26-December-2020
Qingdao-based shipowner and operator Seacon Shipping Group Ltd has initiated a contract with Huangpu Wenchong Shipbuilding, an affiliate of CSSC, for the construction of two (2) kamsarmax bulk carriers weighing 85,000 DWT (deadweight tons). This order represents an exercise of the Chinese shipowner and operator Seacon Shipping Group Ltd’s option under a 4+4 newbuilding agreement signed between Seacon Shipping Group Ltd and the Huangpu Wenchong Shipbuilding in 2019. The first four (4) kamsarmax bulk carriers are scheduled for delivery in 2021, while the remaining two (2) kamsarmax bulk carriers are anticipated to be completed by 2023. Seacon Shipping Group Ltd is currently engaged in a comprehensive fleet optimization program, encompassing the sale of aging vessels and the procurement of contemporary secondhand ships and newbuildings. Chinese shipowner and operator Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company holds the distinction of being the largest third-party shipmanagement company in China. Throughout this year, the Seacon Shipping Group Ltd has successfully acquired four (4) secondhand bulk carriers, including three (3) capesize bulk carriers and one (1) panamax bulk carrier, thereby augmenting their fleet to approximately 40 vessels. Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages all the fleet and offers management services to third party shipowners.
20-December-2020
New York-listed shipowner Genco Shipping & Trading has swapped six(6) of its vintage handysize bulk carriers with three (3) modern ultramax bulk carriers in a non-cash deal. Genco Shipping & Trading renamed three (3) modern ultramax bulk carriers as 2015 built ultramax bulk carrier 63K DWT MV Genco Vigilant, 2015 built ultramax bulk carrier 63K DWT MV Genco Freedom, and 2014 built ultramax bulk carrier 63K DWT MV Genco Magic. Genco Shipping & Trading has traded in six(6) of its vintage handysize bulk carriers 2011 built handysize bulk carrier 34K DWT MV Genco Avra, 2011 built handysize bulk carrier 34K DWT MV Genco Mare, 2011 built handysize bulk carrier 34K DWT MV Genco Spirit, 2010 built handysize bulk carrier 34K DWT MV Genco Ocean, 2010 built handysize bulk carrier 34K DWT MV Baltic Cove, 2010 built handysize bulk carrier 31K DWT MVBaltic Fox. Furthermore, New York-listed shipowner Genco Shipping & Trading sold 2009 built supramax bulk carrier 53K DWT MV Baltic Cougar for around $7.5 million and 2009 built handysize bulk carrier 31K DWT MV Baltic Hare for around $7.7 million. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading has a fleet of 41 bulk carriers.
20-December-2020
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions has been restoring its quarterly dividend. Previously, Pangaea Logistics Solutions suspended paying dividends due post-coronavirus recession. Pangaea Logistics Solutions is going to pay a $0.02 dividend per share quarterly. In March 2020, Pangaea Logistics Solutions suspended paying dividends due to coronavirus related unprecedented and uncertain conditions. Pangaea Logistics Solutions expects better market conditions in 2021. Pangaea Logistics Solutions would proceed to evaluate the dividend payout every quarter. Pangaea Logistics Solutions operates bulk carriers in niche markets.
17-December-2020
New York-listed shipowner Genco Shipping & Trading’s second-largest investor Strategic Value Partners (SVP), which holds about 20% of the company (8 million shares), might sell off its stake. Connecticut-based Strategic Value Partners’ (SVP) representative Christoph Majeske on Genco Shipping & Trading’s board abruptly resigned in the mid of December 2020. Strategic Value Partners (SVP) dispose of some or all of securities in Genco Shipping & Trading. Genco Shipping & Trading’s largest investor Centerbridge Partners holds about 25% of the company (10 million shares). Genco Shipping & Trading’s third-largest investor Apollo Global Management holds about 10% of the company (4.4 million shares). In November 2016, John Wobensmith-led Genco Shipping & Trading was restructured during a downturn in the dry market. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading operates 48 bulk carriers.
