March 2018

29-March-2018

John Fredriksen’s ex right-hand man Tor Olav Troim-backed Norwegian shipowner 2020 Bulkers is in the money on its contracts for eight (8) newcastlemax new buildings at Chinese Shipyard New Times. Eight (8) newcastlemax new buildings were ordered in 2017 for around $44.2 million each and currently same newcastlemax new buildings are quoted around $50 million. Chinese Shipyard New Times will deliver 2020 Bulkers’ newcastlemax new buildings between September 2019 and May 2020. Tor Olav Troim-backed Norwegian shipowner 2020 Bulkers is listed on Oslo’s OTC (over-the-counter) market. Last week, 2020 Bulkers raised another fresh equity in order to pay shipyard installments for new-buildings. Tor Olav Troim’s private company Magni Partners had a 50% stake in 2020 Bulkers.  2020 Bulkers shareholders are Titan Opportunities Fund, Fredrik Halvorsen, and Magni Partners. John Fredriksen and Tor Olav Troim split their ways in 2014.

29-March-2018

Norwegian finance company Ness, Risan & Partners (NRP) acquired 2010 built handysize dry bulk carrier 35K DWT MV Nordic Riga from Nordic Hamburg for $9.5 million. Oslo-based Risan & Partners (NRP) traditionally sets up limited partnership companies to own the vessels that the company acquires. But this time, Ness, Risan & Partners (NRP) acquired MV Nordic Riga without partnership. Ness, Risan & Partners (NRP) partner Ragnvald Risan revealed that MV Nordic Riga will come as a charter-free position. Norwegian finance company Ness, Risan & Partners (NRP) has $300 million under management and experienced in all sectors of shipping. Ness, Risan & Partners (NRP) has been involved with more than 180 transactions.

29-March-2018

Greek shipowner and operator Probulk Shipping & Trading sold 2001 built handymax dry bulk carrier 48K DWT MV Nepenthe for around $9 million. In 2017, Greek Alexandros Tsakos led Probulk Shipping & Trading bought MV Nepenthe for around $3.5 million. Recently, values of vintage handymax dry bulk carriers have strongly rebounded. MV Nepenthe is due for a special survey (SS) in November 2019. Currently, Greek shipowner and operator Probulk Shipping & Trading has a fleet of four (4) bulk carriers.

Greek Alexandros Tsakos’ father Elias Tsakos established Entrust Maritime in 1990. Elias Tsakos died in April 2015. In November 2014, Probulk Shipping & Trading SA was established at the same address as Entrust Maritime. In 2015, Entrust Maritime’s dry bulk carriers renamed and transferred to Probulk Shipping & Trading SA.

29-March-2018

Two multipurpose (MPP) and heavy-lift sector giants American Intermarine and German Zeaborn Shipping is in probable consolidation discussions in order to design multipurpose (MPP) company. Intermarine and Zeaborn Shipping are contemporary competitors in the multipurpose sector. Intermarine and Zeaborn Shipping plans to team up, consolidate and grow in the multipurpose (MPP) sector. Currently, multipurpose (MPP) sector top-two players in the heavy-lift sector by deadweight are Cosco Shipping and BBC Chartering respectively. Intermarine and Zeaborn Shipping merger as Zeamarine would be the third-largest player. In 2017, German Zeaborn Shipping acquired operations of Rickmers Linie. In 2018, German Zeaborn Shipping acquired ER Schiffahrt and its shipbroker arm Harper Petersen & Co.

29-March-2018

Chinese shipowners have the greatest share with 21 million DWT of dry bulk carriers. Brazilian iron ore giant Vale’s 39 VLOC (Very Large Ore Carrier) newbuilding project is prolonging China’s rising prominence in the dry bulk market. Chinese shipowners’ fleet overall number is increased to 145 million DWT. China is the third-largest bulk carrier shipowner nation behind Greece and Japan. In 2018, Chinese shipowners control 18% of the global dry bulk fleet. In 2008. Chinese shipowners were controlling barely 7% of the global dry bulk fleet.

29-March-2018

Greek shipowner and operator Transmed Shipping Ltd acquired 2015 built kamsarmax dry bulk carrier 81K DWT MV Ocean Vision from Singapore-listed Noble Group for $23.8 million. Singapore-listed Noble Group is in the midst of debt restructuring. Noble Group explained that company would secure $8.2 million in cash from the deal after the repayment of debt. It is the second dry bulk carrier sale to Greek shipowner and operator Transmed Shipping Ltd by Noble Group. Previously, Noble Group sold 2015 kamsarmax dry bulk carrier 82K DWT MV Ocean Integrity to Primerose Shipping. MV Ocean Vision and MV Ocean Integrity were part of a wider 4 dry bulk carriers that Noble Group tried to sell at the end of 2017 but the transaction failed. Greek shipowner and operator Transmed Shipping Ltd is led by Charalambos Mylonas. Greek shipowner and operator Transmed Shipping Ltd has a fleet of 24 dry bulk carriers with an average age of 5 years. Greek shipowner and operator Transmed Shipping Ltd has 2 new-buildings on order.

