30-June-2019
Simeon Palios led Greek shipowner Diana Shipping chartered out 2007 built capesize dry bulk carrier 174K DWT MV Semirio to giant Swiss commodity trader Cargill for $16K per day. Diana Shipping chartered out capesize dry bulk carrier when capesize rates are on an upward trend. Cargill chartered in capesize dry bulk carrier 174K DWT MV Semirio for 15 months which will produce gross expected revenue of $7.2 million. Currently, the Average Time Charter rate on a one-year fixture for 170K DWT capesize dry bulk carrier has increased 44% to $17,250 per day since April 2019. In March 2019, Greek shipowner Diana Shipping chartered out another 2005 built capesize dry bulk carrier 171K DWT MV Salt Lake City for two-year period to Cargill. Simeon Palios led Greek shipowner Diana Shipping has a fleet of 44 dry bulk carriers.
30-June-2019
New York-listed shipowner Genco Shipping & Trading expressed that shipowners are shifting away from asset play. The dry bulk shipping industry has been gradually moving away from merely pure asset play and making money in asset play. Instead of asset play, shipowners are prudently acquiring bulk carriers that they can operate in the future. Genco Shipping & Trading is in a solid position to acquire more extra bulk carriers. Furthermore, Genco Shipping & Trading is extremely interested in mergers and acquisitions. Other dry bulk shipowners and operators adapted to operate their current fleets.
30-June-2019
Incepted in 1996 amidst the scenic backdrop of Limassol, Cyprus, Lemissoler Navigatio has metamorphosed from a local Liner Shipping Entity to a globally recognized Maritime Consortium. Limassol-based shipowner and operator Lemissoler Navigation excel in the realm of dry bulk cargo maritime conveyance, with unwavering allegiance to our paramount Corporate Ecological Stewardship. Cyprus-based shipowner and operator Lemissoler Navigation accomplishments resonate with the triumphs of our esteemed clientele. Lemissoler Navigation’s profound industry acumen, coupled with our unparalleled interdisciplinary methodology, furnishes our patrons with myriad incentives for perpetual association. Lemissoler Navigation is galvanized by our envisaged horizon of Unerring Nautical Trust and Esteemed Maritime Ventures. Lemissoler Navigation’s purpose, to Forge Unparalleled Value, compels us to perpetually recalibrate our tactics in response to the fluid dynamics of the nautical realm. Lemissoler Navigation diversify naval endeavors across both immediate and prolonged markets, proffering our cornerstone services in Ship Stewardship, Commercial Oversight, Institutional Management, and Pioneering Research & Advancement, perpetually underscored by Corporate Accountability, Novelty, and Technological Integration.
28-June-2019
Chinese shipping giant Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) has increased its fleet with one semi-submersible heavy-lift newbuilding at Guangzhou Shipyard International (GSI). This is the second newbuilding contract signed in 2019 by Cosco Shipping Specialized Carriers. China Guangzhou headquartered Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers has signed a newbuilding contract with state-owned Guangzhou Shipyard International (GSI). Cosco Shipping Specialized Carriers has ordered 50K DWT semi-submersible heavy-lift newbuilding to be delivered during the Q1 2021 for undisclosed price tag. In March 2019, Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) exercised four option orders 62K DWT wood-pulp carriers at Cosco Shipping Heavy Industries’ Dalian yard for delivery in 2021. In 2018, Cosco Shipping Bulk’s sister company Cosco Shipping Specialized Carriers ordered five 62K DWT wood-pulp carriers with four options. Five 62K DWT wood-pulp carriers will be delivered till February 2021. 62K DWT wood-pulp carriers has a price tag of $33 million for each. Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) also has two 2,200-ceu car carriers under construction at China Shipbuilding Industry Co (CSIC) controlled Wuchang Shipbuilding. Cosco Shipping Specialized Carriers (former Guangzhou Ocean Shipping) is a sister company of giant state-owned COSCO that controls MPP (multipurpose) ships heavy-lift vessels, car carriers, bitumen carriers and log carriers. It reportedly has a trading fleet of 112 vessels.
28-June-2019
Norwegian maritime investor Ocean Yield and Savery’s family company CMB have struck a sale and leaseback deal for a newcastlemax newbuilding. This deal takes Ocean Yield into the newcastlemax market for the first time. Previously, Ocean Yieldmoved into dry bulk market with handysize and ultramax carriers. This is the second transaction between Kjell Inge Rokke’s Ocean Yield and Saverys family company CMB. In summer 2018, Ocean Yield and CMB had a container ship deal. Norwegian shipowner Ocean Yield is paying $40 million for newcastlemax newbuilding. Newcastlemax newbuilding will be chartered back to CMB on a 15-year bareboat contract. In 2013, Norwegian shipowner Ocean Yield made IPO (Initial Public Offering) and went public in the Oslo market. Currently, Kjell Inge Rokke’s Ocean Yield has a mix fleet of 61 ships.
27-June-2019
China State Shipbuilding Corporation’s (CSSC) sister company Chengxi Shipyard accepted to pay $875K to the Norwegian ship owner and operator Torvald Klaveness in a London arbitration over deficiencies in a bulker carrier. Chengxi Shipyard would be remunerating the Torvald Klaveness for deficiencies associated with 2013 built 71K DWT self-unloader MV CSL Tarantau (ex MV Balto). In November 2015, MV CSL Tarantau (ex MV Balto) was sold to Canadian owner Canada Steamship Lines (CSL). In 2016, Norwegian ship owner and operator Torvald Klaveness inaugurated the arbitration procedure in London. Torvald Klaveness demanded compensations for deficiencies. All disputes in the London arbitration were suitably compensated.
27-June-2019
Oman Shipping Company (OSC) revealed that the company intends to increase its fleet to 71 ships by 2023. In June 2019, Oman Shipping Company (OSC) ordered three (3) VLCCs at South Korean shipyard DSME. Previously, two (2) VLCCs were ordered at the same shipyard. Oman Shipping Company (OSC) has been intending to acquire 15 containerships. In addition, Oman Shipping Company (OSC) intends to acquire 8 dry bulk carriers. Oman Shipping Company (OSC) has been organizing to seize 30% of the local bulk carrier market. Oman Shipping Company (OSC) projects to increase carrying capacity to 13 million tonnes by 2023. Currently, Oman Shipping Company’s fleet comprises 16 VLCCs (Very Large Crude Carriers), 17 products, and 4 chemical tankers, LNG carriers.
