29-January-2020
Athens-based ship operator Aquavita International S.A. has finalized a charter agreement with Athens-based New York-listed shipowner and operator Diana Shipping (DSX) for the 2009 built kamsarmax bulk carrier MV Maia. The charter, which commenced yesterday, spans a duration of 14-16 months at a rate of $11,200 per day. Previously, the 2009 built kamsarmax bulk carrier MV Maia was under charter to Glencore at a rate of $13,300 per day.
29-January-2020
Marine bunkers tracking company BunkerTrace has signed a contract with Marfin Management. BunkerTrace submits a service to ensure bunker quality to shipowners. Marfin Management operates eleven (11) bulk carriers and will be able to trace bunker supplies by the assistance of BunkerTrace. BunkerTrace’s block-chain service will record compliant bunker supplies across Marfin Management’s fleet. BunkerTrace was established to register each bunker transaction on a block-chain based platform. BunkerTrace is able to trace any dilution of bunker fuels and provide an apparent chain of guardianship for excellent quality assurance. BunkerTrace annexes special labels at particular points of the fueling operation, from ship terminals to bunker barges. This process will be approved and validated in real-time. Block-chain journals supply an audio track that can be used in front of a judge if any disputes arise over quality or contamination of bunkers. Collaborating with BunkerTrace will assure that prudent shipowners are compliant with IMO (International Maritime Organization) 2020 Rules.
28-January-2020
Kaohsiung-based shipowner and operator China Steel Express Corporation (CSE Bulk) has put on the market to sell capesize bulk carriers:
- MV China Steel Growth (2002 built 176K DWT)
- MV China Steel Excellence (2002 built 176K DWT)
Depending on shipping market conditions, China Steel Express Corporation (CSE Bulk) is aiming to offload all vintage capesize bulk carriers till 2023. Additionally, China Steel Express Corporation (CSE Bulk) is aiming to sell other vintage capesize bulk carriers in the fleet:
• MV China Steel Integrity (2002 built 176K DWT) • MV China Steel Responsibility (2003 built 176K DWT)
China Steel Express Corporation (CSE Bulk) has been selling vintage bulk carriers as the company started taking delivery of eight (8) 208K DWT new-building bulk carriers in 2019. Four (4) of these new-building bulk carriers are scrubber-fitted. As of 1 January 2020, according to IMO (International Maritime Organization) sulfur cap, scrubber-fitted ships will continue consuming high-sulfur fuel oil. On the other hand, non-scrubber-fitted ships will have to use bunkers with no more than 0.5% sulfur content. This situation created a widespread between high-sulfur and low-sulfur bunker prices. Therefore, estimated daily earnings of scrubber-fitted capesize bulk carriers surpassed non-scrubber-fitted capesize bulk carriers by $8,100 per day. Eventually, the spread will narrow as the production of IMO (International Maritime Organization) 2020 Rules compliant bunkers will increase in the market.
Kaohsiung-based shipowner and operator China Steel Express Corporation (CSE Bulk) was established in 1996 by China Steel which is 20% owned by the Taiwanese government. Currently, China Steel Express Corporation (CSE Bulk) has a fleet of nineteen (19) capesize bulk carriers, and seven (7) handysize bulk carriers. China Steel Express Corporation (CSE Bulk) use capesize bulk carriers to import coking coal and iron ore and use handysize bulk carriers to export steel products. Mainly, China Steel Express Corporation (CSE Bulk) is responsible for the shipping requirements of China Steel. Executives of China Steel Express Corporation (CSE Bulk) has a prudent approach when ordering newbuilding bulk carriers. For example, in 2017 and 2018, when newbuilding prices were at historic lows, China Steel Express Corporation (CSE Bulk) ordered two (2) scrubber-fitted capesize bulk carriers at $47.5 million each at compatriot Taiwan CSBC Shipyard and another two (2) at $46 million each. Furthermore, China Steel Express Corporation (CSE Bulk) also ordered two (2) non-scrubber-fitted capesize bulk carriers at Marine United at $45 million each and two (2) at $46 million each.
China Steel, the parent company of China Steel Express Corporation (CSE Bulk), has a production capacity of 10 million tons of crude steel annually. Currently, newbuilding non-scrubber-fitted capesize bulk carrier has a price tag of $49.5 million. So, the previous deal has generated huge profits for China Steel Express Corporation (CSE Bulk). In October 2019, IMO (International Maritime Organization) is determined to reduce CO2 emissions from international shipping by 50% from the 2008 level by 2050. Even though, Taiwan is not a member of IMO (International Maritime Organization), CSE Bulk’s (China Steel Express Bulk’s) ships will need to meet IMO (International Maritime Organization) regulations as these ships are traded in international waters. International shipping’s CO2 emissions war might cost around $1.4 trillion.
28-January-2020
Athens based Sea Pioneer Shipping Corporation has acquired bulk carriers and tankers. Vassilis Bacolitsas led shipowner and operator Sea Pioneer Shipping Corporation has not been in the sale and purchase market since November 2015. Sea Pioneer Shipping as acquired three (3) suezmax tankers and one (1) kamsarmax bulk carrier:
- MT Cape Baxley (2003 built 159K DWT)
- MT Cape Bellavista (2002 built 159K DWT)
- MT SCF Altai (2001 built 159K DWT)
- MV Fidelity (ex MV KM Tokyo) (2010 built 83K DWT)
Sea Pioneer Shipping Corporation has not acquired tankers since 2006. In 2006, Sea Pioneer Shipping Corporation ordered the entire tanker fleet.
In 2018, Sea Pioneer Shipping Corporation took delivery of two (2) kamsarmax newbuilding bulk carriers from Tsuneishi Shipbuilding, Japan.
Sea Pioneer Shipping Corporation was established in Athens in 1969. Primarily, Sea Pioneer Shipping Corporation was a bulk operator company. However, in 1995, Sea Pioneer Shipping started investing in tankers and then gained a prominence for carrying vegetable and palm oils. In 2000, Sea Pioneer Shipping Corporation acquired the company’s first crude oil tanker.
