March 2019

22-March-2019

John Fredriksen’s Hemen Holding which indirectly controls the family’s trust, purchased another 50,000 shares of Golden Ocean Group. Hemen Holding paid a total of $263,000 in order to increase the family share of Oslo-listed Golden Ocean Group.

The latest purchase has increased Hemen Holding’s share in Golden Ocean Group to 49 million shares, which is equivalent to 35% of the Golden Ocean Group’s outstanding shares and votes.

John Fredriksen’s private arm Hemen Holding also holds TRS (Total Return Swap) deals with underlying exposure to 4,7 million shares in Golden Ocean Group.

22-March-2019

Greek shipowner and operator M/Maritime has purchased the 2014 Japanese-built 81K DWT kamsarmax bulk carrier MV Puppis Ocean from Diamond Star Shipping, the Singapore subsidiary of Mitsubishi Corporation, for $24 million, adding a larger dry bulk ship class to the growing fleet of M/Maritime. Athens-based Greek shipowner and operator M/Maritime was founded in 2017, and following the acquisition of MV Puppis Ocean, the fleet of M/Maritime has expanded to 9 bulk carriers. The purchase is a meaningful development for M/Maritime because the fleet of M/Maritime had mainly been made up of ultramax and handysize bulk carriers, while the addition of a kamsarmax bulk carrier gives M/Maritime broader exposure to larger-volume dry bulk trades. By bringing MV Puppis Ocean into its fleet, M/Maritime strengthens its operating base and increases its ability to participate in cargo movements requiring more carrying capacity than handysize or ultramax bulk carriers can offer. The acquisition of MV Puppis Ocean matches the growth pattern of M/Maritime as a young but increasingly active Athens-based shipowner and operator. Since its formation in 2017, M/Maritime has moved quickly to develop a dry bulk fleet built around commercially practical ship types, quality tonnage, and close links with Japanese-built ships. The purchase from Diamond Star Shipping, the Singapore subsidiary of Mitsubishi Corporation, also reinforces the connection of M/Maritime with Japanese-related shipping interests. This connection is important because M/Maritime has not only acquired Japanese-built tonnage but has also formed management and operating relationships with Japanese shipowners, strengthening the technical and commercial standing of M/Maritime in the dry bulk sector. MV Puppis Ocean gives M/Maritime a larger and more adaptable ship in the kamsarmax bulk carrier segment. Kamsarmax bulk carriers are generally valued because they provide greater cargo capacity than supramax or ultramax bulk carriers while still retaining suitability for many port and trade requirements. An 81K DWT kamsarmax bulk carrier such as MV Puppis Ocean can be employed in major dry bulk trades involving grains, coal, minerals, bauxite, raw materials, and other bulk commodities. For M/Maritime, this creates wider commercial coverage and allows M/Maritime to serve charterers seeking larger parcel movements. The kamsarmax segment can also give exposure to longer-haul routes and major commodity flows, giving M/Maritime a broader earnings base than a fleet concentrated only in smaller geared bulk carriers. The fleet of Athens-based shipowner and operator M/Maritime has mostly been shaped around ultramax and handysize bulk carriers, which are recognised for flexibility, port access, and broad cargo employment. Handysize bulk carriers can serve smaller ports and regional trades, while ultramax bulk carriers combine useful cargo capacity with geared cargo-handling capability. The addition of MV Puppis Ocean creates another layer in the fleet structure of M/Maritime by introducing a larger bulk carrier type suited to higher-volume trades. This diversification helps M/Maritime reduce dependence on one ship size and gives M/Maritime more ways to participate in dry bulk market cycles. M/Maritime has developed its business with a clear concentration on dry bulk shipping, while also building a broader role through ship management and operational services. Greek shipowner and operator M/Maritime manages dry bulk carriers owned by Japanese shipowners, showing that M/Maritime is not only a fleet owner but also a trusted manager and operator for third-party tonnage. At the beginning of March 2019, M/Maritime signed a management and operation agreement covering three 37K DWT Japanese newbuildings with Japanese shipowner Hisafuku Kisen KK. This agreement shows the confidence placed in M/Maritime by Japanese shipowners and strengthens the position of M/Maritime as a bridge between Greek dry bulk management experience and Japanese-built tonnage. The relationship with Japanese shipowners is particularly significant for M/Maritime because Japanese shipping interests are often associated with high construction standards, careful technical management, long-term ownership discipline, and strong asset quality. By managing Japanese-owned dry bulk carriers and acquiring Japanese-built ships, M/Maritime improves its reputation for reliability, technical capability, and commercial professionalism. In dry bulk shipping, reputation matters because charterers, financiers, insurers, and shipowners often prefer counterparties with a record of careful operation and dependable performance. The management agreement with Hisafuku Kisen KK therefore adds depth to the profile of M/Maritime beyond the number of ships in its own fleet. The purchase of MV Puppis Ocean for $24 million also reflects the asset-building strategy of M/Maritime. Dry bulk shipping is deeply cyclical, and the timing of ship acquisitions can strongly affect long-term returns. By buying a 2014-built Japanese kamsarmax bulk carrier, M/Maritime gains a ship with immediate trading potential, proven construction quality, and remaining commercial life. A secondhand acquisition can provide faster fleet growth than ordering a newbuilding, especially when a shipowner wants to expand without waiting years for shipyard delivery. For M/Maritime, MV Puppis Ocean offers an opportunity to increase fleet scale and diversify ship size while acquiring an existing ship with respected build quality. The backing and direction behind M/Maritime have helped M/Maritime expand quickly since 2017. In a short period, M/Maritime has grown to 9 bulk carriers and established itself across several dry bulk segments. This pace of development shows a clear ambition to become a stronger Greek dry bulk shipowner and operator, while maintaining a fleet profile centred on quality and commercial usefulness. Athens remains one of the world’s leading shipping centres, and M/Maritime benefits from operating within a deep Greek maritime ecosystem that includes brokers, charterers, banks, insurers, technical managers, crewing specialists, legal advisers, and commercial partners. The kamsarmax acquisition also gives M/Maritime more options in chartering strategy. A larger ship such as MV Puppis Ocean can participate in cargo programmes that may not be suitable for handysize or ultramax bulk carriers. This can include grain exports, coal movements, minerals trades, and raw materials shipments where parcel sizes are larger and charterers require more carrying capacity. At the same time, M/Maritime can continue to operate its ultramax and handysize bulk carriers in more flexible trades involving smaller parcels and ports with different infrastructure limits. This mix gives M/Maritime a broader commercial toolkit and makes the fleet of M/Maritime more adaptable to changing dry bulk conditions. M/Maritime’s ability to manage ships for Japanese owners also supports the operational side of its growth. Managing newbuildings requires technical organisation, crewing capability, maintenance planning, safety procedures, regulatory compliance, voyage execution, and commercial coordination. By taking responsibility for three 37K DWT Japanese newbuildings under the agreement with Hisafuku Kisen KK, M/Maritime demonstrates that M/Maritime has the systems and expertise to manage modern dry bulk ships from delivery and operation. This capability can strengthen the confidence of lenders, charterers, and other shipowners in the platform of M/Maritime. The acquisition of MV Puppis Ocean from Diamond Star Shipping also has strategic importance because it adds another Japanese-built ship to the fleet of M/Maritime. Japanese-built bulk carriers are widely respected for fuel-efficient designs, robust construction, durable machinery, and strong long-term value. For M/Maritime, building a fleet with Japanese-built ships can support charterer confidence and help preserve asset quality over time. This is particularly relevant in dry bulk shipping, where operating costs, inspection performance, cargo readiness, and fuel consumption all affect commercial results. As M/Maritime grows, the combination of ownership and management activity gives M/Maritime more than one route to scale. Owning ships gives M/Maritime direct exposure to freight earnings and asset values, while managing third-party ships gives M/Maritime additional operational presence and relationships without requiring full capital investment in every ship. This balance can be useful for a young shipowner and operator seeking to expand carefully. It allows M/Maritime to build commercial and technical experience across more ships while preserving flexibility in capital deployment. The addition of MV Puppis Ocean also shows that M/Maritime is prepared to move beyond a narrow fleet composition. A fleet dominated by ultramax and handysize bulk carriers can offer strong flexibility, but a kamsarmax bulk carrier provides access to different cargo programmes and a different earnings profile. This gives M/Maritime greater resilience if one dry bulk segment is weaker while another is more active. Dry bulk markets often shift unevenly across ship classes, and having exposure to more than one size category can help a shipowner and operator capture opportunities across changing market conditions. Looking ahead, the purchase of MV Puppis Ocean positions M/Maritime for a broader role in the dry bulk market. With 9 bulk carriers, management agreements with Japanese shipowners, and a fleet profile that now includes kamsarmax capacity alongside ultramax and handysize tonnage, M/Maritime is building a more diversified and capable platform. The acquisition strengthens the growth story of M/Maritime, expands the commercial reach of M/Maritime, and deepens the connection of M/Maritime with Japanese-built bulk carriers and Japanese shipping interests. For Athens-based Greek shipowner and operator M/Maritime, the transaction is more than the purchase of one ship. It is another step in the development of M/Maritime as a modern dry bulk shipowner and operator focused on quality tonnage, trusted management relationships, and controlled expansion in the international bulk carrier market.