27-June-2019
Greek shipowner and operator PL Shipping acquired 2011 built handysize dry bulk carrier 34K DWT MV Hope (ex MV Eftichia). PL Shipping has been expanding its fleet. In 2019, bulk carrier operator PL Shipping increased its fleet with handysize bulk carriers. 34K DWT MV Hope (ex MV Eftichia) has joined PL Shipping’s fleet in June 2019. Previously MV Hope (ex MV Eftichia) was in the fleet Greek shipowner Super-Eco Bulkers. Super-Eco Bulkers had been trading MV Eftichia since delivered from Dae Sun Shipbuilding & Engineering as a new building. Greek shipowner and operator PL Shipping is led by Grigoris Papadopoulos and nephew George Lambrakis. Grigoris Papadopoulos and George Lambrakis have been aiming to increase the fleet to 10 dry bulk carriers. PL Shipping’s administrators Grigoris Papadopoulos and nephew George Lambrakis have been active in the shipping business for 12 years. In Greece, Grigoris Papadopoulos and George Lambrakis have a wider business group that includes food retail and property interests. Holborn Bulk is the commercial arm of Greek shipowner and operator PL Shipping. Holborn Bulk was organized to perform the commercial activities of PL Shipping. Currently, MV Hope (ex MV Eftichia) is the fifth bulk carrier in the fleet of PL Shipping. Tomasos family-controlled Super-Eco Bulkers acquired similar bulk carrier 2012 built 36K DWT MV Federica (ex MV Nord Mumbai) for around $12 million.
26-June-2019
Aristides Pittas-led dry bulk carrier owner and operator EuroDry (EDRY) is willing to expand its fleet of 7 dry bulk carriers. New York-listed Euroseas spinoff EuroDry is aiming to acquire 4 panamax, 2 kamsarmax, and 1 ultramax dry bulk carriers. EuroDry is planning to enter into Merger and Acquisition deals for faster growth. CEO Aristides Pittas explained that EuroDry has $10 million cash in the company which could be used to buy bulk carriers and leverage it up 50%. If bulk carrier prices seem to be correcting to lower levels, then EuroDry may buy more bulk carriers. If bulk carrier prices rise, EuroDry might consider other options like ship-for-shares deals. CEO Aristides Pittas explained that EuroDry also considers en bloc purchases of bulk carriers to grow its fleet faster. According to CEO Aristides Pittas, capital markets are not open to raising equity at this point. CEO Aristides Pittas added that having a larger fleet is not necessarily the goal or the mean to success in dry bulk shipping because most factors are relatively equal among owners. EuroDry plans to focus fleet expansion efforts on either panamax or ultramax bulk carriers between 5 to 15 years old. EuroDry would be not be looking for newbuilds. EuroDry is optimistic that the dry bulk market will improve enough to allow for fleet expansion. Shipping markets will also have the disruption of the International Maritime Organization (IMO) 2020 regulations. Bulk carriers are going to go slower and more bulk carriers will stop to install scrubbers.
25-June-2019
Clarksons Platou S&P shipbrokers forecast heightened engagement in the dry bulk sectors, as prospective purchasers of bulk carriers queue up in an increasingly constrained marketplace. The escalating rates for substantial tonnage across both wet and dry divisions, coupled with a pile-up of yet-to-be-finalized transactions, represent merely a fraction of the broader narrative, opined Martin Rowe, the Director General of Clarksons Platou Asia, based in Hong Kong. Especially within the dry bulk sphere, the stagnation in market expansion combined with the looming deadline of the International Maritime Organization (IMO) 2020, augments a positive panorama for his vocation. Martin Rowe articulated that the fleet’s capacity has consistently held its ground, coupled with a burgeoning awareness that, as we transition towards Q3 and Q4, the volume of vessels earmarked for scrubber installations or routine upkeep is poised to precipitate a tangible reduction in the operational fleet. A trend that’s anticipated to endure into the ensuing year. Martin Rowe reported that Clarksons’ optimistic anticipation that these determinants would herald a resurgence in the S&P (Sale and Purchase) domain. Martin Rowe, the Director General of Clarksons Platou Asia, noted that the current dynamics undeniably underscore a more robust resonance within the marketplace. Regarding vessels of diminutive size, Martin Rowe believes that owners of handysize bulk carriers up to 28K DWT have undergone a poignant moment of introspection, predisposing them towards more conservative pricing anticipations to expedite impending agreements. Presently, shipowners of these smaller tonnage vessels might be coming to terms with the necessity to recalibrate their aspirations.
25-June-2019
Taiwan Navigation has been selling vintage bulk carriers. Taiwan Navigation has been in the fleet renewal programme. Taiwan Navigation ordered four (4) kamsarmax newbuilding bulk carriers. Furthermore, Taiwan Navigation ordered two (2) ultramax dry bulk carriers at Oshima Shipbuilding and Namura Shipbuilding. Taiwan Navigation is preparing to sell 2004 built 77K DWT MV Tai Progress which has been inspected by Chinese shipowners. Chinese private shipowners will be the possible purchasers of vintage panamax bulk carrier. 77K DWT MV Tai Progress was built in 2004 at CSBC Corporation. According to dry bulk carrier experts MV Tai Progress will probably fetch around $8million. Unquestionably, Chinese shipowners will not be acquiring MV Tai Progress for domestic trading. MV Tai Progress is extremely old to meet the Chinese government’s emissions specifications for tonnage imported into the Chinese flag for domestic trade. MV Tai Progress can be used only in international trades. In addition to MV Tai Progress, Taiwan Navigation has been attempting to sell 2004 built supramax bulk carrier 52K DWT MV Tai Happiness. Chinese shipowners are now principally interested in 5 to 8-year-old supramax up to panamax bulk carriers. Majority shares of Taiwan Navigation is owned by the Taiwanese state. Additionally, Taipei-based capesize shipowner Chinese Maritime Transport holds a tiny amount of Taiwan Navigation’s shares. Taiwan Navigation is a shareholder in Taiwanese container line Yang Ming Marine Transport.
19-June-2019
Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN has seized an opportunity to acquire two post-panamax bulk carriers that are scheduled for delivery from Tsuneishi Zhoushan in China in the near future. Belgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers CLdN will be paying around $34 million per unit for the MV AGTR Ambition and MV AGTR Blossom, new post-panamax bulk carriers based on the Tess 99 design, which are optimized versions with a capacity of 99,000 DWT (deadweight tons). These post-panamax bulk carriers, known as Zhoushanmaxes, belong to Tsuneishi’s highly acclaimed Tess 98 series. Initially, they were ordered by a Singaporean-Chinese joint venture called Safargo, with the Kambara family, who control the shipyard, participating as equity partners. As a result of this sale to Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN, Safargo will retain two kamsarmax bulk carriers, which were also delivered by Tsuneishi Zhoushan four years ago. This resale transaction will expand Cobelfret Bulk Carriers CLdN’s bulk carrier fleet to a total of 16 vessels, including four post-panamax bulk carriers.
