29-December-2019
Bergen-based AS J. Ludwig Mowinckels Rederi has taken a large minority stake in the 2011 Japanese built supramax bulk carrier 55K DWT MV Lista (ex MV Matsue), continuing a measured approach to dry bulk exposure while reinforcing AS J. Ludwig Mowinckels Rederi’s focus on flexible midsize bulk carrier tonnage that can trade across a wide range of routes and cargoes. Geir Belsnes led AS J. Ludwig Mowinckels Rederi will also serve as commercial manager of MV Lista (ex MV Matsue), placing employment strategy, chartering, and day-to-day commercial decisions under AS J. Ludwig Mowinckels Rederi’s control even as the ownership is structured as a large minority participation. The MV Lista (ex MV Matsue) deal was concluded off-market, a route often used when buyer and seller seek speed and discretion or when a ship is placed through established relationships rather than a broad marketing process. MV Lista (ex MV Matsue) was built in 2011 at Ishikawajima-Harima Heavy Industries, IHI Shipyard, Japan, and MV Lista (ex MV Matsue) had previously been controlled by Sojits Marine & Engineering of Japan, indicating the ship’s earlier link to Japanese-controlled tonnage. Market indications place the value of MV Lista (ex MV Matsue) at around $14 million, a level broadly consistent with comparable transactions such as November 2019 when Greek shipowner and operator New Vision Shipping acquired a similar 2011 Japanese built supramax bulk carrier 55K DWT MV Centenario Blue for about $13.8 million, providing a reference point for where this vintage of Japanese-built supramax bulk carriers has been clearing. The move into MV Lista (ex MV Matsue) sits alongside a track record of asset rotation by AS J. Ludwig Mowinckels Rederi in the panamax bulk carrier space, reflecting a willingness to reshape the fleet mix as market conditions and renewal priorities evolve. In August 2019, Norwegian shipowner and operator AS J. Ludwig Mowinckels Rederi sold the 2005 built panamax bulk carrier 76K DWT MV Heina to Tongli Shipping for around $10.2 million, mirroring the approximate level at which AS J. Ludwig Mowinckels Rederi had acquired MV Heina in October 2015 for about $10.2 million, a round trip that highlights disciplined entry and exit timing rather than chasing headline gains. In July 2019, AS J. Ludwig Mowinckels Rederi sold the 2008 built panamax bulk carrier 75K DWT MV Ogna to a Greek shipowner for around $10.3 million. MV Ogna was built in 2008 at Jiangsu Rongsheng Heavy Industries and was owned on a partner basis with compatriot Wenaas Group, underlining how AS J. Ludwig Mowinckels Rederi has long used partnership structures to build scale, diversify risk, and share capital commitments while keeping commercial focus. Wenaas Group also partners AS J. Ludwig Mowinckels Rederi in the sistership MV Goya (built 2008), and AS J. Ludwig Mowinckels Rederi has stated it has no plans to sell MV Goya, signalling a preference to retain selected ships that fit the desired employment profile and technical condition. In 2007, MV Ogna and MV Goya were acquired from Golden Ocean for $45 million each with charters to Danish ship operator Torm, a transaction history that shows AS J. Ludwig Mowinckels Rederi’s willingness to take positions backed by employment coverage and to work with established chartering counterparties when structuring fleet exposure. The MV Lista (ex MV Matsue) investment also aligns with AS J. Ludwig Mowinckels Rederi’s broader fleet-renewal theme, with AS J. Ludwig Mowinckels Rederi looking to refresh tonnage through selective buying, selling, and partnership participation rather than relying on a single path for renewal. AS J. Ludwig Mowinckels Rederi traces its roots to 1898, when AS J. Ludwig Mowinckels Rederi was established by former Norwegian prime minister Johan Ludvig Mowinckel, and AS J. Ludwig Mowinckels Rederi is currently owned by charitable trusts, a structure that often supports a long-term perspective in capital allocation and fleet decisions. Taken together, the off-market stake in MV Lista (ex MV Matsue), the commercial management mandate under Geir Belsnes led AS J. Ludwig Mowinckels Rederi, and the documented history of asset rotation in panamax bulk carriers underscore how AS J. Ludwig Mowinckels Rederi continues to reposition its dry bulk exposure with a focus on disciplined renewal, partnership-based ownership, and commercially managed control of ship employment.
29-December-2019
Koch Shipping extended a year charter deals for two newcastlemax bulk carriers of Tor Olav Troim backed 2020 Bulkers. Koch Supply and Trading’s ship chartering arm Koch Shipping stretches charters for two newcastlemax bulk carriers of Oslo-listed 2020 Bulkers. US-based Koch Shipping is adding one-year deals for newcastlemax bulk carriers 208K DWT MV Bulk Santiago and MV Bulk Seoul. MV Bulk Santiago and MV Bulk Seoul chartered for an index-linked rate reflecting a significant premium to the Baltic 5TC index. MV Bulk Santiago and MV Bulk Seoul charter contracts also have a profit-sharing element from scrubber fuel savings. Tor Olav Troim backed 2020 Bulkers will benefit from Koch Shipping deal. Baltic index-linked time charters will start on 25 December 2019 for MV Bulk Santiago and 1 January 2020 for MV Bulk Seoul. Previously, MV Bulk Santiago and MV Bulk Seoul charters were on fixed-rate. MV Bulk Santiago was fixed for $19,525 per day and MV Bulk Seoul was fixed for $22,250 per day.
29-December-2019
Mumbai-listed state-owned company Shipping Corporation of India (SCI) appoints first-ever female Managing Director (MD) Harjeet Kaur Joshi. According to the India Ministry of Shipping, Harjeet Kaur Joshi will be the Managing Director (MD) on a permanent basis until May 2022. Harjeet Kaur Joshi had been managing Shipping Corporation of India (SCI) on a provisional basis after Anoop Sharma. Shipping Corporation of India (SCI) was established in 1961 and since the establishment, the company has been managed by all-male Managing Directors (MD). Harjeet Kaur Joshi takes over at a historic time for Shipping Corporation of India (SCI). In 2015, Harjeet Kaur Joshi joined Shipping Corporation of India (SCI). The Indian government has confirmed the privatization of the Shipping Corporation of India (SCI). Currently, Shipping Corporation of India (SCI) has a diversified fleet of 135 ships.
28-December-2019
Copenhagen based shipowner and operator Clipper sold three (3) handysize bulk carriers:
- MV Clipper Target (30K DWT built 2005)
- MV Clipper Tenacious (30K DWT built 2007)
- MV Clipper Trust (30K DWT built 2007)
In September 2019, Danish shipowner and operator Clipper bought three (3) modern handysize bulk carriers from compatriot Lauritzen Bulkers:
- MV Orchard Bulker (32K DWT built 2010)
- MV Sentosa Bulker (32K DWT built 2010)
- MV Emilie Bulker (32K DWT built 2010)
- Clipper Handy Pool
- Clipper Ultra Pool
28-December-2019
Piraeus based DryLog and ArcelorMittal are joining forces in a shipping joint venture. Greek shipping tycoon Peter Livanos backed DryLog took a 50% stake in ArcelorMittal’s shipping subsidiary Global Chartering Ltd. Global Chartering Ltd will retain its name. Global Chartering Ltd will control 28 bulk carriers. Shipowner and operator DryLog and steel giant ArcelorMittal’s joint venture Global Chartering Ltd aims to leverage ArcelorMittal’s cargo commitments and DryLog’s ship-management expertise. Lately, cargo owners have tightened their relationships with shipowners. For example, Cargill entered a pool with Maersk Tankers and Trafigura is working with John Fredriksen backed Frontline. According to DryLog vice-chairman Yannis Haramis, the new joint venture will allow both DryLog and ArcelorMittal to effectively explore synergies, optimize transport alternatives as well as take head-on challenges the shipping industry will face. DryLog and ArcelorMittal have had a close business relationship for more than 25 years. Furthermore, DryLog and ArcelorMittal jointly own the 2010 built capesize bulk carrier 176K DWT MV Bulk Mexico and 2011 built capesize bulk carrier 176K DWT MV Bulk Spain. According to ArcelorMittal Shipping CEO Viral Vora, the joint venture will further cement the long-standing and productive relationship between DryLog and ArcelorMittal.