22-March-2019

Copenhagen based shipowner and operator giant Norden has opened its first African office in Abidjan, Ivory Coast. Dampskibsselskabet DS Norden A/S has been active in Africa for many years. Norden carries 2 million tonnes of cargo from Africa to Europe annually. Copenhagen listed Norden mainly carry cement, bauxite, and manganese ore from Africa. Norden’s CEO Jan Rindbo explains the reason for opening a new office in Africa is part of Norden’s continued global expansion in order to be closer to clients and charterers. Excluding Antarctica, Dampskibsselskabet DS Norden A/S has offices on all continents. Henning Fotland will be managing Norden office in Abidjan, Ivory Coast. Previously,  Henning Fotland and Christian Christensen were working for Western Bulk. In 2016, Henning Fotland and Christian Christense joined Norden A/S. Henning Fotland and his new colleagues in Abidjan, Ivory Coast will be in charge of generating new business development in Africa. Dampskibsselskabet DS Norden A/S local presence will help increase imports from the Mediterranean and the Far East. Local presence will provide direct access to attractive bulk cargoes besides current business. Africa has a bright future. Africa’s population will double by 2050 that gives a fantastic business opportunity and a responsibility, particularly for those involved in world trade, to ensure Africa is brought up to a level where this population growth is sustainable, people have jobs, and a future that is bright. Norden A/S Abidjan office aims to double Norden’s market share from the present 2% to 3% level in other words from $40 million to $60 million in profit unit from 2021 onward. Dampskibsselskabet DS Norden A/S supports the United Nations sustainable development goal in infrastructure in Africa and invests accordingly.

21-March-2019

Pavimar SA has finalized its inaugural bulk carrier acquisition for the year. Led by Ismini Panayiotides, Pavimar SA secured the 78,000-dwt panamax bulk carrier MV Lake Dahlia, built in 2009 and under Japanese control, for an estimated $13.5 million. This addition expands its managed fleet to 16 bulk carriers. The vessel, crafted by Sanoyas Shipbuilding, recently underwent a special survey, justifying what is perceived as a robust purchasing price. Furthermore, Pavimar SA also acquired the sister ship, the panamax bulk carrier MV Triton Gannet, constructed in 2009. With a preference for Japanese-built vessels, two-thirds of Pavimar SA’s fleet originates from Japan. This marks Pavimar SA’s first acquisition since October, during which it purchased the 74,000-dwt MV Scorpio (formerly MV Eisho), built in 2012, for an approximate $18.5 million. The fleet of Pavimar SA includes seven panamax bulk carriers, four kamsarmax bulk carriers, four supramax bulk carriers, and one capesize bulker. Notably, one of Pavimar SA’s panamax bulk carriers, the 76,000-dwt MV Magic P (built in 2004), is part of the Castor Maritime fleet, led by Ismini Panayiotides’s brother, Petros Panayiotides. Ismini Panayiotides founded Pavimar SA in the summer of 2014, starting with just two supramax bulk carriers, and is a descendant of the esteemed Greek shipowner Gabriel “Villy” Panayiotides, alongside her brother Petros Panayiotides.

20-March-2019

The renowned state-backed shipowner, Shandong Shipping Corporation (SDSC), is poised to withdraw from the Chinese OTC market in preparation for a more expansive overseas Initial Public Offering (IPO). This $2 billion maritime conglomerate, under the aegis of local governance, has advanced further toward a comprehensive market listing. In a strategic bid, Shandong Shipping Corporation (SDSC) intends to rescind its shares from China’s auxiliary market, laying the groundwork for an impending overseas IPO. The corporation has articulated that this move, in line with its “strategic evolution,” aims to streamline its operations within capital markets. Accordingly, its governing board advocates for a withdrawal from the National Equities Exchange and Quotations (NEEQ). Should the shareholders resonate with this proposition, Shandong Shipping Corporation (SDSC) aspires to finalize the delisting come early May. Furthermore, the company commits to repurchasing its shares from dissenting shareholders, either at the acquisition cost or the net value per share derived from its latest audited statement. Founded in 2010 by regional administrators and stationed in Qingdao, Shandong Shipping Corporation (SDSC) has consistently harbored aspirations to inaugurate an IPO, either domestically or internationally. Historically, in January 2016, the enterprise chose to list its shares on the NEEQ OTC market; however, this decision was revisited when IPO endeavors stumbled amidst volatile trading in China’s primary stock exchanges. Once predominantly a force in the dry bulk arena, Shandong Shipping Corporation (SDSC) catapulted to prominence following a staggering $500 million valemax transaction in 2013. In subsequent times, it broadened its horizons into the realms of LPG and oil transportation. Presently, Shandong Shipping Corporation (SDSC) stands on the brink of sealing an enduring charter with Shell, envisioning the construction and proprietorship of up to 16 MR tankers—a move anticipated to boost its IPO momentum. In its current fleet, Shandong Shipping Corporation (SDSC) boasts 34 vessels, cumulatively weighing 2.87 million dwt, with an additional 14 vessels, summing up to 2.27 million dwt, in the pipeline. These encompass 29 bulk carriers and 14 LPG vessels.

19-March-2019

Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) is holding off on any fleet expansion programs while capesize bulk carrier rates have remained very low following the Vale’s dam collapse. Stamatis Tsantanis-led capesize player Seanergy Maritime (SHIP) is asking charterers to cover $12 million in scrubber costs but still wants to see the capesize market recover before acquiring any bulk carrier. Seanergy Maritime (SHIP) took a wait-and-see approach to see the capesize market recover. Capesize bulk carrier rates have plummeted to $5,306 in three months. Currently, Seanergy Maritime (SHIP) has a fleet of ten (10) capesize bulk carriers.

18-March-2019

The Athens-based shipowning and operating company Omicron Ship Management has finalized the purchase of the 2008-built panamax bulk carrier MV Atlas B. The acquisition, made from the Monaco-based Transocean Maritime Agencies, cost Omicron Ship Management $12.2 million for the vessel, which was constructed by Imabari Shipyard. Although the sale price was $1 million lower than the $13.2 million valuation by VesselsValue, the transaction resulted in a $2.6 million profit for Transocean Maritime Agencies, which had originally bought the MV Atlas B for approximately $9.6 million in 2016. Led by Dinos Economou, Omicron Ship Management’s fleet now includes five panamax bulk carriers, all of which were built in Japan, expanding and reinforcing its maritime operations.

