28-October-2020
South Korean shipowner and operator Polaris Shipping sold 1994 built VLOC (Very Large Ore Carrier) 305K DWT MV Stellar Ocean for demolition in India for around $15 million. Previously, South Korean shipowner and operator Polaris Shipping sold 1993 built VLOC (Very Large Ore Carrier) 289K DWT MV Stellar Liberty for demolition in Bangladesh for around $18 million. Since the beginning of 2020, Seoul-based shipowner and operator Polaris Shipping sold eleven (11) bulk carriers.
28-October-2020
Shih Wei Navigation, a prominent dry bulk shipping firm based in Taiwan, has named Irene Lan as its new chairman. Irene, the daughter of the company’s founding chairman J.D. Lan, steps into the role following her father’s resignation due to health concerns. Prior to her appointment, Irene Lan had held various positions within Shih Wei Navigation, showcasing her deep involvement and experience within the company. J.D. Lan, who established Shih Wei Navigation in 1985, is also the sibling of James Lan, the founder and chairman of another shipping company, Wisdom Marine. Currently, Shih Wei Navigation, which is listed on the Taipei Stock Exchange, operates a fleet of 48 bulk carriers, marking its significant presence in the maritime industry.
28-October-2020
Taiwanese shipowner and operator U-Ming Marine Transport is trying to sell 2003 built capesize bulk carrier 175K DWT MV Cape Mars for demolition. MV Cape Mars is the second oldest capesize bulk carrier in the fleet of U-Ming Marine Transport. MV Cape Mars was built at CSBC Shipyard and has been operating in U-Ming Marine Transport’s fleet since 2003. Additionally, Taiwanese shipowner and operator U-Ming Marine Transport is anticipated to sell sistership 2003 built capesize bulk carrier 175K DWT MV Cape Saturn for demolition. U-Ming Marine Transport has been in a fleet renewal programme. Lately, U-Ming Marine Transport took delivery of 2020 built VLOC (Very Large Ore Carrier) 325K DWT MV Grand Pioneer from Qingdao Beihai Shipbuilding Heavy Industry. MV Grand Pioneer ordered on the back of a long-term contract with Vale. Currently, U-Ming Marine Transport has fleet of 16 bulk carriers.
27-October-2020
UBCI, officially known as United Bulk Carriers International, a prominent Italian bulker operator, has commenced pre-bankruptcy procedures in Genoa. Presently, UBCI is engaged in discussions with its creditors. Specializing in panamax and kamsarmax bulk carriers, UBCI has tendered a plea for a structured liquidation plan with its creditors to the Genoan court. As part of Italy’s distinguished concordat process, UBCI seeks court protection. UBCI’s esteemed chairman and primary shareholder, Gian Cristoforo Savasta, articulated that the concordat process endeavors to seamlessly dissolve the firm, ensuring minimal disruption with its creditors. As of January, UBCI had a commendable 18 vessels under its charter, all of which are currently in the process of redelivery. This change stems from either the natural conclusion of contracts or the rightful exercise by shipowners to retrieve ships pursuant to the bankruptcy clause embedded in their charter agreements. In addition to chartered vessels, UBCI’s fleet boasts of bulk carriers acquired from the spot market, serving COA (contracts of affreightment) cargoes. A lesser-known fact about UBCI is its ventures in the real estate sector. Gian Cristoforo Savasta holds an impressive 64% share in UBCI’s €1.18 million capital, followed by executive Giuseppe de Andre with 21%, and the remainder lies with their affiliated entity, UBCI Luxembourg. For the fiscal year 2019, UBCI reported a profit before tax of €223,508, marking a 25% surge from the preceding year. The prime factors contributing to UBCI’s dissolution are the current year’s underperforming panamax market and the plummet in bunker prices. Additionally, UBCI encountered a significant setback due to a botched deal with a sub-charterer in the latter part of 2018. With daily operational costs ranging from $10,000 to $11,000, the drop in spot rates rendered the business model unsustainable. In a noteworthy observation, UBCI pinpointed the average bulk carrier charter rates, which were $4,700 per day in February, and by May, it slightly reduced to approximately $4,500 per day. Moreover, UBCI grappled with severe repercussions from the nosedive in bunker pricing, witnessing a staggering 50% reduction in fuel value onboard its fleet. Another significant blow to UBCI was the bankruptcy of fellow bulker operators. One prominent debtor is Caledonia Maritime, conceived by Keith Denholm. Despite UBCI’s strategic move to fix a panamax to Caledonia Maritime in 2018 on a year’s charter, the vessel was prematurely returned in 2019, leaving a debt of around $500,000. This outstanding sum encompasses unpaid hires along with claims for bunkers procured by Caledonia Maritime, subsequently falling on UBCI’s shoulders. However, there’s a silver lining: UBCI’s impending liquidation in Genoa won’t disrupt its long-term charter with the kamsarmax bulk carrier owned by Germany’s Oldendorff Carriers. This agreement was inked by UBCI Luxembourg, an independent corporate entity owning 15% of the Genoa enterprise. Consequently, UBCI Luxembourg is slated to operate the 2019-built 81,600 DWT MV Knut Oldendorff. Also, UBCI’s liquidation will have no bearing on its freight-trading affiliate, Unibulk Trading, managed by Alessandro Massimilla, since it operates distinctly and merely serves as an agent for UBCI.
