30-July-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) controlled 2004 built supramax bulk carrier 52K DWT MV Jaeger was seized by an armed security guard for three (3) days and no was injured. An armed security guard was involved in a pay dispute with his company. An armed security guard no relation to Eagle Bulk and V.Ships. MV Jaeger was steaming in the Indian Ocean to the Red Sea. An armed security guard took control and deviated the ship from its course. Later on, armed security surrendered his weapon and was disembarked from MV Jaeger. Eagle Bulk and V.Ships struggled to de-escalate the situation.
30-July-2020
Yangzijiang Shipping controlled a 2012-built bulk carrier 93K DWT MV TW Hamburg has been issued a one-year prohibition from all Australian ports by the Australian Maritime Safety Authority (AMSA) after investigators confirmed that crew members on board MV TW Hamburg were being paid below mandatory thresholds. During a port State inspection in Gladstone, the Australian Maritime Safety Authority (AMSA) received direct reports that several crew members had been underpaid for extended periods, triggering a detailed investigation. The Australian Maritime Safety Authority (AMSA) also documented that the standard and quantity of food supplied to crew aboard the Yangzijiang Shipping controlled MV TW Hamburg were substantially below internationally accepted welfare requirements. The Australian Maritime Safety Authority (AMSA) has banned sixteen ships from entering Australian ports since 2014 for violations related to crew exploitation and unpaid wages. Yangzijiang Shipping’s connection to Yangzijiang Shipbuilding underscores how operational failures can cast a shadow over one of China’s most influential privately controlled shipbuilding groups. Yangzijiang Shipbuilding has grown into a global shipbuilding leader, renowned for producing a wide variety of ships—including bulk carriers, containerships, tankers, and gas-related vessels—across advanced facilities in Jiangsu. The full company has earned international credibility for delivering high-quality construction with efficient project timelines, modern hull-form engineering, and competitive pricing. Over the years, Yangzijiang Shipbuilding has invested heavily in technology upgrades, digital shipyard automation, energy-saving devices, and alternative-fuel-ready designs, positioning itself at the forefront of environmentally aligned maritime construction despite occasional operational controversies connected to third-party shipmanagement practices such as those highlighted on MV TW Hamburg. Parallel to the industrial operations of Yangzijiang Shipbuilding, the financial and investment side of the broader Yangzijiang ecosystem has been strengthened through Yangzijiang Maritime Development Ltd., a specialised maritime leasing and ship-investment platform listed on the Singapore Stock Exchange. Yangzijiang Maritime Development Ltd. was formed as a spin-off from Yangzijiang Financial Holding and is designed to integrate ship financing, structured leasing, co-investment programmes, and strategic partnerships with global shipowners. By aligning access to capital with the production capabilities of Yangzijiang Shipbuilding, Yangzijiang Maritime Development Ltd. has created a vertically integrated model that can support modern ship acquisitions, newbuilding programmes, and long-term ownership structures. Yangzijiang Maritime Development Ltd. is expanding rapidly across both wet and dry markets, participating in MR tanker investments, kamsarmax bulk carrier leases, feeder container ship joint ventures, and various structured maritime assets, while engaging directly with international owners seeking flexible financing solutions. Its long-term strategy includes building one of Asia’s most sophisticated maritime asset platforms, with a portfolio designed to meet increasing regulatory demands, evolving charterer expectations, and global decarbonisation frameworks. The incident involving MV TW Hamburg highlights the importance of robust shipmanagement oversight even within large, fast-growing maritime conglomerates. While Yangzijiang Shipbuilding and Yangzijiang Maritime Development Ltd. continue to expand their global presence through shipbuilding innovation and maritime financial services, the situation demonstrates how operational lapses on third-party managed ships can challenge the broader reputation of a rapidly growing Chinese maritime group.