18-June-2019
Athens based Greek shipowner and operator Mercury Maritime Enterprises has taken delivery of its first handysize dry bulk carrier 2011 built 36K DWT MV Serenity (ex MV Nord Rotterdam). Mercury Maritime Enterprises Co. S.A. was registered in Greece by Jason Merkouris in late 2018. MV Serenity (ex MV Nord Rotterdam) was built at Hyundai Vinashin Shipyard. In March 2019, MV Serenity (ex MV Nord Rotterdam) was acquired for about $11 million. Mercury Maritime Enterprises Co. S.A. intends to ultimately expand dry bulk carrier fleet with several bulk carriers over the next months. On the handysize sale-and-purchase (S&P) market, Greek shipowners have been relatively quiet in 2019. In February 2019, MV Serenity (ex MV Nord Rotterdam) sister ship MV Federica (ex MV Nord Mumbai) was acquired by another Greek Tomasos family-controlled Super-Eco Bulkers. MV Serenity (ex MV Nord Rotterdam) and MV Federica (ex MV Nord Mumbai) were in the fleet of Copenhagen based Dampskibsselskabet Norden A/S.
17-June-2019
Panos Laskaridis, president of the European Community Shipowners’ Associations (ECSA) and chairman of Laskaridis family-controlled Lavinia Bulk Ltd., describes the sea change in Greek shipowners’ mindset. Laskaridis Shipping Ltd.’s subsidiary Lavinia Bulk Ltd.’s chairman Panos Laskaridis speaks about the cultural transformations that have swept through the marine sector. 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. According to Panos Laskaridis, negotiating behind closed doors was a reasonable policy to support Greek shipping grow and prosper in the years after World War II. Nevertheless, it will no longer do in a rapidly transforming, connected globe with new priorities. Panos Laskaridis has been leading from the front in efforts to make Greek shipping more vocal. 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.
17-June-2019
Denmark-based shipowner and operator Navision Group is marking a significant return to ship ownership with the acquisition of a supramax bulk carrier, signaling a renewed strategic push into controlling tonnage after several years of focusing predominantly on chartered ships. Danish dry bulk operator Navision Group is re-establishing its presence in the ownership arena through the purchase of the 51,000 DWT supramax bulk carrier MV Tremola (ex MV Las Tortolas), a move viewed as a meaningful shift in the group’s long-term fleet strategy. According to S&P (Sale and Purchase) shipbrokers, the Japanese shipowner and operator Nippon Yusen Kaisha (NYK) has completed the disposal of its supramax bulk carrier MV Tremola (ex MV Las Tortolas), identifying Navision Group as the new owner of the supramax bulk carrier. This transaction reflects the Danish outfit’s renewed appetite for asset control at a time when mid-sized bulk carriers remain in high demand across multiple global trades. Denmark-based shipowner and operator Navision Group, founded in 2001, has built a reputation as a flexible and commercially astute participant in the dry bulk sector. While Navision Group is widely associated with the handysize bulk carrier segment, its operational model has long blended chartered-in ships with selective periods of ownership to maintain adaptability in fluctuating freight markets. Over the years, Navision Group has developed strong relationships with charterers, cargo interests, shipbrokers, and financial institutions, relying on its reputation for reliability, swift decision-making, and efficiently managed ships. The group places considerable emphasis on technical standards, favoring well-maintained Japanese-built ships known for stability, robust construction, and consistent operational performance. Navision Group’s commercial approach has traditionally centered on optimizing market timing, pursuing asset play opportunities, and sustaining a streamlined, responsive fleet footprint. The sale of its last-owned ship to Conti Lines in 2017 marked a temporary exit from direct ownership, allowing Navision Group to concentrate on chartered tonnage while monitoring market cycles for the right re-entry point. The decision to re-engage with ownership through the purchase of the MV Tremola (ex MV Las Tortolas) reflects Navision Group’s belief that current market conditions support long-term value generation in the supramax segment. The return to owning ships also signals that Navision Group is prepared to expand its strategic bandwidth, integrating long-term asset control, technical oversight, and commercial deployment into a unified operational framework. The group’s focus on mid-sized bulk carriers—ranging from handysize to supramax—allows Navision Group to efficiently cover diverse trade lanes, respond to shifts in cargo availability, and capitalize on niche opportunities across both Atlantic and Pacific markets. With the acquisition of the supramax bulk carrier MV Tremola (ex MV Las Tortolas), Navision Group is demonstrating renewed confidence in the durability of dry bulk demand and reaffirming its intention to remain an active, resilient force within the global dry bulk landscape.
13-June-2019
George Economou-backed SPII Holdings is offering $4 per share in cash for New York-listed George Economou-led shipowner and operator DryShips. Recently, DryShips acquired tanker pool operator Heidmar. Athens-based shipowner and operator DryShips’ shares have soared in Nasdaq after George Economou made an offer to buy the diversified shipowner and operator DryShips. Dry bulk shipping market spectators acknowledged that private ownership is in the best interests of the DryShips. George Economou-backed SPII Holdings’ proposal not only offers influential value to the DryShips’ shareholders but is also in the most suitable interests of the DryShips. SPII Holdings’ offer would also permit DryShips shareholders to realize an appealing value in cash for their investment. Nasdaq-listed shipowner and operator DryShips’ BOD (Board of Directors) has initiated a committee consisting exclusively of disinterested executives to evaluate the George Economou-backed SPII Holdings’ proposal. Currently, Nasdaq-listed shipowner and operator DryShipsNasdaq-listed shipowner and operator DryShips’ 83.4% is owned by George Economou. In June, George Economou-led shipowner and operator DryShips completely acquired tanker pool operator Heidmar.
