June 2020

25-June-2020

Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) is marketing $12 million shares. Last week, Globus Maritime sold $14 million shares. Direct offerings are anticipated to close on 30 June 2020. Maxim Group is acting as a book-runner for Globus Maritime’s shares. Currently, New York-listed dry bulk operator Globus Maritime’s stocks are trading at $0.38. Globus Maritime has been aiming to acquire kamsarmax, panamax, and supramax bulk carriers. Currently, Athens based shipowner and operator Globus Maritime has a fleet of one five (5) bulk carriers.

20-June-2020

19-June-2020

Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) has expanded its fleet with the acquisition of a new kamsarmax bulk carrier from Japanese shipowner Nisshin Shipping Co Ltd. The vessel, named MV Aquavita Air, was constructed by Oshima Shipyard and delivered to Nisshin Shipping Co Ltd in February 2020. Eastern Mediterranean Maritime (Eastmed) secured the MV Aquavita Air for approximately $28.5 million. This acquisition increases Eastern Mediterranean Maritime’s (Eastmed’s) bulk carrier fleet to a total of 40 vessels, further enhancing its significant presence in the global shipping market. In addition to its bulk carriers, Eastern Mediterranean Maritime (Eastmed) also manages a diverse fleet that includes 10 containerships and 29 tankers, showcasing the company’s broad operational scope and its strategic focus on diversifying vessel types. The seller, Tokyo-based shipowner Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), has been actively realigning its fleet portfolio. Alongside the sale of the MV Aquavita Air, Nisshin Shipping Co Ltd. (Nisshin Kaiun KK) also recently offloaded the 2016-built kamsarmax bulk carrier MV Western Monaco to KCH Shipping for around $18.5 million, marking a busy period for the company in the ship sale and purchase market. Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), established in 1903, is a well-regarded entity in the maritime industry, known for its extensive involvement in bulk, container, and tanker shipping. The company has a long-standing tradition of investing in modern and efficient vessels to serve the diverse needs of global commodity transportation. Nisshin’s strategic approach to fleet management involves a mix of owning and operating a variety of ship types, constantly updating its fleet to meet the latest environmental and operational standards. This has positioned Nisshin Shipping Co Ltd. (Nisshin Kaiun KK) as a flexible and responsive player in the shipping sector, capable of adapting to the dynamic demands of maritime logistics and trade. These transactions underscore the dynamic nature of the shipping industry, where strategic asset management plays a crucial role in maintaining competitive advantage and adapting to changing market conditions. Eastern Mediterranean Maritime (Eastmed), under the leadership of Thanassis Martinos, continues to demonstrate robust growth and strategic foresight in enhancing its fleet capabilities.

14-June-2020

Tor Olav Troim-backed 2020 Bulkers has reported average TCE (Time Charter Equivalent) earnings of $16,700 per day for May 2020. Currently, 2020 Bulkers controls eight (8) newcastlemax bulk carriers. 2020 Bulkers’ fleet-wide cash break-even is around $14,000 per day. According to 2020 Bulkers, large bulk carriers have a positive outlook with influential demand and diminishing iron ore inventories in China that is supported by extremely low newbuilding order-book. 2020 Bulkers chartered out brand new newcastlemax bulk carriers 208K DWT MV Bulk Sao Paulo and MV Bulk Santos to Glencore’s shipping arm ST Shipping & Transport for 3 years.

14-June-2020

Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) has acquired approximately $23 million extra loan that will be used for general corporate purposes. Eagle Bulk Shipping endeavors to increase the company’s liquidity and reinforce cash position during coronavirus crisis. $23 million additional finance is secured by two of Eagle Bulk Shipping’s ultramax bulk carriers, 2016 built MV Hong Kong Eagle and 2015 built MV Santos Eagle. $23 million extra loan has been given by a consortium of ABN AMRO; Credit Agricole, Skandinaviska Enskilda Banken (SEB), DNB Bank, and Danish Ship Finance.

