27-February-2019
Singapore-based Pacific Carriers Ltd (PCL) sold 2004 built panamax bulk carrier 75K DWT MV Ikan Bilis for around $7.7 million. Pacific Carriers Ltd’s (PCL) panamax price tag reflects the prevailing pressure on ship values. In 2002, Pacific Carriers Ltd (PCL) ordered MV Ikan Bilis for around $21 million and operated the panamax bulk carrier during boom years. In March 2018, Pacific Carriers Ltd (PCL) sold 2005 built panamax bulk carrier 87K DWT MV Penting to Navios Partners for around $13 million. In April 2016, Pacific Carriers Ltd (PCL) sold 2005 built panamax bulk carrier 87K DWT MV Alam Pesona to Navitas Compania Maritima for around $7 million.
27-February-2019
South Korean shipowner and operator Polaris Shipping has recruited Pareto Securities and DNB as coordinators for an IPO (Initial Public Offering) in Oslo Stock Exchange. Polaris Shipping aimed at raising as much as $1 billion. Polaris Shipping plans on the IPO (Initial Public Offering) taking place during the second half of 2019. Polaris Shipping plans to use the fundraise will partially be used for the new-building bulk carriers. Polaris Shipping has been looking to list in Oslo Stock Exchange since 2013. Previously, Polaris Shipping has postponed IPO (Initial Public Offering) in Oslo Stock Exchange due to deteriorating financial markets and the sinking of the MV Stellar Daisy. Shipping market players have questioned whether Polaris Shipping’s Oslo Stock Exchange listing plan will be affected by the weak dry bulk market, as well as capital markets that have proven all but closed to traditional shipping IPO (Initial Public Offering). Meantime, there are also some concerns over Polaris Shipping’s continued use of converted VLOCs (Very Large Ore Carriers) built before 2000. Currently, South Korean shipowner and operator Polaris Shipping has 17 new-building bulk carriers under construction. 17 new-building bulk carriers will replace some of the existing bulk carriers. Seoul-based shipowner and operator Polaris Shipping has a strong relationship with Brazilian iron ore giant Vale. Polaris Shipping has chartered out 18 VLOCs (Very Large Ore Carriers) into long-term contracts of up to 25 years. Polaris Shipping was established in 2004. Currently, Polaris Shipping is controlling a fleet of 35 bulk carriers.
26-February-2019
Fearnleys' distinguished sale-and-purchase director, Lars Christian Skarsgard, has gracefully ascended to the position of Chief Executive at the esteemed bulker proprietor, Belships. Set to transition to the renowned Oslo-listed maritime conglomerate, Belships, on 15 March, Mr. Skarsgard departs from his pivotal role at a premier shipbroker. Taking the helm as Belships' Chief Executive, he steps into the void left by Ulrich Muller, who tendered his resignation in mid-December, mere moments after finalizing a strategic takeover orchestrated by Frode Teigen's Lighthouse Navigation. Mr. Skarsgard's laudable leadership at Fearnleys' sale-and-purchase division spanned an impressive three and a half years, marking his second illustrious tenure with the company. With an enviable history in ship ownership, he once presided as the chief of shipowning at the distinguished Norwegian entity, Stove Shipping. Prior to his tenure at Stove Shipping, Mr. Skarsgard dedicated a decade to Fearnleys, adroitly navigating roles in both sale-and-purchase and chartering domains. In recognition of his invaluable contributions, Mr. Skarsgard has been bestowed with the option to acquire a significant five million Belships shares, each priced at a modest $0.70, contingent upon specific stipulations.
26-February-2019
Athens-based Greek shipowner and operator Kassian Maritime is asking the US Supreme Court to judge whether the US Coast Guard (USCG) was acting fairly when it asked for a multimillion-dollar bond to free one of its bulkers in 2013. Pappadakis family-controlled Kassian Maritime’s subsidiary company Angelex’s attorney Chalos & Co. filed a petition with the court in late January 2019, over a clause in the Act to Prevent Pollution From Ships they say courts disregarded in a legal battle over the 2013 detention of the 1995 built panamax bulk carrier 73K DWT MV Electronica (ex MV Antonis G Pappadakis). According to Athens-based Kassian Maritime’s attorney Briton Sparkman, the issue is language in the Act to Prevent Pollution From Ships, which entitles a ship unreasonably detained or delayed by the government to compensation. In April 2013, 73K DWT MV Electronica (ex MV Antonis G Pappadakis) was kept from leaving the Port of Norfolk, after seafarers passed notes and a camera to the US Coast Guard (USCG) officials alleging the MV Electronica (ex MV Antonis G Pappadakis) illegally discharged oily bilge water. The United States government required $2.5 million as a bond to release the MV Electronica (ex MV Antonis G Pappadakis). The discharges were not recorded onboard, and Kassian Maritime, Kassian Maritime’s subsidiary company Angelex and the MV Antonis G Pappadakis’s captain were charged criminally. Kassian Maritime, Kassian Maritime’s subsidiary company Angelex and the MV Antonis G Pappadakis’s captain were acquitted in a trial, but not before the MV Antonis G Pappadakis sat in port for nearly six (6) months and Kassian Maritime’s subsidiary company Angelex lost what it claims was $4.2 million. In 2015, Kassian Maritime’s subsidiary company Angelex sought damages, but the Eastern District of Virginia federal court and the Washington DC Circuit Court of Appeals denied them, deferring to the United States government. In the petition, Kassian Maritime’s subsidiary company Angelex announced it turned over a trove of financial documents evidencing the company’s inability to pay the $2.5 million bond, but several officials told in depositions that they did not review the documentation. Moreover, lawyers for Kassian Maritime’s subsidiary company Angelex alleged the US Coast Guard (USCG) initially agreed to a $1.5 million bond, which was later canceled without explanation. A lawsuit in the immediate aftermath of the MV Antonis G Pappadakis’ detention sided with Kassian Maritime’s subsidiary company Angelex and decreased the bond to $1.5 million, a sum overturned by a High Court that announced the Kassian Maritime’s subsidiary company Angelex must seek an after-the-fact remedy. The US Department of Justice declined to comment on the petition, but government lawyers have successfully defended the US Coast Guard’s (USCG) actions as reasonable. The court is set to decide whether to hear Kassian Maritime’s subsidiary company Angelex’s case by 6 March 2019.