17-March-2019

Omicron Ship Management, headquartered in Athens, has successfully completed the acquisition of the 2008-built panamax bulk carrier, MV Atlas B, from the Monaco-based Transocean Maritime Agencies. The purchase price for this vessel, constructed by Imabari Shipyard, was $12.2 million. This figure stands $1 million below the $13.2 million valuation given by VesselsValue, yet the sale still enabled Transocean Maritime Agencies to realize a profit of $2.6 million, considering their initial investment of about $9.6 million in 2016. Under the leadership of Dinos Economou, Omicron Ship Management has thus expanded its fleet to include five panamax bulk carriers, all originating from Japanese shipyards, which signifies a strategic enhancement of its operational capabilities.

17-March-2019

Zeaborn Ship Management GmbH & Co. KG., the eminent maritime consolidation authority from Germany, endeavors to amplify its global stature as a premier, fully amalgamated shipping conglomerate, poised to benefit from the ongoing struggles plaguing many of its domestic counterparts. Remarkably, over the past six years, Germany has emerged as the most prolific seller of pre-owned tonnage, having divested almost 1,700 vessels between 2012 and 2018’s conclusion. The Zeaborn Group, an illustrious institution, was the brainchild of Kurt Zech, co-founded alongside Ove Meyer and Jan Hendrik Többe in 2013. Presently, the conglomerate operates across four primary sectors: ship ownership, ship management, liner services, and tramp services. Zeaborn Ship Management GmbH & Co. KG. presently oversees the quintessential MPP fleet worldwide, while also broadening its horizons in the realms of technical and commercial management. In 2017, a significant stride was made into the liner sector with the acquisition of Rickmers-Line. Ove Meyer, the esteemed managing partner of Zeaborn Ship Management GmbH & Co. KG., concedes that the breakbulk and project cargo shipping markets commenced the year languidly. Nonetheless, a pivotal shift might be looming on the horizon in the latter half of the annum. By Zeaborn Ship Management GmbH & Co. KG. CEO Ove Meyer’s assessments, nearly 30% of the global MPP fleet faces the inability to service their debts, with these assets held in financial purgatory by banks, awaiting potential trade. Furthermore, Zeaborn Ship Management GmbH & Co. KG. CEO Ove Meyer prognosticates the gradual phasing out of pool solutions and operators, given the escalating financial duress on proprietors and operators. This intensifying scrutiny, especially post the Hansa Heavy Lift’s chapter 11 declaration, has prompted customers to raise pertinent questions regarding the carrier’s fiscal health. Zeaborn Ship Management GmbH & Co. KG. CEO Ove Meyer predicts that the impending consolidation in the MPP sector will perpetuate, especially given the recent unprecedented attrition of industry participants. Over the preceding biennium, Zeaborn Ship Management GmbH & Co. KG. assimilated fellow German ship management entities – Rickmers Shipmanagement and ER Schiffahrt, seamlessly merging them under the singular banner of eaborn Ship Management GmbH & Co. KG. Their combined technologically managed fleet presently encompasses an impressive 150 vessels. Looking to the future, Zeaborn Ship Management GmbH & Co. KG. CEO Ove Meyer asserts that the firm possesses an unambiguous vision regarding fleet structures and is actively considering acquisitions of younger, pre-owned vessels, including those from the recently insolvent Hansa Heavy Lift fleet.

14-March-2019

Montreal-based Canada Steamship Lines (CSL) acquired 2015 built kamsarmax bulk carrier 82K DWT MV SBI Electra and 2015 built kamsarmax bulk carrier 82K DWT MV SBI Flamenco for a total $48 million from Scorpio Bulkers. CEO Louis Martel-led Canada Steamship Lines (CSL) plans to convert these bulk carriers into self-discharger bulk carriers. Both MV SBI Electra and MV SBI Flamenco are a step up in size and price from Canada Steamship Lines’s (CSL) regular acquisition marks. Usually, Canada Steamship Lines (CSL) prefers handysize bulk carriers. Currently, Montreal-based Canada Steamship Lines (CSL) has a fleet of 42 ships.

13-March-2019

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has successfully procured an avant-garde financial arrangement, poised partially for fleet augmentation. DNB Bank, Danske Bank, and Sparebank 1 SR-Bank have collectively sanctioned a staggering $140 million in financial backing, as elucidated in Thursday's dossier. The initial tranche of $110 million, anchored on a 55% loan-to-value (LTV) ratio, is set to supersede Belships' prevailing senior obligation amounting to $105 million. It's intimated by Belships that this allocation aims to fortify its operational capital. An "accordion" segment, worth $30 million and tethered to an LTV of 60%, is earmarked for fleet expansion endeavors. Post all operating expenses, administrative overheads, and debt servicing, Belships anticipates a net positive cash flow, hovering at an approximate $7,000 per diem for the impending open ship days over the next two years, all attributable to its revamped financial architecture. Should Belships pursue its fleet expansion strategy, acquisition prospects lie conveniently within its vicinity. The company retains procurement options on three ultramax bulkers, presently operating under its time and bareboat charter regimes. Belships' proprietary fleet encompasses 12 supramax and ultramax bulk carriers, ensuing its union with Lighthouse Navigation. In a separate tangent, companies under Frode Teigen's stewardship, namely Kontrari, and Kontrazi, are poised to initiate a mandatory public proposal to assimilate Belships' shares come Friday. The Oslo Bors has endorsed this proposition, post its ratification of an appeal by the Tidemand family's select affiliates and additional minority stakeholders. This consortium propounded that a discretionary proposal ought to have been advanced the preceding year, coinciding with Kontrari's acquisition of a 30.2% stake in Belships through Sverre Tidemand’s enterprise, Sonata.

13-March-2019

Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) sold 2010 built supramax bulk carrier 58K DWT MV Korean Lily to Athens-based shipowner and operator Diligent Holdings for around $14 million. Diligent Holdings renamed MV Korean Lily as MV Lacta. Diligent Holdings increased the fleet size to 13 bul carriers.

13-March-2019

Nasdaq-listed shipowner and operator Globus Maritime (GLBS) reported a net loss of $1.3 million in Q4 2018. In Q4 2018, Globus Maritime (GLBS) reported revenue of $4.4 million and operating costs of $2.6 million. Athanasios Feidakis led shipowner and operator Globus Maritime (GLBS) reported a total revenue of $14.4 million for 2018. Globus Maritime (GLBS) is pleased with the company’s overall performance during 2018. Globus Maritime (GLBS) believes that the US-China trade war difficulties will be resolved this year. According to Globus Maritime (GLBS) Greek George Feidakis-backed shipowner and operator Globus Maritime, the US-China trade war, Brexit, Chinese New Year curbed the dry bulk carrier demand which scattered over onto the dry bulk charter rates. All the bulk carriers are managed by Athens-based subsidiary Globus Shipmanagement Corp.

13-March-2019

Nasdaq-listed Greek shipowner and operator Globus Maritime (GLBS) sealed a deal with a private investor to sell a convertible notes issue worth $5 million. According to Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS), $5 million worth of convertible notes will strengthen Globus Maritime’s (GLBS) balance sheet. $5 million worth of convertible notes can be redeemed at any time by the Globus Maritime (GLBS). Globus Maritime (GLBS) may not issue shares to the investor that would see it own more than 9.99% of the company. Globus Maritime (GLBS) is going to use $5 million worth of convertible notes for general corporate purposes and working capital. In November 2018, Athanasios Feidakis led shipowner and operator Globus Maritime (GLBS) has secured a $15 million revolving credit facility from affiliated company Firment Shipping. All the bulk carriers are managed by Athens-based subsidiary Globus Shipmanagement Corp.

