29-September-2019
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions has declared two (2) options for ice-class post-panamax 95K DWT bulk carriers at Guangzhou Shipyard International. Pangaea Logistics Solutions was able to extend an existing 10-year contract to carry iron ore from Baffinland Iron Mines in northern Canada. Pangaea Logistics Solutions four (4) ice-class post-panamax 95K DWT bulk carriers are going to carry iron ore from remote Baffin Island, Canada. Rhode Island-based Pangaea Logistics Solutions new-buildings are financed through a bareboat charter structure via Hong Kong-based leasing company CSSC Shipping Co Ltd. Hong Kong-based leasing company CSSC Shipping Co Ltd offered an attractive bareboat charter structure that demonstrates Pangaea Logistics Solutions’ experience to draw long term financial commitment. Pangaea Logistics Solutions specializes in niche trades such as the Arctic to its bauxite business in Jamaica. Currently, New York-listed Pangaea Logistics Solutions operates 21 bulk carriers.
27-September-2019
Nasdaq-listed Greek shipowner and operator Globus Maritime (GLBS) reported a $3 million loss in Q2 2019. According to Globus Maritime (GLBS), the dry bulk freight market was under severe pressure due to the ongoing concerns in the US-China trade war and the ongoing iron ore supply disruptions. In Q2 2019, Greek George Feidakis-backed shipowner and operator Globus Maritime reported a revenue of $3.4 million and adjusted EBITDA of $110,000. According to Athanasios Feidakis led shipowner and operator Globus Maritime (GLBS), the dry bulk freight market began to increase toward the end of Q2 2019. Globus Maritime (GLBS) anticipates the dry bulk freight market to stay healthy for the remainder of 2019. In 2020, New York-listed shipowner and operator Globus Maritime (GLBS) predicts that the dry bulk freight market will strengthen even further as we move closer into 2020 due to IMO (International Maritime Organization) 2020 sulfur regulation. All the bulk carriers are managed by Athens-based subsidiary Globus Shipmanagement Corporation.
25-September-2019
US-based commodities giant Cargill’s shipping arm Cargill Ocean Transportation’s profit decreases by 10% despite a small revenue increase. US chartering and trading giant Cargill Ocean Transportation states the company is concentrated on updating all aspects of shipping operations. In Q1 2019, Jan Dieleman-led Cargill Ocean Transportation reported a $915 million net profit. In Q1 2019, Cargill Ocean Transportation reported $908 million in operating earnings. US-based commodities giant Cargill’s shipping arm Cargill Ocean Transportation will resume to assist customers to navigate unexpected business circumstances. Geneva-based Cargill Ocean Transportation’s global trading business noticed reasonable year-on-year improvement, as it was well-positioned across commodities.
25-September-2019
Laskaridis Shipping Ltd.’s subsidiary Lavinia Corp acquired 2010 built post-panamax bulk carrier 93K MV Thalia (ex MV John Wulff) for about $13 million from German shipowner and operator Peter Dohle Schiffahrts. Laskaridis family-controlled Lavinia Corp has been expanding its fleet of large ships. After buying MV Thalia (ex MV John Wulff), Lavinia Corp increased post-panamax bulk carriers to five (5) in its fleet. In July 2019, German shipowner and operator Peter Dohle Schiffahrts put MV Thalia (ex MV John Wulff) on the sale and purchase (S&P) market. Since May 2019, Peter Dohle Schiffahrts three (3) ships. Laskaridis Shipping Ltd.’s subsidiary Lavinia Corp has a fleet of 43 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships.
25-September-2019
In a further refinement of its maritime collection, Switzerland-based shipowner and operator Massoel Shipping has divested itself of another handysize bulk carrier. According to the whispers amongst European shipbrokers, the distinguished Swiss shipowner and operator Massoel Shipping has elegantly parted with 2002 built handysize bulk carrier 20K DWT MV Aros (ex MV Clipper Reunion). The craft has found a new domicile with an Egyptian connoisseur, fetching a sum of $4.5 million. Noted shipbrokers opine that MV Aros (ex MV Clipper Reunion) of such exquisite dimensions are indeed a scarce commodity, rendering them irresistibly appealing, and concurrently presenting a formidable challenge for valuation entities. 2002 built handysize bulk carrier 20K DWT MV Aros (ex MV Clipper Reunion) was procured by Geneva-headquartered shipowner and operator Massoel Shipping in February 2007 for a princely sum of $21.7 million. Presently, the Swiss magnate Massoel Shipping boasts ownership of three of its sisterships, with one, 2002 built handysize bulk carrier 20K DWT MV Andermatt, awaiting a new steward. In a transaction concluded in July, Massoel Shipping bid adieu to another of its bulkers, 2001 handysize bulk carrier 46K DWT MV Glarus, realizing an impressive $6.1 million. 2001 handysize bulk carrier 46K DWT MV Glarus has resurfaced under the vigilant aegis of FB Pioneer of the Marshall Islands, now gracing the waters as the MV Sinoway Lily. Swiss shipowner and operator Massoel Shipping having been established in the annals of 1982 by the esteemed Georgio Sulser, once the mastermind behind Acomarit of Geneva, remains reticent regarding its recent nautical divestitures. The firm commands a fleet ranging from 12,600 DWT to an imposing 50,000 DWT, all bearing an average vintage of a 12 years. Recent dispatches unveiled that B Skaugen of Norway has gracefully withdrawn from its Massmariner bulker collaboration with Geneva-headquartered shipowner and operator Massoel Shipping. The Norwegian titan, under the watchful eye of CEO Martinius Skaugen, remains cryptic about the new curator of its stake in the venture, only hinting at B Skaugen’s desire to abstain from the forthcoming metamorphosis of Massmariner.
24-September-2019
Greek shipowner and operator Diligent Holdings has been shedding vintage bulk carriers and shifting the company’s focus to younger supramax bulk carriers. Athens-based shipowner and operator Diligent Holdings has been moving to renew and grow the fleet. Dimitris Michalos-led Diligent Holdings was originally a handysize bulker specialist, now Diligent Holdings has been scooping up supramax bulk carriers in the secondhand market. Diligent Holdings is not alone, other Greek shipowners and operators such as TST International, Fortius Ship Management (previously named S Frangoulis Ship Management),Delta Navigation’s Greece-based ship management outfit Cleopatra Shipping Agency have been acquiring supramax bulk carriers.
24-September-2019
Athens-based Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd. sold 2010 built panamax bulk carrier 93K DWT MV Dimitra for around $12.6 million to Greek shipowners. Stamatis Molaris led Empire Bulkers recorded loss on the sale of post-panamax bulk carrier MV Dimitra. In July 2013, Empire Bulkers acquired MV Dimitra for $20 million. According to market veterans, MV Dimitra is worth between $11.8 million and $13.4 million. In March 2019, Greek Empire Bulkers Ltd. sold 2005 built panamax bulk carrier 76K DWT MV Elnath (ex MV Rosali) to another Greek shipowner Niiris Shipping for around $10 million. In June 2016, Empire Bulkers Ltd. bought MV Elnath (ex MV Rosali) for around $7.5 million.
24-September-2019
Julian Clark has joined giant law firm Ince & Co. Previously, Julian Clark was Hill Dickinson’s head of global shipping. In early 2019, Ince & Co. was bought by Gordon Dadds. Julian Clark will be Ince & Co.’s new senior partner. Experienced lawyer Julian Clark will concentrate on strengthening Ince & Co.’s status as a global leader in shipping law. Furthermore, Julian Clark will concentrate on enhancing Ince & Co.’s judicial services worldwide. Lawyer Julian Clark is a renowned extremely esteemed character in the shipping business. Julian Clark has more than 30 years of participation in prosecution, arbitration, and mediation. Ince & Co.’s latest lawyer Julian Clark specializes in marine, trade and energy conflict resolution, piracy, e-commerce, security, and terrorism subjects in the shipping sector.
Ince & Co. has been endeavoring to build the global shipping lawyer team. Julian Clark will bring an abundance of knowledge and broad industry experience to Ince & Co. Julian Clark is recognized with revitalizing Hill Dickinson by developing the scope of business. Julian Clark was a former partner of Campbell Johnston Clark (CJC). Ince & Co. has been renown in the shipping industry. A blend of Julian Clark’s management experience, perspicacity, and recent preeminent exercises will be precisely what Ince & Co. require to sustain its growth in the long-term. The shipping law market is evolving swiftly and either small law firms or big law firms will exist in the near future.
24-September-2019
Chinese dry bulk shipowners in Fuzhou and Ningbo have been active in the secondhand market. Chinese dry bulk shipowners in Fuzhou and Ningbo have been acquiring old dry bulk carriers over the past week. Price-sensitive Chinese dry bulk shipowners are still encountering bargains. 2005 built post-panamax bulk carrier 91K DWT MV Duke Orsino (ex-MV Shiramizu) was badly damaged in 2011. A Chinese dry bulk shipowner in Fuzhou acquired the 2005 built post-panamax bulk carrier 91K DWT MV Duke Orsino (ex-MV Shiramizu) for around $11 million. 2005 built post-panamax bulk carrier 91K DWT MV Duke Orsino (ex-MV Shiramizu) was sailing in the fleet of Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) in 2011. MV Duke Orsino (ex-MV Shiramizu) was one of several bulk carriers that were damaged in that year’s Tohoku earthquake and tsunami in Japan. In 2011, Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) controlled 2005 built post-panamax bulk carrier 91K DWT MV Duke Orsino (ex-MV Shiramizu) was caught at the quayside in the port of Shinshi during the discharge of a coal cargo, MV Duke Orsino (ex-MV Shiramizu) was grounded and ultimately broke in two. Since 2015, MV Duke Orsino (ex-MV Shiramizu) has been in the fleet of South Korean one-ship company KD Ocean.
