31-January-2019
Krishnapatnam based Indian electric supplier Sembcorp Energy has granted a 10-year steam coal contract of affreightment (COA) to Danish shipowner and operator Dampskibsselskabet DS Norden A/S. Dampskibsselskabet DS Norden A/S will employ panamax fleet to carry steam coal COA for Indian power plants. Dampskibsselskabet DS Norden A/S owns 5 panamax dry bulk carriers and has a further 6 on time-charter. Dampskibsselskabet DS Norden A/S will support the soaring demand for energy in India Sembcorp Energy. A 10-year contract of affreightment (COA) comprises a total of 12 million tonnes of steam coal. Dampskibsselskabet DS Norden A/S will load steam coal from ports in Indonesia and South Africa and discharged at the port of Krishnapatnam. Indian electric and utility company Sembcorp Energy operates two coal-fired power plants near Krishnapatnam.
30-January-2019
The recent downturn in dry bulk freight markets has affected transactions across various segments, with a modest number of deals noted, particularly in the panamax bulk carrier segment. Greek shipping magnate Mylonas Charalambos, through his company Transmed Shipping, and the Italy-based Augustea Group were among those engaging in notable transactions during this period. In terms of specific transactions involving other companies, Athens-based Cosmoship Management SA has been active in the container ship market, illustrating the diversity and strategic maneuvering within their operational framework despite market volatility. Recently, Cosmoship Management SA sold the 2012 South Korean-built 1,049 TEU container ship MV Sofrana Surville to Algerian shipowner CNAN Group for approximately $13 million. This transaction is part of CNAN Group’s efforts to expand its fleet, adding to the firm’s growing presence in regional container shipping. Cosmoship Management SA, led by seasoned maritime professionals, has established a robust reputation for efficient and reliable shipping operations. The company specializes in managing a diverse fleet that includes bulk carriers, container ships, and occasionally tankers, adapting its fleet composition in response to changing market demands and opportunities. This flexibility allows Cosmoship Management SA to maintain its competitiveness and operational efficiency in a fluctuating global market. Under the leadership of its dynamic management team, Cosmoship Management SA prioritizes sustainable practices and technological innovation in fleet management. The company has been at the forefront of adopting eco-friendly technologies and practices, aiming to reduce its environmental impact while enhancing operational efficiencies. This includes investing in newer vessels with better fuel efficiency and lower emissions, which are critical in today’s environmentally conscious market. Nikos Savvas-led shipowner and operator Cosmoship Management SA’s strategy often involves buying and selling vessels at strategic points in their lifecycle to optimize the value extracted from each asset. The sale of MV Sofrana Surville is an example of this strategy in action, reflecting the company’s ability to capitalize on favorable market conditions to renew and upgrade its fleet. This approach not only ensures compliance with international shipping regulations but also aligns with global sustainability trends. Moreover, Cosmoship Management SA is committed to safety and compliance, adhering strictly to international regulations and best practices. This commitment is reflected in their rigorous maintenance schedules, regular safety drills, and continuous training for their crew, ensuring that each vessel is operated under the safest conditions possible. Greek shipowner and operator Cosmoship Management SA also focuses on strengthening relationships with clients and partners around the world, emphasizing reliable service, timely deliveries, and operational transparency. This customer-centric approach has enabled Cosmoship Management SA to build and maintain a solid reputation in the shipping industry. Overall, Cosmoship Management SA continues to navigate the complex landscape of international maritime logistics with a balanced and forward-thinking approach. By managing a diversified fleet and investing in strategic asset plays, Cosmoship Management SA not only ensures its ongoing relevance but also positions itself for future growth and success in the global shipping industry.
30-January-2019
Norwegian open-hatch bulker owner and operator Saga Shipholding A/S trims loss as revenue rises in 2018. NYK Line-controlled Saga Shipholding reported a pre-tax loss of $9.8 million in Q3 2018. Japanese shipowner NYK Line’s open-hatch bulkers are operated in the Saga Welco Pool. Saga Welco Pool has commercial management of all Saga Shipholding’s 34 open-hatch bulkers and Singapore-based Masterbulk’s 18 ships. Saga Welco Pool has been operating ships based on long-term contracts. Norwegian open-hatch bulker owner and operator Saga Shipholding has a fleet of 26 owned open-hatch bulkers and has 8 chartered-in tonnages. In the 2018 fiscal year, Saga Shipholding reported revenue of $118 million. In the 2017 fiscal year, Saga Shipholding reported revenue of $114 million. Norwegian open-hatch bulker owner and operator Saga Shipholding has been experiencing a weak bulk market. Saga Shipholding is wholly owned by the Tokyo-listed NYK Line and part of Norway’s Hesnes group. Besides Saga Shipholding, NYK Line has other significant investments in Norway. Tokyo-listed giant shipowner NYK Line is a partner of Knutsen NYK Offshore Tankers Norway and United European Car Carriers Norway.
30-January-2019
The recent downturn in dry bulk freight markets has led to significant hesitancy among investors, with few deals being completed as stakeholders await a more stable market condition, anticipated post-Chinese New Year. Amidst these challenges, a notable transaction involved Greek shipping magnate Mylonas Charalambos’s company, Transmed Shipping, which sold two Sasebo-built 84K DWT kamsarmax bulk carriers (hull 854 and hull 855) to Taipei-based U-Ming for a total of $64 million. This deal reflects Transmed Shipping’s strategic asset management amidst fluctuating market conditions. Transmed Shipping, under the leadership of Mylonas Charalambos, has established itself as a key player in the maritime shipping industry, specializing in the operation and management of a fleet primarily comprised of bulk carriers. Transmed Maritime Ltd, a subsidiary of Transmed Shipping, has been instrumental in expanding the company’s reach and operational efficiency. Founded several decades ago, Transmed Maritime Ltd has grown to manage an extensive array of vessels, ranging from panamax to kamsarmax bulk carriers, each strategically acquired to enhance the company’s service offerings and market responsiveness. Transmed Maritime Ltd’s business model focuses on optimizing the lifecycle of each vessel, from acquisition through operation to eventual sale, ensuring maximum profitability and efficiency. This approach has enabled them to remain resilient even during market downturns, as evidenced by their ability to execute strategic sales like the recent one involving the kamsarmax bulk carriers. Athens-based shipowner and operator Transmed Shipping Lt’s fleet is known for its high operational standards, with a focus on safety, efficiency, and environmental responsibility. Transmed Maritime Ltd has invested significantly in modernizing its fleet to comply with international regulations and standards, incorporating advanced technology to reduce emissions and improve fuel efficiency. This commitment to sustainability is in line with global trends towards greener shipping practices and has positioned Transmed Maritime Ltd favorably within the industry. Moreover, Transmed Maritime Ltd has a robust operational infrastructure that includes comprehensive maintenance programs, crew management, and logistics planning. Their strategic operations are supported by a team of seasoned maritime professionals who ensure that all vessels are operated safely and effectively, adhering to the strictest international standards. Greek shipowner and operator Transmed Maritime Ltd also engages in continuous market analysis to anticipate changes in the shipping landscape and adapt its strategies accordingly. This proactive approach allows them to capitalize on opportunities and mitigate risks associated with global shipping dynamics. In summary, while the recent sale of the two kamsarmax bulk carriers by Transmed Maritime Ltd is a notable event in the context of the current market slowdown, it is just one aspect of the company’s comprehensive strategy to navigate the complex challenges of the shipping industry. With a history of prudent vessel management and strategic asset utilization, Transmed Maritime Ltd continues to uphold its reputation as a resilient and forward-thinking participant in the global maritime sector.