24-October-2020
Denmark-based shipowner and operator Falcon Maritime located two (2) handysize bulk carriers in Dania Ship Management. In 2017, Dania Ship Management was established to provide ship management services for tankers. However, later in 2017, Dania Ship Management teamed with Clipper Fleet Management to manage bulk carriers. In December 2019, V.Group acquired full control of Dania Ship Management from its partner MOL Nordic Tankers. Falcon Maritime joined the Dania Ship Management joint venture. Denmark-based shipowner and operator Falcon Maritime is a subsidiary of Falcon Rederi. According to Dania Ship Management, the Falcon Maritime partnership will extend Dania Ship Management’s capacities in dry cargo management. Falcon Maritime views the Dania Ship Management joint venture as a stable platform for ultimate growth. Furthermore, Dania Ship Management joint venture enables Falcon Maritime to bring technical ship management closer to Falcon Maritime’s commercial office in Copenhagen. Currently, Falcon Maritime controls 21 bulk carriers.
24-October-2020
Slovenian shipowner and ship-manager Splosna Plovba sold 2011 built supramax bulk carrier 55K DWT MV Cas Amares for around $9 million. MV Cas Amares was the last bulk carrier in the fleet of Peter Dohle-controlled Slovenian shipowner and ship-manager Splosna Plovba. In 2011, MV Cas Amares was built at Hyundai Vietnam Shipyard. MV Cas Amares due for SS (Special Survey) in May 2021. In September 2020, Slovenian shipowner and ship-manager Splosna Plovba sold 2009 built supramax bulk carrier 55K DWT MV Cas Avanca for around $7.5 million. MV Cas Avanca is the sistership of MV Cas Amares. Since the beginning of 2020, Splosna Plovba sold 5 (five) supramax bulk carriers. Germany-based Peter Dohle mainly focuses on the containership segment. Additionally, Peter Dohle owns and operates 40 bulk carriers and 25 MPP (Multi-Purpose Ships). In 2007, Slovenian shipowner and ship-manager Splosna Plovba has a fleet of 20 bulk carriers. Peter Dohle acquired preponderance shares of Splosna Plovba. Currently, Splosna Plovba has left with one container ship in the fleet.
22-October-2020
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited, along with Muhit Maritime, is aiming to engage in aframax recycling sales. Experts in the field anticipate that there will not be a substantial increase in tanker demolition activity until the following year. According to demolition shipbrokers, two aframax tankers are set to be sold for recycling in the near future. However, shipbrokers caution that it is premature to expect a significant surge in this particular sector at the moment.
21-October-2020
Japanese shipowner Doun Kisen has sold 2008 built capesize bulk carrier 208K DWT MV Baogang Glory for around $16 million. Doun Kisen MV Baogang Glory to unnamed Singaporean shipowner. In 2008, MV Baogang Glory was built at Universal Shipbuilding and has been operated by K Line for a long period.
21-October-2020
Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT) is aiming to sell the remaining bulk carriers in its fleet by the end of March 2021. CEO Emanuele Lauro-led shipowner and operator Scorpio Bulkers (SALT) is moving into the wind energy sector much more rapidly than market players have expected. Currently, Scorpio Bulkers (SALT) owns and operates 43 bulk carriers. Last week, Scorpio Bulkers (SALT) sold 2016 built kamsarmax bulk carrier 61K DWT MV SBI Hyperio for around $18 million. Nasdaq-listed Scorpio Bulkers (SALT) have been selling at least two bulk carriers per week and have been moving out of the dry bulk business into WTIVs (Wind Turbine Installation Vessels). In August 2020, Scorpio Bulkers (SALT) ordered four (4) WTIVs (Wind Turbine Installation Vessels) at DSME (Daewoo Shipbuilding & Marine Engineering).
