese dry bulk shipowner and operator MOL (Mitsui O.S.K. Lines) has a fleet of 60 chartered and owned dry bulk carriers in the handysize sector. MOL (Mitsui O.S.K. Lines) has been attempting to scale down its dry bulk operation and reduce its risk. In Q3 2017, MOL (Mitsui O.S.K. Lines) reported a profit of JPY 11.2 billion.
20-February-2018
Italian tanker and bulk carrier shipowner Rizzo Bottiglieri De Carlini Armatori (RBD Armatori) has declared bankruptcy. Italian judge in the court of Naples, Italy decided for bankruptcy. Rizzo Bottiglieri De Carlini Armatori (RBD Armatori) has failed to reach a settlement with mortgagers. In 2017, Pillarstone acquired a debt of $674 million from Italian banks owned by Rizzo Bottiglieri De Carlini Armatori (RBD Armatori). Pillarstone will now possibly chase the ships managed by Rizzo Bottiglieri De Carlini Armatori (RBD Armatori). Italian tanker and bulk carrier shipowner Rizzo Bottiglieri De Carlini Armatori (RBD Armatori) has a debt of around $1 billion. Rizzo Bottiglieri De Carlini Armatori (RBD Armatori) a fleet of 6 tankers and 7 dry bulk carriers. In 2012, compatriot Italian shipowner Deiulemar was also hit by the bankruptcy.
19-February-2018
Copenhagen based shipowner and operator J Lauritzen has appointed Kristian Morch as BOD (Board of Director). Kristian Morch was previously Chief Executive Officer at Clipper Bulk, served as Odfjell BOD (Board of Director), and also worked for AP Moller-Maersk.
19-February-2018
Spanish woodchip and renewables group Greenalia is plotting to set up Greenalia Shipping and expand its own dry cargo fleet. Greenalia Shipping is going to operate, buy, and sell dry cargo ships.
Previously, Greenalia Shipping has relied on chartered in dry cargo ships. 1997 built small coaster MV Daroja has been on long-term charter from German shipowner Marjesco Schiffs. Greenalia Shipping is also going to serve ships to third-party needs. Greenalia Logistics also provides customs agency services besides ship handling and storage.
Greenalia Group is specialized in the production of biofuels, including pellets and dry woodchips.
15-February-2018
Finnish shipowner and operator ESL Shipping chartered in tonnage for renewable bioenergy cargoes and recycled raw materials. ESL Shipping has now added two more chartered-in vessels to the venture. Finnish shipowner and operator ESL Shipping has fleets of 13 vessels and 5 on period charter. Finnish shipowner and operator ESL Shipping reported an operating profit of $5.11 million for Q4 2017. ESL Shipping also reported that cargo volumes were up at 3.3 million tons from the previous year 3.2 million tons. ESL Shipping commenced that balance between supply and demand is expected to improve, due to lower vessel orders. Finnish shipowner and operator ESL Shipping aims to increase revenue and to reach an operating profit margin of between 20% and 24% by 2020.
15-February-2018
Henning Oldendorff has transformed Oldendorff Carriers into one of the biggest shipping companies on earth. In 1921, Egon Oldendorff became a partner in a small Hamburg shipping business which was renamed Lillenfeld & Oldendorff. Today, Oldendorff Carriers carry around 320 million metric tonnes of cargo each year. Henning Oldendorff has transformed Oldendorff Carriers from being a traditional tramp owner to a logistics provider. Henning Oldendorff sold off most of his owned ships during the boom years up to 2008. Henning Oldendorff chartered in tonnage to compensate and fulfill CoA (contracts of affreightment). Henning Oldendorff told his technical department to develop opportunities as they arose and hired the best people in the industry. After the biggest shipping crises in history, Henning Oldendorff started ordering again. Henning Oldendorff has been managing Oldendorff Carriers over 30 years and has made mistakes. But, Henning Oldendorff knows his mistakes and he has learned also from others’ mistakes.
14-February-2018
Greek shipowners Brothers Laskaridis Panos and Thanassis Laskaridis received a leadership award from Capital Link president and CEO Nicolas Bornozis. Currently, Panos Laskaridis is co-chief executive of Lavinia Bulk Ltd and head of the European Community Shipowners’ Association (ECSA). Thanassis Laskaridis is the chairman of the Hellenic Marine Environment Protection. Greek shipowners Brothers Laskaridis Panos and Thanassis Laskaridis stole the spotlight at the 9th Annual Capital Link Greek Shipping Forum. Greek shipowners Brothers Laskaridis Panos and Thanassis Laskaridis received a leadership award for their services to the Greece’s shipping industry in a career spanning four decades. Thanassis Laskaridis criticises the Greek shipowners for failing to do enough to support its own country out of trouble. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd commercially manages a large and modern fleet of mid- to large-size dry bulk carriers.