29-March-2018

Taipei-based dry bulk shipowner U-Ming Marine Transport reported that the company returned to profit for 2017. In 2017, U-Ming Marine Transport reported net earnings of TWD 999.52 million. In 2016, U-Ming Marine Transport reported a net loss of TWD 878.35 million. Taiwanese dry bulk shipowner U-Ming Marine Transport reported revenue of TWD 8.5 billion in 2017 jump from TWD 6.5 billion in 2016. Taipei-based dry bulk shipowner U-Ming Marine Transport is paying up to $150 million to join the crowd participating in a vast VLOC (Very Large Ore Carrier) building program for Brazilian iron ore giant Vale. Two (2) VLOC (Very Large Ore Carrier) 325K DWT is going to cost around $75 million each at the Chinese Shipyard Qingdao Beihai Shipbuilding Heavy Industry. Taiwanese dry bulk shipowner U-Ming Marine Transport expects some $600 million in total earnings on a 25-year COA (Contract of Affreightment) with Vale. This contract is the biggest in Taiwanese shipowner U-Ming Marine Transport’s history.

28-March-2018

Gothenburg-based tanker and ro-ro giant Stena Group has entered a new market with a breakbulk chartering partnership with Poulsen HBC Line (PHL). In 2014, Glasværket-based J Poulsen Shipping and Hamburg-based Hamburg Bulk Carriers (HBC) established PHL (Poulsen HBC Line). PHL’s (Poulsen HBC Line) aim is to get better ­utilisation out of Hamburg Bulk Carriers’ (HBC) dry bulk fleet by securing breakbulk backhaul freight traditionally carried by multipurpose (MPP) vessels. Stena Group and PHL (Poulsen HBC Line) joint venture put Stena’s Austen Maritime Services (AMS) in charge of breakbulk chartering in China, Hong Kong, South Korea, and Taiwan for the joint venture’s vessels. Stena Group and PHL (Poulsen HBC Line) joint venture signed the agreement at the Breakbulk China conference in Shanghai.

28-March-2018

Turkish shipowner and operator Densay Shipping acquired 2010 Japanese built supramax dry bulk carriers 55K DWT MV Nichirin for about $16 million. Istanbul based shipowner and operator Densay Shipping has been making potential profits on an asset play. Meanwhile, Densay Shipping is trying to sell 2005 built supramax dry bulk carrier 56K DWR MV SSI Nemesis. Densay Shipping bought MV SSI Nemesis (ex MV Nemtas 4) in 2016 from compatriot shipping arm of Nemtas Nemrut for $8.8 million which is currently valued as about $11.65 million. Turkish shipowner and operator Densay Shipping has a fleet of 14 dry bulk carriers from handysize to kamsarmax size. Turkish shipowner and operator Densay Shipping has two ultramax dry bulk carrier new building orders at Chinese Shipyard Jinling Shipyard. In December 2017, Istanbul based shipowner and operator Densay Shipping acquired 2009 built handysize dry bulk carrier 32K DWT MV SSI Magnificent (ex MV King Yukon). In March 2017, Densay Shipping acquired 2007 built handysize dry bulk carrier 32K DWT MV SSI Spring (ex MV Campanula) for about $6.5 million. In October 2017, Densay Shipping acquired 2011 built handysize dry bulk carrier 33K DWT MV Galene M for about $12.5 million from Greek owner Stamatis Molaris. But, both parties has not confirmed the sale of the ship.

28-March-2018

Sumec Marine, a prominent Chinese trading firm, owns New Dayang Shipbuilding (previously Yangzhou Dayang Shipbuilding) and has established Sumec Ocean Transportation in Singapore to oversee its maritime operations. Scheduled to start its operations in May 2019, Sumec Ocean Transportation will be responsible for the management of all dry bulk carriers owned by Sumec Marine. This Singapore-based ship operating entity will take control of 18 dry bulk carriers from Sumec Shipping, which is the shipowning branch of Sumec Marine, encompassing a range from handysize to kamsarmax bulk carriers. An affiliate of the state-owned China National Machinery Industry Corp (Sinomach), Sumec Ocean Transportation was created to enhance Sumec’s global maritime operations from Singapore, a strategic hub in international shipping. In addition to managing its fleet, Sumec Ocean Transportation will oversee the operations of three vessels chartered in, signifying its broad operational scope. With over two decades in the shipping sector, Nanjing-headquartered Sumec Marine offers extensive services to shipowners, including tailored shipbuilding, financial arrangements, ship modification, and marine engineering solutions. The acquisition of New Dayang Shipbuilding in Jiangsu province is a testament to Sumec Marine’s commitment to the shipbuilding industry, marking a significant expansion with an investment of $280 million alongside two affiliates to secure full ownership of Yangzhou Dayang. Following the acquisition, New Dayang Shipbuilding welcomed AVIC International Leasing as one of its first clients post-takeover, securing a contract for eight 63K DWT ultramax bulk carriers slated for delivery by the end of 2020. Additionally, the shipyard received orders for up to twelve 82K DWT kamsarmax bulk carriers from China Development Bank Financial Leasing, demonstrating a solid order book exceeding 20 bulk carrier newbuildings. Amidst maintaining its focus on constructing bulk carriers, New Dayang Shipbuilding is also poised to venture into the gas transport market, planning to build LPG and ethane carriers. This strategic direction aligns with Sumec Ocean Transportation’s ambitions to not only oversee a significant dry bulk fleet but also to expand its operational reach into new segments of maritime transport, reinforcing Sumec’s position in the global shipping industry. Sumec Ocean Transportation, through its strategic initiatives and comprehensive fleet management, aims to enhance Sumec’s maritime logistics and shipping operations, leveraging Singapore’s strategic position to foster growth and innovation in the shipping sector.

