30-August-2020
Chittagong-based state shipowner and operator Bangladesh Shipping Corp (BSC) is positioning itself for an extensive phase of strategic fleet enlargement as the organisation seeks to reinforce its presence across regional and international maritime trades. Bangladesh Shipping Corporation (BSC), the state-controlled maritime carrier, has outlined an ambitious plan to introduce six additional ships into its operational portfolio, as highlighted by coverage from The Financial Express, signalling a renewed commitment to expanding national maritime capacity and reducing dependence on foreign-flagged tonnage for critical cargo movements. The Chittagong-based state shipowner and operator Bangladesh Shipping Corp (BSC) intends to upscale its fleet to 14 ships through the procurement of two panamax bulk carriers and four modern product tankers. Bangladesh Shipping Corp (BSC) is presently engaged in advanced discussions with a Chinese firm concerning the acquisition package, though it has not yet clarified whether the deal involves newly constructed ships or secondhand tonnage. Bangladesh Shipping Corp (BSC) is also expected to secure Chinese financial backing for the planned expansion, a route it has historically used to finance earlier fleet developments given China’s strong lending ties with state-backed maritime bodies. Bangladesh Shipping Corp (BSC) currently operates three handysize bulk carriers and five tankers, which are deployed to handle a wide mix of outbound export commodities and inbound shipments of crude and refined petroleum from Middle Eastern suppliers. Beyond these fundamental transport activities, Bangladesh Shipping Corp (BSC) plays a critical strategic role in Bangladesh’s national supply chain resilience, supporting government-directed cargo programs in times of price volatility, fuel insecurity, or geopolitical disruption. Over the past decade, Bangladesh Shipping Corp (BSC) has aimed to transform itself from a modest state-run operator into a more commercially responsive entity by upgrading its fleet profile, improving crewing standards, modernising its technical management systems, and enhancing safety performance through international regulatory compliance. Its expansion strategy is also driven by Bangladesh’s rising demand for energy imports, increased foreign trade volumes, and the country’s ongoing development of port infrastructure, which requires a more capable national carrier to support long-term maritime security and economic growth. As Bangladesh Shipping Corp (BSC) broadens its fleet with newer and larger ships, the organisation aims to reduce charter dependence, increase earnings from international voyages, and strengthen its ability to serve Bangladesh’s industrial, agricultural, and energy sectors with greater reliability and operational efficiency.
30-August-2020
Dubai-based shipowner and operator Densay Shipping ordered the second ultramax dry bulk newbuilding order at Jinling Shipyard in the span of just a few weeks. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping has signed up for two (20 63K DWT ultramax dry bulk newbuildings at Jinling Shipyard, plus an option for one (1) more ultramax dry bulk newbuilding. United Arab Emirates-based Densay Shipping will take the delivery of ultramax dry bulk newbuildings in 2021 and 2022. Densay Shipping described these ultramax dry bulk newbuildings as having very elevated specifications. 3-September 2020
Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping acquired 2013 built supramax bulk carrier 57K DWT MV SSI Conquest (ex MV SAM Hawk) from the auctioned fleet of SAM Shipping. Turkish shipowner and operator Densay Shipping uses SSI prefix when naming its bulk carriers. MV SSI Conquest (ex MV SAM Hawk) sistership MV SAM Jaguar might be acquired by Densay Shipping.
30-August-2020
Bahamas-registered Monaco-based shipowner Liberty Maritime International sold two post-panamax bulk carriers 2010 built 93K DWT MV ASL Saturn (ex MV LM Victoria) and 2009 built 93K DWT MV Bonavia (ex MV LM Selene) for around $9 million each. Liberty Maritime International sold MV ASL Saturn (ex MV LM Victoria) to Agricore Ship Management. Liberty Maritime International sold MV Bonavia (ex MV LM Selene) to Dauelsberg Herm. After the sale of two post-panamax bulk carriers Monaco-based shipowner Liberty Maritime International has left with no ships.
26-August-2020
Singapore based shipowner and operator Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd sold 2004 built handysize bulk carrier 32K DWT MV IVS Nightjar for around $5 million. This is the fourth vessel that Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd sold in 2020. According to CEO Martyn Wade led Grindrod Shipping, dry bulk shipping demand is anticipated to recover in 2021. In Q2 2020, Grindrod Shipping reported a net loss of $12.3 million. In Q2 2020, Grindrod Shipping reported revenue of $167 million and a gross profit of $8.9 million. According to CEO Martyn Wade led Grindrod Shipping, reported results are satisfying due to unexpected difficulties after the post-coronavirus recession. Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd was struggling with historically poor weakness in freight rates in Q2 2020. However, Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd has offset the weak markets by cargo contracts and active freight hedging in Q2 2020. Dry bulk shipping experts anticipate shipping demand to improve in 2021. On the other hand, dry bulk order-book in shipyards resumes shrinking. Currently, Grindrod Shipping’s subsidiary IVS Bulk Pte Ltd controls 31 bulk carriers. On the tanker side, Grindrod Shipping’s subsidiary Unicorn Shipping controls 4 tankers.
26-August-2020
Switzerland based shipowner and operator Massoel Shipping sold 2002 built handysize bulk carrier 20K DWT MV Andermatt to New Kronos Star Maritime for around $2 million. Greek shipowner and operator New Kronos Star Maritime has renamed MV Andermatt as MV Agios Porfyrios. Switzerland based shipowner and operator Massoel Shipping has exited the bulker sector with the sale of last bulk carrier MV Agios Porfyrios (ex MV Andermatt). In June 2020, Massoel Shipping sold 2003 built handysize bulk carrier 20K DWT MV Lugano for around $2.5 million. In March 2020, Massoel Shipping sold 2002 built supramax bulk carrier 50K DWT MV Luzern for around $5.5 million to Oryx Shipping. In 2019 summer, Geneva-headquartered shipowner and operator Massoel Shipping was operating 12 bulk carriers. Earlier, Massoel Shipping was a partner of B Skaugen Shipping. B Skaugen Shipping was holding a 49% stake in joint venture shipowner Massmariner. Geneva-headquartered shipowner and operator Massoel Shipping was formed in 1982 by ex Acomarit manager Giorgio Sulser.
26-August-2020
An unknown shipowner registered and named his company as FC Bayern Shipping in the Marshall Islands. Furthermore, FC Bayern Shipping acquired 1994 built handysize bulk carrier 26K DWT MV Bayern S. FC Bayern Shipping acquired 2003 built handysize bulk carrier 32K DWT MV Super Bayern (ex MV Almendro). German football club fan shipowner might be from the Middle East, where football is remarkably popular. Both bulk carriers are managed by Athens based ship-manager Sonar Ships Management Co. Besides, Sonar Ships Management Co. manages eleven (11) bulk carriers. FC Bayern Shipping might keep naming its bulk carriers after the German football club and its players.
24-August-2020
Bermuda registered and Hong Kong-based Jinhui Shipping reported a net loss of $5.2 million in Q2 2020 due to post-coronavirus recession. Many supramax bulk carriers lie at anchor as coronavirus pandemic halts many dry bulk cargoes such as nickel ore. In Q2 2020, Oslo Stock Exchange-listed Jinhui Shipping and Transportation reported a revenue of $8.5 million. Ng Sui Fai-led Jinhui Shipping reported TCE (Average Time Charter Equivalent) of $5,229 in Q2 2020. In Q2 2020, BDI (Baltic Dry Index) was at 783 points. According to Jinhui Shipping and Transportation, in Q2 2020, the freight market has been challenging due to a slowdown in industrial activity which diminished activity in the dry bulk shipping market. Currently, Hong Kong-based Jinhui Shipping has a fleet of 18 bulk carriers.