21-October-2020
Japanese ship owner and operator K Line Bulk (Kawasaki Kisen Kaisha) is planning slow steaming, ship sales, ship lay-ups, and redeliveries due to revenue fall in post-coronavirus recession. Tokyo Stock Exchange-listed K Line (Kawasaki Kisen Kaisha) described how to rebuilding the fleet to deal with the impact of the pandemic. K Line Bulk (Kawasaki Kisen Kaisha) is planning to reduce ship capacity and lower operating costs. Additionally, K Line Bulk (Kawasaki Kisen Kaisha) is going to lower costs by reducing ships’ speed, minimizing the liner sailings, and laying up ships. Furthermore, K Line Bulk (Kawasaki Kisen Kaisha) is going to return chartered ships and demolish vintage ships. Up to now, K Line Bulk (Kawasaki Kisen Kaisha) sold three (3) capesize bulk carrier to Singapore-based Berge Bulk. K Line Bulk (Kawasaki Kisen Kaisha) foresees income to fall worse than the 2008 global financial crisis. Previously, K Line Bulk (Kawasaki Kisen Kaisha) diverged from the product tankers business and sold one offshore support vessel. Currently, K Line Bulk (Kawasaki Kisen Kaisha) holds three (3) chemical tankers and two (2) bunker ships. In the dry bulk sector, K Line Bulk (Kawasaki Kisen Kaisha) is going to sell small handy bulk carriers and inefficient container ships. Furthermore, K Line Bulk (Kawasaki Kisen Kaisha) is planning to sell real estate and other assets to increase equity. According to K Line Bulk (Kawasaki Kisen Kaisha), car carriers and bulk carrier businesses will be considerably affected due to the post-coronavirus recession. K Line Bulk (Kawasaki Kisen Kaisha) forecasts weak demand for the bulk carrier segment due to production cutbacks from major steelmakers. Until 2025, K Line Bulk (Kawasaki Kisen Kaisha) aims to slash its long-term fixed core fleet by more than 50 ships. Currently, K Line Bulk (Kawasaki Kisen Kaisha) operates 200 owned and 260 chartered-in ships.
21-October-2020
US-based dry bulk shipowner and operator Pangaea Logistics Solutions has lost its position as a top performer in dry bulk shipping operations. According to the Copenhagen-based VesselIndex Report, Castor Maritime outperformed Pangaea Logistics in Q2 2020. Pangaea Logistics Solutions has been facing a strong challenge from a field of dry bulk competitors to preserve its title as a top performer in dry bulk shipping operations in Q2 2020. According to VesselIndex Report, since 2018, Pangaea Logistics Solutions outperformed two dozen listed dry bulk companies. However, According to VesselIndex Report’s 2020 interim report, Castor Maritime outperformed the two dozen listed dry bulk companies by 85% for the first half of the year. Pangaea Logistics is expected to be at the second rank at the end of 2020. Copenhagen-based VesselIndex Report takes into account not only the Baltic Exchange Index but also the distinct features of the ships. United States-based Ed Coll-led Pangaea Logistics Solutions benefited from ice-class bulk carriers and COAs (Contract of Affreightments). In Q2 2020, Pangaea Logistics Solutions reported TCE (Time Charter Equivalent) rates of $10,621 per day for its eight (8) panamax bulk carriers and $5,589 per day for its ten (10) supramax bulk carriers.
20-October-2020
Athens-based shipowner and operator Laskaridis Shipping Ltd CEO Panagiotis Laskaridis critized that the EU (European Union) schedule to expand its Emissions Trading Scheme (ETS) to shipping will not improve ship emissions or the environment. Laskaridis Shipping Ltd’s CEO Panagiotis Laskaridis was the former president of the European Community Shipowners’ Associations (ECSA). Panagiotis Laskaridis critized that Emissions Trading Scheme (ETS) is simply a tax-collecting agency. Laskaridis Shipping Ltd.’s subsidiary Lavinia Bulk Ltd has a fleet of 41 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd commercially manages a large and modern fleet of mid- to large-size dry bulk carriers. Greek shipowner and operator Laskaridis Shipping Ltd CEO Panagiotis Laskaridis criticizes EU’s (European Union’s) Green politicians but expresses Greece must open up.
20-October-2020
Japanese shipowner and operator NS United sold 2008 built capesize bulk carrier 207K DWT MV Shin-Ei for around $19 million to Qingdao-based shipowner and operator Seacon Shipping. 207K DWT MV Shin-Ei is not the only capesize bulk carrier that Japanese shipowner and operator NS United has put on the sales block. NS United is also trying to sell 2007 built capesize bulk carrier 230K DWT MV NSS Honesty. Japanese shipowner and operator NS United is selling MV Shin-Ei and MV NSS Honesty, as both capesize bulk carriers have come off a long-term charter contract with Nippon Steel Shipping (NSS). Tokyo-headquartered Nippon Steel Shipping (NSS) operated MV Shin-Ei and MV NSS Honesty on the iron ore trade between Australia-Japan for the parent company Nippon Steel.
20-October-2020
New York-listed shipowner and operator Safe Bulkers ordered a fuel-efficient kamsarmax bulk carrier 82K DWT in Japan. Safe Bulkers’ kamsarmax bulk carrier will be delivered in Q1 2022. Polys Hajioannou led Safe Bulkers is in a fleet renewal programme. Safe Bulkers’ kamsarmax bulk carrier will be constructed according to IMO Tier III NOx emissions regulations. Furthermore, Safe Bulkers’ new-building kamsarmax bulk carrier will meet the latest specifications of EEDI 3 (Energy Efficiency Design Index) for greenhouse gas emissions. Safe Bulkers’ new-building kamsarmax bulk carrier will be able to compete with other kamsarmax bulk carriers in its class. Safe Bulkers’ new-building kamsarmax bulk carrier has been financed via a sale-and-leaseback with a Japanese company. Safe Bulkers leased backed the kamsarmax bulk carrier on a ten-year bareboat charter. Safe Bulkers has not acquired any bulk carrier since 2018. Currently, Polys Hajioannou led Safe Bulkers has a fleet of 42 bulk carriers.
