29-January-2018
The shipowner and operator based in India, Seven Islands, has successfully purchased the 46K DWT tanker MT MR Ashland (constructed in 2000) from Union Maritime Limited (UML), a London-based shipowning and operating company. This acquisition by Seven Islands was promptly executed to fulfill the requirements of a newly secured contract with the Indian Oil Corporation (IOC). Consequently, MT MR Ashland is slated to be employed under a two-year time charter contract with the Indian Oil Corporation (IOC). This transaction marks the third occasion in recent years that Seven Islands, an Indian firm, and Union Maritime Limited (UML), a British entity, have engaged in business dealings, with Seven Islands having previously acquired two older MR tankers from Union Maritime Limited (UML). As a company dedicated solely to the tanker industry, Seven Islands boasts a fleet comprising 12 tankers.
25-January-2018
New York-listed shipowner and operator Navios Maritime Partners acquired two (2) panamax dry bulk carriers built-in 2006 74K DWT for $22 million total. Two (2) panamax dry bulk carriers are expected to be delivered to Navios Partners’ fleet within Q1 2018. Acquired two (2) panamax dry bulk carriers are currently under period hire at $9,375 per day until May/November 2018. Newly acquired two (2) panamax dry bulk carriers will generate approximately $4.8 million. New York-listed shipowner and operator Navios Maritime Partners reported that 2 panamax dry bulk carriers will be financed with cash on its balance sheet.
24-January-2018
This week, the maritime sales and purchase (S&P) market saw a continuation of strong activity in bulker sales, particularly with supramax bulk carriers drawing significant interest. There was also a noticeable uptick in demand for container assets, whereas transactions involving tankers were scarce, reflecting the sector’s current lackluster earnings. The dry bulk sector remains vibrant, with a particular emphasis on smaller vessel segments. This trend is beginning to impact price levels, although no major shifts have been observed yet. However, if the current rate of buying interest and activity persists, we may soon witness a price rally, although the timing might be pushed to early March due to prevailing freight market conditions. In a notable transaction, the 2008-built supramax bulk carrier MV Poseidon SW was acquired by Greek shipping company Sea World Management from Taiwanese firm Shih Wei Navigation for $12.5 million. Furthermore, the Japanese shipowner Kasuge Kaiun has been identified as the purchaser of a resale ultramax bulk carrier from Saiki Heavy Industries, agreeing to a price of $25.5 million for the 60K DWT vessel scheduled for delivery in June 2018. Kasuge Kaiun’s decision to forego inspection underscores their keenness to secure the ship, initially ordered by Mitsui Soko. On the tanker front, the market appears to have quieted further, with few deals being reported. Nonetheless, there’s a cautious optimism that the sector may see gradual improvement as trade fundamentals begin to offer a more favorable outlook. Although there’s no strong indication of this shift in the freight market yet, potential buyers seem to be taking note of the evolving landscape.
22-January-2018
Aims Shipping, a company based in Greece, has been confirmed as the buyer of the supramax bulk carrier MV Seven Lady, originally named MV Queen P and built in 2009, from Pavimar SA. The deal for the Imabari-crafted MV Seven Lady was sealed late last year for an estimated $12.5 million. Having taken possession of the MV Queen P, Aims Shipping, situated in Athens, has since renamed it to MV Seven Lady. Pavimar SA enjoyed a significant gain from this sale, netting approximately $2.4 million in just seven months since acquiring the ship, then known as MV Chavin Queen, from NS United Kaiun Kaisha of Japan for around $10 million in May 2017. Aims Shipping, established in 2011 by ex-EastMed professionals Stefanos Pesmazoglou and Michael Stasinopoulos, now operates a diversified fleet of seven ships, including two feeder containerships and five bulk carriers.
22-January-2018
The Greek maritime firm Aims Shipping has been identified as the purchaser of the 2009-constructed supramax bulk carrier MV Seven Lady (formerly known as MV Queen P) from Pavimar SA. This transaction, involving the Imabari-manufactured vessel MV Seven Lady, was finalized late last year for an approximate amount of $12.5 million. The Athens-based Aims Shipping, now the new owner, has already taken delivery of the MV Queen P, which has been rechristened as MV Seven Lady. This transaction resulted in a substantial profit for Pavimar SA, totaling around $2.4 million within just seven months of its initial purchase. Pavimar SA acquired the vessel, previously called MV Chavin Queen, from Japan’s NS United Kaiun Kaisha for about $10 million in May 2017. Founded in 2011 by former EastMed executives Stefanos Pesmazoglou and Michael Stasinopoulos, Aims Shipping’s current fleet includes seven vessels, comprising two feeder containerships and five bulk carriers.