14-February-2018
Louis-Dreyfus Armateurs (LDA) chartered out 2014 built capesize 179K DWT MV Simon LD to Castleton Commodities for $19,850 per day for a year.
14-February-2018
Piraeus based ship-manager New Horizon Shipmanagement S.A. acquired 2008 built supramax dry bulk carrier 58K DWT MV Free State (ex MV Angel B) from Monaco based Transocean Maritime Agencies for around $14 million.
Piraeus based ship-manager New Horizon Shipmanagement S.A. was established in 2013 and MV Free State (ex MV Angel B) will be the first supramax dry bulk carrier in its fleet. Greek shipmanager New Horizon Shipmanagement S.A. has a fleet of 4 dry bulk carriers: MV Inoi, MV Ikaria Angel, MV Corsair, and MV Free State (ex MV Angel B).
Greek New Horizon Shipmanagement S.A. was founded by Konstantinos Maounis, Manolis Malahias, and Panagiotis Manolis-Patsouris from traditional Greek shipping families.
14-February-2018
German shipowner and operator Oldendorff Carriers cooperated with steel giant Tata Steel for the transshipment hub at Port Meadow, India. For transshipment, Oldendorff Carriers are utilizing converted 2013 built panamax dry bulk carrier 75K DWT MV Trina Oldendorff. DWT MV Trina Oldendorff was converted to a side-mounted geared ship last year at Chengxi shipyard in China. MV Trina Oldendorff will be used for shuttle carrier between Haldia and the Andaman Islands. Like many ports close to the Bay of Bengal, Haldia has a maximum draft restriction of about 7.5 meters. So, panamax and capesize dry bulk carriers will tranship and lighter their cargo at Port Meadow.
14-February-2018
Dry bulk charterers are looking to keep or increase period and time-charter coverage for capesizes in 2018 after the extreme volatility in spot freight rates seen in 2017. Charter coverage demand comes as the capesize markets fall below the record highs seen in Q4 2017 and as forward rate expectations also weaken. Dry bulk shipowners are said to be holding out for better rates on expectations of a tighter capesize market in 2018. Main dry bulk charterers and operators Oldendorff Carriers, Cargill, SwissMarine, and Koch Shipping are keeping existing chartered in tonnages and potentially entering new charter deals. In December 2017, one-year period rates for capesizes were $18,600 per day are on the rise. For example, giant iron ore producer and one of the biggest dry bulk charterer Rio Tinto took Zodiac Maritime’s 2016 built capesize 179K DWT MV Buccleuch for a year at $20,000 per day. Cargill Ocean Transportation chartered in 2007 built capesize dry bulk carrier 178K DWT MV Pontotriton and 2011 built capesize dry bulk carrier 180K DWT MV New Shanghai at floating rates linked to the BCI (Baltic Exchange’s Capesize Index). 2017 was one of the most volatile years for spot capesize rates, which swung between $4,600 per day and $30,500 per day. Volatility continued into the new year of 2018. This volatility triggered to more demand for long-term charter coverage. Capesize operators would like to charter in more tonnage but shipowners are greedy and reluctant to fix at today’s low levels. Capesize spot rates are at $16,600 per day ahead of the seasonal slowdown due to the Chinese New Year. Baltic Exchange’s Forward Freight Assessment (FFA) for capesizes dry bulk carriers at $17,150 per day for 2018. FFA market does not fully reflect better fundamentals in the dry bulk market. After the end of the Chinese New Year (February 16) steel mills are expected to increase production again and so spot rates to strengthen again by March 2018. Furthermore, China’s construction activity should also grow in May 2018. There is going to be a supply deficit in 2018 due to capesize order-book stands at between 10 and 15 dry bulk carriers in 2018 which is creating further tightening of supply. Capesize dry bulk carriers should reach $25,000 per day levels by the beginning of Q3 2018.
12-February-2018
W Marine, a prominent Greek shipowner and operator based in Athens, has entered into a contract with Taizhou Kouan Shipbuilding for the construction of an 82K DWT kamsarmax bulk carrier. The agreement also grants W Marine the option to commission the building of an additional bulk carrier of the same class. Scheduled for delivery in March 2020, the specifics of the contract, including the price, remain undisclosed. Currently, W Marine manages a diverse fleet of seven bulk carriers, which includes three panamax and four post-panamax vessels. This new order reflects W Marine’s strategic initiative to expand and update its fleet, underscoring the W Marine’s ongoing commitment to enhancing its operational capabilities within the global shipping industry. The addition of the new kamsarmax bulk carrier, along with the potential for further expansion through the exercise of the additional build option, positions W Marine for continued growth and competitiveness in the maritime sector.