24-September-2019
Singapore-based Sumec Ocean Transportation, which is the parent company of Chinese shipyard New Dayang Shipbuilding, is planning to become like Japan’s trading house ship builder-owners. Sumec Ocean Transportation plots course as a new model of Chinese shipowner. Hence, Sumec Ocean Transportation has rapidly increased its fleet and operations. According to Sumec Ocean Transportation’s Managing Director Yang Lei, Sumec Ocean Transportation is planning to become the most reliable tonnage supplier of the shipping industry. Sumec Ocean Transportation’s new time-charter based operations commenced on 1 April 2019. Sumec Ocean Transportation’s parent company is a trader Sumec Group Corporation, which is directly affiliated with state-owned China National Machinery Industry (Sinomach). In 2018, Sumec Ocean Transportation became a sister company of Chinese shipyard New Dayang Shipbuilding. Sumec Ocean Transportation is aiming to become a Chinese answer to Japan’s Imabari Shipbuilding or Tsuneishi Shipbuilding, which has its Kambara Kisen shipowning branch. According to Sumec Ocean Transportation’s Managing Director Yang Lei, Sumec Group Corporation’s strong balance sheet gives the whole group access to better financing. Sumec Group Corporation’s aim is to exploit this advantage to pursue synergies between shipping, shipbuilding, manufacturing, and trading within the group. Sumec Group Corporation has grown from a trader with passive exposure to shipping into a shipbuilder and now operating owner via parent company Sumec Ocean Transportation. Sumec Group Corporation has a long history of financial involvement with the Chinese shipbuilding industry, dating back to 1986 when Sumec Group Corporation began providing refund guarantees to shipyards it served as an equipment supplier. Sumec Group Corporation held equity stakes in several yards, including the former Jiangsu Eastern, which was known for a time as Jingjiang Sumec Shipyard. In 2016, principal creditor Sumec Group Corporation was eyeing a stake in then-troubled New Dayang. Sumec Ocean Transportation’s Managing Director Yang Lei was previously working three years with Oldendorff Carriers in Shanghai and Singapore and then seven with Cargill Ocean Transportation in Singapore. Oldendorff Carriers and Cargill Ocean Transportation are now Sumec Ocean Transportation’s time-charter customers. Cargill Ocean Transportation chartered in six (6) kamsarmax and ultramax bulk carriers from Sumec Ocean Transportation. Sumec Ocean Transportation has been working with New York-listed blue-chip companies, but also wants China’s financial leasing houses. Sumec Ocean Transportation has been existing as a shipowner since 2010. However, Sumec Ocean Transportation has only acted as a passive asset investor until 2019. Sumec Ocean Transporation’s parent company Sumec Marine is the main shareholder in New Dayang Shipbuilding, Yangzhou, China. Sumec Group acquired New Dayang Shipbuilding and formally opened it in November 2018. Currently, New Dayang Shipbuilding controls 42 vessels, 30 vessels on the oceans, and 12 new-buildings under construction. Sumec Group owns 25 of these outright and has 17 bareboat chartered-in from financial owners China Development Bank Financial Leasing (CDB Leasing) and AVIC International Leasing. Sumec Ocean Transportation’s Managing Director Yang Lei plans to grow over time and also to expand beyond dry cargo. MD Yang Lei hopes to build the fleet up to 70 ships in 8 years. Sumec Ocean Transportation’s plan is to exploit New Dayang Shipbuilding’s strength as one of the most efficient shipbuilders of medium-sized ships. New Dayang Shipbuilding is able to construct four (4) kamsarmax bulk carriers simultaneously and that means New Dayang Shipbuilding could also build four (4) MR2 tankers simultaneously. Sumec Ocean Transportation could place orders on New Dayang Shipbuilding, but currently the problem with the MR2 market is that charter rates will not support the current newbuilding prices. Currently, Sumec Ocean Transportation is chartering out ships on period charters of one to three years and has no ships trading on spot right now. Sumec Ocean Transportation’s target business model is to place ships on time charters of five (5) years. Sumec Ocean Transportation has three (3) kamsarmax and nine (9) ultramax bulk carriers set for delivery soon.
24-September-2019
In August 2019, Athens based shipowner and operator W Marine Inc. acquired 2006 built panamax bulk carrier 76K DWT MV W-Galaxy (ex MV Nord Galaxy). Greek owners prefer shallow draught panamax bulk carriers in Indian Ocean trades.
23-September-2019
Emanuele Lauro-led Scorpio Bulkers is aiming to sell two ultramax bulk carriers for about $37.9 million in total. New York-listed Scorpio Bulkers has entered into negotiations to sell 2014 built 64K DWT MV SBI Puma and 2015 built 64K DWT MV SBI Cougar. The sale of MV SBI Puma and MV SBI Cougar will generate $16 million of additional liquidity. As of 30 June 2019, MV SBI Puma and MV SBI Cougar were classified as held for sale, with delivery set for October 2019. New York-listed Scorpio Bulkers reported a loss of approximately $4.9 million in Q2 2019 and expects to write off deferred financing costs of $0.2 million upon closing the sale of MV SBI Puma and MV SBI Cougar and repaying $21.9 million in debt. After selling MV SBI Puma and MV SBI Cougar, Scorpio Bulkers will have an operating fleet of 57 bulk carriers, including 17 kamsarmax, 35 ultramax, and 5-time chartered-in bulk carriers.
23-September-2019
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has rescheduled the declaration and delivery dates for six optional CLEANBU-type vessels under construction in China. Oslo-based Klaveness Combination Carriers (KCC) has eight (8) confirmed oil/bulk carriers currently being constructed at Jiangsu New Yangzi Shipbuilding. The declaration of the six (6) optional CLEANBU-type vessels can now occur between February of the following year and January 2021. CLEANBU-type vessels are expected to be delivered between September 2021 and November 2022. Prior to the new option agreement, Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) had four remaining options, of which two are expiring next week, while the other two are set to expire by the end of December this year. In August, Klaveness Combination Carriers (KCC) successfully executed its first transition from wet to dry cargo using a CLEANBU-type vessel. CLEANBU-type vessel MV Baru, weighing 82K DWT (deadweight tons) and built-in 2019, transported a complete cargo of petroleum products from India to Argentina. Following the unloading process, CLEANBU-type vessel MV Baru underwent cleaning and conversion from an LR1 tanker mode to dry bulk mode, serving as a kamsarmax vessel for loading grain. Earlier this year, Klaveness Combination Carriers (KCC) postponed the delivery of its second and third CLEANBU-type vessels to incorporate efficiency enhancements. However, Klaveness Combination Carriers (KCC) has now taken possession of these units. The handover of the first CLEANBU-type vessel MV Baru was also delayed as Klaveness Combination Carriers (KCC) aimed to optimize its deployment. The remaining five CLEANBU-type vessels are scheduled for delivery between February 2020 and February 2021.
23-September-2019
The Stefanou brothers, Dimitris and George, from Andros, Greece, have continued to grow their fleet with the recent acquisition of two older panamax bulkers. Their company, Sea Gate Navigation Ltd, is gaining attention for its focus on veteran vessels in the bulker segment. The latest additions to their fleet are a pair of vintage, Japanese-built panamax bulkers. The ships in question are the 74,100 deadweight tonnage (dwt) Little Prince, built in 2001, and the 74,200-dwt Boreal, built in 2002, both constructed by Namura Shipbuilding. These acquisitions highlight the Stefanou brothers’ strategy of investing in older but potentially valuable vessels. In addition to these purchases, Sea Gate Navigation Ltd is planning to further expand its fleet with the addition of a capesize vessel. This move will bring the total number of bulkers under their control to 12 ships. The Stefanou brothers controlled Sea Gate Navigation Ltd’s ongoing expansion and strategic acquisitions continue to solidify their position in the Greek shipping industry, particularly within the bulk carrier market.
22-September-2019
Copenhagen based shipowner and operator Lauritzen Bulkers has sold another bulk carrier. Lauritzen Bulkers sold 2011 built handysize bulk carrier 31K DWT MV Elvira Bulker. MV Elvira Bulker is the seventh bulk carrier sale since June 2019. MV Elvira Bulker was built Hakodate Shipyard, Japan in 2011. Lauritzen Bulkers sold MV Elvira Bulker to Greek shipowner for about $10.3 million. MV Elvira Bulker is due for dry-docking. Danish shipowner and operator Lauritzen Bulkers remains as a giant player in the handysize market, despite trimming its fleet of owned ships. At the end of 2018, Lauritzen Bulkers operated 58 handysize bulk carriers. After the sale of MV Elvira Bulker, Lauritzen Bulkers has left with just four (4) Japanese built handysize bulk carriers.
22-September-2019
Greek ship-manager Niriis Shipping acquired 2004 built panamax bulk carrier 76K DWT MV Ivestos I (ex MV Kavo Manali), 2005 built panamax bulk carrier 76K DWT MV Elnath (ex MV Rosali). Furthermore, Athens-based ship-manager Niriis Shipping acquired 2004 built handy bulk carrier 32K DWT MV Marina K (ex MV Aurora Bulker) from Taiwanese shipowner and operator Sincere Navigation for around $7 million. Niriis Shipping acquires and manages these bulk carriers in the name of their customers.
22-September-2019
International Organisation for Standardisation (ISO) published the International Maritime Organization (IMO) 2020 fuel specifications. International Organisation for Standardisation (ISO) endeavors to prevent the shortage of certainty over low-sulfur bunkers’ viscosity. International Organisation for Standardisation (ISO) broadcasted a paper concerning specs for brand-new IMO 2020-compliant low sulfur fuel. International Organisation for Standardisation (ISO) has published its 23263:2019 Publicly Available Specification (PAS) on its website after cooperating with bunker suppliers, testers, shipowners, class societies, and bunker traders. International Organisation for Standardisation (ISO) document 23263:2019 Publicly Available Specification (PAS) marks quality studies that implement to marine fuels in view of the implementation of a maximum of 0.5% bunkers from 1 January 2020. International Organisation for Standardisation (ISO) document 23263:2019 specifies common provisions that refer to all 0.5% fuels and reinforces the applicability of its previous document.
22-September-2019
Singapore based ship-manager Synergy Marine Group is opening an office in Copenhagen, Denmark. Synergy Marine Europe will be responsible for growing European shipowner’s demand. Synergy Marine Group’s Copenhagen office will be run by Rune Zeuthen. Rune Zeuthen joined Synergy Marine in July 2019. Rune Zeuthen would bring more than two decades of executive-level shipping experience to Synergy Marine Group. Rune Zeuthen started at AP Moller-Maersk. Previously, Rune Zeuthen was senior management at Topaz Energy & Marine, Gulf Navigation Holding, Maersk Broker, and Clarksons. Recently Rune Zeuthen was Teekay Shipping’s director of commercial management.
Currently, Synergy Marine Group has thirteen (13) offices in six (6) maritime centers. Synergy Group manages more than 265 ships. Synergy Marine Group managed fleet includes bulk carriers, large crude tankers and chemical tankers, LPG carriers as well as container ships. According to Rune Zeuthen, Synergy Marine Group has earned huge trust among shipowners and brings new successes to the company in the European market.
Synergy Marine Group’s new Copenhagen office will give the company closer physical proximity to European clients. Synergy Marine Group is led by CEO Captain Rajesh Unni. According to Captain Rajesh Unni, forward-thinking Rune Zeuthen will bring a wealth of experience and add value to Synergy Marine Group.
Synergy Marine Group offers custom-designed technical services to shipowners. Synergy Marine Group gives importance to high-tech connectivity and Artificial Intelligence.
19-September-2019
Singapore based shipowner and operator Azure Maritime took control of handy bulk carriers managed by Hong Kong-based Taylor Maritime. Azure Maritime is led by CEO Captain Vijay Pal. Azure Maritime is intending to expand its fleet in the handysize bulk segment. Singapore based Azure Maritime is partly controlled by the Singapore-based, Japanese-controlled entity AFO Pte Ltd. AFO Pte Ltd is also the principal shareholder in bulk carriers. Hong Kong-based Taylor Maritime is led by Ed Buttery. Currently, Azure Maritime controls the management of:
- MV Blue Balestier (ex MV Super Sarah, 32K DWT, built 2006)
- MV Feisty Karen (32K DWT, built 2002)
- MV Lovely Klara (28K DWT, built 2002)
- MV Princess Paula (ex MV Paola, 32K DWT, built 2004)
- MV Blue Alexandra (32K DWT, built 2005)
Some of the Azure Maritime controlled bulk carriers technical management is assigned to Taymar and Apex Shipmanagement. Azure Maritime’s bulk carriers have been on short-term period charter to Pacific Basin Shipping, Cargill Ocean Transportation, and Louis Dreyfus. Singapore based shipowner and operator Azure Maritime have plans for direct chartering in the long-term. CEO Captain Vijay joined Azure Maritime in May 2019.