26-January-2020
On the 5th of August, 2019, the stately bulk carrier MV UBC Savannah, built in 2000 with a capacity of 32K DWT, found itself embroiled in a grave incident at Altamira Port in Mexico. The vessel’s esteemed captain, Andrzej Lasota, was arrested following the discovery of 240 kilograms of cocaine on the vessel. He was consequently incarcerated in a Mexican prison, accused of involvement in the illicit drug trade within maritime transport. Advocates have filed a petition on behalf of Captain Lasota, who has languished behind bars for a distressing six months. The vessel’s administration falls under the jurisdiction of the Cyprus-based Intership Navigation. This predicament places the crew in jeopardy as malevolent drug syndicates exploit such vessels for their nefarious trafficking activities. Captain Lasota’s detention was predicated on the allegations of oversight, suggesting his obliviousness to the potential transportation of illicit substances onboard. Intership Navigation conjectures that Captain Lasota’s stringent adherence to maritime protocols might inadvertently have exacerbated his predicament. The Mexican authorities were primed after receiving intelligence suggesting the MV UBC Savannah’s potential entanglement in drug trafficking. In Barranquilla, Colombia, where the ship was loaded, rigorous inspections were conducted by both the local constabulary and port security officials. It was only during the unloading proceedings in Mexico that the vessel’s sailors discerned suspicious packages, later identified as 240 kilograms of cocaine. Ingeniously concealed beneath layers of petcoke coal, the drugs eluded detection during the loading phase. Captain Lasota, demonstrating his unwavering integrity, immediately ceased the unloading process and beckoned the Mexican officials. Regrettably, this noble act resulted in the arrest of the ship’s sailors. While Captain Lasota’s confinement persists, his crew was emancipated nearly two months post their arrest. The sinister undertow of drug trafficking in maritime shipping is surging. For drug cartels employing containers, the onus rests predominantly with the shipper as shipowners are typically denied access. Conversely, with bulk carriers transporting unenclosed cargo, the shipowners shoulder a more pronounced responsibility. Notably, this marks the second incident involving a vessel from the Cyprus-based Intership Navigation embroiled in drug-related controversies in Mexico. In September 2019, the Intership Navigation supervised MV UBC Tokyo, a 2005-built carrier with a 38K DWT, was apprehended with 50 kilograms of cocaine on its premises. Captain Lasota, now relocated to a federal penitentiary in Tepic, Mexico, according to Intership Navigation, faces incarceration devoid of due process or a formal trial. The firm staunchly posits Captain Lasota’s innocence, suggesting he has been inadvertently ensnared in the machinations of a ruthless drug cartel. The grim prospect looming ahead is that if adjudicated guilty, Captain Lasota could endure an extended imprisonment spanning anywhere from a decade to two. As per Intership Navigation’s testimonies, local Mexican authorities seem to have a proclivity for erroneously attributing culpability to the blameless.
25-January-2020
Shipping lender Pareto Bank is endeavoring growth as a shipping lender. According to Norwegian shipping lender Pareto Bank, shipping markets are not well served. Pareto Bank concentrates fundamentally on medium-sized shipping companies. Pareto Bank has been in the shipping and offshore finance market since 2011. Up to now, Norwegian shipping lender Pareto Bank has financed 25 ships. According Pareto Bank, there is still room for growth and many opportunities in the shipping market. Pareto Bank is intending to finance quality tonnage and private shipowners with strong balance sheets.
25-January-2020
Standard Club urged shipowners about raised pollution fines in Turkey. Substantial ship pollution penalties has been executed as of 1 January 2020. Turkey’s Environmental Protection Agency (EPA) has increased shipping pollution fines by more than 20% for 2020. Pollution fines might be tripled for corporate shipowners. Turkey’s Environmental Protection Agency (EPA) will reinforce disciplinary fines for ballast discharges. If a ship pollutes the environment, a 25% discount full amount of the fine or security must be paid immediately, otherwise, the ship might be arrested. Standard Club warned shipowners that the P&I (Protection and Indemnity) Club of LOU (Letter of Undertaking) is not regularly accepted in Turkey.
24-January-2020
Greek ship-manager Niriis Shipping has acquired 2007 built panamax bulk carrier 74K DWT MV Ivestos 3 (ex MV Afterhours) from compatriot Kassian Maritime for around $9 million. In 2016, Kassian Maritime bought MV Ivestos 3 (ex MV Afterhours) for around $6 million. Greek ship-manager Niriis Shipping is preparing to increase the managed fleet. In a well-timed asset play with MV Ivestos 3 (ex MV Afterhours), Kassian Maritime made a good profit of approximately $3 million. Under the name of different clients, Greek ship-manager Niriis Shipping has bought five (5) secondhand panamax bulk carriers for a total of $40 million. MV Ivestos 3 (ex MV Afterhours) was built in 2007 in Hudong-Zhonghua Shipbuilding, China. Previously, Niriis Shipping was focusing on Japanese built bulk carriers. On the other hand, Kassian Maritime continues to offload vintage bulk carriers. Greek shipowners have been contemplating panamax bulk carriers as praiseworthy to trade around the Indian Ocean. In December 2019, another Greek shipowner acquired similar 2006 built panamax bulk carrier 74K DWT MV Phoenix Bay for around $8 million. In another similar deal, 2012 built panamax bulk carrier MV Pan Kyla is sold for around $12 million and 2010 built panamax bulk carrier MV Sudestada is sold for around $11 million.
23-January-2020
The quandary of Intership Navigation’s captain underscores the escalating peril of the narcotics trade. A fervent plea circulates, advocating for the liberation of a Polish skipper languishing in confinement for nearly half a year. Dieter Rohdenburg, the esteemed CEO of Intership Navigation, stands as a vocal proponent. The poignant tale of a Polish mariner, unjustly incarcerated in a Mexican penitentiary following the discovery of narcotics on his ship, has reached its zenith with an earnest petition for his emancipation. Andrzej Lasota’s predicament casts a discerning light upon the hazards confronting seafarers, as drug traffickers increasingly exploit their vessels for surreptitious consignments.
23-January-2020
Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping acquired 2016 built ultramax bulk carrier 61K DWT MV Thor Nitnirund (ex MV SBI Tethys) for around $18 million from New York-listed Scorpio Bulkers. After the acquisition of MV Thor Nitnirund (ex MV SBI Tethys), Thoresen Shipping Singapore Pte Ltd increased the controlled fleet to 24 bulk carriers. In December 2020, Thoresen Shipping Singapore Pte Ltd acquired a 2016 built ultramax bulk carrier 61K DWT MV Thor Niramit (ex MV SBI Hyperion) from Scorpio Bulkers for around $17million. Thailand-based shipowner and operator Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping had a relatively quiet 2020 in the sale-and-purchase (S&P) market only picking up one other secondhand bulk carrier. In April 2020, Thoresen Shipping Singapore Pte Ltd returned to the sale-and-purchase (S&P) market after a two-year absence. Thoresen Shipping Singapore acquired 2013 built supramax bulk carrier 58K DWT MV Thor Chaichana (ex MV Draco Ocean) for around $14 million from Diamond Bulk Carriers.