20-October-2020
Vega Bulk Carriers, a new venture in the maritime sector, is set to launch its operations in Oslo, marking a significant shift for Kenneth Fjeld, who is moving away from the offshore support vessel business to enter the bulk carrier market. Fjeld, known for his involvement in the offshore sector, is taking a new direction with the establishment of Vega Bulk Carriers. Vega Bulk Carriers will focus on the commercial management of various types of bulkers, including panamax, supramax, and handymax vessels, specifically targeting the Atlantic market. This strategic focus indicates an interest in capitalizing on the trade flows and market dynamics west of the Suez Canal. Adding to the Vega Bulk Carriers’ momentum, Niklas Sindum, previously the senior vice president of the South Atlantic region at Western Bulk, has resigned from his position and is set to join Vega Bulk Carriers. His appointment and experience will be pivotal for Vega Bulk Carriers as it establishes its presence in the competitive bulk shipping sector. Vega Bulk Carriers is poised to commence operations from its new office in central Oslo next month. This new venture will manage business predominantly in the Atlantic and Baltic regions. Additionally, Vega Bulk Carriers will continue to operate its existing dry cargo operation based in Dubai, suggesting a geographically diverse business strategy that spans key global shipping routes and markets. The launch of Vega Bulk Carriers in Oslo represents a significant development in the bulk shipping industry, highlighting shifts in leadership and strategic direction among maritime enterprises.
19-October-2020
Bergen-based shipowner and operator Gearbulk renegotiated terms for long-term charters of bulk carriers with Japanese shipowners and banks. Gearbulk suggested prolonging ships’ charter periods under reduced daily hire rates. Previously, Gearbulk’s chartered-in tonnage between 10 and 15 years from Japanese shipowners. Nevertheless, Gearbulk proposed deals 20 years at a reduced rate. Since July 2020, Gearbulk has negotiating to reduce charter rates with Japanese shipowners including Funada Kaiun, Chofuku Kisen, Shichifuku Gumi, Chiba Shipping, Misuga Shipping, Doun Kisen, and Marubeni. Gearbulk’s chartered-in bulk carriers are highly specialized ships, therefore, Japanese shipowners would have found it challenging to retake redelivery and operate or sell these specialized ships. Gearbulk operates gantry crane fitted open-hatch bulk carriers that are designed for carrying wood pulp, paper, packaged, and industrial cargoes. Gearbulk operates gantry crane fitted open-hatch bulk carriers with partner Grieg Star Group in the G2 Ocean open-hatch bulker pool. Japanese shipowner and operator Mitsui OSK Lines is a major shareholder in Gearbulk.
19-October-2020
Chinese shipowner and operator Seacon Shipping Group Ltd acquired 2008 built capesize bulk carrier 207K DWT MV Shin-Ei for around $19 million from Japanese shipowner NS United. Seacon Shipping Group Ltd boosts its presence in the capesize bulk carrier segment. Since 2019, this is the fourth capsize bulk carrier purchase of Seacon Shipping Group Ltd. Seacon Shipping Group Ltd essentially a handymax and panamax bulker operator, but entered into capesize segment. In 2008, 207K DWT MV Shin-Ei was built at Universal Shipyard. MV Shin-Ei is due for dry-docking in January 2021. Essentially, Qingdao-based Seacon Shipping Group Ltd is a ship-manager, though some of the bulk carriers in the company operates are owned by other Chinese corporations. In August 2020, Chinese shipowner and operator Seacon Shipping Group Ltd acquired 2005 built capesize bulk carrier 203K DWT MV Pacific Oak for around $15 million from Japanese shipowner Miyazaki Sangyo Kaiun. In 2019, Seacon Shipping entered into capesize sector with the acquisition of 2002 built capesize bulk carrier 170K DWT MV Seacon Brazi (ex MV Shinyo Endeavour) for around $11 million from Hong Kong-based shipowner Shinyo International. In February 2020, Chinese shipowner and operator Seacon Shipping Group Ltd acquired 2003 built capesize bulk carrier 171K DWT MV Alam Cetus (ex MV Aquajoy) for around $11 million from Monaco-based shipowner Goodbulk. Seacon Shipping Group Ltd ordered four (4) new-building kamsarmax bulk carriers at CSSC Huangpu Wenchong Shipbuilding. Currently, Qingdao-based Seacon Shipping Group Ltd has a fleet of 22 bulk carriers and 15 tankers. Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages around 100 ships.