21-January-2018
Taiwanese shipowner and operator China Steel Express Corporation (CSE Bulk) has ordered four (4) newcastlemax bulk carriers 208K DWT at CSBC Corp shipyard a total of $184.8 million or $46.2 million each. China Steel Express Corporation (CSE Bulk) is in a fleet renewal and expansion programme. Taiwanese shipowner and operator China Steel Express Corporation (CSE Bulk) is aiming to reduce the number of old ships in its fleet. Taiwanese shipowner and operator China Steel Express Corporation (CSE Bulk) is going to receive two (2) new building newcastlemax bulk carriers during Q2 2019 and the other two (2) in Q1 2020. Taiwanese shipowner and operator China Steel Express Corporation (CSE Bulk) was established in 1996 and has a fleet of 21 ships.
19-January-2018
Konstantin and Alexander Oetker are developing the Oetker Family’s interests in the dry bulk sector via AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS). AO Shipping acquired 2010 built supramax dry bulk carrier 57K DWT MV Teresa Oetker (ex MV Rowan 1) for around $10 million. After this acquisition, the AO Shipping fleet increased to 8 dry bulk carriers. In November 2017, Dr. August Oetker Group sold liner shipping operation Hamburg Sud to Maersk Line. Previously, Konstantin Oetker was a shipbroker for 30 years in London and established his own company KO Maritime. In August 2017, Konstantin Oetker moved to Germany. MV Teresa Oetker (ex MV Rowan 1) was acquired with a charter to Oldendorff Carriers till August 2018. Previously, AO Shipping acquired 2002 built panamax dry bulk carrier 74K DWT MV Boreal. Alexander Oetker plans to keep AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) in private hands and never considers IPO (Initial Public Offering). Konstantin and Alexander Oetker are financially backed by family members, including their father August Oetker. AO Shipping AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) was set up in 2003. Initially, AO Shipping bought 5 ships. AO Shipping will stay as an asset player. In 2009, AO Shipping acquired 2001 built panamax dry bulk carrier 76K DWT MV Bonita. 2012, AO Shipping took delivery of two (2) newbuilding kamsarmax bulk carriers MV Blumenau and MV Belo Horizonte from the Chinese shipyard. When acquiring dry bulk carriers, AO Shipping usually guarantees a five-year charter out in place from bluechip ship operators. In 2013, AO Shipping ordered 2 ultra bulk carriers from Japanese Shipyard and chartered out for a long period to ship operator Ultrabulk. In 2017, AO Shipping took delivery new building ultra bulk carrier 63K DWT MV Florentine Oetker.
19-January-2018
Singapore-based shipowner and operator PCL’s (Pacific Carriers Ltd) managing director Govind Ramanathan is departing to pursue his own interests in shipping business. Govind Ramanathan has served as managing director at the privately owned Kuok Group since Keith Denholm’s departure in 2010, and as executive director of its Malaysian Bulk Carriers affiliate since 2015. Singapore based shipowner and operator PCL (Pacific Carriers Ltd) Shipping will appoint an internal candidate for Govind Ramanathan’s position. Chairman Kuok Khoon Kuan retired in 2017. PCL (Pacific Carriers Ltd) operates a diversified fleet including small containerships and multipurpose ships, VLGC units, smaller gas carriers and tankers and dry bulk. PCL (Pacific Carriers Ltd) operates fleet of 66 dry bulk carriers from handysize to capesize. Singapore based shipowner and operator PCL (Pacific Carriers Ltd) Shipping was heavily over-tonnaged and mostly chartered in from Japanese shipowners before bulk depression ground on.