19-September-2019
Japanese shipowner and operator giant NYK Bulk (Nippon Yusen Kabushiki Kaisha) signed a 25-year contract to carry coal to Vietnam. Tokyo listed shipping giant NYK Bulk (Nippon Yusen Kabushiki Kaisha) Bulk clinched a 25-year contract to carry coal Van Phong Power Company which is a wholly-owned subsidiary of Sumitomo Corporation. Van Phong Power Company has been constructing a new coal-fired power station in Vietnam. NYK Bulk (Nippon Yusen Kabushiki Kaisha) Bulk will start carrying coal from 2023 and cargo volumes are expected to be up to 3.4 million tons per year. Van Phong Power Company is planning to import coal mainly from Indonesia and Australia. The new coal-fired power plant in the Van Phong Special Economic Zone in Vietnam’s Khanh Hoa province. According to calculations, Vietnam’s future supply of electricity may not be adequate to meet the demands of the country’s rapid economic growth. Established in 1885 in Chiyoda, NYK Bulk (Nippon Yusen Kabushiki Kaisha) has been trying to maintain and expand long-term contracts in the dry bulk division.
19-September-2019
Athens-based shipowner and operator Samos Steamship Co. acquired 2009 built open-hatch bulk carrier 54K DWT MV Kashi Arrow from Santoku Shipping for around $11 million. MV Kashi Arrow was owned by Santoku Shipping and operated by Norwegian Gearbulk. Previously, Samos Steamship Co. acquired the sistership of MV Kashi Arrow, 2008 built open-hatch bulk carrier 52K DWT MV Red Jacket (ex MV Shirakami) for around $12 million. In June 2019, Samos Steamship Co. acquired 2011 built capesize bulk carrier 182K DWT MV Global Mercator from Nissen Kaiun for around $26 million. In January 2019, Samos Steamship Co. took delivery of the 2019 built kamsarmax bulk carrier 82K DWT MV Ormos from Sanoyas Shipbuilding, Japan. Currently, Athens based shipowner and operator Samos Steamship Co. has a fleet of 13 bulkers and 15 tankers.
19-September-2019
Switzerland based, British–Swiss multinational commodity trading and mining company, Glencore has joined a group of charterers aiming to digitalize activities world-wide. In October 2018, world’s four largest grain traders: ABCD (Cargill, Louis Dreyfus, Archer Daniels Midland, Bunge) and later on COFCO started a chartering regeneration and associated mutually in order to review current technologies such as blockchain and artificial intelligence to automate grain and oilseed post-trade accomplishment methods, diminishing expenses required to transport agricultural and food products throughout the world.
Glencore has joined the group for a digital shipping ambition. The group is anticipating to start of the modern program in Q2 2020 subjected to administrative permission. ABCD (Cargill, Louis Dreyfus, Archer Daniels Midland, Bunge), COFCO, and Glencore aims to improve a digital program that will leverage the most innovative technologies and has the potential to transform shipping business. This digital program will perform contract fulfilling methods extra effective, more reliable also more simple. Digital program advantages will be observed by corporations of every size with the post-trade chain. A pilot scheme will soon be encompassed to comprise shipments of soybeans from Brazil to China.
19-September-2019
Geneva-based shipowner and operator SwissMarine sold two (2) capesize bulk carriers. 2016 Japanese built 181K DWT MV Corsier and 2016 Japanese built 181K DWT MV Celigny were sold around $42.5 million each to JP Morgan Global Maritime. Last month, CEO Peter Weernink took back control of SwissMarine. According to market veterans, MV Corsier and MV Celigny is worth around $41.4 million each. In recent years, Switzerland based shipowner and operator SwissMarine has been scaling down its owned fleet. In 2013, MV Corsier and MV Celigny were ordered for $50 million each. The latest bulker offloads does not mean that SwissMarine is disappearing from the large bulk carrier segment. Cargill trained Dutchman CEO Peter Weernink formed SwissMarine in 2001. SwissMarine has been one of the dominating players in the capesize market. In April 2018, Peter Weernink left SwissMarine and established Singapore Marine. SwissMarine’s shareholders led by Glencore were unable to commit to growth. Peter Weernink led Singapore Marine is now taking over SwissMarine for an undisclosed price. Peter Weernink is aiming to cooperate with a group of committed new investors who wants to acquire around 150 bulk carriers. Currently, new investors are buying the shares of Peter Weernink’s co-shareholders in SwissMarine, including Glencore, steel trader MUR, and Greek shipowner Victor Restis. Norwegian shipping tycoon John Fredriksen’s shipping arm Golden Ocean is one of the key investors working with Peter Weernink.
19-September-2019
Eyal Ofer led diversified shipowner and operator Zodiac Maritime has continued to build out its dry bulk footprint by acquiring a Japanese-controlled capesize bulk carrier, underlining how Zodiac Maritime has been actively using softer capesize bulk carrier pricing to strengthen its position in the larger bulker space. Brokers say Zodiac Maritime has been scanning the market for well-specified capesize bulk carrier opportunities where pricing does not fully reflect replacement costs, and the latest deal reinforces the view that Zodiac Maritime is prepared to move decisively when secondhand values offer a clear entry point. Zodiac Maritime has acquired the 2012 built capesize bulk carrier 180 DWT MV Frontier Voyager for about $24.5 million from Tokyo listed shipping giant NYK (Nippon Yusen Kabushiki Kaisha), a transaction that highlights Zodiac Maritime’s ability to transact with top-tier Japanese owners and take over quality tonnage at levels considered attractive for the current market. Market veterans have indicated that MV Frontier Voyager could command closer to around $28 million, suggesting Zodiac Maritime secured MV Frontier Voyager at a notable discount, a pattern consistent with how Zodiac Maritime has historically targeted moments of price dislocation to enhance returns. MV Frontier Voyager was built in 2012 at Tsuneishi Heavy Industries Cebu, a yard associated with proven bulker construction, and the ship’s age profile places it in a bracket that can appeal to charterers seeking a balance between competitiveness and capital cost. Diversified shipowner and operator Zodiac Maritime’s bulk carrier fleet is currently described as 39 ships, including 20 capesize bulk carriers and 7 VLOCs (Very Large Ore Carriers), illustrating the scale of Zodiac Maritime’s exposure to long-haul iron ore and coal flows and the importance of capesize bulk carrier earnings to overall performance during strong rate cycles. Alongside growth, Zodiac Maritime has also shown a preference for maintaining optionality across asset classes, using selective acquisitions to deepen dry bulk exposure while retaining the flexibility to adjust its fleet mix as market signals change, and that approach has repeatedly positioned Zodiac Maritime to capture upside when rate momentum improves. The capesize bulk carrier purchase also sits within a broader track record of moves in the ore carrier segment, and in May 2019 Zodiac Maritime bought the 2004 built VLOC (Very Large Ore Carrier) 233K DWT MV Cape Toucan (ex MV Pacific Glory) from Tokyo listed giant Mitsui O.S.K. Lines for about $14.6 million at a time when bulk freight rates were widely considered deeply depressed, indicating Zodiac Maritime was willing to buy into weakness rather than wait for sentiment to recover. Eyal Ofer led diversified shipowner and operator Zodiac Maritime has generally been expanding its fleet, but Zodiac Maritime is equally known for opportunistic asset plays that aim to lock in value, recycle capital, and redeploy into the next opportunity, effectively blending owner-operator strategy with disciplined trading when the price is right. A clear example came in July 2015, when Zodiac Maritime purchased the 2015 built capesize bulk carrier 181K DWT MV SBI Puro and the 2015 built capesize bulk carrier 181K DWT MV SBI Valrico from Scorpio Bulkers for about $35.3 million each, adding modern capesize bulk carrier tonnage at levels that later proved advantageous as market conditions evolved. In June 2018, Zodiac Maritime sold MV SBI Puro and MV SBI Valrico to Genco Shipping & Trading for $45 million each, demonstrating Zodiac Maritime’s ability to crystallise gains and validate earlier entry timing by exiting at higher values when buyer appetite improved. Zodiac Maritime’s activity has not been limited to headline deals, and the continued stream of acquisitions and sales reflects an ongoing effort by Zodiac Maritime to optimise age profile, specification, and earning potential while managing exposure to the volatility inherent in capesize bulk carrier markets. In November 2018, Zodiac Maritime added further scale by buying the 2010 built capesize bulk carrier 180K DWT MV Frontier Ambition for about $29 million, reinforcing how Zodiac Maritime has repeatedly leaned into the capesize bulk carrier segment through a combination of fleet expansion and carefully timed asset rotation. Taken together, the MV Frontier Voyager acquisition from NYK (Nippon Yusen Kabushiki Kaisha) and the earlier transactions show Zodiac Maritime steadily shaping a sizeable bulker platform, using market dips to acquire tonnage, using stronger windows to monetise positions, and maintaining a flexible portfolio that supports both commercial operations and strategic capital recycling.
17-September-2019
Athens-based George Economou-led shipowner and operator DryShips has reported a net loss of $12.7 million loss for Q2 2019 due to millions of dollars in dry-docking costs for seven ships. Greek shipowner and operator DryShips was primarily affected by a $26 million spend on fitting exhaust gas scrubbers and BWTS (ballast water treatment systems) on seven (7) ships. George Economou-led shipowner and operator DryShips owns tanker pool operator Heidmar. DryShips will spend another $66 million on fitting exhaust gas scrubbers and BWTS (ballast water treatment systems) to more ships through 2020. In October 2019, Nasdaq-listed Dryships’ shareholders vote on the company’s proposed merger with Economou’s DryShips off the public market.