13-June-2020

According to recent data from the International Association of Dry Cargo Shipowners (INTERCARGO), chaired by Dimitrios Fafalios, over 300,000 seafarers are currently stranded at sea beyond their contractual terms due to stringent global travel restrictions prompted by the coronavirus pandemic. Last month, an agreement was reached requiring governments to resolve the crew change dilemma by today. Despite this, there is still a lack of global uniformity on how to safely return crew members home. In response to this situation, both the International Transport Workers Federation (ITF) and the International Maritime Employers’ Council (IMEC) last month urged governments to promptly adhere to the International Maritime Organization’s (IMO) guidelines on crew changes. They warned that failing to meet the deadline could jeopardize the commercial viability of ship operations. While some progress has been noted, particularly in Hong Kong and Canada, the overall global response remains fragmented. The International Transport Workers Federation (ITF) has recognized that most employers are making considerable efforts, but governments continue to adopt protectionist policies. Consequently, the IMEC anticipates a shift in governmental approaches soon. The ongoing crisis has already led to several instances where crews, driven by desperation, have diverted their ships towards their home countries. With the union agreement expiring tomorrow, similar actions are expected to increase. Dimitris Fafalios, also the head of Athens-based Fafalios Shipping SA, highlighted the severe human impact of the situation. Dimitris Fafalio described it as an “invisible humanitarian crisis” where seafarers, having completed their contractual terms, are desperately trying to return to their families. “Today, an invisible humanitarian crisis is unfolding around us, with more than 300,000 seafarers trapped at sea, desperate to return to their homes and families,” stated Dimitris Fafalios. This crisis underscores the critical need for coordinated international action to address the welfare of stranded seafarers globally.

10-June-2020

Singapore based shipowner and operator Eastern Pacific Shipping (EPS) sold 2019 built ultramax bulk carrier 61K DWT MV Divinegate for around $23 million. In 2017, Eastern Pacific Shipping (EPS) ordered MV Divinegate at Dalian Cosco KHI Ship Engineering. To completely focus on capesize segment, Eastern Pacific Shipping (EPS) has been selling handysize and ultramax bulk carriers. In March 2020, Idan Ofer led Eastern Pacific Shipping (EPS) 2010 built supramax bulk carrier 53K DWT MV Bridgegate for $10 million. Eastern Pacific Shipping’s (EPS) handysize bulk carriers are advancing the 10-year life-span which will attract many shipowners. Eastern Pacific Shipping (EPS) put its supramax fleet into the C Transport Maritime (CTM) Pool. Eastern Pacific Shipping (EPS) operates most of its handysize bulk carriers on short period charters or spot voyages. Eastern Pacific Shipping (EPS) chartered-out panamax bulk carriers to Indian mining companies.

9-June-2020

New York-listed shipowner and operated Scorpio Bulkers has issued $60 million equity. Scorpio Services Holding is taking $15 million of the issuance, which is led by Bank of America Securities, BTIG, and Clarksons Platou Securities. The dry bulk market withstands difficult circumstances for at least the rest of 2020 due to the coronavirus recession. However, Scorpio Bulkers has already taken precautious steps including bulk carrier sales. Scorpio Bulkers and Scorpio Tankers have always believed in moving vigorously, including through dilutive shares sales.

9-June-2020

Oman Shipping Company (OSC) signed a sustainable transaction with Standard Chartered for 2019 built ultramax bulk carriers 63K DWT MV Jabal Shams and MV Jabal Al-Misht. Oman Shipping Company (OSC) is going to receive $35 million for refinancing the ultramax bulk carriers. Oman Shipping Company (OSC) signed the first sustainable shipping transaction in the Middle East. The refinancing deal is combined with the principal objectives in line with the UN’s objects. Oman Shipping Company’s (OSC) advancement on UN’s objects will define the credit margin. Previously, Oman Shipping Company (OSC) entered into a sharia-compliant credit with Abu Dhabi Islamic Bank (ADIB). Oman Shipping Company (OSC) is a part of ASYAD Group. Currently, Oman Shipping Company (OSC) has a diversified fleet of 50 vessels.

9-June-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 will be auctioned in July by District Court of the Southern District of Texas. MV SAM Eagle will be sold free of all liens, claims, mortgages. SAM Shipping (Shipping Asset Management) controlled MV SAM Eagle was arrested by Credit Suisse. MV SAM Eagle is one of several SAM Shipping (Shipping Asset Management) bulk carriers targeted by Credit Suisse. President of Azerbaijan’s son-in-law has appeared as the beneficial owner behind SAM Shipping (Shipping Asset Management).

