31-May-2020
Simeon Palios’s daughter Semiramis Paliou led Diana Shipping continues charter-out 2013 built panamax bulk carrier 87K DWT MV Phaidra to Uniper Global Commodities for another year at $9,400 per day. Last year, MV Phaidra was chartered out to Uniper Global Commodities for a year at $10,000 per day. Panamax charter rates decreased due to coronavirus recession. Currently, panamax bulk carriers earn $6,991 per day on average. End of May, Diana Shipping chartered out 2014 built panamax bulk carrier 77K DWT MV Crystalia to Glencore Agriculture for a year at $8,750 per day. Last year, MV MV Crystalia was chartered out to Glencore Agriculture for a year at $10,000 per day. NASDAQ listed shipowner and operator has a fleet of 41 bulk carriers.
31-May-2020
Norwegian family-owned shipping and investment company Lorentzen Skibs has joined into the Baumarine Panamax Pool by MaruKlav Management Inc. Lorentzen Skibs controlled 2010 built panamax bulk carrier 79K DWT MV Eclipse (ex MV Golden Eclipse) has joined into the Baumarine Panamax Pool by MaruKlav Management Inc. Baumarine Panamax Pool by MaruKlav Management Inc. wants to expand the world’s biggest panamax pool with new shipowners like Lorentzen Skibs. In May 2020, MSPL Diamond Pte Ltd has joined into the Baumarine Panamax Pool by MaruKlav Management Inc. MSPL Diamond Pte Ltd has added 2013 built panamax bulk carrier 92K DWT MV Indus Victory and 2012 built panamax bulk carrier 92K DWT MV Indus Triumph into the panamax pool. MSPL Diamond Pte Ltd is the shipping arm of Baldota Group of Companies. Previously, Shoei Kisen, Meiji Shipping, Kambara Kisen, U-Ming Marine has joined into the Baumarine Panamax Pool by MaruKlav Management Inc.
31-May-2020
Greek shipowner and operator Remi Maritime’s 2008 built supramax bulk carrier 57K DWT MV Blue Marlin I was sold in auction for around $5 million. Currently, MV Blue Marlin I scrap value is around $3.1 million. In 2019, Remi Maritime’s supramax bulk carrier MV Blue Marlin I was arrested in China by the National Bank of Greece. In 2019, the National Bank of Greece also arrested and auctioned another Remi Maritime’s 2007 built supramax bulk carrier 57K DWT MV Blue Cat for around $9 million. In 2006, both supramax bulk carriers were ordered at Zhejiang Zhenghe Shipbuilding for around $30 million each. Currently, MV Pangeo (ex MV Blue Cat) is controlled by Amalthia Marine Inc.
29-May-2020
Limassol-based shipowner and operator Lemissoler Navigation has discreetly offloaded the trio of supramax bulkers under its Diolkos Maritime branch. The 56K DWT MV Anogyra, built in 2011, alongside the 56K DWT MV Lefkoniko and MV Leonarisso, both built in 2010, have been acquired by an unidentified purchaser. These vessels were masterfully constructed at the Jiangdong Shipyard, located in China. MV Anogyra was exchanged for an impressive sum of $10.3 million, whilst the remaining two maritime crafts were each traded for a neat $10 million, as indicated by various sources. Such pricing suggests that MV Anogyra might have changed hands earlier, witnessing the fluctuation in its value. It is conjectured that MV Leonarisso’s ownership transitioned towards the close of August. Having adorned the marketplace for a considerable duration, these ships were initially procured during the inception of Diolkos in 2011, through clandestine transactions. The culmination of this triad’s sale unfolds as the organization anticipates the arrival of eight ultramax vessels from New Times Shipbuilding, poised to grace the seas later this annum and in 2020. In the frosty month of December 2017, Limassol-based shipowner and operator Lemissoler Navigation’s subsidiary, FrontMarine, sealed an agreement with New Times Shipbuilding in China, securing eight ultramax bulk carriers, each boasting a 64,000 DWT, at a staggering fee of $25 million apiece, with the potential of acquiring an additional eight. However, these additional options are presumed to have been forsaken.
29-May-2020
Ta-Ho Maritime Corp, the shipping arm of Taiwan Cement Corp (TCC), is considering an order for kamsarmax bulk carriers at Oshima Shipbuilding. This Taiwanese shipowner and operator is in talks to acquire up to three kamsarmax bulk carrier newbuildings as part of its ongoing fleet renewal initiatives. The Taipei-based shipowner and operator is poised to place an order for up to three 85K DWT kamsarmax bulk carriers. Ta-Ho Maritime Corp is engaged in serious discussions with Oshima Shipbuilding for these vessels, with expected deliveries starting in the fourth quarter of 2021. Additionally, Ta-Ho Maritime Corp, as a significant arm of Taiwan Cement Corp (TCC), confirmed the company’s plans, which include two firm kamsarmax bulk carrier newbuildings and one option. This order is part of the company’s broader strategy to renew and replace its fleet. Recently, Ta-Ho Maritime Corp sold the CSBC-built, panamax bulk carrier 78K DWT MV Te Ho (built in 2004) to ATL Shipping for approximately $7 million. Earlier this year, Ta-Ho Maritime Corp was reported to have sold the sistership of MV Te Ho, the panamax bulk carrier 78K DWT MV An Ho (built in 2004), to an undisclosed shipowner for $7.8 million; however, this sale did not proceed, and MV An Ho remains on the market. Excluding the panamax bulk carrier MV Te Ho, Ta-Ho Maritime Corp’s existing fleet includes three kamsarmax bulk carriers—the 80K DWT MV Chang Ho (built in 2000), and the 84K DWT MV Taho Asia and MV Taho Europe (both built in 2018)—along with three cement carriers each under 24K DWT. Additionally, Ta-Ho Maritime Corp has four kamsarmax bulk carrier newbuildings under construction at Oshima Shipbuilding and two 24K DWT cement carriers at Shin Kurushima Dockyard, ordered in 2017. The company was reported to be paying around $27 million each for the kamsarmax bulk carriers and is expected to take delivery of two this year and the remaining two in 2020. The current market value for these kamsarmax bulk carriers is approximately $32 million each. The Shin Kurushima cement carriers are also scheduled for delivery this year. Established in 1979, Ta-Ho Maritime Corp does not only serve Taiwan Cement Corp (TCC) but also carries cargoes for domestic electric power companies and engages in trade with international firms like Rio Tinto and Oldendorff Carriers. Originally, Taiwan Cement Corporation and Taiwan Transport & Storage Corporation jointly invested in establishing Ta-Ho Maritime Corporation to alleviate land transportation bottlenecks and meet the rising demand for cement shipment from Taiwan’s east coast to the west coast. The initial capital was NT$70 million, gradually increased to NT$3.15 billion by 2023. Moving forward, Ta-Ho Maritime Corp plans to continue assessing and investing in various new vessel types, aiming to expand and upgrade both the scope and quality of client services while actively supporting the company’s environmental commitments. This approach aligns with Taiwan Cement Corp (TCC) Group Holdings’s chairman Chang, An-Ping’s vision of transforming into an “environmental engineering company that manages the complex relationship between civilization and nature.” Today, Ta-Ho Maritime Corp is a leading bulk shipping company in Taiwan, acting globally as a shipowner and operator. It has a fleet primarily comprising kamsarmax bulk carriers and cement carriers, with a total deadweight of about 700,000 mts. The company is committed to eco-friendly practices and aims to continually provide world-class services, focusing on expanding and continuously developing its shipbuilding projects.