18-January-2018
Christos Hadjigeorgiou led Greek shipowner and operator Almi Marine Management S.A. sold 2001 built supramax dry bulk carrier 52K DWT MV Akili to Chinese shipowners for around $9 million. Athens based Almi Marine Management S.A. should not to be confused with Greek tanker company with a similar company name Almi Tankers. After the sale of MV Akili, Greek shipowner and operator Almi Marine Management S.A. left with a fleet of 7 dry bulk carriers. Athens based Almi Marine is not listed as having any new-buildings ship under construction. Like Almi Marine Management S.A., many other Greek shipowners recently have rushed to offload their old ships on rising values.
18-January-2018
Greek Thanassis Martinos led Eastern Mediterranean Maritime (Eastmed) bought 2012 built panamax dry bulk carrier 81K DWT MV Azalea Sky for around $22 million from Mitsubishi Corp. In 2017, Eastern Mediterranean Maritime (Eastmed) was one of the busiest shipowner on the S&P market for second-hand tonnage. In 2017, Eastern Mediterranean Maritime (Eastmed) acquired 5 dry bulk carriers and 1 tanker. Thanassis Martinos has positive estimates for the 2018 dry bulk market.
18-January-2018
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping sold 2003 built handymax dry bulk carrier 52K DWT MV Jag Rahul (ex MV Philipp Oldendorff). In 2005, Great Eastern Shipping bought MV Jag Rahul (ex MV Philipp Oldendorff) for around $38 million from another Germany’s biggest bulk shipowner Oldendorff for around $38 million. Currently, Great Eastern Shipping has a mixed fleet of 47 ships.
18-January-2018
South African tanker and dry bulk shipowner Grindrod Shipping has been contemplating to spin off its shipping business in an international IPO (Initial Public Offering). Grindrod Shipping’s BOD (Board of Directors) proposes to make its ultimate verdict about IPO in early 2018. In August 2017, South African Johannesburg listed Grindrod Shipping estimated that its share price did not reproduce the amount of the shipping business. Grindrod Shipping has a fleet of 42 dry bulk carriers, tankers, and barges.
17-January-2018
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S set to book the company’s first adjusted annual profit since 2011. Dampskibsselskabet DS Norden A/S increased full-year projection backed by the company’s dry bulk division. Dampskibsselskabet DS Norden A/S anticipates 2017 to report an adjusted result of approximately $30 million. The expected advancement in profits is a result of a stronger than envisioned performance in Q4 2017 in both the dry bulk and tanker industry. Danish shipowner and operator Dampskibsselskabet DS Norden A/S reported an adjusted profit in the balance sheet in 2011. Jan Rindbo-led Dampskibsselskabet DS Norden A/S had smallish dry cargo coverage for 2018 than the company normally would, with a 1% dry bulk fleet growth for 2018. 1% dry bulk fleet growth is the lowest level, the shipping market has had since 1999.
17-January-2018
German dry bulk shipowner and operator Reederei H Vogemann sold 2011 built panamax dry bulk carrier 79K DWT MV Voge Enterprise for $14.9 million for further trading to undisclosed shipowners. MV Voge Enterprise’s loans exceeded its market value. Market players were not expected to be sold before dry bulk carriers values moved up. In September 2016, German dry bulk shipowner and operator Reederei H Vogemann sold 2006 built capesize dry bulk carrier 174K DWT MV Voge Master to Greek shipowner Kassian Maritime for $11.5 million.
17-January-2018
IMO’s (International Maritime Organization) global sulphur cap will begin in 2020 but the adoption of scrubbers in ships remains low. As of December 1, 2017 just 240 ships have been installed scrubbers according to Clarkson Research Services (CRS). Passenger vessels make up almost half of these ships comprising 57 ro-ros, as well as 62 cruise and ferry units have been installed scrubbers. Meanwhile, just 25 gas carriers and 23 tankers also ready for IMO’s (International Maritime Organization) global sulphur cap will begin in 2020. Shipowners currently have a number of compliance options to meet the IMO requirements: low sulphur petroleum-based fuels such as marine gas oil (MGO), fuels with a low sulphur content such as LNG, or a scrubber system to ‘clean’ SOx particles from the ship’s exhaust gases. Scrubber-fitted new building fleet looks set to accelerate in the near future. Many shipowners appearing to adopt a ‘wait and see’ policy. Shipowners are reluctant to install scrubber systems due to high installation costs. Besides, dual-fuel LNG engines, leading shipowners to remain cautious about installing scrubber systems.