26-July-2020
Greek shipowner and operator Angelakos (Hellas) S.A. has finalized the sale of its 2001 built panamax bulk carrier 74K DWT MV Hispania Graeca for demolition. The vessel, owned and managed by Angelakos (Hellas) S.A., was the oldest ship in the fleet and had been stranded in South Africa. Under the leadership of Stephanos E. Angelakos, shipowner and operator Angelakos (Hellas) S.A. proceeded with the disposal of the aging vessel as the company completed its new building programme in China. Traditional Greek shipowner and operator Angelakos (Hellas) S.A. executed the demolition sale of the 19-year-old panamax bulk carrier, known for a history marked by operational challenges, while simultaneously concluding the construction of four modern kamsarmax bulk carriers to enhance its fleet profile. The identity of the end buyers of the 2001 built panamax bulk carrier 74K DWT MV Hispania Graeca remains unconfirmed, but shipbroking sources have indicated that Angelakos (Hellas) S.A. sold the panamax bulk carrier MV Hispania earlier this month on an “as is” basis for a price of $190 per ldt, totaling approximately $1.9 million. Founded in 1968 and headquartered in Athens, Angelakos (Hellas) S.A. has a longstanding presence in the dry bulk sector, with a history of operating a fleet of well-maintained vessels and a reputation for technical reliability, safe operations, and environmental compliance. Over the decades, Angelakos (Hellas) S.A. has established itself as a consistent and respected name in the international maritime community, managing ships across major global trade routes and adapting its fleet strategy to evolving regulatory and commercial conditions. The sale of MV Hispania Graeca and the addition of new kamsarmax bulk carriers reflect Angelakos (Hellas) S.A.’s commitment to modernizing its fleet while maintaining its core principles of quality management and operational excellence.
22-July-2020
Singapore based shipowner and operator Eastern Pacific Shipping (EPS) has ordered five (5) LNG-fuelled newcastlemax bulk carriers 208K DWT at New Times Shipbuilding, China. Eastern Pacific Shipping’s (EPS) order is backed by a charter deal with iron ore giant BHP. New Times Shipbuilding is going to deliver the first newcastlemax bulk carrier in 2022 to Eastern Pacific Shipping (EPS). Eastern Pacific Shipping’s (EPS) charter deal is going to start in 2022 with BHP. Idan Ofer-led Eastern Pacific Shipping (EPS) is going to pay $66 million for each LNG-fuelled newcastlemax bulk carrier. In December 2019, Eastern Pacific Shipping (EPS) ordered LNG-fuelled newcastlemax bulk carriers 209K DWT at Shanghai Waigaoqiao Shipbuilding (SWS). Aussie iron ore giant BHP has been showing interest in chartering cleaner LNG-fuelled ships.
22-July-2020
Singapore-based Pacific Carriers Ltd (PCL) controlled five (5) bulk carriers have been circulated in S&P (Sale and Purchase) market by Japanese shipowners. Five (5) bulk carriers are aged between 8-10 years old and named MV Ikan Pandan (58K DWT), MV Ikan Bawal (58K DWT), MV Double Paradise (95K DWT), MV Alam Mulia (61K DWT), MV Ikan Salmon (61K DWT). Previously, Pacific Carriers Ltd (PCL) was attempting a charter rate cut from Japanese shipowners. Pacific Carriers Ltd (PCL) asked a discount on its charter payments to its Japanese due to financial challenges. Pacific Carriers Ltd (PCL) operates 48 bulk carriers which are mostly owned by Japanese shipowners. Japanese shipowners may want to seize on recovered dry bulk secondhand tonnage. It is unknown if Pacific Carriers Ltd (PCL) is advancing with its negotiations with Japanese shipowners to decrease its charter hire. Many Japanese shipowners have received applications to decrease charter rates from operators.
22-July-2020
Greek shipowner and operator Arista Shipping sold 2011 built supramax bulk carrier 55K MV Panworld (ex MV Montecristo) for around $10 million to a Chinese shipowner. In 2013, Arista Shipping acquired MV Panworld (ex MV Montecristo) for around $27 million from D’Alesio Group. In December 2019, Arista Shipping sold 2004 built handysize bulk carrier 28K DWT MV Panforce to Shenzhen Shipping for around $6 million. In 2011, Arista Shipping acquired MV Panforce for around $20 million from Clipper Shipping. Currently, Arista Shipping has a fleet of two (2) bulk carriers, 2012 built supramax bulk carrier 55K DWT MV Pangea and 2011 built handysize bulk carrier 28K DWT MV Panvision. Greek shipowner and operator Arista Shipping is controlled by Alexander Panagopoulos. Arista Shipping has a strong balance sheet and controls modern high-quality bulk carriers.