28-May-2020
Greek shipowner and operator Allseas Inc executed its inaugural vessel transaction since its inception by Anthony Valmas, the esteemed Greek handysize magnate, nearly a decade ago. In a discreet yet financially rewarding agreement, the Piraeus-headquartered enterprise divested the 2000 built handysize bulk carrier 28K DWT MV Allstars to Chinese connoisseurs for a sum of $4.5m, as documented by Greek intermediaries. Valmas, maintaining a silence when approached for remarks, acquired this Imabari Shipbuilding-masterpiece in December 2016, spending a mere $3.15m amidst a compelled transaction. Formerly christened the Santa Pacific, the ship had once fallen victim to the financial claims made by the creditors of Turkey’s Vera Denizcilik. This transaction marks Valmas’s maiden vessel sale under the esteemed Allseas insignia, an enterprise he spearheaded in 2009. Presently, the fleet boasts a mere quartet of Japanese-forged handysize bulkers, each crafted between 1999 and 2008. Prior to materializing Allseas, Valmas orchestrated Sealink, an esteemed venture he birthed in 1996 alongside the illustrious members of the Greek shipowning Vatis dynasty. Sealink divested its final vessels — a trinity of venerable handysize bulkers — right on the cusp of the 2008 market turmoil. The Valmas lineage first graced the maritime realm in the nascent 20th century, under the aegis of patriarch Nicolaos Valmas, who took ownership of a British steamship — a vessel that tragically met its fate at the hands of a German submarine during World War I. The lineage reinvigorated their maritime endeavors in 1959, culminating in the birth of Valmas Shipping. Their venture flourished until 1981 when they relinquished their final ship, shortly before another financial maelstrom. Anthony Valmas, a beacon of the family’s fourth generation, embarked on his maritime odyssey in 1994.
28-May-2020
Cosco Shipping Bulk controlled 2014 built panamax bulk carrier 81K DWT MV Cofco 1 refloated by tugboats in the Parana River. No damage or pollution have been reported by Cosco Shipping Bulk. Cosco Shipping Bulk controlled MV Cofco 1 was loaded with 41K tones of soybean meal from an upriver port. Parana River is an essential transportation route for agricultural products. Due to the low rain season, low water levels of the Parana River have hindered grain transport on South America’s second-longest river.
28-May-2020
Oslo-based Klaveness Combined Carriers (KCC) determined not to declare any of its 4 options for new CLEANBU-type ships at Jiangsu New Yangzijiang Shipbuilding in China. Cleanbu ship types are capable of shipping oil and dry bulk cargoes. Klaveness Combined Carriers (KCC) has switched their projects due to coronavirus recession. Klaveness Combined Carriers (KCC) has taken delivery of three (3) CLEANBU-type ship already, and has 5 more on order. In Q1 2020, Klaveness Combined Carriers (KCC) earned average freight rates of $28K from CLEANBU-type ships.
28-May-2020
The utilization of the UK accident report has been denied by the court in the Norden grounding case. Justice Nigel Teare has stated that introducing the MAIB findings during the arbitration hearing would negatively impact future investigations. The UK High Court, in a landmark judgment of the commercial court, has declined a shipowner’s request to incorporate an accident report in a grounding arbitration case, citing potential harm to the Marine Accident Investigation Branch (MAIB). In April 2018, the MAIB produced a report on the Ocean Prefect, a UK-flagged vessel weighing 53,000 deadweight tons and managed by V.Ships. At that time, Lomar Shipping owned the vessel. The report revealed that the vessel grounded twice within a span of two days off the coast of the United Arab Emirates in 2017 due to the lack of local experience on the part of two pilots. The vessel sustained no damage during the first grounding and was refloated with the assistance of tugs after 12 hours. However, the second incident resulted in the breach of three ballast tanks, necessitating dry docking in Dubai for repairs. The Marine Accident Investigation Branch (MAIB) pointed out that although the two Indian pilots possessed extensive experience elsewhere, their knowledge of the local area was limited, and they had only completed two pilotage acts at the port before. Ocean Prefect Shipping, the current owner of the vessel, is now seeking to use the report in a London arbitration hearing against the charterer, Norden. The hearing was scheduled for this week. On 4 December, the court heard the case after an application was made to include the report on 27 November. The grounding is considered a breach of the warranty by the charterer, who assured the owner of a safe port. The owner alleges that this breach caused financial loss. Norden and the Marine Accident Investigation Branch (MAIB) argue against the report’s admissibility. Justice Teare mentioned that his swift judgment might not be as comprehensive as it could have been, regretting the fact that this is the first instance in which the use of the Marine Accident Investigation Branch (MAIB) reports in a private and confidential arbitration has become a matter of decision. He added that the Merchant Shipping Act 1995 stipulates that no response provided by an individual in a Marine Accident Investigation Branch (MAIB) report shall be considered evidence against that person. The MAIB emphasizes that its objective is not to assign blame but to enhance safety in future cases. Andrew Moll, the chief inspector of the Marine Accident Investigation Branch (MAIB), informed the court that the regulations were introduced by parliament to address concerns over the frequent reliance on MAIB reports by parties involved in legal proceedings to determine liability. Teare argued that utilizing a Marine Accident Investigation Branch (MAIB) report establishing blame would likely prejudice future accident safety investigations, as individuals asked to provide information during subsequent investigations may be hesitant to do so if they know the resulting report could be used for assigning blame. On the other hand, Ocean Prefect contended that the interests of justice necessitated the admission of the Marine Accident Investigation Branch (MAIB) report into the arbitration proceedings, as it had been referred to in factual and expert evidence. In order for the tribunal to comprehend and evaluate that evidence, it was essential for them to review the Marine Accident Investigation Branch (MAIB) report. Justice Teare acknowledged that not allowing counsel to cross-examine based on the MAIB report would potentially prejudice the owner. However, he maintained that the potential harm to future accident investigations outweighed the ability of counsel to cross-examine using the Marine Accident Investigation Branch (MAIB) report. The latter is a matter of significant public interest as it pertains to the safety of life at sea. In comparison, the concerns of the owners are limited to their commercial interests and their ability to recover losses from the charterers in this specific case. “Their right to seek damages from the charterers (assuming that the port was indeed unsafe as alleged) is substantial and relevant, and the interests of justice require that this right be upheld,” stated Justice Teare. “However, I do not believe that this private right, or the corresponding interests of justice, outweigh the potential prejudice to future accident investigations.” He further added, “It is not as if the owners are unable to challenge the pilots’ testimony if counsel is unable to refer to the Marine Accident Investigation Branch (MAIB) report.” Justice Teare’s judgment, although expedited, aims to safeguard the integrity of future accident investigations and uphold the greater public interest in ensuring maritime safety. While acknowledging the potential prejudice to the owner, he emphasizes the need to maintain the integrity and impartiality of accident investigations, thereby prioritizing the overall safety of seafarers and vessels. This decision sets a precedent regarding the use of Marine Accident Investigation Branch (MAIB) reports in confidential arbitration proceedings, underscoring the delicate balance between commercial interests and the preservation of future accident investigations.