21-January-2020
Norwegian shipowner and operator Torvald Klaveness and Japanese trading giant Marubeni co-operated to establish the world’s biggest panamax pool in the shipping market. A newly established panamax pool is named Baumarine Panamax Pool by MaruKlav Management Inc. and will have offices in Oslo, Dubai, and Singapore. Baumarine Panamax Pool by MaruKlav Management Inc. will operate 30 panamax bulk carriers at the commencement. Previously, these panamax bulk carriers were operated by Marubeni’s MG Harrison Shipping and Klaveness’ Baumarine Pools. According to Torvald Klaveness and Marubeni, this joint-venture will blend the powers of an important Japanese trading house and a long-term Norwegian shipowner and operator. Baumarine Panamax Pool by MaruKlav Management Inc. will have exceptional versatility and adaptation to the risk appetite of each individual shipowner. Baumarine Panamax Pool by MaruKlav Management Inc. will be led by Torvald Klaveness’ Michael Jorgensen with Marubeni’s Masashi Kobayashi as his deputy. Currently, Baumarine Panamax Pool by MaruKlav Management Inc. is the world’s biggest panamax pool. Baumarine Panamax Pool by MaruKlav Management Inc. has been intending to collaborate with various shipowners, with a transparent goal of increasing both the number of shipowners and total pool volume. Baumarine Panamax Pool by MaruKlav Management Inc. intention is to control around 50 panamax bulk carriers by the end of 2020. Baumarine Panamax Pool by MaruKlav Management Inc. acknowledges that machine-learning experimentation will improve ship positioning. Furthermore, Baumarine Panamax Pool by MaruKlav Management Inc. is thoroughly engaged to render the most dependable service for all pool participants. Torvald Klaveness has been seeking an associate on pool business and has gained an excellent match in Marubeni. Baumarine Panamax Pool by MaruKlav Management Inc.’s long-term vision is to challenge existing pool models. Therefore, Baumarine Panamax Pool by MaruKlav Management Inc. embraces all shipowners in the shipping industry to collaborate. Klaveness Chartering operates bulk carriers in panamax, kamsarmax, and post-panamax segments. Through sister company Klaveness Combination Carriers, Klaveness Chartering operates twelve (12) combination carriers. By the end of 2021, Klaveness Chartering will operate a fleet of seventeen (17) combination carriers.
21-January-2020
German shipowner and operator Oldendorff Carriers sold 2015 built handysize bulk carrier 38K DWT MV Vanessa Oldendorff to Nova Marine for about $17.5 million. Lubeck based Oldendorff Carriers has executed the first deal of 2020 in the S&P (sale-and-purchase) market. Henning Oldendorff led Oldendorff Carriers fetched a better price tag than the market level of similar handysize bulk carriers. The values of handysize bulk carriers have been slowly declining. 2015 built handysize bulk carrier’s market value is around $16.7 million. In October 2014, German shipowner and operator Oldendorff Carriers acquired MV Vanessa Oldendorff as a new-building in a resale deal with Agriculture & Energy Carriers (AEC) at Naikai Zosen’s Setoda Shipyard for about $26 million. 2015 built handysize bulk carrier 38K DWT MV Vanessa Oldendorff passed special survey in 2019. In 2019, Oldendorff Carriers sold eight (8) secondhand bulk carriers in the S&P (sale-and-purchase) market. Lately, German shipowner and operator Oldendorff Carriers has acquired three (3) post-panamax bulk carriers and one (1) kamsarmax bulk carrier. German shipping giant Oldendorff Carriers operates around 700 owned and chartered bulk carriers.
20-January-2020
Shanghai-listed China Merchants Energy Shipping (CMES) has bought $957 million worth of 74 bulk carriers and 25.5% stakes in 5 LNG carriers from Sinotrans & CSC group firms and their ship-management firms. Chinese state giant China Merchants Group has been internal restructuring. In 2017, China Merchants Group acquired Sinotrans & CSC. Since the acquisition, further integration progress was slow and there was intra-group competition. China Merchants Energy Shipping (CMES) has acquired 74 bulk carriers and 25.5% stakes in 5 LNG carriers from some former Sinotrans & CSC group firms as part of the intra-group restructuring of state conglomerate China Merchants Group. $957 million worth of agreement is pending on the final approval from the Chinese central government. China Merchants Energy Shipping (CMES) is aiming to fund $957 million worth of agreement with its own cash and bank loans. According to China Merchants Energy Shipping (CMES), the latest deal is important to integrate shipping assets and create a common platform for shipping business. Competitiveness and profitability will be improved in the intra-group. China Merchants Energy Shipping (CMES) will acquire 74 bulk carriers (41 owned and 34 chartered-in) from Sinotrans Shipping. Before Sinotrans deal, China Merchants Energy Shipping (CMES) had a fleet of 57 bulk carriers. Furthermore, China Merchants Energy Shipping (CMES) will acquire Sinotrans Ship Management. After the latest deal, China Merchants Energy Shipping (CMES) will increase dry bulk shipping capacity. In a separate deal, China Merchants Energy Shipping (CMES) has acquired ormer Sinotrans & CSC firm that owns 25.5% interests in five (5) LNG carriers that ship from the Yamal LNG project:
- LNG Tanker Boris Vilkitsky (built 2017)
- LNG Tanker Fedor Litke (built 2017)
- LNG Tanker Georgiy Brusilov (built 2018)
- LNG Tanker Boris Davydov (built 2018)
- LNG Tanker Nikolay Zubov (built 2019)
20-January-2020
Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime has continued to renew its bulker fleet with the disposal of 2007 built panamax bulk carrier 74K DWT MV Afterhour. Athens-based shipowner and operator Kassian Maritime sold MV Afterhour to Niriis Shipping for around $9 million. In 2016, Kassian Maritime acquired a 2007 built panamax bulk carrier 74K DWT MV Afterhour (ex MV Godavari) for around $6.1 million. MV Afterhour (ex MV Godavari) has already been renamed MV Ivestos 3 by Niriis Shipping. It marks the fifth panamax bulk carrier added in just as many months by Athens-based shipowner and operator Niriis Shipping.
