30-July-2018
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL has been acquiring self-owned vessels since late 2018 to actively enhance its shipping capacity. Leveraging its exceptional business operational prowess, Agricore Group has established a specialized ship management firm Agricore Ship Management Co Ltd. Since Agricore Ship Management Co Ltd.’s inception, the company’s fleet has experienced rapid growth. As of the end of 2021, Agricore Group (Agricore Shipping ASL) and Agricore Ship Management Co Ltd already boasts a fleet of ten self-owned bulk carriers, encompassing Supramax, Panamax, and Capes types, amounting to a total of approximately 1,076,800 DWT. Agricore Group’s subsidiaries Agricore Ship Management Co Ltd. and Agricore Shipping ASL possess an efficient, pragmatic, and professional international ship management team, consisting of core members who are management experts and ship safety technical professionals with prior experience in renowned global ship management companies. The fleet flies the maritime flags of Panama, Marshall, Liberia, Singapore, Hong Kong, and other prominent nations. Holding the DOC (Document of Compliance) for the Hong Kong, Liberia, Panama, and Singapore flags, Agricore Shipping ASL and Agricore Ship Management Co Ltd adheres to an internationally and nationally compliant ship safety and pollution prevention management system. Dedicated to the professional management of bulk carriers, Agricore Shipping ASL and Agricore Ship Management Co Ltd has developed a scientific, professional, and distinctive management approach. Through meticulous and forward-thinking management practices, it provides customers with high-quality, convenient, and efficient extended services, ensuring optimal vessel conditions. Simultaneously, Agricore Shipping ASL’s fleet consistently caters to companies with stringent ship requirements, including mining and grain enterprises, throughout the year, thus bolstering Agricore Shipping ASL’s esteemed reputation within the international shipping industry.
30-July-2018
Japanese shipyards have unilaterally decided to cease the production of ships equipped with Tier II engines. A noteworthy order was placed by Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) for ultramax bulk carriers. Interestingly, Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) has chosen China over their home country for contracting, where Tier II engines are still available. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) ordered two (2) firm 63K DWT ultramax bulk carriers with an option for two more from Nantong Xiangyang Shipbuilding in the H1 2020. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) will pay around $24 million for each ultramax bulk carrier.
30-July-2018
Monaco based dry bulk shipowner and operator Transocean Maritime Agencies acquired 2010 built tanker MT 46K DWT MV Maersk Mishima. This is the first time that Transocean Maritime Agencies moving into the tanker segment. Japanese shipowner Taiheiyo Kaiun sold MV Maersk Mishima which is under the time charter of Maersk Tankers for $16.8 million. Shipbrokers mentioned the price increase of MR tankers. Comparing with similar MR tanker 2010 built 50K DWT MT Axel which was acquired for $16.3 million in June, 2018. Monaco based dry bulk shipowner and operator Transocean Maritime Agencies has previously focused on the panamax and ultramax dry bulk carriers. Currently, Monaco based dry bulk shipowner and operator Transocean Maritime Agencies has a fleet of 15 dry bulk carriers worth a combined $334 million. Transocean Maritime Agencies also ordered two panamax new-buildings at Jinling Shipyard Jiangsu in China.
28-July-2018
Japanese shipowner Doun Kisen Kaisha’s 2015 built panamax dry bulk carrier 78K DWT MV Ikan Kerapu was grounded in the Irbe Strait in the Gulf of Riga on Sunday morning. Tugs appeared to assist grounded MV Ikan Kerapu. MV Ikan Kerapu is operated by Singapore-based Pacific Carriers. No pollution or damage has been reported.
27-July-2018
Greek ship-manager and operator Pavimar SA acquired second kamsarmax dry bulk carrier from its bankrupt compatriot owner Toisa Shipping. After these acquisitions Ismini Panayiotides-led Pavimar SA increased fleet to 14 ships. Greek ship-manager and operator Pavimar SA acquired 2016 built kamsarmax dry bulk carrier 82K DWT MV Trade Prosperity. MV Trade Prosperity is one of the dry bulk carriers sold by Clarksons as part of Toisa Shipping’s US bankruptcy. Bankrupted Greek shipowner and operator Toisa Shipping had a fleet of 26 tankers and 6 dry bulk carriers. In June 2018, Greek ship manager and operator Pavimar SA acquired 2012 built 81K DWT MV Trade Will around $15.5 million. In February 2018, Toisa Shipping owner Gregory Callimanopulos filed for Chapter 11 bankruptcy protection in United States over a debt exceeding $1billion. Citibank was one of his several creditors of bankrupted shipowner Toisa Shipping. Toisa Shipping’s 13 tankers and 76 dry bulk carriers would be yielding estimated proceeds of $385 million.