24-August-2020
Susesea Holdings Pte Ltd ordered ultramax bulk carriers 61K DWT at Chinese-Japanese joint-venture shipyard NACKS (Nantong Cosco KHI Ship Engineering) for around $23 million per ship. In June 2020, Susesea Holdings Pte Ltd ordered the same ultaramax bulk carriers with IMO’s (International Maritime Organization) Tier II emission standards at NACKS (Nantong Cosco KHI Ship Engineering). Singapore-based Susesea Holdings Pte Ltd has two subsidiary companies Susesea Bulk Pte Ltd. and Susesea Ship Management Pte Ltd. Susesea Holdings Pte Ltd is linked to Turkish conglomerate Turgut Aydin Holdings. Susesea Bulk Pte Ltd. and Susesea Ship Management Pte Ltd. started in handysize bulk carrier sector. Currently, Susesea Bulk Pte Ltd. and Susesea Ship Management Pte Ltd. controls five (5) bulk carriers.
24-August-2020
Taiwanese partly stated-owned shipowner and operator Taiwan Navigation sold 2004 built kamsarmax bulk carrier 77K DWT MV Tai Promotion for around $6.5 million. In 2004, MV Tai Promotion was built at Taiwan’s shipyard CSBC. Taipei-based Taiwan Navigation has been in a fleet renewal programme. In June 2019, Taiwan Navigation sold MV Tai Promotion’ sistership 2004 built kamsarmax bulk carrier 77K DWT MV Tai Progress for around $7.5 million to Chinese shipowner and operator YKJ Shipping. In August 2018, Taiwan Navigation ordered scrubber-fitted ultramax bulk carriers at Oshima Shipbuilding. In February 2019, Taiwan Navigation ordered two (2) 80K DWT kamsarmax bulk carriers at Namura Shipbuilding. In November 2019, Taiwan Navigation ordered one (1) 80K DWT kamsarmax bulk carrier at Namura Shipbuilding and one (1) scrubber-fitted ultramax bulk carrier at Oshima Shipbuilding. Currently, Taiwanese partly stated-owned shipowner and operator Taiwan Navigation has a fleet of 15 bulk carriers.
23-August-2020
Led by Nicholas Inglessis, the Athens-based shipowner and operator Alberta Shipmanagement Ltd has made its initial foray into the capesize bulk carrier market, marking a significant step for the family-owned enterprise. Industry insiders report that Alberta Shipmanagement Ltd emerged as the successful bidder for the 2007-built, 176K DWT capesize bulk carrier MV Lowlands Erica, previously owned by Japanese shipowner Miyazaki Sangyo Kaiun Co. Ltd. This acquisition is particularly noteworthy as it represents a strategic expansion in Alberta Shipmanagement Ltd’s diverse fleet portfolio. Alberta Shipmanagement Ltd, established relatively recently, has quickly become known for its aggressive expansion and strategic fleet management. The company’s focus is on optimizing their fleet to ensure high efficiency and compliance with international shipping standards, which has helped Alberta Shipmanagement Ltd carve a niche in the competitive global shipping industry. About a year ago, Alberta Shipmanagement Ltd made headlines with its purchase of a decade-old handysize tanker, marking Nicholas Inglessis’s first maritime venture after he and his daughters, Ismini and Alexia, decided to separate their business interests from Samos Steamship. This move was seen as the beginning of a strategic shift for the company, focusing on diversifying its holdings and strengthening its position in various segments of the shipping market. Since then, the fleet of Alberta Shipmanagement Ltd has grown to include not only the newly acquired capesize bulk carrier but also three handysize bulk carriers, two aframax tankers, and two MR tankers. This expansion reflects the company’s commitment to building a robust and versatile fleet capable of meeting a wide range of shipping needs. Under the leadership of Nicholas Inglessis, Alberta Shipmanagement Ltd emphasizes not just growth but also innovation and sustainability. The company invests in modern vessels equipped with the latest technology to enhance operational efficiency and reduce environmental impact. This approach ensures that Alberta Shipmanagement Ltd remains at the forefront of the maritime industry, ready to adapt to the ever-evolving market conditions and regulatory environments. The strategic acquisition of the MV Lowlands Erica is aligned with Alberta Shipmanagement Ltd’s long-term vision to enhance its service offerings and further solidify its reputation as a dynamic and forward-thinking player in the international shipping arena. With a keen focus on expanding its market reach and fleet capabilities, Alberta Shipmanagement Ltd is poised for continued growth and success in the global shipping industry.
21-August-2020
Greek shipowner and operator Newport S.A. and subsidiary Newport Chartering acquired 2006 built kamsarmax bulk carrier 83K DWT MV Lausanne (ex MV Medi Lausanne) from d’Amico Dry Cargo for around $10 million. Newport S.A. and subsidiary Newport Chartering has been steadily increasing the fleet into larger bulk carriers. In 2018, Newport S.A. and subsidiary Newport Chartering acquired sistership of MV Lausanne (ex MV Medi Lausanne) 2006 built kamsarmax bulk carrier 83K DWT MV Ponente from Japanese shipowners. Initially, George Chatzis-led Newport S.A. and subsidiary Newport Chartering mainly focused on handysize bulk carriers. Lately, Newport S.A. and subsidiary Newport Chartering has been operating in panamax and kamsarmax bulk carriers. Newport S.A. and subsidiary Newport Chartering admires Japanese built bulk carriers and all the company’s fleet were constructed at Japanese shipyards. Greek shipowner and operator Newport Chartering Ltd. was established in 2004. Newport Chartering Ltd. is a subsidiary of Newport S.A.Currently, Athens based Newport S.A. and subsidiary Newport Chartering has a fleet of 13 bulk carriers.
19-August-2020
Oslo-listed shipowner and operator Belships reported a $14 million net loss in Q2 2020 due to coronavirus recession. Belships' loss was also impacted by a $5 million non-cash impairment for its four (4) vintage bulk carriers. In Q2 2020, weak freight rates during the due to coronavirus recession caused a loss, even though Belships exceeded the Baltic Supramax Index's (BSI) average earnings in Q2 2020. Shipping demand was thwarted by lockdowns and a well-known slowdown in economic activities. According to Belships, scrapping practically came to halt during the coronavirus recession. In Q2 2020, Belships was expecting a challenging quarter and also foreseeing a significant improvement in Q3 2020. In Q2 2020, Belships reported TCE (Average Time-Charter Earnings) at $6,927 per day per ship, while the Baltic Supramax Index's (BSI) TCE (Average Time-Charter Earnings) at $5,210 per day per ship. Belships outperformance of the Baltic Supramax Index (BSI) is due to the outsized spot earnings gained by sister company Lighthouse Navigation. In Q2 2020, Belships earned $2 million from FFA (Forward Freight Agreements) per ship. At the beginning of 2020, Belships hedged its spot exposure by selling FFA (Forward Freight Agreements) contracts maturing from Q2 2020 to Q1 2021. Belships is optimistic about the near future because Belships has fixed 90% of its available days in Q3 2020 and has hired at around $9,000 net per day. Belships has fixed 40%of its available days in Q4 2020 has hired at around $11,000 net per day.
19-August-2020
Singapore based shipowner and operator Berge Bulk controlled 2016 built capesize bulk carrier 211K DWT MV Berge Zugspitze’s crew members turn the ship into floating vegetable farm. Berge Bulk’s crew members fixed a vertical hydroponic system to create a vertical garden at sea to grow up vegetables. Berge Bulk’s crew members have been harvesting and cooking vegetables in the galley during coronavirus pandemic. Berge Bulk’s crew members are delighted that they are consuming vegetables that haven’t been touched by other people. Furthermore, Berge Bulk’s crew members are experiencing new vegetables that they have never heard of before. James Marshall led Berge Bulk intends to capture CO2 emissions, whilst at the same time producing fresh, sustainable vegetables that the crew can harvest. Furthermore, harvesting is a stress-busting activity for the crew members of Berge Bulk.