16-December-2020
Taiwan Navigation Company (TNC), headquartered in Taipei and engaged in ship owning and operating, has recently divested a 16-year-old Panamax bulk carrier with a 77,000 deadweight tons (DWT) capacity. The vessel, known as MV Tai Promotion and constructed in 2004, has been sold to Chinese owner Qingdao Everbright Ship Management at a price of $6.75 million. Subsequently, it has been renamed MV Elim Joyce under its new ownership. As a result of this sale, Taiwan Navigation Company (TNC) anticipates recording a gain of $2 million. This divestment aligns with the company’s strategic fleet optimization plan. Currently, Taiwan Navigation Company (TNC) possesses a fleet comprising 14 bulk carriers, and an additional eight vessels are on order, with four of them expected to join TNC’s fleet in the upcoming year. This move reflects Taiwan Navigation Company’s (TNC) commitment to fleet enhancement and modernization, ensuring its competitiveness in the maritime industry.
16-December-2020
Monaco-based New York-listed Scorpio Bulkers sold 2015 built ultramax bulk carrier 61K DWT MV SBI Aries for an estimated $16.5 million. MV SBI Aries’ handover is set for the Q1 2021. Since declaring its strategic pivot to the offshore wind domain in August, Monaco-based New York-listed Scorpio Bulkers has parted with 24 bulk carriers and currently retains a mere 25 ships in its armada. Scorpio Bulkers is poised to liquidate its entire fleet. Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping expanded its fleet by procuring another 2016 built ultramax bulk carrier 61K DWT MV Thor Nirimat (ex MV SBI Hyperion) from Scorpio Bulker for around $17.5 million.
15-December-2020
Yiannis Sarantitis-founded CEO Nikos Triantafyllakis-led shipowner and operator W Marine acquired 2014 built panamax bulk carrier 75K DWT MV W Jade (ex MV Rio Grita) from German shipowner and operator Minship Shipmanagement. Athens-based shipowner and operator W Marine Inc paid around $23 million for the ice-classed panamax bulk carrier 75K DWT MV W Jade (ex MV Rio Grita). Greek shipowner and operator W Marine Inc will move into new businesses with the ice-classed panamax bulk carrier 75K DWT MV W Jade (ex MV Rio Grita). Matthias Ruttmann-led Minship Shipmanagement GmbH & Co. KG usually operates handy bulk carriers and managed fleet predominantly consists of modern fuel-efficient ships with a low CO² footprint. 18 May 2022
Athens-based shipowner and operator W Marine Inc remarked that conventional seamanship values must be preserved, despite Covid-19 accelerating technology change. Yiannis Sarantitis-founded CEO Nikos Triantafyllakis-led shipowner and operator W Marine stated that the shipping companies must not reach the point of transferring ashore responsibilities that must stay on board. According to Greek shipowner and operator W Marine, 2020 commenced with fairly positive omens for seaborne business and ended thoroughly messed up as a consequence of the pandemic, the repercussions of which nobody could predict. The pandemic has provoked considerable disturbances in the daily operations of ships. Furthermore, Athens-based shipowner and operator W Marine, the pandemic weakened shipping demand to unprecedented low levels.