19-January-2020
Japanese shipowner and operator Sanko Line acquired kamsarmax bulk carrier from compatriot Mitsubishi. Sanko Steamship Co Ltd (Sanko Kisen KK) has acquired 2014 built kamsarmax bulk carrier MV Majestic Sky for about $21.5 million. MV Majestic Sky is due for dry docking in April 2020. Japanese trading house Mitsubishi has been rebuilding its fleet. MV Majestic Sky is built in 2014 at Imabari Shipbuilding, Japan. Japanese shipowner and operator Sanko Line is planning to acquire more secondhand ships. Sanko Line went into insolvency in 2012 but emerged from the bankruptcy case in 2014. Currently, Sanko Line is now controlled by Paul Singer led Elliott Management Corporation. In 2019, Sanko Line ordered newbuilding 82K DWT kamsarmax bulk carrier at Tsuneishi Shipbuilding, Japan for delivery in Q4 2020. Newbuilding order is in line with Sanko Line’s fleet renewal programme. In June 2019, Sanko Line sold 2005 built capesize bulk carrier MV Euro Fortune for around $14.7 million to Greek shipowner Capital Maritime & Trading. In August 2019, Capital Maritime & Trading sold MV Euro Fortune to Korean shipowner Samjoo Maritime for around $16.65 million. Samjoo Maritime renamed MV Euro Fortune as MV SJ Asia. Before bankruptcy, Japanese shipowner and operator Sanko Steamship Co Ltd (Sanko Kisen KK) was a leading shipowner with a fleet of 200 ships.
18-January-2020
The crew members kidnapped from the Marshall Islands-flagged chemical tanker MT Duke, which is owned by the London-based Union Maritime Limited (UML), last month, have been freed, but tragically, one crew member passed away shortly after the kidnapping. “After the assault on the tanker MT Duke and the kidnapping of 20 of its crew on December 15, we are relieved to announce that 19 of the hostages have been liberated by the pirates holding them. Unfortunately, we must also report the sorrowful news that a valued crew member, an Able Seaman, became ill and succumbed to his illness shortly after being taken,” stated Union Maritime Limited (UML) along with V.Ships Management. The incident occurred as the MT Duke was navigating from Luanda to Lome in Togo, a region in West Africa that has seen a spike in pirate attacks recently. The 20 crew members of the MT Duke, managed by Union Maritime Limited (UML), who were kidnapped are all citizens of India, except for a single Nigerian cadet who remained on board.
16-January-2020
Athens-based ship operator Aquavita International S.A. chartered in 2013 built kamsarmax bulk carrier 82K DWT MV Astarte from Athens-based New York-listed shipowner and operator Diana Shipping (DSX) for a period of 14-16 months, at a daily rate of $14,250. It is worth noting that the 2013 built kamsarmax bulk carrier 82K DWT MV Astarte was previously under charter to Glencore at a rate of $14,250 per day. Diana Shipping (DSX) anticipates that this new charter will yield approximately $4.94 million, calculated based on the minimum duration of the charter period.
15-January-2020
New Jersey-based fund manager Evermore Global Advisors more than 1.2 million shares in Genco Shipping & Trading. Evermore Global Advisors was the fourth-largest investor in Genco Shipping & Trading. After the latest share sale, Evermore Global Advisors owns 2.3% of the New York-listed shipowner Genco Shipping & Trading, down from 5.3% previously. In recent weeks, the top four private funds (Centerbridge Partners, Strategic Value Partners, Apollo Global Management, Evermore Global Advisors) have reduced their stakes in the Genco Shipping & Trading. Evermore Global Advisors has been strong advocates of consolidation in the fragmented dry bulk business. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC.
14-January-2020
On 10 March 2020, German bulk carrier giant Oldendorff Carriers is planning to christen four (4) newbuilding bulk carriers:
- MV Dietrich Oldendorff (100K DWT 2020 built)
- MV Beate Oldendorff (62K DWT 2020 built)
- MV Benjamin Oldendorff (62K DWT 2020 built)
- MV Britta Oldendorff (62K DWT 2020 built)
9-January-2020
D’Amato Shipping backed Armator Shipping commenced operating supramax and kamsarmax bulk carriers. Armator Shipping inaugurated offices in Switzerland, London, and Malta. Armator Shipping has established chartering and operations division in Switzerland. Armator Shipping has established administration and claims division in London. Armator Shipping has established a technical management division in Malta. Armator Shipping was established by Andrea Organista d’Amato. Andrea Organista d’Amato is the grandson of Michele d’Amato. According to Andrea Organista d’Amato, Armator Shipping is endeavoring to invest and charter supramax and kamsarmax bulk carriers.
Armator Shipping’s chartering and operating division in Lugano, Switzerland will be led by Andrew Francis. Previously, Andrew Francis was the manager of Thoresen Shipping. Armator Shipping’s investment division in Geneva, Switzerland will be led by Gavin McGrath. Previously, Gavin McGrath was the manager at the StepStone Group, following the StepStone Group’s acquisition of Swiss Capital in 2016, where Gavin McGrath was head of shipping investments. Armator Shipping’s technical division in Malta will be led by Rosario Russo. Previously, Rosario Russo was part of the d’Amato Shipping team.
Currently, Armator Shipping is a thoroughly integrated company that is actively seeking for investment deals. In a few years, Andrea Organista d’Amato wants Armator Shipping to be extremely auspicious within the supramax and kamsarmax segments.
9-January-2020
London-based the world’s biggest shipbroker Clarksons Refines Indices in Light of International Maritime Organization (IMO) 2020 Implementation. Stephen Gordon, the esteemed research head of Clarksons, elucidates the incorporation of the novel fuel regulations into their dataset. Recent disclosures by Clarksons Research illuminate how the International Maritime Organization (IMO) 2020 regulations, emphasizing low-sulphur fuel, will influence its maritime indices. Director Stephen Gordon articulated that as the maritime domain embraces bunkers conforming to the novel sulphur restrictions, they have been amassing an enriched dataset and recalibrating certain foundational assumptions. London-listed shipbroker Clarksons, through its research division, has intensified its surveillance of bunker prices to encompass the latest classifications. This is in a bid to decode some of the regional price fluctuations observed in the preceding months, Stephen Gordon observed. Commencing in the last trimester of the preceding year, CEO Andi Case-led Clarksons initiated the dissemination of projections regarding the financial repercussions of the pricier low-sulphur fuel oil (LSFO) on its theoretical time charter equivalent (TCE) returns. In the impending inaugural Shipping Intelligence Weekly of 2020, the predominant ships will pivot to low-sulphur fuel oil (LSFO) presumptions. “At present, it remains somewhat nebulous as to the precise allocation of these fuel expenses. This ambiguity stems from the multifarious market dynamics, an array of fixtures, regional bunker trajectories, fuel hedging methodologies, World Scale baseline presumptions, and more,” Stephen Gordon expounded. A mere 12% of the global naval fleet, with the inclusion of scrubbers, retains the capability to utilize the traditional bunkers. This percentage is anticipated to ascend to 19% of the collective tonnage by this year’s end, as per Stephen Gordon’s statement. For vessels like VLCCs and capesizes, the figure already touches 20%. London-based the world’s biggest shipbroker Clarksons aims to monitor ship revenues assuming elevated-sulphur fuel utilization across primary markets and routes. Where feasible, Clarksons will replicate this for the time charter market. Although sale and purchase cost benchmarks remain non-scrubber oriented, Clarksons Valuations has been bestowing premiums individually to vessels for some duration. Furthermore, London-listed shipbroker Clarksons has been keenly observing the metamorphosis of the eco ship, presently epitomized as the quintessential five-year-old ship in the global fleet. Such vessels are projected to constitute a quarter of the entire fleet by the close of the year. CEO Andi Case-led Clarksons an eco-ship is characterized by its electronic primary engine and procurement post-2012.