27-July-2018
Great Lakes-St Lawrence Seaway dry bulk trade increased 38% due to the high demand for construction materials like asphalt, cement, and stone this summer. According to Canada’s Chamber of Marine Commerce construction projects increased across the region. Shipping activity at Great Lakes-St Lawrence Seaway increased to a total of 12 million tonnes.
27-July-2018
Korean shipowner and operator Sinokor Merchant Marine acquired 7 capesize dry bulk carriers in two en-bloc transactions. Korean shipowner and operator Sinokor Merchant Marine acquired 3 scrubber-fitted capesize dry bulk carrier resales under construction at Jiangsu Yangzi Xinfu Shipyard in China for delivery in late 2019 and 2020 for a price tag of $50 million each. Korean shipowner and operator Sinokor Merchant Marine is also being mentioned in connection with the purchase of 4 trading capesize dry bulk carriers 2012 built 176K DWT MV Stella Charlene, 176K DWT MV Stella Flora, 180K DWT MV Stella Annabel, and 180K DWT MV Stella Anita from Singapore based shipowner and operator Cara Shipping. Korean shipowner and operator Sinokor Merchant Marine also ordered two 208K DWT dry bulk carrier new-buildings at Shanghai Waigaoqiao Shipbuilding (SWS) in China for 2020 delivery.
27-July-2018
Turkish tycoon Yalcin Sabanci-led shipowner and operator Yasa Shipping is aiming to sell 5 dry bulk carriers which were all built in Japan: MV Yasa Gulten, MV Yasa Ozcan, MV Yasa Team, MV Yasa Unity and MV Yasa Neslihan. Yasa Shipping is in the mid of major fleet renewal and disposing dry bulk carriers before taking delivery of 12 new-buildings in 2019. Turkish dry bulk and tanker shipowner has an ambitious newbuilding programme. Four (4) ultramax dry bulk carriers are on order at Jiangsu New Yangzijiang Shipbuilding, 4 at Cosco Dalian Shipyard, and four (4) MR tankers at Hyundai Mipo Dockyard. Currently, Yasa Holding’s subsidiary Yasa Shipping has a fleet of four (4) aframax tankers trading and two (2) MR tankers. Currently, Yasa Shipping has 10 supramax, 9 panamax, and 1 capesize dry bulk carriers in the fleet.
26-July-2018
Athens-based shipowner Evalend Shipping Co SA denies handysize sale rumor. Kriton Lentoudis-led Greek shipowner Evalend Shipping Co SA is denying market rumors the company has disposed of 2015 built handysize bulk carrier 38K DWT MV Evangelia L to Middle-Eastern shipowners for approximately $19 million. Whisper has been swirling around shipbrokers’ offices. However, Greek shipowner Evalend Shipping Co SA stated that it is a false rumor and that 2015 built handysize bulk carrier 38K DWT MV Evangelia L wasn’t even for sale at all. In 2015, Athens-based shipowner Evalend Shipping Co SA acquired 2015 built handysize bulk carrier 38K DWT MV Evangelia L a resale deal from Bahamas-based Agriculture & Energy Carriers (AEC) for around $22 million. Athens-based shipowner Evalend Shipping Co SA has a mixed fleet of gas carriers, tankers, and bulk carriers.
25-July-2018
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) attracted by lower costs and earlier delivery of ultramax and kamsarmax bulk carrier new-buildings in China. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) signed a contract worth more than $164 million that would make it the latest Japanese shipowner to turn to Chinese shipyards to take advantage of lower-priced new-building bulk carriers. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) prefered Nantong Xiangyu Shipbuilding and Offshore Engineering to construct a series of ultramax and kamsarmax bulk carrier new-buildings.
