28-November-2018
What should really be regarded as a bargain in today’s unstable dry bulk market remains a matter of sharp disagreement. Unsurprisingly, S&P (Sale and Purchase) shipbrokers and ship operators continue to approach the subject from very different angles. Western Bulk Chartering maintained that although the dry bulk market had returned to more sustainable territory, conditions were still far removed from any sense of celebration. Seen from that perspective, analyst commentary can easily create a misleading impression of the broader market environment. Existing freight levels do not entirely support current asset prices or newbuilding values, and the general expectation has been that prices for modern tonnage would strengthen only gradually rather than rise dramatically. S&P (Sale and Purchase) shipbrokers, however, have continued to point to what they describe as compelling opportunities in an unsettled and rapidly shifting secondhand market. Secondhand bulk carrier prices have remained comparatively low by longer-term standards, and market sentiment has increasingly moved toward the belief that further bargain acquisitions may still be available, while the number of completed transactions has added weight to that argument. The supramax bulk carrier segment has been particularly active and has represented a substantial share of dry bulk sale and purchase activity. Against that backdrop, more shipowners appear to be embracing the bargain case, with yet another active week of concluded ship sales reported across the market. One of the transactions drawing particular notice involved the 2002-built Japanese capesize bulk carrier 177K DWT MV Southern Explorer, which several market reports said was sold by Japanese shipowner Mizuho Sangyo to Athens-based shipowner and operator Navitas Compania Maritima SA for around $13.5 million. The reported deal once again places Navitas Compania Maritima SA in focus as a concentrated Greek dry bulk owner that has expanded steadily through selective secondhand acquisitions rather than fast or highly visible fleet growth. Available fleet information links Navitas Compania Maritima SA with an all-bulk-carrier fleet of 12 ships and aggregate carrying capacity of 2,320,886 metric tons, with the business based in Kifisia, Athens. That profile suggests that Navitas Compania Maritima SA is not attempting to diversify across different shipping sectors, but is instead pursuing disciplined growth within dry bulk, using periods of market weakness and asset repricing to strengthen its position one ship at a time. In that respect, the acquisition of capesize bulk carrier MV Southern Explorer appears less like a standalone purchase and more like part of a structured long-term fleet strategy by Athens-based shipowner and operator Navitas Compania Maritima SA, which continues to enlarge its presence in the bulk carrier market through carefully timed acquisitions of established secondhand tonnage. In a separate transaction, Japanese leasing firm Century Tokyo acquired the 2002-built Japanese panamax bulk carrier 77K DWT MV Nord Hydra from Hong Kong-based Grace Ocean Investment for an undisclosed sum, and the ship was subsequently fixed to Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S on a time charter arrangement.
23-November-2018
Croatian tanker and bulker shipowner Uljanik Plovidba has arranged more refinancing to lower its financing costs. In September 2018, Uljanik Plovidba refinanced two (2) MR tankers with a new loan after agreeing to a discount with existing banks after intensive negotiations. Syndicate credit led by Credit Suisse made a significant amount of a discount on the outstanding debt of Croatian tanker and bulker shipowner Uljanik Plovidba. Credit Suisse permitted refinancing of loans of Uljanik Plovidba relating to MR tankers 2009 built MT Kastav and 2011 built MT Pomer.
23-November-2018
George Hatzis led Greek shipowner and operator Newport Chartering acquired 2006 built panamax dry bulk carrier MV Ponente (ex MV Orange Truth) for around $14 million. In September 2018, Greek shipowner and operator Newport Chartering sold vintage handysize dry bulk carrier 1998 built 27K DWT MV Ourania (built 1998) for around $5 million to Middle Eastern shipowners. Greek shipowner and operator Newport Chartering replaced MV Ourania with MV Agia Marina (ex MV Silvaplana). Newport Chartering acquired 2003 built handysize dry bulk carrier 29K DWT MV Agia Marina (ex MV Silvaplana) from Suisse-Atlantique for around $7 million. Greek shipowner and operator Newport Chartering Ltd. was established in 2004. Newport Chartering Ltd. is a subsidiary of Newport S.A. Currently, Newport Chartering Ltd. has a fleet of 7 handysize and 2 panamax dry bulk carriers and all Japanese-built bulk carriers. Athens-based shipping company Newport S.A.’s mission is to become the premier provider of comprehensive global transportation solutions within the dry bulk sector. Newport S.A. is dedicated to delivering unparalleled service by adhering to the highest standards of professionalism, safety, and operational efficiency. With its extensive experience and steadfast dedication to customer satisfaction, George Chatzis-led shipowner and operator Newport S.A. aims to excel in addressing global maritime challenges and delivering optimal solutions. Newport S.A. strives to utilize innovative technologies and best practices to enhance operational efficiency while emphasizing safety and sustainability. Newport S.A.’s mission includes consistently surpassing client expectations by understanding and fulfilling their unique requirements, fostering enduring partnerships characterized by trust and transparency. Greek shipowner and operator Newport S.A. is committed to acting as a responsible guardian of the oceans and marine resources, making a positive contribution to the communities and environments where it operates. Newport S.A.’s vision is to be acknowledged as the paramount leaders in ship management, establishing the standard for excellence in the global transportation industry. Newport S.A. aims to broaden its global footprint, using its expertise and reputation to inspire innovation and sustainable growth. This vision involves a strong commitment to customer satisfaction, motivating Newport S.A. to anticipate and meet the changing needs of its clients while cultivating lasting relationships based on mutual respect and shared success. In pursuit of this vision, Newport S.A. remains devoted to the principles of teamwork, collaboration, and continual enhancement, enabling its diverse team of professionals to reach their fullest potential and achieve collective triumph. Together, Athens-based shipowner and operator Newport S.A. is determined to influence the future of global transportation, creating a legacy of excellence and a positive impact on the maritime sector and the world.