14-December-2020
Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT) is making significant strides in its strategy to exit the dry bulk sector and pivot towards the wind-power industry. The company’s ongoing fleet disposal efforts have been marked by strengthening prices, with the latest transaction involving the sale of the 63K DWT MV SBI Aries, built in 2015, for $16.5 million to an undisclosed buyer. This sale price is notably $500,000 higher than that of its sister vessel, the MV SBI Gemini, which was sold to Eagle Bulk Shipping of Connecticut on November 30. Both ships are outfitted with exhaust gas scrubbers, highlighting their enhanced environmental compliance features. This recent sale is the 28th ship CEO Emanuele Lauro-led shipowner and operator Scorpio Bulkers (SALT) has sold in 2020, reducing its fleet to 25 ships as the company advances its transformation towards becoming a player in the wind turbine installation vessel (WTIV) market. The firming prices Scorpio Bulkers has encountered in its recent sales underscore a positive market outlook, buoyed by growing confidence in a global economic recovery spurred by the forthcoming rollout of COVID-19 vaccines. In August, Scorpio Bulkers announced plans to commission up to four WTIVs from South Korea’s Daewoo Shipbuilding & Marine Engineering, with each vessel costing up to $290 million. The proceeds from its bulker fleet sales are being redirected to finance this strategic shift, providing the necessary liquidity for the venture. Importantly, Scorpio Bulkers has indicated that there are no “material” payments due to the shipyard in the near term, suggesting a well-structured financial plan to support its transition into the renewable energy sector.
14-December-2020
HNA Group’s unit Shanghai-listed HNA Technology (previously known as Tianjin Tianhai Investment Co and Tianjin Marine Shipping) is in negotiations to sell 2011 built panamax bulk carrier 79K DWT MV Grand Amanda. 2011 built panamax bulk carrier 79K DWT MV Grand Amanda was built at Jinhai Intelligent Manufacturing. Shanghai-listed HNA Technology’s asking price at around $12 million. HNA Group shipowning affiliates have historically kept fleet details close to their chests, and HNA Technology declined again this week to deliver a list of ships still under the company’s management. Currently, HNA Group’s unit Shanghai-listed HNA Technology (previously known as Tianjin Tianhai Investment Co and Tianjin Marine Shipping) controls around 11 bulk carriers. Shanghai-listed HNA Technology still plans to sell the entire fleet but is in no rush. Currently, the fleet of HNA Group is sailing under the HNA Technology corporate name previously went under such names as HNA Logistics and Grand China Logistics. Many units of the financially disturbed HNA Group have made continued efforts to sell assets to pay down group debt.
14-December-2020
Taiwanese shipowner and operator U-Ming Marine Transport and Xiamen ITG Group established a bulker joint venture which is called ITG-Uming Shipping in 2018. Now, Taipei-based dry bulk shipowner U-Ming Marine Transport is acquiring more new shares in ITG-Uming Shipping for around $20 million. ITG Group invests a somewhat more substantial amount in ITG-Uming Shipping. ITG-Uming Shipping provides shipping services across the Taiwan Strait to China. Initially, instead of owning bulk carriers, ITG-Uming Shipping is going to charter in Chinese-flag handysize to panamax bulk carriers. ITG-Uming Shipping is going to focus on Chiense coastal trading. Eventuality, ITG-Uming Shipping plans to develop worldwide dry bulk business. Shanghai-listed Xiamen ITG Group is a public arm of Xiamen Municipal Government. Currently, Taipei-listed dry bulk shipowner U-Ming Marine Transport operates 37 ships, and Xiamen ITG Group has a fleet of 19 ships.
13-December-2020
Toronto Stock Exchange-listed shipowner and operator Algoma Central has successfully culminated the restructuring of its paramount secured credit provisions, originally set to conclude in 2021. These refreshed credit arrangements encompass a sum of $217.6 million, secured through a discreet placement. The revenues garnered from this fresh issuance are designated for the settlement of the impending paramount secured notes, the extant revolving bank credit covenant, underwriting the St. Catharines-based shipowner and operator Algoma Central’s ambitious capital outlay initiatives, and the broader corporate endeavors. “In recent times, the capital arena has shown immense allure, proffering a chance to diminish our capital expenditure and prolong the due date of Algoma Central’s extensive obligations, concurrently obviating potential refinance perils that might have surfaced had the renewal been postponed to the subsequent year,” articulated Peter Winkley, the eminent Chief Financial Officer of Algoma Central Corporation. Currently, Canadian Great Lakes operator Algoma Central Corporation boasts possession of a magnificent fleet of 36 vessels, a composite of dry bulk carriers, and refined product tankers.