28-January-2019
A catastrophic blast aboard the aframax tanker LR2 MT Poseidon, undergoing refurbishment at Istanbul-based Tuzla Shipyard, tragically claimed the lives of two craftsmen and left another 10 grievously wounded the previous day. Local chronicles suggest that the ignition originated from the ship’s boiler chamber, subsequently igniting a conflagration onboard. An assembly of firefighters promptly descended upon the locale, successfully extinguishing the blaze as the day waned. Regrettably, two artisans perished onsite, and a further ten, bearing varying degrees of scald injuries, were dispatched to a medical establishment for vital care, with one individual’s state being perilously critical. The district’s attorney’s bureau has commenced a meticulous inquiry into the genesis of this unfortunate event. The illustriously constructed 2009 LR2 MT Poseidon sails under the flag of the Hong Kong-based South Korean shipowner and operator Cido Shipping.
28-January-2019
Vassilis Dalacouras-led Greek shipowner and operator Dalex Shipping has acquired 2012 Korea built 37K DWT MV Ocean Neptune from Japanese shipowner Glory Maritime for around $14 million.
In 2018, Greek shipowner and operator Dalex Shipping acquired two (2) similar Japanese built handysize bulk carriers 2010 built 28K DWT MV Global Standard for around $10 million and 2009 built 29K DWT MV Global Bay for around $8 million.
Currently, Greek shipowner and operator Dalex Shipping has a fleet of 15 handysize dry bulk carriers with an average age of 8 years.
27-January-2019
Bankrupted Greek shipowner and operator Toisa Shipping has submitted a bankruptcy reorganization plan to the Southern District of New York bankruptcy court. Bankrupted Greek shipowner and operator Toisa Shipping has been in discussions with moneylenders including ING, Commerzbank, DNB, Citi Bank, and DVB. Southern District of New York bankruptcy court’s scheme presents the Toisa Shipping debtors to sell all assets. An inspector will be designated to liquidate Toisa Shipping‘s assets and wind down. Toisa Shipping filed for bankruptcy in early 2018. Greek Toisa Shipping had $1.7 billion appraised assets, including offshore vessels, tankers, and dry bulk carriers.
27-January-2019
The collapse of a Vale-owned dam in Brazil on 25 January 2019 may cause further pain for a dry bulk sector. Fiejao iron ore mine incident at Vale Brazil may lessen iron ore trade throughout the entire segment by 1%. On January 25, Bela Horizonte dam which was used for holding wastewater and mud from the Fiejao iron ore mine exploded and 34 people died. Up to now, more than 300 people were missing. Vale incident will affect the entire dry bulk sector which has already deeply affected by slowing the Chinese economy. This is the second such Vale disaster in 3 years. In 2015, Vale/BHP-owned Samarco mine collapsed and killed 19 people. Bela Horizonte dam incident could result in a decline of more than 6% of Vale’s iron ore production and consequently have a meaningful negative impact on overall dry bulk shipping demand, particularly capesize sector. After the Bela Horizonte dam incident, Brazilian authorities have frozen Vale’s $1.3 billion cash in Vale banks. In 2015, the Samarco tragedy cost Vale $5 billion and Samarco mine is still offline. In 2018, iron ore trade made up 28% of total seaborne dry bulk trade (1.47 billion tonnes). Iron ore sector’s tonne-mile growth for the entire 2019 may be less than 2% while the overall fleet is expected to jump 5% in 2019. If Bela Horizonte dam tragedy substantially affects iron ore exports, ship supply would be likely to exceed ship demand in 2019. Star Bulk Carriers, Golden Ocean, and Genco Shipping & Trading is going to feel the pain.
24-January-2019
Greek shipowners and operators have been investing in the second-hand supramax market over the past few months. Greek shipowners are interested in vessels built between 2008 and 2011. Price tags for 10-year-old supramax dry bulk carriers have jumped since the market bottom of early 2016. For example, Greek shipowner Vassilis Boulieris acquired 2009 built supramax dry bulk carrier 56K DWT MV Breeze (ex MV JPO Dorado). MV Breeze (ex MV JPO Dorado) is the Greek shipowner Vassilis Boulieris-led Unit Maritime’s biggest dry bulk carrier in the fleet. At least 5 other Greek shipowners have acquired supramax dry bulk carriers since September 2018. Another Greek shipowner George Skiathitis acquired 2008 Japanese built supramax dry bulk carrier 53K DWT MV Poseidon S (ex MV Maemi Spirit) in September 2018 for around $11 million. Elios Navigation acquired MV Poseidon S (ex MV Maemi Spirit) which shares the same address with George Skiathitis controlled Order Shipping and Nirvana Naviera. Another Greek shipowner Sealestial Navigation acquired 2011 built supramax dry bulk carrier 55K DWT MV Victorious (ex MV Millwall) for about $11.7 million from ER Schiffahrt. In 2018, another Greek shipowner Synesios Leontiadis led Lion Bulk Carriers acquired 2008 built supramax dry bulk carrier 55K DWT MV Sea Fortress (ex MV Sage Pioneer) for around $14 million from JP Morgan. Lion Bulk Carriers has also acquired a 2008 built supramax dry bulk carrier 55K DWT MV Sea Bravery (ex MV Medi Firenze) for around $13.3 million. In October 2018, Greek shipowner and operator AM Nomikos acquired 2010 Japanese supramax dry bulk carrier 55K DWT MV Stilianos K (ex MV Indigo Evolution) for around $15 million.