9-January-2020
Athens-based New York-listed shipowner and operator Diana Shipping (DSX)has proposed the acquisition of an additional 3 million shares. In the preceding year, the firm invested close to $60 million in its securities. Despite such vigorous activity, Greek shipowner and operator Diana Shipping (DSX) remains steadfast in its commitment to remain publicly traded. As the New Year dawns, Diana Shipping (DSX) persists in its fervor for share buybacks, having recently signaled its intention to retrieve slightly over 3 million standard units. Under the guidance of Simeon Palios, Diana Shipping (DSX) has initiated a tender proposition to repurchase shares at a rate of $3.30 each. This endeavor could see the corporation channeling up to $10 million into its stock. Over the past annum, the firm has reacquired shares valued at $58 million. This modus operandi of Diana Shipping (DSX) is anticipated to remain consistent as long as its stock’s value lies beneath its net asset value (NAV). The esteemed New York investment institution, Jefferies, estimates the NAV of Diana Shipping at $4.35. While there’s substantial latitude for further buybacks, considering its more than 90 million shares still in circulation and a market capitalization of $300 million, the firm is inclined to preserve a significant portion of its value in the public domain. Embracing its public status, the Greek maritime entity Diana Shipping (DSX) acknowledges the merits of tapping into the public equity sector. The board of directors, after careful consideration, concluded that given Diana Shipping’s robust financial standing and share valuation, it’s propitious for the company to repurchase shares presently.
9-January-2020
Monaco-based Oslo OTC (Over The Counter) listed shipowner and operator GoodBulk Ltd has officially abandoned the company’s struggle to become publicly listed in New York but is still open to attempting again. In 2018, John Michael Radziwill-led GoodBulk Ltd filed for the IPO (Initial Public Offering). GoodBulk Ltd was backed by seven banks. Monaco-based shipowner and operator GoodBulk Ltd tried to trade 8.5 million shares for between $15.50-$17.50 on the Nasdaq Exchange for $140 million but backed away a month later after selling no shares in the offering. Since then, GoodBulk Ltd has been trading on the Oslo Bors OTC (Over The Counter). In 2018, GoodBulk Ltd filed a US Securities and Exchange Commission document and asked to abandon IPO (Initial Public Offering), as a subject of housekeeping. John Michael Radziwill-led GoodBulk Ltd withdrew the company’s registration statement with the US Securities and Exchange Commission as a result of the financials becoming thick as per US Securities and Exchange Commission rules, so GoodBulk Ltd would have had the same amount of labor and cost whether or not the company was documented. Nevertheless, this does not indicate Monaco-based Oslo OTC (Over The Counter) listed shipowner and operator GoodBulk Ltd will not appear on a Nasdaq Exchange someday. GoodBulk Ltd will resume observing the US equity capital markets. GoodBulk Ltd may refile if and when an option appears to complete a transaction that would deliver value to all stakeholders. GoodBulk Ltd prefer to maximize shareholder value.
9-January-2020
Monaco-based dry bulk shipowner and operator Transocean Maritime Agencies acquired 2017 built kamsarmax bulk carrier 81K DWT MV Cyl for around $20 million from Lion Shipping. Transocean Maritime Agencies has been renewing its fleet. In November 2020, Transocean Maritime Agencies sold 2006 built panamax bulk carrier 77K DWT MV Apollo for around $9 million to Greek shipowner and operator Grehel Shipmanagement. Furthermore, Transocean Maritime Agencies sold 2004 built panamax bulk carrier 76K DWT MV Achilles to Grehel Shipmanagement. Currently, Transocean Maritime Agencies has a fleet of 13 bulk carriers and 5 tankers.
8-January-2020
Geneva-based Cargill Ocean Transportation notified that the Cargill Group has publicly supported the International Maritime Organization’s (IMO’s) global sulphur cap since 2016. Switzerland-based Cargill Ocean Transportation has been using International Maritime Organization’s (IMO’s) global sulphur-compliant bunkers for most of the chartered fleet. Furthermore, most of Cargill Ocean Transportation’s chartered fleet is fitted with exhaust gas cleaning systems that will resume operating the high-sulphur bunkers in authorized geographical zones. Jan Dieleman-led Cargill Ocean Transportation described how the company has adapted to the new bunker regime for Cargill Ocean Transportation’s controlled fleet of 600 vessels. US chartering and trading giant Cargill Ocean Transportation has announced how the company’s IMO (International Maritime Organization) 2020 preparations have helped Cargill Ocean Transportation’s performance during the transition to low-sulphur fuels. US chartering and trading giant Cargill Ocean Transportation has benefited from the company’s enthusiasm for the upcoming shipping industry transformation to low-sulphur fuels that began on 1 January 2020. Cargill Ocean Transportation has taken a portfolio strategy for IMO (International Maritime Organization) compliance because there is no single solution for complying with the new IMO 2020 regulation. US chartering and trading giant Cargill Ocean Transportation has prepared considerably for two years to secure that Cargill Ocean Transportation’s chartered mixed fleet of more than 600 ships was thoroughly prepared well before 1 January 2020. US chartering and trading giant Cargill Ocean Transportation preserved close dialogue with shipowners, secured ship-by-ship performance plans, and guaranteed compliant bunkers from respectable bunker suppliers. Furthermore, Cargill Ocean Transportation installed exhaust gas cleaning systems onboard some of the ships. US chartering and trading giant Cargill Ocean Transportation will handle the risk of higher bunker prices by continuing to ensure agreements with respectable bunker suppliers. Cargill Ocean Transportation is hedging the company for low sulphur bunker exposure. US chartering and trading giant Cargill Ocean Transportation reported revenue of around $29 billion in Q2 2019. Jan Dieleman-led Cargill Ocean Transportation’s constant company transformation, as well as contemporary investments and developed abilities, are all assisting the company to continue to increase Cargill Ocean Transportation’s performance.