19-October-2020
Dry bulk ship operator Vega Bulk Carriers opened an office in Oslo, Norway. Vega Bulk Carriers’ Oslo office is going to concentrate on the chartering of handymax, supramax, and panamax bulk carriers in the Atlantic and Baltic business. Ex-Western Bulk’s manager Niklas Sindum is going to manage Vega Bulk Carriers’ Oslo office. Vega Bulk Carriers’ Dubai will continue to concentrate on the Far Eastern market. Kenneth Fjeld led Vega Bulk Carriers is going to tailor its shipping business to meet the needs of the charterers. Vega Bulk Carriers has strong support from shareholders, funds, and lenders. Besides Vega Bulk Carriers, sister company Vega Offshore operates offshore support vessels since 2010. However, due to the desperate offshore market, Vega Offshore paused its operations. Vega diversified into the dry bulk business by the introduction of Vega Bulk Carriers. Meantime, Vega Bulk Carriers is in discussions to acquire six (6) supramax and handymax bulk carriers from a bank in a distressed asset deal. Vega Bulk Carriers has been looking for new chartering managers by proposing equity stakes in the company. Currently, Vega Bulk Carriers operates two (2) panamax and supramax bulk carriers which are chartered for the long-term. However, in Q1 2021, after the completion of the acquisition, Vega Bulk Carriers is preparing to operate ten (10) bulk carriers.
16-October-2020
Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group’s CCO (Chief Commercial Officer) Thomas Semino has stepped down from his position. Thomas Semino was working at Golden Ocean Group’s Singapore office since 2016. Previously, Thomas Semino was a manager at Bunge, Vitol, and Cargill. In an announcement, Ulrik Andersen-led Golden Ocean Group thanked Thomas Semino for his contributions to the company. John Fredriksen’s bulker company Golden Ocean Group is going to publish a replacement for CCO (Chief Commercial Officer) position shortly. Golden Ocean Group assured that the company’s services are not interrupted. NASDAQ-listed Golden Ocean Group has not disclosed any reason for Thomas Semino’s resignation.
15-October-2020
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has entrusted GoodFuels with the provision of biofuel for its sophisticated 2010 built MR tanker 47K DWT MT Pacific Beryl. GoodFuels delivered an exquisite bio-fuel oil analogous to residual fuel to MT Pacific Beryl. This fuel’s efficacy is slated to undergo rigorous evaluation onboard the MT Pacific Beryl, and will subsequently be scrutinised across other distinguished vessels under the purview of Eastern Pacific Shipping (EPS) in the imminent future. Idan Ofer-led shipowner and operator Eastern Pacific Chartering (EPC) articulated that their embrace of biofuels resonates with their holistic environmental, societal, and governance ethos, which vehemently advocates for the exploration and incorporation of diverse marine alternative fuels to profoundly curtail greenhouse gas emissions in the present epoch. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) holds the conviction that such alternative marine fuels are pivotal bridging solutions that will inexorably chart the course for a comprehensive maritime decarbonisation, ensuring nature’s sanctity for the epochs to come.
15-October-2020
Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT) sold 2016 built ultramax bulk carrier 60K DWT MV SBI Hera for around $18.5 million. Scorpio Bulkers (SALT) has been selling all the bulk carriers to establish a wind-turbine installation vessel fleet. Emanuele Lauro-led Scorpio Bulkers (SALT) has been moving into the wind-turbine installation vessels business. Scorpio Bulkers (SALT) is selling off all dry bulk carriers to bankroll the high-priced wind-turbine installation vessels without raising equity. Furthermore, Scorpio Bulkers (SALT) is selling 2017 built ultramax bulk carrier 63K DWT MV SBI Phoenix and SBI Samson (both built 2017) for about $34 million en-block. Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT) signed an LOI (Letter of Intent) worth for around $290 million with DSME (Daewoo Shipbuilding & Marine Engineering) for a wind-turbine installation vessels.
15-October-2020
Norwegian shipowner and operator Torvald Klaveness’ subsidiary Klaveness Combination Carriers (KCC) buys back bonds ahead of maturity in May 2021 for $14.6 million. Oslo-based Klaveness Combined Carriers (KCC) exercised its call option to redeem the bond. Originally, in December 2016, Klaveness Combination Carriers’ (KCC) majority shareholder Klaveness Ship Holding issued bonds of $32 million. In January 2020, Klaveness Combination Carriers (KCC) issued a new NOK 500 million senior unsecured bond that will mature in February 2025. In September 2020, Klaveness Combination Carriers (KCC) issued another NOK 200 million bonds. In July 2020, Klaveness Combination Carriers (KCC) borrowed $60 million to finance two extra Cleanbu new-buildings. Norwegian shipowner and operator Torvald Klaveness’ goal is to be carbon neutral by 2030.
15-October-2020
Nasdaq-listed shipowner and operator Star Bulk Carriers chairman Hamish Norton affirmed that the United States election should not affect the dry bulk shipping business because the United States does not import significant dry bulk cargoes. The United States election have very complex influences on global businesses, the dry bulk shipping sector may barely notice. According to Oaktree Capital Management backed Star Bulk Carriers, the United States doesn’t import any notable dry bulk cargoes, and exports mainly grain. Annually, the United States exports around 100 million tonnes of grain cargoes, and around a quarter of this grain is imported by Mexico. Donald Trump has been viewed as a protectionist president, commenced a tariff war with China in an attempt to balance trade. Furthermore, Donald Trump is also a tremendous advocate of the oil and gas industry. On the other hand, Joe Biden emerges to have a very greener plan and advocates a stronger collaborative strategy with China and other trade partners. Star Bulk Carriers is led by Greek tycoon Petros Pappas.