13-June-2019
Tokyo Stock Exchange-listed shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) opted to install exhaust scrubbers on 10% of its fleet to fulfill the regulatory requirement of IMO (International Maritime Organization) 2020. Japanese shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) is one of the world’s biggest shipping companies. Currently, K Line Bulk (Kawasaki Kisen Kaisha) operates more than 200 bulk carriers. Tokyo-based shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) plans to install exhaust scrubbers only on capesize and post-panamax bulk carriers. K Line Bulk (Kawasaki Kisen Kaisha) is part of K Line (Kawasaki Kisen Kaisha) which operates a mixed fleet of 520 ships. The preponderance of K Line’s (Kawasaki Kisen Kaisha) fleet is anticipated to utilize 0.5% sulphur-compliant bunkers. K Line (Kawasaki Kisen Kaisha) plans to install exhaust scrubbers on some tankers. K Line (Kawasaki Kisen Kaisha) has been thoughtfully investigating LNG bunkering and examining hydrogen. However, these alternative bunkers will more likely be options for the IMO’s (International Maritime Organization’s) next phase of emission targets. IMO (International Maritime Organization) plots to decrease carbon emission by 40% in international shipping before 2030 and total greenhouse gas emissions by half before 2050. Furthermore, K Line (Kawasaki Kisen Kaisha) plans to install automated kites on ships to decrease carbon emissions by 20%, with the first kite installation due to take place in November 2021. Japanese shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) states that designing and embracing new technologies to fulfill tighter environmental requirements can be pricey. According to Tokyo-based shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha), these expenses should be absorbed by all maritime industries. K Line Bulk (Kawasaki Kisen Kaisha seeks to recover the exhaust scrubbers’ expenses in meeting the IMO (International Maritime Organization) 2020 rules from charterers.
11-June-2019
Toronto Stock Exchange-listed shipowner and operator Algoma Central has consummated a $100 million transaction with Oldendorff Carriers, thereby augmenting its shares in the CSL International Pool and concurrently acquiring a triumvirate of bulk carriers. St. Catharines-based shipowner and operator Algoma Central proclaimed on Wednesday that the company’s ownership now constitutes 40% of the pool, with notable affiliates including Marbulk Shipping and CSL Americas. Moreover, Algoma Central acquired the 2000 built handysize bulk carrier 48K DWT MV Algoma Verity (ex MV Alice Oldendorff), 2005 built handysize bulk carrier 42K DWT MV Algoma Valour (ex MV Harmen Oldendorff), 2000 built handysize bulk carrier 42K DWT MV Algoma Victory (ex MV Sophie Oldendorff). Initial announcements of this transaction were made in January. While monetary specifics remain concealed, the agreement signifies that Toronto Stock Exchange-listed shipowner and operator Algoma Central now possesses eight (8) out of the 19 self-discharging bulk carriers within the CSL International Pool. “Allocating our financial resources to amplify our standing in the self-unloading sector is a tactical move, positioning Algoma Central favorably for anticipated pool expansion in the forthcoming years,” articulated Algoma Central ’s Chief Financial Officer, Peter Winkley. Being deeply acquainted with this industry and self-unloading bulk carriers, and considering the enduring robust customer demand, Algoma Central is persuaded that now is an opportune moment to augment our commitment to a venture that has yielded substantial dividends in yesteryears.
11-June-2019
Currently, six sophisticated handysize bulkers are being paraded in the sale-and-purchase market by their illustrious Cyprus-based proprietors, as narrated by Greek intermediaries this week. The seafaring vessels in question are the 37,000 DWT MV Western Aida, MV Western Boheme, and MV Western Fedora (all christened in 2012), paired with the 37,400-dwt MV Western Carmen, MV Western Lucrezia, and MV Western Tosca (all inaugurated in 2013). Since their construction at South Korea’s esteemed Hyundai Mipo Dockyard, these ships have remained under the aegis of the same proprietors. Regrettably, the identity of these owners remains enigmatic. IHS Markit identifies MV Western Maritime, a Cyprus-based entity devoid of contact nuances, as their registered guardian, and all six vessels proudly bear the Cypriot insignia. The commercial stewardship of these vessels rests with Maritime Transport Logistik (MTL), which also prominently displays the ensemble on its digital portal. Their intricate stewardship has been bestowed upon Intership Navigation, a distinguished Cyprus-based division of Germany’s Hartmann Group. A prospective transaction and consequent extraction of this sextet from MTL’s esteemed armada would reduce their fleet to a mere 10 general cargo vessels accompanied by two 118,500-dwt baby capesize bulk carrier. The culmination of this sale might still be in the distant horizon. The US financial establishment, CarVal Investors, experienced a period spanning three to eight months to successfully divest four handysize vessels it previously introduced to the market last September. CarVal’s venture culminated in the segmentation of their prized assets. Initially, the 35,000-dwt MV Grand Marais and MV North Star (both unveiled in 2016) found their new sanctuary with the Dutch consortium, Alliance Maritime, for an impressive sum of $16.2m each. Post-acquisition, these ships have been christened the MV Maryam D and MV Merel D, respectively. Whispered tales suggest that Russia’s White Lake has taken stewardship of CarVal’s residual duo recently. The 37,300-dwt MV Alpine and its counterpart, MV Summit (both conceived in 2015) purportedly commanded a price of $14.7m each.
11-June-2019
Dubai’s Serenity Ship Management and the Qatar-based S’hail Shipping and Maritime Services are both enhancing their maritime operations by incorporating additional secondhand bulk carriers into their fleets. Serenity Ship Management has finalized the acquisition of the supramax bulk carrier MV Lake Dynasty, built in 2009, from the Amsterdam-based Triton Navigation BV. The transaction for the Mitsui-built, 55K DWT MV Lake Dynasty was completed for an amount of $13.3 million, as reported by Triton Navigation BV. Serenity Ship Management, a discreet player in the dry bulk sector headquartered in Dubai, has expanded its portfolio over the last year by taking on the bulk carriers from Syria’s Samin Shipping, now boasting a modern fleet of five handymax bulk carriers. Previously heralded as one of Syria’s forward-thinking shipping companies, Samin Shipping relocated its base to Limassol, Cyprus, amidst Syria’s political turmoil in 2011, with Sea Spirit Enterprise in Beirut taking over the fleet’s operational management. Since then, the visibility of both Samin Shipping and Sea Spirit Enterprise in the industry has diminished. It’s speculated that the Samin family has ties with Serenity Ship Management, especially since the bulk carriers were transferred to Serenity Ship Management, hinting at a deeper connection rather than a straightforward sale. Some brokerage reports have even identified Samin as the buyer for the MV Lake Dynasty. Additional insights have surfaced regarding the bulk carrier acquisitions recently disclosed by S’hail Shipping and Maritime Services. In May’s closing week, S’hail Shipping and Maritime Services announced the procurement of two panamax bulk carriers set for delivery in the current month. Sale and Purchase (S&P) shipbrokers have pinpointed one of these ships as the 2006-built panamax bulk carrier 76K DWT MV Chris, purchased from Pyramid Navigation. The vessel is slated to be renamed MV S’hail Al Rayan after its handover. Since its inception in December 2016, the addition of these vessels brings S’hail Shipping and Maritime Services’ fleet to a total of seven supramax and panamax bulk carriers, with three of the panamax ships participating in the Baumarine Panamax Pool.