8-January-2020
Ukraine-based ship operator Phaethon International chartered in two (2) panamax bulk carriers from Athens-based, Nasdaq-listed Diana Shipping. Phaethon International chartered in 2013 built panamax bulk carrier 77K MV Ismene for a year at $10,800 per day. Phaethon International is going to pay around $4.21 million in total during the panamax charter period. Simeon Palios-led Diana Shipping has fixed two (2) panamax bulk carriers to Phaethon International in two days. Yesterday, Phaethon International chartered in 2001 built panamax bulk carrier 75K MV Oceanis from New York-listed shipowner and operator Diana Shipping for a year at $9,200 per day. Diana Shipping’s three (3) other panamax bulk carriers in its fleet will be available in a few weeks. Besides MV Oceanis, Ukraine based ship operator Phaethon International also chartered in 2006 built panamax bulk carrier 75K DWT MV Naias through April 2021 at $10,000 per day from Diana Shipping. Currently, panamax bulk carriers one-year time charter rates are around $10,375 per day. Phaethon International Company is a British Virgin Islands, Panama, and Switzerland-registered company operating out of Ukraine with a fleet of chartered bulk carriers.
8-January-2020
Hamburg-based shipowner and operator Reederei H Vogemann ordered open-hatch handymax bulk carrier newbuildings at Yangzijiang Shipbuilding for around $24 million per vessel. German shipowner and operator Reederei H Vogemann up to eight (8) open-hatch handymax bulk carrier newbuildings. Previously, Reederei H Vogemann ordered similar bulk carrier newbuildings at Taizhou Kouan Shipbuilding. In 2019, Reederei H Vogemann ordered four (4) open-hatch handymax bulk carrier newbuildings and four (4) options at Taizhou Kouan Shipbuilding. However, Reederei H Vogemann’s Taizhou Kouan Shipbuilding orders came unstuck as a consequence of issues linked to refund warranties. Reederei H Vogemann’s Yangzijiang Shipbuilding open-hatch handymax bulk carrier newbuildings will be constructed to the Green Dolphin 40 design. Hamburg-based shipowner and operator Reederei H Vogemann will take the first delivery of open-hatch handymax bulk carrier newbuildings in Q2 2021. German shipowner and operator Reederei H Vogemann has been concentrating on expansion in the handysize sector after trading several panamax and capesize bulk carriers in recent years. In 2019, Taizhou Kouan Shipbuilding could not handle to place refund guarantees for the newbuildings and as a consequence, Reederei H Vogemann moved to Yangzijiang Shipbuilding and reordered open-hatch handymax bulk carrier newbuildings. Jens-Michael Arndt and Markus Lange-led Reederei H Vogemann is one of Germany’s oldest shipping companies. Reederei H Vogemann was established in 1886. Furthermore, Hamburg-based shipowner and operator Reederei H Vogemann is part of Ahrenkiel Vogemann Bolten, a technical management joint venture with German asset manager MPC Capital. Currently, German shipowner and operator Reederei H Vogemann controls a fleet of 14 vessels.
7-January-2020
Athens-based Michael D Chandris-led Chandris Group’s dry bulk arm Century Bulk Carriers Management sold four (4) supramax bulk carriers en bloc to unidentified Chinese shipowners. Century Bulk Carriers Management acquired these four (4) supramax bulk carriers during the 2016 shipping recession. STX-Dalian-built supramax bulk carriers MV Serene Lydia, MV Serene Susannah, MV Serene Jessica, and MV Serene Juniper were acquired by Century Bulk Carriers Management in March 2016. Traditional Athens-based Greek ship owner Chandris Group’s dry bulk arm Century Bulk Carriers Management sold 2010 built supramax bulk carrier 57K DWT MV Serene Lydia, 2010 built supramax bulk carrier 57K DWT MV Serene Susannah, 2011 built supramax bulk carrier 57K DWT MV Serene Jessica, and 2011 built supramax bulk carrier 57K DWT MV Serene Juniper. Currently, Century Bulk Carriers Management controlled MV Serene Jessica and MV Serene Juniper are trading in Monaco-based ship manager and operator CTM’s (C Transport Maritime S.A.M.) supramax pool. In 2008, Trojan Maritime ordered MV Serene Lydia, MV Serene Susannah, MV Serene Jessica, and MV Serene Juniper for a hefty price tag of $40 million each. Athens-based Nicholas Notias-led Trojan Maritime was left with no bulk carriers after Trojan Maritime’s last bulk carrier was sold at an auction in 2018. In March 2016, Nicholas Notias-led Trojan Maritime controlled MV Serene Lydia, MV Serene Susannah, MV Serene Jessica, and MV Serene Juniper were acquired by Century Bulk Carriers Management conceivably as part of a debt workout. VesselsValue estimates the ships’ worth had by then dropped to about $36m in total. Athens-based Michael D Chandris-led Chandris Group is known to periodically swoop on fleets with debt problems. In 2018, Chandris Group’s tanker arm Chandris (Hellas) Inc acquired three (3) tanker sisterships and one (1) supramax bulk carrier from Italian shipowner Gestioni Armatoriali. Gestioni Armatorialiunderwent debt restructuring in Q1 2018. Currently, Chandris Group’s tanker arm Chandris (Hellas) Inc has a mixed fleet of 30 vessels comprising tankers, bulk carriers, and LNG carriers.