19-August-2020
Singapore-based shipowner and operator China Navigation (CNCo) shipped 50K tons of raw sugar from Brazil to Malaysia as the world’s first end-to-end environmentally sustainable sugar cargo. China Navigation (CNCo) cooperated with VIVE for green sugar shipments. Swire Bulk was the dry bulk arm of China Navigation (CNCo), but Swire Bulk and Navigation (CNCo) separated the companies. In sugar shipping history, this is the first time sugar produced under the VIVE sustainability programme has been carried by China Navigation (CNCo) which is verified and delivered to a VIVE-verified end user. VIVE began to reach long-term partners like China Navigation (CNCo) to ship and deliver a definitely sustainable and accredited supply chain from field to factory. Furthermore, China Navigation (CNCo) was examining to enhance gender diversity with the first female cadets. Swire Bulk and China Navigation (CNCo) was accredited for standard operating procedures by VIVE, plus from welfare to safety to sustainability. Swire Bulk and China Navigation (CNCo) demonstrated transparency and proactive management. Swire Bulk and China Navigation (CNCo) cooperated with all stakeholders in the commodities chain, including trade financiers. According to Swire Bulk and China Navigation (CNCo), other dry bulk operators should get involved with sustainability leadership such as VIVE.
17-August-2020
Danilo Fumarola-led Gestion Maritime sold 2020 Japanese-built kamsarmax bulk carrier 82K DWT MV Giovanni Corrado for around $30 million to a Chinese shipowner. Monaco-based shipowner Gestion Maritime ordered MV Giovanni Corrado at the end of 2015 at Oshima Shipbuilding, Japan. Due to coronavirus recession reduced dry bulk carrier prices commenced to soar. Gestion Maritime has a fleet of seven (7) bulk carriers. In 2019, Gestion Maritime sold the last two (2) MR product carriers, and currently, Gestion Maritime is a pure bulker owner.
16-August-2020
Iron ore mining giant BHP (formerly known as BHP Billiton) alerts of diminishing growth outside of China. Australian mining giant BHP warned that the post-coronavirus recession will continue for a while. According to BHP (formerly known as BHP Billiton), global crude steel production will decline in Q4 2020, with uninterrupted growth in China offset by a steep fall in the rest of the world. On the other hand, BHP has been aiming to offload coal assets as part of decarbonization efforts. BHP (formerly known as BHP Billiton) foresees that steel production is going to decrease by 6% for crude steel. Australian mining giant BHP calculates that global steel production will grow insignificantly faster than population growth in the forthcoming decades. Afterward, BHP calculates that global steel production will gradually decline in China offset by India. According to BHP (formerly known as BHP Billiton), an increase in pig iron production will linger behind the increase in steel production. Mainly, this situation indicates a higher long term proportion of steel sourced from scrap. BHP (formerly known as BHP Billiton) does not anticipate China and the OECD to return to their pre-coronavirus recession trend growth rates until 2023.
16-August-2020
Ulrik Andersen-led Golden Ocean Group anticipates coal imports to China and India to increase further. John Fredriksen backed Golden Ocean Group anticipates coal imports to China and India will increase. Golden Ocean Group’s capesize fleet has been driven by iron ore, but coal will contribute an additional incentive due to demand from China and India. According to Oslo-listed Golden Ocean Group, coal should be phased out soon however coal still has a significant capacity in dry bulk shipping. Currently, the health of the capesize spot market is defined by China’s iron ore imports. Furthermore, tonne-mile from coal is nowhere near that of iron ore. Iron ore is the key driver bulk cargo for Golden Ocean Group’s capesize fleet. On the other hand, coal shipments have been a great extra catalyst for capesize rates. Golden Ocean Group anticipates capesize markets to strengthen, followed by a weaker Q1 2021.
16-August-2020
Monaco based shipowner and operator GoodBulk Ltd anticipates a stabilization in dry bulk markets after the coronavirus recession. John Michael Radziwill-led GoodBulk Ltd plans to pay notable capital dividends to investors. Oslo OTC (Over-the-Counter) listed GoodBulk Ltd reported $7.2 million in EBITDA in Q2 2020 and strong cash reserves. GoodBulk Ltd reported a net loss of $5.8 million in Q2 2020. GoodBulk Ltd is not planning to sell any ships at these levels. In Q2 2020, GoodBulk Ltd’s fifteen (15) bulk carriers average earnings were below the Baltic Index due to the lag created by fixing bulk carriers during a rising spot market. GoodBulk Ltd is optimistic about the dry bulk market. According to Monaco based shipowner and operator GoodBulk Ltd, supply and demand for dry bulk shipping seem compelling for the rest of 2020.
16-August-2020
Oslo-based Klaveness Combined Carriers (KCC) strives to take delivery of new ships from the shipyard in China due to the coronavirus pandemic. In the first week of August, Jiangsu New Yangzijiang Shipbuilding delivered Cleanbu type vessel 83K DWT MV Baleen to Klaveness Combination Carriers (KCC). However, due to current coronavirus pandemic restrictions in China, Klaveness Combination Carriers (KCC) can not bring crew members to take delivery of MV Baleen at the shipyard. Klaveness Combination Carriers (KCC) has organized temporary Chinese crew members to steam the MV Baleen to South Korea to embark on crew members. MV Baleen is presumed to maiden voyage at the end of September 2020. MV Baleen is the fourth Cleanbu type vessel that was ordered and another four subsequent Cleanbu type vessels are anticipated to be delivered at the beginning of 2021. In Q2 2020, Klaveness Combination Carriers (KCC) reported a net profit of $8.3 million. In Q2 2020, Klaveness Combination Carriers (KCC) reported revenue of $25.5 million. Klaveness Combination Carriers (KCC) controlled CABU-type ships generated earnings of $21,290 per day. Oslo-ilsted Klaveness Combination Carriers (KCC) is paying a dividend of $0.03 per share. Despite the weak markets due to the coronavirus recession, Klaveness Combination Carriers (KCC) earnings outlook for the remaining part of 2020 is positive. Klaveness Combination Carriers (KCC) is supported by a secured contract of affreightment (CoA) contracts.
16-August-2020
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio grounded off Mauritius in the first week of August. MOL (Mitsui O.S.K. Lines) chartered-in MV Wakashio from Japanese shipowner Nagashiki Shipping. Nagashiki Shipping is a low-profile family-owned shipping company that owns a large fleet of state-of-the-art vessels and charters out to blue-chip operators like MOL (Mitsui O.S.K. Lines). Nagashiki Shipping was established around the mid-1800s. After the second world war, the modern Nagashiki Shipping was created in 1958. Nagashiki Shipping has a head office in Okayama prefecture. Like many Japanese private shipowning companies, Nagashiki Shipping charters-out it’s fleet on long-term time charter or bareboat leasing agreements with established operators like MOL (Mitsui O.S.K. Lines), Nippon Yusen Kaisha (NYK), Norden Shipping (Dampskibsselskabet DS Norden A/S), CNC Line, Asahi Tanker, and TS Line. MV Wakashio was the only ship in the Nagashiki Shipping’s fleet which had in-house ship-management. The rest ofNagashiki Shipping’s fleet is managed by Misuga Kaiun and Anglo-Eastern. MOL (Mitsui O.S.K. Lines) chartered-in MV Wakashio was ranked as a low-risk ship by the Tokyo MOU PSC (Port State Control) Authority. Nagashiki Shipping announced that the company will abide by its legal responsibility for the disaster and clean up the pollution caused by MV Wakashio. MV Wakashio incident has inspired many shipowners to undergo a meticulous safety review.
16-August-2020
At the beginning of 2020, Singapore-based Pacific Carriers Ltd (PCL) had asked Japanese shipowners to either take back their bulk carriers or reduce rates. Many Japanese shipowners are commencing to take redelivery of bulk carriers from Pacific Carriers Ltd (PCL) rather than cut charter rates. In previous months, Pacific Carriers Ltd (PCL) attempted rate cuts on about 40 bulk carriers as Pacific Carriers Ltd (PCL) coped with a slowdown in the dry bulk market due to coronavirus recession. Japanese shipowners cut charter rates between 2016 and 2018 for Pacific Carriers Ltd’s (PCL) chartered bulk carriers to get Pacific Carriers Ltd (PCL) out of a challenging position. However, currently, some Japanese shipowners are reluctant to take fresh rate cuts, with some Japanese shipowners are still owed money from the 2016 to 2018 agreements with Pacific Carriers Ltd. Some Japanese shipowners are opting to take redelivery of their bulk carriers and listing the bulk carriers in S&P (Sale and Purchase) market to accumulate cash by selling the bulk carriers. Japanese shipowners have been asked to cut charter rates or take ships back from Gearbulk and Pacific International Lines.