27-March-2018

Greek shipowner and operator Diana Shipping chartered out 2005 built capesize dry bulk carrier 180K DWT MV Aliki for $18,000 per day for 2 years to SwissMarine. New York-listed Diana Shipping is going to earn $10.8 million in gross revenue for chartering out MV Aliki for 2 years to Glencore-backed charterer and operator SwissMarine. SwissMarine hired the same capesize dry bulk carrier MV Aliki in 2017 for $10,300 per day. In Q1 2018, SwissMarine has chartered in 6 capesize dry bulk carriers for the period.

27-March-2018

Tokyo based shipowner Far East Shipping & Trading has ordered 2 open-hatch 37K DWT dry bulk carriers at the Japanese Shipyard Saiki Heavy Industry. Saiki Heavy Industry will deliver the ships in 2019. Currently, Japanese shipowner Far East Shipping & Trading has a fleet of 9 dry bulk carriers.

27-March-2018

Briese Schiffahrts controlled MV BBC Neptune collided with Delphis’ container ship MV Delphis Gdansk off Denmark. Both ships MV BBC Neptune and MV Delphis Gdansk have been damaged but no injuries and no pollution has been reported.

25-March-2018

Danish shipowner and operator Ultrabulk has reported a loss of $2.4 million in 2017. Ultrabulk is presumptuous of a swift return to profit and anticipates to report a net profit in 2018. Danish shipowner and operator Ultrabulk operates a fleet of around 150 dry bulk carriers at any given time. In 2017, due to an increase in Chinese construction projects and an acceleration in manufacturing globally, dry cargo freight rates commenced increasing in 2017. In 2018, Ultrabulk anticipates a dry bulk fleet increase of 2.5%. Furthermore, dry bulk market freight rates will remain increasing in 2018.

23-March-2018

Indian shipowner and operator Global United Shipping India (GUSI) sold 2007 Japanese-built supramax dry bulk carrier 56K MV Nandini to Athens based ship operator Seastar Chartering Ltd. (Seastar Shipmanagement Ltd.) for around $12 million. In February 2018, Chellaram Shipping sold a similar 2006 built supramax dry bulk carrier 56K DWT MV Darya Vishnu to Polforce Shipping for around $13 million. Indian shipowner and operator Global United Shipping India (GUSI) put MV Nandini up for sale in September 2017.

Indian shipowner and operator Global United Shipping India (GUSI) has been trimming its dry bulk carrier fleet. In July 2017, Global United Shipping India (GUSI) sold 2000 built panamax dry bulk carrier MV Sanvi to Greek Ilios Shipping for around $5 million. Chennai based Global United Shipping India (GUSI) is a joint venture between the Synergy Group and the Japanese Mitsui Group. Global United Shipping India (GUSI) has a fleet of eight (8) LPG carriers.

22-March-2018

New York listed Diana Shipping chartered out 2015 built capesize dry bulk carrier 180K DWT MV New Orleans at $21,000 per day to SwissMarine for a year. Capesize dry bulk carrier time-charter rates break above the $20,000 per day mark for the second time in Q1 2018. Previously, MV New Orleans was chartered out to Koch Shipping for $11,250 per day. Meanwhile, Koch Shipping chartered in 2013 built capesize dry bulk carrier 206K DWT MV FPMC B Kingdom for 10 months at $21,300 per day. According to Clarksons database one-year period capesize time-charter rates at $20,375 per day. Capesize spot voyage rates still remain on the mat for 2018, having fallen nearly 70% since mid-December 2017 to an average of $8,880 per day currently. Capzesize weakness in the spot market comes as Brazilian mining giant Vale iron ore exports dropped 11 million tonnes in the first 11 weeks of 2018 compared to the year-earlier period due to weather and port maintenance activity. Chinese import activity was also decreased for the period straddling through the end of the Chinese New Year. Capzesize weakness in the spot market is also due to current stockpiles in China. Chinese’s National Bureau of Statistics shows construction demand to be robust in January and February of 2018. Capzesize dry bulk market current softness in Chinese demand is temporary, demand will pick up in the coming months of 2018.