23-November-2018
World’s largest scrap ship cash buyer GMS founder Anil Sharma has a positive outlook for Indian shipbreaking. GMS founder Anil Sharma has recently been supporting the Indian subcontinent’s green recycling. Indian, Pakistani, and Bangladeshi shipbreakers are frequently criticized for their beaching methods. Indian, Pakistani, and Bangladeshi shipbreakers can really lessen the environmental impact of beaching by following the IMO’s Hong Kong International Convention for the Safe and Environmentally Sound Recycling of Ships. Furthermore, Indian, Pakistani, and Bangladeshi shipbreakers can use concrete floors to prevent pollutants from entering the subsoil. GMS is scrapping approximately 200 ships per year.
20-November-2018
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has successfully chartered out the 2010-built post-panamax bulk carrier MV Alcmene to Hong Kong-based bulk shipowner and operator BG Shipping (Beibu Gulf Shipping). Under the terms of the charter, BG Shipping will pay $11,500 per day to operate MV Alcmene for a period of one year, totaling approximately $3.8 million based on the minimum time charter period. This charter agreement aligns with Diana Shipping Inc.’s strategy to maximize the profitability and operational efficiency of its fleet through strategic partnerships and charter arrangements. BG Shipping, known for its extensive operations in bulk shipping, particularly in the Asia-Pacific region, secures a vessel that enhances its capacity to manage and transport bulk commodities effectively. The arrangement between Diana Shipping Inc. and BG Shipping not only reflects the robust activity in the maritime shipping market but also indicates the continued demand for large-capacity vessels that can efficiently handle major bulk shipping routes. This partnership is expected to benefit both companies, with Diana Shipping leveraging stable charter income and BG Shipping expanding its operational capabilities in the competitive shipping market.
19-November-2018
Athens-based W Marine, led by Greek shipowner Yiannis Sarantitis, is on the verge of expanding its fleet to double digits following the purchase of a 2012-built kamsarmax bulk carrier. The acquisition of the MV Tenten from the Kairis Brothers’ company KBS for $18 million marks another strategic step in W Marine’s growth and fleet enhancement strategy. Despite the vessel being valued at $20.9 million by shipbrokers, with projections suggesting its worth could escalate to as much as $22.8 million, W Marine’s investment reflects a keen insight into the market’s future dynamics. Since its establishment in 2003 by Yiannis Sarantitis, W Marine has steadily grown its operations, now boasting a fleet of nine bulk carriers, including kamsarmax and post-panamax vessels. The company is further solidifying its market position with two additional kamsarmax bulk carriers currently under construction at Taizhou Kouan Shipbuilding in China. This expansion not only illustrates W Marine’s commitment to enhancing its service offerings but also underscores its confidence in the sustained demand and profitability within the bulk carrier segment.