17-September-2019
Italian shipowner and operator Giuseppe Bottiglieri Shipping Company (GBSC) decided to wait on scrubbers and focus on low sulfur fuel availability. According to Giuseppe Bottiglieri’s MD Mariella Bottiglieri, Giuseppe Bottiglieri Shipping Co (GBSC) will focus on resolving issues related to low sulfur fuel availability and compatibility when the IMO (International Maritime Organization) bunker sulphur rules come into force on January 2020, while taking a wait-and-see approach on scrubber installation. Giuseppe Bottiglieri Shipping Co (GBSC) has a fleet of 15 ships. Giuseppe Bottiglieri’s MD Mariella Bottiglieri revealed her obnoxious experience when the IMO (International Maritime Organization) lowered the sulphur limits to 0.1% in bunker fuels in the emission control areas (ECA) back in 2015. In 2015, when the IMO (International Maritime Organization) lowered the sulphur limits to 0.1% in bunker fuels, Giuseppe Bottiglieri Shipping Co (GBSC) had a ship at Portugal loading a cargo to ship it to Europe. There was no compliant bunker available at that time at Portugal port, Giuseppe Bottiglieri Shipping Co (GBSC) simply had to leave the cargo. Many refineries have been boosting production of IMO (International Maritime Organization) compliant bunkers, Giuseppe Bottiglieri Shipping Co (GBSC) pointed out fuel compatibility could be another significant matter. According to IMO (International Maritime Organization) 2020 regulations, the global sulphur cap in marine fuels will be lowered from 3.5% to 0.5% starting from January 2020. Bunker suppliers have suggested Low-Sulphur Fuel Oil (LSFO) from different producers should not be mixed until the International Organization for Standardization establishes a common specification for the product. Technically, Giuseppe Bottiglieri Shipping Co (GBSC) has begun arrangements for its fleet of four (4) MR product tankers, one (1) capesize, and ten (10) post-panamax bulkers, such as tank and pipeline cleaning. Ships installed with scrubbers will be allowed to continue consumption of the cheaper 3.5%-sulphur bunker oil. Giuseppe Bottiglieri Shipping Co (GBSC) would only decide on whether to invest in scrubbers when there are clearer price signs in the bunker market. IMO (International Maritime Organization) has also targeted to cut carbon emissions by at least 40% from 2008 by 2030 and greenhouse gas emissions by 50% by 2050. Giuseppe Bottiglieri Shipping Co (GBSC) would analyze how to diminish emissions from its fleet in the near future. According to Giuseppe Bottiglieri’s MD Mariella Bottiglieri, Giuseppe Bottiglieri’s foreseen ship investments would be technology-focused though admitted any extra expenses would need to be covered by freight earnings. Italian shipowner and operator Giuseppe Bottiglieri Shipping Co (GBSC) was established in 1850. Giuseppe Bottiglieri Shipping Co (GBSC) has lately completed financial restructuring with private equity partner Bain Capital Credit. Previously, there were reports that Bottiglieri Giuseppe Bottiglieri Shipping Co (GBSC) may have to sell its four (4) product tankers in a $30 million arrangement to pay its creditors. However, MD Mariella Bottiglieri stated that product tankers remained with Giuseppe Bottiglieri Shipping Co (GBSC). Giuseppe Bottiglieri Shipping Co (GBSC) will be retained as a family business in the future. Giuseppe Bottiglieri Shipping Co (GBSC) would maintain its business strategy and focus on long-term investments with remaining associates.
17-September-2019
Hong Kong-based shipowner and operator Pacific Basin Shipping is buying two (2) supramax and two (2) handysize bulk carriers from for about $74 million which will be 33% funded by equity and the rest will be paid in cash. According to Pacific Basin Shipping, the dry bulk market is recovering and Pacific Basin Shipping sees upsides in second-hand bulk carrier values and Pacific Basin Shipping’s board considers that these purchase prices are attractive. Three (3) of the bulk carriers already have been on long-term charter of Pacific Basin Shipping. Most likely, handysize bulk carriers 35K DWT MV Saldanha Bay and MV Seal Island, which Pacific Basin Shipping has had on long-term charter for at least a year. Pacific Basin Shipping will eliminate long-term time charter costs and replace bulk carriers with significantly lower owned cash costs. In order to fund the equity portion of the four (4) bulk carriers, Pacific Basin Shipping will issue just over 106 million new shares, worth about $24 million in total. Pacific Basin Shipping’s shares are being issued at a price of HK$1.80 each, which represents a premium of 5.94% to the average closing price for the last 10 trading days before the bulk carrier acquisition contracts were signed. Acquisition of the four (4) bulk carriers is conditional on gaining approval from the Hong Kong Stock Exchange for the listing of the new shares. Pacific Basin Shipping is led by Mats Berglund. Pacific Basin Shipping has acquired a total of eight (8) secondhand bulk carriers over the past 18 months. With the latest acquisition, Pacific Basin Shipping increased its fleet up to 115 ships.
17-September-2019
The esteemed Chinese state-operated maritime entity, Shandong Shipping Corporation (SDSC), has finalized the acquisition of tankers and bulker constructions valued at a noteworthy $404 million. The combined charter contracts with eminent global firms Shell and Bunge are projected to be an impressive $600 million. Demonstrating a strategic vision, the Shandong Shipping Corporation (SDSC) has commissioned eight 50,000 DWT IMO II MR tankers and an additional four 82,000 DWT kamsarmax bulk transporters from two distinguished shipyards situated in China. The renowned New Times Shipbuilding, a privately-held entity, is entrusted with the construction of the MR tankers, whilst the eminent state-affiliated Cosco Shipping Heavy Industry will manifest the kamsarmax bulk carriers. Furthermore, Shandong Shipping Corporation (SDSC) has astutely aligned these new acquisitions with medium-term charters brokered with Shell and the prominent US grain merchant, Bunge. Shell has secured the MRs for an eight-year tenure in an arrangement valued at approximately $380 million. The contemporary 50,000 DWT MR tanker constructions are priced at an estimated $37 million apiece, with an anticipated delivery timeline set for 2021. Meanwhile, Bunge has committed to the kamsarmax bulk carriers for a decade, in a pact estimated at $220 million, complemented by profit-sharing at a baseline rate. Reports suggest that the Shandong Shipping Corporation (SDSC) is disbursing approximately $27 million per bulk transporter, with delivery expected by the end of 2020. In a strategic financial move, the Chinese financial institution ICBC Leasing has been engaged to facilitate the funding for these new constructions.
17-September-2019
Taiwanese shipowner and operator Ta-Ho Maritime Corp has ordered three (3) new-building kamsarmax bulk carriers via Japanese trading house Sumitomo Corporation. Taipei based Ta-Ho Maritime has ordered two (2) firm new-building 84K DWT kamsarmax bulk carriers with one (1) option. Each kamsarmax bulk carrier will cost around $35 million. Ta-Ho Maritime will decide to exercise the third option until September 2019. Taipei Stock Exchange-listed Ta-Ho Maritime has been attempting to expand its fleet. Taiwanese shipowner and operator Ta-Ho Maritime has been in negotiations with Japanese shipyard Oshima Shipbuilding. Ta-Ho Maritime was established in 1979. Ta-Ho Maritime Corp is the shipping arm of Taiwan Cement Corp (TCC). Currently, Ta-Ho Maritime’s fleet encompasses seven (7) cement carriers, one (1) post panamax and two (2) panamax bulk carriers, three (3) tug boats, four (4) kamsarmax bulk carriers.
17-September-2019
The esteemed Hamburg-rooted MPC Capital is uniting with the Bremen-originated maritime enterprise, Zeaborn Ship Management GmbH & Co. KG, in the realm of commercial ship management. These two prestigious German entities, MPC Capital and Zeaborn Ship Management GmbH & Co. KG, are amalgamating their chartering and commercial oversight endeavors under the renowned regional marque, Harper Petersen. Historically, Harper Petersen was a collaborative venture between the non-operational proprietors, Erck and Bertram Rickmers, along with their respective nautical enterprises. This firm transitioned to partial dominion of Zeaborn Ship Management GmbH & Co. KG when they acquired Rickmers Reederei. By early 2018, it transformed into a wholly-possessed asset when Zeaborn Ship Management GmbH & Co. KG additionally procured E.R. Schiffahrt and its associated entities from Erck Rickmers. The revitalized collaborative enterprise will preside over upwards of 160 maritime vessels, boasting a cumulative capacity nearing 500,000 teu. These vessels vary in magnitude, spanning from 700 to 8,500 teu. Beyond managing this internal armada, the conjoined entity, MPC Capital and Zeaborn Ship Management GmbH & Co. KG, will persist in providing unparalleled competitive shipbroking solutions.
16-September-2019
The U.S. House of Representatives’ oversight committee is conducting an investigation into Transportation Secretary Elaine Chao. This inquiry is focused on allegations that Chao used her position to benefit the Foremost Group, a New York-based shipping company founded by her father, James Chao, and currently operated by her sister, Angela Chao. Representative Elijah Cummings, the committee chairman, along with Representative Raja Krishnamoorthi, have formally requested a substantial number of documents from Chao. This request particularly pertains to a planned, but later canceled, trip to China in October 2017. During the planning stages of this trip, Chao is alleged to have sought the inclusion of her family members in meetings with Chinese government officials. Cummings has further accused Chao of participating in interviews with Chinese media outlets alongside her father, where the official seal of the Department of Transportation was often displayed. These interviews reportedly included James Chao discussing his daughter’s influence within the U.S. government and his access to President Trump, including mentions of being on Air Force One. Additionally, Chao is under scrutiny for purportedly deprioritizing and cutting funding, amounting to over $80 million, from the Maritime Security Program. This program provides a stipend to ships that are ready to assist U.S. military operations abroad. She is also accused of not properly enforcing the Cargo Preference Program, which requires a certain percentage of federally-funded cargo to be transported on U.S. ships. The Foremost Group, the Chao family’s shipping company, is particularly active in the dry bulk sector and has significant business dealings in China, where James Chao was born. The company is headquartered in New York. Elaine Chao reportedly has not been involved in the company’s operations since the 1970s. She is married to Senate Majority Leader Mitch McConnell. The oversight committee has set a deadline of September 30 for the submission of the requested documents. In response to these developments, a spokesperson for the Department of Transportation indicated that the department is prepared to comply with the document request.
16-September-2019
G2 Ocean, a prominent Norwegian bulker operator, is broadening its business scope by venturing further into the project cargo sector, particularly in Germany and the United States. As part of this expansion strategy, the Bergen-based company, led by Rune Birkeland, is enhancing its team with the addition of three new senior project managers and establishing new offices in Houston and Hamburg. This strategic move aims to diversify G2 Ocean’s operations beyond its current stronghold in the geared open-hatch bulker segment. The company, a joint venture between Gearbulk and Grieg Star, boasts the world’s largest fleet of geared open-hatch bulkers, comprising around 90 open-hatch and 19 conventional bulkers, along with approximately 15 chartered ships, varying in size from handysize to panamax. The company’s strategic shift towards the project cargo market involves strengthening its presence in key locations. Cliff Kuhfeldt, previously with Bahri Logistics, will head the new office in Houston. Another project cargo manager will be based in Hamburg, and a third senior project manager will operate from G2 Ocean’s Asian regional hub in Singapore. Leif Arne Strømmen, the vice president for innovation at G2 Ocean, noted the improving results in the company’s project cargo segment. However, he emphasized the need for additional resources to meet their ambitious future goals. G2 Ocean plans to leverage its strong position in the pulp market as a foundation for developing its project cargo business. Additionally, the company is focusing on expanding its presence in the onshore wind market. Leif Arne Strømmen highlighted the importance of developing a diversified customer base across various industry segments to mitigate the risk of market disruptions. Since its establishment in April 2017, G2 Ocean has reported significant revenues, with $1.3 billion recorded in its first operational year in 2018. Gearbulk holds a 65% stake in the joint venture, while Grieg Star owns the remaining 35%. This expansion into project cargo marks a significant step in G2 Ocean’s continued growth and diversification in the global shipping industry.
15-September-2019
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) has changed the number of shareholder units registered for potential resale as part of recording $750 million in equity to fund fleet expansion and general business costs. Furthermore, Eagle Bulk Shipping recorded up to 50.7 million common shares for possible shareholder resale. Eagle Bulk Shipping has acquired 20 ultramax bulk carriers to its fleet since 2016.
15-September-2019
Shih Wei Navigation, a prominent player in Taiwan’s bulk shipping sector, has disclosed the resignation of its president, Chang Ying-Lung, and general manager, Chou Ying-lang. Although Chang Ying-Lung will continue to serve as the legal representative for Shih Wei Navigation’s subsidiary, Unicorn Marine Agency, Chou Ying-lang will be retiring. The leadership change comes after Chang stepped into the president’s role in 2017, succeeding J.D. Lan, the company’s founder, who stepped aside for health reasons. Shih Wei Navigation plans to select a new president during a board meeting scheduled for later this month, with industry insiders anticipating J.D. Lan’s return to leadership. Founded in 1985 by J.D. Lan, who is also the sibling of James Lan, the founder and chairman of Wisdom Marine, Shih Wei Navigation currently operates a fleet of 53 bulk carriers.