11-June-2019
Serenity Ship Management, based in Dubai, along with the Qatar-based S’hail Shipping and Maritime Services, are reportedly expanding their fleets through the acquisition of secondhand bulk carriers. Serenity Ship Management has recently purchased the supramax bulk carrier MV Lake Dynasty, constructed in 2009, from Triton Navigation BV, a shipowner and operator headquartered in Amsterdam. The 55K DWT, Mitsui-constructed MV Lake Dynasty was sold by Triton Navigation BV for a reported $13.3 million. Known for its discreet operations in the dry bulk sector, Serenity Ship Management has, over the past year, taken over bulk carriers from Syria’s Samin Shipping, now managing a fleet of five modern handymax bulk carriers. Samin Shipping, previously regarded as one of Syria’s leading shipping entities, relocated its headquarters to Limassol, Cyprus, amid the political unrest in Syria in 2011, transferring operational management to Sea Spirit Enterprise based in Beirut. Both Samin Shipping and Sea Spirit Enterprise have since become less visible in the shipping scene. It is speculated that the Samin family has ties with Serenity Ship Management, as the transfer of bulk carriers to Serenity Ship Management, rather than a direct sale, suggests a connection. Certain shipbroking reports have even named Samin as the purchaser of the MV Lake Dynasty. Further information has been revealed regarding the recent announcements by S’hail Shipping and Maritime Services about its bulk carrier acquisitions. In late May, S’hail Shipping and Maritime Services disclosed the purchase of two panamax bulk carriers slated for delivery this month. Shipbrokers specializing in Sale and Purchase (S&P) have identified one of these vessels as the 2006-built panamax bulk carrier 76K DWT MV Chris, acquired from Pyramid Navigation. Upon delivery, MV Chris will be rechristened as MV S’hail Al Rayan. Established in December 2016, S’hail Shipping and Maritime Services’ recent acquisitions elevate its fleet to seven supramax and panamax bulk carriers, with three of the panamax vessels being managed within the Baumarine Panamax Pool.
11-June-2019
The Grimstad-based JJ Ugland Group has declared robust financial performance for the year 2018, although maritime operations now represent a smaller portion of the company’s diversified interests. In 2018, JJ Ugland Holding, the parent company, saw a substantial rise in its pre-tax profits, reaching $36.9 million. Led by Managing Director Johan Martin Ugland, JJ Ugland Group has expanded its investment portfolio to include sectors such as real estate and renewable energy. Despite the diversification, the board, under the chairmanship of Johan B Ugland, remains committed to its specialized car carrier segment. Currently, JJ Ugland Group operates a fleet of five car carriers, ranging from 950 CEU to 2,050 CEU, plus a jointly owned vessel. In a strategic move to bolster this fleet, the group acquired the 2,000 CEU MV Autostar (built in 2000) in 2018 for an undisclosed sum. JJ Ugland Group’s car carriers are primarily engaged on bareboat charters with major industry players like K Line and United European Car Carriers, demonstrating a strong foothold in this niche market. Johan B Ugland, the chairman and a third-generation shipowner from the Ugland family, continues the legacy started by his grandfather Johan Milmar who founded Uglands Rederi in 1930. Notably, the JJ Ugland Group strategically exited its shipping activities in January 2008, selling to India-based Siva Group for $300 million. However, the company made a notable re-entry into shipping in 2013, with current ambitions to further expand this segment, as emphasized by Johan Martin Ugland.
10-June-2019
US-based commodities giant Cargill’s shipping arm Cargill Ocean Transportation lowers CO2 fleet footprint for the second year running. Jan Dieleman-led Cargill Ocean Transportation concentrated on sustainable shipping as the company declared additional reductions in emissions from Cargill Ocean Transportation’s time-chartered fleet in 2018. Chartering giant Cargill Ocean Transportation announced a 3.6% reduction in the CO2 grams emitted per cargo-ton-mile, compared to 2017. Consequently, Cargill Ocean Transportation saved 350,000 tons of CO2. One of the world’s biggest ship operators Cargill Ocean Transportation aims to meet the company’s 2020 target of a 15% reduction. Cargill Ocean Transportation has already surpassed one of the company’s 2020 targets by achieving 82% of its fleet rated as A to D on RightShip’s GHG (Greenhouse Gas) emission index. In 2017, chartering giant Cargill Ocean Transportation requested third parties for solutions to cut a single ship’s GHG (Greenhouse Gas) emissions by 10%. Minnesota-headquartered Cargill’s shipping arm Cargill Ocean Transportation has been working on new methods in wind propulsion, combustion-enhancing technology, air lubrication, and waste heat recovery. The average RightShip risk rating of Cargill Ocean Transportation’s fleet improved by 5% despite the overall boost in the number of ships employed. Furthermore, Cargill Ocean Transportation had conversations with ship operators about crew conditions. Cargill Ocean Transportation wants to increase seafarer well-being.
10-June-2019
Nasdaq-listed Greek shipowner and operator Globus Maritime (GLBS) reported a $0.47 million in Q1 2019. In Q1 2019, Globus Maritime (GLBS) reported a revenue of $3.5 million due to dry bulk charter rates shifting to $6,736 per day per ship after the Brazilian Vale dam disaster took millions of iron-ore tonnes from the dry bulk market. Athanasios Feidakis led shipowner and operator Globus Maritime (GLBS) is satisfied with the company’s performance during Q1 2019. Notwithstanding the challenges in the dry bulk freight market in Q1 2019, Globus Maritime (GLBS) managed to decrease the company’s operating expenses. Globus Maritime (GLBS) anticipates the dry bulk freight rates will improve during Q3 2019 due to the demand from China and IMO (International Maritime Organization) 2020 sulfur regulations. All the bulk carriers are managed by Athens based subsidiary Globus Shipmanagement Corp. Currently, Nasdaq-listed Greek shipowner and operator Globus Maritime (GLBS) has a fleet of five (5) dry bulk ships.