13-March-2019

Korea Shipping Corporation (KSC) subsidiary Korea Line Corporation (KLC) sold another 1994 built capesize dry bulk carrier 148K DWT MV Goonzaran for demolition $421 per ldt or $7.4 million. MV Goonzaran is due for a special survey (SS) in December 2019. Korean ship owner and operator Korea Line Corporation (KLC) has a fleet of 15 capesize dry bulk carriers with an average age of 9 years. In May 2018, Korea Line sold 1993 built capesize dry bulk carrier 149K DWT MV Boryeong for demolition in Pakistan for $8 million. In February 2019, Korea Line Corporation (KLC) sold 1994 built capesize dry bulk carrier 151K DWT MV Dangjin Friendship for demolition in Bangladesh for $445 per ldt.

13-March-2019

Athens-based shipowner and operator Niovis Shipping Co. S.A. has denied reports that the company has sold 2009 built supramax bulk carrier 55K DWT MV Oxygen for around $13.5 million. Niovis Shipping Co. S.A announced that the statements were incorrect and Niovis Shipping Co. S.A did not sign any memorandum of agreement to sell the MV Oxygen. Lately, Greek shipowner and operator Niovis Shipping Co. S.A. circulated 2009 built supramax bulk carrier 55K DWT MV Oxygen, 2003 built supramax bulk carrier 55K DWT MV Tigris, 2003 built supramax bulk carrier 56K DWT MV Maroudio in the S&P (Sale and Purchase) market. These supramax bulk carriers have been remained unsold and are still in the Niovis Shipping Co. S.A.’s fleet, despite S&P (Sale and Purchase) reports. 2003 built supramax bulk carrier 55K DWT MV Tigris was believed to have fetched $8 million, however Basil Mavroleon-led London-based Bray Shipping insisted at that time that the MV Tigris was not sold. Basil Mavroleon-led London-based Bray Shipping acts as the S&P (Sale and Purchase) shipbroker of Niovis Shipping Co. S.A. London-based Kinissis Navigation Ltd. acts as the chartering shipbroker of Niovis Shipping Co. S.A. Athens-based shipowner and operator Niovis Shipping Co. S.A has been increasing the order of new-building bulk carriers. Last year, Niovis Shipping Co. S.A. acquired 2019 built ultramax bulk carrier 61K DWT MV Captain Haddock from Eastern Pacific Shipping for around $27 million. In December 2017, Greek shipowner and operator Niovis Shipping Co. S.A. moved into the tanker market. Niovis Shipping Co. S.A. acquired 113K DWT tanker for around $44 million from a resale deal at Hyundai Mipo Shipyard.

13-March-2019

The devastating collapse of a Vale dam in Brazil has prompted Cleaves Securities to revise its capesize rate forecasts downward significantly. Analyst Joakim Hannisdahl now anticipates a downturn in demand growth for capesize bulk carriers throughout 2019, with an expected short-term depreciation in asset values. While analyst Joakim Hannisdahl maintains a more optimistic outlook for smaller bulk carrier trades, he acknowledges that the broader sector’s challenges are largely reflected in current stock prices. In the immediate aftermath of the disaster, Brazilian iron ore exports remained stable as Vale utilized existing inventories. However, from March onwards, the situation has evolved, with Hannisdahl predicting a marked decrease in iron ore shipments from Brazil for the year. Analyst Joakim Hannisdahl suggests Vale’s preference for utilizing its own large fleet could exacerbate difficulties for those operating in the capesize spot market. As a result of these demand challenges, Hannisdahl has adjusted his capesize rate forecast for 2019 downward from $21,423 per day to $15,282 per day. Analyst Joakim Hannisdahl also anticipates a roughly 5% drop in capesize asset values in the coming months, though he expects a recovery—and possibly an increase—in values by year-end. Looking ahead, Cleaves predicts a gradual recovery in Brazilian iron ore exports, which are projected to return to 2018 levels by 2021. Consequently, analyst Joakim Hannisdahl’s forecasts for capesize rates in 2020 and 2021 are set at $17,006 per day and $21,929 per day, respectively, both reductions from earlier projections. Analyst Joakim Hannisdahl also notes the potential mitigating effects of the International Maritime Organization (IMO) 2020 sulphur regulations, which could lead to increased off-hire periods for scrubber installations and potentially encourage slow steaming. Despite the anticipated support from strong demand growth in smaller ship classes, analyst Joakim Hannisdahl cautions that significant improvements for smaller ships are unlikely without a robust capesize bulk carrier market.

12-March-2019

Chinese shipowner and operator Seacon Shipping Group Ltd has acquired 2013 built supramax bulk carrier 56K DWT MV Solar Jade and 2013 built supramax bulk carrier 56K DWT MV Solar King for around $12 million each from South Korean shipowner and operator Polaris Shipping. MV Solar Jade and MV Solar King were built at Taizhou Sanfu Shipyard. Polaris Shipping has exited the supramax bulker sector by selling its only two such ships to Seacon Shipping. MV Solar Jade and MV Solar King were chartered out to steel mill Dongkuk for a long-term charter. Chinese shipowner and operator Seacon Shipping Group Ltd is one of the more active Chinese companies in the secondhand market. Seacon Shipping Group Ltd is not only acquiring resale bulk carriers, Seacon Shipping Group Ltd is also selling some of its vintage bulk carriers. Chinese shipowner and operator Seacon Shipping Group Ltd acquired eight (8) secondhand bulk carriers in 2018 and four (4) secondhand bulk carriers in 2017. On the other hand, Seacon Shipping Group Ltd sold four (4) bulk carriers in 2018.

11-March-2019

The sale of two modern kamsarmax bulk carriers by Scorpio Bulkers, a shipowner and operator based in Monaco and listed in New York, this week should not be seen as a defensive response to the downturn in the Baltic Dry Index (BDI) in 2019. Instead, it is a proactive move tied to asset valuations, according to Scorpio Bulkers’ (SALT) President, Robert Bugbee. Bugbee dismisses the notion that Scorpio’s decision to increase liquidity by approximately $18.6 million is a reaction to the BDI’s nearly 50% decline this year. He points out that Scorpio Bulkers divested its capesize units long ago, shielding it from the market’s worst reversals, including factors like Vale’s mining disaster in Brazil. Robert Bugbee highlighted one of Scorpio Bulkers’ advantages as having smaller to medium-sized dry bulk vessels where rates are on the rise, and not owning capesize vessels, while also owning shares in Scorpio Tankers due to a $100 million investment made in its sister public company last year. Bugbee explains that the recent sales are primarily driven by the disparity between the actual value of the vessels and the stock prices of both Scorpio Bulkers and Scorpio Tankers. Robert Bugbee did not elaborate further on this point, but it suggests two potential scenarios. Firstly, Scorpio Bulkers might use the proceeds from the sale of MV SBI Electra and MV SBI Flamenco (both built in 2015) to repurchase more of its own stock, which is currently trading at an estimated 40% of its net asset value (NAV). Alternatively, it could invest in more shares of Scorpio Tankers, a surprising move considering some equity analysts previously suggested selling part or all of the $100 million stake to generate liquidity for various capital needs, including the installation of exhaust gas scrubbers on most of the fleet. Monaco-based Scorpio Bulkers executives previously indicated their intention to announce a package of liquidity measures in the current quarter, including sales and leasebacks and expanded lending under their senior secured credit facilities. In the fourth quarter of the previous year, Scorpio Bulkers repurchased approximately $27 million worth of its own shares, equivalent to about 6% of the company. They also have the authorization to repurchase an additional $50 million in shares. Such programs are typically most effective when companies sell assets at NAV and buy back shares at a significant discount to NAV, benefiting from the difference. Scorpio Bulkers, led by Emanuele Lauro, estimates that it will cost around $127 million to install scrubbers on its fleet. The company’s efforts to enhance liquidity are expected to mirror the actions taken by Scorpio Tankers in 2018, which raised over $500 million through a combination of sale and leasebacks and expanded bank loans.