15-September-2019
Ta-Ho Maritime Corp, the maritime arm of Taiwan Cement Corp (TCC), has recently contracted with Japanese yard Sumitomo Heavy Industries for the construction of up to three 84K DWT kamsarmax bulk carriers. This shipbuilding deal includes a firm order for two vessels and an option for a third, which Ta-Ho Maritime Corp will decide on by September 30. Each kamsarmax bulk carrier carries a price tag of $35 million and is intended to bolster both Taiwan Cement Corp (TCC)’s logistics for coal transport and its chartering operations. Taipei-based Ta-Ho Maritime Corp currently boasts a fleet of nine ships, which includes five cement carriers and four kamsarmax bulk carriers. Additionally, it has an 81K DWT kamsarmax bulk carrier under construction at Oshima Shipbuilding, further expanding its capacity. Taiwan Cement Corp (TCC) is not only a leader in the cement industry in Taiwan but also a significant player in the global market. The company is renowned for its high-quality cement products and has been actively expanding its operations across Asia, focusing on sustainable practices and reducing its carbon footprint. Taiwan Cement Corp (TCC) is dedicated to promoting environmental sustainability and has invested in various green initiatives, including the use of alternative fuels and the development of carbon capture technologies. As part of its commitment to environmental stewardship, Taiwan Cement Corp (TCC) integrates these principles into its maritime operations, ensuring that its fleet adheres to the highest environmental standards. The new kamsarmax bulk carriers from Sumitomo Heavy Industries will feature advanced technologies to enhance fuel efficiency and reduce emissions, aligning with global environmental regulations and supporting Taiwan Cement Corp (TCC)’s sustainability goals. This strategic expansion of Ta-Ho Maritime Corp’s fleet underlines Taiwan Cement Corp (TCC)’s broader corporate strategy to enhance operational efficiency, support global logistics for its products, and contribute positively to environmental conservation efforts worldwide.
12-September-2019
Greek shipowner and operator AM Nomikos acquired two (2) supramax bulk carriers. Athens-based shipowner and operator AM Nomikos acquired 2010 built supramax bulk carrier 55K DWT MV Key Ohana (ex MV K Garnet) and 2010 built supramax bulk carrier 55K DWT MV K Opal. AM Nomikos paid around $12.5 million for each supramax bulk carrier. Greek shipowner and operator AM Nomikos acquired two (2) supramax bulk carriers from Seoul-based SK Shipping. AM Nomikos’ new ship acquisition is part of a fleet-renewal plan for the corporation. 55K DWT MV Key Ohana (ex MV K Garnet) and 2010 built supramax bulk carrier 55K DWT MV K Opal are the first vessels that the AM Nomikos has purchased so far in 2019. Furthermore, AM Nomikos sold 1999 built handymax bulk carrier 49K DWT MV Nemo for around $5 million. Currently, Greek shipowner and operator AM Nomikos favors trading supramax bulk carriers. AM Nomikos has a strong preference for supramax bulk carriers, with 24 of its 40 ships in this segment. Currently, Greek shipowner and operator AM Nomikos has a diversified fleet of 17 ships.
12-September-2019
Athens-based George Economou-led shipowner and operator DryShips is disbursing approximately 21% below NAV (Net Asset Value) to buy back the remaining shares in New York-listed DryShips. George Economou aims to take the DryShips private. $5.25 per share price is fair based on a few criteria that go beyond merely evaluating NAV (Net Asset Value) of DryShips. Analyses indicate that George Economou-led shipowner and operator DryShips’ bid appears to be in line with fair value, assuming that most New York-listed shipowners are trading at relatively enormous discounts to NAV (Net Asset Value). 14 other New York-listed tanker and dry bulk shipowners indicate that these companies were trading at an average of 77% of Net Asset Value) for tanker shipowners and 73% for dry bulk shipowners. Athens-based George Economou-led shipowner and operator DryShips’ offer price of $5.25 represents a 66% premium to the stock’s closing price at the time the investment was declared on 12 June, and a 37% premium to the 16 August closing before DryShips’ improved offer was declared. George Economou-backed SPII Holdings will acquire the 14.5 million DryShips shares. Before initiating the offer, SPII Holdings owned 72.4 million shares or 83.35% of DryShips.
12-September-2019
John Fredriksen’s privately held Seatankers Management Co Ltd is profiting from the sale of a panamax bulker. Additionally, John Fredriksen’s fleet consists of newcastlemax bulk carriers, although the Norwegian shipowner Seatankers Management Co Lt is undecided about future sales. John Fredriksen’s interests have strategically ventured into the sale-and-purchase sector by selling the 2012 built panamax bulk carrier 76K DWT MV Sea Rising at a lucrative gain. MV Sea Rising falls under the control of Fredriksen’s privately owned Seatankers Management Co Ltd, which was sold to a Chinese buyer for around $14 million. Seatankers Management Co Ltd has confirmed the sale of this vessel constructed by the Yangfang Group. Seatankers Management Co Ltd announces that it has secured an admirable price for 2012 built panamax bulk carrier 76K DWT MV Sea Rising, with John Fredriksen achieving a profitable margin above its book value. Seatankers Management Co Ltd initially acquired the 2012 built panamax bulk carrier 76K DWT MV Sea Rising (ex MV Luyang Rising) for around $15.5 million from Qingdao Luyang in July 2015. John Fredriksen commands one of the largest publicly traded fleets through Golden Ocean Group, listed in New York and London. Furthermore, John Fredriksen personally owns and manages approximately 40 bulk carriers through Seatankers Management Co Ltd. John Fredriksen’s private fleet also includes six (6) newcastlemax bulk carrier new buildings at New Times Shipyard, along with four (4) vessels at Bohai Shipbuilding Industry that are scheduled for delivery in 2019 or 2020. These newly constructed vessels, equipped with scrubbers, were individually acquired for the modest amount of approximately $44.5 million. Based on shipbrokers’ estimations, there is a favorable potential for asset-play transactions involving these bulk carriers, as their perceived value ranges from approximately $57 million to $58 million each. Seatankers Management Co Ltd has confirmed the presence of purchase interest for the group of eight (8) vessels. Seatankers Management Co Ltd also confirmed that two of the newly constructed vessels are currently chartered out. Seatankers Management Co Ltd chartered out 2019 built newcastelmax bulk carrier 208K DWT MV Golden Coral and 2019 built newcastelmax bulk carrier 208K DWT MV Champion to IFCOR at a daily rate of $26,000.
12-September-2019
Taiwan based shipowner and operator Chinese Maritime Transport (CMT) has appointed James SC Tai as president of the company. Taipei based capesize shipowner and operator Chinese Maritime Transport (CMT) has a modern fleet of ten (10) capesize bulk carriers. Chinese Maritime Transport’s new president James SC Tai graduated from both the National Taiwan Ocean University and the University of Strathclyde in Glasgow. Taiwan based capesize shipowner and operator Chinese Maritime Transport (CMT) has a fleet of ten (10) capesize bulk carriers. The comparatively tiny range of newbuilding projects at Chinese Maritime Transport (CMT). Both Orient Overseas Container Line (OOCL) and Chinese Maritime Transport (CMT) are by-products of the Tung family shipping empire. Former Orient Overseas Container Line (OOCL) chairman Tung Chee-hwa is positively acknowledged as a politician.
12-September-2019
Oaktree Capital Management backed shipowner and operator Star Bulk Carriers is looking for fleet acquisitions and new opportunities. Star Bulk Carriers has been planning to acquire other shipowners’ fleets once IMO 2020 is out of the way. NASDAQ listed Star Bulk Carriers has a very positive outlook on capesize bulk carriers’ charter rates through 2019. Furthermore, Star Bulk Carriers believe that delays in shipyards for scrubbers will increase bulk carrier rates until the end of 2019. Petros Pappas led shipowner and operator Star Bulk Carriers prefer merging with outstanding shipping companies or buying bulk carriers with a combination of cash and shares. Star Bulk Carriers acquired fleets of Delphin Shipping, OceanBulk, and Excel Maritime. Previously, Star Bulk Carriers successfully completed acquisitions with ER Capital Holding, Songa Bulk, and Raffaele Zagari. Currently, bulk carriers been waiting for up to two months to have scrubbers installed in Chinese shipyards. Delays in installing scrubbers will be taking bulk carriers out of the shipping market until the end of 2019. In this situation, bulk carriers shortage of capacity will have a positive impact on Star Bulk Carriers. In early 2019, Star Bulk Carriers signed scrubber installation contracts before rivals. Star Bulk Carriers expects some delays, but not as bad as other affected rival companies.
11-September-2019
Hong Kong-based Wah Kwong Maritime Transport Holdings Limited executive chairman Chao Sih Hing made a firm pledge to keep his family company in shipowning. According to Chao Sih Hing, Wah Kwong Maritime Transport is committed to the family tradition of ordering, building, and selling ships. Recently, Chao Sih Hing transitioned into Wah Kwong Maritime Transport Holdings Limited’s chairman role after his sister Sabrina Chao stepped back. In the past few years, Wah Kwong Maritime Transport has been increasingly acted as a service provider in technical, newbuilding management, and commercial services for new Chinese fleets. However, Asset light activities will be only a small portion of Wah Kwong Maritime Transport’s business. In the same event, Orient Overseas Container Line’s (OOCL) Chief Information Officer (CIO) Steve Siu made the case for technology’s transformative powers. Furthermore, Dingheng Shipping’s CEO Li Duozhu explained that in the near future shipping market will see the shipowners of the world shakedown to 10 players and crewless autonomous shipping will be the key to survival for a few players who latch onto the new methods. On the other hand, Sumec Ocean Transportation’s Manager Yang Lei believes that artificial intelligence (AI) depends on volumes of data that are much less relevant to capesize chartering than to the ultra-detailed task of managing global container logistics. According to Yang Lei, we will not have unmanned ships in 20 years, because the cost of a crew is nothing compared to the cost of a ship sinking.
11-September-2019
Istanbul-based shipowner and operator Yasa Shipping is taking advantage of the strong S&P (Sale-and-Purchase) market to sell vintage bulk carriers. Yasa Shipping aims to sell some of its oldest bulk carriers as part of fleet-renewal plans. In August, Yasa Shipping sold 2005 built bulk carrier 82K DWT MV Yasa Neslihan for around $11 million. Previously, Yasa Shipping sold 2005 built supramax bulk carrier 56K DWT MV Yasa Gulten and 2006 built supramax bulk carrier 56K DWT MV Yasa Ozcan.