28-May-2020
Former XO Shipping boss Ejner Bonderup has been named to manage Thornico’s shipping subsidiary Thorco Projects. Previously, Ejner Bonderup managed XO Shipping, Lauritzen Bulkers, and Norden. Thorco Projects transferred from ship ownership to asset-light chartering business. In October 2019, Ejner Bonderup was selected to the board of Thornico’s Trithorn Bulk. Since then, he was the Chairman of Trithorn Bulk. Danish Thornico Group is a diversified company in various sectors and needs to simplify its shipping arm. Thornico Group aims to settle all the ThornicoGgroup’s shipping ventures in Thornico Shipping. Thornico Group is owned by Christian Stadil and Thor Stadil.
28-May-2020
Norwegian bulker operator Western Bulk Chartering (WBC) has seen another senior departure, with Vivek Kumar resigning as Managing Director of Western Bulk Chartering (WBC)’s Singapore office and stepping down as head of Western Bulk Chartering (WBC)’s Indian Ocean business unit, roles that are central to regional chartering coverage, cargo access, and day-to-day commercial execution across key trading lanes. The resignation follows a broader pattern of management turnover, with five managers previously leaving Western Bulk Chartering (WBC), adding to the sense that Western Bulk Chartering (WBC) has been navigating internal change while attempting to stabilise operations and rebuild organisational continuity. Western Bulk Chartering (WBC) has been working to reorganise the business, and the changes are set against the historical backdrop in which Bulk Invest was previously named Western Bulk and Western Bulk Chartering (WBC) was restructured after the 2016 bankruptcy, a period that reshaped the operating structure and intensified focus on governance, financial resilience, and risk control. As one of the larger supramax-focused chartering platforms, Western Bulk Chartering (WBC) is typically associated with an asset-light model where performance depends heavily on experienced commercial teams, regional desk expertise, and strong counterparty relationships, meaning leadership changes in hubs such as Singapore can be especially significant for fixture flow, customer retention, and market intelligence. In practical terms, Western Bulk Chartering (WBC) relies on its regional offices and business units to manage cargo programs, secure employment for ships across diverse routes, and balance exposure between Voyage Charter (VC) and Time Charter (TC) activity, so turnover at senior level can create execution risk unless replacements and internal controls are implemented quickly. The continued reorganisation at Western Bulk Chartering (WBC) therefore reflects an effort to reinforce processes, strengthen oversight, and maintain the commercial reach that underpins Western Bulk Chartering (WBC)’s chartering platform while the organisation adapts to staffing changes and continues its broader post-restructuring reset.
27-May-2020
Shipowners are running their capesize bulk carriers in the Pacific basin while the coronavirus pandemic could potentially impact Brazil’s iron ore supply. Brazil’s iron ore mining giant Vale’s production has diminished in mining provinces. Consequently, China shifted to Australia for the required iron ore. Iron ore miner Vale should shift to regular production levels to maintain capesize market. Most of capesize bulk carriers could not get iron ore from Vale and have been ballasting to the Far East. Currently, capesize bulk carriers average time-charter rate for the China-Japan transpacific roundtrip voyage is around $4,500 per day. On the other hand, capesize bulk carriers average time-charter rate for the China-Brazil leg is around $3,100 per day. If coronavirus pandemic proceeds affecting Vale’s iron ore exports, capesize rates will remain low. Currently, capesize bulk carriers are operating below operating costs.
24-May-2020
Taipei-based shipowner and operator, Taiwan Navigation Company (TNC), has recently inked a shipbuilding contract with Japan’s Oshima Shipbuilding. This contract entails the construction of a 63K deadweight tons (DWT) ultramax bulk carrier, with the delivery of the vessel scheduled for the second quarter of 2022. While the exact value of the contract remains undisclosed, this order is an addition to TNC’s existing order of two 81K DWT panamax bulk carriers, also being built by Oshima Shipbuilding. Taiwan Navigation Company (TNC) is actively pursuing a fleet rejuvenation program, and these orders are part of their efforts to modernize their fleet and enhance competitiveness in the maritime industry. Currently, Taiwan Navigation Company (TNC) operates a fleet of 17 bulk carriers, and these newbuildings will contribute to its ongoing fleet enhancement initiatives.