26-February-2019
Hong Kong-listed shipowner and operator Pacific Basin Shipping paid dividends to its investors in 2018. Pacific Basin Shipping owns and operates a fleet of handysize and supramax bulk carriers. Advancements in the dry bulk market have led to Pacific Basin Shipping reporting profit for 2018 that is 20 times greater than its previous annual result. CEO Mats Berglund-led shipowner and operator Pacific Basin Shipping reported net profit of $72 million in 2018. Hong Kong-based shipowner and operator Pacific Basin Shipping expressed the result was supported by better market conditions. Minor bulk ship demand increased by 5.3% during 2018, despite a weaker US-China trade. Pacific Basin Shipping expressed the dry bulk industry would resume its growth in 2019, but not without challenges. Pacific Basin Shipping anticipate to see increased volatility in 2019 affected by uncertainty about the trade wars, but also by environmental rules contributing to tighter supply. Currently, Hong Kong-listed shipowner and operator Pacific Basin Shipping owns 111 bulk carriers and generally operates over 200 bulk carriers, including chartered bulk carriers.
25-February-2019
Singapore based shipowner and operator Berge Bulk sold 1992 built VLOC (Very Large Ore Carrier) 289K DWT MV Berge Denali for demolition for around $465 per ldt (Light Displacement Tonnage). MV Berge Denali deal includes 600 tons of bunkers. MV Berge Denali is due for SS (Special Survey) in June 2021. James Marshall led Berge Bulk is the fourth player after Cosco, John Fredriksen, and John Angelicoussis in terms of managing large bulk carriers. Singapore based shipowner and operator Berge Bulk was established in 2007. Notwithstanding a weak capesize spot market in 2019, very few capesize bulk carriers have been sold for demolition in 2019. Capesize bulk carriers rates have been pounded in 2019 following a dam collapse at a Vale facility. Vale closedown of iron ore mines with a combined capacity of 40 million tons. According to capesize players, ship scrapping saves capesize rates. It seems that the weak iron ore demand and scrapping will increase a lot in near future.
25-February-2019
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime Navigation Agency Ltd has shifted its focus from the S&P (Sale and Purchase) markets in pursuit of its latest fleet expansion endeavors. Athens-based shipowner and operator Kassian Maritime has recently concluded a deal in Japan with Mitsui Engineering & Shipbuilding for the acquisition of an 87K DWT kamsarmax bulk carrier. The scheduled delivery of 87K DWT kamsarmax bulk carrier is expected to take place early in the year 2021. Athens-based shipowner and operator Kassian Maritime will pay around $36.5 million. Greek shipowner and operator Kassian Maritime experienced a highly eventful year in 2018, making a number of acquisitions of secondhand bulk carriers. Presently, Kassian Maritime has an ultramax bulk carrier on order, and Kassian Maritime’s esteemed fleet consists of ten bulkers and one tanker.
25-February-2019
Geneva-based shipowner and operator SwissMarine chartered in two kamsarmax bulk carriers from New York-listed shipowner and operator Diana Shipping (DSX). Peter Weernink-led shipowner and operator SwissMarine chartered in 2017 built kamsarmax bulk carrier 208K DWT MV Newport News for around $16,500 per day and 2012 built kamsarmax bulk carrier 206K DWT MV Los Angeles for around $13,250 per day. In the spot market today, the Baltic Exchange’s weighted time charter average rate for capesize 5T routes was at $5,747 per day which is the lowest level seen since February 2017.
24-February-2019
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has triumphantly finalized its merger with Lighthouse Navigation, fortifying its financial stature. As a direct consequence of this union, Belships experienced a substantial financial uplift. By 10 December, the culmination of this merger redirected their collaborative efforts towards unifying their respective business methodologies. In the fourth quarter of 2018, Belships reported an impressive profit of $14.2 million. This notable achievement was significantly influenced by a fortuitous gain of $12.8 million, following Belships' astute reverse acquisition of Lighthouse Navigation. In contrast, the corresponding period of the previous year, 2017, showcased an impairment reversal amounting to $9.5 million. Cumulatively, these strategic moves propelled Belships to realize a net profit of $19.2 million for the entirety of 2018. Subsequent to this merger, the intricate technical oversight of three vessels from Lighthouse has transitioned under the aegis of the renowned Singapore-based Belships Management. Additionally, an impending transfer of another six bulk carriers is anticipated. Upon its fruition, Singapore-based Belships Management shall singularly oversee the technical administration of all vessels. This strategic consolidation of management initiatives crafts a holistic internal operational framework, positioning Belships optimally for future expansion. Belships envisions primarily immersing in the dry bulk market, aspiring to leverage the advantages of comprehensive internal commercial and technical administration. Presently, five bulk carriers operate under a long-term charter, while Belships' affiliate, Lighthouse Navigation in Bangkok, commands the remaining ten within the spot market. This charter engagement equates to an approximate nominal gross hire approaching $30 million, as revealed by Belships. Their strategic blueprint encompasses a harmonious blend of charter commitments coupled with spot market exposure. In the course of 2018, Lighthouse Navigation prominently managed an average fleet of 18 bulk carriers on charter.
23-February-2019
Oslo Stock Exchange-listed and Hong Kong-based Jinhui Shipping and Transportation Limited reported a net loss of $3 million in Q4 2018 due to the weaker dry bulk freight rate conditions. Jinhui Shipping and Transportation Limited reported a revenue of $17.7 million in Q4 2018. Bermuda registered and Hong Kong-based Jinhui Shipping and Transportation Limited’s Q4 2018 results were mainly affected by the sale of four bulk carriers. Jinhui Shipping and Transportation Limited reported an average daily TCE (Time CFharter Equivalent) rate of $9,815 per day per ship. Dry bulk shipping markets increased exceptionally at the beginning of 2018, motivated essentially by robust Chinese dry bulk imports and poor bulk carrier supply. However, dry bulk shipping market sentiment changed in Q4 2018 due to the pressure precipitated by the US-China trade war. Oslo Stock Exchange-listed and Hong Kong-based Jinhui Shipping and Transportation Limited reported a net profit of $8.7 million for the full year of 2018.