7-January-2020
Singapore-based shipowner and operator Grindrod Shipping (GRIN) forked out $44.2 million for the IVS Bulk (Island View Shipping) stake. Grindrod Shipping (GRIN) increased its fleet following the purchase of the outstanding portion of subsidiary company IVS Bulk (Island View Shipping). Grindrod Shipping (GRIN) will acquire a 33.25% stake in IVS Bulk Pte. Ltd. Grindrod Shipping (GRIN) is set to spend $44.2 million for an unnamed partner’s stake in its IVS Bulk (Island View Shipping) joint venture. Singapore-based shipowner and operator Grindrod Shipping (GRIN) has extended the deadline to complete the deal to 31 January. Grindrod Shipping (GRIN) needs more time to conclude IVS Bulk (Island View Shipping) buyout. Grindrod Shipping (GRIN) stated the company was buying a 33.25% holding in the joint venture with IVS Bulk (Island View Shipping) which has 12 bulk carriers. Martyn Wade-led Grindrod Shipping (GRIN) intends to raise the company’s stake in Singapore-based shipowner and operator IVS Bulk Pte. Ltd. to 66.75%, with another partner retaining a 33.25% holding. The two other companies involved are Sankaty European Investments III and Regiment Capital. New York-listed shipowner and operator Grindrod Shipping (GRIN) expressed the company is advancing negotiations to obtain all of the 33.25% ordinary and preference shares of Singapore-based shipowner and operator IVS Bulk Pte. Ltd. by the end of the month. Grindrod Shipping (GRIN) prepares to consolidate Singapore-based shipowner and operator IVS Bulk’s (Island View Shipping) financial results into its own. Currently, New York-listed shipowner and operator Grindrod Shipping (GRIN) owns and operates 17 handysize bulk carriers, 15 supramax-ultramax bulk carriers, with 2 chartered-in ultramax bulk carriers under construction in Japan due to being delivered in 2020. Furthermore, Grindrod Shipping (GRIN) owns and operates 7 MR tankers and 2 small tankers. Grindrod Shipping (GRIN) is terminating the charter and declining the purchase option on 2015 built supramax bulk carrier 57K DWT MV IVS Augusta in March 2020 from Singapore-based shipowner and operator IVS Bulk (Island View Shipping). On the other hand, Grindrod Shipping (GRIN) keeps a purchase option on 2015 built supramax bulk carrier 57K DWT MV IVS Pinehurst which is controlled by subsidiary company IVS Bulk.
7-January-2020
Ukraine-based ship operator Phaethon International chartered in 2001 built panamax bulk carrier 75K MV Oceanis from New York-listed shipowner and operator Diana Shipping for a year at $9,200 per day. Simeon Palios-led Diana Shipping anticipates earning $3.31 million in one year from Phaethon International deal. Previously, 2001 built panamax bulk carrier 75K MV Oceanis was chartered out to Ausca Shipping at $10,350 per day for a year. In September 2019, Sinotrans Shipping chartered out 2012 built panamax bulk carrier 75K DWT MV Great Hope to Sino East Transportation for a year at $12,500 per day. In January 2020, the average one-year time-charter rate for panamax bulk carriers stands at $10,375 per day, down from $12,850 per day in September 2019. Athens-based, Nasdaq-listed Diana Shipping’s has a fleet of 41 dry bulk carriers. Phaethon International Company is a British Virgin Islands-registered company operating out of Ukraine with a fleet of chartered bulk carriers.
5-January-2020
SFL Corporation Ltd. (SFL), a company registered in Bermuda and listed in New York, is on track to repay its maturing debts following a successful bond sale that raised $67.5 million. The leasing firm, backed by Fredriksen, engaged in multiple discussions with fixed-income investors over the past week. SFL Corporation Ltd., steered by John Fredriksen, anticipates using the proceeds from this placement of senior unsecured bonds to pay off debt securities that are nearing maturity. These funds are earmarked for broad corporate objectives, as stated by the Oslo-listed maritime leasing behemoth in a recent statement. Earlier, Fearnleys Securities had reported that SFL Corporation Ltd. is poised to repay senior unsecured bonds amounting to $55 million, due on June 22. The newly issued bonds, set to mature in January 2025, are priced at Nibor plus 4.40%. SFL Corporation Ltd., previously known as Ship Finance International, plans to list these bonds on the Oslo Stock Exchange. The bond issuance was managed by DNB Markets, Nordea, SEB, Arctic Securities, and Danske Bank as joint lead managers. This move comes after a series of interactions between SFL Corporation Ltd. (SFL) and fixed-income investors in Nordic countries. Under the leadership of CEO Ole Hjertaker, SFL Corporation Ltd. (SFL) has been notably active in the Oslo bond market. In the third quarter of the previous year, SFL Corporation Ltd. (SFL) finalized a $9.6 million tap issue on a bond loan maturing in 2023, following an issuance of bonds worth $67.8 million due in June 2024. At the end of the third quarter, SFL Corporation Ltd. (SFL) reported a long-term debt exceeding $1.32 billion. SFL Corporation Ltd. (SFL) boasts a diverse fleet of over 90 ships, including tankers, bulkers, container ships, and offshore assets, mostly under long-term charters.
4-January-2020
Singapore based shipowner and operator Berge Bulk is selling another large ore carrier for demolition. Berge Bulk is aiming to renew its fleet. Berge Bulk is selling 268K DWT MV Berge Hua Shan (built-in 1993) for scrapping in either Bangladesh or India. In 2019, Berge Bulk sold four (4) large bulk carriers for scrap:
- In December 2019, Berge Bulk sold 290K DWT MV Berge Vinson (built-in 1990) for $398 per ldt (Lightweight Displacement Tonnage) or for about $15 million.
- In December 2019, Berge Bulk sold 289K DWT MV Berge Bureya (built-in 1993) for $410 per ldt (Lightweight Displacement Tonnage) or for about $15.3 million.
- In March 2019, Berge Bulk sold 263K DWT MV Berge Manuslo (built-in 1992) for $448 per ldt (Lightweight Displacement Tonnage).
- In March 2019, Berge Bulk sold 289K DWT MV Berge Denali (built-in 1992) for $465 per ldt (Lightweight Displacement Tonnage).
3-January-2020
Helsinki based shipowner and operator ESL Shipping is planning to build its presence in the Baltic Sea sector. Mikki Koskinen led ESL Shipping increased earnings in Q3 2019. ESL Shipping reported an operating profit of Euro 4.4 million in Q3 2019, from Euro 4 million in Q3 2018. ESL Shipping reported a revenue of Euro 43.4 million in Q3 2019, from Euro 30.6 million in Q3 2018. In September 2018, Finnish shipowner and operator ESL Shipping acquired Swedish shipowner and operator AtoB@C. Furthermore, ESL Shipping took delivery of two (2) LNG-powered bulk carriers. ESL Shipping has been actively investigating different opportunities to have a broader presence in growing markets in the Russian Arctic. Cargo volumes carried during Q3 2019 is reached 4.2 million tons, from 3.4 million tons in Q3 2018. Finland based shipowner and operator ESL Shipping is a parent company of conglomerate Aspo. According to Aspo CEO Aki Ojanen, ESL Shipping’s goal is to further improve the company’s position as the leading and the environmentally-friendliest shipping company in the Baltic Sea. New LNG-fuelled bulk carriers and investment of AtoB@C had a positive impact on ESL Shipping’s operating profit. However, there are signs of weak demand in ESL Shipping’s main sector. Currently, ESL Shipping owns nine (9) bulk carriers and three (3) tug boats. ESL Shipping operates around 50 vessels.