9-June-2020

Taiwanese shipowner and operator U-Ming Marine Transport has reported a net loss of TWD 387 million in Q1 2020 due to coronavirus recession. U-Ming Marine Transport has reported an operating income of TWD 1.9 billion in Q1 2020. U-Ming Marine Transport has a positive outlook in dry bulk markets. According to U-Ming Marine Transport, coronavirus recession will soon diminish by the government’s stimulus packages and infrastructure investments which will increase the demand for raw materials. Currently, U-Ming Marine Transport has a diverse fleet of 48 vessels including new-building vessels. Recently, U-Ming Marine Transport ordered two (2) VLOC (Very Large Ore Carrier) new-buildings for Brazilian iron ore behemoth Vale.

8-June-2020

Canadian bulk carrier operator Fednav has unveiled plans to consolidate its shipping operations under a single management structure to better synchronize its commercial and technical divisions. As part of this restructuring, Fednav’s marine department, under the leadership of Executive Vice President Tina Revsbech, will integrate the chartering and operations teams with the shipowning, technical, and Arctic units. Tina Revsbech previously led BW Tankers. Moreover, Montreal-based Fednav has appointed Isabelle Brassard as Senior Vice President of Logistics and Sustainable Development. In her new role, Brassard will manage all land-based business operations, including Federal Marine Terminals and Fednav Direct. A veteran from Quebec, like Fednav, Brassard joins from Rio Tinto where she was responsible for the company’s shipping operations from Singapore. Paul Pathy, President and CEO of Fednav, emphasized the importance of leadership in navigating current challenges, stating, building a strong business requires hiring top talent. Over the last few years, Canadian bulk carrier operator Fednav has been carefully building our management team with elite leaders. These are tough times for everyone—but by making significant structural changes now, Fednav hopes to be among the first out of the gate when the current health and economic crisis is behind the company. The quicker Montreal-based shipowner and operator Fednav adapts to the evolving global landscape, the more effectively the company will be positioned to deliver a higher standard to the charterers. Currently, Fednav is recognized as Canada’s largest ocean-going bulk shipping company, with a fleet that includes over 120 bulk carriers, 64 of which are owned.

8-June-2020

Athens based shipowner and operator FGM Chartering Ltd. has acquired 2006 built handysize bulk carrier 24K DWT MV Glorious Future from Kawasaki Kisen Kaisha for around $4 million. FGM Chartering Ltd. has been firmly increasing its fleet with Japanese-built bulk carriers. Besides FGM Chartering Ltd., many Greek shipowners are interested in small handysize bulk carriers. FGM Chartering Ltd. was established in 2012. Currently, FGM Chartering Ltd. is controlling 14 bulk carriers from coaster up to handysize bulk carriers. FGM Chartering Ltd. owns 5 bulk carriers and manages the rest of the fleet. Piraeus based FGM Chartering Ltd. has been managing small bulk carriers. FGM Chartering Ltd. has been shipping around 1.5 million tons per year both on voyage and COA (Contract of Affreightment) basis.

8-June-2020

Germany based Hanseatic Unity Handysize Pool (HUHP) has added two (2) handysize bulk carriers from Transworld Shipping Group. 2013 built handysize bulk carrier 32K DWT MV TBC Princess and 2014 built handysize bulk carrier 32K DWT MV TBC Prestige has joined to Hanseatic Unity Handysize Pool (HUHP). Currently, Hanseatic Unity Handysize Pool (HUHP) has a fleet of 24 bulk carriers. However, Hanseatic Unity Handysize Pool (HUHP) aims to increase the size of the pool. Hanseatic Unity Handysize Pool (HUHP) was established by Peter Dohle Schiffahrts and Reederei Nord in 2018. In 2019, John T Essberger Group joined into the pool. Matthias Dassler managed Hanseatic Unity Handysize Pool (HUHP) has offices in Hamburg and Singapore.

8-June-2020

Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has been trying to sell its oldest capesize bulk carrier for demolition. Pan Ocean wants to scrap 1998 built capesize bulk carrier 149K DWT MV New Joy. Currently, Pan Ocean is anticipated to earn around $5 million from MV New Joy demolition.