23-May-2020
ArcelorMittal Shipping confronts with difficulty of chartering on frozen Great Lakes. ArcelorMittal Shipping projects its ship chartering and inventory around the Soo Locks that close for three (3) months each winter. Every year in December, ArcelorMittal Shipping is wishing not to see another winter like that of 2014. In the winter of 2014, the Great Lakes remained frozen into early spring, forcing ArcelorMittal Shipping’s chartered bulk carriers to follow an icebreaker through dangerous ice channels. ArcelorMittal Shipping’s chartered bulk carriers had to cross the Soo Locks to deliver iron-ore pellets from company mines on Lake Superior to its northwest Indiana steel plants at the lower tip of Lake Michigan. US Coast Guard’s icebreakers came to release the ArcelorMittal Shipping’s chartered bulk carriers. Luxembourg-headquartered ArcelorMittal’s US plants must stockpile enough iron-ore pellets in advance before and after the locks close from January through late March. ArcelorMittal Shipping chartered in bulk carrier 1980 lake-fitted bulk carrier 80K DWT MV Burns Harbor from American Steamship. Furthermore, ArcelorMittal Shipping chartered in bulk carrier 1971 lake-fitted bulk carrier 57K DWT MV Stewart J Cort from Interlake Steamship Co. ArcelorMittal Shipping charters in lake-fitted bulk carriers for around a year. ArcelorMittal Shipping starts plotting for shipments in July for the full calendar year ahead. Luxembourg-headquartered ArcelorMittal’s United States-based five (5) plants are located at the bottom of Lake Michigan take in 18 million tonnes of iron ore pellets per year and keep 5 million tonnes of iron ore pellets on the area at the end of each year to make it through the Great Lakes’ locks closures. In 2018, Luxembourg-headquartered ArcelorMittal’s plants worldwide produced around 92 million tonnes of steel, and ArcelorMittal’s mines put out around 58 million tonnes of iron ore.
21-May-2020
In November 2019, January, and April 2020, Greek shipowner and operator Angelakos (Hellas) S.A. received delivery of three additional kamsarmax bulk carrier new buildings. The 82K DWT kamsarmax bulk carriers were built by Yangzijiang Shipbuilding Group Ltd., and both the delivery and naming ceremonies took place at Jiangsu New Yangzi Shipyard in Jingjiang, China. Kamsarmax bulk carrier MV Aeschylus Graecia was delivered and named on November 21st, with Dr. Emmanuela Bakola, Associate Professor of Ancient Greek Language and Literature at Warwick University in the United Kingdom, acting as the Godmother. Representing Greek shipowner and operator Angelakos (Hellas) S.A., Evangelos and Stephanos E. Angelakos attended the ceremony together with the Angelakos (Hellas) S.A. site team, while the shipyard was represented by its Chief Executive Officer Mr. Ren LeTian and other senior executives. Kamsarmax bulk carrier MV Sophocles Graecia was delivered and christened on January 15th, with Dr. Lyndsay Coo, Lecturer in Ancient Greek Language and Literature at the University of Bristol in the United Kingdom, serving as the Godmother. The shipyard’s management was again present, while Evangelos El. Angelakos attended the ceremony on behalf of Athens-based shipowner and operator Angelakos (Hellas) S.A. Kamsarmax bulk carrier MV Euripides Graecia was delivered and named on April 14th, although representatives of Angelakos (Hellas) S.A. were unable to attend in person due to pandemic restrictions. Instead, they participated virtually from Athens. During the event, Dr. Emmanuela Bakola gave an online presentation from London on the life and works of the tragedian Euripides, providing attendees in China with cultural insight into ancient Greek literature. Business associates of Greek shipowner and operator Angelakos (Hellas) S.A. and representatives from Lloyd’s Register were present at all ceremonies, with the exchange of commemorative gifts concluding each event. Amid the global challenges presented by the pandemic, Angelakos (Hellas) S.A. has continued its business activities without disruption, prioritizing the health and safety of its personnel both ashore and aboard through the implementation of necessary protective measures. Established in 1968 and headquartered in Athens, Angelakos (Hellas) S.A. is a traditional and privately owned shipping firm that has built a longstanding presence in the dry bulk sector. With decades of experience, Angelakos (Hellas) S.A. is recognized for its commitment to operational excellence, environmental responsibility, and a strong safety culture. The shipowner and operator Angelakos (Hellas) S.A. manages a fleet of modern bulk carriers operating on international routes, and it is known for upholding high standards in crew management, technical performance, and compliance with global maritime regulations. Angelakos (Hellas) S.A. continues to renew and expand its fleet as part of its long-term strategic vision, reinforcing its reputation as a reliable and quality-driven participant in the global maritime industry.
19-May-2020
In a recent transaction connected to Greek capesize ventures, the elegantly constructed MV Aquabella from 2005, hailing from the George Economou-led Carras Group, is rumored to have garnered an impressive sum of $19.75m, acquired by esteemed Chinese investors. This BWTS-furnished vessel, MV Aquabella, is anticipated to make a swift transition to its Chinese recipients. In a distinct yet notable mention, certain American maritime intermediaries associate George Economou with the acquisition of the relatively young panamax, the exquisitely built 2015, 77,200 DWT MV Sea Vision, at a consideration of approximately $30 million. In 2019, George Economou took DryShips off the Nasdaq Capital Market and evolved into a privately controlled company.
19-May-2020
Greek ship-manager Niriis Shipping managed 2005 built panamax bulk carrier 76K DWT MV Elnath is sold for around $6 million. MV Elnath was built at Sasebo Heavy Industries. In March 2019, Niriis Shipping managed MV Elnath (ex MV Rosali) was acquired from Empire Bulkers for around $10 million. Currently, Dimitris Gousis-led ship-manager Niriis Shipping manages six panamax bulk carriers for various shipowners. In January 2020, ship-manager Niriis Shipping took control of 2006 built panamax bulk carrier 74K DWT MV Ivestos 4 (ex MV Underdog) from Kassian Maritime.
19-May-2020
Oceanbulk Group, under the distinguished Greek ship magnate Petros Pappas, has executed its premier ship transaction in almost three years. The illustrious 207,600-dwt MV Conrad (constructed in 2017), a notable inclusion among the three newcastlemax bulk vessels affiliated with Oceanbulk Group, is poised to augment the esteemed fleet of the US investment powerhouse, JP Morgan. “The integration of this contemporary, scrubber-augmented newcastlemax bulk vessel accentuates our unwavering allegiance to our patrons within this niche,” articulated Andrian Dacy, the eminent global overseer of transportation at JP Morgan Asset Management. Beyond its scrubber, the MV Conrad boasts a sophisticated ballast water treatment system (BWTS), with its forthcoming specialized inspection slated for spring 2022. Notably, this marks JP Morgan’s second acquisition of a newcastlemax, previously procuring the Chinese-forged, 209,300-dwt MV Hark Oldendorff (crafted in 2016) from Germany’s renowned Oldendorff Carriers. From the vendor’s perspective, the MV Conrad transaction intimates that Petros Pappas, the notable Greek ship magnate, is astutely capitalizing on escalating ship valuations, thereby strategically divesting some vessels from their exclusive ensemble, independent of the US-listed conglomerate, Star Bulk Carriers. The visionary Petros Pappas at the helm of Oceanbulk Group appears to be contemplating another judicious divestiture. Maritime trade analysts earlier this month highlighted the 87,100-DWT MV Nozomi (originated in 2006) as potentially available for acquisition. This Japanese-crafted MV Nozomi, too, is enhanced with a scrubber. The last recorded divestiture by the Petros Pappas-directed Oceanbulk Group dates back to November 2018; the transaction involved the 56,400 DWT MV Tron Legacy (subsequently rechristened MV Qing Dao Gang Da Gang, inaugurated in 2012), relinquished in a strategic asset move for a sum near $13 million.
