29-November-2020
Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN has engaged in a time charter agreement with Athens-based New York-listed shipowner and operator Diana Shipping (DSX) for the 2012 built post-panamax bulk carrier MV Polymnia. The charter commenced recently at a rate of $12,100 per day and is expected to last between October 15, 2021, and December 25, 2021. Previously, the 2012 built post-panamax bulk carrier MV Polymnia was chartered to Cargill at a daily rate of $11,000. Cobelfret Bulk Carriers CLdN will be paying approximately $3.91 million during the stipulated minimum time charter period.
29-November-2020
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has confirmed the sale of its two senior suezmax tankers, the 2000-built duo, MT Jag Lateef and MT Jag Laadki. The delivery of these suezmax tankers is planned to take place before the conclusion of India’s fiscal year in March 2021. While Mumbai-based shipowner and operator Great Eastern Shipping (GES) has kept the specifics of the sale under wraps, data indicates that the suezmax tankers were sold to unidentified buyers from China for a combined sum of $25.6 million. At present, Mumbai-listed shipowner and operator Great Eastern Shipping’s (GES) fleet comprises 47 ships: 29 tankers, 5 LPG carriers, and 13 bulk carriers. Additionally, Great Eastern Shipping (GES) is expecting another vessel, having recently finalized an agreement to purchase a pre-owned capesize bulker earlier in the month.
29-November-2020
Oslo Stock Exchange-listed Jinhui Shipping and Transportation has reported a net profit of $766,000 for Q3 2020. Bermuda registered and Hong Kong-based Jinhui Shipping’s first quarterly profit since the end of 2019. In Q3 2019, Jinhui Shipping and Transportation reported a net loss of $2.37 million. In Q3 2020, a net profit of $766,000 came due to lower finance costs, lower expenses, and a smaller impact on the change in the fair value of fleet than previous quarters. In Q3 2020, Jinhui Shipping and Transportation has reported earnings of $14.3 million compared to $16.6m million in Q3 2019. Jinhui Shipping and Transportation is going to pay around $61 million of secured loans which are due by Q2 2021. Oslo Stock Exchange-listed Jinhui Shipping and Transportation will be careful of shipping market volatility that could influence the value of its fleet. In Q3 2020, Jinhui Shipping and Transportation has no capital expenditure commitment to the new-building bulk carrier contracts and sustains a solid financial position. Currently, Bermuda registered and Hong Kong-based shipowner and operator Jinhui Shipping and Transportation controls a fleet of 19 bulk carriers.
23-November-2020
Singapore-based shipowner and operator Berge Bulk is selling another large ore carrier for demolition. James Marshall led Berge Bulk is selling 1995 built VLOC (Very Large Ore Carrier) 265K DWT MV Berge Lhotse (ex MV Oriental Beauty) for scrap for around $15 million. MV Berge Lhotse (ex MV Oriental Beauty) is due for SS (Special Survey) in January 2020. Since 2019, Berge Bulk has sold around ten bulk carriers to scrapyards. In 2012, Berge Bulk acquired MV Berge Lhotse (ex MV Oriental Beauty) from COSCO Shanghai Ship Management Co. Ltd. MV Berge Lhotse (ex MV Oriental Beauty will call at Yantai Port China at the end of November. Recently, Singapore based shipowner and operator Berge Bulk has been busy in the S&P (Sale and Purchase) market. Berge Bulk acquired 2012 built capesize bulk carrier 176K DWT MV CSSC Wan Mei for around $18 million. Including MV CSSC Wan Mei, Berge Bulk has acquired six (6) capesize bulk carriers in 2020. Currently, Singapore-based shipowner and operator Berge Bulk controls a fleet of 78 bulk carriers.