24-January-2019
Greek shipowner and operator Load Line Marine SA acquired 2011 built supramax bulk carrier 57K DWT MV Conti Lapislazuli from German ship operator The Conti Group for around $9.5 million. Greek shipowner and operator Load Line Marine continues to expand its fleet. 57K DWT MV Conti Lapislazuli is not due for the special survey (SS) until October 2021. Currently, MV Conti Lapislazuli is worth around $12 million. Currently, Greek George Souravlas-led Load Line Marine has a fleet of nine (9) dry bulk carriers. Greek shipowner and operator Load Line Marine also conducting successful asset plays. In April 2018, Load Line Marine sold 2001 built supramax dry bulk carrier 52K DWT MV Challenger to Sentra Makmur Lines for about $8.8 million. In 2016, Load Line Marine had bought MV Challenger for about $3 million.
24-January-2019
Korean maritime police have asked for an arrest warrant for Polaris Shipping’s chairman Kim Wan-Joong over the sinking of the 2013 built Very Large Ore Carrier (VLOC) 264K DWT MV Stellar Daisy in 2017. Very Large Ore Carrier (VLOC) 264K DWT MV Stellar Daisy went down off Uruguay on 1 April 2017. 22 crew members died and only 2 crew members were survived. Survived crew members reported that water ingress through-hull cracking led to the tragedy. Korean court hearing was set for 24 January to decide on the incident. Korean maritime police press charges including negligent homicide against Polaris Shipping’s chairman Kim Wan-Joong. Two more Polaris Shipping top officials were also sought.
24-January-2019
Greek shipowners and operators have been actively investing in the second-hand supramax bulk carrier market over the past few months, showing particular interest in vessels built between 2008 and 2011. Prices for 10-year-old supramax bulk carriers have risen significantly since the market’s low point in early 2016, reflecting increased demand for these mid-sized vessels. One notable acquisition was made by Greek shipowner Vassilis Boulieris, who purchased the 2009-built, 56,000 DWT supramax bulk carrier MV Breeze (formerly MV JPO Dorado). This vessel is now the largest dry bulk carrier in the fleet of Unit Maritime, a company led by Boulieris. Since September 2018, at least five other Greek shipowners have also entered the market, acquiring supramax bulk carriers to expand their fleets. For instance, George Skiathitis acquired the 2008 Japanese-built, 53,000 DWT supramax MV Poseidon S (formerly MV Maemi Spirit) for approximately $11 million. The vessel is managed by Elios Navigation, which shares the same address as Skiathitis-controlled companies Order Shipping and Nirvana Naviera. In another transaction, Sealestial Navigation Co. Ltd. purchased the 2011-built, 55,000 DWT supramax MV Victorious (formerly MV Millwall) for about $11.7 million from ER Schiffahrt. In October 2018, AM Nomikos, another prominent Greek shipowner and operator, added to its fleet with the purchase of the 2010 Japanese-built, 55,000 DWT supramax MV Stilianos K (formerly MV Indigo Evolution) for around $15 million. These acquisitions highlight the strong interest of Greek shipowners in the second-hand supramax market, driven by the vessels’ versatility and favorable pricing. The trend underscores the strategic focus of Greek shipping companies on modernizing and expanding their fleets to capitalize on opportunities in the global dry bulk shipping industry.
24-January-2019
Norwegian shipowner JJ Ugland chartered out new building ultramax dry bulk carrier 63K DWT MV Jorita to Dampskibsselskabet NORDEN A/S. Copenhagen based Dampskibsselskabet NORDEN A/S did not reveal the terms of the charter deal. Ultramax dry bulk carrier 63K DWT MV Jorita was built at Japanese Shipyard Shin Kasado. At the beginning of 2019, Scorpio Bulkers chartered our similar ulramax dry bulk carrier 64K DWT MV SBI Libra (built 2017) for 5/7 months at $15,250 per day. Norwegian shipowner JJ Ugland has 15 ultramax and supramax dry bulk carriers in its fleet.
23-January-2019
Oaktree Capital Management backed shipowner and operator Star Bulk Carriers’ shares tumbled. Star Bulk Carriers’ shares started to plunge after acquiring fifteen (15) bulk carriers from Songa Bulk in July 2018. Furthermore, Petros Pappas led Star Bulk Carriers to announce a share incentive scheme for company top executives. On 6 July 2018, Star Bulk Carriers acquired fifteen (15) bulk carriers from Songa Bulk in exchange for 13.7 million common shares and $145 million in cash. Star Bulk Carriers placed the common shares on the Oslo Stock Exchange (OSE) for six (6) months pursuant to SEC (Security Exchange Commission) rules. Star Bulk Carriers’ share plunge was related to a six (6) month stock trading restriction after the acquisition. NASDAQ stock trading restriction barrier was lifted in January 2019. So, Star Bulk Carriers’ traded shares were allowed to trade on Nasdaq with the rest of Star Bulk Carriers’ shares under the regular SBLK ticker symbol. However, Star Bulk Carriers’ shares fell to $8.84 per share. Star Bulk Carriers’ shares were sold off due to the Songa Bulk traded shares restriction period ending which brings selling pressure. Star Bulk Carriers should repurchase many of the shares if ex-Songa shareholders would sell at low levels. Currently, thousands of Songa Bulk shareholders own Star Bulk Carriers’ shares.
22-January-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) clinched new financing worth $208 million from lenders: ABN AMRO, Credit Agricole, SEK, DNB, Danish Ship Finance and Nordea. Gary Vogel led Eagle Bulk Shipping will refinance the existing debt and install scrubbers on some of its dry bulk carriers. In September 2018, Nasdaq-listed shipowner and operator Eagle Bulk Shipping announced that 19 scrubbers will be installed with 18 options attached to the entire dry bulk fleet.
22-January-2019
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has sold its 2001-built 79,500 cu m Very Large Gas Carrier (VLGC) MT Ocean Orchid for approximately $24 million as part of its ongoing strategy to optimise its LPG tanker fleet, with the Japanese-built VLGC being the oldest unit in its LPG segment, and the sale reducing Kumiai Navigation Pte Ltd’s LPG fleet to three ships; traditionally focused on the dry bulk sector, Kumiai Senpaku Co Ltd is actively expanding its presence in gas shipping, with four LPG carriers currently under construction at Japanese shipbuilders Kawasaki Heavy Industries (KHI) and Sasaki Zosen, reflecting a strategic shift towards modern, dual-fuel tonnage and environmentally compliant designs; headquartered in Singapore, Kumiai Navigation Pte Ltd acts as the international commercial and technical management platform for its parent company, overseeing a diversified fleet that spans bulk carriers, LPG carriers, product tankers, and specialised cargo vessels, and is recognised for its long-term chartering partnerships, disciplined asset management, and commitment to regulatory compliance and operational excellence; its parent, Kumiai Senpaku Co Ltd, established in 1929 and based in Tokyo, is a privately held shipping company with nearly a century of experience in Japanese and global maritime sectors, known for its conservative growth strategy, focus on quality tonnage, and longstanding relationships with major charterers and shipbuilders.