10-September-2019
Athens-based George Economou-led shipowner and operator DryShips stakeholders will soon get an opportunity to vote on a strategy to take the dry bulk shipowner off Nasdaq. On 9 October, DryShips scheduled to hold a special shareholder meeting to vote on a submitted merger with George Economou-backed privately held SPII Holdings. George Economou-backed privately held SPII Holdings would acquire all of DryShips’ outstanding shares for $5.25 each. Originally, SPII Holdings offered $4 per share. George Economou-led shipowner and operator DryShips’ withdrawal from Nasdaq-listing has been viewed as welcome news by some Wall Street analysts. If the DryShips merger deal is agreed upon, George Economou-backed privately held SPII Holdings subsidiary Sileo Acquisitions would be merged with and into DryShips, which would carry on as the surviving company and wholly-owned SPII SPII Holdings subsidiary. Currently, New York-listed shipowner and operator DryShips would become privately held as a consequence of the proposed merger. If approved, Athens-based George Economou-led shipowner and operator DryShips’ shares would no longer be exchanged on the Nasdaq. DryShips controls tanker pool operator Heidmar. Currently, Athens-based George Economou-led shipowner and operator DryShips has a diversified fleet of 27 vessels.
9-September-2019
Norwegian shipowner and operator Torvald Klaveness CEO Lasse Kristoffersen is urging the maritime industry to revive funding schemes in order to accomplish its objectives of carbon reduction. Lasse Kristoffersen, who holds positions as the President of the Norwegian Shipowners’ Association and Vice President of the International Chamber of Shipping, emphasized that such initiatives could serve as the “ultimate conduit” to finance the necessary technological advancements for transitioning the industry to an era of carbon-neutral shipping. Norwegian shipowner and operator Torvald Klaveness CEO Lasse Kristoffersen’s statements coincide with the apparent postponement of market-based mechanisms by the International Maritime Organization (IMO), as they strive to devise short-term technical solutions for mitigating carbon emissions. According to Norwegian shipowner and operator Torvald Klaveness CEO Lasse Kristoffersen, the shipping sector heavily relies on hydrocarbons due to their cost-effectiveness and high energy content. Nevertheless, the presence of carbon necessitates the imposition of a price on it. Oslo-based shipowner and operator Torvald Klaveness CEO Lasse Kristoffersen asserted that shipowners should not bear the additional charges, as the shipping business model revolves around transferring the fuel costs to its customers. CEO Lasse Kristoffersen proposed that the global fund could be allocated to finance research and technology essential for the shipping industry to align with the carbon emissions reduction targets outlined in the Paris Agreement on climate change. To achieve this, the scheme could be structured similarly to Norway’s NOx fund system, which presently supports owners and operators in meeting local emissions reduction targets within coastal shipping. Moreover, the additional costs would incentivize shipowners to transition to greener and carbon-free fuels. However, to initiate the scheme, Torvald Klaveness CEO Lasse Kristoffersen proposed the introduction of an initial low carbon price, even as low as $1 per tonne, as it would still generate a substantial fund. Torvald Klaveness CEO Lasse Kristoffersen emphasized that the United Nations Framework Convention on Climate Change’s principle of common but differentiated responsibility, which excludes developing nations from carbon reduction initiatives, cannot be applied to the shipping industry. According to Lasse Kristoffersen, this principle does not apply to shipping due to its global nature. Furthermore, Torvald Klaveness CEO Lasse Kristoffersen cautioned that the International Maritime Organization (IMO) targets are likely to become more stringent in the years ahead, reflecting the growing environmental concerns of society. Regarding green funding, Torvald Klaveness CEO Lasse Kristoffersen noted that while banks are displaying a greater interest, they may not be able to provide the necessary levels of financing for research and development required to achieve the International Maritime Organization’s (IMO) targets.
8-September-2019
Limassol based Nasdaq-listed shipowner and operator Castor Maritime chartered out 2001 built panamax bulk carrier 75K DWT MV Magic Sun to Oldendorff Carriers for around a year at a daily hire rate of $12,000. Castor Maritime is going to receive around $4 million. In July 2019, Castor Maritime acquired the 2001 built panamax bulk carrier 75K DWT MV Magic Sun for around 8 months at a daily hire rate of $11,250. Additionally, Cyprus-based shipowner and operator Castor Maritime chartered out 2004 built panamax bulk carrier 76K DWT MV Magic P to Oldendorff Carriers. Castor Maritime has doubled the size of the fleet with the target of increasing annual cash flows and shareholder value.
8-September-2019
Polish state-owned bulker giant Polish Steamship Polsteam has reported cargo volume increase in cargo in Q2 2019. Szczecin based Polish Steamship Polsteam carried about 8 million tonnes of bulk cargo in the first six (6) months of 2019, against about 7 million tonnes of bulk cargo in the first six (6) months of 2018. Even though the bulk cargo market remains tough, Polish Steamship Polsteam logs big cargo volume increase. Pawel Brzezicki-led Polish Steamship Polsteam reported net profit PLN 194 million ($49 million) in Q2 2019, against PLN 117 million in Q2 2018. In February 2017, Pawel Brzezicki was brought by the Polish government in order to stabilize Polish Steamship Polsteam. According to CEO Pawel Brzezicki, the dry bulk market remains difficult and hampered by the United States-China trade war. In 2016 under the previous management, Polish Steamship Polsteam reported loss of PLN 741 million. Polish Steamship Polsteam’s current CEO Pawel Brzezicki, was GM (General Manager) between 1998 and 2005. In February 2017, Pawel Brzezicki returned to Polish Steamship Polsteam and he renegotiated delivery of several bulk carriers abandoned at Chinese shipyards by the previous management. With the latest addition of 2019 built bulk carriers, 39K DWT MV Karlino, and MV Sopot, the Polish Steamship Polsteam fleet has increased to 62 bulk carriers. During current CEO Pawel Brzezicki’s tenure, Polish Steamship Polsteam has not sold any bulk carriers.
In 2018, Polish Steamship Polsteam has received five (5) new-building bulk carriers from Chinese shipyards:
- MV Drawno (39K DWT 2018 built)
- MV Solidarnosc (39K DWT 2018 built)
- MV Gardno (36K DWT 2018 built Lake Fitted Bulk Carrier)
- MV Jamno (36K DWT 2018 built Lake Fitted Bulk Carrier)
- MV Narie (36K DWT 2018 built Lake Fitted Bulk Carrier)
- Grains 2,200,000 tons (35% increase against Q2 2018)
- Fertilizers 840,000 tons (51% increase against Q2 2018)
- Steel Products 333,000 tons (130% increase against Q2 2018)
- Phosphates 326,000 tons (41% decrease against Q2 2018)
7-September-2019
Navios Maritime Holdings, based in Athens and listed in New York, reported an increased loss in the second quarter of 2019 due to falling rates, with a net deficit rising to $36.43 million from $25.29 million the previous year. The company faced additional losses from its affiliated companies, though its overall revenue saw an increase, reaching $147.2 million up from $132 million. The decline in bulker revenue was attributed to a 10.9% decrease in Time Charter Equivalent (TCE) rates, which fell to $10,500 per day in Q2 2019 from $11,791 per day in the same period a year earlier. Despite these challenges, CEO Angeliki Frangou expressed satisfaction with the quarter’s outcomes, highlighting a revenue of $147.2 million and an adjusted EBITDA of $62.6 million. Frangou also noted the recent strength in charter rates within the dry bulk sector, contrasting the Q2 TCE rate with the current capesize 5TC rate exceeding $35,000 per day. Navios Holdings has made significant strides in rejuvenating its fleet since the beginning of 2017, reducing the average age of its owned fleet by 26%, including vessels chartered in under long-term bareboat charters. The company oversees a fleet of 57 vessels, consisting of 31 owned and 26 chartered in on long-term agreements. As of August 28, it has secured charters for 90.8% of its available days for the latter half of 2019.
6-September-2019
Greek Aristides Pittas-led shipowner and operator EuroBulk Ltd sold 1999 built panamax bulk carrier 73K DWT MV Ergina Luck for about $6.5 million. The buyer of MV Ergina Luck has not been disclosed. In recent weeks, prices of vintage panamax bulk carriers have firmed up. MV Ergina Luck was built at Tsuneishi Shipbuilding in 1999. MV Ergina Luck went through a special survey (SS) in 2019. In 2014, Greek shipowner and operator Eurobulk acquired MV Ergina Luck (ex MV Excalibur) for about $10.3 million from British Marine. In July 2019, Eurobulk bought 2005 built kamsarmax bulk carrier 82K DWT MV Yasa Neslihan from Istanbul based shipowner and operator Yasa Shipping for around $11.3 million. Eurobulk has not been active in the sale-and-purchase (S&P) market since 2017.
6-September-2019
Copenhagen based shipowner and operator Lauritzen Bulkers has continued to trim its shipowning activities with the sale of three (3) handysize bulk carriers to Clipper Group.
- MV Orchard Bulker (32K DWT 2010 built)
- MV Sentosa Bulker (32K DWT 2010 built)
- MV Emilie Bulker (32K DWT 2010 built)
- Clipper Handy Pool
- Clipper Ultra Pool
6-September-2019
Norwegian investor Bryn Skaugen is planning to exit shipping with stake sale in Massmariner which is a bulker joint venture with Switzerland based Massoel Shipping. Bryn Skaugen’s company B Skaugen has held a 49% stake in Massmariner and owned nine (9) bulk carriers. CEO Martinius Skaugen explained that B Skaugen did not want to take part in a restructuring of Massoel Shipping. Norwegian B Skaugen’s move comes four (4) years after the company considered the bulk market to be so challenging that B Skaugen wrote down the shares in the venture by $6.62 million to zero (0). CEO Martinius Skaugen has cleared that B Skaugen does not have debt and focuses primarily on real estate and shares, among other assets. CEO Martinius Skaugen does not rule out a comeback in shipping in forthcoming years. In 2014, B Skaugen had a book value of NOK 543 million, against NOK 308 million in 2018. Shares in the B Skaugen are owned by Bryn Skaugen and his sons, Martinius Skaugen and Nicolai Skaugen. Norwegian investor Bryn Skaugen’s cousin Morits Skaugen controlled gas tanker company IM Skaugen went bankrupt in 2018. Bryn Skaugen and his cousin Morits Skaugen had no cooperation since they split amicably in 1990. Bryn Skaugen has been in bulk market and Morits Skaugen has been in the gas market. CEO Martinius Skaugen’ great grandfather Isak Martinius Skaugen formed IM Skaugen in 1916. Brothers Brynjulf Skaugen Sr and Morits Skaugen established Royal Caribbean Cruise Line in 1975.
5-September-2019
Singapore based shipowner and operator Grindrod Shipping commenced increasing its stake in IVS Bulk. Grindrod Shipping has agreed to buy out one of its two joint venture partners of IVS Bulk. CEO Martyn Wade led Grindrod Shipping would increase IVS Bulk ownership percentage to 66.75%. Two joint-venture partners in IVS Bulk are Sankaty European Investments III and Regiment Capital Ltd. Furthermore, Grindrod Shipping is aiming to acquire the additional 33.25% stake of IVS Bulk. However, New York-listed shipowner and operator Grindrod Shipping emphasized that the remaining partner intends to retain its 33.25% stake in IVS Bulk. Grindrod Shipping’s takeover of the additional IVS Bulk stake would allow Grindrod Shipping to consolidate its 12 bulk carriers. Grindrod Shipping was publicly listed in June 2018. Grindrod Shipping has reported a loss of $19 million in Q2 2019. Grindrod Shipping’s loss indicates softer dry bulk markets, somewhat compensated by a more effective tanker market. Grindrod Shipping strives to outperform the associated shipping industry benchmarks in both dry bulk and tanker segments. Grindrod Shipping has reported Handysize TCE (Time Charter Equivalent) $7,030 per day while the Baltic Handysize Index (BHSI) was $5,753 per day in H1 2019. Grindrod Shipping’s top executives conclude that a weakened ship supply forecast coupled with constant ship demand will have a positive impact on the company. Additionally, the International Maritime Organization (IMO) 2020 sulfur regulations may have a positive impact on all shipping markets.