28-December-2019
Tokyo-listed Japanese shipowner NS United Kaiun Kaisha revealed LNG-fuelled capesize bulk carrier which was designed with Imabari Shipbuilding for emissions-cutting bulk carriers. Japanese shipowner NS United Kaiun Kaisha aims to reduce its carbon footprint. NS United Kaiun Kaisha has teamed up with Japanese shipyard group Imabari Shipbuilding to win approval in principle from class society ClassNK. Japanese shipowner NS United Kaiun Kaisha aims to demonstrate even greater consideration for the environment and meet the new regulations by developing an LNG-fuelled bulk carrier that places a smaller burden on the environment. 201K DWT LNG-fuelled capesize bulk carrier features a dual-tank set-up at the stern and using Type C LNG tanks. LNG-fuelled capesize bulk carrier is installed a low-pressure dual-fuel engine for the main propulsion which can use boil-off gas. LNG-fuelled ship design reduces the burden on the environment and lowers ship running costs. According to Japanese shipowner NS United Kaiun Kaisha, LNG-fuelled capesize bulk carrier design will produce 30% fewer emissions than required under the IMO’s (International Maritime Organization’s) Energy Efficiency Design Index (EEDI) Phase 3 regime. Furthermore, in South Korea, Hyundai Heavy Industries has four (4) LNG-fuelled capesize bulk carriers on order for H-Line. H-Line has contracted four (4) LNG-fuelled capesize bulk carriers against charters to steelmaker POSCO, South Korea.
28-December-2019
Simeon Palios led shipowner and operator Diana Shipping has chartered out 2015 built capesize bulk carrier 179K DWT MV Santa Barbara to Singapore based ship operator Pacbulk Shipping for $17,250 per day for a year. New York-listed Diana Shipping estimates to earn around $6 million from Pacbulk Shipping deal. In the first week of December 2019, the average daily rate for a 180K DWT capesize bulk carrier one-year charter rate is around $16,000 per day. Recently, Diana Shipping chartered out 2010 built kamsarmax bulk carrier 82K DWT MV Myrsini to Hong Kong-based Ausca Shipping for around a year at $11,500 per day. Diana Shipping also chartered out 2006 built panamax bulk carrier 76K DWT MV Artemis to Koch Shipping for around ayear at $10,150 per day. Currently, Diana Shipping has a fleet of 42 ships.
22-December-2019
Velos Tankers Ltd has added another LR1 tanker sourced from Tokyo-listed Japanese shipping conglomerate Mitsui O.S.K. Lines (MOL), extending a fast-paced secondhand expansion drive that has continued since Velos Tankers Ltd made its first purchase in August. Market sources say Velos Tankers Ltd has acquired the 2007-built LR1 tanker MT Grace Victoria from Mitsui O.S.K. Lines (MOL) for about $15.2 million, reinforcing a strategy focused on timely S&P (Sale and Purchase) opportunities in established tanker classes. Greek shipowner and operator Velos Tankers Ltd, set up by Paschalis Diamantides, has been steadily building its tanker platform since debuting in August and now counts four ships, with MT Grace Victoria marking a second transaction with Mitsui O.S.K. Lines (MOL) after Velos Tankers Ltd bought the sister tanker MT Velos Ruby (ex MT Breezy Victoria) in August for around $13.5 million. In parallel, Velos Dry Ltd provides the dry bulk pillar within the broader Paschalis Diamantides-led platform, giving the group exposure beyond tankers through bulk carriers and a diversified earnings profile across shipping cycles. Velos Dry Ltd’s presence supports a two-track fleet development approach in which tanker growth through Velos Tankers Ltd is complemented by a developing bulk carrier footprint through Velos Dry Ltd, enabling allocation flexibility as market conditions shift and allowing ship acquisitions across segments to be timed around relative value in S&P (Sale and Purchase) pricing.
20-December-2019
Rune Birkeland has announced his departure from G2 Ocean, where he served as the chief executive since the company’s inception in 2017. He is set to take up a new role within the Grieg Group, returning to the organization where he spent a significant part of his career. G2 Ocean, a major player in the dry bulk sector, was formed through a merger of the open-hatch bulker operations of Grieg Group and Gearbulk. Taking over the CEO position from January 1 will be Arthur English, who is currently the chief commercial officer of the Bergen-headquartered G2 Ocean. English brings a wealth of experience to the role, having spent a combined 25 years at G2 Ocean and Gearbulk. Rune Birkeland reflected on his tenure with a sense of accomplishment, expressing gratitude for the opportunity to lead the company and acknowledging the collective efforts of the G2 Ocean team. He spoke highly of his successor, Arthur English, praising his significant contributions to the company’s growth and success. Birkeland expressed confidence in English’s capabilities to steer G2 Ocean through its next growth phase. G2 Ocean, with a fleet comprising around 130 open hatch bulkers, is a joint venture predominantly owned by Gearbulk (65%) and Grieg (35%). The company has shown positive financial performance, reporting a pretax profit of $4.1 million in 2018, an increase from $2.7 million in 2017. Birkeland highlighted the company’s successful strategies in reducing expenses and boosting income, leading to expectations of higher earnings by the end of the year compared to the previous year.
20-December-2019
John Fredriksen’s Seatankers Management Co Ltd has recently entered into a period charter agreement for one of its newly constructed newcastlemax bulk carriers, the MV Golden Coral, with Koch Shipping Pte Ltd, part of the Koch Supply and Trading conglomerate. Despite typically preferring spot market engagement, this strategic move by Seatankers Management Co Ltd involves a one-year charter commitment with Koch Shipping Pte Ltd, securing a rate of approximately $20,000 per day for the 208K DWT MV Golden Coral, constructed in 2019. The arrangement with Koch Shipping Pte Ltd suggests modest profitability given that the newcastlemax bulk carrier is equipped with scrubbers. Back in the fourth quarter of 2017, Seatankers Management Co Ltd undertook an ambitious order of 10 newcastlemax bulk carrier newbuilds at an individual price of around $44.5 million. The current market valuation of each vessel has appreciated by $13 million. Seatankers Management Co Ltd has officially announced the charter of MV Golden Coral, indicating openness to further charter agreements should they present viable opportunities; otherwise, the vessels will integrate into Seatankers Management Co Ltd’s operational fleet. To date, Seatankers Management Co Ltd has received two of the ten newcastlemax bulk carriers, which are being constructed at Bohai Shipbuilding Heavy Industry and New Times Shipbuilding.
20-December-2019
Thailand-based shipowner and operator Precious Shipping is borrowing $28 million from the Export-Import Bank of Thailand. $28 million is allocated for acquiring second-hand supramax and ultramax bulk carriers. $28 million loan is secured by mortgages on five (5) Precious Shipping’s bulk carriers. Khalid Hashim-led Precious Shipping reported a net loss of $960K in Q3 2019.
19-December-2019
Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) has rejigged the company’s chartering exposure after extending a chartered-out MR tanker. Furthermore, Grindrod Shipping (GRIN) has opted not to extend chartered-in supramax bulk carriers. Grindrod Shipping (GRIN) controlled 2016 built 50K DWT MT Matuku has been extended for a further two years until May 2022 at an increased charter rate to New Zealand’s Coastal Oil Logistics Ltd (COLL). On the other hand, Singapore-based tanker and bulker owner Grindrod Shipping (GRIN) opted not to extend the charter of 2015 built supramax bulk carrier 57K DWT MV IVS Augusta. 2015 built supramax bulk carrier 57K DWT MV IVS Augusta is controlled by sistership company Singapore-based shipowner and operator IVS Bulk (Island View Shipping). Grindrod Shipping (GRIN) expressed the overall charter for MV IVS Augusta includes a fixed period ending March 2020. The agreement comprises extension options covering a further two (2) years at pre-determined charter rates and a purchase option on either the MV IVS Augusta or MV IVS Augustas sistership 2015 built supramax bulk carrier 57K DWT MV Pinehurst. As a consequence, Grindrod Shipping (GRIN) anticipates MV IVS Augusta to redeliver to Singapore-based shipowner and operator IVS Bulk Pte. Ltd. in Q1 2020. Nevertheless, Grindrod Shipping (GRIN) keeps the purchase option on 2015 built supramax bulk carrier 57K DWT MV Pinehurst which is controlled by Singapore-based shipowner and operator IVS Bulk (Island View Shipping).