22-March-2018

New York-listed DryShips is planning to sell another ­vintage panamax dry bulk carrier. George Economou led DryShips is selling 2001 Japanese built panamax dry bulk carrier 75K DWT MV Maganari around $9 million. MV Maganari went through special survey in February 2016. Chinese shipowners have been active in picking up ­vintage panamax dry bulk carriers. In 2006, DryShips bought MV Maganari for $34.9 million from Meridian Marine Management. In January 2018, DryShips sold another vintage panamax dry bulk carrier 2001 built 73K DWT MV Mei Lan Hu (ex MV Ecola) for $8.5 million. New York listed DryShips has 12 panamax dry bulk carriers in its fleet.

22-March-2018

Athens based shipowner and operator Equinox Maritime Ltd. acquired 2011 built supramax dry bulk carrier 55K MV Tegea (ex MV Rose Balsam) for around $16 million.

Ghikas J Goumas-led Equinox Maritime Ltd. has appeared as the new owner of MV Tegea (ex MV Rose Balsam) which changed hands in January 2018. This is Equinox Maritime Ltd.’s first purchase in the secondhand market in more than six (6) years.

Athens based shipowner and operator Equinox Maritime Ltd. has a fleet of 15 dry bulk carriers and almost all of them have been trading with the company since they were constructed.

22-March-2018

Greek shipowner and operator Minoa Marine acquired panamax dry bulk carrier and increased its fleet number to 5 panamax dry bulk carriers. Minoa Marine acquired 2006 built 76K DWT MV Anthea (ex MV Drake).

Athens based shipowner and ship-manager Minoa Marine acquired its last panamax dry bulk carrier about 3 years ago. Greeks remain keen buyers of 2005 and after built panamax bulkers on the secondhand market.

On the other hand, Greeks are overwhelmingly on the selling side of vintage panamax dry bulk carriers to Chinese shipowners. However, Chinese shipowners have recently shown some reluctance for further vintage panamax dry bulk carriers due to possibly of potential regulatory changes that would lower mandatory age limits in China.

22-March-2018

Donald Trump is proposing to impose tariffs on $60 billion worth of goods shipped from China. Last year, the USA imported goods around $375 billion more than it exports. Trade war is launching new uncertainties in the world economy. Shipping market stocks were amidst those influenced by potential reciprocity. The largest parts of the USA and China trade are in containerized goods. On the other hand, soybeans remain the second-largest US export to China. Soybean is a major cargo in the dry bulk trade from the USA to China and most apparently will be affected by presumable tariffs and trade wars.

20-March-2018

Monaco-based Scorpio Bulkers’ CEO Emanuele Lauro sees positives in dry bulk shipping and macro outlook. Emanuele Lauro is positive about the recovering dry bulk market. Emanuele Lauro said Scorpio Bulkers normalized its business in 2017 as the industry ground upwards quarter by quarter in 2018. Scorpio Bulkers’ CEO Emanuele Lauro noted on the company’s annual report that the demand for commodities and shipping ton-mile has been increased. According to Emanuele Lauro, China tries to decrease pollution while maintaining economic growth hence domestic coal production will decline and long-haul imports will increase. This will trigger larger vessels shuttling coal from Australia to China. CEO Emanuele Lauro also welcomed the arrival of new legislation about sulfur emissions laws for 2020. Monaco-based Scorpio Bulkers has a fleet of 55 ships.

20-March-2018

Norwegian shipowner and operator Torvald Klaveness has confirmed iron ore shipment deal with steel giant Arcelor Mittal. Arcelor Mittal has factories in 18 countries. Arcelor Mittal is one of the leading steel and mining companies. Norwegian shipowner and operator Torvald Klaveness will transport iron ore from South America to northern Europe. Arcelor Mittal preferred to maintain the company’s long-lasting relationship with Norwegian shipowner and operator Torvald Klaveness. ArcelorMittal’s shipping subsidiary Global Chartering Ltd.

20-March-2018

Athens-based Vassilis Laliotis-led shipowner and operator Sea Globe Management and Trading Inc stands on the brink of substantial profits as it embarks on its second attempt at selling a kamsarmax bulk carrier. Sea Globe Management and Trading Inc is likely to reap significant financial rewards should they succeed in flipping the kamsarmax bulk carrier 80K DWT MV Globe Danae. Sea Globe Management and Trading Inc of Greece is on the verge of nearly doubling the company’s investment in the kamsarmax bulk carrier, which Sea Globe Management and Trading Inc acquired two years ago, as the company now endeavor to find a new buyer for the ship.