18-November-2018
George and Dimitris Stefanou-led shipowner and operator Bright Navigation Inc. has completed the acquisition of a capesize bulk carrier from Evangelos Marinakis-led shipowner and operator Capital Ship Management. Greek shipping tycoon Evangelos Marinakis-led shipowner and operator Capital Ship Management sold one of its four capesize bulk carriers, the 2012-built capesize bulk carrier MV Attikos (ex MV K Ambition), to Athens-based shipowner and operator Bright Navigation Inc. Greek shipowning brothers George and Dimitris Stefanou-led shipowner and operator Bright Navigation Inc. are paying about $32.5 million for the capesize bulk carrier MV Attikos (ex MV K Ambition), which Capital Ship Management had purchased in 2016 for roughly $23.5 million from Seoul-based shipowner and operator SK Shipping. The purchase price agreed by Bright Navigation Inc. is slightly above current market levels but remains well below the value estimated by MSI. George and Dimitris Stefanou, Greek shipowning brothers, have been steadily intensifying their activities in the dry bulk carrier market with a series of recent secondhand acquisitions. Operating under Bright Navigation Inc. and their shipmanagement entity Sea Gate Navigation Ltd., the Stefanou brothers have successfully expanded their fleet with a clear focus on bulk carriers, ranging from handysize bulk carriers to large capesize bulk carriers. Athens-based shipowner and operator Bright Navigation Inc. has recently become active in multiple high-profile transactions. Earlier in 2025, Bright Navigation Inc. acquired its first capesize bulk carrier when it invested nearly $15 million in the 2003-built capesize bulk carrier MV Andros Beauty (ex MV Aquabeauty) from John Michael Radziwill-led shipowner and operator GoodBulk. Bright Navigation Inc. followed this acquisition with the purchase of the 2006-built capesize bulk carrier 176K DWT MV Andros Glory (ex MV NSS Grandeur) from Japanese shipowner NS United Kaiun Kaisha Ltd., further enhancing its operational scale in the capesize sector. NS United Kaiun Kaisha Ltd., headquartered in Tokyo, is one of Japan’s most established and influential shipowners and operators, with a legacy deeply rooted in Japan’s maritime development. NS United Kaiun Kaisha Ltd. has grown into a major shipping enterprise managing a diversified fleet of bulk carriers and tankers, ranging from smaller handy bulk carriers to large capesize bulk carriers, VLCCs, and product tankers. The primary focus of NS United Kaiun Kaisha Ltd. has traditionally been the transport of vital industrial commodities, including iron ore, coal, grain, crude oil, and refined petroleum products, making it an integral part of the supply chain for Japanese steel mills, utilities, and heavy industry. NS United Kaiun Kaisha Ltd. has always maintained close relationships with Japan’s industrial and energy sectors, operating long-term contracts of affreightment with some of the largest steel producers and power generation utilities. This strong industrial backing has provided NS United Kaiun Kaisha Ltd. with long-term earnings stability while also giving it the capacity to invest heavily in continuous fleet renewal. NS United Kaiun Kaisha Ltd. has been a pioneer in adopting eco-friendly designs and advanced technologies for its fleet, including fuel-efficient hull forms, scrubber systems, LNG-ready propulsion, and ballast water treatment systems to comply with international regulations. By focusing on environmentally sustainable operations, NS United Kaiun Kaisha Ltd. has positioned itself as one of the leaders in the push toward greener maritime transport in Asia. Beyond its role as a shipowner, NS United Kaiun Kaisha Ltd. has also established itself as a strong commercial operator, managing global trades that extend far beyond Japan. The bulk carrier fleet of NS United Kaiun Kaisha Ltd. regularly trades between the Pacific and Atlantic basins, carrying iron ore from Brazil and Australia to Asia, coal from Indonesia and Russia to Japan, and grain from the Americas to Asian markets. On the tanker side, NS United Kaiun Kaisha Ltd. operates crude oil and product carriers that link the Middle East, Asia, and global refining hubs. The international presence of NS United Kaiun Kaisha Ltd. has allowed it to diversify geographically while still retaining strong ties to its Japanese industrial clients. NS United Kaiun Kaisha Ltd. is also well known for its highly professional shipmanagement standards. With a culture of discipline, safety, and efficiency, NS United Kaiun Kaisha Ltd. places great emphasis on crew training, safety management systems, and compliance with international maritime regulations. The crews of NS United Kaiun Kaisha Ltd. undergo rigorous training programs, including simulation-based navigation training and continuous education, ensuring that the fleet is managed to the highest international standards. NS United Kaiun Kaisha Ltd. has also adopted digital monitoring and performance tracking systems, allowing real-time analysis of fuel consumption, emissions, and vessel performance. As one of the pillars of Japanese shipping, NS United Kaiun Kaisha Ltd. continues to embody the nation’s long-standing maritime traditions while embracing globalisation and innovation. The strategy of NS United Kaiun Kaisha Ltd. has been consistent: maintaining a balanced fleet of dry bulk carriers and tankers, ensuring long-term contracts with industrial partners, and investing in new technologies to keep the fleet efficient and environmentally compliant. This approach has allowed NS United Kaiun Kaisha Ltd. to weather cycles in the shipping industry and maintain stability even in volatile freight markets. The sale of the 2006-built capesize bulk carrier 176K DWT MV Andros Glory (ex MV NSS Grandeur) to Bright Navigation Inc. illustrates the continuing fleet renewal strategy of NS United Kaiun Kaisha Ltd., which frequently rotates older ships out of its fleet while introducing newer, more technologically advanced ships. By doing so, NS United Kaiun Kaisha Ltd. maintains one of the youngest and most fuel-efficient fleets in the Japanese shipping sector. This strategy not only ensures regulatory compliance but also secures the trust of charterers who demand efficiency, reliability, and sustainability. The reputation of NS United Kaiun Kaisha Ltd. extends beyond Japan, as it is recognized worldwide as a leading shipowning and operating enterprise, deeply integrated into the flow of global maritime trade. With its commitment to innovation, safety, and environmental performance, NS United Kaiun Kaisha Ltd. continues to strengthen its position as a central player in both the bulk carrier and tanker markets. Its role in supplying Japanese industry and its expanding global presence highlight the enduring importance of NS United Kaiun Kaisha Ltd. in the international maritime industry.