24-July-2018
Hong Kong-based shipowner and operator Goldwin Shipping sold supramax dry bulk carrier 2010 built 53K DWT MV Amber Alena for around $23 million to Chinese shipowners. Furthermore, Hong Kong-based shipowner and operator Goldwin Shipping has been attempting to sell 2013 built ultramax dry bulk carrier 63K DWT MV Amber Champion and 2011 built supramax dry bulk carrier 53K DWT MV Amber Beverly.
Hong Kong-based shipowner and operator Goldwin Shipping would be left with only tanker new-buildings on its hands. Two 55K DWT tankers will be built at Chengxi Shipyard and will be delivered in late 2019 with a price tag of $39 million each.
22-July-2018
The shipping industry is currently witnessing a significant impact due to new Chinese legislation, particularly affecting transactions involving aging bulkers. In the last 10 days, there have been multiple instances of deals for older bulk carriers falling through, largely attributed to the upcoming implementation of this new legislation set by Beijing. The central issue revolves around a deadline of September 1st imposed by the Chinese government. Under this new regulation, ship buyers in China are restricted from importing ships for domestic trades unless they meet specific criteria: the vessels must be at least IMO (International Maritime Organization) Tier II compliant and built in 2011 or later, or they must have been retrofitted to meet these standards. Given that the process of Chinese ship registration takes at least two weeks, the effective deadline for compliance is realistically around August 15th. This legislative change is creating challenges for Chinese buyers, particularly those who have been purchasing vintage vessels. The new requirement may force these buyers to shift their focus to more modern ships, which are typically more expensive. Additionally, they will now be subject to a 25% import duty. In light of these developments, Greek owner Vrontados Shipping has managed to commit three 15-year-old Chinese-built handy bulk carriers – MV Kaity L, MV Christina L, and MV Maria L – to Chinese shipowners for $8.5 million, $8 million, and $8 million respectively. Interestingly, these vessels had previously failed to sell to Chinese buyers earlier in the month at $8.5 million, likely due to the impending new regulations. This situation reflects the complexities of international shipping trade, where regulatory changes in a single country can have far-reaching effects on global maritime transactions. The new Chinese legislation is poised to reshape the dynamics of the ship trading market, particularly affecting the trade of older vessels and potentially influencing the global pricing and demand for more modern ships.
21-July-2018
The Foremost Group, a US-based dry bulk owner, has recently commissioned the construction of two 84K DWT kamsarmax bulk carriers at Oshima Shipbuilding in Japan. The deliveries of these kamsarmax carriers are scheduled for 2020 and 2021. While the financial details of this order have not been disclosed, it is a significant part of Foremost Group’s strategy to optimize its fleet. This order is a continuation of Foremost Group’s active fleet expansion and modernization efforts. In August of the previous year, the company placed an order for two post-panamax vessels at the same Japanese yard. Additionally, in February of this year, Foremost Group ordered four 210K DWT newcastlemax bulk carriers at Waigaoqiao Shipbuilding in China. Currently, Foremost Group operates a diverse fleet of 17 bulk carriers, reflecting its commitment to maintaining a strong presence in the global maritime shipping sector. This latest order underscores the company’s ongoing investment in fleet enhancement and growth.
20-July-2018
Croatian tanker and bulker shipowner Uljanik Plovidba back into profit at the end of 2017. Uljanik Plovidba reported HRK 38,156 revenue in 2017 which was a loss of HRK 55 million in 2016. Uljanik Plovidba reported operating profit HRK 204 million, in 2017 which was HRK 184.6 in 2016. Croatian tanker and bulker shipowner Uljanik Plovidba commented that cargo operations were strong with the help of high freight rates. Uljanik Plovidba expects that the tanker sector will recover in 2018 due to a decrease in the number of new deliveries. Uljanik Plovidba has a fleet of 5 supramax dry bulk carriers and 3 MR tankers.
17-July-2018
The dry bulk sector has recently seen solid freight rates, which has helped maintain a steady pace in the secondhand ship sales market. Despite this, there’s been a noticeable hesitation in making significant investment decisions by shipowners, influenced by various factors concerning the future outlook for ship prices. This cautious stance, along with the typical summer slowdown in the northern hemisphere, is expected to result in a quieter sale and purchase (S&P) market in the upcoming weeks. In the dry bulk segment, there has been a resurgence in activity with a considerable number of transactions. However, this has come with a caveat – certain deals have experienced downward pressure on prices. It appears that buyers have become more reserved in the past month, influenced by several market disruptions, including the recent regulatory changes in China regarding ship imports. These factors suggest a possible substantial restructuring in the market and a shift in price levels among different age groups of vessels, as noted in Allied Shipbroking’s latest weekly report. Several notable transactions have been reported by multiple shipbroking houses:
- Japanese owner Doun Kisen Kaisha sold the 2008-built, 55,522 DWT supramax bulker MV Navios Armonia. The Japanese-built vessel was reportedly sold to Greek interests for about $14.2 million.