11-February-2018
Greek shipowner and operator Poseidon Shipping has been trying to sell 2001 Korea built panamax bulk carrier 76K DWT MV Eleftheria. MV Eleftheria was built in 2001 at South Korean shipyard Hyundai Heavy Industries. MV Eleftheria passed special survey (SS) in 2017 and, thus, is not set for another special survey until April 2022. Before special survey (SS) MV Eleftheria was likely worth less than $5 million but currently reasonably valued at $9 million. In 2015, Greek shipowner and operator Poseidon Shipping sold sister ship of MV Eleftheria, MV Mahitis for around $8 million. Poseidon Shipping ordered MV Eleftheria and MV Mahitis in 1999 for $21 million each and take the advantage during the boom years.
11-February-2018
The shipowning and operating firm based in London, Union Maritime Limited (UML), is expanding its bulk carrier segment by ordering two, with an option for a third, 63K DWT ultramax bulk carriers from Cosco Shipping Heavy Industry, the shipbuilding division of China Cosco Shipping. These ultramax bulk carriers will be built at the Yangzhou Shipyard of Cosco Shipping Heavy Industry, previously known as the Jiangsu Shipyard of China Shipping Industry. Discussions are underway between Union Maritime Limited (UML) and Cosco Shipping Heavy Industry’s Yangzhou Shipyard to establish a long-term strategic partnership for additional newbuild projects in the coming years. Presently, Union Maritime Limited (UML) manages a diversified fleet consisting of 33 tankers and 3 bulk carriers.
9-February-2018
Norwegian shipowner and operator Klaveness Ship Holding reported a $133K profit in Q2 2017. In 2017, Klaveness Ship Holding strengthened its balance sheet. Currently, Norwegian shipowner and operator Klaveness Ship Holding has a pool with 9 CABU ships. Klaveness Ship Holding also owns and operates 8 container ships between.
9-February-2018
Fujairah-based Oceanic Ship Management bought 1998 Japanese built panamax dry bulk carrier 77K DWT MV Gloria (ex MV Glory Pegasus). Fujairah-based Oceanic Ship Management has been building up a midsize dry bulk fleet of veteran Japanese built ships.
Singapore-based Combined Mining & Shipping is the owner of the fleet while the technical manager is Oceanic Ship Management. Oceanic Ship Management’s fleet is used to ship aggregates between Kuwait and the Fujairah stone crusher of Combined Mining & Shipping. Oceanic Ship Management is still may be interested in buying similar dry bulk carriers. MV Gloria (ex MV Glory Pegasus) was bought from Greek Erasmus Shipinvest for around $8 million in November 2017.
In April 2017, Oceanic Ship Management bought 1998 Japanese built panamax dry bulk carrier MV Carina (ex MV Corona Dynamic) for around $6 million from K Line (Kawasaki Kisen Kaisha). In July 2017, Oceanic Ship Management bought 1999 built panamax dry bulk carrier 75K DWT MV Perlita (ex MV Qatar Pearl) for around $6 million from Greek AM Nomikos.
9-February-2018
Athens-based Vassilis Laliotis-led shipowner and operator Sea Globe Management and Trading Inc acquired 2011 Japanese built supramax dry bulk carrier 55K DWT MV Poseidon SW for around $12 million from Wisdom Marine. In 2016, Greek Vassilis Laliotis led shipowner and operator Sea Globe Management purchased 2010 built panamax dry bulk carrier 80K DWT MV Globe Danae (ex MV Sadan K) and MV Globe Electra (ex MV Zeynep K) for total $20 million at a judicial sale. Currently, MV Globe Danae and MV Globe Electra estimated market value of more than $34 million. Athens based shipowner and operator Sea Globe Management is also listed with another 2 supramax dry bulk carriers built in 2008. In September 2017, Sea Globe Management sold 1995 built handymax dry bulk carrier 43K DWT MV Petra Star (ex MV Captainyannis L) for further trading for $4 million.