19-December-2019
John Fredriksen’s Seatankers Management Co Ltd has successfully arranged a time charter for its newly built newcastlemax bulk carrier, MV Golden Coral, with Koch Shipping Pte Ltd, which is part of Koch Supply and Trading. Although John Fredriksen and his company have a preference for operating vessels on the spot market, this deal signifies a deviation from their usual strategy. The agreement with Koch Shipping Pte Ltd secures a daily rate of around $20,000 for the charter of the 208K DWT MV Golden Coral, which was launched in 2019. This rate suggests the deal with Koch Shipping Pte Ltd, which demands vessels equipped with scrubbers, might yield modest profits. In late 2017, Seatankers Management Co Ltd committed to a significant expansion by ordering 10 newcastlemax bulk carriers at a cost of $44.5 million each, a decision that has seen the value of each ship increase by $13 million in today’s market. Seatankers Management Co Ltd has officially acknowledged the charter agreement for MV Golden Coral and expressed willingness to explore additional charter opportunities should they align with the company’s financial goals. Otherwise, the newcastlemax bulk carriers will be incorporated into Seatankers Management Co Ltd’s commercial pool. Of the 10 newcastlemax bulk carriers ordered, two have been delivered so far, with construction underway at Bohai Shipbuilding Heavy Industry and New Times Shipbuilding.
18-December-2019
Alma Maritime Ltd, under the leadership of Stamatis Molaris in Athens, is making waves again in the Sale and Purchase (S&P) market. As a prominent owner and operator of tanker and dry bulk vessels, the company is looking to downsize its capesize bulk carrier division by half. It’s putting its most modern vessel, the nine-year-old, 180K DWT capesize bulk carrier MV Cape Leonidas, which was constructed in Korea, up for sale. The current market valuation of MV Cape Leonidas stands at approximately $22 million, significantly less than the $66 million Alma Maritime Ltd invested in acquiring the ship directly from the shipbuilding yard in 2010. Alma Maritime Ltd grabbed headlines in May 2019 with the sale of its oldest capesize vessel, MV Iron Fritz, a 2003-built, 176K DWT ship, for $12 million. This transaction was closely followed by the disposal of the 170K DWT capesize bulk carrier MV Cape Maria in July 2019, which was sold to Greek counterparts for $13.8 million. The anticipated divestment of MV Cape Leonidas is expected to reduce Alma Maritime Ltd’s fleet to a single 14-year-old capesize bulk carrier alongside four suezmax tankers, marking a significant pivot in the company’s asset composition under the private stewardship of Stamatis Molaris.
14-December-2019
Oslo listed shipowner 2020 Bulkers has reported that index-linked bulk carriers performed above the Baltic Exchange average during November 2019. Tor Olav Troim led 2020 Bulkers has reported that four (4) operational newcastlemax bulk carriers achieved average time charter equivalent (TCE) earnings of $24,466 per day and out-performed the Baltic Exchange average in November 2019. 2020 Bulkers’ ships trading on index-linked time charters earned $28,594 per day and the fixed-rate ships achieved $20,888 per day. Meanwhile, Baltic Exchange 5TC capesize index averaged $21,254 during November 2019. 2020 Bulkers’ BOD (Board of Directors) has approved the payment of a dividend of $0.08 per share for November 2019. 2020 Bulkers has reported the first profit from operations in Q3 2019. In Q3 2019, 2020 Bulkers has reported net earnings of $0.8 million, from only 65 operational ship days. In Q3 2018, 2020 Bulkers has reported a loss of $0.2 million. 2020 Bulkers has four (4) more newbuilding bulk carriers remain under construction in China. 2020 Bulkers has chartered out four (4) bulk carriers to Koch Shipping and two (2) bulk carriers to Glencore’s shipping arm ST Shipping & Transport. 2020 Bulkers has fixed employment for 99% of operating days in 2019 and 80% in 2020.
12-December-2019
Oslo-listed shipowner and operator Belships has added another two (2) ultramax dry bulk carriers to its fleet. Both ultramax dry bulk carriers will enter the Belships's fleet in 2020. Since July 2019, Belships has ordered a total of six (6) Japan-built ultramax dry bulk carriers to its fleet. Lars Christian Skarsgard led Belships also has signed letters of intent (LOI) to buy a 2017 built ultramax bulk carrier for $24.5 million. Belships plans to finance up to 60% of newbuilding orders’ purchase price using the accordion tranche of a $140 million loan it secured in March 2019. Belships has expanded the business with the Lighthouse Navigation merger which has proven to be a great platform for commercial activities. Besides newbuilding orders, Belships take another ultramax dry bulk carrier on a 10-year bareboat charter for $3 million. Bareboat charter deal comes with purchase options at below current market values, which can be exercised after the fourth year until the end of the charter. Bareboat chartered ultramax dry bulk carrier will be delivered from a Japanese shipyard during the second half of 2020. Belships explained that the estimated cash breakeven for the bareboat chartered ultramax dry bulk carrier upon delivery will be about $10,750 per day including operational expenses. According to CEO Lars Christian Skarsgard, Belships will continue to expand and renew its fleet whilst maintaining capital discipline. In another deal, Belships delivered 2006 built supramax bulk carrier 50K DWT MV Beleast as a bareboat charter to Istanbul based shipowner and operator Marti Shipping & Ship Management. According to the bareboat charter agreement, Marti Shipping & Ship Management has an obligation to purchase the MV Beleast within two years. Belships make a net gain of around $3.5 million, after outstanding debt on the MV Beleast has been repaid.
12-December-2019
Singapore based shipowner and operator Berge Bulk scrapped fourth VLOC (Very Large Ore Carrier) in 2019. James Marshall led Berge Bulk sold 1990 built VLOC (Very Large Ore Carrier) 290K DWT MV Berge Vinson for demolition in Bangladesh at around $398 per ldt (Light Displacement Tonnage), around $15 million. Demolition price tag of MV Berge Vinson includes 350 tons of bunkers onboard. MV Berge Vinson was put up for sale in the sale and purchase market in November 2019. In May 2008, Berge Bulk purchased MV Berge Vinson (ex MV Ness) from Sinotrans for $36 million. MV Berge Vinson (ex MV Ness) is not due for a special survey until July 2022. Berge Bulk has already sold three (3) VLOCs (Very Large Ore Carriers) for demolition so far in 2019: • MV Berge Denali (289K DWT 1992 built) • MV Berge Manaslu (263K DWT 1992 built) • MV Berge Bureya (289K DWT 1993 built)
Singapore based shipowner and operator Berge Bulk’s oldest ship in its fleet is 1986 built biggest bulk carrier in the world 364K DWT MV Berge Stahl. Including newbuilding orders, Berge Bulk has a fleet of 71 bulk carriers.
12-December-2019
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) ordered two (2) 89K DWT coal carriers at Oshima Shipbuilding, Japan. MOL (Mitsui O.S.K. Lines) calls new coal carrier EeneX series design as next-generation coal carriers. Two (2) coal carriers have been ordered on the back of long-term contracts with Japanese power plants Hokuriku Electric Power Co and Electric Power Development Co. EeneX series coal carriers were designed in pursuit of the optimal coal carrier for electric power plants in Japan. EeneX series coal carriers will play a leading role in the coal carrier business. EeneX series coal carriers price tags and delivery dates were not disclosed. EeneX series coal carriers will be constructed with a double-hull structure which allows the cargo holds to have completely flat sides, semi-box shape hold, which will increase discharge efficiency and speed up cargo handling. Furthermore, EeneX series coal carriers’ design has also eliminated the ballast hold, which on conventional coal carrier designs are sometimes filled with ballast water to maintain the ship’s stability during ballast voyages. According to MOL (Mitsui O.S.K. Lines), EeneX series coal carriers’ design will save the effort of preparation time for ballasting into cargo holds and reduces the risk of salt and rust contamination due to rust.