22-January-2019
Singapore-based shipowner and operator China Navigation (CNCo) has signed a sale and leaseback deal with CDB Leasing for two modern handysize bulk carriers 38K DWT MV Nanning and 40K DWT MV Ninghai. CDB Leasing is paying around $19 million each vessel with a 3-year bareboat charter back to China Navigation (CNCo). Singapore-based China Navigation (CNCo) is planning to acquire Hamburg Sud’s bulk shipping business. Singapore-based shipowner and operator China Navigation (CNCo) has a fleet of 27 bulk carriers.
21-January-2019
The eminent Australian mining conglomerate, BHP (previously acknowledged as BHP Billiton), experienced a dip in its quarterly iron ore yield due to a train derailment. Nevertheless, this titan of the mining industry has affirmed that its production forecast for the fiscal year 2018-2019 remains steadfast. Data unveiled on Tuesday indicates that BHP’s iron ore extraction for the October-December 2018 trimester witnessed a 6% decrement, both annually and in comparison to the preceding trimester. This decline was precipitated by a train derailment on the 5th of November 2018, which necessitated a halt in rail activities for a span of five days, resulting in an approximate production setback of 4 million tonnes. This unfortunate occurrence transpired when one of BHP’s locomotives took an unforeseen journey of 90 km, unsupervised, after the conductor disembarked for an inspection. This journey terminated near Turner, roughly 120 km south of Port Hedland, wreaking havoc over a 1.5 km stretch of the railway. During this rail service disruption, the mine’s stockpile swelled, with expectations of it being partially depleted in the forthcoming March 2019 trimester, as elucidated by BHP (formerly recognized as BHP Billiton). Nonetheless, BHP’s projected output of iron ore for the fiscal year of 2019 remains unaltered, oscillating between 241 and 250 million tonnes. In a related revelation on Tuesday, Rio Tinto declared a 7% escalation in its iron ore exports for the concluding trimester, compared to the antecedent three-month span. Consignments from its Australian precincts amounted to 87.4 million tonnes, contrasting with the 81.9 million tonnes in the prior trimester, which had been marred by a tragic demise at one of its facilities. Rio Tinto’s annual iron ore consignments for the entire year saw an uptick of 2%, culminating at 338.2 million tonnes.
21-January-2019
China Navigation Company (CNCo) acquired Hamburg Sud’s Bulk Shipping business. Hamburg Sud’s bulk shipping business includes Rudolf A. Oetker (RAO), Furness Withy Chartering London, and Alianca Navegacao (Aliança Bulk) Rio de Janeiro. The deal does not include Rudolf A. Oetker Tankers (RAO). Hamburg Sud’s Bulk Shipping business acquisition would help China Navigation Company (CNCo) to develop strategic expansion into the supramax market. Hamburg Sud’s Bulk Shipping chartered tonnage comprises approximately 45 handysize up to panamax dry bulk carriers. China Navigation Company (CNCo) is part of the Swire Group. Swire Group owns and operates about 135 ships. In 2017, AP Moller-Maersk acquired Hamburg Sud’s container fleet from the Oetker family.
20-January-2019
The International Transport Workers’ Federation (ITF) has expressed strong disapproval over BHP’s decision, the prominent Australian mining conglomerate formerly known as BHP Billiton, to terminate Australian staffing on vessels transporting iron ore from Port Hedland to China. Consequently, 80 national seafarers face unemployment, thus concluding a tradition spanning over a century where domestic seafarers served both BHP and BlueScope steel operations. There is now a shift towards employing foreign crews. The two ships at the heart of this issue are the illustrious 180,000-dwt MV Mariloula, constructed in 2008, and the 170,000-dwt MV Lowlands Brilliance, which dates back to 2002. Teekay Shipping Australia, the employer of these seafarers, has disclosed that MV Lowlands Brilliance is scheduled for delivery to its proprietors at a Chinese harbor come February. On the other hand, MV Mariloula will transition to a fresh crew at an undisclosed harbor, as detailed by the Newcastle Herald. The existing crews are scheduled for repatriation to Australia. It’s noteworthy that for over a century, Australian seafarers have been pivotal to the iron ore commerce between Port Hedland and Australia’s steel producers. “BHP’s recent choice undermines one of the most longstanding indigenous shipping supply chains in Australia,” remarked Dave Heindel, the chair of ITF Seafarers’ Section. The dedicated seafarers on the capesize bulk carriers MV Mariloula and MV Lowlands Brilliance find themselves abandoned and unsupported. It’s rather unsettling that BHP enacted this measure a mere six months prior to the charter’s end, giving scant prior warning to the unions. The ITF vehemently opposes this action, urging BHP to reconsider. The corporate landscape has evolved. It’s reported that BHP charters an approximate 1,500 ships annually. BHP, in a statement to The West Australian, mentioned that such arrangements were relics from its days as a steel manufacturer and were preserved following the bifurcation of BHP Steel, now operating under the name BlueScope. BHP emphasized that their modus operandi has since shifted, and they no longer oversee or manage cargo ships. With the inaugural iron ore supply agreement being established roughly 17 years ago, it’s evident that the dynamics of the iron ore industry have undergone significant transformations.
20-January-2019
Dubai-based shipowner and operator Densay Shipping strikes again with successful asset play. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping sold a Chinese-built supramax bulk carrier for a price 77% above what the company paid for the ship in 2016. Dubai-based shipowner and operator Densay Shipping was established in 1992 by Tayfun Gunerhan.
20-January-2019
Mumbai-listed shipowner and operator Great Eastern Shipping (GES) has confirmed the sale of its 1994-constructed very large gas carrier (VLGC), MT Jag Vishnu, to an undisclosed buyer. While India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has not specified the sale price, MSI estimates the MT Jag Vishnu’s value at $13.5 million. The gas carrier MT Jag Vishnu, which was built in Japan, has been under a long-term charter with Bharat Petroleum. The delivery of the MT Jag Vishnu to its new owner is planned for the Q2 2019.
20-January-2019
SDTR Shipping and AVIC International Leasing signed a deal for 10 eco-kamsarmax new buildings 85K DWT at Chinese Shipyard Dalian Shipbuilding Industry Co (DSIC). Singapore-based SDTR Shipping is a joint venture between Shandong Shipping and Transcenden Global. SDTR Shipping is aiming to double its fleet size depending on the dry bulk market. Singapore-based SDTR Shipping is not planning to install scrubbers instead they are planning the latest design in their new buildings to comply with IMO’s (International Maritime Organization) latest environmental requirements.