9-February-2018
Nova Marine Carriers’ 1992 built cement carrier 9K DWT MV NACC Valbella was attacked by Somali pirates on 21 January 2018. MV NACC Valbella was passing through the Gulf of Aden and was destined to Cebu, Philippines. MV NACC Valbella was attacked by pirates at 100 miles southeast of Mukalla. Special Anti Piracy Unit (SAPU) was onboard of the MV NACC Valbella fired warning shots and pirates escaped. MV NACC Valbella’s crew are reported as safe.
8-February-2018
Norwegian tycoon John Fredriksen’s private company Seatankers Group has ordered four 82K DWT kamsarmax dry bulk carries at Chinese Shipyard Dalian Shipbuilding Industry Co (DSIC) around $25 million each. Seatankers Group also plotting to order up to four kamsarmax dry bulk carriers at another Chinese Shipyard Cosco Shipping Heavy Industry. John Fredriksen’s private company Seatankers Group paid a total of $650 million.
In 2017, Dalian Shipbuilding Industry Co (DSIC) and Shanhaiguan Shipbuilding Industry merged. Dalian Shipbuilding Industry Co (DSIC) is going to construct Seatankers Group’s kamsarmax dry bulk carriers according to the old NOx IMO (International Maritime Organization) Tier II emission standards.
Seatankers Group has also ordered firm four newcastlemax dry bulk carriers with two options at New Times Shipbuilding. Norwegian tycoon John Fredriksen’s private Seatankers Group has a fleet of 16 dry bulk carriers and 2 aframax tankers.
7-February-2018
Athens-based shipowners Evalend Shipping Co SA and Thenamaris are locking two (2) midsize LPG carrier newbuildings into time charters that are unlikely to be profitable amid the depressed LPG carrier market. Greek shipowner Evalend Shipping Co SA is led by Kriton Lentoudis. Greek shipowner Thenamaris is led by Nikolas Martinos. Both shipowners’ midsize LPG carrier newbuildings will spend the first year in period deals. Furthermore, Athens-based shipowner Evalend Shipping Co SA chartered out 2018 built 38K cbm LPG Tanker Aquarama to Vitol for a year.
6-February-2018
The shipping market is expecting a change in Chinese coal import regulations under which the current 18-year age cutoff for import of ships will be reduced to 15 years. This expected coal import regulation change has triggered an increased the veteran post-panamax dry bulk carrier prices. Japanese shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) sold 2000 built post panamax dry bulk carrier 88K DWT MV Corona Frontier to Chinese shipowners for Chinese flag and coastal coal business for $13.65 million. 2000 built post panamax dry bulk carrier 88K DWT MV Corona Frontier has a scrap value of $5.33 million. Chinese authorities will introduce a regulatory change this spring for the age of coal importing dry bulk carriers. Coal importers buy veteran dry bulk carriers then trade their acquisitions for many years with suitable maintenance. Otherwise they can scrap acquired dry bulk carriers with limited financial loss.
6-February-2018
Greek shipowner and operator Tsakos Shipping & Trading ordered four (4) kamsarmax dry bulk carriers 82K DWT at Chinese Shipyard Jiangsu Yangzijiang for around $25 million each. Tsakos Shipping & Trading signed a LOI (Letter-of-Intent) to commence building Tier II standard kamsarmax dry bulk carriers with Chinese Jiangsu Yangzijiang Shipyard. Athens- based Tsakos Shipping & Trading has mixed fleet of 90 tankers and bulk carriers.
5-February-2018
Bankrupted Italian shipowner and operator RBD Armatori’s 2010 built panamax dry bulk carrier 87K DWT MV RBD Italia has been detained in Malaysia after authorities accused it of anchoring illegally. Malaysia Maritime Enforcement Agency (MMEA) quoted that MV RBD Italia anchored without the necessary documents.