12-December-2019
Japanese shipowner and operator NYK Bulk & Projects sold 2005 built handymax bulk carrier 31K DWT MV Lodestar Princess to an undisclosed Vietnamese shipowner for about $6 million. In 2005, MV Lodestar Princess was constructed at Hakodate Dock Shipbuilding, Japan. NYK Bulk & Projects frequently sell off bulk carriers when they reach the 15-year age mark and prefers to keep a modern fleet. Currently, NYK Bulk & Projects has a fleet of 35 ships.
12-December-2019
Torben Janholt led Pioneer Marine sold 2009 build supramax bulk carrier 56K DWT MV Tenacity Bay for about $9 million. In September 2016, Athens based shipowner and operator Pioneer Marine bought MV Tenacity Bay from Seoul based Korea Line for about $6 million. Oslo over-the-counter (OTC) listed Pioneer Marine is exiting the supramax segment with the sale of MV Tenacity Bay. Even though the values of second-hand supramax bulk carriers have dropped in 2019, Pioneer Marine is still fetching more than 50% what it paid for MV Tenacity Bay in 2016. Pioneer Marine has also sold two (2) handysize bulk carriers in 2019. In October 2019, Pioneer Marine sold 2006 built handysize bulk carrier 26K DWT MV Fortune Bay to Vietnamese shipowner for about $6.5 million. In February 2019, Pioneer Marine sold 2003 built handymax bulk carrier 46K DWT MV Bay for about $9.8 million to Canadian shipowner CSL Group. In 2018, Pioneer Marine reported a net profit of $1.8 million. Till Q3 2019, Pioneer Marine reported a net profit of $6.7 million. After the sale of MV Tenacity Bay, Pioneer Marine will be left with a fleet of 17 handysize bulk carriers with an average age of eight (8) years.
12-December-2019
Athens based shipowner and operator W Marine Inc. and Oslo based Norwegian Christian Ness-led finance house NRP (Ness, Risan & Partners) have acquired 2007 built panamax bulk carrier 76K DWT MV Genco Raptor from New York-listed Genco Shipping & Trading. The price tag of MV Genco Raptor has not been revealed but second-hand market price is around $10 million. Norwegian asset manager NRP (Ness, Risan & Partners) has been expanding its ship portfolio. W Marine Inc. will be the commercial and technical manager of MV Genco Raptor. In 2018, Norwegian investor NRP (Ness, Risan & Partners) bought 2011 built baby capesize bulk carrier MV Talia with W Marine Inc. In December 2019, Norwegian investor NRP (Ness, Risan & Partners) teamed up with another Greek shipowner and operator Empros Lines in order to acquire 2011 built ultramax bulk carrier 61K DWT. Empros Lines will be the commercial manager and V.Ships will be the technical manager. Norwegian investor NRP (Ness, Risan & Partners) is seeking to double its invested capital within 5 to 7 years while paying annual dividends of 5% to 8%. Norwegian investor NRP (Ness, Risan & Partners) has a portfolio of investments in bulk carriers, feeder container-ships, and product tankers. Norwegian investor NRP’s (Ness, Risan & Partners) shipping funds had an interest in 24 ships worth a combined $300 million at the end of H1 2018.
12-December-2019
In 2016, Western Bulk Shipholding (WBS) sold the profitable Western Bulk Chartering (WBC) operation together with the Western Bulk trademark to Christen Sveaas-controlled Kistefos Equity, a transaction that placed Western Bulk Chartering (WBC) under an owner positioned to provide financial backing while allowing Western Bulk Chartering (WBC) to continue operating as a large-scale, asset-light chartering platform in the dry bulk market. In the latest capital actions, Christen Sveaas is converting roughly $13 million of debt into Western Bulk equity, a step designed to reinforce the balance sheet supporting Oslo-listed bulker operator Western Bulk Chartering (WBC) and to reduce leverage pressure by replacing liabilities with equity capital. Norwegian bulker operator Western Bulk Chartering (WBC) has also outlined three share issues aimed at strengthening its capital base, reflecting a broader effort to stabilise funding, maintain counterparty confidence, and preserve the financial flexibility needed for a chartering-focused business that relies on continuous market access and strong credit standing. Western Bulk Chartering (WBC) said investors will vote on a $13.2 million capital increase to be implemented through the conversion of $13.2 million of outstanding debt owed to main shareholder Christen Sveaas-controlled Kistefos Equity, converting sponsor claims into permanent capital and aligning the major shareholder’s support directly with Western Bulk Chartering (WBC)’s equity structure. Christen Sveaas-controlled Kistefos Equity currently holds 77.5% of Western Bulk Chartering (WBC) shares, and Western Bulk Chartering (WBC) will hold a general meeting on 19 December to approve the capital measures and provide formal shareholder mandate for the steps that are intended to strengthen the platform. One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) is set to issue 9.6 million new shares, expanding the equity base and supporting the broader refinancing and restructuring agenda. In parallel, Western Bulk Chartering (WBC) BOD (Board of Directors) is proposing an additional $1.4 million capital increase through a directed issue to second-largest shareholder Ojada, a move intended to broaden shareholder participation in the recapitalisation while adding incremental equity support. Other shareholders have also called on Western Bulk Chartering (WBC) BOD (Board of Directors) to carry out a repair issue at the same price, signalling a desire to ensure that smaller shareholders are able to maintain proportional participation and that the recapitalisation is perceived as balanced across the shareholder base. The recapitalisation steps come against the backdrop of Western Bulk Chartering (WBC)’s operating model, in which Western Bulk Chartering (WBC) is widely viewed as one of the world’s largest supramax bulk carrier operators, deploying and fixing significant volumes of bulk carrier tonnage through chartering decisions, cargo coverage, and market execution rather than relying primarily on owned ships, which makes liquidity, risk controls, and counterparty confidence core to day-to-day performance. Western Bulk Chartering (WBC) has said it has been tightening internal governance after a costly Chile-related setback, and Western Bulk Chartering (WBC) has restructured its Chilean department, dismissed the employee involved, and introduced updated internal control routines designed to prevent unauthorised risk-taking and strengthen oversight of contract approval and exposure build-up. Western Bulk Chartering (WBC) has acknowledged that additional losses are expected from Western Bulk Chartering (WBC) Chilean department, but Western Bulk Chartering (WBC) expects the negative impact to be more limited as loss-making agreements work their way through completion and as new controls reduce the likelihood of similar outcomes. Taken together, the debt-to-equity conversion by Christen Sveaas-controlled Kistefos Equity, the planned share issuances, and the continued backing from Ojada underline a coordinated effort to put Western Bulk Chartering (WBC) on a stronger financial footing while Western Bulk Chartering (WBC) continues to refine its risk management framework and protect the resilience of its asset-light chartering platform.
12-December-2019
Istanbul based shipowner and operator Yasa Shipping sold second supramax bulk carrier. Shipping tycoon Yalcin Sabanci-led Yasa Shipping sold 2006 built supramax bulk carrier 56K DWT MV Yasa Ozcan to Indonesian shipowner Gurita Lintas Samudera for about $10.6 million. In September 2019, Yasa Shipping sold sistership 2005 built supramax bulk carrier 56K DWT MV Yasa Gulten to Bangladesh based shipowner and operator Alunited Maritime for about $10.6m million. MV Yasa Gulten was renamed as MV Akij Moon. In August 2019, Yasa Shipping sold 2005 built panamax bulk carrier 82K MV Yasa Neslihan to Athens based Pittas family for about $11.3 million. Yasa Shipping is now left with a fleet of 21 supramax, ultramax, and panamax bulk carriers. In October 2019, Jakarta-based Gurita Lintas Samudera (GLS) acquired a 2002 built panamax bulk carrier 74k DWT MV Maria Nashwah (ex MV Oregon) from Greek shipowner Cardiff Marine. Indonesian shipowner Gurita Lintas Samudera (GLS) has a fleet of 15 bulk carriers which are mostly used to carry Indonesian coal and mineral cargoes.