22-February-2019
Barry Rogliano Salles (BRS) is expanding its presence in China by recruiting shipbrokers for a new office in Hong Kong, as part of its ongoing global expansion efforts. The Paris-headquartered shipbroker is also nearing completion of a deal to absorb the broking team of Colombia’s Amazonas Shipping and is set to open a new office in Vietnam within the next month. Despite already having offices in Beijing and Shanghai, BRS CEO Francois Cadiou believes that Hong Kong, with its access to various shipowning companies and traders, remains a strategic gateway to China. The initial focus in Hong Kong will be on dry cargo chartering, with plans to later expand into the sale and purchase (S&P) and newbuildings sectors. BRS Chairman Tim Jones mentioned that they are looking to assemble a small team of about three shipbrokers who are eager to join BRS and become part of a larger organization. Given that many of BRS’s clients in China also have operations in Hong Kong, the city is a familiar landscape for the company, particularly in the dry cargo sector. Like its other global ventures, the Hong Kong office is expected to start small, adapting to the local market needs and expanding its activities gradually. For example, when BRS launched in Greece in 2015, it began with a team of four chartering shipbrokers from Platou’s local operation, initially focusing on dry bulk and later expanding as seen in the Geneva office. Similarly, BRS entered the US market in 2015 by integrating the team from Connecticut-based Bulk Ocean Chartering and, in 2017, opened a tanker desk in Houston led by former Koch Industries chartering manager Currie Evans. In its approach to international expansion, BRS has emphasized that the Hong Kong operation must be entirely under its control, reflecting lessons learned from less successful joint ventures. The company is not interested in acquiring other firms outright. Amazonas Shipping, based in Bogota and owned by Eduardo Silva who is set to retire after a transitional period, has collaborated with BRS for many years and includes three chartering shipbrokers. One of these brokers has already undergone further training at BRS’s Stamford office. Currently, Barry Rogliano Salles (BRS) employs around 500 staff globally, including over 200 shipbrokers, demonstrating its substantial footprint in the international shipping brokerage industry.
21-February-2019
Greek shipowner and operator Diligent Holdings acquired 2008 built supramax bulk carrier 55K DWT MV Alster Bay for around $12 million from Japanese shipowner and operator Mitsui Soko. Athens-based shipowner and operator Diligent Holdings prefers Japan-built bulk carriers. Currently, the dry bulk shipping market has the worst freight rates since the dry bulk market crisis of 2016. Dry bulk market circumstance has not discouraged Dimitris Michalos-led Diligent Holdings. Athens-based shipowner and operator Diligent Holdings has been investing in the supramax bulk carriers. The decline in dry bulk freight rates is doing little to prevent strong-minded shipowners to invest in bulk carriers. 2008 built supramax bulk carrier 55K DWT MV Alster Bay would also be the third bulk carrier Athens-based shipowner and operator Diligent Holdings has acquired in half a year. Greek shipowner and operator Diligent Holdings commenced extraordinary ship acquisitions in early 2016. Currently, Diligent Holdings concentrated on acquiring secondhand Japan-built supramax bulk carriers.
20-February-2019
Based in 7-Feb, shipowning and operating company EuroBulk Ltd has recently expanded its fleet by acquiring a 13-year-old panamax bulk carrier from Japan’s Nissen Kaiun. The vessel, constructed by Imabari Shipbuilding and boasting a deadweight of 76K, named MV Osmarine (built in 2006), was purchased for approximately $10 million. This acquisition reflects the current market demand for panamax bulk carriers of this age, with several transactions involving similar vessels being finalized in recent weeks. Notably, d’Amico Dry of Italy sold two Japanese-built panamax bulk carriers, the 76K DWT MV Medi Cagliari (built in 2004) and the MV Medi Baltimore (built in 2005), to Chinese buyers for about $8 million and $8.5 million, respectively. Furthermore, in October, EuroBulk’s affiliate that is listed on the New York Stock Exchange, EuroDry Ltd. (EDRY), acquired the 75K DWT panamax bulk carrier MV Star of Nippon (built in 2004) for an estimated $10 million. This vessel, originating from Sanoyas Shipbuilding, has been rechristened as MV Starlight. Both EuroBulk Ltd and EuroDry Ltd. (EDRY) fall under the leadership of the Pittas family, illustrating a strategic approach to expanding their maritime assets. EuroDry Ltd. (EDRY), which is publicly traded on the Nasdaq, operates a diverse fleet that includes six panamax bulk carriers and one ultramax bulk carrier. Meanwhile, EuroBulk Ltd manages a broader fleet of 21 vessels, encompassing both bulk carriers and container ships, showcasing the Pittas family’s significant footprint in the global shipping industry.
20-February-2019
The Foremost Group, a prominent U.S.-based dry bulk shipping company under the control of the Chao family, has recently contracted with CSSC Chengxi Shipyard for the construction of two new 85K DWT kamsarmax bulk carriers. These ships are scheduled for delivery in 2021. This order is part of the Foremost Group’s aggressive expansion strategy over the last few years. The company has been actively increasing its fleet, placing orders for a series of newbuilds at both China’s Waigaoqiao Shipbuilding and Japan’s Oshima Shipbuilding. In a notable financial move, the Foremost Group secured a loan of $41.14 million in November from the First Bank of Taiwan. This financing is aimed at supporting the construction of two additional newbuilds at Oshima Shipbuilding. With a current fleet of 17 bulk carriers, this latest order from CSSC Chengxi Shipyard brings the total number of ships on Foremost Group’s orderbook to 16. This substantial expansion reflects the company’s strategic focus on growing its presence in the global shipping industry, particularly in the bulk carrier sector.