21-July-2020
Geneva-based dry bulk carrier owner and operator SAM Shipping (Shipping Asset Management) controlled MV SAM Jaguar and MV SAM Hawk is set to go up for auction in August 2020. 2013 built supramax bulk carrier 57K DWT MV SAM Jaguar will be auctioned by India’s High Court of Gujarat and 2013 built supramax bulk carrier 57K DWT MV SAM Hawk will be auctioned by Sheriff of Singapore. MV SAM Jaguar and MV SAM Hawk have been arrested by Credit Suisse to collect loans. Currently, MV SAM Jaguar is worth around $14 million and MV SAM Hawk is worth around $13.5 million. Furthermore, 2010 built handysize bulk carrier 32K DWT MV SAM Eagle was arrested in the United States. On 17 July 2020, MV SAM Eagle was sold to Melinda Maritime for around $4.7 million. Shipbroker CW Kellock, which ran the MV SAM Eagle auction, will be conducting the MV SAM Jaguar and MV SAM Hawk auctions.
20-July-2020
Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) CEO Stamatis Tsantanis clarified that the shipping business is going through one of the toughest periods in shipping history. Seanergy Maritime has lowered the company’s debt through refinancing while striving to extend loan maturities. Seanergy Maritime has been operating in capesize segment and capesize daily spot rates averaged around $7K through Q1 and Q2 2020. Recently, Seanergy Maritime has acquired 2005 built capesize bulk carrier 178K DWT MV Cape Baltic for around $11.5 million. Seanergy Maritime’s fleet increased to eleven (11) capesize bulk carriers. Seanergy Maritime has been discussing with moneylenders on pushing back loan maturities. Seanergy Maritime’s share price reached over the $1 minimum price requirement of NASDAQ after the reverse stock split in July 2020.
19-July-2020
Sometimes in the unpredictable and highly competitive shipping market, a failed deal can ultimately work to a shipowner’s advantage, as demonstrated by BW Dry Cargo, the Andreas Sohmen-Pao-led shipping enterprise. In June 2025, BW Dry Cargo was on the verge of completing a $41m en bloc sale involving three of its earliest acquisitions – the 10-year-old Japanese-built kamsarmax bulk carriers MV BW Barley, MV BW Einkorn, and MV BW Acorn – but the transaction collapsed when the intended buyers failed to secure financing. In the weeks that followed, the dry bulk market experienced a notable upswing, allowing BW Dry Cargo to successfully resell the three ships at higher prices, generating an extra $1.5m compared to the original deal. Athens-based bulker and tanker shipowner and operator Centrofin Management Inc., under the leadership of Greek shipping magnate Dimitris Procopiou, acquired the kamsarmax bulk carriers MV BW Barley and MV BW Einkorn for a combined $28.5m, while Germany-based shipowner and operator Orion Reederei reportedly paid about $14m for the kamsarmax bulk carrier MV BW Acorn. Greek shipowner and operator Centrofin Management Inc., which has emerged as one of the most active Greek players in the global S&P (Sale and Purchase) market in 2025, has been strategically diversifying its fleet with a balance of modern bulk carriers and tankers. The company has executed multiple acquisitions this year, including a recent capesize bulk carrier purchase, and continues to invest heavily in both secondhand tonnage and newbuilding projects such as its 82,000 DWT kamsarmax bulk carrier series at Hengli Heavy Industry and a string of 158,000 DWT suezmax tanker newbuildings at Samsung Heavy Industries. With a fleet currently comprising over 40 ships operated through its subsidiaries Marine Trust and Trust Bulkers, Centrofin Management Inc. maintains a strong focus on operational efficiency, environmental compliance, and fleet renewal, positioning itself as a leading player in the global shipping market with a growing footprint in both the dry bulk and tanker segments.
19-July-2020
Nasdaq-listed Greek shipowner and operator Globus Maritime (GLBS) is going to issue $15 million through a shares sale. Athanasios Feidakis led shipowner and operator Globus Maritime is also offering warrants that can be exercised to buy up to 83 million of shares at a later time. The purchase price for a share and a warrant will be $0.18 per share. Maxim Group is serving as sole organization for offering Globus Maritime’s share sales. Maxim Group has also underwritten several share offerings for publicly listed Greek shipping companies, such as Castor Maritime, Seanergy Maritime, and TopShips among others. Globus Maritime’s chief CEO Athanasios Feidakis has acquired shares worth $150,000 in Globus Maritime. Globus Maritime has authorized the issuance of 25,000 of its Series B preferred shares to Goldenmare, an investment company controlled by Feidakis Family.