16-August-2020
Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) anticipates to raise $25 million from capital markets. Nasdaq listed shipowner Seanergy Maritime is starting an underwritten offering of 35 million units consisting of a common share and a warrant to buy another. CEO Stamatis Tsantanis-led Seanergy Maritime is planning to use the cash for general corporate purposes. In May 2020, Seanergy Maritime had determined to back off the capital markets for a while. Currently, Seanergy Maritime has a fleet of 10 capesize bulk carriers. Afterward, Seanergy Maritime raised $30 million in cash by selling 228 million shares. In July 2020, Seanergy Maritime used some of the cash to buy a capesize bulk carrier for around $11 million.
16-August-2020
Turkish shipowner Derin Shipping (Derin Denizcilik - DD) sold 2012 built supramax bulk carrier sisterships 57K DWT MV DD Ege, MV DD Maramara, MV DD Karadeniz for $10 million each. There is a little-known relationship between Turkish shipowner Derin Shipping (Derin Denizcilik - DD) and Dutch Zealand Shipping. Till 2019, MV DD Ege, MV DD Maramara, MV DD Karadeniz were trading as MV Zealand Rotterdam, MV Zealand Amsterdam, MV Zealand Almere in the fleet of Zealand Shipping. In October 2019, Dutch Zealand Shipping sold trio to Turkish shipowner Derin Shipping (Derin Denizcilik - DD). Furthermore, these three (3) supramax bulk carriers changed their flag from the Dutch to Turkish. This might be an internal transaction and that Zealand Shipping and Derin Shipping are affiliated companies.
15-August-2020
Finnish shipowner and operator ESL Shipping has been laying up bulk carriers. Furthermore, ESL Shipping has been handing back chartered in bulk carriers due to a significant drop in bulk cargoes during the coronavirus recession. In Q2 2020, Helsinki based shipowner and operator ESL Shipping carried around 4 million tonnes versus 3 million tonnes in Q2 2019. In Q2 2020, ESL Shipping reported an operating profit of €0.6 million and a revenue of €32.9 million due to lower demand for dry bulk shipping. In Q2 2020, ESL Shipping laid-up one (1) bulk carrier and will redeliver three (3) time-chartered bulk carriers to shipowners at the end of the charter-party. Furthermore, ESL Shipping is planning to lower the time charter rates at the end of the contracts. The coronavirus recession had a vital impact on the demand for dry bulk shipping especially in ESL Shipping’s main businesses in Northern Europe. In Q2 2020, ESL Shipping moored one (1) supramax bulk carrier and another one will be moored soon. In Q3 2020, ESL Shipping expects to be more distressed in dry bulk markets and weak results. ESL Shipping’s main charterers will significantly decrease their production. In Q4 2020, ESL Shipping expects the steel industry will return to normal production levels. ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships.
15-August-2020
German shipowner and operator Oldendorff Carriers acquired 2010 built baby capesize bulk carrier 93K DWT MV Celine Oldendorff (ex MV Ocean Garnet) from New Noble Group for about $12 million. MV Celine Oldendorff (ex MV Ocean Garnet) was equipped with ballast water treatment. Henning Oldendorff led Oldendorff Carriers has been expanding its baby capesize fleet. Currently, Oldendorff Carriers have 30 owned baby capesize bulk carriers in the fleet and operates 116 baby capesize bulk carriers. In June 2020, Oldendorff Oldendorff Carriers acquired, sister ship of MV Celine Oldendorff (ex MV Ocean Garnet), 2010 built baby capesize bulk carrier 93K DWT MV Caroline Oldendorff (ex MV Ocean Ruby) for about $13 million. On the other hand, Oldendorff Carriers chartered-in 2017 built post-panamax bulk carrier 80K DWT MV Sakizaya Noble for a year at $13,000 per day. Currently, German dry bulk giant Oldendorff Carriers operates around 700 ships.
13-August-2020
Limassol based shipowner and operator Castor Maritime chartered out 2001 built panamax bulk carrier 75K DWT MV Magic Sun to Ausca Shipping $12,500 per day for four months. Chartering out a panamax bulk carrier to Hong Kong-based Ausca Shipping means Nasdaq-listed owner Castor Maritime has secured a stable charterer for its expanding bulker fleet. In July 2020, Castor Maritime bought 2010 built panamax bulk carrier for around $13 million. In June 2020, Castor Maritime bought 2007 built panamax bulk carrier 74K DWT MV Magic Rainbow from New York-listed Diana Shipping. Castor Maritime chartered out MV Magic Rainbow at $10,300 per day for five months. Cyprus based shipowner and operator Castor Maritime’s CFO Petros Panagiotidis is satisfied to complete the MV Magic Rainbow acquisition in the post-coronavirus recession.
13-August-2020
Singapore based shipowner and operator Eastern Pacific Shipping (EPS) has embraced aboard the students which are children of Eastern Pacific Shipping (EPS) employees. Idan Ofer-led Eastern Pacific Shipping (EPS) established The Sammy Ofer EPS Scholarship Fund in honor of his father Sammy Ofer. Due to coronavirus pandemic, a welcome ceremony was held online. The Sammy Ofer Eastern Pacific Shipping (EPS) Scholarship Fund offers scholarships to the children of Eastern Pacific Shipping’s (EPS) employees. Sammy Ofer and the Ofer family have continuously appreciated education and hard work as the foundations of success. Children of Eastern Pacific Shipping’s (EPS) employees will be able to study at universities in their home countries.
13-August-2020
In July 2020, Athens-based Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd. acquired 2011 built handysize bulk carrier 32K DWT MV Vasilis (ex MV Maratha Paramount) and 2012 built handysize bulk carrier 32K DWT MV Fuzeyya (ex MV Maratha Prudence) for around $8 million each from Chowgule Steamship. Greek shipowner and operator Empire Bulkers Ltd. allocated some funds to acquire MV Vasilis (ex MV Maratha Paramount) and MV Fuzeyya (ex MV Maratha Prudence) by selling MV Feyha and MV Diana. Empire Bulkers Ltd. sold 2010 built handysize bulk carrier 37K DWT MV Pacific 06 (ex MV Feyha) and 2009 built handysize bulk carrier 37K DWT MV Pacific 05 (ex MV Diana) for around $11.5 million en-block to Vietnamese shipowner.
13-August-2020
Athens based Greek shipowner and operator Mercury Maritime Enterprises Co. S.A. has been expanding the fleet despite the coronavirus recession. Jason Merkouris-led shipowner and operator Mercury Maritime Enterprises Co. S.A. bought 2011 built handysize bulk carrier 36K DWT MV Enterprise (ex MV Arrilah-I) from Abu Dhabi National Oil Co (ADNOC).
13-August-2020
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited has recently acquired another Very Large Crude Carrier (VLCC) from Mitsui OSK Lines, as prices in the market calm down. The deal for this 15-year-old oil tanker was concluded at a significantly lower rate than what was observed earlier this year. However, analysts view the achieved price as still encouraging. Greek shipowner and operator New Shipping Limited acquired Very Large Crude Carrier (VLCC) 302,000 DWT tanker MT Otowasan. Athens-based shipowner and operator New Shipping Limited has been actively expanding its Very Large Crude Carrier (VLCC) fleet.
13-August-2020
Singapore based restructured New Noble Group’s subsidiary Parmenter Limited sold 2010 built post-panamax bulk carrier 93K DWT MV Ocean Garnet for around 11 million. Singapore-listed New Noble Group has left with one bulk carrier after the sale of MV Ocean Garnet. Recently, New Noble Group installed ballast water treatment onboard of MV Ocean Garnet. Singapore based restructured New Noble Group and Noble Chartering has been disposing of ships to focus on trading. In February 2020, Kondinave SA acquired sistership 2012 post-panamax bulk carrier 93K DWT MV Ocean Sapphire for around $13 million from New Noble Group.