4-February-2018
London-based shipowner Anglo International Shipping Operations Ltd has recently expanded its fleet by acquiring two mini capesize bulk carriers, the 2011-built MV Baroque and the 2010-built MV Bel Air, for a combined purchase price of $41 million. These vessels were purchased from Athens-based shipowner and operator Golden Union and have been chartered back to the Theodore Veniamis-led Golden Union Shipping. Since its inception in 2018, Anglo International Shipping Operations Ltd has been actively growing its presence in the maritime industry. The company made its initial foray into the market by acquiring two 2013-built kamsarmax bulk carriers from Chinese shipyards, one of which is now actively trading under the name MV Anglo Barinthus. This strategic expansion underscores Anglo International Shipping Operations Ltd’s commitment to strengthening its fleet and enhancing its operational capabilities within the global shipping market. Anglo International Shipping Operations Ltd operates with a clear focus on broadening its assets and leveraging its capabilities to serve the global demand for bulk commodities. The company’s strategic acquisitions are a testament to its aggressive growth strategy and its aim to position itself as a significant player in the shipping industry. The acquisition and subsequent charter-back agreement with Golden Union not only enhance Anglo International’s fleet size but also ensure steady operational employment for the vessels, optimizing revenue generation and maintaining strong business relationships within the industry. The Chartering Department at Anglo International Shipping Operations Ltd plays a pivotal role in the company’s success and operational efficiency. This department is responsible for the commercial management of the fleet, securing employment for the vessels, and negotiating charter contracts that optimize earnings and fleet utilization. Staffed by a team of experienced maritime professionals, the London-based shipowner Anglo International Shipping Operations Ltd’s Chartering Department utilizes a robust network of industry contacts and comprehensive market knowledge to identify and capitalize on chartering opportunities. The department’s strategies are closely aligned with market dynamics, allowing Anglo International to adapt swiftly to changes in the shipping environment and secure advantageous positions. UK-based shipowner Anglo International Shipping Operations Ltd Chartering Department’s effectiveness is enhanced by its use of advanced data analytics and market intelligence tools. These tools help in forecasting market trends, analyzing supply-demand fluctuations, and making informed decisions that align with the company’s financial goals and operational requirements. The department’s strategic chartering decisions are critical in maximizing fleet performance and ensuring that each vessel operates at full capacity, thereby driving profitability. Moreover, the Anglo International Shipping Operations Ltd’s Chartering Department is instrumental in developing relationships with a diverse range of clients, including traders, industrial shippers, and other maritime entities. These relationships are cultivated through trust, reliability, and a consistent track record of fulfilling contractual obligations efficiently and effectively. By maintaining high standards of service and demonstrating flexibility in charter negotiations, Anglo International Shipping Operations Ltd ensures client satisfaction and fosters long-term partnerships. As Anglo International Shipping Operations Ltd continues to expand its fleet and enhance its market presence, the role of the Chartering Department becomes increasingly significant. The strategic decisions made by this department directly influence the company’s ability to navigate the competitive landscape of the shipping industry, respond to market opportunities, and achieve sustained growth. In summary, Anglo International Shipping Operations Ltd, with its strategic fleet expansion and robust chartering strategies, is poised for continued growth and success in the maritime sector. The company’s focus on operational excellence, combined with its proactive chartering practices, positions it well to meet the evolving demands of the global shipping market and to maximize returns for its stakeholders.
4-February-2018
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has successfully negotiated an extension of the time charter for the 2010-built panamax bulk carrier MV Selina with Hong Kong-based shipowner and operator BG Shipping. The charter extension is set for a period of 16 to 19 months at a rate of $12,250 per day, a significant increase from the previous rate of $7,100 per day that BG Shipping was paying under the original contract. This enhanced rate reflects the vessel’s continued operational value and the robust demand in the shipping market. Based on the minimum time charter period of 16 months, BG Shipping is expected to pay approximately $5.8 million for the use of the MV Selina. This agreement not only ensures a steady revenue stream for Diana Shipping Inc. over the extended period but also strengthens the business relationship between Diana Shipping and BG Shipping, underpinning their strategic partnership in the competitive maritime transport sector.
4-February-2018