19-July-2020
Japanese shipyard Kawasaki Heavy Industries (KHI) has secured another order from Japanese shipowner Kumiai Senpaku Co Ltd for an additional 84,000 cu m Very Large Gas Carrier (VLGC) newbuilding, which will be fitted with an LPG dual-fuel engine, with the third ship in the series ordered by Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Kumiai Senpaku Co Ltd, and scheduled for delivery from Kawasaki Heavy Industries’ Sakaide facility in Q3 2022; Kumiai Navigation Pte Ltd currently operates a fleet that includes 5 Very Large Gas Carriers (VLGCs), forming part of its total fleet of 16 vessels, and continues to focus on expanding its presence in the LPG shipping market with modern, environmentally efficient tonnage under the strategic direction of its parent company, Kumiai Senpaku Co Ltd.
16-July-2020
Singapore and Copenhagen based diversified shipowner BW Group subsidiary company BW Dry Cargo sold three (3) kamsarmax bulk carriers MV Barley, MV BW Acorn, and MV BW Einkorn for around $42 million en bloc. BW Dry Cargo is led by Christian Bonfils. In May 2020, BW Dry Cargo sold 2010 built supramax bulk carrier 58K DWT MV BW Flax for around $10.5 million. Currently, BW Dry Cargo has a fleet of seven (7) bulk carriers. Furthermore, BW Dry Cargo has three (3) ultramax new-buildings on order at Oshima Shipbuilding and two (2) kamsarmax new-buildings at Tsuneishi Cebu.
16-July-2020
Tokyo based shipowner and operator Nisshin Shipping sold three (3) kamsarmax bulk carriers to China Development Bank Leasing. China Development Bank Leasing has signed a bareboat charter agreement with BG Shipping for three (3) kamsarmax bulk carriers. Nisshin Shipping is led by Y Fujii. Nisshin Shipping sold kamsarmax bulk carriers 82K DWT MV Trustn Trader I, MV Trustn Trader II, and MV Falcon Trader. China Development Bank Leasing has built up a fleet of 77 ships. Nine (9) of its bulkers are operating under the commercial control of BG Shipping. Last month, Nisshin Shipping reported an enormous loss on the resale of LNG carrier newbuilding. Nisshin Shipping had ordered LNG carrier at SHI (Samsung Heavy Industries) for $160 million.
16-July-2020
Aussie mining giant Rio Tinto has reported that the company has exported 19% more iron ore in Q2 2020 compared to Q1 2020. Rio Tinto exported 87 million tonnes of iron ore in Q2 2020. Rio Tinto exported 73 million tonnes of iron ore in Q1 2020 due to infrastructure damage and significant weather disturbances in February 2020. In Q2 2020, Rio Tinto operations performed well, notwithstanding the severe measures executed to handle the corona pandemic. In Q2 2020, Rio Tinto shipped 14.6 million tonnes of bauxite which is 9% higher than Q2 2019. Up to now, the corona recession has a limited impact on bauxite demand. Rio Tinto presented a strong performance, particularly in iron ore and bauxite business in difficult conditions due to the corona recession.
16-July-2020
Geneva-based dry bulk carrier owner and operator SAM Shipping (Shipping Asset Management) controlled 2010 built handysize bulk carrier 32K DWT MV SAM Eagle is sold in an online sale handled by UK Admiralty shipbroker CW Kellock for around $4.7 million. In June 2020, Credit Suisse obtained an order from the District Court of the Southern District of Texas to sell the handysize bulk carrier of SAM Shipping (Shipping Asset Management). Liberia based Melinda Maritime has acquired MV SAM Eagle. This is the second online ship sale by CW Kellock during the pandemic lockdown. Credit Suisse is selling off two (2) more bulk carriers from the SAM Shipping (Shipping Asset Management) fleet in auctions to be held in Singapore and India. Mortgagee Credit Suisse has appointed CW Kellock to handle the sales of supramax bulk carriers 57K DWT MV SAM Jaguar and MV SAM Hawk of SAM Shipping (Shipping Asset Management). Furthermore, the Singapore Supreme Court has ordered the sale of MV SAM Jaguar. The High Court in India has ordered sale of MV SAM Hawk.