20-March-2018

Chinese shipowner and operator Zhejiang Xin Yi Hai Shipping bought six (6) small dry bulk carriers. Before this acquisition Zhejiang Xin Yi Hai Shipping had a fleet of ten (10) dry bulk carriers. Zhejiang Xin Yi Hai Shipping is part of Zhejiang Shipping Group.

20-March-2018

Greek shipowner and operator Navios Maritime Holdings sold 2001 Japanese built supramax dry bulk carrier 52K DWT MV Navios Herakles for about $8 million. The price tag of MV Navios Herakles is likely to represent a drop in the price of vintage dry bulk carriers which has a limited buyer interest right now. In 2003, New York-listed Navios Holdings bought MV Navios Herakles as part of an en bloc deal with compatriot Thenamaris Ships Management. Greek shipowner and operator Navios Maritime Holdings has a fleet of 39 ships with an average age of 10 years.

19-March-2018

Chinese shipowner Zhongchang Marine acquired seven (7 )new dry bulk carriers through a financial leasing programme as shipping markets correct. Huang Shenghui led Zhongchang Marine has increased its fleet number to 17 bulk carriers. Zhongchang Marine fleet capacity increased from 430K DWT to 780K DWT.

Zhongchang Marine CEO Huang Shenghui observed positive outlook in shipping market after years of downturn. In 2017, Zhongchang Marine revenues increased to $60 million. Currently, Zhongchang Marine is listed on the Shanghai Stock Exchange.

18-March-2018

Nasdaq-listed Greek shipowner and operator Globus Maritime (GLBS) lowered its losses in Q4 2017. New York-listed dry bulk operator Globus Maritime’s revenue for Q4 2017 increased to $3 million as the daily TCE (Time Charter Equivalent) rate increased to $8,112. Higher charter out rates resulting in more revenue. Globus Maritime reported a net loss of $1.2 million in Q4 2017. CEO Athanasios Feidakis is comfortable about the dry bulk market future. Globus Maritime’s approach is to charter out dry bulk carriers on short-medium term contracts. Globus Maritime is endeavoring fleet renewals in 2018. Furthermore, Globus Maritime has lowered its debt to DVB Bank and HSH Nordbank. Currently, New York-listed dry bulk operator Globus Maritime has a fleet of 4 supramax dry bulk carriers and 1 panamax dry bulk carrier. All the bulk carriers are managed by Athens based subsidiary Globus Shipmanagement Corp.

18-March-2018

Angeliki Frangou led Navios Maritime Partners acquired 2005 built panamax dry bulk carrier 87K DWT for $12.95 million. With the latest acquisition, Navios Maritime Partners increased its fleet to 40 ships. The new panamax dry bulk carrier is expected to generate $3.2 million of EBITDA per year. New York-listed Navios Maritime Partners will finance the acquisition of the new panamax dry bulk carrier with cash on its balance sheet and bank debt at terms similar to its existing facilities. Navios Maritime Partners expects to distribute dividends approximately $3.4 million quarterly and $13.7 million annually.

18-March-2018

Singapore-listed Noble Group has sold one of its 2015 built kamsarmax dry bulk carrier 82K DWT MV Ocean Integrity for $24 million. Currently, Singapore-listed Noble Group is restructuring its debt which is about $3.4 billion. MV Ocean Integrity was one of 4 dry bulk carriers Noble Group was set to sell in a deal in 2017 that deal was ultimately failed. Noble Group has sold a number of assets to strengthen its balance sheet. Singapore-listed Noble Group missed a coupon payment on a $750 million bond and the company is very close to reaching final terms with the Ad Hoc Group in respect of a proposed restructuring of Noble Group’s unsecured liabilities.

18-March-2018

On 15 March 2018 Switzerland based freight operator SwissMarine chartered in 2004 built capesize dry bulk carrier 175K DWT MV KWK Providence from Tai Chong Cheang (TCC) for $17,250 per day for 2 years. MV KWK Providence chartering will start in April and will be delivered at Qingdao, China. MV KWK Providence $17,250 per day charter rate is softer than the $20,000 per day for 180K DWT MV Navios Lumen that was chartered in by SwissMarine last week for a year. This week, SwissMarine also chartered in 2005 built capesize dry bulk carrier 171K DWT MV Star Lady at 93% of BCI for a year period. According to forwards market data from the Baltic Exchange, one-year freight markets are currently priced around $17,125 per day.

17-March-2018

Indonesian Asian Bulk Logistics (ABL) is plotting to enter into the dry bulk sector. Asian Bulk Logistics (ABL) is financing in cargo transfer ships and barges. Presently, Jakarta-based Asian Bulk Logistics (ABL) is endeavoring to establish a dry bulk shipping fleet. Asian Bulk Logistics (ABL) aims to develop a ship owning and logistics company. Currently, the Indonesian government restricted coal trade to domestic ships.