London-based shipowner Anglo International Shipping Operations Ltd recently expanded its fleet by acquiring two mini capesize bulk carriers, the 2011-built MV Baroque and the 2010-built MV Bel Air, for a total price of $41 million. These vessels were purchased from the Athens-based shipowner and operator Golden Union Shipping Co SA and have been chartered back to the company led by Theodore Veniamis, Golden Union Shipping. Anglo International Shipping Operations Ltd first entered the shipping market in 2018 through the purchase of two 2013-built kamsarmax bulk carriers from Chinese shipyards. One of these ships is now actively trading under the name MV Anglo Barinthus. This strategic acquisition and subsequent charter-back arrangement highlight Anglo International’s proactive approach to fleet management and its commitment to fostering strong business relationships within the industry. Athens-based shipowner and operator Golden Union Shipping Co SA, under the leadership of Theodore Veniamis, is renowned for its significant presence in the global shipping industry, particularly in the dry bulk sector. The company operates a diverse and extensive fleet of vessels, capable of carrying a wide range of bulk commodities including minerals, coal, ores, and grains. Golden Union Shipping’s fleet is strategically deployed to serve the global demands of commodity transportation, ensuring efficient delivery and operational excellence. The Chartering Department of Golden Union Shipping Co SA plays a crucial role in the company’s success. This department is responsible for the commercial management of the fleet, securing profitable employment for the vessels through various chartering strategies. It handles all aspects of chartering from negotiating terms to managing contracts and maintaining strong relationships with charterers. The department is staffed with experienced professionals who possess a deep understanding of market dynamics and exhibit skills in navigating the complex international shipping markets. Golden Union Shipping’s chartering strategies are tailored to optimize fleet utilization and maximize revenue. The company focuses on long-term charters to provide stability in earnings, while also engaging in spot market opportunities to capitalize on favorable market conditions. This balanced approach allows Golden Union Shipping to remain flexible and responsive to market fluctuations, thus sustaining profitability. Athens-based shipowner and operator Golden Union Shipping Co SA’s strategic foresight in chartering operations is complemented by its commitment to maintaining a modern and efficient fleet. Golden Union Shipping regularly invests in fleet renewal and maintenance, ensuring that all vessels meet the highest standards of safety and environmental compliance. This commitment not only enhances Golden Union Shipping’s market competitiveness but also aligns with global regulatory requirements and sustainability goals. In addition to its operational strategies, Golden Union Shipping places a strong emphasis on relationships and reputation. The company has built a network of trusted partners and clients over the years, including leading commodity traders, industrial companies, and other maritime stakeholders. These relationships are underpinned by Golden Union’s reputation for reliability, performance, and customer-focused service. As part of its growth strategy, Golden Union Shipping continues to explore new markets and opportunities for expansion. The company is particularly focused on enhancing its capabilities in emerging markets, where increasing industrial activity promises greater demand for maritime transport services. Through strategic planning and a commitment to excellence, Golden Union Shipping aims to strengthen its position as a leader in the global shipping industry, adapting to changes and capitalizing on opportunities as they arise. Overall, the partnership and transactions between Anglo International Shipping Operations Ltd and Greek shipowner and operator Golden Union Shipping Co Sa, including the recent charter-back arrangements, reflect a mutual commitment to strategic growth and operational synergy in the complex and ever-evolving landscape of international maritime trade.
4-February-2018
The Hamburg-established Zeaborn Ship Management GmbH & Co. KG. has annexed an additional enterprise from the esteemed Rickmers lineage, today unveiling an accord to purchase the Hamburg-situated E.R. Schiffahrt from Erck Rickmers. This agreement will bolster Zeaborn Ship Management GmbH & Co. KG.’s fleet under its sophisticated and methodical management, surpassing 165 vessels. Concurrently, the entire personnel of E.R. Schiffahrt will transition to Zeaborn Ship Management GmbH & Co. KG., elevating its total cadre to an impressive tally of over 5,350 individuals. Additionally, the esteemed Shipbroker Harper Petersen & Co. is encapsulated within this transaction, pending affirmation from antitrust regulators. Nils Aden, the distinguished CEO of E.R. Schiffahrt, shall assume the overarching stewardship for ship management at Zeaborn Ship Management GmbH & Co. KG.. Meanwhile, Simon Aust will persist in his leadership role as the CEO of Harper Petersen. Ove Meyer and Jan-Hendrik Többe, the visionary managing partners at Zeaborn Ship Management GmbH & Co. KG., opined, “It elates us immensely to integrate a renowned shipping maestro like E.R. Schiffahrt into our corporate fold. It seamlessly aligns with our portfolio, enabling us to refine our offerings for our discerning clientele. Our patrons seek versatility, unwavering reliability, and impeccable transport solutions. This maritime expansion allows us to elevate both the calibre and breadth of our offerings, much to the delight of our clientele. Our ethos remains steadfast: we are a holistic shipping conglomerate, perennially receptive to collaborations and acquisitions. As we navigate ahead, we remain committed to spearheading growth, aided by our lucid organizational blueprint, such as the swift assimilation of auxiliary tonnage and commercial entities.” In the preceding February, the Zeaborn Ship Management GmbH & Co. KG. consortium assumed control of the commercial pursuits and global framework of Rickmers-Linie from Betram Rickmers, who subsequently forged an alliance with Zeaborn Ship Management GmbH & Co. KG. to acquire Rickmers Shipmanagement from the beleaguered Rickmers Holding.
3-February-2018
The Foremost Group, a dry bulk shipowner based in New York, has finalized contracts with the CSSC-affiliated Waigaoqiao Shipbuilding for the construction of four new 210K DWT newcastlemax bulk carriers. This new order represents the shipyard’s first for the year 2018. In 2017, Foremost Group had already placed orders for a total of six bulk carriers with Waigaoqiao Shipbuilding, including four 180K DWT capesize bulk carriers in June and September, and two 210K DWT newcastlemax bulk carriers in December. Moreover, the company also commissioned the building of two 85K DWT kamsarmax bulk carriers at Oshima Shipbuilding in Japan during August. Currently, Foremost Group’s operational fleet consists of 18 dry bulk carriers.