18-January-2019
Greek Neptune Lines’ bulk carrier arm Neptune Dry Management acquired 2016 built ultramax bulk carrier 61K DWT MV ND ARISTEIA (ex MV Loch Nevis) for around $24 million. MV ND ARISTEIA (ex MV Loch Nevis) was built Shin Kurushima Shipyard, Japan in 2016. Melina Travlos led Neptune Dry Management made the first venture into the ultramax segment. Neptune Dry Management increased its fleet to four (4) bulk carriers:
- MV ND ARMONIA (56K DWT - 2011 built)
- MV ND THELXIS (58K DWT - 2012 built)
- MV ND PISTIS (57K DWT - 2015 built)
- MV ND ARISTEIA (61K DWT - 2016 built)
- MV LOCH MELFORT (2013 built)
- MV LOCH MAREE (2013 built)
- MV LOCH NESS (2016 built)
17-January-2019
Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has consummated an agreement with sthe hipowner and operator Oldendorff to secure the German entity’s stake in the illustrious CSL International Pool, encompassing three self-discharging bulk carriers active within the consortium. This transaction augments St. Catharines-based shipowner and operator Algoma Central Corporation’s stake in the consortium to an impressive 40%, simultaneously acquiring the handysize bulk carrier MV Alice Oldendorff and panamax bulk carrier MV Harmen Oldendorff and MV Sophie Oldendorff. Valued at a remarkable $100 million, the agreement is poised for culmination during the second fiscal quarter of 2019. Canadian Great Lakes operator Algoma Central Corporation CEO Ken Bloch Soerensen stated that the augmenting Algoma Central’s involvement in the CSL International Pool has persistently been a strategic endeavor for Algoma Central Corporation, and the fruition of this deal resonates seamlessly with the company’s aspirations. In the preceding year, Algoma Central Corporation undertook the technical stewardship of the company’s existing consortium vessels and inaugurated a new bureau in Fort Lauderdale, bolstered by a more expansive technical brigade. Algoma Central Corporation anticipates integrating the technical oversight of these trio vessels effortlessly upon the deal’s completion. Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation intimated that the financial backing for this transaction would chiefly derive from the yields of reimbursement assurances stemming from the termination of four shipbuilding compacts with the Croatian establishment, Uljanik. Consequent to this agreement, German shipowner and operator Oldendorff retains ten self-discharging bulk carriers, complemented by an additional duo set for their maiden voyage in 2021.
15-January-2019
Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group, which is indirectly owned by John Fredriksen, through Hemen Holding (40%), is accomplishing a $54 million share buyback scheme. DNB Asset Management has insignificantly diminished its stake while Golden Ocean Group acquired 50K of its own shares. Till 20 December 2019, Golden Ocean Group is going to repurchase up to 5.4 million shares. Oslo Stock Exchange and New York-listed Golden Ocean Group’s board has authorized to pay a maximum of $9 per share. The latest action decreases the DNB Asset Management’s shares to a total of 7.2 million shares.
15-January-2019
Athens-based Greek shipowner and operator Kassian Maritime acquired 2007 Japanese built capesize dry bulk carrier 177K DWT MV Pacific Explorer for about $21 million. In 2018, Greek shipowner and operator Kassian Maritime acquired five (5) bulk carriers and sold two (2) bulk carriers. 2007 Japanese built capesize dry bulk carrier 177K DWT MV Pacific Explorer has passed into Greek shipowner and operator Kassian Maritime’s ownership and management. In August 2018, Greek Kassian Maritime acquired 2006 built capesize bulk carrier 177K DWT MV Royal Chorale for about $22 million. 2006 built capesize dry bulk carrier 177K DWT MV Royal Chorale and 2007 built capesize dry bulk carrier 177K DWT MV Pacific Explorer were both controlled by Japanese shipowners and were built at the same Japanese shipyard Mitsui Engineering & Shipbuilding.
15-January-2019
Japanese shipowner Nissen Kaiun sold 2014 built panamax dry bulk carrier 82K DWT MV Crystal Star for around $24 million. Japanese built MV Crystal Star is due for a special survey in June 2019. Japanese shipowner Nissen Kaiun has sold 5 dry bulk carriers since September 2018. On the other hand, Nissen Kaiun is expanding in tankers and containerships in the fleet. In November 2018, Japanese shipowner Nissen Kaiun sold another 2010 built panamax dry bulk carrier 83K DWT MV Global Star to Minsheng Financial Leasing.
15-January-2019
Norwegian coaster shipowner and operator Hagland Shipping acquired 2011 built coaster bulk carrier 4K DWT MV Hagland Carrier (ex MV Estime). MV Hagland Carrier (ex MV Estime) will be converted to a self-unloading bulk carrier. Hagland Shipping acquired DWT MV Hagland Carrier (ex MV Estime) from JR Shipping. Norwegian coaster shipowner and operator Hagland Shipping has a fleet of 14 self-unloading bulk carriers. Norwegian Hagland Shipping was established in 1872.
15-January-2019
Petros Pappas led Star Bulk Carriers sold 2000 Japanese built supramax dry bulk carrier 52K DWT MV Star Delta for around $7.3 million. MV Star Delta has been renamed as MV Prince M. Meanwhile, Star Bulk Carriers took delivery of 2010 built capesize dry bulk carriers 180K DWT MV ER Brandenburg and MV Star Marianne (ex MV ER Bourgogne) from ER Capital Holding.
15-January-2019
Ejner Bonderup is leaving as chief executive of Danish dry bulk operator XO Shipping. Ejner Bonderup was a former head of dry cargo bulk at Dampskibsselskabet NORDEN A/S. Ejner Bonderup joined XO Shipping in 2016. Copenhagen based XO Shipping was established by Christian Levin in 2010. Danish dry bulk operator XO Shipping operates around 25 handy dry bulk carriers in the spot market.
14-January-2019
Koch Shipping chartered in new building newcastlemax bulk carriers ordered by 2020 Bulkers. Tor Olav Troim’s 2020 Bulkers ordered 8 newcastlemax bulk carriers in New Times Shipyard in China for delivery in 2019 and 2020. Recently 2020 Bulkers appointed Magnus Halvorsen as the new CEO. Oslo Over The Counter (OTC) listed 2020 Bulkers chartered out first newcastlemax bulk carrier for 3 years to Koch Shipping. New building newcastlemax bulk carrier will be delivered in September 2019 to Koch Shipping. Lately, Koch Shipping is showing a growing interest in taking newcastlemaxes on period charters. Koch Shipping chartered in two (2) similar dry bulk carriers on the period from Diana Shipping 206K DWT MV Philadelphia and 208K DWT MV San Fransisco. Koch Shipping has also fixed newcastlemax bulk carriers from DryShips 205K DWT MV Judd and 226K DWT MV Morandi.