5-September-2019
Switzerland based shipowner and operator Doris Maritime Services has been intending to exit shipowning by selling its four (4) ultramax bulk carriers:
- MV Naess Absolute (63K 2015 built)
- MV Naess Courageous (63K 2015 built)
- MV Naess Endurance (63K 2015 built)
- MV Naess Intrepid (63K 2015 built)
5-September-2019
The Italian maritime company d’Amico Dry has recently sold its 2008-built Supramax bulk carrier, the MV Medi Valencia, as part of its fleet renewal strategy. While d’Amico Dry confirmed the sale of this 56K DWT vessel, they did not disclose the buyer’s name or the transaction price due to a confidentiality agreement. However, according to shipbrokers, the purchaser is SR Shipping, a Bangladesh-based bulk carrier firm and a subsidiary of Kabir Steel. This acquisition aligns with SR Shipping’s existing fleet, which already includes five supramax and six handymax bulkers. The sale price of the MV Medi Valencia is rumored to be approximately $12.3 million. This deal follows a previous unsuccessful sale attempt for the same vessel.
4-September-2019
Singapore based shipowner and operator Berge Bulk Shipping acquired buys five-year-old capesize bulk carrier. CEO James Marshall led Berge Bulk Shipping acquired 2014 built capesize bulk carrier 176K DWT MV Bulk Success for around $24 million from HNA Marine, China. MV Bulk Success was constructed at Jinhai Heavy Industries, China. Berge Bulk Shipping is in fleet renewal move. MV Bulk Success’ price tag reflects the firmer capesize freight market is not yet lifting ship values. The estimated sale and purchase (S&P) market value of MV Bulk Success is around $28 million. In March 2019, Berge Bulk Shipping sold 1992 built 263K DWT MV Berge Manaslu and 1992 built 289K DWT MV Berge Denali for demolition. Berge Bulk Shipping operates around 70 bulk carriers.
4-September-2019
Limassol, Cyprus based Lemissoler Navigation is selling old supramax bulk carriers in a fleet renewal process. Lemissoler Navigation is trying to sell three (3) bulk carriers:
- MV Lefkoniko 56K 2010 built
- MV Leonarisso 56K 2010 built
- MV Anogyra 56K 2011 built
Lemissoler Navigation is led by Philippos Philis. Supramax bulk carrier is a very popular vessel type among shipowners and supramax bulk carriers account for nearly one-third (1/3) of all bulk carriers sold in the second-hand market.
4-September-2019
German bulker giant Oldendorff Carriers has ordered newbuilding bulk carriers with Azipod electric propulsion technology. According to Oldendorff Carriers, the electric propulsion notion will decrease the investment costs. Azipod electric propulsion technology has been adopted on ferryboats and cruise ships for a long time. Nevertheless, Oldendorff Carriers have selected electric propulsion technology for two (2) 21K DWT self-unloading bulk carrier new-buildings at Chengxi Shipyard, China. Each self-unloading bulk carrier will be fitted two Azipod electric propulsion technology by ABB. Self-unloading bulk carriers were designed by ship design company CS Marine. Self-unloading bulk carrier new-buildings must operate dependably over a widespread time at supreme performance, and necessitate to be primarily maneuverable in depthless waters. Oldendorff Carriers operate reliable and environmentally-friendly bulk carriers. Oldendorff Carriers’ fleet consists of 95% eco bulk carriers.
4-September-2019
Hamburg-based Reederei H Vogemann has ordered four (4) firm handysize bulk carriers and four (4) options with a price tag around $24 million each at Taizhou Kouan Shipbuilding, China. One of Germany’s oldest shipowners Reederei H Vogemann is a 135-year-old company based in Hamburg. Reederei H Vogemann is aiming to substantially increase the owned fleet. Handysize bulk carriers will be built to the Green Dolphin 38 design and are understood to be open-hatch bulk carriers. Previously, Reederei H Vogemann ordered similar three bulk carriers at Taizhou Kouan Shipbuilding, China. Reederei H Vogemann made a joint venture with MPC Capital in order to establish technical management company Ahrenkiel Vogemann Bolten. Lately, German Reederei H Vogemann has been focusing on the handysize bulk carriers. In 2018, Reederei H Vogemann sold last capesize bulk carrier 2008 built 176K DWT MV SM Vision(ex MV Vogerunne) for about $24.3 million to Seoul based Korea Line. Currently, Hamburg based Reederei H Vogemann operates a fleet of 12 bulk carriers and 2 tankers.
4-September-2019
New York-listed shipowner and operator Safe Bulkers (SB) has completed a quarter of the company’s exhaust gas cleaning systems (scrubber) installation programme. Limassol and Athens-based Safe Bulkers (SB) concentrates resources on environmental assets in 2019. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) is installing open-loop scrubbers at Cosco shipyards. Safe Bulkers (SB) wishes the tools to provide sulphur emissions equivalent to those of bulk carriers running on low-sulfur fuel. In June, Safe Bulkers (SB) has spent a total of $20 million on the installations of scrubbers and BWTS (ballast water treatment systems). An enhanced dry bulk market in Q3 has been supporting these strategies. In Q2 2019, Cypriot shipowner and operator Safe Bulkers (SB) reported a net income of $1.8 million. New York-listed shipowner and operator Safe Bulkers (SB) hasn’t paid a dividend on common stock since late 2015.
3-September-2019
Deutsche Afrika-Linien (DAL) John T Essberger Group (JTE) outsourced the commercial management of its three (3) dry bulk carriers to Hamburg-based Hanseatic Unity Handysize Pool (HUHP). Hamburg-based Hanseatic Unity Handysize Pool (HUHP) is a chartering joint venture established in 2018 by German shipowners Reederei Nord and Peter Dohle Schiffahrts. Deutsche Afrika-Linien (DAL) John T Essberger Group (JTE) outsourced the commercial management of 2013 handysize bulk carrier 34K DWT MV Swakop, 2013 handysize bulk carrier 34K DWT MV Selinda, and 2013 handysize bulk carrier 34K DWT MV Zambesi to Hanseatic Unity Handysize Pool (HUHP). Currently, Hanseatic Unity Handysize Pool (HUHP) controls 22 bulk carriers.
2-September-2019
Oslo-based shipowner and operator Belships is adding to its fleet with charter deals for two (2) ultramax bulk carrier new-buildings. 61K DWT ultramax bulk carrier new-buildings will be constructed in Japan in Q4 2019 and Q1 2020 respectively. 61K DWT ultramax bulk carrier new-buildings will be brought in on seven (7) year bareboat charters. Estimated cash break-even for the 61K DWT ultramax bulk carrier new-buildings will be about $11,000 per day per ship including operational expenses. Norwegian shipowner and operator Belships will be paying $3 million per ship prior to delivery in Q4 2019 and Q1 2020. 61K DWT ultramax bulk carrier new-building agreements come with purchase options below current market values. Belships' purchase options can be exercised from the fourth year until the end of the charter term. Belships is led by CEO Lars Christian Skarsgard. CEO Lars Christian Skarsgard is very pleased to continue the growth and fleet renewal of Belships with two (2) ultramax bulk carrier new-buildings with the highest quality being delivered. In July 2019, Belships extended an expansion drive under Norwegian shipping magnate Frode Teigen's ownership with the addition of an ultramax bulk carrier newbuilding. Belships will be taking ultramax bulk carrier on a 10-year bareboat charter. 64K DWT ultramax bulk carrier will be constructed in the Japanese shipyard and will be delivered during the second half of 2021. After these transactions, Belships has a fleet of 22 supramax and ultramax bulk carriers, including four (4) new-buildings. Belships has reported operating income of $29.6 million in the Q2 2019, against $21 million in Q2 2018. Belships has reported a net profit of $0.1 million in Q2 2019, against a loss of $0.1 million in Q2 2018. Belships has reported net time-charter earnings per ship were $10,996 per day versus the net BSI index of $8,167 per day. Belships has reported a cash breakeven point of $7,000 per day, while 90% of ship days in the Q3 2019 have been booked at $11,250 per day. Norwegian shipowner and operator Belships Group's commercial arm is based in Bangkok, Lighthouse Navigation acts as exclusive commercial managers for the Belships fleet and as an operator for a fleet of chartered-in Ultramax, Supramax, Handysize bulk carriers. Lighthouse Navigation was established in 2009. Furthermore, Belships Management Singapore will soon have the technical management of all the fleet.
2-September-2019
Montreal-based Canada Steamship Lines (CSL) leads way by declaring carbon dioxide (CO2) emissions. Some listed shipowners are being provoked to demonstrate their carbon dioxide (CO2) emissions as part of their public reporting, a privately owned Canada Steamship Lines (CSL) commenced publishing. Canada Steamship Lines (CSL) wants to decrease carbon emissions, enhance environmental compliance, and push social responsibility. CEO Louis Martel noted that Canada Steamship Lines (CSL) aims to run shipping business in a safe, responsible, and ethical manner. Canada Steamship Lines (CSL) is the world’s biggest operator of self-unloading bulk carriers. Canada Steamship Lines (CSL) concentrates on shortsea voyages for considerable industrial clients under long-term agreements. Montreal-based Canada Steamship Lines (CSL) is presumably ahead of many other shipowners when it comes to IMO 2020 practices given the company’s history of performing in environmentally sensitive locations such as the St Lawrence Seaway and Great Lakes. Canada Steamship Lines (CSL) has been consuming a reasonable amount of time and effort to enhance the efficiency of operation. Canada Steamship Lines (CSL) does not plan to equip scrubbers on the fleet. Canada Steamship Lines (CSL) believes that low-sulfur bunkers would be a more convenient way. Due to ballasting legs, Canada Steamship Lines (CSL) carbon emissions rose by 10% in 2018. Canada Steamship Lines (CSL) has a tremendous emphasis on contemporizing the company. Canada Steamship Lines (CSL) has been spending time and effort to enhance the efficiency of ship operation.
2-September-2019
Helsinki based shipowner and operator ESL Shipping has acquired 2011 built 20K DWT MV Alppila from SEB Leasing. ESL Shipping and SEB Leasing signed a lease agreement in 2011 for MV Alppila. Finnish shipowner and operator ESL Shipping expands fleet again in deal relating to the 2011 lease agreement. ESL Shipping has been operating MV Alppila according to the 2011 lease agreement. Currently, ESL Shipping has a fleet of eleven (11) ships, two (2) pusher tugs, and nine (9) bulk carriers. 2011 built 20K DWT MV Alppila is a self-unloading dry cargo vessel that was specially built for the Baltic Sea operations of ESL Shipping. MV Alppila is an ice-classed vessel and capable of operating even in the northern ports. Assuranceforeningen Gard, Norway is the Protection and Indemnity (P&I) Club of MV Alppila. MV Alppila’s transfer of ownership from SEB Leasing to ESL Shipping will improve ESL Shipping’s profitability in the second half of 2019.