13-December-2020
HNA Group’s transportation arm HNA Technology acquired 2012 built capesize bulk carrier 175K DWT MV Bulk Harvest and 2012 built capesize bulk carrier 175K DWT MV Bulk Joyance for around $22 million each. HNA Technology had intentions to close its bulk carrier operations. In the 2010s, HNA Group’s transportation arm Grand China Logistics operated one of the world’s biggest bulk fleets. However, Grand China Logistics defaulted on charter payments during the shipping market downturn. Since 2017, HNA Group has merged its shipping and shipbuilding assets into the HNA Technology division. In 2018, HNA Technology projected to sell its entire fleet. However, the plan has never been materialized. MV Bulk Joyance and MV Bulk Harvest are both built Jinhai Intelligent Manufacturing Shipyard which belongs to HNA Group. MV Bulk Joyance and MV Bulk Harvest have been chartered to and operated by HNA Technology for years. MV Bulk Joyance and MV Bulk Harvest transaction might indicate HNA Technology’s renewed focus on the maritime division. In December 2020, HNA Technology sold Ingram Micro for around $7 billion to increase liquidity. HNA Group has since been deleveraging to decrease its debt burden. HNA Group’s arm Hainan Airlines experienced huge losses due to the coronavirus outbreak.
4-December-2020
Athens-based shipowner and operator Laskaridis Shipping Ltd. controlled 1999 built reefer vessel 463K CBF MV Cool Girl fight off violent pirate attack. Armed guards on a Greek Laskaridis family-controlled shipowner and operator Laskaridis Shipping Ltd. controlled reefer vessel have fought off a violent pirate attack off Nigeria. Pirates opened fire on Greek 1999 built reefer vessel 463K CBF MV Cool Girl off Nigeria. However, pirates met stiff resistance. Laskaridis Shipping Ltd.’s subsidiary Lavinia Bulk Ltd has a fleet of 43 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships. Laskaridis Shipping Ltd. controlled 1999 built reefer vessel 463K CBF MV Cool Girl was fired on by gunmen in two skiffs on Wednesday off Nigeria.
1-December-2020
Singapore-based shipowner and operator PCL (Pacific Carriers Ltd), under the aegis of magnate Robert Kuok, faced judgment in a United States federal tribunal after confessing to breaches of the Act to Prevent Pollution from Ships, impeding justice, and neglecting to apprise the US Coast Guard about a perilous situation on the 2003 built bulk carrier MV Pac Antares. In response to their transgressions, Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) acknowledged culpability for an aggregate of eight grave felonies and was decreed to remit a penalty of $12 million. Furthermore, Robert Kuok-led shipowner and operato PCL (Pacific Carriers Ltd) was subjected to a probationary period spanning four years and directed to establish a thorough ecological adherence strategy. It was divulged by PCL (Pacific Carriers Ltd) that the MV Pac Antares’s crew willfully omitted documenting the unsanctioned discharge of oily bilge water and oil refuse during the months of April and September in 2019. Moreover, the corporation conceded that the PCL (Pacific Carriers Ltd) controlled MV Pac Antares’s crew members illicitly released oily refuse and plastics into the sea, subsequently fabricating the garbage archival record. In another grievous revelation, a vast compartment within the PCL (Pacific Carriers Ltd) controlled MV Pac Antares’s keel served as a reservoir for oil-contaminated waste, constituting a perilous scenario as per the Ports and Waterways Safety Act. Such an alarming condition mandated immediate reporting to the United States Coast Guard. Wenguang Ye, PCL (Pacific Carriers Ltd) controlled MV Pac Antares’s principal engineer aboard, admitted his role in adulterating the oil ledger and was met with a monetary penalty of $5,500 and an injunction prohibiting his entry into American shores for a year. In an antecedent episode, PCL (Pacific Carriers Ltd) controlled MV Pac Antares found itself mired in a legal quagmire, resulting in Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) being levied a substantial fine of $2.1 million for camouflaging the unauthorized ejection of oily bilge water.