22-November-2020
Athens-based bulker and tanker shipowner and operator Centrofin Management Inc., led by veteran Greek shipping magnate Dimitris Procopiou, has been confirmed as the driving force behind a substantial newbuilding programme at Samsung Heavy Industries, marking one of its most high-profile tanker investments in recent years and underlining its long-term fleet expansion ambitions. Samsung Heavy Industries, which initially announced the contracts without naming the client, has now been linked to Centrofin Management Inc. for an order comprising three firm 158,000 DWT suezmax tankers plus two additional options, each priced at around $58 million, with deliveries slated to begin in September 2022 and continue through 2023. This deal strengthens Centrofin Management Inc.’s already significant footprint in the global shipping market, where it operates a diversified fleet of tankers and bulk carriers managed through its subsidiaries Marine Trust and Trust Bulkers. Known for its strategic asset play approach, Centrofin Management Inc. has in recent years balanced its portfolio with both secondhand acquisitions and high-specification newbuildings, positioning itself to capture opportunities in both the crude and dry bulk trades. Beyond the suezmax tanker orders, Samsung Heavy Industries also announced securing a record-breaking $2.5 billion contract to supply ship blocks and equipment, believed to be linked to the Zvezda Shipyard in the Russian Far East, where Samsung Heavy Industries is collaborating on the construction of a new generation of icebreaking LNG carriers. The steel cutting ceremony for the first of these 15 LNG carriers, ordered by SCF Group for the Arctic LNG 2 project, was recently held, with Sovcomflot President and CEO Igor Tonkovidov highlighting the milestone as a leap forward for Russian shipbuilding capabilities. For South Korea’s leading shipbuilders, these orders come as a welcome boost after a slow first three quarters, with a robust Q4 rally pushing them closer to their year-end orderbook targets. The latest expansion by Centrofin Management Inc. fits within its broader strategic vision to enhance its modern tonnage base, improve operational efficiency, and maintain a strong position in both the tanker and bulker markets, reinforcing its reputation as one of Greece’s most dynamic and forward-thinking privately owned shipping enterprises.
21-November-2020
Basile Aloy led Ebe Maritime (EBE NV) sold 2011 built kamsarmax bulk carrier 82K DWT MV Bacco for around $15.5 million to Greek shipowner and operator Newport S.A. and subsidiary Newport Chartering. Ebe Maritime (EBE NV) controlled MV Bacco is scheduled to undergo a SS (Special Survey) at the end of 2020. MV Bacco is the oldest vessel in the fleet of Ebe Maritime (EBE NV). In 2017, Ebe Maritime (EBE NV) acquired MV Bacco for around $19 million. Athens-based Newport S.A. bought second kamsarmax in 2020. This deal would be the first time that Ebe Maritime (EBE NV) has stepped into the S&P (Sale and Purchase) market as a seller. Basile Aloy established Ebe Maritime (EBE NV) in 2016, when dry bulk asset values were at the deepest point. Since 2016, Ebe Maritime (EBE NV) in 2016 six (6) bulk carriers. Ebe Maritime (EBE NV) prefers Japanese-built bulk carriers. Ebe Maritime (EBE NV) experiences that Japanese shipyards construct the best-quality vessels. Furthermore, Greek shipowner and operator Newport S.A. and subsidiary Newport Chartering prefer Japanese-built bulk carriers. All the bulk carriers of Newport S.A. were built at Japanese shipyards. Athens-based shipowner and operator Newport S.A. and subsidiary Newport Chartering was established in 2004. Currently, Antwerp-based shipowner Ebe Maritime (EBE NV) controls a fleet of 4 ultramax and 1 baby capesize bulk carriers.
20-November-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) is continuing to renew its fleet. United States-based Eagle Bulk Shipping is trying to sell 2003 built supramax bulk carrier 53K DWT MV Skua. On the other hand, Eagle Bulk Shipping withdraw 2004 built supramax bulk carrier 52K DWT MV Jaeger from the S&P (Sale and Purchase) market. Eagle Bulk Shipping has been shedding vintage bulk carriers. Eagle Bulk Shipping has received and sold a total of 34 bulk carriers since 2017. The number of secondhand bulk carriers for sale in the S&P (Sale and Purchase) market seems to exceed interest from buyers. Currently, New York-listed shipowner and operator Eagle Bulk Shipping owns 50 supramax and ultramax bulk carriers which makes the company the biggest publicly listed shipowner globally of supramax and ultramax bulk carriers. Currently, Nasdaq-listed shipowner and operator Eagle Bulk Shipping’s fleet as being on average eight (8) years old and worth around $632 million total.