13-August-2020
Oslo over-the-counter (OTC) listed Pioneer Marine sold 2015 built handysize bulk carrier 38K DWT MV Falcon Bay. In a separate deal, Greek shipowner and operator Pioneer Marine tried to sell 2006 built handysize bulk carrier 28K DWT MV Fortune Bay. However, the deal was canceled by the buyers and Pioneer Marine had maintained a deposit of $1 million. On the other hand, Pioneer Marine agreed with one of its bankers to defer a portion of the three next quarterly installments against prepayment of $3 million. In Q2 2020, Pioneer Marine reported a loss of $6.5 million. In Q2 2020, Pioneer Marine reported TCE (Time Charter Equivalent) revenue of $7.3 million. In Q2 2020, Pioneer Marine was significantly affected by the coronavirus recession. Jim Papoulis-led Pioneer Marine expects a gradual recovery in dry bulk shipping markets. Pioneer Marine is optimistic about the near future of dry bulk shipping markets.
13-August-2020
London-based Greek shipowner Seven Seas Maritime’s subsidiary Athens-based Alloceans Shipping has commenced renewing its fleet. Alloceans Shipping acquired 2015 built handysize bulk carrier 39K DWT MV Arcadia (ex MV Cielo di Cartagena) from D’Amico Shipping for around $13 million. In February 2020, Alloceans Shipping sold 2002 built supramax bulk carrier 50K DWT MV Luna II (ex MV Arcadia) for around $5 million to Al Shumookh Construction in UAE.
13-August-2020
Norwegian bulker operator Western Bulk Chartering reported a loss after tax of $2.9 million in Q2 2020, following a loss after tax of $24 million in 2019. In response to the coronavirus recession and the weak bulker market, Oslo-based Western Bulk Chartering began redelivering bulk carriers to reduce market exposure, a process that accelerated toward the end of 2019 as Western Bulk Chartering sought to limit downside risk. Western Bulk Chartering was particularly affected by port closures in India and South Africa, as well as by weak conditions in the Atlantic basin. In 2019, Western Bulk Chartering also booked a $15 million write-off linked to losses from a failed COA (Contract of Affreightment) in Chile. Western Bulk Chartering controls around 125 bulk carriers, and by redelivering bulk carriers to shipowners Western Bulk Chartering has aimed to reduce exposure to the depressed market environment. Despite the disruption, Western Bulk Chartering has expressed optimism for the longer-term outlook for dry bulk markets. In Q2 2020, Western Bulk Chartering also faced staff turnover, with some employees resigning to join Belships. Western Bulk Chartering has restructured by splitting the chartering department into six (6) smaller teams, each with separate profit and loss responsibilities.
12-August-2020
Norwegian shipowner 2020 Bulkers reported a net profit of $2.4 million for Q2 2020 and has restarted paying dividends. Previously, Oslo listed shipowner 2020 Bulkers halted paying a dividend to shareholders until June 2020 due to the coronavirus recession. Since November 2019, 2020 Bulkers paid a dividend for every month until June 2020. In Q2 2019, Norwegian shipowner 2020 Bulkers reported a net loss of $1 million. However, in Q2 2019, 2020 Bulkers reported a net loss due to a non-operating fleet. In April 2020, 2020 Bulkers signed a deal for interest-rate swaps for $177 million. In Q2 2020, reported TCE (Average Time-Charter Equivalent) of $19,100 per day for each scrubber-fitted newcastlemax bulk carrier. In Q2 2020, 2020 Bulkers’ fleet increased to eight (8) newcastlemax bulk carriers. In June 2020, 2020 Bulkers chartered out kamsarmax bulk carriers 208K DWT MV Bulk Sao Paulo and MV Bulk Santos to Glencore’s subsidiary ST Shipping. Currently, 2020 Bulkers has six (6) of its eight (8) newcastlemax bulk carriers on time-charters until the end of 2020.
12-August-2020
Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping ordered three (3) ultramax bulk carriers 63K DWT at Nantong Xiangyu Shipbuilding & Offshore Engineering. Three (3) ultramax bulk carriers will be delivered in Q1 2022. Densay Shipping did not sign any options for the ultramax bulk carriers. China-based shipyard Nantong Xiangyu Shipbuilding & Offshore Engineering has been completing yard upgrades. Nantong Xiangyu Shipbuilding & Offshore Engineering has already delivered 25 vessels since 2018 and the shipyard concentrates on building ultramax bulk carriers. Densay Shipping’s ultramax bulk carriers are designed by Shanghai Merchant Ship Design & Research Institute. Densay Shipping’s ultramax bulk carriers will be outfitted with MAN main engine MAN Energy Solutions, which provides enhanced fuel-oil consumption. Turkish shipowner and operator Densay Shipping has not disclosed any price tag for the ordered ships. In 2017, Densay Shipping ordered ultramax bulk carriers at Jinling Shipyard. In 2019, Densay Shipping took delivery of MV SSI Privilege and MV SSI Splendid. Turkish shipowner and operator Densay Shipping has stayed away from the newbuilding market since 2017. However, Densay Shipping has been busy as an asset player on the S&P (Sale and Purchase) market. In 2018, Densay Shipping entered the tanker market and acquired two (2) tankers. Currently, Densay Shipping has a fleet of 19 ships.
12-August-2020
China State Shipbuilding Corporation (CSSC) has announced that its subsidiary Jiangnan Shipyard has signed a Letter of Intent (LOI) with Japanese shipowner Kumiai Senpaku Co Ltd for the construction of a 40,000 cu m LPG carrier, which will feature an LPG dual-fuel engine along with additional environmentally friendly technologies, with delivery scheduled for Q1 2023; Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Kumiai Senpaku Co Ltd, currently owns a fleet of 16 ships comprising 9 bulk carriers, 4 tankers, and 3 LPG carriers, and Kumiai Senpaku Co Ltd also has an MR tanker under construction at CSSC Chengxi Shipyard; Kumiai Navigation Pte Ltd, headquartered in Singapore, acts as the commercial and technical management hub for the group’s international operations, with a strategic focus on energy transportation and dry bulk markets, and is recognized for its high standards in vessel management, long-term charter relationships, and commitment to environmental compliance and operational excellence; its parent company, Kumiai Senpaku Co Ltd, founded in 1929 and based in Tokyo, is a privately owned Japanese shipping firm with decades of experience in owning and operating LPG carriers, product tankers, and bulk carriers, and is known for its conservative growth strategy, emphasis on long-term asset value, and close relationships with leading charterers and shipbuilders in both Japan and overseas markets.