3-January-2020
Beijing based leasing giant Minsheng Financial Leasing is behind a string of $100 million secondhand supramax and kamsarmax bulk carrier acquisitions with Ningbo ZRich Shipping (also known as Ningbo Zerui). Minsheng Financial Leasing has been buying bulk carriers with Chinese ship operators on medium-term time charters and bareboat charters. Instead of pure ship financing, Minsheng Financial Leasing moved towards traditional ship-owning, ship operating, and asset play.
Minsheng Financial Leasing cooperates with a handful of Chinese dry bulk operators and shipowners for trading its new ships. Minsheng Financial Leasing’s own in-house chartering employees are handling the fixture of ships that are less challenging to trade on the international shipping market. On the other hand, Minsheng Financial Leasing is outsourcing the chartering of vintage, less-efficient ships. Beijing based leasing giant Minsheng Financial Leasing owns about 20 bulk carriers that the company operates in-house.
Minsheng Financial Leasing’s recent partner is Ningbo ZRich Shipping (also known as Ningbo Zerui) which trades the company’s secondhand fleet. Minsheng Financial Leasing has placed nine (9) supramax bulk carriers and one (1) handysize bulk carrier with Ningbo ZRich Shipping in 2019. Minsheng Financial Leasing has spent about $100 million in 2019 on the ships and then Minsheng Financial Leasing chartered out to Ningbo ZRich Shipping.
Guo Ningbo led Ningbo ZRich Shipping (also known as Ningbo Zerui) was established in 2016. Previously, Guo Ningbo was the CEO of Winning International Shipping, Singapore. Before Minsheng Financial Leasing’s investments, Ningbo ZRich Shipping was listed with a small under the Chinese flag. Ningbo ZRich Shipping (also known as Ningbo Zerui) has featured in the controversial Taiwan Strait sea-sand trade. Minsheng Financial Leasing’s internationally-traded ten (10) ships have been registered under flags of convenience. On some ship registers Minsheng Financial Leasing use subsidiary Ocean Leopard Shipping Co Ltd.
In March 2019, Minsheng Financial Leasing subsidiary Ocean Leopard Shipping Co Ltd acquired 2012 built handysize bulk carrier 37K DWT MV Nile Confidante (ex MV Long Bright) for around $8 million.
In May 2019, Minsheng Financial Leasing subsidiary Ocean Leopard Shipping Co Ltd acquired 2011 built supramax bulk carrier 57K DWT MV Haut Brion (ex MV Conti Larimar) for around $9 million.
In June 2019, Minsheng Financial Leasing subsidiary Ocean Leopard Shipping Co Ltd acquired 2009 built supramax bulk carrier 56K DWT MV Cheval Blanc (ex MV Hermann-S) for around $9 million.
In July 2019, Minsheng Financial Leasing acquired 2011 built supramax bulk carrier 57K DWT MV Petrus (ex MV Sinar Kapuas) for around $11 million.
In July 2019, Minsheng Financial Leasing acquired 2012 built supramax bulk carrier 56K DWT MV Ausone (ex MV Tomini Sincerity) for around $11 million from Tomini Shipping.
In September 2019, Minsheng Financial Leasing acquired 2011 built supramax bulk carrier 56K DWT MV Lascombes (ex MV Universal Baltimore) for around $10 million from Universal Marine.
In October 2019, Minsheng Financial Leasing acquired 2011 built supramax bulk carrier 56K DWT MV Gruaud Larose (ex MV Universal Barcelona) for around $10 million from Universal Marine.
In October 2019, Minsheng Financial Leasing acquired 2009 built supramax bulk carrier 53K DWT MV Giscours (ex MV Aurelia K) and 2008 built supramax bulk carrier 53K DWT MV Kirwan (ex MV Marie S) from Naves Invest GmbH
Beijing based leasing giant Minsheng Financial Leasing is aiming to acquire more ships in 2020, following the intense sale-and-purchase activity of autumn 2019
2-January-2020
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) contemplates reinstating dividends should the stock consistently exceed its NAV (net asset value). Over the preceding year, Diana Shipping (DSX) has actively repurchased its equity, accumulating an impressive $48 million, with an additional $10 million set aside for further acquisitions. Led by Simeon Palios, Diana Shipping (DSX) unveiled its recent proposal of 2.74 million shares, marking the fifth such offer since late 2018. The firm remains committed to this endeavor so long as its stock remains beneath the NAV, a metric that essentially encapsulates a firm’s net worth on a per-share basis. Acutely aware of its public stature, Diana Shipping (DSX) remains judicious, ensuring its actions won’t compromise the company’s public perception. With substantial growth potential in the horizon, the company intends to persist in its stock repurchases, provided the shares remain undervalued, to enrich its shareholders. As of the mid-afternoon trading session on the New York Stock Exchange, the shares of Diana Shipping (DSX) experienced a 5.8% decline, stabilizing at $3.28. Jefferies estimates the company’s NAV to be $4.27 per share. Should the stock attain its rightful valuation, Diana Shipping (DSX) might pivot towards reintroducing dividends, harnessing its robust financial reserves, rather than repurchasing shares. Echoing this sentiment, renowned bulker proprietors like Genco Shipping & Trading and Star Bulk Carriers have both recently resumed their dividend distributions following prolonged intermissions. Furthermore, Diana Shipping (DSX) envisions revitalizing its fleet by divesting older vessels, while refraining from acquiring newer ones. The firm remains sanguine about managing a streamlined fleet of 30 bulk carriers, contingent on their age and condition. Over the past year, Diana Shipping has divested itself of seven bulk carriers, consolidating its fleet to 42 dry bulk vessels.
1-January-2020
European Union has granted to extend Cyprus’ tonnage tax regime for 10 more years. 10 more years extension of Cyprus’ tonnage tax regime will boost the registered tonnage in Cyprus. Cyprus has been in lengthy negotiations with European Commission regarding Cyprus’ tonnage tax regime. Cyprus has committed to the sustainable growth of the shipping and the shipping companies will evolve in Cyprus. Cyprus has a reasonable and simple tonnage tax system. Cypriot-flagged ships has been growing steadily. Cyprus ship register has more than 1,000 ships. EU desires to promote ship registration in Europe. Cyprus has also seafarer schemes that allow labor costs such as income tax and social security contributions to be partly or totally reduced on ships flying the flag of any European Union.