20-November-2020
Greek shipowner and operator Newport S.A. and subsidiary Newport Chartering acquired 2011 built kamsarmax bulk carrier 82K DWT MV Bacco for around $15.5 million from Antwerp-based shipowner Ebe Maritime (EBE NV). Newport S.A. and subsidiary Newport Chartering prefer Japanese-built bulk carriers. Newport S.A. and subsidiary Newport Chartering was established in 2004. Formerly, Newport S.A. and subsidiary Newport Chartering were concentrating on handysize bulk carriers. After 2016, Newport S.A. and subsidiary Newport Chartering acquired five (5) panamax and one (1) kamsarmax bulk carriers. Newport S.A. and subsidiary Newport Chartering has been on a slow but constant fleet expansion since the beginning of 2018. Currently, George Hatzis led Greek shipowner and operator Newport Chartering and subsidiary Newport Chartering controls 14 bulk carriers.
19-November-2020
Osaka-based shipowner Santoku Senpaku sold 010 built supramax bulk carrier 58K DWT MV C Lion (ex MV Sea Iris) for around $11 million to Athens-based Reefer & General Ship-Management Co Inc. Reefer & General Ship-Management Co Inc is controlled by the Greek Eugenides family. MV C Lion (ex MV Sea Iris) will be managed by Cyan Blue Shipping, a sister company of Reefer & General Ship-Management Co Inc., which is led by Giannis Vernicos-Eugenides and Christos Bamiotis. Previously, Japanese shipowner and operator Santoku Senpaku sold another to supramax to Reefer & General Ship-Management Co Inc. and Cyan Blue Shipping.
19-November-2020
Monaco-based dry bulk shipowner and operator Transocean Maritime Agencies sold 2006 built panamax bulk carrier 77K DWT MV Apollo for around $9 million. Transocean Maritime Agencies MV Apollo to a Chinese shipowner and operator. Japanese-built MV Apollo is due for SS (Special Survey) in January 2021. Transocean Maritime Agencies has sold four (4) panamax bulk carriers since 2019. In 2019, Transocean Maritime Agencies sold three (3) panamax bulk carriers. In September 2019, Transocean Maritime Agencies sold 2004 built panamax bulk carrier 76K DWT MV Achilles for around $9 million to Greek shipowner and operator Grehel Shipmanagement. Currently, Monaco based dry bulk shipowner and operator Transocean Maritime Agencies has a fleet of 14 bulk carriers and 5 tankers.
18-November-2020
Lisbon-based shipowner and operator Portline Bulk International sold 2012 built supramax bulk carriers 56K DWT MV Port Hainan, MV Port Dalian, and MV Port Canton for around $29 million en bloc. Portline Bulk International sold three supramax bulk carriers to Chinese shipowner and operator. MV Port Hainan, MV Port Dalian, and MV Port Canton were built at Cosco Zhoushan Shipyard. In July 2020, Portline Bulk International sold 2005 built supramax bulk carriers 52K DWT MV Pacific Sophia (ex MV Sabrina 1) and MV Pacific Freida (ex MVFlorinda 1) for around $5 million each. Portline Bulk International sold MV Pacific Sophia (ex MV Sabrina 1) and MV Pacific Freida (ex MVFlorinda 1) to Chinese shipowner and operator Tosco Keymax International Ship Management. Portline Bulk International is led by Jorge Fernandes. Portline Bulk International has been in a fleet renewal programme. In 2019, .Portline Bulk International took delivery of two (2) new-buildings from Oshima Shipbuilding and Imabari Shipbuilding. Currently, Portuguese shipowner and operator Portline Bulk International has a fleet of 15 bulk carriers.
17-November-2020
John Michael Radziwill-led GoodBulk Ltd is going to pay $0.20 per share to shareholders. In Q3 2020, GoodBulk Ltd reported a net profit of $1.2m million or $0.04 per share. Monaco based shipowner and operator GoodBulk Ltd pledged to restart quarterly dividend payments to shareholders after reporting profit in Q3 2020. Oslo-listed GoodBulk Ltd is the public arm of privately-owned C Transport Maritime (CTM). In 2019, GoodBulk Ltd distributed around $100 million dividend to shareholders. In June 2020, GoodBulk Ltd refinanced $200 million of debt. Recently, GoodBulk Ltd sold 2003 built capesize bulk carrier 171K DWT MV Aquacharm for around $10.5 million. Furthermore, GoodBulk Ltd chartered out 2011 built capesize bulk carrier 171K DWT MV Aquanavigator for $14,000 per day for around a year. GoodBulk Ltd chartered out 2005 built capesize bulk carrier 185K DWT MV Aquakatana for $15,000 per day for around one and a half years. Monaco based shipowner and operator GoodBulk Ltd’s capesize bulk carrier earnings have been hit by the lag effect caused by the quickly rising capesize market. In Q4 2020, GoodBulk Ltd has fixed almost 3/4 of capesize bulk carriers at a gross time-charter equivalent rate of about $18,000 per day.