18-May-2020
A decade-long court action between Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk and Primera Maritime nears its end. New York Second Circuit Court of Appeals dismissed an appeal from Primera Maritime and remanded the case back to the district court to determine the d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk’s attorneys’ fees. The case stems from a 2008 FFA (Freight Forwarding Agreement) between Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk and Primera Maritime and a succeeding $1.79 million London arbitration award. The federal court judge in Manhattan ruled that Primebulk was only created to shield assets from d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk in its attempts to collect on the award. The federal court judge in Manhattan stated that Primebulk, several other Coronis-backed companies, and the father-son duo were liable for the decision. The federal court judge in Manhattan awarded Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk the $1.79 million, plus interest and legal fees, making the total to $3.2 million. d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk announced the 10-year legal fight may be coming to an end.
18-May-2020
Oslo-headquartered shipbroker Lorentzen & Stemoco (L&S) reported a loss due to Singapore restructuring. Christian Andersen-led sale-and-purchase shipbroker Lorentzen & Stemoco (L&S) reported a loss of $1.8 million for the full year of 2018. Despite the loss, Lorentzen & Stemoco (L&S) still has its eyes on expansion in Asia. Lorentzen & Stemoco (L&S) is rebuilding after suffering losses, particularly in the dry bulk business in Singapore in 2018. Lorentzen & Stemoco (L&S) is recruiting in pivotal areas like S&P (Sale and Purchase), projects, and new building departments. Oslo-headquartered shipbroker Lorentzen & Stemoco (L&S) reported a loss that was associated with the restructuring of its Singapore office, where activities have been scaled down. Oslo-headquartered shipbroker Lorentzen & Stemoco (L&S) appointed Keith Denholm to the Singapore office. However, Keith Denholm left Lorentzen & Stemoco (L&S) for personal reasons and joined Heidmar. Christian Andersen-led sale-and-purchase shipbroker Lorentzen & Co has mostly performed spot chartering in Singapore, however, Lorentzen & Co has not been successful. In China, Oslo-headquartered shipbroker Lorentzen & Stemoco (L&S) has built up a team of 11 shipbrokers in the company’s Beijing office. Lorentzen & Stemoco’s (L&S) business in China has been sluggish this year, but the company has high expectations in China. Oslo-headquartered shipbroker Lorentzen is split into Lorentzen Chartering and F H Lorentzen & Sons in 1959. Lorentzen Chartering was managed by Jørgen Lorentzen, Otto Grieg Tidemand and James Stove Lorentzen. Oslo-headquartered shipbroker Lorentzen was merged with Stemoco in the mid-1990s and the name changed to Lorentzen & Stemoco (L&S). In 2013, the Norwegian Tidemand family acquired other shares of the company. Today, the Oslo-headquartered shipbroker Lorentzen is owned by fourth-generation descendants of Mr. Jørgen Lorentzen, represented by Caroline Tidemand and Kristin Tidemand. Lately, new teams of shipbrokers have been recruited, the administration has switched, and Lorentzen is venturing into new business areas. Oslo-headquartered shipbroker Lorentzen & Stemoco (L&S) does not have the initiative of being among the largest broking houses but evolving better in shipbroking. Lorentzen & Stemoco (L&S) quit spot shipbroking in 2017. In 2018, Lorentzen & Stemoco (L&S) quit spot shipbroking completely when veteran Anders Lalim departed for Galbraith’s. Stemoco Shipping was formed in 1985 and merged with Lorentzen Chartering to become Lorentzen & Stemoco in 1994.
12-May-2020
Chinese shipyard owner and ship operator Maple Leaf Shipping said that handysize shipowners cannot survive for long under weak freight rates during the coronavirus recession, highlighting the severe commercial pressure facing the smaller bulk carrier segment. Chinese shipyard owner and ship operator Maple Leaf Shipping also made clear that handysize shipowners are in little position to resist loading at Chinese ports, even while restrictions and complications continue to affect unloading ports in other parts of the world. According to Chinese shipyard owner and ship operator Maple Leaf Shipping, shipowners fixing cargoes out of Chinese ports may then encounter prolonged quarantine periods at certain destination ports because of the coronavirus pandemic, creating delays and costs that may become impossible to sustain over time. Even so, many handysize shipowners remain unable to turn away Chinese cargoes, even when those cargoes offer almost no return on time-charter terms, because they still allow the ship to reposition from the northern Pacific to the Atlantic, which may provide better future trading opportunities. Against that backdrop, Chinese shipyard owner and ship operator Maple Leaf Shipping emerges as not only a market participant but also a company closely tied to the wider commercial and operational realities of the handysize bulk carrier trade. Chinese shipyard owner and ship operator Maple Leaf Shipping operates a fleet of 15 bulk carriers, giving Maple Leaf Shipping direct exposure to the freight market weakness, port restrictions, voyage disruptions, and repositioning pressures that have affected handysize shipowners during the coronavirus pandemic. Some of Maple Leaf Shipping’s bulk carriers are expected to bypass all Chinese ports for a period, showing that Maple Leaf Shipping is also adjusting its own trading patterns in response to the health crisis and the risks associated with loading or discharging in affected areas. In addition to its shipowning and ship operating activities, Maple Leaf Shipping also has a small shipyard in China, Maple Leaf Shipyard, which underlines that Maple Leaf Shipping is involved not only in cargo transportation but also in the shipbuilding side of the maritime business. That gives Maple Leaf Shipping a broader industrial profile than a purely commercial shipowner and operator, linking its identity to both fleet operations and shipyard activity. Maple Leaf Shipping has also taken a more collective approach to the difficult handysize market by establishing China Handy Bulk Alliance (CHBA) together with other handysize bulker owners Shanghai Changhang Shipping and Jiarong Marine. Through this initiative, Maple Leaf Shipping is seeking to strengthen the position of handysize shipowners by improving fleet performance and reducing market risk at a time of exceptional uncertainty. China Handy Bulk Alliance (CHBA) is also expected to welcome additional Chinese handysize shipowners, which indicates that Maple Leaf Shipping is not treating the alliance as a narrow bilateral arrangement but rather as a platform for broader participation within the Chinese handysize bulk carrier sector. At present, China Handy Bulk Alliance’s (CHBA’s) fleet consists of 12 handysize bulk carriers from Jiarong Marine, 13 handysize bulk carriers from Maple Leaf Shipping, and 5 handysize bulk carriers from Shanghai Changhang Shipping. Together, China Handy Bulk Alliance (CHBA) has a total carrying capacity of 1 million DWT (Deadweight Tonnes), a scale that gives the alliance greater commercial weight and may help participating handysize shipowners improve efficiency, coordinate employment, and manage risk more effectively during a deeply challenging freight environment. In this respect, Maple Leaf Shipping stands out not merely as a shipowner reacting to market weakness, but as a Chinese shipyard owner and ship operator attempting to respond with both operational flexibility and strategic cooperation.