2-September-2019
Greek Pittas family-controlled EuroBulk Ltd makes rare second-hand buy at the beginning of August 2019. CEO Aristides Pittas led Eurobulk acquired 2005 built kamsarmax bulk carrier 82K DWT MV Yasa Neslihan from Turkish shipowner and operator Yasa Shipping for about $11.3 million. MV Yasa Neslihan is the Eurobulk’s first dry bulk carrier purchase in three (3) years. 82K DWT MV Yasa Neslihan was built at Sanoyas Shipyard, Japan in 2005. Yasa Shipping has been trying to sell MV Yasa Neslihan since July 2018. Since July 2018, Turkish shipowner and operator Yasa Shipping has been trying to sell five dry bulk carriers all built-in 2005 and 2006. MV Yasa Neslihan is the Eurobulk’s first recorded purchase of a dry bulk carrier on the second-hand market since 2016. In 2016, Eurobulk bought 2009 built 55K DWT MV Eressos Luck (ex MV Calypso Colossus) and sold it in 2017 at a considerable profit of almost 80%. In October 2018, Pittas family’s New York-listed company EuroDry bought 2004 Japanese built panamax bulk carrier 75K DWT MV Star of Nippon for around $9.8 million. In February 2019, Eurobulk bought 2004 Japanese built panamax bulk carrier 76K DWT MV Osmarine from Japanese shipowner and later on sold MV Osmarine to Greek shipowner Efshipping Co. is now trading as MV Doris (ex MV Osmarine). After the purchase of MV Yasa Neslihan, Eurobulk has a mixed fleet of 25 ships including container ships and bulk carriers. CEO Aristides Pittas is optimistic about the prospects of the dry bulk market. Both private company Eurobulk and public company EuroDry has been carefully evaluating possible acquisitions and opportunities.
2-September-2019
Bermuda registered and Hong Kong-based Jinhui Shipping is cautious as the macroeconomy remains uncertain. Oslo Stock Exchange-listed Jinhui Shipping and Transportation find it difficult to plan for the future while the global economy looks uncertain. According to Jinhui Shipping and Transportation’s vice-president Raymond Ching, the United States-China trade war is the biggest overhang that’s affecting the sentiment in the shipping business. Furthermore, there’s a general fear of a global economic slowdown, which translates to weakness in demand in the shipping industry. Jinhui Shipping and Transportation expect a volatile market in the near future for both the shipping business and the global economy. On the other hand, a low number of newbuilding orders at the Far East shipyards is going to give the shipping market strong support. Hong Kong-based shipowner and operator Jinhui Shipping and Transportation is focusing its investments in securities rather than asset plays and believes that asset play comes to an end. In June 2019, Jinhui Shipping and Transportation were forced to terminate the purchase of one of two supramax bulk carriers from Greek shipowner Chartworld Shipping. Jinhui Shipping and Transportation have been investing cash into yield enhancement securities which will provide positive cash-flows for the company. Jinhui Shipping and Transportation has reported total debt of $118 million in Q2 2019, against $90 million Q2 2018. Jinhui Shipping and Transportation opts for Low Sulfur Fuel Oil (LSFO) to meet IMO 2020 regulations instead of scrubbers. In May 2019, Greek shipowner and operator Chartworld Shipping delivered one of the supramax bulk carriers to Jinhui Shipping and Transportation, but Jinhui Shipping and Transportation was forced to cancel its purchase of the second supramax bulk carrier because Chartworld Shipping was unable to deliver supramax bulk carrier on time. Subsequently, Chartworld Shipping refunded an initial deposit of $625,000 to Jinhui Shipping and Transportation. Jinhui Shipping and Transportation has reported a net loss of $1.1 million in Q2 2019 which equates to a basic loss per share of $0.01. Jinhui Shipping and Transportation reported a net profit of $2.84 million in Q2 2018 which equates to a basic profit per share of $0.026. Jinhui Shipping and Transportation reported revenue of $14 million in Q2 2019, against $22.1 million in Q2 2018. Drop-in revenue was due to the weaker freight environment and a reduction in owned ships. In 2018, Jinhui Shipping and Transportation had a fleet of 23 and in 2019 has a fleet of 19 bulk carriers.
2-September-2019
Since May 2019, Oslo-based Klaveness Combined Carriers (KCC) has been listed on Oslo Axess and the company has not been hurrying to be thoroughly listed on the Oslo Stock Exchange (OSE). CEO Lasse Kristoffersen led Klaveness Combined Carriers (KCC) has been receiving support from shareholders on Oslo Axess. Currently, Klaveness Combined Carriers’ shareholders:
- 54% Klaveness Ship Holding
- 18% EGD Shipholding
- 5% Hundred Roses Corporation (Hong Kong)
2-September-2019
Singapore based restructured shipowner and operator Noble Group sold 2013 built post-panamax bulk carrier 93K DWT MV Ocean Topaz for about $14.53 million. After the sale of MV Ocean Topaz, restructured Noble Group is getting nearer to exiting shipowning. According to market veterans, MV Ocean Topaz is worth around $16.85 million. 2013 built post-panamax bulk carrier 93K DWT MV Ocean Topaz was sold to Chinese shipowners. Newbuilding post-panamax bulk carrier price tag is around $61 million. Previously, Noble Group sold 2010 built post-panamax bulk carrier 93K DWT MV Ocean Ruby for about $13.20 million to German bulker giant Oldendorff. After the sale of the latest post-panamax bulk carriers, restructured shipowner and operator Noble Group has left with three (3) debt-free bulk carriers:
- MV Ocean Garnet 93K DWT 2010 built
- MV Ocean Sapphire 93K DWT 2012 built
- MV Aqua Vision 180K DWT 2011 built
1-September-2019
Jefferies has commenced coverage of Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) with a buy rating. According to Jefferies, the current stock price of Eagle Bulk Shipping (EGLE) is very attractive and Eagle Bulk Shipping’s strong balance sheet, notable operating leverage, in-house ship management strategy, and strong financial leverage to increasing asset values. Eagle Bulk Shipping (EGLE) is preparing to install 41 scrubbers on its fleet. Eagle Bulk Shipping (EGLE) expects that the dry bulk shipping demand will grow through 202. Furthermore, shipping market analyst Jefferies is anticipating minimal fleet growth through 2020. According to Jefferies, the current supramax new-building order-to-fleet ratio is only 8% which the lowest since 1999. Besides, many bulk carriers are scrapping candidates ahead of pending IMO (International Maritime Organization) 2020 and ballast water treatment regulations.
1-September-2019
Singapore-based Grindrod Shipping’s administrators revealed their disappointment at the Grindrod Shipping’s weak share price. Currently, New York and Singapore listed bulker and tanker shipowner Grindrod Shipping’s shares are trading at less than half of its Net Asset Value (NAV). CEO Martyn Wade led Grindrod Shipping appears to experience a more prominent discount. Bulk shipping markets are up 50% in the last few months, but shipping companies’ share prices have gone depressed. Grindrod Shipping has been striving to clarify the Grindrod Shipping’s story in order to completely present the Grindrod Shipping’s financial accomplishment. South African tanker and dry bulk shipowner Grindrod Shipping has the option to buy back shares and might be examining in the near future. Grindrod Shipping’s top executives are confident that Grindrod Shipping’s efforts to clean up the structure of the company will ultimately pay dividends. Grindrod Shipping has completed the Leopard Tankers and Petrochemical Shipping joint ventures while allowing the company to obtain control of IVS Bulk. Consequently, capital structure and operations would be easy for investors to appraise. Grindrod Shipping is corresponding to the installation of exhaust gas scrubbers on its fleet and will use IMO 2020 compliant fuels. Grindrod Shipping has not been indoctrinated that the financial gain on the scrubber installation cost will be adequately attractive in the handy, supramax, and ultramax segments.
1-September-2019
Japanese shipowner and operator Kambara Kisen Co Ltd has ordered three 82K DWT kamsarmax bulk carriers at Yangzijiang Shipbuilding in China, marking a strategic fleet expansion for the Ehime-based shipping firm that serves as the maritime transportation arm of Japan’s Tsuneishi Shipbuilding; the order reflects Kambara Kisen Co Ltd’s ongoing efforts to modernize its bulk carrier fleet and enhance its competitive position in regional and global dry bulk trades, with the new ships expected to comply with upcoming environmental regulations, including the IMO 2020 sulphur cap that came into effect on 1 January 2020, which has driven increased demand for fuel-efficient newbuildings; Singapore-listed Yangzijiang Shipbuilding, the builder selected by Kambara Kisen Co Ltd, has been experiencing a rise in newbuilding interest as shipowners seek to meet tightening regulatory requirements, and alongside the kamsarmax bulk carrier contracts, Yangzijiang Shipbuilding has also secured orders for two 325K DWT guaibamax newbuilding bulk carriers from Asian shipowners, underscoring its growing prominence as a preferred shipbuilder for large and eco-friendly bulk carriers.
1-September-2019
New York-listed Navios Maritime Holdings sold management division for around $20 million to N Shipmanagement Acquisition Corporation which is affiliated with CEO Angeliki Frangou. Navios Maritime Holdings will be paid $3,700 per day per ship for the next two (2) years. N Shipmanagement Acquisition Corporation will provide ship management services for Navios Maritime Holdings. Furthermore, N Shipmanagement Acquisition Corporation will own the general partner interests in Navios Maritime Containers and Navios Maritime Partners. N Shipmanagement Acquisition Corporation was announced on 27 August 2019 by Navios Maritime Holdings after New York Stock Exchange closing bell. Greek Angeliki Frangou led Navios Maritime Holdings owns 168 vessels.
1-September-2019
Another vessel managed by Greek shipping magnates George and Stathis Gourdomichalis’ company, Blue Wall Shipping Ltd., has been sold, reducing its fleet size to four bulk carriers from eight at the start of the year. Since March, clients entangled in legal disputes with Danish charterer Pacific Gulf Shipping Co. have disposed of four of Blue Wall Shipping Ltd.’s bulk carriers in transactions totaling approximately $23 million. The most recent sale involved the 28K DWT handysize bulk carrier MV Courageous, built in 2004 by Imabari Shipbuilding, which was sold for about $5.5 million in July. Following the sale, MV Courageous has been renamed MV AG Valour and is currently managed by Unifleet Management. There are also reports that Lebanese interests acquired another Imabari-built vessel managed by Blue Wall Shipping Ltd., the 28K DWT handysize bulk carrier MV Dauntless, built in 2002, for a similar price earlier this year. Post-sale, MV Dauntless is now operating under the name MV ABK Tiger, managed by ABK Shipping Management. These recent transactions, along with the sales of a supramax and a handymax earlier in the spring, leave Blue Wall Shipping Ltd. with a reduced fleet comprising two handysize bulk carriers, one handymax, and one supramax. Among these, the 30K DWT handysize bulk carrier MV Fearless, built in 2001, and the 52K DWT supramax bulk carrier MV Vigorous, built in 2005, have both faced legal challenges in the U.S. following disputes with Pacific Gulf Shipping Co. Vigorous Shipping & Trading, the registered owner of MV Vigorous, reached an agreement in April with Pacific Gulf Shipping Co. to release the vessel against a $9.5 million substitute bond. MV Vigorous had been detained since December 2018 to secure a $22.6 million arbitration award. Shortly after, the MV Fearless was seized in Houston due to legal actions by the same charterer, though it has since been released from Houston.