8-June-2020

South Korean shipowner and operator Polaris Shipping has sold two VLOCs (Very Large Ore Carriers) for demolition. Polaris Shipping sold 1994 built VLOC 291K DWT MV Stellar Samba for around $11 million. Polaris Shipping sold 1995 built VLOC 288K DWT MV Stellar Iris for around $10 million.

7-June-2020

Norwegian shipowner and operator Spar Shipping has reported a pre-tax profit of $6.5 million for 2019. Spar Shipping’s profits squeeze due to trade wars and coronavirus recession. Spar Shipping has reported revenue of $79 million for 2019. Bergen-based shipowner and operator Spar Shipping is controlled by Tom Eide Knudsen and Iwan Knudsen. Initially, Spar Shipping was established to be a pure tonnage provider to FCC (First Class Charterers). Nevertheless, recently Spar Shipping has established an in-house chartering department. Spar Shipping has refinanced revolving credits and the company has a positive outlook. Currently, Spar Shipping has a fleet of 24 supramax and ultramax bulk carriers.

4-June-2020

Enterprises Shipping & Trading’s President Victor Restis set out his perspective on how shipping is likely to evolve in the post-coronavirus era and how shipping must adapt to a low-carbon future, arguing that the dry bulk market had already been dragged into a harsh coronavirus-driven recession that pushed freight rates down to levels rarely seen before and forced shipowners and charterers to rethink risk, employment strategy, and cash preservation. Enterprises Shipping & Trading’s President Victor Restis emphasized that once the coronavirus pandemic shock fades it is still uncertain whether governments and industries will permanently relocate manufacturing, redesign procurement, and alter supply-chain corridors, and Enterprises Shipping & Trading’s President Victor Restis pointed to signals from the United States about reducing dependence on China for products and equipment, a trend that Victor Restis suggested could reshape trade patterns for an industry whose economics are built on globalization, predictable cargo flows, and long-distance seaborne logistics. Within that wider debate, Enterprises Shipping & Trading SA is known as an Athens-based shipowner and operator active across bulk carriers and tankers, and Enterprises Shipping & Trading SA’s day-to-day model is closely tied to keeping each ship commercially employable while managing technical reliability, crewing standards, maintenance planning, and compliance requirements that increasingly influence charterer selection and earnings stability. Enterprises Shipping & Trading’s President Victor Restis also highlighted the decarbonization pressure on shipping, stating that maritime emissions account for about 3% of global carbon dioxide output, and Victor Restis framed the challenge as both a regulatory and commercial shift that will affect how ships are operated, how voyages are planned, and how fleets are renewed over time. In that context, Enterprises Shipping & Trading’s President Victor Restis described slow steaming as a practical and widely applicable lever that can be adopted and executed in a realistic way by all parties involved, because speed management can reduce fuel consumption and emissions without waiting for a single breakthrough fuel or engine solution, while also requiring careful coordination with charterers on schedules, arrival windows, and contract terms. Enterprises Shipping & Trading’s President Victor Restis said prominent Greek shipowners support slow steaming, yet Victor Restis argued the slow-steaming option needs serious re-evaluation in light of changing market conditions, the balance between time and fuel costs, and the way new environmental frameworks push operators to optimize ships for carbon intensity, not only for headline speed. From the standpoint of Enterprises Shipping & Trading SA, the low-carbon transition is not just about targets but about execution across the operating chain, including voyage optimization, performance monitoring, maintenance quality that preserves hull and propeller efficiency, procurement discipline for bunkers, and training that ensures crews can implement new operating procedures safely and consistently on every ship. Enterprises Shipping & Trading’s President Victor Restis ultimately projected that shipping can rebound, surpass pre-coronavirus recession profit levels, and still meet demanding carbon-reduction ambitions, suggesting that the recovery narrative and the decarbonization narrative are likely to run in parallel, with Enterprises Shipping & Trading SA positioned to navigate that overlap by combining commercial flexibility in bulk carriers and tankers with the operational discipline needed to keep each ship efficient, compliant, and competitive as the industry’s standards continue to tighten.