11-May-2020
Tokyo Stock Exchange-listed K Line (Kawasaki Kisen Kaisha) has been trying to decrease its diversified fleet. Japanese giant shipowner strives to lower its costs due to economic uncertainty caused by the coronavirus pandemic. Tokyo based diversified shipowner K Line (Kawasaki Kisen Kaisha) prepares a fresh medium-term plan in 2020 for coronavirus recession. K Line (Kawasaki Kisen Kaisha) concentrates on decreasing its operational expenses and obtaining additional liquidity. K Line (Kawasaki Kisen Kaisha) will proceed to curtail its fleet in 2020 by suspending and laying up ships due to coronavirus recession. Currently, K Line Bulk chartered-in 125 bulk carriers. Therefore, the coronavirus recession is going to severely impact K Line Bulk division. Furthermore, K Line (Kawasaki Kisen Kaisha) reported almost $1 billion of net loss in 2018 due to charter cancellations. However, radical structural reforms that were taken in 2018 for containership and bulk carriers have improved the company’s balance sheet. Since 2019, K Line (Kawasaki Kisen Kaisha) redelivered 52 containership and bulk carriers back to shipowners. Currently, the Japanese shipping giant K Line (Kawasaki Kisen Kaisha) operates 267 chartered-in ships and 201 owned ships.
11-May-2020
Bangkok-based shipowner and operator Precious Shipping won the case in the High Court against Chinese shipyard. United Kingdom Commercial Court dismissed an attempt by Jiangsu Guoxin Shipyard to reverse arbitration awards made in 2018 for canceled bulk carrier contracts. In 2013, Thailand Stock Exchange-listed Precious Shipping ordered ultramax bulk carriers at Chiese shipyard through the amended Shipbuilders Association of Japan (SAJ) form. After the delivery of new-building bulk carriers, Precious Shipping rejected ships due to faulty design and built. Chinese shipyard claimed that bulk carriers were repaired before delivering to the shipowner. After the Chinese shipyard missed the contractual delivery date, Precious Shipping annulled the contracts. United Kingdom Commercial Court acknowledged that the prevention principle did not apply to an amended Shipbuilders Association of Japan (SAJ) Form shipbuilding contract. Therefore, the Chinese shipyard obliged to give notice or communicate with Precious Shipping if the Chinese shipyard required to postpone ship delivery dates. However, in an unprecedented move for a first instance court, the judge permitted for Chinese shipyard to take the case to the Court of Appeal. Shipbuilders Association of Japan (SAJ) Form explicitly states that notification and communication are essential to postponing delivery and cancellation dates. Court of Appeal asserted that conventional notice is required when a shipyard attempts to postpone a newbuilding’s delivery date. Court of Appeal dismissed the case.
10-May-2020
New York-listed shipowner and operated Scorpio Bulkers has reported a $108 million adjusted net loss, equivalent to a $15.65 loss per share in Q1 2020. In Q1 2019, Scorpio Bulkers reported a $4 million profit. Desperate dry cargo markets in Q1 2020 have prompted Scorpio Bulkers to report. Q1 2020 loss has cleared the net profit in Q1 2019. Scorpio Bulkers’ report omits a $17 million write-down on vessels that are retained for sale. Scorpio Bulkers’ Q1 2020 loss ruins critical gain made by the company during 2019. In 2019, Scorpio Bulkers reported a year-end profit of $82 million. Meanwhile, Scorpio Bulkers sells half of Scorpio Tankers stocks for $43 million. On 7 April 2020, Scorpio Bulkers accomplished a one-for-ten reverse stock split. Scorpio Bulkers reported an $89 million non-cash loss from the company’s equity investment in its subsidiary Scorpio Tankers in Q1 2020. Furthermore, Scorpio Bulkers reported half a million-dollar cash dividend income from the Scorpio Tankers investment in Q1 2020. In Q1 2020, Scorpio Bulkers reported $39 million Time Charter Equivalent (TCE) revenue in Q1 2020, against $50 Time Charter Equivalent (TCE) revenue in Q1 2019. After Q1 2020 report, Scorpio Bulkers has been trying to increase extra liquidity. Currently, Scorpio Bulkers has $101 million in cash. Therefore, Scorpio Bulkers has been trying to raise some cash by refinancing transactions and share sales. On 8 May 2020, Scorpio Bulkers accumulated about $42 million by selling Scorpio Tankers’ shares. Scorpio Bulkers sold half of its stake in Scorpio Tankers. Arguably, Scorpio Bulkers’ BOD (Board of Directors) sold the Scorpio Tankers shares in the first week of May at $19 each, compared to a price of $27 in late January 2020. CEO Emanuele Lauro advocates the liquidity option. Furthermore, Scorpio Bulkers has executed $62 million sale and lease-back deals with Norwegian shipping fund Ocean Yield for three (3) bulk carriers. Sale and lease-back deals provided $33 million liquidity for Scorpio Bulkers. Scorpio Bulkers has also postponed around $25 million investment for scrubber installation on 13 dry bulk carriers until 2021.