- Allied Shipbroking and Advanced Shipping & Trading reported that Greek shipowner Vrontados SA sold the 2003-built, 50K DWT supramax bulk carrier MV Kaity L to Chinese shipowners for $8.2 million.
- More than five shipbroking houses reported an en bloc deal involving two sister kamsarmax bulk carriers - the 2015-built MV Hanton Trader V and the 2016-built MV Hanton Trader VI. These Chinese-built vessels, each with a DWT of 81K, were sold by Japanese owner Nisshin Shipping to an undisclosed buyer for a total of $48.5 million.
15-July-2018
Shortly after being recognized as the purchaser of a kamsarmax bulk carrier from the bank-managed divestiture of Toisa Shipping’s fleet, Pavimar SA has again executed a strategic move, this time realizing its second profitable asset transaction in the past half-year. In the latest deal, Pavimar SA offloaded the Imabari-manufactured 76,600 dwt panamax bulk carrier, MV Toro, fetching roughly $15.5 million. Initially, this Athens-headquartered maritime firm acquired MV Toro for just below $8.5 million back in September 2016. At the start of this year, Pavimar SA also disposed of another Imabari-made vessel, the 51,000 dwt supramax bulk carrier MV Queen P, selling it to the Greek company Aims Shipping for an estimated $12.5 million, having bought it for $10 million in the preceding March. Over the recent period, Pavimar SA has shown remarkable expansion, augmenting its fleet with eight bulk carriers since February 2017.
15-July-2018
Just weeks after being identified as the acquirer of one of the six kamsarmax bulk carriers from the bank-led fleet sale of Toisa Shipping, Pavimar SA has completed another transaction, marking its second successful asset flip within the last six months. This time, Pavimar SA sold the Imabari-built 76,600 dwt panamax bulk carrier MV Toro for approximately $15.5 million. The Athens-based shipping company, Pavimar SA, originally purchased the MV Toro for under $8.5 million in September 2016. Earlier this year, Pavimar SA sold another vessel constructed by Imabari, the 51,000 dwt supramax bulk carrier MV Queen P, to its Greek counterpart Aims Shipping for about $12.5 million, after acquiring it for $10 million in March of the previous year. Pavimar SA has demonstrated significant growth as a shipowner in recent years, with the purchase of eight bulk carriers since February 2017.
12-July-2018
Japanese shipowner and operator Doun Kisen KK (aka Doun Kisen Co. Ltd) sold 2008 built supramax bulk carrier 55K DWT MV Navios Armonia for around $14 million to a Greek shipowner and operator. In 2008, Japanese shipowner and operator Doun Kisen KK (aka Doun Kisen Co. Ltd) got the delivery of MV Navios Armonia from Kawasaki Shipbuilding.
12-July-2018
International Maritime Organization (IMO) has invited the International Organization for Standardization (ISO) to introduce standards and to reassure shipowners that an identical type of methanol will be ready at ports. Developing ISO standard is a critical move for methanol to gain broader adoption as a marine fuel. International Maritime Organization (IMO)’s Maritime Safety Committee has been revising guidelines for low flashpoint fuels like methanol and LNG (liquefied natural gas). International Maritime Organization (IMO) already has standards for methanol as a cargo, but not as a marine fuel. Nevertheless, methanol as marine fuel encounters difficulties in terms of sufficient space and commercial availability.