15-July-2020
Fearnleys is opening a brand-new office in Stockholm, Sweden. Shipbroker Fearnleys’ Stockholm office is going to cover the dry bulk market. Peter Ulfvin is going to manage the Fearnleys’ Stockholm office. Fearnleys’ Stockholm office is going to cover coasters up to handysize bulk carriers for charterers in the Scandinavian market. Shipbroker Fearnleys is part of Norwegian Astrup Fearnley. Shipbroker Fearnleys also has offices in Oslo, Beijing, London, Dubai, Hong Kong, Shanghai, Singapore, and Tokyo. Shipbroker Fearnleys offers professional services in tankers, dry bulk, LPG, LNG, Ro-Ro, New-Building, and S&P (Sale and Purchase) markets.
13-July-2020
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is demonstrating its financial strength by finalizing the company’s second acquisition within a remarkably short period. Recently, Agricore Group (Agricore Shipping ASL) acquired the company’s first bulk carrier in a year. Agricore Shipping ASL acquired capesize bulk carrier 176K DWT MV Great Challenger for approximately $12.5 million. This week, news of a second transaction has emerged. Insider sources have disclosed that Agricore Group (Agricore Shipping ASL) has acquired post-panamax bulk carrier 93K DWT MV LM Victoria from Liberty Maritime. Originally operating as a charterer, Agricore Shipping ASL ventured into ship owning in 2018. Since then, Agricore Shipping ASL has expanded its fleet to include two panamax bulk carriers, one post-panamax bulk carrier, one supramax bulk carrier, and two capesize bulk carriers. Agricore Shipping Limited ASL-controlled bulk carriers are managed by Agricore Group’s subsidiary Agricore Ship Management Co Ltd.
13-July-2020
The state-run Fujian Shipping Company (Fusco), a subsidiary of the Fujian Provincial Communication Transportation Group, has recently launched a dedicated shipmanagement unit named Zhongping Shipmanagement. This move is a significant strategic initiative for Fujian Shipping Company (Fusco), marking a key step in their plan to expand their light asset business and diversify operational activities. The state-run Fujian Shipping Company (Fusco), known for its fleet operations, currently has a fleet of 20 bulk carriers. The establishment of Zhongping Shipmanagement is expected to enhance the efficiency and effectiveness of their fleet management, aligning with the company’s broader objectives of business diversification and growth within the maritime sector. This development underscores Fujian Shipping Company’s (Fusco) commitment to adapting and expanding its role in the shipping industry.
12-July-2020
Athens-based bulker and tanker shipowner and operator Centrofin Management Inc., under the leadership of Greek shipping magnate Dimitris Procopiou, has re-entered the bulk carrier acquisition market for the first time since 2016 by acquiring the 2008-built Namura-constructed capesize bulk carrier MV New Stage from Taiwanese shipowner and operator Hsin Chien Marine for around $16.5m. This deal, regarded as one of the most closely watched capesize bulk carrier sales of 2020, marks a notable step in Centrofin Management Inc.’s fleet renewal and expansion strategy. The capesize bulk carrier MV New Stage had been circulated in the market several times and was close to being sold to a Chinese buyer in May 2020, but ultimately went to Centrofin Management Inc., which saw strategic value in the acquisition. Currently, Centrofin Management Inc. controls a diverse fleet spanning both the dry and wet sectors, including six capesize bulk carriers, one panamax bulk carrier, and two supramax bulk carriers in the dry segment, as well as 24 tankers under the management of its affiliated units Marine Trust and Trust Bulkers. In addition to secondhand acquisitions, Centrofin Management Inc. has an active newbuilding program comprising kamsarmax bulk carrier newbuildings at Hengli Heavy Industry and suezmax tanker newbuildings at Samsung Heavy Industries, reinforcing its commitment to fleet modernisation, emissions reduction, and long-term growth across multiple shipping segments.
11-July-2020
Copenhagen-based shipowner and operator Ultrabulk’s 2005 built ultramax bulk carrier 61K DWT MV Ultra Daniela was arrested with cocaine at the port of Ghent, Belgium. Ultrabulk’s bulk carrier sailed from Barranquilla, Colombia, on 20 June 2020 and was carrying coal cargo. Six (6) drug smugglers were arrested. Container ships had been the foremost victim of drug cartels up until now. However, they started using bulk carriers.