15-March-2018

Greek shipowner owner and operator AB Maritime Inc. sold 1998 built handymax dry bulk carrier 46K DWT MV Eugenia B (ex MV Stellar Might) for around $6 million. Japanese shipyard Sanoyas Shipbuilding built MV Eugenia B (ex MV Stellar Might) demolition value is around $3.5 million.

In 2003, Greek shipowner owner and operator AB Maritime Inc. bought MV Eugenia B (ex MV Stellar Might) from Japanese shipowner United Ocean for around $16 million. AB Maritime Inc. used MV Eugenia B (ex MV Stellar Might) through the boom years of dry bulk shipping. The selling price of MV Eugenia B (ex MV Stellar Might) shows a firmly increasing value of vintage handymax dry bulk carriers.

Currently, AB Maritime Inc. has a fleet of 8 dry bulk carriers.

9-March-2018

Chinese shipowner and operator Seacon Shipping Group Ltd’s 2012 built handyman dry bulk carrier 40K DWT MV Glory Hongkong has experienced severe water ingress off Finland. MV Glory Hongkong was near Finland, en route to St Petersburg when it made an emergency call. MV Glory Hongkong’s crewmembers announced 7 meters of water in the engine room. MV Glory Hongkong’s 22 crewmembers are safe and engine room doors were tightly closed. Chinese shipowner and operator Seacon Shipping Group Ltd have been negotiating a towing contract with a salvor.

8-March-2018

Greek shipowner and operator Blue Seas Shipping S.A. has enlarged its dry bulk fleet by acquiring MV DN Millet, a former bulk carrier controlled by Turkish shipowner and operator Deniz Nakliyati, adding another modern supramax bulk carrier to the fleet of Blue Seas Shipping S.A. Kyriakos Sigalas is the co-principal of Blue Seas Shipping S.A., the Athens-based shipowner and operator that has been confirmed as the buyer of one of the ships reportedly sold by Istanbul-based shipowner and operator Deniz Nakliyati in January. Executives at Blue Seas Shipping S.A. confirmed the purchase of the 2011-built 58K-DWT supramax bulk carrier MV DN Millet for around $14.5 million, giving Blue Seas Shipping S.A. a versatile dry bulk ship with broad cargo and trading potential. In January, Istanbul-based shipowner and operator Deniz Nakliyati sold the sistership pair MV DN Millet and MV DN Vatan to undisclosed buyers for about $14.9 million each, with Blue Seas Shipping S.A. later identified as the buyer of MV DN Millet. The transaction reflects the continuing fleet expansion strategy of Blue Seas Shipping S.A., which has been steadily building a stronger position in Greek dry bulk shipping through selective secondhand acquisitions. Blue Seas Shipping S.A. was established in 2014 and is controlled by the Greek Sigalas family, placing Blue Seas Shipping S.A. among privately owned Greek shipowners that expand through disciplined asset selection rather than aggressive speculative growth. Since its establishment, Blue Seas Shipping S.A. has focused on dry bulk ownership and operation, developing a fleet around practical and tradable ships suited to mainstream commodity transportation. The acquisition of MV DN Millet fits that strategy because supramax bulk carriers are among the most flexible ships in the dry bulk sector, combining useful cargo intake with wide port access. For Blue Seas Shipping S.A., a 58K-DWT supramax bulk carrier such as MV DN Millet can be employed in numerous trades, including coal, grain, fertilizers, steel products, cement, bauxite, petcoke, and other minor bulk cargoes. This flexibility is particularly valuable for a privately controlled owner such as Blue Seas Shipping S.A., as it allows Blue Seas Shipping S.A. to pursue employment across different regions and cargoes instead of relying on one narrow trade. The purchase of MV DN Millet also improves the position of Blue Seas Shipping S.A. in the supramax bulk carrier segment, a size category that remains attractive to charterers because these ships offer reasonable intake, strong trading flexibility, and access to a wide range of loading and discharge ports. Blue Seas Shipping S.A. has built its profile quietly, with a fleet approach based on measured growth, careful timing, and disciplined participation in the sale-and-purchase market. Greek shipowners have long used secondhand transactions to expand, renew, or reshape their fleets, and Blue Seas Shipping S.A. appears to follow this traditional Greek shipping model. Instead of depending heavily on newbuilding contracts, Blue Seas Shipping S.A. has used the secondhand market to acquire ships with known operating histories and immediate trading potential. The acquisition of MV DN Millet from Deniz Nakliyati shows that Blue Seas Shipping S.A. is ready to act when suitable tonnage becomes available at a price level that supports long-term fleet planning. Blue Seas Shipping S.A.’s interest in supramax and larger bulk carrier tonnage also shows the ambition of Blue Seas Shipping S.A. to broaden its dry bulk platform. A ship such as MV DN Millet gives Blue Seas Shipping S.A. greater commercial reach than smaller bulk carriers, while still avoiding the larger exposure associated with capesize bulk carriers. This middle-size profile can be attractive because supramax bulk carriers are able to move between Atlantic and Pacific trading regions, carry many cargo types, and serve charterers needing reliable and flexible dry bulk transportation. For Blue Seas Shipping S.A., the purchase adds deadweight capacity, increases fleet depth, and supports a wider chartering profile. The deal also highlights the connection between Greek and Turkish shipping markets in the secondhand dry bulk sector. Istanbul-based shipowner and operator Deniz Nakliyati sold MV DN Millet and MV DN Vatan as part of a two-ship transaction, while Athens-based shipowner and operator Blue Seas Shipping S.A. has taken one of the sisterships into the fleet of Blue Seas Shipping S.A. Such cross-border sale-and-purchase activity is common in dry bulk shipping, where owners regularly adjust fleets according to ship age, asset values, earnings expectations, and capital priorities. For Deniz Nakliyati, the sale of MV DN Millet represented the disposal of a modern supramax bulk carrier at a strong price. For Blue Seas Shipping S.A., the acquisition represented an opportunity to add a 2011-built 58K-DWT supramax bulk carrier with immediate commercial use. Blue Seas Shipping S.A. continues to develop as a smaller but increasingly visible Greek dry bulk shipowner and operator. The leadership of the Sigalas family, including Kyriakos Sigalas, gives Blue Seas Shipping S.A. a family-controlled structure similar to many traditional Greek shipping businesses. This structure can support quick decisions, close cost awareness, and a long-term view of ship ownership. Blue Seas Shipping S.A. has not expanded simply for scale; instead, Blue Seas Shipping S.A. appears to prefer practical acquisitions that strengthen the fleet step by step. The purchase of MV DN Millet follows that pattern by adding a useful supramax bulk carrier that can support the trading profile of Blue Seas Shipping S.A. and increase the presence of Blue Seas Shipping S.A. in competitive dry bulk markets. The acquisition is also important because Blue Seas Shipping S.A. has been gradually expanding beyond a compact fleet base and building more commercial substance in the dry bulk sector. Each additional ship gives Blue Seas Shipping S.A. more chartering flexibility, stronger visibility among brokers and charterers, and greater ability to balance earnings across different routes. MV DN Millet contributes to this development by giving Blue Seas Shipping S.A. a ship capable of serving many cargo programmes and regions. For a growing Greek owner, fleet composition is important because a balanced group of tradable ships can reduce dependence on one cargo type or one geographic market. The acquisition of MV DN Millet therefore supports both fleet growth and operational flexibility for Blue Seas Shipping S.A. With the acquisition of the 2011-built 58K-DWT supramax bulk carrier MV DN Millet from Deniz Nakliyati, Blue Seas Shipping S.A. has made another firm move in the secondhand dry bulk market. The transaction reinforces the strategy of Blue Seas Shipping S.A. to grow through targeted purchases, improve fleet quality, and maintain exposure to versatile bulk carrier tonnage. For Blue Seas Shipping S.A., MV DN Millet is not merely another ship; MV DN Millet is a commercially valuable asset that strengthens the fleet of Blue Seas Shipping S.A., supports the long-term development of Blue Seas hipping S.A., and confirms the continuing activity of Blue Seas Shipping S.A. in the Greek dry bulk ownership sector.