2-February-2018
New York-listed shipowner and operator Genco Shipping & Trading intends to exit the panamax sector. Panamax sector is one area in which Genco Shipping & Trading haven’t built a commercial team. Genco Shipping & Trading is the largest US-based dry bulk shipowner. Genco Shipping & Trading has a fleet of 60 dry bulk carriers which comprises merely 6 panamax bulk carriers. Genco Shipping & Trading informed investors that the company has been collecting the rewards of improving dry markets that should continue through 2018 and 2019.
2-February-2018
Japanese shipowner and operator Meiji Shipping Group is expecting to report a $17 million profit in 2017. This profit will be 64% higher than previous predictions. Meiji Shipping Group owns and operates bulk carriers, VLCCs, VLGCs, MRs, PCTCs, and containerships.
1-February-2018
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) has reached an agreement to sell its 2003-built capesize bulk carrier 171K DWT MV Andros Beauty (ex MV Aquabeauty) to Greek shipowner and operator Sea Gate Navigation Ltd for approximately $15 million. The 2003-built capesize bulk carrier 171K DWT MV Andros Beauty (ex MV Aquabeauty) was purchased by John Michael Radziwill-led shipowner and operator GoodBulk Ltd (GBLK) in May of last year for about $10 million. The capesize bulk carrier MV Andros Beauty (ex MV Aquabeauty), which was constructed at Sasebo Shipyard, is scheduled to be delivered to Dimitris and George Stefanou-led Athens-based shipowner and operator Sea Gate Navigation Ltd in April. Greek shipowner and operator Sea Gate Navigation Ltd has now taken on the capesize bulk carrier MV Andros Beauty (ex MV Aquabeauty), despite traditionally focusing its operations more heavily on other dry bulk carrier segments. Nasdaq and Oslo-listed shipowner and operator John Michael Radziwill-led GoodBulk Ltd (GBLK) has recently expanded its operations by taking delivery of two additional secondhand capesize bulk carriers within the past week. Following these deliveries, GoodBulk Ltd (GBLK) now operates a fleet consisting of 14 capesize bulk carriers, one panamax bulk carrier, and two supramax bulk carriers, with a further seven capesize bulk carriers scheduled for delivery during Q1 2018. Bright Navigation Inc. and Sea Gate Navigation Ltd. have emerged as two closely integrated entities that together represent one of the most ambitious and steadily growing groups in the Greek dry bulk shipping industry. Established in 2008, Bright Navigation Inc. has its headquarters in Piraeus, the heart of the Greek shipping community, and has been guided from the beginning by the shipowning brothers George Stefanou and Dimitris Stefanou. The foundation of Bright Navigation Inc. reflects both the long-standing maritime traditions of the Stefanou family, whose roots can be traced back to the island of Andros, and the modern drive to build a globally competitive dry bulk fleet. Bright Navigation Inc. was established with the goal of combining traditional Greek shipowning values with contemporary strategies of growth, efficiency, and sustainability. From its early years, Bright Navigation Inc. pursued a strategy focused on acquiring and operating secondhand bulk carriers that could be quickly deployed in international trades. This strategy allowed Bright Navigation Inc. to build flexibility into its fleet profile, entering handysize, supramax, kamsarmax, and capesize segments. By spreading across different size classes, Bright Navigation Inc. ensured that it could participate in both regional and long-haul bulk trades, carrying a wide range of commodities such as iron ore, coal, grain, fertilizers, and bauxite. This diversification also gave Bright Navigation Inc. the ability to adapt to fluctuating freight markets, allowing the Stefanou brothers to position the fleet where earnings potential was strongest. Over time, this approach positioned Bright Navigation Inc. as a respected medium-sized Greek shipowner, with growing visibility among international charterers and commodity traders. Supporting Bright Navigation Inc. is its sister enterprise Sea Gate Navigation Ltd., which provides full-scale shipmanagement services. Sea Gate Navigation Ltd. is responsible for the technical, operational, and crewing aspects of the fleet owned by Bright Navigation Inc. Sea Gate Navigation Ltd. operates with a philosophy that blends traditional seamanship with modern technological tools, ensuring that vessels under its management meet the highest standards of efficiency, safety, and environmental compliance. Sea Gate Navigation Ltd. manages everything from day-to-day vessel maintenance and drydocking to compliance with the International Safety Management Code, the International Ship and Port Facility Security Code, and increasingly strict environmental regulations set by the International Maritime Organization. Sea Gate Navigation Ltd. places strong emphasis on digitalization and performance monitoring. By adopting advanced digital dashboards, real-time fuel consumption tracking, and voyage optimization software, Sea Gate Navigation