11-March-2019

Taiwan Stock Exchange-listed shipowner and operator Franbo Lines acquired 1996 built handymax bulk carrier 42K DWT MV Lauren Ocean for around $5 million. Taipei-based shipowner and operator Franbo Lines looks for more acquisitions after signing for a vintage handymax bulk carrier. Taipei-based shipowner and operator Franbo Lines acquired MV Lauren Ocean from Monica Shipping. Taiwan Stock Exchange-listed shipowner and operator Franbo Lines aim to increase the company’s fleet size and profitability. Franbo Lines will take the delivery of 1996 built handymax bulk carrier 42K DWT MV Lauren Ocean in April. Taipei-based shipowner and operator Franbo Lines announced that said the MV Lauren Ocean will be chartered out soon. Monica Shipping is a single ship-owning entity controlled by Hubei Qin Tai Shipping, with the 1996 built handymax bulk carrier 42K DWT MV Lauren Ocean under the company’s name. 1996 built handymax bulk carrier 42K DWT MV Lauren Ocean was constructed by Croatian shipyard Brodosplit. Taipei-based shipowner and operator Franbo Lines is looking at more bulk carrier acquisitions and Franbo Lines does not have any preferences over bulk carrier size and age. Franbo Lines want to get a good return on investment. In 2018, shipowner and operator Franbo Lines reported revenue of $2.9 million. Franbo Lines believes that handy and hadymax bulk carrier segments, where Franbo Lines operates, will outperform capesize bulk carrier segment. Currently, Taiwan Stock Exchange-listed shipowner and operator Franbo Lines owns and operates thirteen (13) bulk carriers.

11-March-2019

Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has advanced its Oslo initial public offering (IPO) by enlisting advisors. ABG Sundal Collier, Clarksons Platou Securities, and SEB Corporate Finance have been engaged in relation to the listing. Klaveness Combination Carriers (KCC) stated that, as part of the planned listing, expected to occur in 2019, the company may raise additional capital to support further investments in combination carriers. During January, a shareholders’ meeting granted the board the authority to sell new shares valued at $2.34 million in connection with the initial public offering (IPO). Oslo-based shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has also converted into a publicly traded entity and expressed its intention to welcome new investors to join its ranks.

11-March-2019

South Korean shipowner and operator SK Shipping sold 1994 built capesize bulk carrier 150K DWT MV Compromise (ex MV K Promise) for scrap China for $7.6 million. MV Compromise (ex MV K Promise) is due for SS (Special Survey) in May 2020. In 2009, South Korean shipowner and operator SK Shipping acquired MV Compromise (ex MV K Promise) for about $29 million.

10-March-2019

Less than a month after being placed on the market, Taiwan-based shipowner and operator Formosa Plastics has sold its 2009 South Korean-built LR1 tankers MT FPMC P Fortune and MT FPMC P Eagle, with Athens-based bulker and tanker shipowner and operator Centrofin Management Inc., led by prominent Greek shipping magnate Dimitris Procopiou, acquiring the MT FPMC P Fortune for approximately $16m, while Singapore-based shipowner and operator Eastern Pacific Shipping, controlled by Idan Ofer, purchased the MT FPMC P Eagle for the same amount, marking Centrofin Management Inc.’s second direct transaction with Formosa Plastics after its November 2024 acquisition of the sister LR1 tanker MT FPMC P Glory for around $15m, and further reinforcing Centrofin Management Inc.’s active fleet expansion strategy across both the dry bulk and tanker markets, with the company currently overseeing 24 tankers and 19 bulk carriers through its subsidiaries Marine Trust and Trust Bulkers, respectively, alongside an extensive newbuilding programme comprising suezmax tanker and kamsarmax bulk carrier newbuildings at Samsung Heavy Industries and Hengli Heavy Industry, as well as a diversified operational portfolio that includes capesize, panamax, and supramax bulk carriers, reflecting a long-term growth plan focused on asset renewal, market diversification, and compliance with evolving IMO environmental regulations, while Taiwan-based shipowner and operator Formosa Plastics retains a fleet of 55 ships with six MR2 tankers scheduled for delivery from CSSC within the next year as part of its own fleet modernisation and environmental upgrade programme.

10-March-2019

New York-listed shipowner and operator Scorpio Bulkers (SALT) has finalized a significant transaction involving the sale and leaseback of seven ships, building on its previous kamsarmax bulk carrier deal. In this latest agreement, Scorpio Bulkers (SALT), led by Emanuele Lauro, has partnered with a leasing house backed by China Merchants Bank. The deal includes the sale and leaseback of seven China-built bulk carriers. CMB Financial Leasing will acquire four kamsarmax and three ultramax bulk carriers, valued at approximately $150.3 million. Under the terms of the deal, Scorpio Bulkers (SALT), a shipowner and operator listed in New York, will engage in bareboat charter agreements for these bulk carriers over a seven-year period. Additionally, the company holds purchase options for these vessels. Emanuele Lauro emphasized the importance of this transaction in enhancing liquidity, and he stated that Scorpio Bulkers (SALT) remains committed to strengthening its balance sheet and addressing the valuation of its stock. The ultramax bulk carriers included in the deal are MV SBI Pegasus, MV SBI Subaru, and MV SBI Ursa, all built in 2015 and with a capacity of 64K DWT. The kamsarmax bulk carriers consist of MV SBI Lambada, MV SBI Macarena (both built in 2016), MV SBI Carioca, and MV SBI Capoeira (both constructed in 2015). While specific financial details, including the sales value and leasing rates, were not disclosed by Scorpio Bulkers, the transaction is expected to contribute a total of $57.2 million to the company’s liquidity. Of this sum, $45.4 million will be received upon the closing of the transaction in the second quarter, following the repayment of the outstanding debt on the ships. An additional amount of up to $11.8 million will be allocated for the installation of scrubbers on the seven bulk carriers. Scorpio Bulkers (SALT) has purchase options for the ships that become exercisable after the third year of each vessel’s charter or upon the expiration of their respective contracts. This move aligns with Scorpio Bulkers’ (SALT) strategic goal of improving its cash position, as previously indicated during its last quarterly earnings call. The company plans to implement various liquidity measures, including sale and leaseback arrangements and expanded lending through senior secured credit facilities. Previously, Scorpio Bulkers (SALT) secured $6.9 million in cash through a sale and leaseback deal in February, involving the Japan-built kamsarmax vessel SBI Samba (built in 2015). Additionally, Scorpio Tankers, a sister company, has pursued similar agreements with Chinese leasing houses to enhance its liquidity.