19-February-2019
Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN acquires post-panamax bulk carrier from Japanese shipowner Misuga Kaiun Belgian bulker and ro-ro shipowner, Cobelfret Bulk Carriers CLdN, is augmenting its fleet of larger bulkers through the procurement of an eight-year-old, post-panamax vessel under Japanese control. Cobelfret Bulk Carriers CLdN purchased 2011 built post-panamax bulk carrier 95K DWT MV Tender Salute from Misuga Kaiun for around $17 million. Belgian shipowner and operator Cobelfret Bulk Carriers CLdN appears to have obtained MV Tender Salute at a favorable value. Just a year ago, Cobelfret Bulk Carriers CLdN bought the sistership 2013 built post-panamax bulk carrier 95K DWT MV Conrad Oldendorff from Oldendorff Carriers for around $19 million. Shipbrokers have indicated a significant level of interest in 2011 built post-panamax bulk carrier 95K DWT MV Tender Salute due to the Japanese shipowner Misuga Kaiun’s desire to sell, which ultimately contributed to keeping the price at a lower level. In May of last year, Cobelfret Bulk Carriers CLdN divested itself of the handysize bulk carrier segment by selling the MV Lowlands Saguenay and MV Lowlands Boreas (both built-in 2013) to Montreal-based shipowner and operator Fednav for $14 million each. Additionally, in October 2018, Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN sold the 2001 built capesize bulk carrier 173K DWT MV Lowlands Longevity to South Korea’s SM Line for around $11.85 million. Cobelfret Bulk Carriers CLdN has a preference for post-panamax bulk carriers and currently has two 95K DWT K DWT under construction at Oshima Shipbuilding, with expected deliveries in the current year and 2020, each costing $25 million. Currently, Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN has a mixed fleet consisting of 19 ro-ro ships and 15 bulk carriers.
19-February-2019
CEO Gary Vogel has been leading Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) since September 2015. CEO Gary Vogel moved Eagle Bulk Shipping’s headquarters from New York to Connecticut. CEO Gary Vogel reshaped Eagle Bulk Shipping’s operating profile from a mere tonnage provider to an active shipowner and ship operator. CEO Gary Vogel opted for scrubbers on the entire fleet. However, Eagle Bulk Shipping (EGLE) owns and operates supramax and ultramax bulk carriers. Eagle Bulk Shipping (EGLE) assumes scrubbers have practically no unfavorable effect on the environment. The scrubbers are anticipated to cost about $2 million each. Eagle Bulk Shipping (EGLE) estimates that supramax and ultramax bulk carrier freight rates will be set by the 90% of bulk carriers using low-sulfur fuel and Eagle Bulk Shipping (EGLE) quote off of that freight. Los Angeles-based investor Oaktree Capital Management-backed company has opted for the scrubber installation. Eagle Bulk Shipping’s management and BOD (Board of Directors) opted for the scrubber installation, without outside influence. Eagle Bulk Shipping (EGLE) is a member of the Clean Shipping Alliance 2020. Currently, Eagle Bulk Shipping (EGLE) owns and operates 14 ultramax bulk carriers and 32 supramax bulk carriers.
19-February-2019
Monaco-based shipowner and operator Scorpio Bulkers, listed on the New York Stock Exchange under the ticker symbol SALT, has entered into another sale-and-leaseback agreement as part of its ongoing efforts to refinance one of its bulk carriers. The 84,000 deadweight tons (DWT) MV SBI Samba, built in 2015, has been sold and subsequently chartered back, resulting in the infusion of $6.9 million in liquidity for Scorpio Bulkers. According to a statement released to investors, Scorpio Bulkers disclosed that the vessel was sold for $21.4 million, while the bareboat charter back arrangement was priced at $6,850 per day. Although Scorpio Bulkers did not reveal the identity of the other party involved in the transaction, it’s worth noting that the company has previously engaged in similar leaseback deals, with Japanese counterparties believed to be involved in some of them. In contrast, Scorpio Tankers, a sister company, has primarily conducted its own transactions with Chinese leasing houses. At present, Scorpio Bulkers, led by Emanuele Lauro, operates a fleet consisting of 56 vessels, both owned and leased, that are actively operating in the maritime industry.
19-February-2019
The New York-based Foremost Group, led by James Chao, has recently expanded its fleet with the addition of two kamsarmax bulk carrier newbuilds from the state-owned Chengxi Shipyard in China. This marks the company’s first business with this particular Chinese yard. These new vessels, each with a capacity of 85K DWT, are slated for delivery in 2021. The contract for these ships was reportedly signed late last year but was not publicly disclosed until now. The cost of these newbuilds is not specified, but estimates suggest that a typical newbuild meeting IMO Tier III emissions standards in China may cost just over $29 million each. Foremost Group plans to purchase and install its own scrubbers on these ships. The James Chao-led outfit is a prominent figure in the shipbuilding sector. Prior to this deal, Foremost Group’s fleet included six 85K DWT kamsarmax bulk carriers, all constructed by Japan’s Oshima Shipbuilding, and it has four more ships of similar size under construction at the same yard, expected to be delivered between this year and 2021. Additionally, Foremost Group has a significant presence in the large bulk carrier market. Currently, Foremost Group owns three newcastlemax bulk carriers and eight capesize bulk carriers, averaging seven years in age. Foremost Group is set to significantly expand its newcastlemax fleet, with six 208K newcastlemax newbuilds underway at Shanghai Waigaoqiao Shipbuilding (SWS), scheduled for delivery next year. Regarding capesize vessels, there is one under construction at Qingdao Beihai Shipbuilding Heavy Industry and four more at SWS, all expected to be completed in the fourth quarter of 2019.