14-October-2020
Athens-based Liberia-registered shipowner and operator Sea Pioneer Shipping Corporation acquired 2011 built kamsarmax bulk carrier 83K DWT MV Generosity (ex MV KM Yokohama) for around $15.5 million from Japanese shipowner Doun Kisen. This is the second kamsarmax bulk carrier that Sea Pioneer Shipping Corporation has acquired from the Japanese shipowner Doun Kisen. At the end of 2019, Vassilis Bacolitsas-controlled Sea Pioneer Shipping Corporation acquired the 2010 built kamsarmax bulk carrier 83K DWT MV Fidelity (ex MV KM Tokyo). Tokyo-based shipowner Doun Kisen Kaisha is one of the largest private shipowning companies in Japan with a mixed fleet of about 120 ships.
14-October-2020
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) expects profit at the end of 2020. In 2019, Bjorn Jebsen-led Kristian Jebsens Rederi reported a pre-tax loss of NOK 100,000, versus NOK 17 million in 2018. Kristian Jebsens Rederi is heading for a profit in 2020. Bergen-based shipowner and operator Kristian Jebsens Rederi handles its principal company as part of 50%-owned joint venture JebMur Shipping with MUR Shipping. In the 2019 financial report, Kristian Jebsens Rederi elected to report JebMur Shipping as an associated company instead of wholly incorporating it which caused an obvious decrease in operating revenue. At the beginning of 2020, Kristian Jebsens Rederi 2015 built handysize bulk carriers 35K DWT MV Sharpnes and 35 K DWT MV Swiftnes for around $13 million each. Kristian Jebsens Rederi sold MV Sharpne and MV Swiftnes to Japanese shipowner and operator Toyo Kaiun. MV Sharpnes and MV Swiftnes were ordered for $25 million each. Kristian Jebsens Rederi holds a 25% stake in MV Sharpnes and MV Swiftnes. Besides, Kristian Jebsens Rederi is the managing owner. Kristian Jebsens Rederi does not disclose how many bulk carriers are controlled via JebMur Shipping with MUR Shipping. Bjorn Jebsen has a 60% stake in the Kristian Jebsens Rederi. Bjorn Jebsen’s brother Arne Jebsen holds the 40% stake in the Kristian Jebsens Rederi. Bjorn Jebsen and Arne Jebsen controlled Kristian Jebsens Rederi is a separate company from their late brother Kristian Gerhard Jebsen’s Kristian Gerhard Jebsen Skipsrederi.
14-October-2020
Greek shipowner and operator Primerose Shipping acquired 2015 built kamsarmax bulk carrier 81K DWT MV Precious Sky for around $21.5 million from Japanese shipowner and operator Mitsubishi Corporation. Previously, it was reported that MV Precious Sky was acquired by New York-listed Safe Bulkers, however the information was dismissed. In June 2019, the Kalogiratos family-controlled Primerose Shipping acquired a new-building kamsarmax bulk carrier 81K DWT MV Venator from a Japanese shipyard. Currently, Primerose Shipping has a fleet of nine (9) bulk carriers.
14-October-2020
Piraeus-based Bulkseas Marine Management S.A. acquired 2009 built kamsarmax bulk carrier 83K DWT MV Vela Star (ex MV Ikan Bagang) for around $13 million from Japanese shipowners. Previously, MV Vela Star (ex MV Ikan Bagang) was operated by Pacific Carriers Ltd (PCL). Two months ago, Pacific Carriers Ltd (PCL) proposed Japanese shipowners either take back their bulk carriers or reduce charter rates. Stavros Meimetis-led Bulkseas Marine Management S.A. last ship purchase was in 2018. Bulkseas Marine Management S.A. is in a fleet renewal programme. In May 2020, Bulkseas Marine Management S.A sold 2002 built panamax bulk carrier 76K DWT MV Chang Yang Jin Sha (ex MV Lucky Star) for for around $6.5 million. Bulkseas Marine Management S.A. has an outstanding collaboration with Greek Alpha Bank which financed MV Vela Star (ex MV Ikan Bagang). Low-profile shipowner and operator Bulkseas Marine Management S.A. was established in 2011. Bulkseas Marine Management S.A. prefers second-hand Japanese built bulk carriers. Currently, Greek shipowner and operator Bulkseas Marine Management S.A. has a mixed fleet of 2 capesize, 5 panamax, 1 kamsarmax, and 1 supramax bulk carriers.