10-March-2019

Petros Pappas led Star Bulk Carriers is trying to sell the newly acquired 2015 built ultramax dry bulk carrier 63K DWT MV Star Anna. In November 2018, Star Bulk Carriers acquired 63K DWT MV Star Anna (ex MV Vela) for $20.3 million from Delphin Shipping by Oceanbulk Maritime which is the parent company of Star Bulk. Delphin Shipping is a private New York-based shipowner which is led by former Eagle Bulk Shipping chief executive Sophocles Zoullas. Experienced sale and purchase (S&P) shipbrokers has been estimating offers in the range of $18.5 million to $19 million. Ship sale and purchase (S&P) shipbrokers surprised to see 63K DWT MV Star Anna (ex MV Vela) back on the sales market. New York-listed Star Bulk Carriers is among the shipping market’s fastest-growing companies due to a series of large-scale fleet acquisitions. In 2018, Star Bulk Carriers acquired Oceanbulk, Excel Maritime, Songa Bulk, Augustea, and ER Capital Holding. Star Bulk Carriers have created the shipping market’s largest public dry bulk fleet with nearly 100 vessels. Lately, Star Bulk Carriers has been disposing of vintage ships from its fleet. In February 2019, Star Bulk Carriers sold its oldest capesize 2000 built 171K DWT MV Star Aurora for demolition. Star Bulk Carriers also sold 2001 built supramax dry bulk carrier 52K DWT MV Star Kappa to Asian ship owners for $6.3 million. In January 2019, Star Bulk Carriers sold 2000 built supramax dry bulk carrier 52K DWT MV Star Delta for an undisclosed price. New York-listed Star Bulk Carriers has reserved $50 million for a share buy-back programme. Star Bulk Carriers’ common shares are trading below net asset value (NAV). However, nobody understands Star Bulk Carriers’ management’s intentions to sell newly acquired 2015 built ultramax dry bulk carrier 63K DWT MV Star Anna (ex MV Vela). 63K DWT MV Star Anna (ex MV Vela) was ordered in 2010 from Jiangsu Hantong Ship Heavy Industry for $25 million.

9-March-2019

Clean Shipping Alliance (CSA 2020) which supports and promotes using scrubbers on ships has added more big ship owners to its membership. Clean Shipping Alliance (CSA 2020) founding members include John Fredriksen’s Frontline and Golden Ocean, Idan Ofer’s Eastern Pacific Shipping, and Navig8. Beginning of 2019, Clean Shipping Alliance (CSA 2020) has 35 member companies. Lately, shipowner and operator Wallenius Wilhelmsen became a member of the Clean Shipping Alliance (CSA 2020). Clean Shipping Alliance (CSA 2020)’s members now own a fleet of nearly 2,500 vessels. Recently, Clean Shipping Alliance (CSA 2020) added big names as members like German ship-manager Hammonia Reederei, United States tanker owner International Seaways, Greek shipowner Chandris Hellas, and United States-based dry bulk shipowner Genco Shipping & Trading. Wallenius Wilhelmsen supports the implementation of the International Maritime Organization 2020 0.5% global sulfur limitation regulation, but Wallenius Wilhelmsen anticipates hike in bunker prices and quality problems. Wallenius Wilhelmsen will use low sulfur fuels on the majority of its fleet and scrubbers on big vessels. Wallenius Wilhelmsen joins the Clean Shipping Alliance (CSA 2020) in order to ensure market players have a sound understanding of the environmental performance of scrubbers. Wallenius Wilhelmsen has a total fleet of 130 ships. 23 ships will be fitted with scrubbers by the end of 2021. Genco Shipping & Trading has heavily invested in marine exhaust gas treatment systems. According to Genco Shipping & Trading’s CEO John Wobensmith, it is important to join Clean Shipping Alliance (CSA 2020) where like-minded shipping companies gather to support scrubbers. Clean Shipping Alliance (CSA 2020) is committed to provide the shipping industry with scientific data on the environmental and operational performance of scrubbers. Other supporting members of the Clean Shipping Alliance (CSA 2020) include Carnival, Safe Bulkers, Cargill, Trafigura, Torm, Hunter Group, Okeanis Eco Tankers, DHT, Blystad Group, Eagle Bulk, Oldendorff Carriers, Grimaldi Group and Spliethoff.

9-March-2019

Norwegian ship owner and operator Grieg Star Shipping sold 1986 built 43K DWT MV Star Gran for scrap in Turkey. Grieg Star Shipping will be getting a 76% lower price in other words $1.6 million less by scrapping an open-hatch bulker in Turkey instead of the Indian subcontinent. Grieg Star Shipping prefers green recycling in Turkey at Leyal Ship Recycling which has secured European Union approval. 1986 built 43K DWT MV Star Gran will be the first ship at the Grieg Star Shipping fleet to be demolished in Europe under the European Union’s Ship Recycling Regulation (SRR). MV Star Gran was due for a special survey in July 2019. Turkish recycling prices are around $250 per ldt, as opposed to $425 per ldt on the Indian subcontinent. Norwegian ship owner and operator Grieg Star Shipping last sold vessel for demolition in 2016. Grieg Star Shipping has historically opted for Chinese scrap-yards. Grieg Star Shipping’s sister company Grieg Green is overseeing MV Star Gran’s scrap sale and will ensure that work is compliant with European Union’s Ship Recycling Regulation (SRR) requirements. Grieg Star Shipping has two more vintage open-hatch bulk carriers that will be sold for green recycling. 1985 built open-hatch bulk carrier 40K DWT MV Star Fuji is due for a special survey in December 2019. MV Star Fuji is likely to be scrapped before December 2019. 1986 built open-hatch bulk carrier 43K DWT MV Star Grip is not due for a special survey until March 2021 and might be kept trading until March 2021.

9-March-2019

Japanese ship owner and operator K Line Bulk (Kawasaki Kisen Kaisha) planned to cancel uneconomical charters for container ships and medium bulk carriers worth $448 million (JPY 50 billion). Japanese ship owner and operator K Line (Kawasaki Kisen Kaisha) forecasts to report loss around $900 million at the end of 2019. K Line (Kawasaki Kisen Kaisha) is a diversified shipping giant that owns and operates different vessel types in Japan. Under new structural business reforms, K Line Bulk (Kawasaki Kisen Kaisha) wants to reduce market exposure and will examine 25 of its fleet-types in a year. K Line Bulk (Kawasaki Kisen Kaisha) reported a loss of JPY 31 billion in 2019 due to containership joint venture ONE. K Line Bulk (Kawasaki Kisen Kaisha) want to increase period charters for capesize dry bulk carriers and optimize the spot market fleet for panamax and handymax dry bulk carriers. K Line (Kawasaki Kisen Kaisha) car carriers business will see networks streamlined. Meanwhile, tankers and gas carriers will see spot market exposure reorganized. K Line (Kawasaki Kisen Kaisha) estimates that the cost of the new business plan and reforms is estimated at JPY 65 billion including container ships chartered by ONE and charter cancellations. K Line (Kawasaki Kisen Kaisha) container ship venture ONE confronted with problems immediately after the commencement of the services. Japanese giant ship owner and operator K Line (Kawasaki Kisen Kaisha) also want to raise JPY 36 billion through selling property and other assets.

9-March-2019

Taiwan Navigation Company (TNC) has officially confirmed its newbuilding orders for two 80,000 deadweight tons (DWT) bulk carriers, commonly referred to as kamsarmax bulk carriers, as per a regulatory filing. These contracts, priced at $33.9 million each, were initially signed with Japan’s Namura Shipbuilding last wek. Taiwan Navigation Company (TNC), a shipowner and operator based in Taipei, had expressed its intention to potentially order up to four of these 80K DWT kamsarmax bulk carriers in late December the previous year. While the filing did not specify delivery dates, the newbuildings are intended to replace existing vessels in Taiwan Navigation Company’s (TNC) fleet and contribute to its fleet expansion. Currently, Taiwan Navigation Company (TNC) operates a diverse fleet that includes five MR tankers, four kamsarmax bulk carriers, three panamax bulk carriers, and 11 handymax bulk carriers. Additionally, they have several containerships and tugs in their fleet. Taiwan Navigation Company (TNC) also has two ultramax bulk carriers on order at Japan’s Oshima Shipbuilding. These ultramax bulk carriers were initially designed with a capacity of 62K DWT but were later enlarged to 64K DWT. Furthermore, these ultramax bulk carriers are being equipped with scrubbers, resulting in a slight increase in their total cost from $51 million to $53 million.