7-July-2020
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL rank among the most active contenders in the capesize bulk carrier sector, with numerous emerging and discreet participants recently venturing into their initial capesize bulk carriers. Agricore Shipping ASL has made the company’s first acquisition in a year, finalizing its second capesize bulk carrier agreement. Chinese shipowner and operator Agricore Shipping ASL purchased the 2004 built capesize bulk carrier MV ASL Mars (ex MV MSXT Vivienne). MV ASL Mars (ex MV MSXT Vivienne) was constructed at Shanghai Waigaoqiao Shipyard in China. This new addition will join Agricore Shipping ASLs fleet, which already comprises two panamax bulk carriers, one supramax bulk carrier, and one capesize bulk carrier. Ever since Hong Kong and Qingdao-based shipowner and operator Agricore Shipping ASL’s initial registration several years ago, Agricore Group’s enterprise has flourished rapidly. Agricore Shipping ASL ventured into shipowning with its inaugural bulker acquisition in 2018. Agricore Shipping Limited ASL-controlled bulk carriers are managed by Agricore Group’s subsidiary Agricore Ship Management Co Ltd.
7-July-2020
Dutch shipowner and operator MUR Shipping has commenced transporting mineral sands from Weipa, Australia to China. Previously, bauxite was exported from Weipa, Australia. Mineral sands exports have been executed by Clear Logistics Australia which is a part-owner of Green Coast Resources. Mineral sands such as ilmenite, rutile, and zircon are adopted in the production of paint, ceramics, sunscreen, and cosmetics. Port of Weipa, Australia exports around 30 million tonnes of bauxite per year for Rio Tinto.
6-July-2020
Simeon Palios’s daughter Semiramis Paliou led Diana Shipping has spent $8 million in buying back outstanding bonds that are due to mature in September 2023. In September 2018, Diana Shipping raised $100 million when the company issued the bonds. NASDAQ listed shipowner and operator Diana Shipping has repurchased its senior unsecured bonds in its 18/23 bond issue. In Q1 2020, Diana Shipping had $111 million in available cash to buy back its bonds. At the beginning of July 2020, Diana Shipping has extended a bank loan and sold a panamax bulk carrier, Diana Shipping now has no debt maturities until 2022. Athens-based shipowner and operator Diana Shipping bought back $58 million worth of its shares during 2019. Diana Shipping will be buying shares when the share price is below net asset value (NAV).
2-July-2020
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) sold 2010 built capesize bulk carrier 180K DWT MV Graceful Madonna to Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) for around $20 million. 2010 built capesize bulk carrier 180K DWT MV Graceful Madonna was constructed at Imabari Shipbuilding. Japanese shipowner and operator Doun Kisen KK (aka Doun Kisen Co. Ltd) is one of the biggest tonnage providers in Japan. Doun Kisen KK (aka Doun Kisen Co. Ltd) charters out the bulk carriers on a long-term basis to giant traders and first-class ship operators.
1-July-2020
Hong Kong and South Korean shipowner and operator Cido Shipping has been subtly hinting at a desire to reduce its footprint in the capesize sector, positioning half of its cape armada on the market, specifically two ships crafted by Universal. The formidable fleet of Cido Shipping, boasting 75 ships, has recently parted ways with the 14-year-aged, 176,300 DWT built capesize bulk carrier MV Great Challenger for a sum of $12.5 million. The capesize bulk carrier market has witnessed a swift escalation over the recent month, with capesize bulk carriers now commanding prices upwards of $30,000 daily.
1-July-2020
Copenhagen based shipowner and operator J Lauritzen has split bulk carrier and LPG carrier operations. Lauritzen Bulkers and Lauritzen Kosan are soon legitimately separate entities with two stand-alone operations. Lauritzen Bulkers fancied an asset-light model in the handysize market. Fleets of Lauritzen Bulkers and Lauritzen Kosan are now fully refinanced with long-term capital. Lauritzen Bulkers has a short-term pool of bulk carriers and enough cargoes. In 2019, J Lauritzen reported a net loss of $105 million. In 2019, J Lauritzen operated an average fleet of 104 ships. In the last 6 months, Lauritzen Bulkers sold 7 handysize bulk carriers, as part of the switch to an asset-light model.