14-January-2019
Florida-based World Fuel Services has filed a second lawsuit in Miami federal court on 10 January 2018 and arrested a second MPP carrier of German Hansa Heavy Lift to pay allegedly unpaid fuel bills. Previously, World Fuel Services arrested Hansa Heavy Lift’s other ship 2008 built MV HHL Elbe in France for unpaid bunker bill. After the MV HHL Elbe was seized in France, Hansa Heavy Lift filed an insolvency petition in Hamburg, Germany courts. An extremely challenging operating environment is the cause according to Hansa Heavy Lift’s major shareholder Oaktree Capital Management.
12-January-2019
London-based Lomar Shipping sold ultramax dry bulk carrier to Nasdaq-listed Eagle Bulk Shipping. Shipowner and operator Eagle Bulk Shipping acquired 2015 built ultramax dry bulk carrier 63K DWT MV Queen Cuki from Lomar Shipping. Eagle Bulk Shipping continues fleet renewal efforts which have seen modern tonnage replace older ships with a smaller capacity. Lomar Shipping sold Cosco Zhoushan Shipyard built MV Queen Cuki for around $20 million. The latest deal would symbolize the modern ships acquired by Gary Vogel led Eagle Bulk Shipping. Eagle Bulk Shipping commenced a fleet renewal programme in late 2016. In the past few years, Eagle Bulk Shipping has acquired bulk carriers that were built at top-tier Chinese shipyards.
10-January-2019
Bergen-based coaster shipowner and operator Misje Rederi AS has been endeavoring to renew its coaster fleet with a series of hybrid-powered new-building bulk carriers. Norwegian family-owned Misje Rederi AS has approached shipyards in Norway, China, and the Netherlands for offers on coaster bulk carriers. Newbuilding coaster eco-bulkers will use batteries at the ports and diesel engines at the sea. Misje Rederi AS has collaborated with Marine Design & Consulting and Norwegian Electric Systems to develop the new ship design. Currently, Misje Rederi AS controls 14 coaster bulk carriers.
10-January-2019
George Youroukos led Greek shipowner and operator Technomar Shipping Inc sold 1995 built capesize dry bulk carrier 150K DWT MV Mamitsa XL to Bangladesh scrapyard for around $8 million. 150K DWT MV Mamitsa XL is sold as is in Singapore for demolition in Bangladesh.
After last capesize dry bulk carrier, Greek shipowner and operator Technomar Shipping Inc is quitting capesize market. In 2007, Technomar Shipping acquired MV Mamitsa XL (ex MV Formosabulk Allstar) from Formosa Plastics for around $65 million. Currently, Greek shipowner and operator Technomar Shipping Inc has a fleet of 26 bulk carriers and 15 container ships.
10-January-2019
Athens and Monaco based ship manager and operator White Sea Group (White Sea Navigation S.A. in Athens and the White Sea SARL. in Monaco) has acquired 2011 built supramax dry bulk carrier 55K DWT MV Sophia K (ex MV Topaz Halo) from Japan’s Nikko Kisen for around $15 million. White Sea Group is led by Captain John Kehagias. In 2011, MV Sophia K (ex MV Topaz Halo) was built at Mitsui Engineering & Shipbuilding, Japan. MV Sophia K would be the first Japanese-built ship to enter White Sea SARL’s fleet after a long-time. Generally, White Sea Group has been buying Chinese-built ships. All other five ships listed under White Sea Group (White Sea Navigation S.A. in Athens and the White Sea SARL. in Monaco) were built in China. In April 2018, Piraeus based White Sea Group acquired 2010 built supramax dry bulk carrier 58K DWT MV Nicholas (ex MV Requiem) which was also built at Yangzhou Dayang Shipyard, China. White Sea Group acquired MV Nicholas (ex MV Requiem) from Greek shipowner and operator Kassian Navigation for around $12 million. MV Nicholas (ex MV Requiem) was White Sea SARL’s first venture into the secondhand market after a long-time. Lately, Greek shipowners have been extremely enthusiastic buyers of supramax bulk carriers. Currently, White Sea Group (White Sea Navigation S.A. in Athens and the White Sea SARL. in Monaco) operates a fleet of six (6) Supramax and one (1) Ultramax bulk carriers from its offices in Piraeus and Monaco.
9-January-2019
Aquavita International S.A. is a shipping contractor overseeing a fleet of 60 contemporary bulk carriers. Throughout the years, Aquavita International S.A. has established and maintained an extensive portfolio of global clientele who serve as both producers and consumers of dry bulk commodities. The annual volume of cargo transported exceeds 15 million tons and is projected to increase in the forthcoming years. Aquavita International’s team of 45 maritime experts possesses a worldwide presence with offices in Athens (headquarters), Monaco, Odessa, and Qingdao. Aquavita International’s brand is characterized by its emphasis on efficiency, safety, and dependability in ocean transportation. While Aquavita International S.A. is positioned for expansion, the management ensures steady growth by avoiding unreasonable and excessive risks. Special attention is devoted to risk management, which involves daily analysis of all our contractual positions to ensure they remain within safe limits. Athens-based ship operator Aquavita International S.A. takes great pride in the company’s professional expertise, which fosters lucrative business opportunities for charterers, partners, and investors within the shipping industry.
9-January-2019
Heavylift, project, and break-bulk operator Zeamarine Carrier is very close to its aim of more than 100 multipurpose (MPP) ships after taking delivery of six (6) time-chartered new-buildings from Chinese ship manager New Legend. In January 2019, Zeamarine Carrier took delivery of 2019 newbuilding 13K DWT MV Zea Frontier F-class 900 designs outfitted with two 450 tons cranes. In September 2018, Germany based Zeaborn and Houston based Intermarine merged to establish Zeamarine Carrier. Zeamarine Carrier has also chartered in 2018 build 12K DWT MV Zea Servant outfitted with two 250 tons cranes MPP ship for the long-term. MV Zea Servant was constructed at Chinese shipyard Taizhou Sanfu Shipbuilding. MV Zea Servant was formerly ordered by Nordic Hamburg but has been secured by Chinese ship manager New Legend. In November 2018, MV Industrial Fame and MV Industrial Fusion were taken from CSSC Leasing. MV Industrial Fame and MV Industrial Fusionare are technically managed by Germany based Hammonia Reederei. Zeamarine Carrier chartered in vessels of bankrupt heavy-lift operator Hansa Heavy Lift.