13-October-2020
Taiwanese shipowner and operator Eddie Steamship acquired 2002 built capesize bulk carrier 175K DWT MV China Steel Integrity and 2003 built capesize bulk carrier 175K DWT MV China Steel Responsibility for around $9.5 million each from compatriot China Steel Express (CSE). Eddie Steamship acquired two capesize bulk carriers at the beginning of October 2020. Previously, Hsu Chih-Chien (CC Hsu) led Eddie Steamship and Shandong Shipping formed capesize venture. After the latest capesize sale, Taiwanese shipowner and operator China Steel Express (CSE) has left with a modern fleet of 18 capesize bulk carriers. MV China Steel Integrity and MV China Steel Responsibility will be serving under the COA (Contracts of Affreightment) of Shandong Shipping Asset Management (SAMC). In 2018, Shandong Shipping Asset Management (SAMC) was established as a joint venture between Eddie Steamship and Chinese state-owned partners. In the Shandong Shipping Asset Management (SAMC) joint-venture, Eddie Steamship acts as a shipowner, and Shandong Shipping Corp acts as a chartering operator, and Ocean Capital Shipping Corp acts as a partner which is backed by Chinese state-owned leasing companies. Eddie Steamship acquires the bulk carriers and charters out to Shandong Shipping Asset Management (SAMC). Eddie Steamship is controlled by Hsu Chih-Chien (CC Hsu) and his cousin Steve Hsu and son Jack Hsu controls Sincere Navigation.
13-October-2020
Hong Kong-based shipowner and operator Pacific Basin Shipping CEO Mats Berglund requested dry bulk market players to keep new-building bulk carrier ordering low. In Q3 2020, Pacific Basin Shipping has reported corrections in charter rates across the dry bulk fleet. Furthermore, Pacific Basin Shipping CEO Mats Berglund stated that secondhand bulk carriers are much more attractive to invest in. Currently, dry bulk carrier new-building ordering is at around 1.2% of the existing carrier fleet and the annual dry bulk carrier scrapping rate is at around 1.7%. Consequently, this is going to decrease the net dry bulk carrier supply and improve the charter rates. Pacific Basin Shipping owns and operates in handysize and supramax segments. Pacific Basin Shipping estimates that handysize and supramax order-book is going to decrease to 1.6% of the live fleet in 2021. Pacific Basin Shipping foresees that new-building handysize and supramax bulk carriers will remain low while demand will remain steady for 2021. According to Pacific Basin Shipping, the handysize and supramax market has rebounded on the back of increasing bulk cargoes during Q3 2020. In Q3 2020, Pacific Basin Shipping reported an average TCE (Time-Charter Equivalent) of $8,000 per day per handysize bulk carrier. In Q3 2020, Pacific Basin Shipping reported an average TCE (Time-Charter Equivalent) of $11,200 per day per supramax bulk carrier. Pacific Basin proclaimed a notable improvement in minor bulk cargoes in recent months. According to Pacific Basin Shipping, in Q1 and Q2 2020, South American grain exports were unusually strong. In Q3 2020, high levels of exports from the United States were observed. According to Pacific Basin Shipping, in Q1 and Q2 2020, demand for coal has been the weakest due to weaker power consumption. In Q3 2020, growing coal imports to India have increased the demand for coal.
12-October-2020
The panamax bulk carrier market has been bustling with activity recently, with a notable number of transactions taking place. Among the deals, Gleamray Maritime of Greece also made headlines by selling two Chinese-built panamax bulk carriers. One notable transaction included the sale of the 2007-built MV Johnny Cash (formerly MV Ecostar GO), a 75K DWT panamax, to Dexter Navigation, a Greek company recently established by the Panopoulos family, for around $8.75 million. This sale comes as the vessel approaches its special survey next year. Dexter Navigation, with a history linked to P&P Shipping and the Papazoglou family, also operates two MR Tankers, the MT Johnny Trader and the MT Johnny Traveller, in collaboration with Champion Tankers of Norway. The Papazoglou family continues its maritime ventures through Papa Shipping, led by Nicholas Papazoglou, owning three bulk carriers named in the tradition of “John”: MV Papa John, MV Patmos John, and MV Captain John. Gleamray’s other panamax, the 75K DWT MV Ecomar GO (built in 2008), was sold to Athens-based Niriis Shipping, headed by Dimitris Gousis, and renamed MV Ivestos 7 for $9.5 million. Niriis Shipping has been active in the market, acquiring several panamax bulk carriers and a handysize bulker over the past two years, showcasing the dynamic nature of the shipping sector. Gleamray, led by George K Economou (distinct from the DryShips executive), is known for naming its vessels with the “GO” suffix, reflecting Economou’s initials in Greek spelling. Currently, Gleamray is marketing its post-panamax bulk carrier, the MV Constantinos GO (built in 2011), for sale, illustrating the ongoing vibrancy in the ship sale and purchase market.