18-November-2018
Bright Navigation Inc. and Sea Gate Navigation Ltd. represent a steadily expanding force within the Greek dry bulk shipping sector, combining family tradition with modern operational practices. Bright Navigation Inc., founded in 2008 and headquartered in Piraeus, has developed a strong presence in the global dry bulk market under the leadership of George Stefanou and Dimitris Stefanou. From its inception, Bright Navigation Inc. has focused on building a diverse fleet ranging from handysize bulk carriers to capesize bulk carriers, enabling flexibility to serve a wide variety of global trade routes. Bright Navigation Inc. has earned recognition for its prudent investment strategy, focusing on acquiring modern secondhand bulk carriers while maintaining financial discipline. Bright Navigation Inc. is deeply rooted in the Greek shipowning traditions of Andros, reflecting the heritage of the Stefanou family in shipping. Through careful fleet expansion and a long-term outlook, Bright Navigation Inc. has positioned itself as one of the prominent privately owned dry bulk shipowners in Greece. Bright Navigation Inc. specializes in transporting key commodities including iron ore, coal, grain, fertilizers, and bauxite, serving major charterers and traders worldwide. The strategy of Bright Navigation Inc. has always been centered on maintaining direct control over its assets, keeping operations lean and efficient, and ensuring that vessels under its ownership are competitive in global markets. Sea Gate Navigation Ltd. functions as the operational and technical arm of the Stefanou brothers’ shipping interests, managing the daily operations of the Bright Navigation Inc. fleet. Sea Gate Navigation Ltd. provides full technical management services including crewing, maintenance, drydocking, safety compliance, and regulatory oversight. By managing its fleet through Sea Gate Navigation Ltd., Bright Navigation Inc. maintains complete vertical integration between ownership and shipmanagement, ensuring that the commercial goals of Bright Navigation Inc. are directly supported by the technical expertise of Sea Gate Navigation Ltd. Sea Gate Navigation Ltd. has consistently implemented advanced shipmanagement practices to keep the Bright Navigation Inc. fleet at the forefront of efficiency and regulatory compliance. Sea Gate Navigation Ltd. applies digital performance monitoring systems, fuel optimization programs, and voyage planning software, which help reduce emissions and improve cost-effectiveness. Sea Gate Navigation Ltd. is fully committed to meeting International Maritime Organization decarbonization requirements, and it has invested in ballast water treatment systems, emissions reduction technologies, and energy-saving devices across the fleet managed on behalf of Bright Navigation Inc. Another defining aspect of Sea Gate Navigation Ltd. is its emphasis on training and safety standards for its seafarers. Sea Gate Navigation Ltd. provides continuous education, simulation-based training, and rigorous onboard safety protocols to ensure operational excellence. Through these measures, Sea Gate Navigation Ltd. ensures that the Bright Navigation Inc. fleet is not only technically efficient but also among the most reliable in the Greek dry bulk sector. The close coordination between Bright Navigation Inc. and Sea Gate Navigation Ltd. gives the Stefanou brothers a high degree of operational control. Bright Navigation Inc. handles commercial operations, including chartering and fleet expansion strategies, while Sea Gate Navigation Ltd. ensures technical readiness, operational safety, and regulatory compliance. This integration allows Bright Navigation Inc. to reduce reliance on external managers, cut operating expenses, maximize fleet uptime, and maintain long-term competitiveness in the global dry bulk industry. Bright Navigation Inc. has been particularly active in acquiring secondhand tonnage in recent years, reflecting confidence in the resilience of dry bulk demand. Bright Navigation Inc. has expanded into larger segments such as kamsarmax and capesize bulk carriers, a move that enhances operational versatility and strengthens the presence of Bright Navigation Inc. in long-haul trades, particularly between the Atlantic and Pacific basins. Sea Gate Navigation Ltd. has supported these acquisitions by ensuring smooth integration of vessels into the Bright Navigation Inc. fleet, implementing efficiency upgrades, and maintaining