12-December-2019
Diversified shipowner and operator Zodiac Maritime has continued to broaden its dry bulk platform in 2019, extending a multi-deal buying run that positions Eyal Ofer led Zodiac Maritime as one of the more active private buyers of large bulk carrier tonnage during a period when secondhand values offered compelling entry points. The fourth large bulk carrier purchase of 2019 highlights a deliberate build-up by Zodiac Maritime, combining fleet renewal with scale-building across major size classes, and reinforcing the view that Zodiac Maritime has been using disciplined asset selection to strengthen its long-haul ore exposure while maintaining flexibility to trade or charter ships depending on freight market conditions. Eyal Ofer led Zodiac Maritime bought the 2005 built Very Large Ore Carrier (VLOC) 203K DWT MV Azul Fortuna for about $15.8 million from Japanese shipowner Kotobuki Shipping, and market observers describe the acquisition as consistent with Zodiac Maritime’s preference for well-known Japanese-controlled tonnage and transactions that can be justified against both prevailing earnings and replacement costs. The MV Azul Fortuna purchase also illustrates how Zodiac Maritime has been actively reshaping its large bulk carrier mix, adding ships that can compete in mainstream iron ore trades while managing the age profile of the fleet through selective buying rather than rapid turnover. Zodiac Maritime is renewing its fleet and has assembled a sequence of transactions that underline a methodical approach: in May 2019, Zodiac Maritime bought the 2004 built Very Large Ore Carrier (VLOC) 233K DWT MV Cape Toucan (ex MV Pacific Glory) for about $14.6 million, a purchase made when market sentiment and bulk freight rates were viewed as weak, creating an environment where buyers with available capital such as Zodiac Maritime could secure sizeable tonnage at discounted levels. In September 2019, Zodiac Maritime purchased the 2004 built Very Large Ore Carrier (VLOC) 203K DWT MV Cape Kori (ex MV Azul Challenge) for about $16.8 million, reinforcing continued appetite for ore carrier exposure and signalling that Zodiac Maritime remained constructive on the long-haul dry bulk trade even after earlier acquisitions. In the same month, Zodiac Maritime also acquired the 2012 built capesize bulk carier 180K DWT MV Cape Krane (ex MV Frontier Voyager) for about $25.9 million, adding a younger capesize bulk carrier to complement older large bulk carriers and supporting a fleet profile that can appeal to charterers seeking more efficient ships while still keeping capital costs manageable. Importantly, Zodiac Maritime has not disposed of any ships in the capesize segment since 2018, which suggests that Zodiac Maritime has been prioritising consolidation and growth in capesize bulk carrier exposure rather than trimming, potentially reflecting a view that capesize bulk carrier fundamentals could offer upside if iron ore volumes and steel production remain supportive. Zodiac Maritime’s broader fleet mix also shows why diversified shipowner and operator Zodiac Maritime can pursue a balanced strategy: Zodiac Maritime’s fleet comprises 27 large bulk carriers alongside 13 handysize to kamsarmax bulk carriers, giving Zodiac Maritime a spread of ship sizes that can participate in both major iron ore corridors and more diversified minor-bulk trades, smoothing earnings across cycles and allowing Zodiac Maritime to shift deployment as regional demand changes. With multiple large bulk carrier purchases logged in 2019, Zodiac Maritime appears to be combining capital recycling, fleet renewal, and opportunistic buying, strengthening its position in large bulk carriers while preserving a diversified base of handysize to kamsarmax bulk carriers that keeps operational flexibility and commercial optionality at the centre of Zodiac Maritime’s strategy.
11-December-2019
While Diana Shipping’s (DSX) share buyback has garnered an oversubscription, not all tenders will be accommodated. The buyback program, which witnessed a near fivefold oversubscription, might not culminate as many investors envisioned. The New York-listed maritime corporation intends to repurchase merely a fraction of the 12.2 million shares tendered, limiting its acquisition to roughly 2.74 million shares at $3.65 apiece. This prorated offer, which concluded on Wednesday, is anticipated to infuse Simeon Palios-led Diana Shipping (DSX) with a projected $10 million liquidity. The enterprise will declare its definitive repurchase volume subsequent to a meticulous verification procedure. As long as the shares persistently trade beneath the net asset value (NAV), Diana Shipping (DSX) envisages continued share repurchases and disposal of antiquated tonnage. Once the stock garners a just valuation, a revival of shareholder dividends might be on the horizon. In recent developments, Diana Shipping’s (DSX) shares have witnessed a slight dip of 1.8%, settling at $3.21 in the nascent trading hours on the New York Stock Exchange. The esteemed firm Jefferies has estimated Diana Shipping’s (DSX) net asset value (NAV) to be $4.27 per share. Over the preceding year, Diana Shipping (DSX) has divested seven vessels, retaining a fleet of 42 dry bulk carriers.
10-December-2019
Nasdaq-listed shipowner and operator Globus Maritime (GLBS) sees freight rates dip in Q3 2019 as spike proves short-lived. In Q3 2019, Globus Maritime (GLBS) reported net earnings of $0.28 million versus 0.25 million in Q3 2018. In Q3 2019, Globus Maritime (GLBS) reported revenue of $4.9 million and operating expenses of $2.4 million. In Q3 2019, Globus Maritime (GLBS) reported an average TCE (Time Charter) rate of $9,863 per day per ship. In Q3 2019, Globus Maritime (GLBS) encountered a short-term spike in the spot dry bulk market that supported the company to experience higher than normal freight rates. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) is still being affected by the negative sentiment generated by the US-China trade war, iron ore export bans in Indonesia, and the coal import quotas in China. Globus Maritime (GLBS) foresees that the dry bulk market is expected to be volatile, however Globus Maritime (GLBS) anticipates an upward trend. Currently, Nasdaq-listed shipowner and operator Globus Maritime (GLBS) has a fleet of four (4) supramaxes and one (1) panamax bulk carrier.
10-December-2019
Ness Risan and Partners (NRP), a Norwegian investment firm, along with Greek dry bulk operator W Marine, have been identified as the purchasers of the panamax bulk carrier W-Raptor (formerly MV Genco Raptor) from Genco Shipping in a transaction valued at $10.2 million. Initially, shipbrokers reported the sale of W-Raptor to undisclosed Greek buyers, speculating that the acquisition was made by the Zissimatos-led Monte Nero. However, it has now been confirmed that W Marine and NRP were behind the purchase. W Marine, established by Yiannis Sarantitis in 2003, has a history of collaboration with NRP. In February, it was announced by NRP that they had jointly acquired a 2012-built kamsarmax bulk carrier, later revealed to be the New Times-built Tenten, now renamed W Arcturus, with W Marine acting as the commercial and technical manager of the vessel. Furthermore, NRP recently disclosed a similar partnership with Empros Lines from Greece, involving the acquisition of a 2011-built 61K DWT ultramax bulk carrier. These transactions underscore the active engagement and strategic partnerships NRP and W Marine are forming within the maritime industry, emphasizing their commitment to expanding and enhancing their fleet through collaborative investments.