8-January-2019
Greek shipowner and operator Diligent Holdings has added another supramax bulk carrier to its unwaveringly expanding fleet. Diligent Holdings acquired 2010 built supramax bulk carrier 58K DWT MV Queen (ex MV Queen Halo). Sale and Purchase (S&P) shipbrokers published MV Queen Halo’s sale in October 2018 for around $15 million, but the name of its buyers was not published at that time. Last supramax bulk carrier purchase explains the purpose of fast-growing Diligent Holdings. Diligent Holdings prefer Japanese constructed second-hand bulk carriers and execute deals with Japanese owners. Diligent Holdings entered into the supramax sector in late 2017. Diligent Holdings’ three supramax bulk carriers were built at Tsuneishi Heavy Industries (Cebu), a Japanese-controlled yard in the Philippines. Besides MV Queen Halo, Diligent Holdings has also acquired 2011 built supramax bulk carrier 58K DWT MV Trade (ex MV TC Gold) for around $15 million. The latest two (2) acquisitions have brought Diligent Holdings’ managed fleet to 7 handysize and 4 supramax bulk carriers. Dimitris Michalos led Diligent Holdings was established in 2011. Diligent Holdings has acquired all bulk carriers on the secondhand market. When the dry bulk market reached the lowest point in 2016, Diligent Holdings commenced acquiring bulk carriers.
8-January-2019
Greek ship-manager and operator Goldenport Shipmanagement Ltd. has booked ultramax dry bulk newbuilding 63K DWT Cosco Shipping Heavy Industry (CHI) Yangzhou, China. Goldenport Shipmanagement’s first newbuilding orders after more than four years. Ultramax bulk carriers will be delivered in Q1 2020. Goldenport Shipmanagement placed its last dry bulk order five handysize bulk carriers at Cosco Shipping Heavy Industry (CHI) in the spring of 2014. Five handysize bulk carriers were all delivered by 2017. John Dragnis led Goldenport Shipmanagement is satisfied with the prior performance and quality of the Cosco Shipping Heavy Industry (CHI). Cosco Shipping Heavy Industry (CHI) Yangzhou has been building ultramax bulk carriers for other shipowners like Tomini Shipping and Union Maritime. Previously constructed Chinese ultramax new-buildings had a price tag of $27 million each. Dragnis family-controlled Goldenport Shipmanagement has newbuilding plans on the tanker segment. Last year, Dragnis family tanker arm OceanGold ordered crude and product tankers at STX Offshore & Shipbuilding and Daehan Shipbuilding. Ultramax bulk carrier new-buildings will be the biggest bulk carriers in Goldenport Shipmanagement’s fleet. Currently, Goldenport Shipmanagement’s bulk fleet consists of 1 post-panamax, 5 supramax, and 6 handysize bulk carriers.
8-January-2019
Greek Laskaridis family-controlled shipowner and operator Laskaridis Shipping Ltd. makes rare tanker purchase. Athens based shipowner and operator Laskaridis Shipping Ltd. acquired 2012 built tanker 18K DWT MT Chemical Aquarius for arround $11.5 million. Laskaridis Shipping Ltd.’s subsidiary Lavinia Bulk Ltd has a fleet of 40 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd commercially manages a large and modern fleet of mid- to large-size dry bulk carriers. Athens based shipowner and operator Laskaridis Shipping Ltd. has made a rare foray into the secondhand market for a tanker to replenish the company’s fleet of small product carriers. Greek brothers Panos Laskaridis and Thanassis Laskaridis are best known for their dry bulk and reefer fleets.
8-January-2019
Greek shipowner and operator Z&G Halcoussis acquired supramax bulk carrier which makes Z&G Halcoussis first sale-and-purchase move in 5 years. Z&G Halcoussis acquired supramax bulk carrier from Turkish shipowner and operator Densan Shipping.
Piraeus based Z&G Halcoussis acquired 2012 built supramax bulk carrier 58K DWT MV Almar (ex MV Veronique D) for around $16 million. Turkish shipowner and operator Densan Shipping was announced to have sold MV Veronique D and sistership MV Anjelique D. MV Veronique D and sistership MV Anjelique D was built at Nantong Cosco KHI Ship Engineering. MV Veronique D and sistership MV Anjelique D were Densan Shipping’s last two bulk carriers.
Z&G Halcoussis has not bought any bulk carrier on the secondhand market since June 2014. In June 2014, Z&G Halcoussis acquired 2012 built kamsarmax bulk carrier 82K DWT MV Alexandria (ex MV Mokpo Star).
Greek shipowner and operator Z&G Halcoussis was established by George and Zannis Halcoussis in 1964. Z&G Halcoussis is persistently on an expansion education. Z&G Halcoussis will take delivery of 85K DWT kamsarmax newbuilding from Sasebo Heavy Industries, Japan. Currently, Z&G Halcoussis fleet consists of 2 kamsarmax and 3 supramax bulk carriers.
7-January-2019
In January 2019, Varna based Meteor Management acquired 2005 Japanese built supramax dry bulk carrier 55K DWT MV Eleen Armonia (ex MV Navios Armonia). Bulgarian Meteor Management is backed by commodity trader Eleen Marine. Eleen Marine has been intending to build a fleet of up to 6 bulk carriers until the end of 2019. MV Eleen Armonia (ex MV Navios Armonia) was built at Kawasaki Heavy Industries in 2005. Meteor Management acquired MV Eleen Armonia (ex MV Navios Armonia) from Japanese shipowner Doun Kisen. In 2017, Meteor Management was established as a ship-manager company by joint venture of Global Maritime Navigation and DA Shipping. Eleen Marine is a commodity trader that invests in bulk carriers as an asset play and as a hedge for trading business. Oaktree Capital Management seems to be playing a key part in financing Eleen Marine’s fleet expansion.
6-January-2019
Croatian shipowner and operator Atlantska Plovidba’s 2009 built supramax dry bulk carrier 53K DWT MV AP Sveti Vlaho refloated in South America on 4 January 2019. MV AP Sveti Vlaho ran aground on the last week of 2018 in Argentina. MV AP Sveti Vlaho sailed to an anchorage in nearby Recalada to proceed with local coastguard formalities. Dubrovnik-based Atlantska Plovidba managed MV AP Sveti Vlaho was laden with grain from Argentina to Italy when it ran aground in the Putna Indio, Argentina channel on 29 December 2018 due to the main engine failed. Putna Indio, Argentina channel traffic was restored after the refloating of MV AP Sveti Vlaho. Croatian shipowner and operator Atlantska Plovidba’s 2009 built supramax dry bulk carrier 53K DWT MV AP Sveti Vlaho is insured by North P&I Club and classified by BV (Bureau Veritas).