17-November-2020
Piraeus based ship management company Gourdomichalis Maritime sold 2011 built supramax bulk carrier 56K DWT MV Kavo Platanos for around $9.5 million. MV Kavo Platanos has been in Gourdomichalis Maritime’s fleet since it was built at CSC Jingling Shipyard. In January 2020, Gourdomichalis Maritime acquired 2013 built supramax bulk carrier 58K DWT MV Kavo Perdika (ex MV Easter N) for around $13 million. In July 2020, Gourdomichalis Maritime sold 2004 built panamax bulk carrier 76K DWT MV Kavo Manali to Niriis Shipping for around $9 million. Gourdomichalis Maritime puts the prefix Kavo in its ships’ names. Currently, Gourdomichalis Maritime has a fleet of 6 bulk carriers.
17-November-2020
Istanbul-based Yasa Shipping controlled 2011 built bulk carrier 83K DWT MV Yasa H Mehmet was arrested in Singapore over a small ship chandler bill by Carr Group. Singapore-based ship chandler Carr Group filed an arrest warrant against MV Yasa H Mehmet. Yasa Shipping has been infrequently associated with ship arrest cases. Yasa Shipping’s agents were in the process of lodging security for the arrest. Yasa Shipping predicts that the MV Yasa H Mehmet would resume its voyage soon. Turkish shipowner and operator Yasa Shipping is part of Yasa Holdings. Currently, Yasa Shipping controls a fleet of 22 bulk carriers. Sister company Yasa Tankers controls a fleet of 9 tankers.
16-November-2020
A revision in the accounting paradigms of the Oslo-enlisted maritime proprietor, Belships, marked a deviation in an otherwise consistent financial quarter. Despite Belships maintaining solvency, singular costs have culminated in a diminished profit for the third quarter compared to the prior year. The Norwegian maritime enterprise listed on the Oslo Stock Exchange, Belships, registered a net outcome of $300,000 for the period, a stark 93% decline from the $4.4 million profit of the analogous time in 2018. This deviation arose from an adjustment in Belships' financial accounting strategies, resulting in a $1.3 million decrement to its Ebitda, with $800,000 pertaining to the initial two quarters of 2019. Aligning with the IFRS 16 financial standards, Belships has chosen to segregate the service component inherent in extended time charter contracts from nautical operational expenses. This strategic alteration positions Belships' Ebitda and operational metrics to be uniformly assessable over durations, independent of the funding approach. By willingly adopting this sophisticated accounting axiom, Belships enhances the lucidity of our net debt analysis for investors and market pundits. The firm's commitment to transparency is resoundingly applauded by its investor base. The Norwegian maritime proprietor and operative, Belships, has apportioned a dividend of $0.005 per share for the quarter. Throughout the trimester, each of Belships' supramax bulk transporters procured a net TCE rate of $11,118 daily, marginally trailing the BSI rate of $11,886. Notably, Belships' fleet has surpassed the BSI by 19% with commendable net TCE rates per vessel of $10,877 daily. This stellar performance relative to the BSI is attributed to the judiciously curated charter portfolio and exceptional spot earnings procured by Belships' affiliate, Lighthouse Navigation. Projecting forward, Belships anticipates approximately 65% of its vessel days in the imminent fourth quarter to be secured at an average of $12,625 net daily. The maritime mogul, Belships, has also confirmed fuel consumption for the equivalent of half a dozen vessels in the upcoming year at a fixed price differential of $214 per metric ton, settling monthly throughout 2020. The preceding quarter witnessed Belships acquiring three vessels on uncrewed leases complemented with purchase options. Subsequently, in October, Belships initiated a lease for an additional bulk transporter while executing a sell-and-leaseback transaction for its most aged bulk carrier.