16-January-2018
World’s largest ore transshipment ship 1993 built 280K MV Ore Fabrica was sold to India scrapyard for around $19 million by Vale. MV Ore Fabrica was employed in Subic Bay, the Philippines for transhipments of iron ore. Valemax bulk carriers were outlawed to discharge at Chinese ports.
15-January-2018
Dinos Caroussis-led shipowner and operator Chios Navigation (Hellas) Ltd has ordered its first new building in six years, finalizing an agreement with representatives from Hyundai Mipo Dockyard for one 50K DWT MR tanker. Athens-based shipowner and operator Chios Navigation (Hellas) Ltd is set to take delivery of this single 50K DWT MR tanker in Q3 2019 from Hyundai Mipo Dockyard’s Ulsan facility. The price for the 50K DWT MR tanker has not been disclosed by Dinos Caroussis-led shipowner and operator Chios Navigation (Hellas) Ltd. Currently, Chios Navigation (Hellas) Ltd operates a fleet of eight bulk carriers and two tankers. The company has maintained a low profile in maritime headlines for several years. In August 2017, Chios Navigation (Hellas) Ltd sold a vintage supramax bulk carrier after more than three years of absence from the Sale and Purchase (S&P) market.
15-January-2018
Greek shipowner and operator Efnav Co. Ltd. has signed a newbuilding deal for two kamsarmax bulk carriers at Nantong COSCO KHI Ship Engineering (NACKS Shipyard), a prominent and technologically advanced shipyard founded in 1999 as a joint venture between China COSCO Shipping and Japan’s Kawasaki Heavy Industries. The Athens-based shipowner and operator Efnav Co. Ltd. is investing approximately $27 million per kamsarmax dry bulk carrier. Both ships will be constructed under the IMO Tier II emission standards, reflecting Efnav Co. Ltd.’s practical approach toward proven engine designs and cost-efficient fleet expansion. Deliveries are expected to enhance the shipowner’s operational capacity in key grain, coal, and ore trades between Asia, Europe, and South America. The order marks Efnav Co. Ltd.’s return to the newbuilding market after a five-year break, underscoring its renewed commitment to fleet modernization and growth in anticipation of rising trade flows and tightening environmental regulations. Efnav Co. Ltd., based in Athens, has a long-standing reputation within the Greek shipping community as a privately owned and family-run enterprise that has maintained a stable presence in the dry bulk market for decades. Founded by Philippos Efstathiou, Efnav Co. Ltd. has built its name through prudent fleet management, emphasizing reliability, operational performance, and technical excellence. The shipowner manages a fleet of kamsarmax and panamax dry bulk carriers trading worldwide, carrying a diverse range of commodities such as iron ore, grains, fertilizers, coal, and bauxite. Efnav Co. Ltd. has consistently adhered to a conservative commercial strategy, combining period charter coverage with spot market exposure to optimize earnings while mitigating freight volatility. Efnav Co. Ltd. has also placed increasing importance on environmental performance and operational optimization, investing in hull maintenance, energy efficiency retrofits, and digital fleet monitoring systems. The Athens-based shipowner’s previous newbuilding activity dates back to 2012, when Efnav Co. Ltd. ordered four firm kamsarmax dry bulk carriers of 83,000 DWT each at STX Shipbuilding in South Korea, valued at approximately $33 million per ship. These newbuildings strengthened Efnav Co. Ltd.’s fleet and positioned it to take advantage of market upswings in the years following delivery. Over time, Efnav Co. Ltd. has cultivated a reputation among charterers for reliability and technical proficiency, maintaining long-term commercial relationships with leading trading houses and cargo operators. The management philosophy of Efnav Co. Ltd. emphasizes direct oversight, cost discipline, and technical precision, with all ship operations managed out of its Athens headquarters. The company’s technical department maintains strict supervision over maintenance, class surveys, and performance monitoring to ensure that each ship remains fully compliant with the International Maritime Organization’s evolving safety and emissions regulations. With this latest order at Nantong COSCO KHI Ship Engineering, Efnav Co. Ltd. continues to reaffirm its commitment to fleet renewal and modernization. The shipowner’s decision to collaborate with NACKS Shipyard highlights its confidence in the shipyard’s engineering expertise and build quality. This deal also reflects the broader trend among Greek shipowners of turning to Chinese shipyards for efficient and timely deliveries amid high shipyard utilization in South Korea and Japan. Efnav Co. Ltd.’s disciplined investment strategy and strong technical background position it to navigate the evolving dry bulk market landscape and continue its legacy as one of Greece’s resilient mid-sized shipowners with a long-term outlook grounded in operational excellence and financial prudence.