4-June-2020

Polaris Shipping controlled 2016 built VLOC (Very Large Ore Carrier) 301K DWT MV Stellar Banner has been refloated off Brazil. Polaris Shipping controlled MV Stellar Banner was towed by salvors Smit and Ardent to the deeper ocean where the inspections will be carried out. MV Stellar Banner went aground off Vale’s Ponta de Madeira terminal in February 2020. MV Stellar Banner is classed by the Korean Register of Shipping (KRS) and has insurance coverage from Britannia P&I.

4-June-2020

S&P Global Platts has started KMAX 9 index which a new dry bulk weighted average index for the kamsarmax segment. S&P Global Platts has been planning to introduce a new index for supramax segment. Previously, S&P Global Platts launched dual daily time charter equivalent (TCE) for scrubber, non-scrubber ships. KMAX 9 index is obtained by applying an allocated weighting to the daily time charter equivalent (TCE) assessments of nine (9) essential voyages. KMAX 9 index is going to support index-linked ship charters that are for hedging purposes as part of a risk management application. Dry market players require clarity and this is rendered by a weighted average time charter equivalent (TCE) index, unlike time charter index.

4-June-2020

Nasdaq-listed shipowner and operator Star Bulk Carriers has been approved to delist from Oslo Stock Exchange (OSE) on 3 August 2020. Petros Pappas-led Star Bulk Carriers observed inadequate trading of company stocks in Oslo. Star Bulk Carriers’ stocks have been trading on Nasdaq Global Select Market since 2007. Oslo Stock Exchange (OSE) requires more-stringent reporting from the New York Stock Exchange in buying back and selling shares. Furthermore, Star Bulk Carriers had to provide reports to both Oslo and New York.

3-June-2020

Croatian shipowner and operator Atlantska Plovidba signed a 5-year sale and leaseback deal for 2012 built supramax bulk carrier 57K DWT MV AP Ston. Atlantska Plovidba purpose was to refinance its investment in the bulk carriers. Dubrovnik-based Atlantska Plovidba controlled MV AP Ston was built at STX Offshore and Shipbuilding. Currently, Atlantska Plovidba managed MV AP Ston is valued at around $13 million. In Q1 2020, Atlantska Plovidba has reported a net loss of $5.6 million in unfavorable dry bulk business. Currently, Atlantska Plovidba operates 12 bulk carriers extending from handysize up to panamax bulk carriers with 224 employees.

3-June-2020

Ulrich Müller, 64, formerly at the helm of Belships, has been promptly named the new CEO of Westfal-Larsen following the resignation of Anders Nome Lepsøe last week. A prominent figure in Norwegian maritime industries, Müller brings with him a wealth of experience, including a significant tenure at Spar Shipping AS, where he contributed to the company’s growth and operational efficiency. He has accumulated 42 years of experience in shipping, with notable positions at Grieg Group and Viken Marine as well. Ulrich Müller is slated to begin his new role in Bergen within the forthcoming two weeks. His tenure at Spar Shipping AS was marked by strategic fleet management and innovations that enhanced the company’s service offerings in the dry bulk sector, qualities that he is expected to bring to his new position at Westfal-Larsen. Additionally, Westfal-Larsen has recently moved its open hatch bulk carrier subsidiary, Masterbulk, back to Norway after a 25-year stint in Singapore. This strategic relocation aligns with the company’s broader objectives to streamline operations and leverage Norway’s robust maritime infrastructure.