16-November-2020
Athens-based Centrofin Management acquired 2017 built kamsarmax bulk carriers 81K DWT MV SBI Parapara, MV SBI Jive, MV SBI Swing, and MV SBI Mazurka from Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT). Greek shipowner and operator Centrofin Management is led by Dimitris Procopiou. Dimitris Procopiou is the brother of George Procopiou, who controls Dynacom Tankers. Since the beginning of 2020, Scorpio Bulkers (SALT) has sold 19 bulkers. Greek shipowners and operators such as Titan Maritime, Alpha Bulkers, Globus Maritime, Blue Seas, Eastern Mediterranean, and Niovis Shipping have acquired as many as 12 bulk carriers from Scorpio Bulkers (SALT). Athens-based Centrofin Management has invested $125 million so far in 2020.
16-November-2020
Greek shipowner and operator Thenamaris established Thenamaris Conbulk Inc. Thenamaris Conbulk Inc. will be the management and chartering arms for Thenamaris’ bulk carrier and container ships. Currently, Thenamaris Conbulk Inc. controls 19 bulk carriers and 4 containerships. In May 2020, Athens-based Thenamaris registered Thenamaris Conbulk Inc. in Greece as a separate ship management company. Thenamaris has a diversified fleet of more than 100 ships. Previously, Thenamaris established Thenamaris LNG for the company’s fleet of 12 gas carriers. Thenamaris is led by Dinos Martinos. Dinos Martinos’ brother Andreas Martinos established Minerva Marine. Shipowners establishes different companies for charterers, by highlighting their different ships are operated by distinct outfits. In 2019, Greek shipowner and operator Tsakos established Tsakos Conbulk Services (TCB) which is a separate company that is a similar move to Thenamaris. Tsakos Conbulk Services (TCB) controls 17 bulk carriers and containerships. Thenamaris Conbulk Inc. and Tsakos Conbulk Services (TCB) represent the rebranding activity of the Greek shipowners.
15-November-2020
Danish shipowner and operator Torm has elegantly procured two MR tankers from 2010, hailing from Hong Kong and South Korean shipowner and operator Cido Shipping. Danish shipowner and operator Torm acquired 46,800 dwt sister tankers MT Atlantic Pegasus and MT Atlantic Queen from Cido Shipping for an esteemed sum of $16.3 million apiece. In August, Danish shipowner and operator Torm gracefully divested itself of a duo of venerable MR tankers, namely the 2002-crafted MT Torm Carline and MT Torm Gerd. Torm stands as a quintessential product tanker conglomerate, boasting a majestic fleet of approximately 80 vessels.
15-November-2020
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has finalized an agreement to purchase a pre-owned capesize bulk carrier. This addition will complement the single capesize, MV Jag Anand, already present in their fleet of 46 ships. While Mumbai-based shipowner and operator Great Eastern Shipping (GES) has revealed that the bulker was constructed in 2014 in the Philippines, Great Eastern Shipping (GES) has not disclosed more specifics about the transaction. The newly acquired capesize bulk carrier is set to be delivered to Mumbai-listed shipowner and operator Great Eastern Shipping (GES) before the close of India’s fiscal year in March 2021. Currently, Great Eastern Shipping’s fleet consists of 46 ships, including 28 tankers, five LPG carriers, and 13 bulk carriers.
15-November-2020
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited is divesting an aframax tanker at a remarkable valuation through a scrap transaction. According to shipbrokers, the most seasoned tanker of New Shipping is said to be en route to Pakistan. Prominent shipbrokers in the demolition market have conveyed that the company has successfully offloaded the 1998 built 107,000 DWT tanker MT New Paros to Pakistan for an impressive sum of $408 per LDT (Light Displacement Tonnage), totaling $6.8 million.