10-May-2020
Oslo-based Tidemand Group’s subsidiary, Stove Shipping, has successfully sold the MV Stove Phoenix, a supramax bulk carrier built in 2007 with a capacity of 55,000 deadweight tons (DWT), for an approximate amount of $11 million. Stove Shipping has also disposed of another supramax bulk carrier, which is 12 years old. The MV Stove Phoenix has been acquired by a Vietnamese shipowner. Stove Shipping is committed to rejuvenating its fleet of supramax bulk carriers. The esteemed Tidemand Group, headquartered in Oslo and led by Kristin Tidemand Eckhoff, supports these endeavors. In August, Stove Shipping expressed its intention to sell older vessels within the next two years to ensure the fleet’s renewal. It is worth noting that the MV Stove Phoenix holds a strong position in the market, considering its upcoming special survey scheduled for September of next year. Furthermore, in October 2019, Stove Shipping, a subsidiary of the Tidemand Group, sold another 12-year-old supramax bulk carrier, the MV Bulk Avanti, which was built by Mitsui in 2006, to Petrovietnam for approximately $12.5 million. Stove Shipping currently possesses a fleet of five supramaxes constructed between 2007 and 2016. The Tidemand Group of Oslo has indicated its focus on either procuring new vessels, entering into long-term bareboat charter agreements, or signing long-term time charter agreements. It is important to mention that the private Tidemand Group, owned by Otto Tidemand and his family, experienced significant losses in the past. However, in 2017, their key companies, Stove Shipping and Eastern Bulk Carriers, successfully turned the tide and regained profitability. Eastern Bulk Carriers, a ship operating company, manages a fleet of approximately 20 to 40 ultramax or supramax bulk carriers. Additionally, Lorentzen & Stemoco, a prominent shipbroker, serves as the Tidemand Group’s third major shipping investment arm. Stove Shipping has completed the sale of the MV Stove Phoenix, a 55,000-DWT bulker built in 2007 by Kawasaki Heavy Industries, for an impressive amount of $11.6 million. Notably, Stove Shipping acquired the MV Stove Phoenix during a market low and is now divesting it at a significant profit. Stove Shipping has consistently pursued a strategy of fleet renewal to ensure the incorporation of modern and forward-looking vessels. As the oldest ship in Stove Shipping’s fleet, the MV Stove Phoenix has reached the end of its service. The vessel was initially purchased in January 2017 for $9.5 million, and the reported sale price aligns with the higher end of market estimates. Stove Shipping currently operates a fleet of five supramax bulk carriers built between 2007 and 2016. In August, the company announced its intention to sell older ships within the next two years as part of its fleet renewal efforts. Stove Shipping aims to either commission newbuildings or secure long-term bareboat or time charter agreements. The Tidemand Group, under the control of Otto Tidemand and his family, oversees these operations and also manages Eastern Bulk Carriers, a bulk carrier operator, and Lorentzen & Stemoco, a renowned shipbroker.
9-May-2020
Greek Victor Restis-backed shipowner and operator Enterprises Shipping & Trading moved to capitalize on a soft secondhand bulker market by buying the 2012-built 178K DWT capesize bulk carrier MV Gotia from Hamburg-based Orion Bulkers for about $23 million, marking the first ship purchase by Athens-based Enterprises Shipping & Trading in more than two (2) years and signaling a return to the market with an asset-timing approach focused on value opportunities when prices are under pressure. MV Gotia was due for special survey (SS) in March 2022, an important scheduling and cost milestone that typically shapes near-term maintenance planning, yard selection, off-hire budgeting, and commercial positioning for a capesize bulk carrier, and Enterprises Shipping & Trading’s decision to proceed reflects a willingness to weigh survey timing against entry price, earnings potential, and overall fleet requirements. The previous bulk carrier acquisition by Greek shipowner and operator Enterprises Shipping & Trading came in January 2017, when Enterprises Shipping & Trading acquired the 2017-built 63K DWT ultramax bulk carrier MV Alora (ex MV Milos Island) for around $18 million, and MV Alora (ex MV Milos Island) is currently valued at around $17 million, highlighting how asset values can move with freight cycles, sentiment, and supply-side dynamics in the bulker space. Within the wider operating picture, 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 commercial model typically centers on deploying each ship through chartering strategies that balance spot exposure and period cover while Enterprises Shipping & Trading SA retains responsibility for ship maintenance, technical performance, crew management, safety procedures, and compliance readiness, all of which influence earnings stability and counterpart confidence. Against that backdrop, the MV Gotia addition can be read as a fleet-positioning step by Enterprises Shipping & Trading SA and Enterprises Shipping & Trading to strengthen scale, refresh capability, and maintain optionality for further moves as market conditions shift, especially when high-volatility segments such as capesize bulk carriers can offer outsized upside during stronger cycles but also demand disciplined cost control and operational reliability in weaker markets. Currently, Victor Restis led Enterprises Shipping & Trading operates a fleet of 21 bulk carriers and 11 tankers, and the combination of bulk carriers and tankers under Enterprises Shipping & Trading SA and Enterprises Shipping & Trading supports a diversified exposure profile across freight cycles, cargo flows, and chartering opportunities while keeping Enterprises Shipping & Trading SA positioned to pursue selective fleet renewal when pricing, availability, and strategic timing align.