9-December-2019
German shipowner and operator Oldendorff Carriers has joined the developing Getting to Zero Coalition. Getting to Zero Coalition is an alliance of more than one hundred like-minded maritime companies. Getting to Zero Coalition Members commit to decarbonizing shipping and meeting IMO (International Maritime Organization) targets. Getting to Zero Coalition was launched at the United Nations Climate Action Summit. Getting to Zero Coalition’s purpose is to decrease shipping’s greenhouse gas (GHG) emissions by at least 50% by 2050. According to Henning Oldendorff led Oldendorff Carriers, Getting to Zero Coalition is committed to preparing commercially viable deep sea zero emission ships into operation by 2030. Lubeck-based Oldendorff Carriers understands the urgency to stop climate change. German shipowner and operator Oldendorff Carriers will proceed to study non-GHG (greenhouse gas) producing techniques of energy and propulsion for ships. Henning Oldendorff-led Oldendorff Carriers’ around 95% of the fleet is eco-type bulk carriers. Recently, Oldendorff Carriers contracted a research agreement with the Massachusetts Institute of Technology’s (MIT) Center for Bits and Atoms (CBA), which will examine disruptive improvements in bulk carrier design and propulsion.
5-December-2019
Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN sold third capesize bulk carrier in 2019. Belgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers CLdN continue to trim its bulk carrier fleet. Cobelfret Bulk Carriers sold 2005 built capesize bulk carrier 176K DWT MV Lowlands Orchid for $15.9 million. In 2005 MV Lowlands Orchid was built at Universal Shipbuilding, Japan. MV Lowlands Orchid is due for a special survey in October 2020. In September 2019, Cobelfret Bulk Carriers CLdN sold 2002 built capesize bulk carrier 169K DWT MV Lowlands Brilliance $11.9 million. In 2002, MV Lowlands Brilliance was built at Hyundai Heavy Industries, South Korea. MV Lowlands Brilliance was renamed as MV F Fortune by Korean shipowner and operator SM Line. In July 2019, Cobelfret Bulk Carriers sold 2004 built capesize bulk carrier 177K DWT MV Lowlands Phoenix for $11.85 million. MV Lowlands Phoenix was acquired by Chinese shipowners Sinounion Shipping Services. In 2018, Cobelfret Bulk Carriers CLdN also sold 2001 built capesize bulk carrier 173K DWT MV Lowlands Longevity to the same Korean shipowner SM Line. After the sale of MV Lowlands Longevity, Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN will be left with one capesize bulk carrier 2012 built 179K DWT MV Lowlands Prosperity, 14 small bulk carriers and 21 Ro-Ro ships.
5-December-2019
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has ordered LNG dual-fuelled newcastlemax bulk carriers for around $560 million at China State Shipbuilding Co (CSSC). Up to now, Idan Ofer-led Eastern Pacific Shipping (EPS) invested a total of $3 billion in LNG dual-fuelled newbuildings. Previously, Diversified shipowner and operator Eastern Pacific Shipping (EPS) ordered two (2) LNG dual-fuelled newcastlemax bulk carriers at state-owned Shanghai Waigaoqiao Shipbuilding (SWS) with two (2) options. On the same occasion, Eastern Pacific Shipping (EPS) ordered two (2) LNG dual-fuelled suezmax tankers at Guangzhou Shipyard International (GSI) with two (2) options. Idan Ofer-led Eastern Pacific Shipping (EPS) is preparing to order the LNG-fuelled crude carriers. When Eastern Pacific Shipping (EPS) receives the delivery of LNG dual-fuelled ships will be emitting extremely less greenhouse gasses than current ships. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) is assured to be operating with the China State Shipbuilding Co (CSSC) to cooperate for decarbonization and the conservation of the environment. Currently, China State Shipbuilding Co (CSSC) is the world’s biggest shipbuilding group. Furthermore, Eastern Pacific Shipping (EPS) has 17 LNG-fuelled containerships secured at Hyundai Heavy Industries and LNG dual-fuelled LR2 tankers under construction at New Times Shipbuilding. Giant mining companies are showing interest in chartering Eastern Pacific Shipping’s (EPS) cleaner LNG fuel-burning bulk carriers. Eastern Pacific Shipping (EPS) bulk carriers are commercially managed by Idan Ofer-led Eastern Pacific Chartering (EPC).
5-December-2019
Theodore Veniamis led Greek shipowner and operator Golden Union Shipping has acquired 2009 built panamax bulk carrier 76K DWT MV Gu Imabari (ex MV KM Imabari) from Japanese shipowner Shoei Kisen. MV Gu Imabari (ex MV KM Imabari) is the third bulk carrier acquisition of Golden Union Shipping in 2019. MV Gu Imabari (ex MV KM Imabari) has a market value of around $14 million. In November 2019, Golden Union Shipping acquired 2010 built post-panamax bulk carrier 92K DWT MV Ocean Garnet for around $13.7 million and 2012 built post-panamax bulk carrier 93K DWT MV Ocean Sapphire for around $14.9 million. In July 2019, Japanese shipyard Tadotsu Imabari delivered newbuilding 81K DWT MV Malena to Greek shipowner and operator Golden Union Shipping.
5-December-2019
Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) has merged a global action to capture ship carbon emissions as dry ice for storage in sea-floor sediments. NYK Bulk (Nippon Yusen Kabushiki Kaisha) joins the DecarbonICE project to study the feasibility of the technology. The DecarbonICE project will be executing a feasibility analysis of the technique. Furthermore, the main company NYK Line (Nippon Yusen Kabushiki Kaisha) signs a sustainability loan for $456 million as UECC scored green finance. DecarbonICE project was launched on 1 October by the Denmark-based Maritime Development Center, which has teamed with shipping companies, shipyards, and others. During the examination, CO2 in the vessel exhaust will be captured on board in a cryogenic process and turned into dry ice. Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) explained that the dry ice will then be transported into seafloor sediments during normal vessel operations. Tokyo Stock Exchange-listed shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) will resume its efforts to lower CO2 emissions through initiatives such as the introduction of new technology and bunker modification.
4-December-2019
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) anticipates amassing a revenue of $7 million from the inception of two new charters. Under the astute leadership of Simeon Palios, Diana Shipping (DSX) has engaged the 82,117-dwt kamsarmax bulk vessel MV Myrsini (constructed in 2010) with Asuca Shipping of Hong Kong, setting terms for a tenure ranging from 13 to 15 months at a daily rate of $11,500, with the commencement set for the forthcoming Wednesday. Moreover, the firm has also procured an agreement for the 76,942-dwt panamax bulk vessel MV Artemis (crafted in 2006) with Koch Shipping of Singapore, with a stipulated duration of 9 to 11 months at $10,150 daily. The contractual service for MV Artemis embarked this past Thursday. Collectively, these engagements are projected to yield an impressive gross revenue of approximately $7.07 million over their minimal scheduled durations. In their prior annual charters, MV Myrsini and MV Artemis had commendably secured daily earnings of $12,750 and $12,600, respectively. On a recent Monday, Diana Shipping (DSX) unveiled a third-quarter profit margin of a commendable $1.3 million. As a strategic move, Diana Shipping (DSX) envisages perpetuating its stock repurchase initiative but contemplates bestowing dividends once the stock reaches an equitable valuation. Currently, Diana Shipping’s maritime arsenal boasts 42 dry bulk vessels, a testament to its dynamic expansion, having divested seven ships in the preceding year.
4-December-2019
New York-listed Singapore-based shipowner and operator Grindrod Shipping (GRIN) requires more time to conclude IVS Bulk (Island View Shipping) buyout. Grindrod Shipping (GRIN) states discussions resume on financing IVS Bulk (Island View Shipping) acquisition of around 33.25% stake. Grindrod Shipping (GRIN) has extended the deadline to take over the IVS Bulk’s (Island View Shipping) stake in its IVS Bulk joint venture. Grindrod Shipping (GRIN) has until 31 December to conclude the contract, from 30 November previously. In August, Grindrod Shipping (GRIN) stated the company was purchasing a 33.25% holding in IVS Bulk (Island View Shipping). Currently, Singapore-based shipowner and operator IVS Bulk Pte. Ltd. owns and operates 12 bulk carriers. Grindrod Shipping (GRIN) is in negotiations with lenders to refinance all of the current debt of Singapore-based shipowner and operator IVS Bulk (Island View Shipping) and deliver Grindrod Shipping (GRIN) adequate funds to acquire the additional 33.25% stake. New York-listed shipowner and operator Grindrod Shipping (GRIN) owns and operates 17 handysize bulk carriers, and 15 supramax-ultramax bulk carriers, with 2 chartered-in ultramax bulk carriers under construction. Furthermore, Grindrod Shipping (GRIN) owns and operates 7 MR tankers and 2 small tankers.