10-June-2019
New York-listed shipowners and operators Star Bulk Carriers and Genco Shipping & Trading are poised to take advantage of a strong freight market in Q3 2019. Capesize spot rates have been rebounding since the Brazilian iron ore dam incident on 25 January 2019. On 2 April 2019 Capesize freight rates plunge to $3,460 per day from $13,288 since the 25 January 2019 Vale dam disaster. Brazil Vale dam disaster took 40 million tonnes of iron ore off the shipping market. Capesize spot rates have improved steadily since then as Vale iron ore production is expected to return normal at the end of 2019. On 7 June 2019, capesize spot rates reached to $15,007 per day. According to shipping experts, in Q4 2019, capesize spot rates may hit $18,000 per day based on a positive forward freight agreement (FFA) market. Besides strong Chinese steel output and iron-ore demand, there is higher coal demand in Vietnam, Thailand, Pakistan, and China in Q4 2019. According to market analysts, Genco Shipping & Trading would also benefit from rebounding capesize bulk market in Q3 2019. Genco Shipping & Trading has a ticker symbol GNK on the New York Stock Exchange. Genco Shipping & Trading’s medium-sized bulk carriers contribute a stable income to the company while capesize bulk carriers are expected to generate more income in the volatile shipping market. Genco Shipping & Trading should also take advantage of the rising long-term dry bulk sector and low capesize supply which is driven by IMO 2020 low sulphur regulations. Genco Shipping & Trading’s capesize bulk carriers will also benefit from China’s rebound in iron ore imports. Currently, Genco Shipping & Trading’s share valuation is enticing due to a strong balance sheet. Genco Shipping & Trading’s CEO John Wobensmith explained that the company will benefit from steady pay from ultramax and supramax bulk carriers while collecting upside from the capesize bulk carriers. Genco Shipping & Trading’s CEO John Wobensmith is very positive about shipping outlook and expects that Genco Shipping & Trading will benefit from the positive capesize momentum. NASDAQ listed Star Bulk Carriers has a younger fleet and more large bulker exposure than Genco Shipping & Trading. Currently, Star Bulk Carriers has a fleet of 120 dry bulk carriers. When capesize spot rates exponentially increase in Q4 2019, both Genco Shipping & Trading and Star Bulk Carriers will undoubtedly be the biggest winners in the shipping market.
9-June-2019
Athens-headquartered and New York-listed Diana Shipping (DSX) has secured time charter contracts for two of its capesize bulk carriers with Singapore Marine and Oldendorff Carriers. From these agreements, Diana Shipping anticipates generating a total revenue of approximately $17.9 million. Greek shipowner and operator Diana Shipping (DSX) has entered into a charter contract with Singapore Marine for the 2010-built capesize bulk carrier MV New York, which has a deadweight tonnage (DWT) of 177K. The charter, which started on Friday, is set to last between 17 to 19 months at a daily rate of $15,500. In a separate agreement, Diana Shipping (DSX) signed a charterparty with Oldendorff Carriers for the 2007-built capesize bulk carrier MV Boston, also with a 177K DWT. This charter began on the same day and is slated to last until at least 1 April 2021, with the possibility of an extension until 30 June 2021. The agreed daily rate for MV Boston stands at $15,300. The combined gross revenue expected from both these charters, for their minimum durations, is around $17.9 million. Currently, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) owns and operates a fleet of 45 dry bulk carriers.
9-June-2019
Three Hamburg-headquartered shipping companies, Bertling, Nordic Hamburg, and Oskar Wehr KG, have shared further details about their dry bulk joint venture. The newly established commercial management company, called OneBulk, is set to commence operations on July 1, with registered offices in Hamburg and Singapore. Each of the three owner-operated companies will integrate their modern dry bulk fleets into this joint venture, which will consist of approximately 50 bulk carriers ranging from handysize to kamsarmax. OneBulk will provide the three partners with a stronger commercial presence in the shipping market, a broader range of resources and expertise, and access to a larger fleet of vessels, allowing them to respond to client demands more quickly and cost-effectively. The new entity has also expressed openness to welcoming additional partners. The combination of an integrated logistics provider, a traditional German owner, and a new-generation one-stop-shop ship management company creates a strong foundation for success. In many cases, the synergy between partners plays a more crucial role than sheer scale, and Bertling, Oskar Wehr KG, and Nordic Hamburg have the right elements in place to expand and thrive in the industry.
6-June-2019
The German trio of Nordic Hamburg, Bertling, and Oskar Wehr KG have decided to establish a new commercial management vehicle for their handysize bulk carrier fleets. The three companies are consolidating their combined 27 handysize bulk carriers into a single chartering entity. Strengthening their position in the handy sector in this way is a strategic move, as it is one of the most challenging markets for chartering and securing broker attention. While chartering joint ventures are more common among larger dry bulk carrier types, they remain relatively rare in the handysize bulk carrier sector. In China, three owners—Dalian Adani, Maple Leaf, and Chang Hang—have circulated each other’s positions for several years, following a similar approach. Founded in 1945, Oskar Wehr KG is a family-owned shipping company headquartered in Hamburg and now managed by the third generation of the Wehr family. With a long history in the maritime industry, the company has built a strong reputation for its expertise in dry bulk and container shipping. Oskar Wehr KG initially operated a diverse fleet, including containerships, but after exiting the containership market in 2020, it has focused primarily on the dry bulk segment, particularly in the supramax and handysize classes. Oskar Wehr KG emphasizes sustainability and efficiency, continually modernizing its fleet to comply with evolving environmental regulations and industry standards. Through strategic partnerships and investments in fuel-efficient vessels, Oskar Wehr KG remains a key player in the global shipping industry. Its participation in this new commercial management vehicle aligns with its commitment to optimizing operations and enhancing its market position within the handysize bulk carrier sector.