6-January-2019
Turkish shipowner and operator Canbaz Shipping which focuses on the short-haul shipping of grain, iron ore, and fertilizers, is expanding its fleet by newbuilding and secondhand dry bulk carriers. Canbaz Shipping is plotting fleet expansion plans on the back of optimism that dry bulk shipping will rise. Turkish shipowner and operator Canbaz Shipping anticipate rising demand for bigger-size ships in the Black Sea and the Mediterranean. Istanbul-based shipowner and operator Canbaz Shipping was established by Behcet Canbaz in the 1980s. In December 2017, Canbaz Shipping acquired 2012 built handy bulk carrier 31K DWT MV Orcun C (ex MV Coral Ocean) from Japanese operator Daiichi Chuo Kisen Kaisha for around $13 million. Especially, Canbaz Shipping is interested in geared and ice-classed eco-bulk carriers up to 6 years old. Turkish shipowner and operator Canbaz Shipping is also in discussions with major Japanese shipyards about a 40K DWT newbuilding bulk carriers. Currently, Canbaz Shipping has a fleet of 8 handy bulk carriers.
6-January-2019
Piraeus-based shipowner and operator Golden Union Shipping acquired 2007 Japanese built post-panamax dry bulk carrier 93K DWT MV Flag Trias (ex MV Houyo) from Japanese shipowners for about $14.8 million. Theodore Veni¬amis led Greek shipowner and operator Golden Union Shipping keeps buying second-hand ships. In July 2017, Greek shipowner and operator Golden Union Shipping bought 2006 built capesize dry bulk carrier 180K DWT MV Imperial Frontier (ex MV Cape Frontier) for about $17.2 million. Golden Union Shipping sold 5 dry bulk carriers between 2017 and 2018 for significant profits. In July 2018, Theodore Veniamis led Greek shipowner and operator Golden Union Shipping sold two (2) 2016-built capesize dry bulk carriers to New York-listed Genco Shipping & Trading. Golden Union Shipping had bought them as resales at Hanjin Heavy Industries at a much lower price. Currently, Greek Golden Union Shipping has a fleet of 45 ships.
5-January-2019
The year 2019 began with a strong wave of optimism in both the dry bulk and tanker shipping markets, mirrored in the sale and purchase market where prices for most segments saw an uptick in the early days of January. Notably, prices for secondhand tankers experienced a significant rise across all sizes and age groups. According to Allied Shipbroking, since the end of November, the average prices for 10-year-old and 15-year-old VLCCs increased by 9.4% and 10.3%, respectively. Similarly, the average prices for 10-year-old and 15-year-old 45,000 dwt MR tankers rose by 12.9% and 13.5%, respectively, while the average price for 10-year-old suezmaxes surged 15.6%, from $27.25 million to $31.5 million. Despite a relative lull at the very start of the new year, the overall sentiment in the market has improved, suggesting potential for increased sales and purchase (snp) activity in the near future. One of the key transactions recently was the sale of the 2012 Chinese-built 18K DWT product tanker MT Chemical Aquarius, which Greek shipowner Panos Laskaridias of Lavinia acquired from Chinese shipowner Maple Leaf Shipping for $11.5 million. Additionally, the 2010 Japanese-built 48K DWT MR2 tanker MT Nord Inspiration was sold by Japanese owner Nippon Oil Tankers to fellow Japanese company Fuyo Kaiun for around $16.5 million, with the deal including a time charter back to the previous operator, Norient Product Pool. In the bulker sector, average secondhand prices have remained stable or seen slight increases over the past month, apart from the capesize bulk carrier segment where the average price for five-year-old 180K DWT capesize bulk carriers dropped 5.6%, from $36 million to $34 million since the end of November. Conversely, the average price for a five-year-old 82K DWT panamax bulk carrier rose by 2.2%, and notably, the average prices for five-year-old 37K DWT handysize bulk carriers increased by 6.5% from $15.5 million to $16.5 million during the period. Amidst these transactions, Athens-based shipowner and operator White Sea Navigation S.A. made a significant move by purchasing the 2011 Japanese-built supramax bulk carrier 56K DWT MV Sophia K (ex MV Topaz Halo) from Japanese shipowner Nikko Kisen for approximately $15.5 million. This purchase is part of White Sea Navigation S.A.’s strategic initiative to increase its presence in the ultramax bulk carrier sector. White Sea Navigation S.A. is known for its strategic fleet management and investment in modern tonnage to enhance its service offerings in the competitive shipping market. White Sea Navigation S.A., established as a key player in the maritime industry, operates both from Athens and through its sister company White Sea SARL in Monaco. The company has cultivated a strong reputation for operational excellence and strategic asset management, allowing it to navigate the complexities of global shipping effectively. With a diverse fleet that includes several vessel types, White Sea Navigation S.A. is adept at handling various cargo and has established robust trade routes that span the globe. The acquisition of MV Sophia K (ex MV Topaz Halo) represents a continuation of White Sea Navigation S.A.’s efforts to modernize its fleet and optimize its operational capabilities. The company’s focus on acquiring younger vessels is aligned with industry trends towards sustainability and efficiency, with the added benefit of reducing overall operational costs and enhancing competitive advantage in the global shipping market. White Sea Navigation S.A. remains committed to its growth strategy, which involves not only fleet expansion but also an emphasis on maintaining high standards of safety and environmental responsibility. This approach ensures White Sea Navigation S.A.’s ongoing ability to provide reliable and efficient shipping solutions to its global clientele, bolstering its position as a leader in the maritime industry. As the shipping market anticipates further activity, White Sea Navigation S.A. is well-positioned to capitalize on emerging opportunities and drive continued success in the dynamic maritime sector.
1-January-2019
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) sold 2005 built supramax bulk carrier 55K DWT MV Eleen Armonia (ex MV Navios Armonia) to Bulgaria-based Meteor Management which is a ship management company backed by commodity trader Eleen Marine. Eleen Marine aims to build a fleet of up to six bulk carriers by the end of 2019. In 2005, Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) took the delivery of MV Eleen Armonia (ex MV Navios Armonia) from Kawasaki Heavy Industries in Japan.
1-January-2019
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) sold 2012 built panamax bulk carrier 74K DWT MV Scorpio (ex MV Eisho) for around million $18 million to Athens-based Ismini Panayiotides-led shipowner and operator Pavimar SA. Ismini Panayiotides-led Pavimar has expanded the company’s managed fleet to 15 ships.