19-February-2019
Athens-based shipowner and operator Franco Compania Naviera S.A. is selling 2006 built panamax bulk carrier 76 K DWT MV Calhoun for around $10.8 million. Nicolas Frangistas and Marily Frangistas-led shipowner and operator Franco Compania Naviera S.A. is selling 2006 built panamax bulk carrier 76 K DWT MV Calhoun to a Ukrainian shipowner. Nevertheless, Franco Compania Naviera S.A. stated that no such sale has been agreed upon and that the MV Calhoun remains in the company’s fleet. Franco Shipping Group (Franco Compania Naviera S.A.) sold several vintage bulk carriers. Today, Franco Shipping Group (Franco Compania Naviera S.A.) is listed with a fleet of nine (9) bulk carriers. FCN Management Inc is the subsidiary of Franco Compania Naviera S.A. All vessels of Franco Compania Naviera S.A. are managed by FCN Management Inc. The Franco Shipping Group (Franco Compania Naviera S.A.) was founded by Dr. Achilles Frangistas in 1948. Dr. Achilles Frangistas acquired the first vessel in 1951. Last September, Franco Shipping Group (Franco Compania Naviera S.A.) acquired 2010 built handysize bulk carrier 32K DWT MV Rea (ex MV Signe Bulker) for around $9.5 million. Greek shipowner and operator Franco Compania Naviera S.A. acquired MV Rea (ex MV Signe Bulker) from Copenhagen-based shipowner and operator J Lauritzen. Franco Compania Naviera S.A. is the operator of a continuously growing fleet of modern bulk carriers. Today, Franco Compania Naviera S.A. offers commercial, operational, technical, and crewing services on behalf of global shipowners and is widely recognized as one of the most reputable traditional ship-management companies. In May 2015, the Greek shipowner and operator Franco Shipping Group (Franco Compania Naviera S.A.) acquired 2015 built ultramax bulk carrier 63K DWT MV Delsa as a resale from Sinopacific Zhejiang. Franco Compania Naviera S.A. was founded by Achilles N. Frangistas. Currently, Athens-based shipowner and operator Franco Compania Naviera S.A. has a fleet of nine (9) bulk carriers.
19-February-2019
Clarksons elegantly trims the standard dry bulk projections. Clarksons Platou Securities has astutely reduced the 2020 capesize tariffs by over a third, in light of diminishing Brazilian outputs and as China anticipates an economic resurgence. The melancholy of the dry bulk sector lingers as capesize rates for this beleaguered sector face significant devaluation. In a refined manner, Clarksons Platou Securities diminished the 2020 rate anticipation by 37% to a figure of $18,000 per day. This decision was influenced by a somber outlook from the first half of 2019, which plummeted rather severely to $14,000 per day, as noted in the biannual shipping report of September 2018. Even prior to Brazil’s challenges in January 2019, freight rates precipitously declined, signaling a subdued import demand from China. Moreover, rates associated with other dry bulk asset categories have also been revised downwards. This includes a reduction for panamax by 31% to $12,000, supramax by 27% to $12,000, and handysize rates curtailed by 10% to settle at $9,000. Remarkably, Clarksons Platou maintained a ‘buy’ stance for six dry bulk shipping stocks. However, it recalibrated the 2019 price targets for five of them, with Grindrod Shipping’s forecast being the most striking, reduced by a third to $9.
19-February-2019
Navios Maritime Holdings, led by CEO Angeliki Frangou, reported a significant financial downturn for the fourth quarter of 2018, with the adjusted net loss widening to $200.8 million from a loss of $51.6 million in the corresponding period the previous year. The deepening of the loss was attributed to a substantial operating loss of $136.3 million, a stark contrast to an operating profit of $7.7 million reported a year earlier. When excluding this operating loss, the adjusted figure for the quarter was a loss of $19 million, compared to $15.3 million a year ago, with a per-share loss of $1.79 matching analyst predictions. However, Navios Maritime Holdings did see some positive adjusted operating results, posting $45.5 million versus $44 million for the same quarter in 2017. CEO Angeliki Frangou expressed satisfaction with the Navios Maritime Holdings’ performance during both the fourth quarter and the entirety of 2018, highlighting an improved charter market as a significant factor in their business outcomes. The adjusted net loss for the entire year decreased to $70.8 million from $110.7 million, on the back of revenue growth to $518 million from $463 million. Angeliki Frangou pointed out the substantial improvement in the Time Charter Equivalent (TCE) rates, which averaged $12,534 per day in 2018, up approximately 30% from $9,705 per day in 2017. This improvement significantly boosted the company’s adjusted EBITDA from its core shipping operations. Despite these gains, the CEO noted that the first quarter of the current year has been negatively impacted by the Vale dam disaster and ongoing concerns related to tariffs, indicating a complex operating environment for Navios Maritime Holdings.
19-February-2019
The Athens-based shipping entity, EuroBulk Ltd, has bolstered its maritime portfolio by securing a panamax bulk carrier, aged 13 years, from the esteemed Japanese shipowner Nissen Kaiun. Named MV Osmarine and launched in 2006 by Imabari Shipbuilding, this 76K DWT vessel was acquired for a sum close to $10 million. This move is indicative of the robust appetite in the current market for panamax bulk carriers of this vintage, a trend underscored by a series of similar vessel transactions recently. For instance, Italy’s d’Amico Dry sold two panamax bulk carriers built in Japan – the 76K DWT MV Medi Cagliari (2004) and the MV Medi Baltimore (2005) – to Chinese interests for approximately $8 million and $8.5 million, respectively. Additionally, last October, EuroBulk’s New York Stock Exchange-listed sister company, EuroDry Ltd. (EDRY), expanded its fleet with the purchase of the 75K DWT panamax bulk carrier MV Star of Nippon (built in 2004) for around $10 million from Sanoyas Shipbuilding, which has since been renamed MV Starlight. The strategic maritime investments of both EuroBulk Ltd and EuroDry Ltd. (EDRY) are directed by the Pittas family, showcasing a focused expansion and operational strategy in the shipping sector. EuroDry Ltd. (EDRY), listed on the Nasdaq, boasts a versatile fleet comprising six panamax bulk carriers and one ultramax bulk carrier, while EuroBulk Ltd oversees a larger fleet of 21 vessels, including bulk carriers and container ships, further cementing the Pittas family’s significant role in the global maritime industry. Nissen Kaiun, the seller of the MV Osmarine, is one of Japan’s foremost shipowning and ship management companies, renowned for its extensive fleet that includes a wide variety of vessel types, such as bulk carriers, tankers, and container ships. Established in 1938, Nissen Kaiun has built its reputation on a commitment to operational excellence and innovation in ship management. The company’s strategic investments in vessel acquisition and technology have positioned it as a key player in the international shipping market, with a strong focus on environmental sustainability and efficiency.