4-June-2019
The shipping industry’s evolution towards more sustainable, reduced-emission fuels is poised to render the current asset paradigm obsolete, posits the mining behemoth BHP. BHP, the renowned Australian mining colossus previously recognized as BHP Billiton, forecasts that the adoption of LNG bunkering will spearhead the sector’s transition to eco-friendlier, diminished-emission fuels, ultimately overshadowing the prevailing business archetype. During the esteemed Nor-Shipping’s Ocean Leadership Symposium, Rashpal Bhatti, BHP’s distinguished vice-president of market freight, articulated that the conventional methods of gauging vessel worth are gradually becoming obsolete due to the mandates of adhering to emergent emission criteria. “The once-standard 20-year vessel depreciation framework no longer holds its pertinence in today’s context,” opined Bhatti, alluding to the typical ship’s lifecycle. Rashpal Bhatti, in his capacity as BHP’s vice-president of market freight, inferred that it would demand immense audacity on the part of vessel proprietors to commission ships tethered exclusively to petroleum-derived marine fuels at this juncture, considering the potential phase-out of such vessels within the forthcoming two decades. Collaboratively with mining entities Fortescue Metals Group and Rio Tinto, in conjunction with shipowners MOL, China Merchants Energy Shipping, and U-Ming Marine Transport, BHP is spearheading the creation of LNG-propelled newcastlemaxes and VLOCs designated to transport coal and iron ore from the Australian continent to China. Woodside is in the advanced stages of crafting an LNG-bunkering infrastructure for this initiative, with entities such as DNV GL and the Shanghai Merchant Ship Design & Research Institute also playing integral roles. “We anticipate a monumental surge in LNG adoption in the impending years, followed by an era of hydrogen dominance,” elucidated Bhatti. From the vantage of tankers, Kuwait Oil Tanker Co’s chief executive, Ali Shehab, exuded a more tempered optimism regarding LNG bunkering’s trajectory. Although LNG stands as a viable fuel alternative compliant with the International Maritime Organization’s 2020 guidelines, data from DNV GL indicates a mere 163 LNG-powered vessels in active service and 155 awaiting deployment. At this decade’s dawn, industry projections optimistically predicted a fleet of 1,000 to 2,000 LNG-propelled vessels by 2020. Bill Guo, the executive director of ICBC Leasing, postulated that while LNG serves as a plausible interim solution, maritime transport would invariably gravitate towards alternative fuels to realize its long-term emission objectives. The International Maritime Organization’s constituent nations have collectively resolved to curtail the carbon footprint of international shipping by 40% by the year 2030, benchmarked against 2008, and aim to slash its aggregate greenhouse gas emissions by half come 2050. As per insights from DNV GL, while the maritime sector stands poised to achieve the 2030 goal through the adoption of slow-steaming and a pivot towards less carbon-intensive fuels such as marine gasoil and LNG, a comprehensive fuel solution to meet the ambitious 2050 milestone remains elusive.
4-June-2019
Chinese shipowner and operator Jinhui Shipping and Transportation has officially terminated an agreement with Athens-based Lou and George Kollakis-led shipowner and operator Chartworld Shipping Corporation to procure the 2002 built supramax bulk carrier MV Aifanourios. In April, Jinhui Shipping and Transportation willingly entered an agreement to acquire two (2) supramax bulk carriers from Greek shipowner and operator Chartworld Shipping Corporation. However, regrettably, the acquisition of the 2002 built supramax bulk carrier MV Aifanourios was halted due to an unfortunate delay in the ship’s delivery. As part of the initial arrangement, Jinhui Shipping and Transportation had generously agreed to remunerate $5.75 million for the distinguished 2001-built supramax bulk carrier MV Aigeorgis and $6.25 million for the 2002-built MV Aifanourios. Following the termination of the agreement, the $625,000 deposit paid for the acquisition of MV Aifanourios has been duly refunded. Presently, with the successful delivery of 2002 built supramax bulk carrier MV Aifanourios, Chinese shipowner and operator Jinhui Shipping and Transportation possesses a fleet of nineteen (19) bulk carriers, comprising two (2) post-panamax bulk carriers and seventeen (17) supramax bulk carriers.
4-June-2019
Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) has recently consummated its inaugural transaction in the secondhand market in over a year. CEO Vishal Khurana-led shipowner and operator Chellaram Shipping, boasting a fleet of 13 bulk carriers, has elegantly divested itself of its most antiquated supramax bulk carrier. Chellaram Shipping (Hong Kong) Ltd. (Chellship) sold Mitsui-constructed 2006 built supramax bulk carrier 56K DWT MV Darya Brahma for a sum slightly shy of $11 million. Chellaram Shipping (Hong Kong) Ltd. (Chellship) sold MV Darya Brahma to Indonesian shipowner and operator Pelayaran Bahtera. For over a decade, 2006 built supramax bulk carrier 56K DWT MV Darya Brahma has dutifully served as a lucrative asset for Chellaram Shipping (Hong Kong) Ltd. (Chellship). Chellaram Shipping (Hong Kong) Ltd. (Chellship), founded by the illustrious Lal Chellaram in 1979, remains one amongst a select cadre of family-operated maritime entities gracing the shores of Hong Kong, with Lal Chellaram presiding as the reigning group chairman.
3-June-2019
Limassol based Nasdaq-listed shipowner and operator Castor Maritime has reported $2 million of revenue for the first half of 2019. Furthermore, Castor Maritime has reported an operating income of $317,000. Petros Panagiotidis-led Cypriot shipowner and operator Castor Maritime believe that the dry bulk market will be rewarding in the years to come. Castor Maritime has focused on taking advantage of market opportunities to enlarge the fleet. Cyprus-based shipowner and operator Castor Maritime began trading on the Nasdaq Capital Market on 11 February 2019 under the ticker symbol CTRM.
3-June-2019
Seoul-based private equity firm Hahn & Co has been planning to sell $4 billion worth of stake in South Korean shipowner and operator H-Line Shipping. Seoul-based private equity firm Hahn & Co has been planning partial or full disposal. Seoul-based H-Line Shipping could be valued at between $3.5 billion and $4 billion including debt. Investors want to cash out and Seoul-based private equity firm Hahn & Co has commenced sounding out shipowners and other funds to estimate interest. South Korean shipowner and operator H-Line Shipping was formed in 2014 after Hahn & Co took over the non-container vessel interests of Hanjin Shipping, which later went bankrupt. In 2016, Hahn & Co acquired the bulk carrier business of another Korean Shipowner HMM. Furthermore, in 2018, Hahn & Co acquired Seoul-based SK Shipping. Currently, Seoul-based H-Line Shipping owns a mixed fleet of 30 ships and 9 ships on order.
3-June-2019
German shipowner and operator Oldendorff Carriers signed 23 deals, from ultramax up to kamsarmax bulk carriers, with Chinese leasing companies in 2018. Two (2) kamsarmax bulk carriers due in 2021 have been resold with bareboat charters back to Henning Oldendorff led Oldendorff Carriers for five (5) years, plus seven (7) years of options. Furthermore, two (2) kamsarmax bulk carriers will be delivered in 2020 have been taken on seven (7) year time charters, with two (2) years of options. Four (4) kamsarmax bulk carriers will be delivered in 2020 were resold with bareboat charters back to Oldendorff Carriers for up to eight (8) years. Additionally, eight (8) kamsarmax bulk carriers and five (5) ultramax bulk carriers were sold with a three (3) year floating time charter back to Oldendorff Carriers. Between 1986 and 2021, Lubeck-based shipowner and operator Oldendorff Carriers will have taken delivery of 106 new-building bulk carriers from a total of 23 Chinese shipyards. Henning Oldendorff led Oldendorff Carriers is satisfied with the Chinese-built carriers. In January 2019, Oldendorff Carriers sold its stake in CSL International Pool and its three (3) bulk carriers trading within the pool went to Algoma Central. Algoma Central acquired 2000 built 59K DWT MV Alice Oldendorff, 2000 built 70K DWT MV Sophie Oldendorff and 2006 built 66K DWT MV Harmen Oldendorff for around $100 million from Oldendorff Carriers.