7-March-2018

6-March-2018

Norwegian Teigen family's Lighthouse Shipholding has purchased 2 supramax dry bulk carriers built-in 2008. Lighthouse Shipholding bought 50K DWT MV Orient Light (ex MV Saturnus) and MV Bering Light (ex MV Serpentine) from compatriot owner Seven Seas Carriers. CEO Frode Bjorklund does not mention the price tag of the supramax dry bulk carriers. According to current market vessels are around $24 million. Bergen-based Seven Seas Carriers has sold 2 supramax dry bulk carriers in order to concentrate on newer Japanese built ships. After the sale, Seven Seas Carriers has left with a fleet of 2 ships. Lighthouse Shipholding started building its fleet in 2014 by ordering 5 ultramax dry bulk carriers 64K DWT at Chinese shipyard Jiangsu HantongShip Heavy Industry Co. for about $25 million each. In November 2016, Lighthouse Shipholding acquired 2007 built MV Pacific Light (ex MV Embdens Welvaart) for just $4.8 million. The Lighthouse Shipholding fleet is operated by Lighthouse Navigation in Thailand. Norwegian Teigen family was a major shareholder in Thoresen Thai Agencies. Norwegian Teigen family sold out its stake in 2005 for about $190 million.

6-March-2018

Greek shipowner and operator Seaspire Maritime Inc. acquired four (4) handysize dry bulk carriers from compatriot Tide Line. Piraeus based Seaspire Maritime Inc. was established in 2014.