8-March-2019

Hong Kong-listed Pacific Basin Shipping’s CEO Mats Berglund explained that Pacific Basin will continue to buy more dry bulk carriers. Pacific Basin Shipping has an appetite for fleet growth despite China-America trade wars that assist to take the air out of the dry bulk balloon at the beginning of 2019. Hong Kong-listed Pacific Basin Shipping’s CEO Mats Berglund is sticking to clear sale and purchase targets of his company with bulk fundamentals and Chinese stimulus set to defeat short-term noise. Pacific Basin Shipping has assets of $342 million in cash and 8 (eight) debt-free handy dry bulk carriers. In 2019, Pacific Basin Shipping operates 112 dry bulk carriers compared to 34 dry bulk carriers in 2012. Pacific Basin Shipping’s CEO Mats Berglund is optimistic for the medium and long term future of the dry bulk market despite the drop off in rates at the beginning of 2019. Mats Berglund believes in that the dry bulk market fundamental situation will win over the near-term nervousness. Pacific Basin Shipping will continue to buy secondhand dry bulk carriers. Pacific Basin Shipping’s CEO Mats Berglund still sees a lot of value in secondhand dry bulk carriers. According to Mats Berglund, the gap between five-year-old and newbuilding prices in both the handysize and supramax dry bulk carriers has remained wide for the past 5 years. Pacific Basin Shipping’s CEO Mats Berglund believes that soon new technology and engine designs will be coming to shipbuilding. Pacific Basin Shipping is still looking for secondhand handysize and supramax dry bulk carriers. Pacific Basin Shipping is aiming to invest more secondhand supramax dry bulk carriers than secondhand handysize dry bulk carriers. In 2018, Pacific Basin Shipping reported a profit of $72.3 million. At the beginning of 201, dry bulk handysize and supramax freight rates fell below the levels seen in the comparable periods of 2017 and 2018. According to Pacific Basin Shipping’s CEO Mats Berglund, it is really hard to predict future freight levels in 2019 and it is too early to say if 2019 will end up being weaker than 2018 overall. Mainly, trade wars and China tariffs on United States soybeans will deeply impact freight rates. Pacific Basin Shipping expects more volatility in 2019.

8-March-2019

New York-listed Safe Bulkers moved into a new wholly-owned Cyprus office. Safe Bulkers invited lots of friends and colleagues to a reception and dinner party. CEO Polys Hajioannou welcomed guests at the new modern glass-and-steel construction office which views Limassol, Cyprus. Cyprus is becoming one of the biggest maritime hubs in Europe. New York-listed Safe Bulkers new office is located at mountain village about an hour drive from Limassol. Safe Bulkers CEO Polys Hajioannou is gratified that his home island is becoming an increasingly attractive place for shipping business. Limassol, Cyprus is exactly the right place to do the global shipping business without distractions. Safe Bulkers opening ceremony coincided with a Capital Link forum in Limassol the next day. New York-listed Safe Bulkers also maintains offices in Athens, Greece. Safe Bulkers’ guests included shipowner Andreas Hadjiyiannis of Cyprus Maritime, Charalambos Mylonas of Transmed, and Cypriot shipping minister Natasa Pilides. From further afield came Hirotomo Okumura of Tsuneishi Shipbuilding, Kazuya Mizuno of Imabari Shipbuilding, Hiroshi Ogihara of Itochu Corp, and Michihiro Enomoto of Bank of Tokyo Leasing. Bankers included Eleni Vrettou of HSBC, Alex Ryland of DNB, and Markus Wenker of Hellenic Bank. Safe Bulkers contributed to the birth of the kamsarmax in the early 2000s at Tsuneishi Shipbuilding. Tsuneishi Shipbuilding’s decision to develop the new kamsarmax ship type back in the early 2000s was partly due to talks with Polys Hajioannou and Nicolas Hajioannou. Polys Hajioannou and Nicolas Hajioannou suggested Tsuneishi Shipbuilding to construct a slightly longer panamax that would increase carrying capacity while maintaining a shallow draught. After Safe Bulkers first orders, kamsarmax dry bulk carriers have been firmly established as the main bulker type in its size category.

8-March-2019

In 2015, Malaysia was the biggest bauxite supplier in China. Notwithstanding, in 2016, Malaysia outlawed bauxite mining due to notable pollution. Newly, the Malaysian environment minister published that its mining ban will not be extended after it terminates in March 2019. Malaysia’s bauxite export could damage the weak dry bulk market by lowering ton-miles. Malaysia bauxite was a substitute for Indonesian bauxite. However, in recent years China has invested profoundly in mines and infrastructure in Guinea. In 2018, China increased its bauxite imports to 83 million tons.

8-March-2019

Norwegian ship owner and operator JJ Ugland moves to arrest Andreas Petrakis backed panamax dry bulk carrier after Gulf of Mexico crash. Last week, Andreas Petrakis backed Iolcos Hellenic Maritime and Hudson Anthem Shipping Company’s 2006 built panamax dry bulk carrier 74K DWT MV Iolcos Unity was in a collision with JJ Ugland’s 2017 built ultramax dry bulk carrier 63K DWT MV Livita in the Gulf of Mexico. Norwegian ship owners JJ Ugland’s parent companies Ugland Marine Services and Ugland Shipping has filed a $3 million lawsuit in New Orleans federal court after the collision. JJ Ugland alleges the collision was due to the navigational errors on the part of the panamax dry bulk carrier MV Iolcos Unity’s crew. United States New Orleans District Judge Jay Zainey has since signed off on an arrest warrant for panamax dry bulk carrier MV Iolcos Unity. United States Coast Guard confirmed MV Iolcos Unity and MV Livita has collided. But, United States Coast Guard has not disclosed details to the extent of the damage or the cause collision. JJ Ugland’s 2017 built ultramax dry bulk carrier 63K DWT MV Livita was at the anchorage at the Southwest Pass Anchorage, near the mouth of the Mississippi River in Louisiana, when two ships collided. After the incident, 2006 built panamax dry bulk carrier 74K DWT MV Iolcos Unity was cleared to continue its voyage. No injury or pollution has been reported.

7-March-2019

Shipping mogul John Fredriksen moves commercial management of 10 newcastlemax dry bulk new-buildings from private firm Seatankers to Golden Ocean Group. John Fredriksen does not want these newcastlemax new-buildings competing with Golden Ocean Group. Norwegian shipping tycoon John Fredriksen’s private company Seatankers ordered 4 newcastlemax dry bulk new-buildings 210K DWT at Bohai Shipbuilding Heavy Industry and 6 newcastlemax new-buildings 208K DWT at New Times Shipbuilding. These ten (10) newcastlemax dry bulk new-buildings has not been backed by attached charterers, as John Fredriksen prefers a sport-oriented policy.

John Fredriksen’s Golden Ocean Group has a fleet of 46 capesize dry bulk carriers. 29 capesize dry bulk carriers are operated in the spot shipping market and the rest of the fleet has been chartered out with index-linked rates. John Fredriksen’s Seatankers ordered its 10 newcastlemax dry bulk carriers in 2017 at $45 million each. Currently, newcastlemax dry bulk carriers could probably be resold for $55 million each.

Tor Olav Troim led ship owner 2020 Bulkers ordered 8 newcastlemax dry bulk carriers at New Times Shipbuilding for about the same price. According to John Fredriksen, capeszie ship owners are suffering at the depressed freight levels that shipowners can only cover operating costs.