strict operational standards. The trajectory of Bright Navigation Inc. and Sea Gate Navigation Ltd. reflects a broader pattern seen in Greek shipping: a blend of family tradition, strategic fleet growth, and adoption of modern management practices. With its roots in Andros, Bright Navigation Inc. reflects generations of maritime experience, while Sea Gate Navigation Ltd. brings professionalized shipmanagement to support this heritage. Together, Bright Navigation Inc. and Sea Gate Navigation Ltd. have positioned the Stefanou brothers as leading figures among medium-sized Greek dry bulk shipowners. Looking ahead, Bright Navigation Inc. and Sea Gate Navigation Ltd. are expected to continue investing in environmentally efficient ships, digital shipmanagement tools, and new trade opportunities in order to remain competitive in an evolving market. The combination of Bright Navigation Inc.’s commercial expertise and Sea Gate Navigation Ltd.’s operational discipline ensures that the group is well-prepared to adapt to challenges such as stricter emissions regulations, volatile freight markets, and changing global trade flows. By leveraging their integrated structure, Bright Navigation Inc. and Sea Gate Navigation Ltd. are positioned to expand further, reinforcing their status as a prominent and reliable force in the international dry bulk shipping sector.
12-November-2018
New York-listed shipowner and operator Diana Shipping has announced the sale of 2001 built panamax bulk carrier MV Alcyon for around $7.5 million. The sale follows last week’s sale of another 2001 built panamax bulk carrier MV Triton, for around $7.3 million. Scheduled for delivery to the buyer on January 7, the sale leaves the New York-listed shipowner and operator Diana Shipping with a fleet of 48 bulkers. Diana Shipping has also announced fixtures for two of its panamax bulk carriers. Ausca Shipping in Hong Kong has extended its time charter contract for 2001 built panamax bulk carrier MV Oceanis until the first quarter of 2020 at $10,350 per day. Ausca Shipping had been paying $7,000 per day for the MV Oceanis. Additionally, the 2005 built panamax bulk carrier MV Clio has been chartered by Ausca Shipping for a period of 10-13 months at a rate of $10,600 per day. MV Clio has been delivered to Ausca already, having come off charter to British Virgin Islands-registered Ukraine-based ship operator Phaethon International Company Ltd at $8,550 per day.
11-November-2018
The Chao Family-controlled Foremost Group, with its headquarters in New York, has recently secured a loan agreement valued at $41.14 million with the First Bank of Taiwan. This financial arrangement is specifically aimed at funding the construction of two of Foremost Group’s new bulk carriers. The loan, which spans a five-year period, will facilitate the building of the 84K DWT post-panamax bulk carriers, named MV Feng May and MV Ting May, at Japan’s Oshima Shipbuilding. The scheduled delivery dates for these ships are set for April and October of 2019, respectively. Currently, the Foremost Group, under the management of the Chao family, operates a fleet comprising 17 bulk carriers. In addition to the MV Feng May and MV Ting May, the company has 14 other bulk carrier newbuildings listed on its orderbook, highlighting its ongoing expansion and significant presence in the maritime shipping industry.
7-November-2018
Greek Laskaridis family-controlled shipowner and operator Lavinia Bulk Ltd. acquired 2010 built post-panamax bulk carrier 93K DWT MV Scandinavian Express. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd paid around $15.8 million to Dutch shipowner Vroon. Dutch shipowner Vroon made a comeback in dry bulk market at the end of 2007 with an order for six (6) post-panamax bulk carriers with a price tag of $61 million each. Laskaridis Shipping Ltd.’s subsidiary Lavinia Bulk Ltd has a fleet of 39 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships.
7-November-2018
London-based shipowner and operator Union Maritime Limited (UML) has acquired 2004-built aframax tanker MT HS Tosca from Hansa Treuhand for around $13.5 million. In September 2018, Union Maritime Limited (UML) did a deal with BP to buy eight aframax tankers. The en bloc deal fell through, but the Union Maritime Limited (UML) still managed to pick up three of the tankers: MT British Cormorant, MT British Gannet and MT British Robin. MT HS Tosco will become the fifth aframax tanker in the Union Maritime Limited (UML) fleet.