11-July-2018
Thailand-based Bangkok-listed Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping recently proclaimed the divestment of the 1995 built open hatch bulk carrier MV Thor Enterprise for a sum of $5.6 million to India-based Hermes Maritime Services. MV Thor Enterprise has gracefully been rechristened as MV Asian Enterprise. Remarkably, the transaction secured a handsome remuneration for Bangkok-listed Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping. It’s noteworthy to mention, however, that Thoresen Shipping initially disbursed an approximate sum of $26 million during MV Thor Enterprise’a acquisition in 2004. MV Thor Enterprise divestment diminishes Thoresen’ Shipping’s armada to a count of 21 bulk carriers, underscoring the ongoing trend of parting with more antiquated ships. The financial returns from these dispositions are diligently channeled towards the Thoresen Shipping’s ambitious fleet rejuvenation endeavors, ushering in newer bulk carriers predominantly in the supramax category.
10-July-2018
New York-listed Genco Shipping & Trading sold two (2) vintage dry bulk carriers. 1999 built handy bulk carriers MV Genco Progress and MV Genco Explorer were sold for around $6 million each. Genco Shipping & Trading will continue to sell vintage dry bulk carriers after acquiring four (4) new dry bulk carriers from Zodiac Maritime. New York-listed Genco Shipping & Trading is preparing to sell 15 vintage dry bulk carriers. New York-listed Genco Shipping & Trading has a fleet of 60 dry bulk carriers and the fleet is managed by Genco Ship Management LLC.
9-July-2018
Geneva-based dry bulk carrier owner and operator SAM Shipping (Shipping Asset Management) controlled 2012 built supramax dry bulk carrier 57K DWT MV Sam Lion has suffered hull damage after hitting rocks off the Spanish enclave of Ceuta in North Africa on Tuesday. MV Sam Lion’s flat bottom has been damaged and is being patched up. MV Sam Lion is safe and stable and no pollution has been reported up to now. MV Sam Lion was carrying 40,000 metric tonnes of cement from Turkey and reported as cargo is undamaged. MV Sam Lion will be moved to a ship repair yard, as the damage was worse than had at first been thought. MV Sam Lion’s hull cracks will be reinforced and steel plates will be welded to the hull. All the damaged tanks will then be emptied. Swiss dry bulk carrier owner and operator SAM Shipping (Shipping Asset Management) investigating the incident.
3-July-2018
Greek shipowner and operator Omicron Ship Management is going to fully concentrate on the panamax dry bulk segment. Greek shipowner and operator Omicron Ship Management sold its last handy bulk carrier and acquired 2005 built panamax dry bulk carrier 76K DWT MV Dr Bravo (ex MV Alessandro Volta) from Korean shipowner and operator Doriko Ltd for around $12 million. In April 2018, Greek shipowner and operator Omicron Ship Management sold 2001 built handy bulk carrier 28K DWT MV Omicron Way (ex MV Hibernia) for around $5 million. Currently, Greek shipowner and operator Omicron Ship Management has a fleet of 5 panamax dry bulk carriers built between 2001-2006. In March 2017, Korean shipowner and operator Doriko Ltd acquired MV Dr Bravo (ex MV Alessandro Volta) for around $9 million.
3-July-2018
Paris MOU port state organization banned 33 ships in 2017. In 2016, Paris MOU port state organization banned 20 ships. Last 3 years, Moldova, Tanzania, and Togo have recorded the highest number of ship bans of Paris MOU port state organization. In 2017, Paris MOU port state organization annexed Poland and South Korea to the white flag list. Iran, Kazakhstan, Russia, and the US moved from white to grey list. In 2017, Paris MOU port state organization blacklisted Ukraine.
2-July-2018
New York-listed shipowner and operator Diana Shipping chartered out 2012 built baby capesize dry bulk carrier 98K DWT MV Polymnia to Cargill $16,000 per day for about 17 months. Last year, the world’s largest grain trader Cargill was paying $10,100 per day for MV Polymnia and the new charter rate increased by 60%. MV Polymnia will generate about $6.72 million in gross revenue for the New York-listed shipowner and operator Diana Shipping. Baltic Dry Index is currently around 1422 which is just shy of the 2018 high. Currently, panamax dry bulk carriers are earning around $14,550 per day.
2-July-2018
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) announced 5 options for combination carriers in Chinese shipyard Jiangsu Yangzi Shipbuilding. Klaveness Combination Carriers (KCC) emphasized that new-building combination carriers can transport wet and dry bulk. CLEANBU type new ships will improve fuel savings. Klaveness Combination Carriers (KCC) noticed that CLEANBU type new ships are environmentally friendly ships. Klaveness Ship Holding owns 70% of the Klaveness Combination Carriers (KCC).