John Fredriksen’s New York and Oslo listed Golden Ocean Group is a member of the Capesize Chartering Pool, and John Fredriksen is extremely happy with this spot pool venture. Currently, Capesize Chartering Pool members:

• Golden Ocean Group
• Star Bulk Carriers
• C Transport Maritime
• Bocimar

7-March-2019

Japanese shipowner Nisshin Shipping grows its fleet with 12 handysize 39K DWT new buildings under construction at Chinese Shipyard Jiangmen Nanyang Ship Engineering. Japanese tonnage supplier Nisshin Shipping has modestly increased its fleet with handysize dry bulk carrier new-buildings. Nisshin Shipping has been ordering new building dry bulk carriers at Chinese Shipyard Jiangmen Nanyang Ship Engineering since 2013. Up to now, Chinese Shipyard Jiangmen Nanyang Ship Engineering has delivered more than 10 handysize dry bulk carriers to Nisshin Shipping. Japanese shipowner Nisshin Shipping has been ordering new buildings on speculative strategy. Last year, Nisshin Shipping ordered 9 ultramax dry bulk carriers at another Chinese Shipyard Nantong Xiangyu Shipbuilding & Offshore Engineering. Nisshin Shipping is one of the few Japanese tonnage suppliers to have taken advantage of inexpensive shipbuilding prices in China and has been ordering dry bulk carriers on speculation. Nisshin Shipping ordered 19 ultramax dry bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering and 10 kamsarmax dry bulk carriers at Jiangsu Hantong Ship Heavy Industry. Japanese tonnage supplier Nisshin Shipping is quite well known in the shipping market to be cooperating with Cargill, Western Bulk, and Ultrabulk. Y Fujii-led Nisshin Shipping is Japan’s third-largest independent tonnage supplier Japan’s first and second-largest independent tonnage suppliers are Shoei Kisen and Nissen Shipping respectively. Nisshin Shipping also has ordered at the Japanese shipyard. Nisshin Shipping ordered ultramax dry bulk carrier at Japanese Oshima Shipbuilding and a series of 19K DWT chemical tankers under construction at Japanese Usuki Shipyard. Nisshin Shipping has chartered out the tankers to Nordic Tankers and Ultranav. Currently, Japanese tonnage supplier Nisshin Shipping has 33 dry bulk carriers and 26 tankers.

6-March-2019

Taiwan Navigation Company (TNC), a shipowner and operator based in Taipei, continues to expand its kamsarmax fleet by placing orders with Japanese shipyard Namura Shipbuilding. These orders involve the construction of two kamsarmax bulk carriers, each with a deadweight capacity of 80,000 tons. It’s worth noting that in December of the previous year, Taiwan Navigation Company (TNC) had already placed orders for two 80,000 DWT kamsarmax bulk carriers with Namura Shipbuilding and Oshima Shipbuilding. The latest additions to their fleet are designed to meet Tier III compliance standards and will be equipped with scrubbers for environmental considerations. Each of these kamsarmax bulk carriers carries a price tag of $33.98 million, and delivery is expected in the first quarter of 2021. Currently, Taiwan Navigation Company (TNC) operates a fleet consisting of 20 bulk carriers, and they have a total order book of eight bulk carriers, signaling their dedication to fleet expansion and modernization within the maritime industry.

6-March-2019

Vale has announced a significant operational setback, with the Minas Gerais Court of Justice issuing an order to cease operations at its Brucutu iron ore mining complex. This decision reverses a prior lower court ruling that permitted the resumption of activities at the mine, leading to the immediate suspension of wet processing operations at Brucutu as per the latest court directive. Despite this, Vale reassures that the Laranjeiras dam, alongside other geotechnical structures at Brucutu, maintains valid declarations of stability (DCE), verified by external auditors in March 2019. This development is expected to impact Vale’s 2019 sales forecast for iron ore and pellets, with projections now adjusted to the lower to mid-range of the initially estimated 307 million to 332 million tonnes. This adjustment follows the catastrophic collapse of the Brumadinho tailings dam at the Feijao iron-ore mine on January 25, 2019, which claimed over 300 lives and led to the closure of 50 tailings dams for inspection, removing 40 million tonnes of iron ore from the market amidst already existing US-China trade tensions. In the midst of these challenges, Vale has confirmed the appointment of Eduardo Bartolomeo as its permanent chief executive. This decision was made following a board of directors meeting and based on recommendations from the international recruiting firm Spencer Stuart. Bartolomeo, a seasoned executive with a decade of experience at Vale, has previously overseen logistics, integrated operations of bulk commodities, and served as executive director of base metals in Canada. His tenure at Vale also includes a stint as a member of the board of directors and the financial committee between 2016 and 2017, bringing extensive experience and leadership to navigate Vale through its current difficulties.

5-March-2019

Mumbai based shipowner and operator Great Eastern Shipping (GES) is firmly against new Indian laws giving domestically built bulk carriers priority for state cargoes. According to Great Eastern Shipping (GES), Hindu Business Line that the right of first refusal (RoFR) policy is of no benefit to shipowners or shipyards because it is a retrospective measure. New rules states that Indian-built bulk carriers would get priority state-owned entities’ cargoes. According to Great Eastern Shipping (GES), this new rule is not going to improve Indian shipbuilding. The new policy will impair the shipping industry without encouraging the Indian shipbuilding industry. Furthermore, Great Eastern Shipping (GES) has objected to Indian shipowners having to match the lowest freight rate quoted by a foreign shipowner in a tender.

4-March-2019

Koch Supply and Trading’s ship chartering arm Koch Shipping Pte Ltd chartered 2017 built newcastlemax bulk carrier 208K DWT MV San Francisco from New York-listed shipowner Diana Shipping. Diana Shipping Koch Shipping Pte Ltd will pay $16,000 per day for MV San Francisco for around two years. Koch Shipping Pte Ltd will pay around $9.1 million in total to Diana Shipping. Simeon Palios-led Diana Shipping has signed the company’s second chartering contract with Koch Supply and Trading’s ship chartering arm Koch Shipping Pte Ltd in two weeks. Previously, Koch Shipping Pte Ltd chartered 2009 built capesize bulk carrier 177K DWT MV Houston for 14 to 17 months from New York-listed shipowner Diana Shipping.

3-March-2019

New York-listed shipowner Genco Shipping & Trading has obtained a new $460 million loan facility that will be utilized to finance scrubber installations on bulk carriers. Genco Shipping & Trading’s loan will cover up to 90% of the costs related to fitting exhaust gas cleaning systems on 17 capesize bulk carriers. In Q4 2018, Genco Shipping & Trading has reported a net income of $18 million. During the full year of 2018, Genco Shipping & Trading reported a net loss of $33 million versus a net loss of $58 million during 2017. During 2018, Genco Shipping & Trading received a $3.5 million profit from its sale of eight (8) bulk carriers. Genco Shipping & Trading had taken steps during 2019 to optimize the fleet composition and improve its capital structure. In Q4 2018, Genco Shipping & Trading’s TCE (Time-Charter Equivalent)(TCE) rate increased to $13,237. Genco Shipping & Trading is in a solid financial position. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Genco Shipping & Trading deployed a bulk carrier fleet with direct exposure to the major and minor dry bulk commodities.

2-March-2019

John Fredriksen’s former right-hand man Tor Olav Troim is establishing a new bulk carrier company called 2020 Bulkers on the Oslo Over the Counter market (Oslo OTC). 2020 Bulkers ordered at least two (2) newcastlemax dry bulk carriers at New Times Shipbuilding in China. Tor Olav Troim’s private Magni Partners is behind 2020 Bulkers. Furthermore, 2020 Bulkers are backed by investors Titan Opportunities Fund, which was established by former Fredriksen employees Fredrik Halvorsen and Espen Westeren. Newcastlemax dry bulk carriers 208K DWT are costing $44 million each and will be delivered in 2020. John Fredriksen was working on a newcastlemax project at the same shipyard New Times Shipbuilding.