In November 2017, Seaspire Maritime Inc. acquired 33K DWT 2008 Japanese built MV Aegean Spire (ex MV Atlantic Treasure) for around $10 million. Seaspire Maritime Inc. also acquired handy bulk dry bulk carriers are 28K DWT MV Baltic Spire, 32K DWT MV Ionian Spire, and 32K DWT MV Saronic Spire.

Greek shipowner and operator Seaspire Maritime Inc. was established in 2014. Paris Xanalatos led Tide Line has left with a fleet of five (5) handysize dry bulk carriers. Greek shipowner and operator Seaspire Maritime is led by Periklis Stasinopoulos who built long-standing cooperation between the two companies.

Greek Seaspire Maritime Inc. has been operating out of the same Piraeus offices as Tide Line. Seaspire Maritime Inc. is entrusting its technical and operation to its partner Tide Line. All Seaspire Maritime Inc.’s bulk carriers were built in Japan.

6-March-2018

President Donald Trump declared raising tariffs 25% on steel and 10% on aluminum. There would be a possible retaliation from China, Europe, and Canada for the US tariffs. Dry bulk shipowners have been following the US tariffs’ repercussions. USA president Donald Trump wants to protect domestic steel and aluminum producers.

6-March-2018

Russia’s State Transport Leasing Company (STLC) subsidiary GTLK Europe is opening an office in Ireland. Russian GTLK Europe is going to control aircraft and shipping assets worth more than $1.5 billion.

6-March-2018

Fujian Mawei Shipbuilding published that Dubai’s Marine Assets Corporation (MAC) has missed an installment of $18 million on a new mining ship in China. Mining ship is due to be delivered at the end of 2018 and will be chartered out to Canada-listed Nautilus Minerals for 5 years. Mining ship MAC Goliath construction has been almost completed. Canada-listed Nautilus Minerals requires MAC Goliath for the Solawara gold and copper mining project off Papua New Guinea.

4-March-2018

Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation acquired 2012 built kamsarmax bulk carrier MV Sea Ace. Just last week, multiple shipbrokers chronicled the transaction of 2012 built kamsarmax bulk carrier MV Sea Ace, meticulously crafted at CSSC Guangzhou Longxue Shipbuilding, conveyed by John Fredriksen’s renowned Seatankers to Hellenic connoisseurs for a sum of $18.6 million. Of late, Athens-based shipowner and operator Kassian Maritime Navigation has exhibited fervent activity in the maritime market, exhibiting no reservations in integrating Chinese-crafted bulk carriers into their fleet. In the twilight of the previous year, Kassian Maritime Navigation procured the 2013 built panamax bulk carrier MV Prodigy (ex MV Chengyang Eminence) from the esteemed Shanghai Hong Xiang Shipping. Currently, Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime has a fleet of ten (10) bulk carriers.

2-March-2018

Greek shipowner and operator, Limassol based LMZ Shipping is expanding its fleet by ordering two (2) kamsarmax dry bulk carriers 82K DWT at Chinese shipyard Yangzijiang Shipbuilding. Greek shipowner and operator LMZ Shipping has not ordered new-building bulk carriers since 2003. Chinese shipyard Yangzijiang Shipbuilding is scheduled to deliver the first kamsarmax dry bulk carrier by Q4 2019. Each Tier II-compliant kamsarmax dry bulk carrier will cost around $25 million.

George Bachos-led LMZ Shipping has been active in the secondhand market. Greek shipowner and operator LMZ Shipping has a fleet of 8 dry bulk carriers which were all acquired from the secondhand market during the past five years. LMZ Shipping has a policy of expanding through selective acquisitions.

Currently, Cyprus based LMZ Shipping fleet compromises supramax dry bulk carriers: 57K DWT MV LMZ Pluto (ex MV Guoyu 51, built 2011), MV LMZ Ariel (ex MV Oriental Trader, built 2012), MV LMZ Phoebe (ex MV Maja, built 2011), MV LMZ Titan (ex MV Stavropol, built 2012), MV LMZ Vega (ex MV Flag Alexandros, built 2010), MV LMZ Europa (ex MV Georgianna, built 2011), panamax dry bulk carrier 75K DWT MV LMZ Ceres (ex MV TTM Brilliance, built 2011), 82K DWT MV LMZ Bianca (ex MV Grain Pearl, built 2013).

LMZ Shipping was established in 1999 by Liza Manios-Zachariou.

1-March-2018

Vietnamese shipowner and operator Tan Binh Co. Ltd. acquired 1999 built handysize dry bulk carrier 23K DWT MV Luxury SW from Taiwanese shipowner and operator Shih Wei Navigation for around  $4 million. Vietnamese shipowner and operator Tan Binh Co. Ltd. has renamed MV Luxury SW as MV Tan Binh 236. Vietnamese shipowner and operator Tan Binh Co. Ltd. has always been interested in good acquisition nominees. Vietnamese shipowner and operator Tan Binh Co. Ltd. has a fleet of 14 ships that are operated in the Asian region.