19-February-2019
London Stock Exchange-listed shipping fund Tufton Oceanic Assets targets $75 million from the latest capital raise. The latest capital raise arrives after the acquisition of 12 vessels. Tufton Oceanic Assets is endeavoring to take its fundraising to around $250 million with a third capital raise. In late 2017, Tufton Oceanic Assets raised $91 million from its IPO (Initial Public Offering). Tufton Oceanic Assets was listed on the specialized fund section of the London Stock Exchange. Tufton Oceanic Assets acquired a fleet of twelve (12) ships with the first two tranches of capital. Tufton Oceanic Assets has been bullish about further shipping investment opportunities.
18-February-2019
New York-listed shipowner and operator Euroseas (ESEA) dry bulk spin-off EuroDry (EDRY) still beats finance market consensus for Q4 2018. Athens-based New York-listed shipowner and operator EuroDry (EDRY) has fallen closer to the red side of the ledger yet still outperformed finance analysts’ predictions. EuroDry (EDRY) reported a net income of $0.56 million for Q4 2018. EuroDry (EDRY) reported adjusted earnings of $0.7 million for Q4 2018. EuroDry (EDRY) reported earnings of $0.31 per share for Q4 2018. EuroDry (EDRY) reported revenue of $6.99 million for Q4 2018. EuroDry (EDRY) reported net expenses of $1.2 million for Q4 2018. Freight rates during Q4 2018 and Q1 2019 weakened amid the US-China trade war. However, Athens-based New York-listed shipowner and operator EuroDry (EDRY) secured physical, FFA (Forward Freight Agreements), and fixed-rate arrangements to protect the company against negative shipping market activities. New York-listed shipowner and operator EuroDry (EDRY) assumes that dry bulk shipping markets could present substantial opportunities for sizable returns in the medium term. Furthermore, EuroDry (EDRY) has completed some loan refinancing. According to EuroDry (EDRY), IMO (International Maritime Organization) regulations should restrict fleet growth for positive business demand. EuroDry (EDRY) anticipates that with time, EuroDry (EDRY) will improve the company’s visibility amongst investors and contribute to lowering the substantial discount to the NAV (Net Asset Value) the company’s stock trades at, therefore, presenting supplementary rewards to EuroDry (EDRY) shareholders. Aristides Pittas-backed EuroDry (EDRY) was established on 30 May 2018 when Euroseas’ (ESEA) six (6) dry bulk carriers were separated from the fleet to qualify Euroseas (ESEA) to evolve an eleven (11) container ship pure player.
17-February-2019
Greek shipowner and operator Pioneer Marine sold 2003 built handymax bulk carrier 46K DWT MV Paradise Bay. MV Paradise Bay was the oldest bulk carrier in the fleet of Pioneer Marine. Pioneer Marine is going to be delivered to the new shipowner and operator in April. Oslo over-the-counter (OTC) listed Pioneer Marine has been in fleet renewal plan. Athens-based shipowner and operator Pioneer Marine has reported a net income of $5.1 million in 2018. The end of Q4 2018 marks a very successful year for shipowner and operator Pioneer Marine. In Q4 2018, Pioneer Marine covered 50% of the bulk carrier fleet at an average TCE (Time Charter Equivalent) rate of $10,100 per day.
17-February-2019
Osaka-based shipowner Santoku Senpaku (Santoku Senpaku KK) favors a more conservative strategy than compatriots Nisshin Shipping and Nissen Kaiun. Santoku Senpaku (Santoku Senpaku KK) only orders new-building ships against charter employment, unlike Santoku Senpaku’ rivals. Santoku Senpaku (Santoku Senpaku KK) has taken advantage of the low shipbuilding prices in recent years to extend its fleet. Furthermore, ship financing is easily available for Japanese tonnage providers such as Santoku Senpaku (Santoku Senpaku KK). Santoku Senpaku (Santoku Senpaku KK) do not order ships on speculation and prefers a traditional strategy. Nonetheless, Santoku Senpaku’s traditional approach has served the company well during the shipping crises. Santoku Senpaku (Santoku Senpaku KK) charters out the ships on a long-term basis. In the 2000s, Santoku Senpaku (Santoku Senpaku KK) commenced working with non-Japanese charterers. Currently, 60% of Santoku Senpaku’s bulk carriers are chartered out to foreign companies. After the 2008 financial crisis, Japanese charterers began to decrease the number of bulk carriers on a long-term basis. Therefore, Santoku Senpaku (Santoku Senpaku KK) focused on foreign charterers that are ready to charter bulk carriers on a long-term basis. Like various tonnage suppliers, Santoku Senpaku (Santoku Senpaku KK) has struggled with charterers defaulting on contracts when the shipping market collapsed. Currently, Santoku Senpaku (Santoku Senpaku KK) has eight (8) new-building bulk carriers under construction at shipyards in China. Santoku Senpaku (Santoku Senpaku KK) is a traditional shipowner when it comes to new ship investments. However, Santoku Senpaku is also an opportunist. Furthermore, Santoku Senpaku (Santoku Senpaku KK) is one of the first Japanese shipowners to have gone to China to order new-building bulk carriers. In 2011, other Japanese shipowners were concerned about Santoku Senpaku’s decision to order new-building bulk carriers at Chinese shipyards as Japanese shipowners had their doubts about the quality of Chinese-built ships. Now, many Japanese shipowners are turning to China for ordering ships. Chinese shipyards caught up with Japanese shipbuilders in delivering the same quality ships.