10-November-2020
Oslo-listed shipowner and operator Belships reported a net loss of $4.2 million for Q3 2020. Previously, in Q2 2020, Belships reported a net loss of $14.5 million. Lars Christian Skarsgard led Belships' net loss occurred due to post-coronavirus recession, weak freight rates, and a massive impairment charge. In Q3 2020, the average Baltic Supramax Index (BSI) TCE (Time-Charter Equivalent) rate was 81% higher than Q2 2020. Belships' long-term forecast remains encouraging due to historically low supramax new-building order-book. Furthermore, supramax and ultramax bulk carriers order-book is anticipated to be around 5% between 2020 and 2022, which will be the lowest rate of supply growth since the 2000s. Additionally, the Chinese government's economic stimulus is assumed to support a recovery in shipping demand between 2021 and 2022. Oslo listed shipowner and operator Belships' fleet saw recovered earnings in Q3 2020, compared to Q3 2019. Belships has a portfolio of period charter coverage in addition to profits earned by Belships' chartering-arm Lighthouse Navigation. In Q3 2020, Belships reported TCE (Time-Charter Equivalent) earnings of $9,067 per ship per day. Belships' chartering-arm Lighthouse Navigation's earnings estimated around 55% of Belships' $101 million Net Freight Revenues so far in 2020. Belships' chartering-arm Lighthouse Navigation has opened offices in Singapore, Melbourne, and Oslo. Furthermore, in Q4 2020, Belships' fleet 75% of its available days have been chartered-out at around $9,000 per day. Belships’ fleet grows with moderate cash investments which provides a competitive advantage to Belships.
10-November-2020
London-based shipbroking and services firm Braemar Shipping Services has announced the appointment of James Gundy as the new group CEO (chief executive officer), effective from January 1, 2021. James Gundy, who has been serving as the CEO of Braemar’s shipbroking division, the company’s largest operation, since joining in 2014 after the merger with ACM Shipping Group, will now assume the role of group chief executive officer. With 35 years of experience as a shipbroker specializing in tankers and sale and purchase projects, James Gundy previously held the position of CEO at ACM Shipping Group. While undertaking his new CEO (chief executive officer) responsibilities, James Gundy will also continue to lead the shipbroking division. London-based shipbroking and services firm Braemar Shipping Services stated that this appointment will facilitate the continued development of the Braemar Shipping Services’ strategic direction, with shipbroking positioned at the core of the company’s activities. Expressing his delight on behalf of the board and Braemar as a whole, Ronald Series, the executive chairman of Braemar, stated, “I am pleased to announce James Gundy’ appointment as group chief executive. James Gundy exceptional efforts in integrating Braemar and ACM shipbroking businesses since the merger in 2014 have been commendable. We eagerly anticipate working closely with him as we further expand the Braemar Shipping Services business.”
8-November-2020
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited resumes ship purchases with Martinos’ aframax tanker, following a successful recovery from a fire incident on one of its VLCC (Very Large Crude Carrier). Athens-based shipowner and operator New Shipping Limited has replaced a 22-year-old tanker with a 17-year-old counterpart. New Shipping Limited adheres to its strategy of acquiring tankers that are between 14 and 17 years old. 2003 built 107,000 DWT tanker MT Paros (ex MT Minerva Emma) was recently reported to have been sold to undisclosed buyers. MT Paros (ex MT Minerva Emma) now falls under the management of the Greek shipowner and operator New Shipping Limited.
7-November-2020
The MV New Diamond, a Very Large Crude Carrier (VLCC), has arrived in the United Arab Emirates (UAE) after being towed across the Indian Ocean, following a severe fire on board. This 20-year-old vessel, managed by Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed), was carrying a cargo of crude oil destined for Indian Oil Corp. The oil will be offloaded and transferred to continue its journey to the client. Given the extent of the damage and the vessel’s age, experts believe that the MV New Diamond is unlikely to undergo repairs due to the high costs relative to its value. It is anticipated that the vessel will be directed towards demolition. This incident highlights the risks associated with maritime transport of crude oil, especially considering the age and condition of the transport vessels. Eastern Mediterranean Maritime (Eastmed), the ship management company overseeing the operations of MV New Diamond, has a longstanding reputation for excellence in the shipping industry. Founded in 1977 by Thanassis Martinos, Eastmed operates a diverse fleet that includes tankers, bulk carriers, and container ships. The company is known for its commitment to safety, environmental sustainability, and the efficient management of its vessels, making it a respected player in global maritime logistics. Eastmed’s involvement in the incident demonstrates the complex challenges faced by even the most experienced shipping operators.