12-August-2020
Greek handysize shipowners have stayed highly engaged in the secondhand market, balancing disposals of older tonnage with selective purchases aimed at renewing fleets through the S&P (Sale and Purchase) market. Within this wave of activity, Greek shipowner and operator Samios Shipping Co. S.A. has emerged as a notable buyer, using targeted acquisitions to strengthen Samios Shipping Co. S.A.’s presence in the handysize bulk carrier segment and to keep Samios Shipping Co. S.A.’s fleet profile competitive in a market where charterers increasingly value efficiency, flexibility, and reliable operating performance. Greek shipowner and operator Samios Shipping Co. S.A. acquired 2010 built handysize bulk carrier sisterships 35K DWT MV Agios Nikolaos (ex MV Asian Pearl III) and MV Agia Dynami (ex MV Asian Pearl IV) for around $5 million each from Asia Maritime Pacific (AMP), adding modern, commercially versatile units that can trade a wide range of minor-bulk cargoes across diverse port ranges. The purchases highlight Samios Shipping Co. S.A.’s focus on practical, workhorse tonnage that can operate across multiple basins, serve both regional and longer-haul employment, and benefit from the geared handysize bulk carrier profile that remains attractive in trades where cargo handling flexibility is essential. Prior to these handysize bulk carrier acquisitions, Samios Shipping Co. S.A. also acquired panamax bulk carrier from Arpeni Pratama, underlining that Samios Shipping Co. S.A. is prepared to diversify across dry bulk size classes when an opportunity aligns with Samios Shipping Co. S.A.’s fleet strategy and commercial outlook. Currently, Greek shipowner and operator Samios Shipping Co. S.A. has a fleet of six (6) bulk carriers, and the recent activity indicates a deliberate approach to fleet renewal rather than rapid expansion, with Samios Shipping Co. S.A. prioritising disciplined buying, asset quality, and the ability to generate stable earnings across different market cycles. At the same time, the transactions illustrate the importance of long-standing relationships and timing in the Greek S&P (Sale and Purchase) market, where well-positioned buyers can secure attractively priced ships that fit specific trading requirements. On the sell-side, Asia Maritime Pacific (AMP) has continued to market 2010 built handysize bulk carrier 35K DWT MV Asia Pearl V, signalling that fleet reshaping remains underway among owners seeking to rebalance portfolios, monetise assets, or recycle capital. For Samios Shipping Co. S.A., the addition of MV Agios Nikolaos (ex MV Asian Pearl III) and MV Agia Dynami (ex MV Asian Pearl IV), combined with the earlier panamax bulk carrier acquisition from Arpeni Pratama, points to an intent to maintain a capable, flexible dry bulk platform, keeping Samios Shipping Co. S.A. positioned to capture chartering opportunities as minor-bulk trade flows, regional demand patterns, and global freight market conditions continue to evolve.
11-August-2020
United States-based Ed Coll-led Pangaea Logistics Solutions sold 2002 built supramax bulk carrier MV Bulk Beothuk for around $5 million. USA Rhode Island-based Pangaea Logistics Solutions charters in around 45 bulk carriers and owns 20 bulk carriers. In Q2 2020, New York-listed Pangaea Logistics Solutions reported a $3 million profit. In Q2 2020, USA based shipowner and operator Pangaea Logistics Solutions reported a $70 million revenue due to lower average time charter rates. During the coronavirus recession, Pangaea Logistics Solutions decreased dry bulk exposure by redelivering chartered bulk carriers. Pangaea Logistics Solutions has been observing post coronavirus recession and its effects on shipping markets.
11-August-2020
Greek shipowner and manager Lamda Maritime S.A. acquired 2013 built handysize bulk carrier 34K DWT MV Hydra Dawn (ex MV Swakop) for around $8 million from John T Essberger. Recently, Lamda Maritime S.A. sold 1997 built handysize bulk carrier 24K DWT MV Master to scrapyard in Pakistan for around $336 per ldt (Lightweight Displacement Tonnage). At the beginning of 2020, Lamda Maritime S.A. sold 1996 built handysize bulk carrier 28K DWT MV Refined (ex MV Happy Venture) for around $3.5 million to Chinese shipowners.
10-August-2020
Danish shipowner and operator Dampskibsselskabet DS Norden A/S ordered another two (2) ultramax bulk carrier new-buildings 61K DWT at Nantong Cosco KHI Ship Engineering (NACKS). Nantong Cosco KHI Ship Engineering (NACKS) is a joint venture between Cosco Shipping Corp and Kawasaki Heavy Industries. In June 2020, Dampskibsselskabet DS Norden A/S ordered four (4) ultramax bulk carrier new-buildings at the same shipyard. Dampskibsselskabet DS Norden A/S attempts to seize dry cargo asset opportunities. Dry bulk carrier prices are about 20% lower today than 2018 levels. Dampskibsselskabet DS Norden A/S sold and leased back two (2) ultramax bulk carriers that were previously ordered. Furthermore, Dampskibsselskabet DS Norden A/S acquired 2014 built bulk carrier 61K DWT MV MI Harmony for around $16 million from Itochu Corporation.
10-August-2020
Bangkok-based shipowner and operator Precious Shipping reported a $37 million net loss in Q2 2020 due to coronavirus recession and settlement with Sainty Marine. Thailand Stock Exchange-listed Precious Shipping’s net loss included a charge of $27 million related to the settlement of its long-running dispute with the shipyard over eleven (11) ultramax bulker carriers. Precious Shipping agreed to the settlement to receive cash as soon as possible and to save additional legal costs. Furthermore, Precious Shipping hurt by the weaker dry cargo market during Q2 2020. In Q2 2020, Precious Shipping’s bulk carriers earned $6,099 per day. According to Precious Shipping, Q2 2020 was far more challenging due to coronavirus lockdown in China. However, Bangkok based shipowner and operator Precious Shipping is optimistic about the future bulk market. Currently, China accounts for 40% dry cargo movement and the rest of the world accounts for 60% of dry cargo movement. Therefore, Q2 2020 was hurt by lockdowns due to coronavirus. In Q2 2020, Precious Shipping had favorably improved the terms of two (2) outstanding loans.
10-August-2020
Athens-based shipowner and operator Pontos Marine acquired 2010 built handysize bulk carrier 32K DWT MV SAM Eagle in an auction on behalf of lender Credit Suisse. MV SAM Eagle was controlled by SAM Shipping. Furthermore, Greek handysize shipowner and operator Pontos Marine acquired 2003 built handysize bulk carrier 29K DWT MV Lily Mumbai for around $3.7 million from Zeamarine Carrier. Currently, Pontos Marine has a fleet of four (4) bulk carriers.
6-August-2020
Monaco based shipowner and operator GoodBulk Ltd has reported a net loss of $5.8 million in Q2 2020 versus $228K profit in Q2 2019. Oslo OTC (over-the-counter market) listed GoodBulk Ltd has refinanced almost all of its existing loans. GoodBulk Ltd has reported a net loss due to a weak dry bulk market plus a $10 million depreciation charge. In Q2 2020, GoodBulk Ltd booked $2 million net profit when the company sold 2003 built capesize bulk carrier 171K DWT MV Alam Cetus (ex MV Aquajoy). John Michael Radziwill led GoodBulk Ltd halted the company’s quarterly dividend due to coronavirus recession. However, GoodBulk Ltd endeavors to deliver funds to shareholders at the earliest convenient time. In 2019, GoodBulk Ltd distributed $100 million to shareholders. GoodBulk Ltd reported TCE (Average Time-Charter Equivalent) of $8,912 per ship per day in Q2 2020. GoodBulk Ltd’s 15 capesize bulk carriers are traded in the spot market in the Capesize Chartering pool in Q2 2020. GoodBulk Ltd’s 8 capesize bulk carriers are employed on period charters. GoodBulk Ltd’s bulk carriers are managed by John Michael Radziwill controlled C Transport Maritime (CTM). GoodBulk Ltd made early terminations of IRS (Interest Rate Swap) agreements with ABN AMRO. GoodBulk Ltd has also agreed with two other bankers, Credit Suisse and ING Bank, to combine and extend existing IRS (Interest Rate Swap) agreements. In Q3 2020, GoodBulk Ltd has chartered out around half of its capesize bulk carriers.
6-August-2020
In a remarkable revelation, authorities in Guatemala have uncovered a stash of cocaine concealed within an apparatus aptly termed a “parasite”, adjoined to the hull of a Singapore-flagged MR tanker. This startling discovery transpired aboard the MTM Potomac, a 51,000-dwt vessel crafted in 2004 and presently under the administration of the US-centric MTM Trading. Following its voyage from Santa Marta, Colombia, the vessel was meticulously inspected by the anti-narcotics division at Puerto Santo Tomas de Castilla. Reports suggest the retrieval of 56 parcels from the cylindrical metallic chamber, each allegedly housing 1 kg of the illicit substance. Furthermore, the National Civil Police have corroborated the presence of a GPS transmitter within the metal conduit, affording the perpetrators the luxury of monitoring the consignment’s progress. Intriguingly, this marks the second instance in a span of merely six months where narcotics, sheathed in a parallel manner, have been intercepted at Guatemala’s docks. The previous incident in late April 2020 ensnared the MV UBC Saiki, a 31,800-dwt ship constructed in 2002 and governed by the German proprietor Hartmann’s, and their Cyprus-situated management enterprise, Intership Navigation, at the very same port of Puerto Santo Tomas. Naval divers allegedly stumbled upon an akin “parasite” affixed to its hull, which held 30 packages of cocaine. The recurring exploitation of merchant vessels for the covert transportation of drugs delineates a persisting quandary for ship proprietors. Evidently, even the global upheaval precipitated by the coronavirus pandemic has left the machinations of these nefarious cartels undeterred.