15-January-2018
Polys Hajioannou led Safe Bulkers chartered out 2011 built baby cape 93K DWT M/V Venus History for a year for $14,750 per day. New York-listed Safe Bulkers has a fleet of 40 dry bulk carriers. $14,750 per day is well above Safe Bulkers’ cash breakeven levels. Safe Bulkers is positive on the dry cargo market and believes that the period of oversupply was coming to an end. Safe Bulkers projected both stronger rates and higher asset prices in 2018.
15-January-2018
One of the richest Turkish conglomerate Sabanci Family’s Istanbul-based Yasa Shipping has ordered new-buildings at Nantong Cosco KHI Engineering (NACKS Shipyard which was established in 1999 as a joint venture between China Cosco Shipping and Japan’s Kawasaki Heavy Industries ) in China. Yasa Shipping ordered 4 ultramax dry bulk carriers 61K DWT at Nantong Cosco KHI Engineering for $24.5 million each and due to be delivered between 2019 and 2020. Yasa Shipping’s ultramax orders will be built under the old IMO Tier II standards. Currently, Yasa Shipping has a fleet of 6 tankers and 20 dry bulk carriers. In June 2017, Yasa Shipping was reported to have signed an LOI with Yangzijiang Shipbuilding for up to 8 ultramax dry bulk carriers but later the deal collapsed. In December 2017, Yasa Shipping was reported to have signed an LOI with Yangzijiang Shipbuilding for 3 newcastlemax dry bulk carriers and again the deal collapsed.
11-January-2018
The shipowning and operating company based in London, Union Maritime Limited (UML), has reported a loss of communication with its oil products tanker, the MT Barrett, built in 2005 and anchored off the coast of Benin in West Africa. There has been no contact with the MT Barrett since Tuesday, and Union Maritime Limited (UML) notified the local maritime authorities on the following day. The most recent Automatic Identification System (AIS) signal from the oil products tanker managed by Union Maritime Limited (UML), the MT Barrett, was recorded on Tuesday at 2:47 am, indicating its location anchored off Cotonou. Union Maritime Limited (UML) is actively engaged in efforts to establish the whereabouts of the MT Barrett, with the company’s utmost priority being the wellbeing and safety of the 22 crew members aboard.
10-January-2018
Bahri Dry Bulk Co LLC, a collaborative enterprise between the esteemed Saudi Arabian shipping firm Bahri and the distinguished Arabian Agricultural Services Company (ARASCO), has successfully secured Sharia-compliant funding amounting to $96 million from its compatriot, Bank Albilad. $96 million will be deployed to finance the construction of the Bahri Dry Bulk Co LLC’s four (4) newbuilding bulk carriers, which were commissioned at the renowned South Korean yard, Hyundai Mipo Dockyard, in the preceding year. The credit facility, disbursed over a period of six months, holds a tenure of 13 years, inclusive of a gracious three-year period of respite. It is intended to cover 80% of the total contract value. 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 President Nezar Banabeela expressed profound appreciation for the novel funding provided by Bank Albilad. Bahri Dry Bulk Co LLC President Nezar Banabeela regarded it as a momentous milestone that paves the way for Bahri Dry Bulk Co LLC to venture into untapped markets, both regionally and globally. This expansion would allow them to explore new avenues of growth and play a pivotal role in supporting the Saudi Arabia’s pursuit of national goals and strategic objectives set forth by the government. Furthermore, with the integration of four cutting-edge bulk carriers into their fleet, Bahri Dry Bulk Co LLC stands fully equipped to meet the escalating demand for vital grains, including barley, wheat, and corn, within the nation. 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 LL is primarily engaged in the transportation of grain and coal, currently boasting a fleet of five (5) dry bulk carriers.