3-November-2020
Hong Kong and South Korean shipowner and operator Cido Shipping has commissioned its inaugural newbuild requests since 2015. Having predominantly contracted its maritime fleet over the preceding decade, Cido Shipping has enlisted Hyundai Heavy Industries to construct two resplendent 300,000 dwt VLCCs. These exquisitely scrubber-equipped VLCC tankers are set to be unveiled in the latter half of 2022, bearing a noteworthy valuation of $88.5 million apiece.
2-November-2020
Nikos Savvas-led shipowner and operator Cosmoship Management SA is examining allegations behind the arrest of 2012 built handysize bulk carrier 32K DWT MV Liberty C. Bunker supplier GP Petroleum arrested Cosmoship Management controlled MV Liberty C in India over allegations of an unpaid claim. High Court of Gujarat justice issued an order for the arrest of Cosmoship Management controlled MV Liberty C. Athens-based shipowner and operator Cosmoship Management has been investigating the allegations and will reply judiciously when necessitated. According to GP Petroleum allegations, GP Petroleum paid physical bunker supplier Hindustan Petroleum to bunker the Cosmoship Management controlled MV Niki C on 5 July 2020 at Cochin but that bill has not been paid by the shipowner. Currently, Cosmoship Management SA has a fleet of 18 bulk carriers and 7 containerships.
1-November-2020
Theodore Veniamis-led Greek shipowner and operator Golden Union Shipping has acquired 2010 built capesize bulk carrier 177K DWT MV King Ore for around $19 million. Previously, MV King Ore was committed to Zodiac Maritime, however the deal eventually collapsed. MV King Ore is scrubber-fitted and outfitted with a ballast water treatment system. In October 2020, Golden Union Shipping acquired 2000 built capesize bulk carrier 180K DWT MV Royal Accord. In February 2020, Golden Union Shipping acquired 2008 built capesize bulk carrier 180K DWT MV Imperial Fortune (ex MV Mineral Hokkaido) for around $17 million.
1-November-2020
Decelerating dry bulk supply growth coupled with the latest Chinese stimulus package increased ship earnings. In 2008, the dry bulk new-building order-book was 80% of the total fleet when the Chinese government launched its stimulus package to counter the effects of the global financial crisis. In 2011, the dry bulk new-building order-book was 26% of the total fleet. In 2015, the dry bulk new-building order-book was 12% of the total fleet. In 2020, the dry bulk new-building order-book is 7% of the total fleet. In 2020, the total number of dry bulk newbuilding orders ordered so far is the second-lowest on record and is well below the annual average since 2000. Shortness of newbuilding financing, regulatory and technological ambiguities have dropped order-book. Since the beginning of 2020, only 10 capesize newbuilding orders have been placed. Since 2010, around 90 capesize newbuilding orders have been placed annually. Since the beginning of 2020, only 22 panamax newbuilding orders have been placed. Since 2010, around 155 panamax newbuilding orders have been placed annually. Since the beginning of 2020, only 20 handysize newbuilding orders have been placed. Since 2010, around 208 handysize newbuilding orders have been placed annually. Since the beginning of 2020, only 64 supramax newbuilding orders have been placed. Since 2010, around 155 supramax newbuilding orders have been placed annually. Unlike the past shipping cycles, increasing ship incomes are not awaited to trigger another series of aggressive new-building bulk carrier orders. Even if new-building orders accumulate in Q4 2020, this situation would not have a notable impact on fleet growth until 2022. In 2020, dry bulk market players anticipate dry bulk seaborne trade to shorten for the first time since 2009.
1-November-2020
Nikolas Martinos-led Greek shipowner and operator Thenamaris Ships Management acquired four (4) capesize bulk carriers for $64m million en bloc from Greathorse International’s sister company Tiger Group. Thenamaris Ships Management acquired 2010 built capesize bulk carrier 180K DWT MV Tiger Jiangsu, 2011 built capesize bulk carrier 180K DWT MV Tiger Guangdong, 2011 built capesize bulk carrier 180K DWT MV Tiger Shandong, 2011 built capesize bulk carrier 180K DWT MV Tiger Liaoning from Greathorse International’s sister company Tiger Group. This is the first bulk carrier acquisition of Thenamaris Ships Management since 2016. Thenamaris Ships Management has increased its presence in capesize segment. Currently, Thenamaris Ships Management controls a mixed fleet of around 100 ships. Secondhand capesize prices plummeted to levels that some Greek shipowners find difficult resisting to invest.