6-August-2020
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio grounded off Mauritius in the first week of August. Charterers MOL (Mitsui O.S.K. Lines) has joined the continuing response to the casualty. MV Wakashio is going to cause major pollution in Mauritius. Shipowner Nagashiki Shipping owns and manages MV Wakashio. Shipowner Nagashiki Shipping has been working with Mauritius local authority and salvage company to prevent the spill of oil. Mauritius is insured by Japan P&I Club. MV Wakashio is carrying around 4K tons of low sulfur fuel oil (LSFO) and diesel onboard. MOL (Mitsui O.S.K. Lines) has been operating MV Wakashio commercially on the spot market. MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio was heading to Brazil from the Far East in ballast when the ship inexplicably grounded off Mauritius. MOL (Mitsui O.S.K. Lines) is thoroughly aware of the tragic incident and the regretful harm to the magnificent environment in Mauritius. MOL (Mitsui O.S.K. Lines) has also transmitted staff to Mauritius. (Mitsui O.S.K. Lines) will collaborate with the authorities of Mauritius.
5-August-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) sold 2002 built supramax bulk carrier MV Goldeneye for around $5 million. MV Goldeneye is one of the oldest bulk carriers in the fleet of Eagle Bulk Shipping. CEO Gary Vogel led shipowner and operator Eagle Bulk Shipping. In January 2019, Eagle Bulk Shipping sold 2001 built supramax bulk carriers MV Condor and MV Merlin for about $13 million en-block. In January 2019, Eagle Bulk Shipping acquired 2015 built ultramax bulk carrier 63K DWT MV Cape Town Eagle during the fleet renewal programme. Eagle Bulk Shipping reported a net loss in Q2 2020 due to the coronavirus pandemic. In Q2 2020, Eagle Bulk Shipping reported TCE (Average Time-Charter Equivalent) of $8,038 per day. In Q2 2020, Eagle Bulk Shipping reported a net loss of $20 million. CEO Gary Vogel is keeping his head up despite the negative reports brought on by the coronavirus recession. Eagle Bulk Shipping is optimistic that the shipping market will continue on its recent recovery path and trade flows will continue to normalize soon.
5-August-2020
Aristides Pittas-led dry bulk carrier owner and operator EuroDry (EDRY) is in discussions with moneylenders to push back loan payments due 2020. Greek shipowner and operator EuroDry published the worst financial report since 2018. Currently, New York-listed EuroDry has a fleet of seven (7) bulk carriers. EuroDry reported a net loss of $3.8 million in Q2 2020. Coronavirus recession hit EuroDry as hard as it has other New York-listed shipowners. EuroDry has agreed with preferred shareholders to pay dividends by issuing new preferred shares. Greek shipowner and operator EuroDry is taking the liquidity-enhancing measures to deal with the weak shipping markets during coronavirus recession. EuroDry is optimistic about the post-pandemic, medium-term prospects of dry bulk shipping. In 2018, EuroDry was established as a dry bulk spin-off of container shipowner EuroSeas.
5-August-2020
New York-listed shipowner Genco Shipping & Trading cut the company’s losses to $18 million for the Q2 2020. In other words, the adjusted loss per share of $0.44. In Q2 2019, Genco Shipping & Trading reported a $34 million loss. In Q2 2020, Genco Shipping & Trading reported revenue of $74 million versus $83 million in Q2 2019. In Q2 2020, Genco Shipping & Trading reported operating revenue of $33 million. In Q2 2020, TCE (Average Time Charter Equivalent) rate for Genco Shipping & Trading’s fleet declined to $6,693 per day. Lately, dry bulk freight rates commenced increasing, fundamentally driven by the capesize segment. Capesize bulk carrier rates declined to $1,992 per day on 14 May 2020, and consequently rebounded to $30,857 on 30 June 2020. According to New York-listed shipowner Genco Shipping & Trading, a notable surge in capesize bulk carrier rates is principally attributable to prolonged iron ore exports from Brazil and strong demand for iron ore in China as steel production and industrial activity increased by a gradual reopening of markets. Since February 2020, Genco Shipping & Trading sold ten (10) handysize bulk carriers inline with the fleet renewal program.
5-August-2020
Greek ship-manager and operator Goldenport Shipmanagement Ltd. acquired 2014 built ultramax bulk carrier 61K DWT MV Devongate for about $16 million. Currently, Goldenport Shipmanagement has a fleet of 13 bulk carriers. Furthermore, Goldenport Shipmanagement is going to take the delivery of ultramax bulk carrier 63K DWT MV GW Mathilde from Cosco Shipping Heavy Industries Yangzhou at the end of August. In September 2019, Goldenport Shipmanagement acquired handysize containership from Shoei Kisen. In June 2020, Goldenport Shipmanagement sold a sub-panamax containership to demolition. Greek ship-manager and operator Goldenport Shipmanagement acquired ultramax bulk carrier from Eastern Pacific which planned to exit the smaller bulker segments and concentrate on capesize bulk carriers.
5-August-2020
Nagashiki Shipping controlled 2007 built bulk carrier 203K DWT MV Wakashio grounded of Mauritius last week has started to leak oil after heavy weather conditions caused the hull to tear. Nagashiki Shipping has been taking measures to control the oil spill. MV Wakashio was carrying around 4,000 tons of low sulphur fuel oil and diesel onboard. ITOPF (International Tanker Owners Pollution Federation) has been monitoring the oil spill and is advising the shipowner Nagashiki Shipping, salvage company Smit and the Mauritius government. Nagashiki Shipping and Japan P&I Club has stationed specialist oil response and salvage team. Japanese shipowner Nagashiki Shipping takes its environmental commitments very seriously and will attempt to preserve the marine environment and stop extra oil pollution.
5-August-2020
Nasdaq-listed shipowner and operator Star Bulk Carriers will initiate watching at merger opportunities soon. In Q1 2020, Star Bulk Carriers announced that at that time it was not a good time for consolidation because market players were very doubtful as to the future of dry bulk carriers. Currently, market players are more comfortable with how the economies will react to coronavirus recession. Star Bulk Carriers would be interested in merger opportunities that fit with Star Bulk Carriers’ existing fleet and that would not increase the Star Bulk Carriers’ leverage. Star Bulk Carriers is not planning to acquire fleets for cash and would instead use the company’s shares at net asset value (NAV). Star Bulk Carriers plan to execute acquisitions within the dry bulk shipping market and not get into other markets at this time. In July 2020, Star Bulk Carriers refinanced 15 bulk carriers and signed contracts to sell and lease back 16 bulk carriers by September 2020 to raise cash. Petros Pappas led shipowner and operator Star Bulk Carriers has been concentrating on capesize fleet because Star Bulk Carriers is very positive about the post-pandemic recession.
4-August-2020
Hamburg-based shipowner AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) aquired 2010 built kamsarmax bulk carrier 82K DWT MV BW Acorn (MV Meteor) from BW Dry Cargo for around $13 million. AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) is going to charter out MV BW Acorn (MV Meteor) to BW Dry Cargo for three (3) years. Previously, BW Dry Cargo sold three (3) kamsarmax bulk carriers for around $41 million. However, the deal has been materialized. Besides AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS), BW Dry Cargo sold two (2) kamsarmax bulk carriers MV BW Barley and MV BW Einkorn to Centrofin. AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) are managed by Germany based Orion Reederei. AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) is looking to acquire more secondhand bulk carriers. AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) has been able to keep all its bulk carriers employed through the coronavirus pandemic to first class charterers like Ultrabulk.