15-February-2019
Athens-based New York-listed shipowner and operator EuroDry (EDRY) anticipates higher coal shipping demand. According to Aristides Pittas-led shipowner and operator EuroDry (EDRY), the demand for coal shipping may remain robust over the next couple of years despite an international motivation for less coal use. Aristides Pittas-led shipowner and operator EuroDry (EDRY) anticipates Q1 freight rates to be relatively low due to the US-China trade war and the current Vale dam catastrophe, which may reduce annual iron ore output by 40 million tonnes. According to EuroDry (EDRY), coal trade despite the longer-term problems due to the overall wish to diminish coal usage, have been surprisingly robust in 2018. Coal trade is expected to further increase in 2020 as electricity demand remains robust. In May 2018, Aristides Pittas-led shipowner and operator EuroDry (EDRY) spun off from sister container ship company Euroseas (ESEA). Euroseas (ESEA) is the sister company of EuroDry (EDRY).
13-February-2019
Athens-based shipowner and operator Samios Shipping Co. S.A. has surfaced as the buyer of the panamax bulk carrier MV Padmini from Indonesia-based shipowner and operator Arpeni Pratama Ocean Lines (APOL), with the bank-led sale delivering the biggest and youngest ship yet to join the Samios Shipping Co. S.A. fleet. Samios Shipping Co. S.A. said it purchased the 2012-built panamax bulk carrier 75K DWT MV Padmini for around $12.5 million. The panamax bulk carrier MV Padmini entered the Samios Shipping Co. S.A. fleet this month and has been renamed MV Agia Ypomoni, a move that marks a clear step up in both scale and renewal for the Piraeus-based shipowner. In a market where larger peers often dominate the headlines, Samios Shipping Co. S.A. has been building its platform through selective secondhand opportunities, prioritising timing, asset quality, and practical earnings potential rather than rapid fleet expansion. The addition of a modern panamax bulk carrier strengthens Samios Shipping Co. S.A.’s operational reach, broadens the cargo and trade options available to Samios Shipping Co. S.A., and underlines a strategy focused on disciplined growth, steady fleet upgrading, and maintaining competitiveness as dry bulk cycles and chartering requirements continue to evolve.
10-February-2019
Athens-based ship-manager Niriis Shipping sold two panamax bulk carriers. Niriis Shipping sold 1998 built panamax bulk carrier 73K DWT MV Navalis (ex MV Antwerp Max) and 1998 built panamax bulk carrier 73K DWT MV Bonavento (ex MV Ostende Max) around $6 million each. In 2015, Greek ship-manager Niriis Shipping acquired MV Navalis (ex MV Antwerp Max) and MV Bonavento (ex MV Ostende Max) from Victor Restis-led Enterprises Shipping & Trading. Pantelis and Dimitris Gousis-led Niriis Shipping describes itself as a manager of bulk carriers.
7-February-2019
Petros Panagiotidis led Cypriot shipowner and operator Castor Maritime will begin trading on the Nasdaq on 11 February 2019 under the ticker symbol CTRM. Currently, Castor Maritime owns only 2004 built panamax dry bulk carrier 76K DWT MV Magic P. Since mid-2015, no shipping company has successfully completed a conventional Initial Public Offering (IPO) in New York. Greek shipowner and operator Castor Maritime’s shares on the Norwegian over-the-counter (OTC) market will continue trading.
6-February-2019
The Limassol-headquartered shipowning and operating entity, Castor Maritime (CTRM), has received the green light for its common shares to be listed on the Nasdaq Capital Market. Starting Monday, Castor Maritime will trade under the ticker symbol CTRM, in addition to its ongoing trading on the Norwegian OTC market under the symbol CASTOR, where it was listed last month. Established in September 2017 by its chairman and CEO, Petros Panagiotidis, Castor Maritime currently boasts a single ship in its fleet, the MV Magic P, a panamax bulk carrier built in 2004. The MV Magic P is operated by Pavimar SA, a dry bulk shipowning company led by Ismini Panayotides, the sister of Petros Panagiotidis. According to a presentation by Castor Maritime (CTRM), the company has plans to expand its fleet by acquiring more bulk carriers, which will be utilized across a combination of time and spot charter deployments.
5-February-2019
Based in Limassol, the shipowning and operating firm Castor Maritime (CTRM) has been authorized for its common shares to be listed on the Nasdaq Capital Market. Trading under the ticker symbol CTRM will commence on Monday, alongside its current listing on the Norwegian OTC market with the symbol CASTOR, established last month. Founded by chairman and CEO Petros Panagiotidis in September 2017, Castor Maritime presently operates with a single asset in its fleet, the 2004-built panamax bulk carrier MV Magic P. Managed by Pavimar SA, a dry bulk shipowning company under the leadership of Ismini Panayotides, Petros Panagiotidis’ sister, Castor Maritime (CTRM) has articulated in a presentation its strategy to augment its fleet through the procurement of additional bulk carriers. These vessels are intended for deployment under a strategic blend of time and spot charters, aiming for growth and diversification.
5-February-2019
New York-listed shipowner and operator Diana Shipping has recently entered into a fresh time charter agreement with Ukraine-based ship operator Phaethon International Company for the 2001 built panamax bulk carrier MV Danae. The charter commenced as of yesterday and is set to last between 11 to 14 months, with a daily rate of $8,100. Ukraine-based ship operator Phaethon International currently has three Diana panamax bulk carriers under the charter and previously paid a daily rate of $10,000 for the 2001 built panamax bulk carrier MV Danae. New York-listed shipowner and operator Diana Shipping has stated that this new charter will yield approximately $2.67 million in revenue, based on the minimum duration of the time charter.
4-February-2019
Greek shipowner and operator Leros Management is trying to offload the entire fleet. Leros Management has four (4) dry bulk carriers in its fleets. Three (3) supramax and one (1) handysize dry bulk carriers were ordered at the peak of the market in 2008. Greek shipowner and operator Leros Management will be able to collect only a portion of what the company paid for the entire fleet.