2-June-2019
Over the past weekend, Athens-based shipowner and operator Anbros Maritime SA controlled 2005 built panamax bulk carrier 76K DWT MV Gorgoypikoos found itself marooned on Oregon’s shores. By Monday’s dawn, it was adeptly refloated, ensuring no harm to individuals or the environment, as confirmed by the US Coast Guard. The distinguished MV Gorgoypikoos, a bulk carrier of 76,500-dwt constructed in 2005, unfortunately met this fate upon the Miller Sands Bar near Tongue Point Sunday, a location just 13 miles to the east of the Columbia River’s entrance. Sources from the Coast Guard attributed this mishap to an unexpected glitch in steering control. Laden with grain, the MV Gorgoypikoos, as per the automatic identification system’s insights, has Japan as its final port of call. Presently, MV Gorgoypikoos stands anchored in Longview, Washington. In an immediate response to the situation, the Coast Guard mobilized three tugboats to aid the MV Gorgoypikoos. However, nature played its part, and the morning’s high tide gracefully freed the MV Gorgoypikoos from the sandbar’s grasp. The esteemed MV Gorgoypikoossails under the banner of the Greek firm Anbros Maritime SA.
2-June-2019
Copenhagen-based shipowner and operator Clipper Group subsidiary Seatruck Ferries bought four (4) Ro-Ro ships for $124 million in 2018. Furthermore, Seatruck Ferries reported an operating profit of $13 million. Currently, Seatruck Ferries controls around 20% of the total ro-ro shipping market on the Irish Sea. In 2018, Clipper Group sold off the ro-ro operation’s interest to Danish Ferries, while the bulk shipping operations were assigned to Clipper Bulk. Danish shipowner and operator Clipper Bulk has no longer owns any bulk carriers on a 100% basis however the company owns bulk carriers under joint-venture arrangements.
2-June-2019
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has successfully restored its favorable status with the New York Stock Exchange. Danaos Corporation (DAC) has once again fulfilled the minimum average share price listing requirements of $1 for a continuous period of 30 trading days, ending on 1 June. The BOD (board of directors) of this Athens-based New York-listed containership owner Danaos Corporation (DAC) has implemented a reverse stock split, following a one-for-14 ratio, which took effect on 2 May. This approved split, sanctioned by shareholders during a special meeting held on 5 March, significantly reduced the number of outstanding shares from approximately 213.4 million to about 15.2 million. As of today, Danaos Corporation’s (DAC) shares closed at a promising $12.28, representing a 1.4% increase. On 31 December, the New York Stock Exchange notified Danaos Corporation (DAC), which currently possesses 59 conatainer ships, that Danaos Corporation (DAC) failed to comply with listing standards due to the average closing share price falling below $1 for a consecutive 30-day period.
2-June-2019
Bermuda registered and Hong Kong-based Jinhui Shipping and Transportation Limited scrapped a deal to acquire two (2) supramax bulk carriers from Athens-based Chartworld Shipping. Oslo Stock Exchange-listed Jinhui Shipping and Transportation canceled to buy 2001 built supramax bulk carrier 50K DWT MV Aifanourios and 2001 built supramax bulk carrier 50K DWT MV Aigeorgis due to late delivery. In April 2019, Jinhui Shipping and Transportation Limited signed a deal to acquire two (2) supramax bulk carriers from Athens-based Chartworld Shipping for around $6 million each. Hong Kong-based Jinhui Shipping and Transportation Limited stated that two (2) supramax bulk carriers deal termination would not have any substantial unfavorable effect on the financial status and operations of the company. Currently, Jinhui Shipping and Transportation Limited owns and operates nineteen (19) bulk carriers.
2-June-2019
Copenhagen-based shipowner and operator Lauritzen Bulkers has trimmed 15 bulk carriers in a weak market. Lauritzen Bulkers decreased the number of controlled bulk carriers down to 68 from 83. Handysize bulk carrier market was weak in Q1 2019. According to Lauritzen Bulkers, the US-China trade war and problems in Brazilian iron ore exports negatively impacted dry cargo demand with larger freight rate declines for bulk carriers of all sizes. In Q1 2019, Lauritzen Bulkers reported a net loss of $16.9 million. Danish shipowner and operator J Lauritzen reported a total assets of $642 million. Besides bulk carriers, currently J Lauritzen operates 31 gas carriers.
1-June-2019
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has announced plans for a share buyback worth up to INR 1 billion ($14 million). Mumbai-based tanker and bulker shipowner Great Eastern Shipping (GES) will pay not more than INR 306 each for as many as 3.3 million shares. According to Great Eastern Shipping (GES), the maximum acquisition value would equal around 2% of the company. In April 2019, Great Eastern Shipping (GES) was considering a bond issue worth INR 10 billion. The initial intention was to issue non-convertible debentures in a private placement during 2019.
1-June-2019
New York-listed shipowners and operators Star Bulk Carriers and Genco Shipping & Trading will benefit from iron ore recovery as China’s imports and Brazil’s exports continue to recover beyond expectations. Since the first week of April 2019, capesize spot freight rates have more than tripled to $14,000 per day. Brazil’s iron ore giant Vale’s dam tragic incident deeply impacted sea-born trade and especially capesize market. Capesize spot rates have increased substantially over the last two months, faster than expected. China’s iron ore stockpiles decreased to minimum levels and sea-born trade normalizing and the shipping industry has been keeping a record low order-book. Currently, New York-listed dry bulk shipowners’ stocks are trading at a 40% discount to net asset value (NAV). On 25 January 2019, Vale’s dam tragic incident in Brazil, capesize spot freight rates plunged from $13,288 to $3,460. On 3 April 2019, capesize spot freight rates reached to $13,916. However, capesize spot freight rates are already under downward pressure as a result of the United States and China trade tensions. Brazil’s iron ore giant Vale’s weekly iron ore shipments almost doubled to 5 million tonnes by June 2019. However, Vale’s weekly iron ore shipments may settle at 6.5 million tonnes due to the mine suspensions. In China, demand for imported iron ore may increase again in June 2019. Soon, China will import more sea-born iron ore than analysts expectations.