4-December-2019
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S cooperates with Kvasir Technologies to produce bunkers from plant material. Danish shipowner and operator Dampskibsselskabet DS Norden A/S seeks to produce feasible bunkers from effortlessly available and encountered in enormous amounts lignin, a plant material seen as a waste by-product. Copenhagen-based Kvasir Technologies has patented technology to produce bunkers from biomass substances. Dampskibsselskabet DS Norden A/S desire to move the shipping industry towards a cleaner future. Dampskibsselskabet DS Norden A/S believes that testing carbon fuel alternatives is a good starting point. Previously, Copenhagen-listed shipowner and operator Dampskibsselskabet DS Norden A/S tested biofuels in a trial with GoodFuels. Kvasir Technologies’ lignin-based bunkers will be tested on one of Dampskibsselskabet DS Norden’s A/S ships at a later phase.
4-December-2019
V.Ships Ship Management appointed John Adams as the new manager of the United Kingdom office. John Adams is going to execute a unique fleet superintendence model to V.Ships Ship Management. Formerly, John Adams was an MD (Managing Director) at Teekay Shipping and has vast experience in shipping for 30 years. John Adams is chairman of Bahamas Shipowners’ Association and vice chairman at the International Chamber of Shipping. At V.Ships Ship Management United Kingdom office, John Adams will perform a modern ship management operating model where fleet cells are prioritized. V.Ships Ship Management is led by CEO Graham Westgarth who lately described his ultimate concept, approach, and administration for V.Group Limited. V.Ships Ship Management’ MD (Managing Director) Franck Kayser is similarly enthusiastic regarding the appointment of John Adams who has been jointly committed in the framework of an extremely auspicious and world-class global business at Teekay Shipping. Previously, V.Ships Ship Management appointed its new CFO Petter Traaholt who was a former Wilhelmsen executive. Current CFO Alison Henriksen will be replaced by the new CFO Petter Traaholt. CFO Alison Henriksen joined V.Ships Ship Management in March 2019. V.Ships Ship Management’s ex CEO Ian El-Mokadem resigned in April 2019.
3-December-2019
Angeliki Frangou-led Navios Maritime Holdings spin-offs have acquired 16 ships from affiliate company Navios Europe I which is liquidated. Navios Maritime Partners has acquired 11 containerships and bulk carriers. Navios Maritime Acquisition has acquired 5 product carriers. In October 2019, Angeliki Frangou explained that the affiliate Navios Europe I could be dissolved by the end of 2019. Navios Maritime Partners was owed $48.2 million and Navios Maritime Acquisition was owed $32.3 million by affiliate Navios Europe I. Furthermore, Navios Maritime Partners has struck a deal to buy four (4) bulk carriers for $37 million from companies affiliated to Angeliki Frangou. $37 million loans is financed with an annual interest of LIBOR plus 475 basis points and maturity in 2022. In another deal, Navios Maritime Partners bareboat charter-in two (2) newbuilding 81K DWT kamsarmax bulk carriers for 10 years with an option to buy after four years. Kamsarmax bulk carriers will be delivered in Q2 and Q3 of 2021. Currently, Navios Maritime Partners has a fleet of 32 dry bulk carriers and 5 containerships.
2-December-2019
Singapore-based shipowner and operator SDTR Marine concentrates on just on kamsarmax bulk carriers. SDTR Marine tries to be a top-tier bulker player in the kamsarmax area. CEO Gao Dehui-led SDTR Marine craves to channel all the company’s energy into one type of bulk carrier. So, SDTR Marine can focus, specialize and give high-class service to customers. SDTR Marine has no plans to expand into other vessel classes. Singapore-based shipowner and operator SDTR Marine was founded in 2013 as a joint venture between Shandong Shipping and Transcenden Global. Currently, SDTR Marine owns 10 kamsarmax bulk carriers and SDTR Marine operates a fleet of around 50 kamsarmax bulk carriers. SDTR Marine charters in kamsarmax bulk carriers from the spot market. SDTR Marine’s shareholder Shandong Shipping is the third-largest shipping player in China. SDTR Marine started as a ship operator however, at the same time, SDTR Marine commenced acquiring bulk carriers through newbuildings. In 2014, SDTR Marine ordered ten (10) kamsarmax bulker carrier newbuildings at CSC Jinling Shipyard. Furthermore, Singapore-based shipowner and operator SDTR Marine bareboat chartered AVIC International Leasing’s ten (10) kamsarmax bulk carrier newbuildings. According to SDTR Marine, kamsarmax bulk carriers are flexible to trade. Supramax bulk carriers are flexible to trade however there are too many shipowners and operators in the supramax sector. Singapore-based shipowner and operator SDTR Marine intends to be a new type of shipowner that engages in the design of the ships. Most of SDTR Marine’s kamsarmax bulk carriers are chartered out for 3 to 8 years to giant charterers. Notwithstanding SDTR Marine’s concentrate on kamsarmax bulk carriers, SDTR Marine seldom gets involved in capesize and supramax bulk carriers.
2-December-2019
Singapore-based shipowner and operator China Navigation (CNCo) sold 1994 built multipurpose bulk carrier MPP 23K DWT MV Kwangtun for $370 per ldt (lightweight displacement tonnage) for guaranteed green recycling.
1-December-2019
Greek shipowner and operator Alios Bulkers moved into kamsarmax segment. Stavros Livanos controlled Alios Bulkers has acquired 2019 built kamsarmax bulk carrier 81K DWT MV Atlantic Samurai and 2018 built kamsarmax bulk carrier 82K DWT MV Aquila Ocean. Tanker owners Sun Enterprises’ sister-company Alios Bulkers modestly moved into the kamsarmax bulker segment. On the other hand, Piraeus based Alios Bulkers has trimmed its fleet. In October 2018, Alios Bulkers sold 2004 built panamax bulk carrier 73K DWT MV Ioannnis Zafirakis to Greek shipowner Eastern Mediterranean Maritime (Eastmed) for around $10 million. In June 2018, Alios Bulkers sold 2002 built panamax bulk carrier 74K DWT MV Atlantic Hawk to a Chinese shipowner for around $9 million.
1-December-2019
Singapore based shipowner and operator Berge Bulk spend $540 million for up to eight (8) dual-fuelled newcastlemax bulk carriers with two (2) options. James Marshall led Berge Bulk has commissioned Shanghai Waigaoqiao Shipbuilding (SWS) to construct LNG-fuelled newcastlemax bulk carriers for delivery at the end of 2021 and in early 2022. Furthermore, Berge Bulk is in discussions with Qingdao Beihai Shipbuilding Heavy Industry for a similar newbuilding order. Berge Bulk is paying around $67 million for each LNG-fuelled newcastlemax bulk carrier new-buildings. Currently, conventional Tier III compliant newcastlemax bulk carrier costs around $53 million, LNG-fuelled newcastlemax bulk carrier costs an additional $14 million. Singapore based shipowner and operator Berge Bulk will become the first company to sign up for LNG-fuelled newcastlemax bulk carriers. The latest orders are in line with Berge Bulk’s fleet renewal and expansion. In 2019, Berge Bulk scrapped three (3) VLOCs (Very Large Ore Carriers): • MV Berge Denali (289K DWT 1992 Built) • MV Berge Manaslu (263K DWT 1992 Built) • MV Berge Bureya (289K DWT 1993 Built)
In October 2019, Berge Bulk acquired 2014 built capesize bulk carrier 176K DWT Berge Orizaba (ex MV Bulk Success) from Shanghai HNA Marine Shipping for $24.5 million. In 2020, Berge Bulk is entering ultramax segment with the newbuilding deliveries of 63K DWT MV Berge Yotei and 63K DWT MV Berge Tateyama. Currently, Singapore based shipowner and operator Berge Bulk has a fleet of 71 ships.