Ltd. has improved the operational efficiency of the Bright Navigation Inc. fleet while simultaneously reducing emissions. The management philosophy of Sea Gate Navigation Ltd. is centered around continuous improvement, ensuring that vessels not only meet the minimum regulatory standards but exceed them where possible. This has allowed Sea Gate Navigation Ltd. to align with global trends in decarbonization and environmental sustainability, a critical issue for the long-term competitiveness of Bright Navigation Inc. in international markets. One of the defining characteristics of Sea Gate Navigation Ltd. is its dedication to crew training and safety culture. The company recognizes that skilled and motivated seafarers are essential to reliable operations. As a result, Sea Gate Navigation Ltd. has invested in training programs that include simulation-based exercises, classroom instruction, and onboard mentoring. This focus on people ensures that the fleet is not only technically efficient but also operationally resilient. The approach of Sea Gate Navigation Ltd. has fostered a reputation for reliability among charterers, many of whom prioritize safety and operational excellence in their choice of shipping partners. The integration between Bright Navigation Inc. and Sea Gate Navigation Ltd. creates a vertically structured shipping group that combines commercial control with technical expertise. Bright Navigation Inc. handles commercial operations such as chartering, asset acquisitions, and fleet strategy, while Sea Gate Navigation Ltd. ensures that vessels are kept in prime operating condition, fully compliant with regulations, and operated safely by well-trained crews. This vertical integration allows Bright Navigation Inc. to reduce reliance on third-party managers, maintain lower operating expenses, and maximize fleet uptime. It also gives the Stefanou brothers the agility to quickly respond to changing market conditions, whether that means deploying ships into different trades, adjusting chartering strategies, or investing in additional tonnage. In recent years, Bright Navigation Inc. has become increasingly active in the secondhand acquisition market, with a particular focus on capesize and kamsarmax bulk carriers. These acquisitions reflect confidence in the long-term demand for dry bulk shipping, especially in trades linking Asia with the Atlantic basin. The move into larger vessel classes has given Bright Navigation Inc. the scale to participate more fully in long-haul trades such as iron ore shipments from Brazil and Australia to Asia, as well as coal shipments across the Pacific. Sea Gate Navigation Ltd. has played a central role in integrating these new acquisitions into the fleet, overseeing technical upgrades, implementing fuel-efficiency measures, and ensuring that the vessels are aligned with the group’s safety and environmental standards. The growth trajectory of Bright Navigation Inc. and Sea Gate Navigation Ltd. also reflects the broader resilience of Greek shipowners in global shipping. Greek shipowning families have traditionally thrived by combining hands-on management with disciplined financial strategies, and Bright Navigation Inc. is no exception. By maintaining close oversight of every vessel through Sea Gate Navigation Ltd., the Stefanou brothers ensure that they retain direct control over both commercial and technical decisions. This distinguishes Bright Navigation Inc. from shipowners who rely on external managers, as the vertically integrated approach fosters closer alignment between financial goals and operational realities. Looking to the future, Bright Navigation Inc. and Sea Gate Navigation Ltd. are expected to pursue continued fleet expansion while also investing in sustainable technologies. With decarbonization becoming a central challenge for the global maritime industry, both Bright Navigation Inc. and Sea Gate Navigation Ltd. are well placed to adapt. Investments in emissions reduction technologies, alternative fuels such as methanol and LNG, and energy-saving devices will allow the group to remain competitive in a market where environmental performance is increasingly a key factor in chartering decisions. Furthermore, the adoption of digital shipmanagement tools and real-time performance monitoring will further enhance the group’s ability to reduce costs, improve efficiency, and comply with evolving international regulations. Bright Navigation Inc. and Sea Gate Navigation Ltd. today stand as a strong example of a family-owned yet professionally managed Greek shipowning enterprise. Through steady fleet growth, disciplined investment, and integration of commercial and technical operations, the Stefanou brothers have built a shipping group that not only contributes to Greece’s standing as a global maritime leader but also positions itself to thrive in the challenging decades ahead. With their combination of heritage, ambition, and forward-looking strategy, Bright Navigation Inc. and Sea Gate Navigation Ltd. embody the enduring strength and adaptability of Greek shipping in the global marketplace.