Three (3) supramax dry bulk carriers were build at Chinese Shipyard Cosco Zhoushan Shipyard in 2012. One (1) handysize dry bulk carrier was built at Korean Shipyard Dae Sun Shipbuilding & Engineering in 2012. Greek shipowner and operator Leros Management transferred into modern tonnage after the sinking of 1976 built 21K DWT MV Leros Strength.
4-February-2019
Toronto-based tanker and bulker operator Norvic Shipping appointed Urs Dur as the new Chief Financial Officer (CFO) in the New York office. Urs Dur recently worked as Chief Financial Officer (CFO) at Guardian Navigation formerly known as TBS Shipping. Prior to Guardian Navigation, Urs Dur has held senior positions at Clarkson Capital Markets, Lazard Capital Markets, DVB Bank and Marine Money International. Norvic Shipping operates about 100 dry bulk carriers. Recently, Norvic Shipping has been shifting its management functions to the New York office.
3-February-2019
Gary Vogel led Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) acquired 2015 built ultramax bulk carrier 64K DWT MV Cape Town Eagle for $20.4 million. MV Cape Town Eagle was built at Cosco Zhoushan Shipyard. As part of the Eagle Bulk Shipping’s ongoing fleet renewal programme, Eagle Bulk has sold 2001 built supramax dry bulk carriers 50K DWT MV Condor and MV Merlin for $13.2 million. MV Condor and MV Merlin were sold ahead of statutory dry-docking, which would have included the installation of ballast water treatment systems, resulting in total savings of more than $2 million. Currently, New York-listed dry bulk owner and operator Eagle Bulk Shipping has a fleet of 46 dry bulk carriers. Since the start of the fleet renewal project, Eagle Bulk Shipping sold 12 vintage dry bulk carriers.
3-February-2019
Japanese giant ship owner NS United is selling its oldest ore carrier 1999 built 229K DWT MV Confidence 1 for demolition for around $12 million. Japanese giant ship owner NS United has a fleet of 27 capesize or larger dry bulk carriers on average 5 years old. Furthermore, NS United has 2 ore carriers 250K DWT order at Namura Shipbuilding for delivery in 2019 and 3 valemax new-buildings under construction at Japan Marine United for delivery till 2020. Japanese giant ship owner NS United was formed in 2010 through a merger of Nippon Steel Shipping and Shinwa Kaiun. Dry bulk carrier demolition numbers fell sharply in 2018 as rates continued to rebound from record lows seen in 2016.
3-February-2019
Singapore based shipowner and operator SDTR Marine has been preparing to order for up to 15 kamsarmax dry bulk carriers at Dalian Shipbuilding Industry Co (DSIC). Singapore based shipowner and operator SDTR Marine is a joint venture between Shandong Shipping and Transcenden Global. SDTR Marine is aiming for a major fleet expansion with wide-beam kamsarmax specifications. SDTR Marine requires the most advanced ship design in order to comply with IMO’s (International Maritime Organization) NOx/SOx requirements. Singapore based shipowner and operator SDTR Marine was established in 2013 by major shareholder Shandong Shipping. Currently, SDTR Marine has a fleet of 9 modern kamsarmax dry bulk carriers. Additionally, SDTR Marine 5 new building Tier II-compliant kamsarmax new building bulk carriers are under construction at Jinling Shipyard are due for delivery 2019.
3-February-2019
Indonesian coal exporters could encounter an unpredictable prospect due to regulative concerns. By 2027, Indonesia’s domestic coal consumption for energy will increase to 157 million tons. Indonesian government aims to preserve coal reserves and this is a potential risk for Indonesian coal exporters. Indonesian coal export laws appear to replace every year. Indonesia’s Domestic Market Obligation (DMO) obliges coal producers to trade 25% of coal production on the domestic market. Indonesian coal is particularly quite known for its low Calorific Value (CV). Australian and Russian coal is not technically feasible because Asian coal importing countries like India and China were building coal-fired plants around Indonesian coal specifications. Any decrease in Indonesian coal export volumes would lead to longer ton-miles which would be positive for the dry bulk shipping market. Coal demand in Asia, particularly in China and India, will soar in the upcoming years as many power plants are currently under construction.
3-February-2019
Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited sold 2012 Chinese built handysize bulk carrier 32K DWT MV Bonnie Venture to European ship owners for about $9.5 million in December 2018. Chinese built MV Bonnie Venture was sold at a discount compared to a similar Japan-built handysize dry bulk carrier. Similar 2012 Japanese built handysize bulk carrier 32K DWT MV Coral Ocean was sold about $14 million by First Marine to Turkish shipowner in January 2019.
2-February-2019
Taiwanese shipowner and operator First Steamship has acquired a newbuilding kamsarmax bulk carrier resale to boost its fleet. Taiwanese shipowner and operator First Steamship has acquired kamsarmax resale from Japanese shipowner Marubeni for about $32.6 million including ballast water treatment system. Previously, First Steamship bought Lauritzen supramax bulk carriers.
Taiwanese shipowner and operator First Steamship has a fleet of 2 handysize, 3 kamsarmax, and 4 supramax dry bulk carriers. If there are good opportunities, First Steamship will buy more ships.
2-February-2019
Pioneer Marine’s 2008 built handysize dry bulk carrier 28K DWT MV Eden Bay and Polish Steamship Polsteam’s 2005 built handysize dry bulk carrier 39K DWT MV Mazury collided off Macapa, Brazil on 11 October 2017. The high tide of the Amazon river may have played a part in the collision. MV Eden Bay was carrying wheat and MV Mazury was carrying fertilizer. No pollution or injuries were reported.
2-February-2019
South Korean shipowner and operator SK Shipping send 1994 built capesize dry bulk carrier 150K DWT MV K Promise (ex MV Grand Fortune) to demolition for $423 per ldt, or $7.6 million. 150K DWT MV K Promise (ex MV Grand Fortune) sold as is in China and includes bunkers for its final voyage. MV K Promise (ex MV Grand Fortune) is the first capesize demolition deal of 2019. South Korean shipowner and operator SK Shipping has 5 more capesize dry bulk carriers in its fleet. In 2009, SK Shipping bought the vessel as the MV Grand Fortune for $29 million.