1-December-2019
Cyprus based shipowner and operator Castor Maritime has agreed to an $11 million secured term loan facility with Greece’s Alpha Bank. $11 million secured term loan would be used to retire Castor Maritime’s $7.5 million existing shareholder bridge loan and to fund ongoing plans for fleet expansion. Recently, Petros Panagiotidis led Castor Maritime to increase fleet size with panamax bulk carrier acquisition. $11 million secured term loan was obtained through two of Castor Maritime’s shipowning subsidiaries, is expected to be drawn down before the end of 2019. Limassol based Castor Maritime will bear interest at 3.50% plus LIBOR per annum with a tenor of five (5) years. In October 2019, Castor Maritime acquired 2005 built panamax bulk carrier for $10.2 million. Limassol based shipowner and operator Castor Maritime was established in 2017 and listed on Nasdaq in February 2019. After listing on Nasdaq, Castor Maritime acquired 2001 built panamax bulk carrier 75K DWT MV Magic Sun and 2004 built panamax bulk carrier 76K DWT MV Magic P. Both MV Magic P and MV Magic Sun are chartered out to German bulker giant Oldendorff.
1-December-2019
In the third quarter of 2019, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) recorded a diminished profit due to a reduction in their fleet size and a decline in freight revenue. During this period, Diana Shipping (DSX) posted a modest profit of $1.3 million. The net income attributable to common shareholders stood at $300,000. Over the preceding year, the illustrious Greek shipowner and operator, Diana Shipping (DSX), divested itself of seven bulk carriers. This divestment significantly contributed to the diminished time charter revenues witnessed throughout 2019. The proceeds from these sales were judiciously reinvested in the repurchase of the company’s securities through two share tender offers. A notable decline was observed in the average time charter rates Diana Shipping (DSX) secured for its bulk carriers, sliding from $12,975 daily in the prior year’s third quarter to $12,682 daily in the recent quarter. The overall time charter revenue for Q3 2019 culminated at $53.5 million. While Diana Shipping’s (DSX) financial outcomes slightly underperformed forecasts, industry analysts had anticipated this revenue drop. Two share tender offers were finalized by Diana Shipping (DSX) in the third quarter of 2019, with the company allocating a sum of $27.5 million to repurchase its shares. This move towards repurchasing shares was primarily financed by the sale of bulk carriers, aiming to narrow the valuation disparity in the open market. Going forward, Diana Shipping’s (DSX) strategic direction will prioritize channeling its available cash reserves into share repurchases, especially if they trade below Net Asset Value (NAV). A pivot towards dividend distribution might emerge if there’s a surge in valuation.
1-December-2019
Norwegian maritime investor Ocean Yield buys back $42 million in outstanding bonds due in April 2020. Lars Solbakken led Ocean Yield aims to refinance part of its debt by bond placement on buying back $42 million of its notes due in April 2020. On 26 November 2019, Oslo-listed Ocean Yield completed a placement of $81.8 million in senior unsecured bonds due in December 2024. Ocean Yield announced that the company would spend $42 million of the placement’s proceeds on buying back a portion of its outstanding $108 million bond issue OCY03, due in April 2020. Buyback will be settled on 12 December 2019. Besides refinancing existing debt, Ocean Yield would spend on new investments and general corporate purposes. Norwegian maritime investor Ocean Yield owns a diverse fleet of 58 ships. Last week, Ocean Yield acquired four (4) modern LR2 tankers with long-term charters to companies owned and guaranteed by Navig8 Topco Holdings for $132 million in total. Recently, Ocean Yield completed a fully underwritten private placement of 15.93 million shares worth $79 million. Currently, Aker Capital is the largest shareholder with 61.65% stake in Ocean Yield.
1-December-2019
German bulker operator Oldendorff Carriers sold 2009 built handysize bulk carrier 32K DWT MV Dorothea Oldendorff for around $6 million. MV Dorothea Oldendorff ship is due for a special survey in December 2019. In November 2019, Henning Oldendorf led Oldendorff Carriers also sold 33K DWT MV Dora Oldendorff for around $6.5 million. Turkish buyers renamed MV Dora Oldendorff as MV Kestrel S. Up to now in 2019, Oldendorff Carriers has sold eight (8) bulk carriers on the secondhand market. Lubeck, Germany based Oldendorff Carriers operates on average 700 owned and chartered bulk carriers.
1-December-2019
P&I (Protection and Indemnity) insurer Shipowners’ Club has declared a 5% general raise on ship insurance premiums. Lately, Shipowners’ Club reported a $38 million loss. P&I (Protection and Indemnity) insurer Shipowners’ Club has a method of underwriting to a breakeven position. Up to now, UK P&I Club, the Standard Club, and Steamship Mutual has increased ship insurance premiums 7.5% at renewal in 2020. In 2019, Shipowners’ Club was struck by two major claims. In 2020, Shipowners’ Club anticipates an increase in the number of shipowners and total tonnage.
1-December-2019
European Union (EU) appeals to the World Trade Organization (WTO) for the Indonesian government’s nickel ore export restraints. Indonesian nickel export restrictions put various businesses in the EU’s steel industry at risk. Especially, Indonesian export restrictions strike the supramax bulk carrier segment. Indonesian government desires to be export value-added commodities instead of solely exporting raw materials.
1-December-2019
World’s Biggest Shipbuilder. After the merger of state-run shipbuilders China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Co (CSIC), the world’s biggest shipbuilder is established in China with assets of $112 billion. China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Co (CSIC) merger is named China Shipbuilding Group which will be the world’s largest shipyard company. China Shipbuilding Group has 147 research institutes, business units, and listed firms and 310,000 employees. China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Co (CSIC) merger will boost operational efficiency. China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Co (CSIC) merger has been in the making since Hu Wenming, a former China communist party leader of the state-owned aviation industry, was assigned to China State Shipbuilding Corp (CSSC) as party secretary in 2010. Actually, China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Co (CSIC) merger was planned in 2009. Hu Wenming was retired in October 2019 ahead of the merger. China State Shipbuilding Corp (CSSC) chairman Lei Fanpei will lead China Shipbuilding Group. China Shipbuilding Group will be the world’s largest shipbuilding company, with more than 10% of the global ship newbuilding order-book. China Shipbuilding Group is set to control more than 50% of China’s shipbuilding capacity. China Shipbuilding Group is going to control giant shipyards such as Hudong-Zhonghua Shipbuilding, Jiangnan Shipyard, Shanghai Waigaoqiao Shipbuilding, CSSC Offshore & Marine Engineering, and Dalian Shipbuilding Industry Co.
1-December-2019
Taiwan Stock Exchange-listed shipowner and operator Wisdom Marine Lines Co Ltd ordered one (1) handysize bulk carrier new-building 37K DWT in Japan. Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd will pay around $24 million to Onomichi Dockyard Co for one (1) handysize bulk carrier new building. Taipei-based shipowner and operator Wisdom Marine Lines Co Ltd did not disclose when the company is expected to take delivery of the handysize bulk carrier new-building. Handysize bulk carrier new-building order comes just weeks after Chun-Sheng Lan-led shipowner and operator Wisdom Marine Lines Co Ltd opted to order a pair of kamsarmax bulk carrier newbuildings at Tsuneishi Zhoushan Shipbuilding. In October, Wisdom Marine Lines Co Ltd’s BOD (Board of Directors) approved a proposal to order the 82K DWT kamsarmax bulk carrier newbuildings for $33 million each. At the beginning of 2019, Taipei-based shipowner and operator Wisdom Marine Lines Co Ltd ordered one (1) ultramax bulk carrier new-building 63K DWT at Tsuneishi Zhoushan Shipbuilding for $31 million. Wisdom Marine Lines Co Ltd will take the delivery of the ultramax bulk carrier new-building in Q1 2021. Currently, Wisdom Marine Group is the largest dry bulk shipowner in Taiwan by the number of ships. Wisdom Marine Lines Co Ltd has a fleet of 133 bulk carriers.