9-January-2018
USA Rhode Island-based Pangaea Logistics Solutions aims to raise around $100 million equity, according to a shelf registration filed with US regulators. US-listed dry bulk shipowner and operator Pangaea Logistics Solutions want to expand at improving the dry cargo market. Pangaea Logistics Solutions CEO Ed Coll commented that by increasing the liquidity of the stock and creating a platform to raise additional capital, Pangaea Logistics Solutions will be providing a more solid foundation for future growth.
8-January-2018
Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd. has placed an order for three (3) kamsarmax dry bulk carriers with one (1) option at Chinese Shipyard Penglai Zhongbai Jinglu for around $100 million. Lavinia Bulk has a close relationship with Chinese Shipyard Jinglu because they have been ordering at Chinese Shipyard Jinglu since 2012. Chinese Shipyard will deliver the kamsarmax bulk carriers in Q2 2019 and Q2 2020. Greek Laskaridis family-controlled Lavinia Bulk has significant confidence in the dry bulk market. Lavinia Bulk has been controlling a fleet of 40 bulk carriers through shipping crises. Greek Laskaridis family is going to trade new kamsarmax bulk carriers in the dry bulk spot market. Currently, kamsarmax bulk carrier newbuilding price tags around $25 million at Chinese shipyards.
7-January-2018
COSCO Shipping Bulk’s dry bulk carrier MV CF Crystal and NITC’s suezmax tanker MT Sanchi collided 160 miles off Shanghai, China on 7 January 2018. 32 crew members are reported missing after the deadly collision. 2011 built dry bulk carrier 76K DWT MV CF Crystal which was carrying 64K tons of grain cargo from USA collided with 2008 built tanker 164K DWT MT Sanchi which was carrying 136K tons of light crude oil from Iran. There was an explosion on MT Sanchi and the Chinese government immediately sent 7 rescue and clean-up boats to the accident area. 136K tons of light crude oil is worth about $60 million and MT Sanchi chartered by Hanwha Total Petrochemical. MV CF Crystal is operated by COSCO Shipping Bulk CoscoCS subsidiary Shanghai CP International. MV CF Crystal damage is non-critical and all 21 crew members rescued from the dry bulk carrier.
7-January-2018
Greek shipowner and ship-manager Samos Steamship Co. has recently divested a capesize bulk carrier that was acquired in early 2016. This sale marks the first reported transaction involving a capesize bulk carrier in 2018. Athens-based shipowner and ship-manager Samos Steamship Co. had to allocate approximately $12 million for the acquisition of the capesize bulk carrier 177K DWT MV Kerkis (ex MV Shin Sho) built by Mitsui, a couple of years ago. Subsequently, it has been reported that 177K DWT MV Kerkis (ex MV Shin Sho) has been sold for around $22 million, providing ample capital to augment its diverse fleet, consisting of 13 bulk carriers and 15 tankers. Greek shipowner and ship-manager Samos Steamship Co., a company with a lineage dating back to 1857, has refrained from engaging in the sales and procurement sector for quite some time.
2-January-2018
Montreal-based shipowner and operator Fednav’s supramax bulk carrier MV Federal Cardinal has incurred a $6,000 fine from Transport Canada for violating speed restrictions in the Gulf of St. Lawrence. Transport Canada, the federal institution responsible for transportation policies, regulations, and services, has enforced a temporary speed limit in response to an increased number of whales in the area. This specific zone spans from the north shore of Quebec to just north of Prince Edward Island in the western Gulf of St. Lawrence. The speed restrictions are applicable to vessels exceeding 20 meters in length, with a set speed limit of 10 knots. These measures will remain in effect until the whales have migrated away from the designated area, ensuring their safety from marine traffic.
1-January-2018
Shipping Corporation of India (SCI) has completed the sale of its 1999-built tanker, MT Abul Kalam Azad. 51K DWT MT Abul Kalam Azad was listed for sale via an e-auction in August, with Shipping Corporation of India (SCI) indicating its openness to sell the tanker for further trading or for scrapping, on an “as is where is” basis. While the Indian shipowner and operator Shipping Corporation of India (SCI) did not disclose the identity of the buyer or the sale price, tracking data from Marine Traffic reveals that MT Abul Kalam Azad has recently relocated from its anchorage at Kakinada to Chittagong, where it is slated for dismantling at a scrapyard.