4-August-2020
New York-listed Safe Bulkers’ CEO Polys Hajioannou explained that shipowners don’t have charterers’ support during coronavirus pandemic. Safe Bulkers’ CEO Polys Hajioannou claimed that charterers who should have supported small deviations for humanitarian reasons and exhausted crew members aren’t willing to cooperate and to help shipowners. Safe Bulkers reported a loss for Q2 20202 due to an increase in voyage costs incurred to enter the rare ports where seafarer changes are possible. Safe Bulkers’ CEO Polys Hajioannou’s remarks are an interpretation of shipowner anger at charterers’ rejection to incorporate in their charter-parties Covid-19 clauses that conceive an equal sharing of such pandemic-related costs. Safe Bulkers will attempt to secure in some more period charters, even though a large part of its fleet will continue in the spot market. Safe Bulkers is optimistic for the future, backed by economic developments in China.
4-August-2020
Athens based shipowner and operator Soloi Inc sold 2010 built panamax bulk carrier 76K DWT MV Faye for around $13 million. Soloi Inc is proceeding to sell bulk carriers in a prediction that the dry bulk market recovery has been too little, too late for shipowners striving to cope with the downturn in 2020. In 2018, Soloi Inc acquired MV Faye for around $18 million. Previously, Soloi Inc proclaimed to be selling half of its dry bulk fleet. Greek shipowner and operator Soloi Inc was established in 2006 by Johnny Kalimeris and Stelios Joannou. Prosperous asset play with a panamax bulk carrier encouraged Soloi Inc to expand further into shipping. In 2008, Greek shipowner and operator Soloi Inc ordered four (4) supramax and one (1) kamsarmax bulk carrier new-buildings at Jinling Shipyard. However, Soloi Inc’s growth went into reverse in early 2020 due to falling freight rates. In February 2020, Greek shipowner and operator Soloi Inc sold 2010 built supramax bulk carriers sisterships MV Maria and MV Lietta for total $17.5 million which was a fraction of the new-building price. In May 2020, Soloi Inc sold 2017 kamsarmax bulk carrier 81K DWT MV Andromache. Currently, Soloi Inc has a fleet of two (2) supramax bulk carriers MV Ellie and MV Dimi.
2-August-2020
Italian shipowner and operator d’Amico Societa di Navigazione has explained the difficulties in protecting the well being of seafarers during coronavirus pandemic. Lately, Hong Kong, Singapore, and Malaysia tightened their rules on crew changes. Currently, d’Amico Societa di Navigazione controls more than 100 ships and employs around 3,000 seafarers. According to d’Amico Societa di Navigazione, it is difficult to guarantee all seafarers can complete their shifts at sea on time as restrictions change due to coronavirus pandemic. IMO (International Maritime Organization) has been calling on maritime nations to ease restraints on crew changes since March 2020. International Chamber of Shipping has reported that more than 250K crew members have been trapped on board of ships after their contracts expired due to travel restrictions. d’Amico Societa di Navigazione has changed crews in South Korea, India, Singapore, and Hong Kong. However, d’Amico Societa di Navigazion’s crew managers presently necessitate to continually review which ports are suitable for crew changes. Furthermore, d’Amico Societa di Navigazion has to pay extra costs for chartering flights during crew changes. Due to coronavirus pandemic, d’Amico Societa di Navigazion has to disembark crew members ahead of the expiry of their contracts if that would ease the crew change process. Currently, d’Amico Societa di Navigazion’s 300 crew members on ships have been waiting to be disembarked at suitable ports.
2-August-2020
Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT) reported a net loss of $45 million in Q2 2020 versus a net profit of $35 million in Q2 2019. Emanuele Lauro-led reported a net loss due to coronavirus recession which triggered unusual disturbance to dry bulk shipping and the global economy. A net loss of $45 million included a $14 million hit tied to Scorpio Bulkers’ $100 million equity investment in sister company Scorpio Tankers. In May 2020, Scorpio Bulkers sold 2.2 million shares of Scorpio Tankers for about $42 million. Currently, Scorpio Bulkers is holding about 2.1 million Scorpio Tankers shares. Scorpio Bulkers reported revenue of $26 million in Q2 2020 versus a net profit of $50 million in Q2 2019. Nevertheless, Scorpio Bulkers can set aside some cash for stakeholders, issuing a $0.05 dividend for the quarter. The coronavirus pandemic has been pressuring nations worldwide to shut down manufacturing to a degree that negatively affected the need to transport raw materials by sea. Therefore, Scorpio Bulkers’ operations and financial condition cannot be predicted. Last week, Scorpio Bulkers is going to order wind-turbine installation ships after signing LOI (Letter of Intent) with Daewoo Shipbuilding & Marine Engineering.
2-August-2020
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) has been planning to replace vintage capesize bulk carriers with the new ones. Even though, MOL (Mitsui O.S.K. Lines) has been reducing its exposure to the dry bulk market. Over a decade, MOL (Mitsui O.S.K. Lines) has been trimming it’s operated and owned capesize bulk carriers from 130 ships to 90. MOL (Mitsui O.S.K. Lines) is planning to replace the current capesize bulk carriers that will be over 15 years old in two years. MOL (Mitsui O.S.K. Lines) declared an asset-light strategy. MOL (Mitsui O.S.K. Lines) requires more modern, fuel-efficient capesize bulk carriers to meet its own environmental and operational standards. Lately, iron ore import to Japan is in decline, which is one reason why MOL (Mitsui O.S.K. Lines) is hesitant to grow the capesize bulker fleet due to charterers, the Japanese steel mills, have been temporarily closing blast furnaces during coronavirus recession. MOL (Mitsui O.S.K. Lines) estimates that 2020 will be a tough year for capesize players.
2-August-2020
Chinese shipowner and operator Seacon Shipping Group Ltd has acquired 2005 built capesize bulk carrier 203K DWT MV Pacific Oak from Japanese shipowner Miyazaki Sangyo Kaiun for around $15 million. MV Pacific Oak will be the third capesize bulk carrier of Chinese shipowner and operator Seacon Shipping Group Ltd. Essentially, Seacon Shipping has been operating in handymax and panamax segment. Seacon Shipping has already secured employment contract for MV Pacific Oak. In 2019, Seacon Shipping acquired 2002 built capesize bulk carrier 170K DWT MV Seacon Brazil (ex MV Shinyo Endeavour). In February 2020, Seacon Shipping Group Ltd acquired 2003 built capesize bulk carrier 171K DWT MV Alam Cetus (ex MV Aquajoy). In 2019, Seacon Shipping Group Ltd acquired 15 bulk carriers. In 2018, Seacon Shipping acquired 7 bulk carriers. Furthermore, Seacon Shipping Group Ltd has ordered eight (8) kamsarmax bulk carriers at CSSC Huangpu Wenchong Shipbuilding. Currently, Seacon Shipping Group Ltd has a fleet of 46 ships.
1-August-2020
Greek Aristides Pittas-led shipowner and operator EuroBulk Ltd acquired 2014 built supramax bulk carrier 57K DWT MV Western Honolulu for around $14 million from Japanese shipowner and operator Nisshin Shipping. EuroBulk Ltd has not been acquiring any bulk carriers since 2016. In 2016, Eurobulk acquired 2009 built supramax bulk carrier 55K DWT MV Eressos Luck (ex MV Calypso Colossus), In 2017, Eurobulk sold MV Eressos Luck (ex MV Calypso Colossus) for a handsome profit. The dry bulk shipping market has recovered significantly since the post-coronavirus recession. Currently, Japanese shipowners are keen sellers and Japanese shipowners are crowding the Sale and Purchase (S&P) market with sale offers. In 2020, Japanese shipowner and operator Nisshin Shipping has offloaded five (5) bulk carriers. Currently, bulk carrier order-book at the Far East shipyards is at the lowest level in two decades. According to Greek shipowner and operator Eurobulk, the dry bulk shipping market will recover in Q3 2020. Eurobulk pursues asset play opportunities in the dry bulk market. Greek Pittas family controls EuroBulk Ltd, EuroDry Ltd, and EuroSeas Ltd.