7-May-2020
The languid handysize S&P market receives a jolt as purchasers emerge from the shadows. The allure towards smaller bulkers is prompted by tonnage crafted in Japan at the outset of this decade. While handysize bulkers have witnessed a lackluster performance in this year’s sale-and-purchase arena, a shift is underway. Sales for subsequent trading from January through September witnessed a 14% annual drop, far surpassing the modest 0.7% reduction seen throughout the dry bulk realm. Panamax and supramax bulk carriers garnered a significant spotlight as firms like Star Bulk Carriers acquired entire fleets. Stalwarts in the handysize domain, such as Diligent Holdings, are redirecting their gaze towards grander vessels. Yet, optimism is on the horizon. Since early June, marked by a 44% year-on-year slump in S&P (Sale and Purchase) handysize bulk carrier transactions, entities like Pacific Basin and Taylor Maritime have proclaimed handysize procurements. Greek and Turkish entities, previously conspicuously absent, are now gravitating toward the market. Predominant interest has honed in on the 32K DWT vessel market. Tolunay Ship Management serves as a case in point. This lesser-known Turkish entity sealed its inaugural acquisition in three years this past August, securing the 2010 built handysize bulk carrier 33K DWT MV Atlantic Grace. MV Atlantic Grace christened as MV Lunara within Tolunay Ship Management’s ensemble last month, signifies the firm’s most ambitious venture. With an estimated sale price oscillating between $9 million and $9.5 million, this Shin Kochi Jyuko-built bulk carrier emerges as Tolunay Ship Management’s principal asset and by a considerable margin, its newest. Established in 2013, Tolunay Ship Management’s executive cadre remained reticent upon inquiry. The Tuzla-based Tolunay Ship Management has maintained an unwavering focus on handysize bulk carriers since inception, leveraging them for brief Mediterranean sojourns and ventures into Western Europe, emulating other prominent Turkish contemporaries. It’s conceivable that bulk carriers acquired MV Lunara with the intent of fleet rejuvenation. Its trio of existing vessels, constructed between 1995 and 1999, are prospective candidates for sale or extended trade. Across the shimmering waters of the Aegean, Greek handysize mogul, Team Fuel Corp, is rumored to have executed a fleet revamp. Brokerage circles whisper of the company’s divestment of 2001 built handysize bulk carrier 23K DWT MV Team Tango around mid-August for approximately $4.5 million. Shortly thereafter, the same circles identified Team Fuel as the prospective acquirer of the more contemporary and expansive 2011-built handysize bulk carrier 31K DWT MV Elvira Bulker. Lauritzen Bulkers allegedly transferred this Hakodate Dock masterpiece to an undisclosed Greek purchaser for an impressive $10.3 million. Per Clarksons’ insights, decade-old handysize bulker valuations are currently at their nadir since November 2017. Handysizes’ subdued freight market outcomes likely played a role. According to Clarksons’ data up to September 13, trip charter spot rates escalated a mere 14% annually. This pales in comparison to the staggering 136% ascent of capesize bulk carriers during the same window, with panamax bulk carriers up 30% and supramax bulk carriers escalating 34%. Illustrating the burgeoning tentative interest in handysize bulk carriers, there’s a buzz about a Greek enterprise acquiring the 33,200-dwt MV CS Star (crafted 2011) for $10.3 million post vetting by four potential buyers, as shared by Andritsopoulos. Other Hellenic sources allegedly spearheaded the $10.5m procurement of the 2011-built handysize bulk carrier 31K DWT MV Hedvig Bulker, MV Elvira Bulker’s counterpart. Moreover, compact Japanese-designed bulk carriers are also under negotiation. 2009 built handysize bulk carrier 28K DWT MV Nord Tokyo is said to have been acquired by Greeks for $7.7 million. While certain London brokers identified Allseas Inc as the potential buyer of 2011 built handysize bulk carrier 28K DWT MV Haruka, a transaction believed to be inked in July for $7 million, representatives from Allseas Inc denied such claims. In that same temporal frame, Allseas Inc clientele reportedly offloaded 2000 built handysize bulk carrier 28K DWT MV Allstars for roughly $4.5 million. MV Allstar’s new identity has emerged as MV Universe Honesty under Hong Kong affiliations. While Hellenic acquisitions of Chinese-crafted handysize bulk carriers remain a rarity, an outlier exists. The duo of 2011 built handysize bulk carriers 34K DWT sister ships, MV SAM Falcon and MV SAM Phoenix, are speculated to have commanded upwards of $8 million apiece.
7-May-2020
Nasdaq-listed Greek shipowner and operator Seanergy Maritime (SHIP) sold $30 million common shares since March 2020. But unfortunately, Seanergy Maritime’s common shares are still quite below Nasdaq’s minimum requirement. On 8 May 2020, Seanergy Maritime’s shares are closed at $0.16 per share which is quite below Nasdaq’s minimum requirement of $1. Currently, Athens based Seanergy Maritime has decided to stay away from the money markets for a while. Dry bulk market is rising from a period of historically low freight rates. Seanergy Maritime has $216 million total debt and $57 million shareholder equity. Greek Stamatis Tsantanis-led shipowner has a fleet of 10 capesize bulk carriers.
5-May-2020
UAE-based oil trader and storage specialist Onex has acquired two vintage Very Large Crude Carriers (VLCCs) from Athens-based Eastern Mediterranean Maritime (Eastmed), led by Greek shipowner Thanassis Martinos. The first transaction involved the 2002-built VLCC MT Giessel (formerly known as MT Grand Lady), which was sold for approximately $34 million. The second vessel, the 2000-built VLCC MT Lucky Trader, was purchased for around $30 million. Onex, known for its operations primarily with smaller vessel classes such as aframax, suezmax, handymax, and MR product tankers, is making a significant strategic expansion into the VLCC segment. This move marks a considerable scale-up in their fleet capabilities and positions Onex to leverage greater storage and trading flexibility in global oil markets. Interestingly, Onex opted to waive the inspection for these transactions, indicating a strategy focused on rapid acquisition and deployment. The vessels are set for prompt delivery in India, aligning with Onex’s operational strategy to quickly integrate these assets into its fleet. These acquisitions by Onex from Eastern Mediterranean Maritime (Eastmed) reflect a broader trend in the maritime industry where companies are strategically diversifying their fleets to adapt to changing market conditions and opportunities. The shift towards owning larger crude carriers such as VLCCs can offer more efficient transport and storage solutions, potentially enhancing Onex’s competitive edge in the oil trading and logistics sector.
3-May-2020
The MR2 tanker MT Glenda Meredith, recently sold by the joint venture between d’Amico and Glencore, Glenda International Shipping, is now heading to the Monaco-based shipowner and operator, Transocean Maritime Agencies. This 40K DWT product tanker, constructed in 2010 at Hyundai Mipo, has been purchased by Transocean Maritime Agencies for $19 million. The MT Glenda Meredith had been on the market for approximately eight to nine months, with its sale occurring during a peak period for the product tanker market. This acquisition marks the addition of the fifth handysize tanker to the Transocean Maritime Agencies fleet, which already comprises 14 dry bulk carriers, further diversifying and strengthening their fleet composition.
1-May-2020
Hong Kong-based shipowner and operator Ocean Longevity Co. Ltd. keeps renewing its fleet. Ocean Longevity Co. Ltd. has ordered two (2) kamsarmax new-building bulk carriers at Yangzijiang Shipbuilding. Ocean Longevity Co. Ltd. will be paying around $26 million for each kamsarmax new-building bulk carrier. Ocean Longevity Co. Ltd. ordered kamsarmax new-building bulk carriers according to IMO (International Maritime Organization) Tier-II compliant. Ocean Longevity Co. Ltd. is going to take the delivery of kamsarmax new-building bulk carriers in 2021. Hong Kong-based shipowner and operator Ocean Longevity Co. Ltd. has been contemplating using the bottom of the shipping market as an occasion to obtain new-building contracts and renew the company’s fleet. Previously, Ocean Longevity Co. Ltd. sold a 1997 built panamax bulk carrier 72K DWT MV Ocean Pride. In 2018, Ocean Longevity Co. Ltd. ordered bulk carriers at Yangzijiang Shipbuilding. In 2019, Ocean Longevity Co. Ltd. took the delivery of MV Ocean Time and MV Ocean Tide. Furthermore, Ocean Longevity Co. Ltd. is going to take the delivery of new-building capesize bulk carrier 180K DWT MV Ocean Dragon.