3-June-2020

UAE-based shipowner and operator Tomini Shipping has faced a major disruption in its newbuilding pipeline after being unable to take delivery of a kamsarmax bulk carrier from cash-strapped Taizhou Kouan Shipbuilding, an outcome that highlights both the operational risks of relying on a financially pressured private yard and the challenges Tomini Shipping encountered in keeping its fleet expansion timetable intact during the pandemic period. In 2017, Tomini Shipping placed an order for kamsarmax bulk carrier 82K DWT MV Tomini Nobility at $24 million with a scheduled handover in Q1 2020, but Taizhou Kouan Shipbuilding could not deliver the kamsarmax bulk carrier as the coronavirus pandemic and severe cash-flow constraints slowed construction and pushed the timeline off course. The MV Tomini Nobility delay was not an isolated event within Tomini Shipping’s program, because Tomini Shipping contracted three (3) kamsarmax bulk carriers in 2017 and the remaining two (2) kamsarmax bulk carriers in the series were also set to miss their intended completion windows, creating a cascading impact on Tomini Shipping’s fleet planning, financing schedules, and chartering strategy. Faced with late delivery risk and a weakened yard counterparty, Tomini Shipping may attempt to renegotiate the price levels for the kamsarmax bulk carriers with Taizhou Kouan Shipbuilding, a step that would reflect the commercial reality that late ships often require revised economics to compensate owners for time lost, market opportunity cost, and additional uncertainty. The situation at Taizhou Kouan Shipbuilding provides context for why Tomini Shipping would push for resets: including Tomini Shipping’s kamsarmax bulk carriers, Taizhou Kouan Shipbuilding reportedly holds an order backlog of 15 new-buildings, and a backlog of that size can strain a yard even in normal conditions, while liquidity shocks can intensify bottlenecks and extend delivery slippage. For UAE-based shipowner and operator Tomini Shipping, the episode also fits into a broader approach Tomini Shipping has shown in other periods—using a mix of newbuilding orders and secondhand acquisitions to build fleet scale, and adjusting commitments when shipyard performance or market conditions change. The kamsarmax bulk carrier segment is a core employment class for many dry bulk operators because it can trade widely on major bulk routes, but the class also demands dependable delivery and predictable financing, meaning any disruption at the shipyard level can quickly spill over into commercial planning for Tomini Shipping, including decisions on period cover, cargo programs, and the timing of adding capacity. In that context, the MV Tomini Nobility delay underscores why Tomini Shipping may prefer to preserve optionality through renegotiation rather than being forced into acceptance on original terms that no longer match the risk and timing profile. With Tomini Shipping managing growth decisions in a volatile environment, the outcome of discussions with Taizhou Kouan Shipbuilding—whether revised pricing, revised delivery schedules, or further contract restructuring—would shape how quickly Tomini Shipping can align fleet expansion with charterer demand and how Tomini Shipping balances newbuilding exposure against alternative capacity sources.

2-June-2020

Limassol based shipowner and operator Castor Maritime reported a net loss of $259K in Q1 2020. Even though revenues increased to $2.7 million, expenses increased to $1.39 million in Q1 2020. Petros Panagiotodis-led shipowner and operator Castor Maritime is satisfied with the company’s Q1 2020 performance. Castor Maritime’s chartering tactics have protected the company in Q1 2020 from a soft spot charter market due to coronavirus pandemic. Castor Maritime has a $13 million cash reserve for a continued weaker shipping market and future opportunities. Nasdaq listed shipowner and operator Castor Maritime (CTRM) has reported daily time charter equivalent (TCE) of $12,008 in Q1 2020. Currently, Castor Maritime’s stocks are trading below minimum listing requirements.

1-June-2020

Clarksons Research has reported that the coronavirus recession created tremendous disturbance in 2020. In Q1 2020, ClarkSea Index point of earnings of $11,000 per day 50% below that logged in Q4 2019. $11,000 per day earning is remarkably well below the post-financial crisis average of $12,250 per day. Bulk carriers were earning better in Q3 2019 than Q1 2020. According to Clarksons’ report, volatile shipping markets are severely affected by the coronavirus recession.

1-June-2020

Indian shipowner and operator Great Eastern Shipping is going to issue a $132 billion non-convertible debenture in 2020. Due to the coronavirus recession, Great Eastern Shipping’s bulk carrier business might be affected. However, Great Eastern Shipping has sufficient liquid investments and cash to tackle any financial issues soon. Great Eastern Shipping has reported a net loss of $6.7 million in Q1 2020. Great Eastern Shipping has reported a revenue of $139 million in Q1 2020. India’s biggest private shipowner and operator Great Eastern Shipping has 46 tankers and bulk carriers. Furthermore, Great Eastern Shipping has 23 offshore ships. Great Eastern Shipping’s bulk carriers earned $8,321 per day in Q1 2020.

1-June-2020

Japanese shipowner and operator NS United has been endeavoring to invest in LNG-fuelled bulk carriers. Nippon Steel’s shipping arm NS United also seeks to invest in LNG bunkering facilities in Japan. NS United prognosticates slowdown in iron ore and coal shipping businesses from 2030. NS United was developed by the consolidation of Nippon Steel Shipping and Shinwa Kaiun. NS United’s sister company NS United serves inland transportation in Japan.