11-October-2020
SPDB Financial Leasing, the leasing division of Shanghai Pudong Development Bank, has commissioned the construction of four 61K DWT ultramax bulk carriers at Nantong Cosco KHI Engineering (NACKS). This order is a segment of a comprehensive financial leasing agreement with Hong Kong-based shipowner and operator BG Shipping, which is a maritime subsidiary of the Guangxi Beibu Gulf International Port Group. Each vessel in this new series is priced at approximately $24 million, with deliveries scheduled for the fourth quarter of 2021. SPDB Financial Leasing, which currently manages a fleet of 25 ships, continues to expand its maritime assets through strategic partnerships and new vessel acquisitions. BG Shipping (Beibu Gulf Shipping), a noted Chinese dry bulk shipowner and operator, is set to enhance its operational fleet, which already includes 18 bulk carriers—16 panamax and 2 ultramax bulk carriers. A significant portion of BG Shipping’s fleet has been acquired through financial leasing arrangements, primarily with China Development Bank, reflecting a robust financial strategy that supports its fleet expansion and renewal initiatives. This latest order with NACKS not only contributes to the growth of BG Shipping’s fleet but also reinforces its market presence in the dry bulk shipping sector.
11-October-2020
Mumbai-listed shipowner and operator Great Eastern Shipping (GES) has confirmed its decision to purchase a LR2 product tanker built in 2012. MT Champion Princess, constructed by Hyundai for NYK Line, with the transaction valued at $26.5 million. India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) mentioned that this South Korean-made LR2 product tanker is slated for delivery by the end of the current year. As of now, Great Eastern Shipping’s (GES) fleet comprises 46 ships, which include 28 tankers, five LPG carriers, and 13 bulk carriers.
8-October-2020
Maritime shipping has been urged to exercise heightened vigilance when navigating the Gulf of Aden (GOA) following an incident involving an aframax tanker that sustained significant damage from striking a sea mine in Yemeni waters. The Maltese-flagged aframax tanker, Syra, encountered this dangerous situation just before midnight on October 3 while loading crude oil from the Bir Ali crude single buoy mooring system located in central Yemeni waters. During the operation, the vessel was reportedly surrounded by suspicious floating objects, some of which were believed to be floating IEDs or sea mines. One or more of these objects detonated near the tanker, causing notable damage. Ambrey Intelligence, a security consultancy, has indicated that this incident may be linked to the ongoing conflict between the Yemeni government and the Southern Transitional Council, a secessionist group fighting for control in the region. In response to these developments, the war risk rating for the Bir Ali and Ash Shihr terminals, which are among Yemen’s few operational export facilities, has been elevated to reflect the significant threat of similar attacks aimed at disrupting future exports from Yemen. The damaged tanker, owned by Athens-based Eastern Mediterranean Maritime (Eastmed) and led by Thanassis Martinos, had changed its insurance coverage just 18 days prior to the incident, switching to the Standard Club. Despite the damage sustained to its forward ballast tanks, the Syra has been able to proceed under its own power. It is expected to arrive in Fujairah, United Arab Emirates, later today, where its cargo will be offloaded before the vessel undergoes repairs. The Syra was carrying approximately 65,000 tons of crude oil at the time of the incident. Coincidentally, another vessel, the MT New Diamond, a Very Large Crude Carrier (VLCC) controlled by Greek shipowner Adam Polemis’s New Shipping, is also en route to Fujairah for related reasons. This tanker, which suffered a severe fire off the coast of Sri Lanka last month, is being towed across the Indian Ocean to the UAE oil hub. Upon arrival, its cargo will also be transferred, and the vessel will be assessed for repairs. These incidents highlight the complex security challenges and operational risks facing maritime operators in the region, underscoring the need for stringent safety protocols and constant vigilance in these strategically important waters.
6-October-2020
London-based shipbroker Clarksons appointed Sue Harris as an independent non-executive board member. Sue Harris is replacing the position of retiring Marie-Louise Clayton. Marie-Louise Clayton was appointed to the Clarksons’ board in January 2017. Sue Harris is going to chair the audit and risk committee from 1 November 2020. Previously, Sue Harris was an executive at The Co-Operative Bank and finance director and audit director for Lloyds Banking Group. Sue Harris is going to bring vast experience to the giant shipbroker Clarksons. Sue Harris’ significant audit and financial background will be priceless as Clarksons improve the shipbroking business in the years ahead.
6-October-2020
Giuseppe Bottiglieri and Mariella Bottiglieri have been ousted from Giuseppe Bottiglieri Shipping Company (GBSC). Giuseppe Bottiglieri established bulker and tanker owner Giuseppe Bottiglieri Shipping Company (GBSC). In 2017, Naples-based shipowner and operator Giuseppe Bottiglieri Shipping Company (GBSC) filed for court protection and the company was taken over by private equity fund Bain Capital. Consultants Alvarez & Marsal was appointed by private equity fund Bain Capital. Italian shipowner and operator Giuseppe Bottiglieri Shipping Company’s (GBSC) three BOD (Board of Directors) were replaced with three executives from consultants Alvarez & Marsal. Giuseppe Bottiglieri was angered by appointing consultants with limited shipping experience. Giuseppe Bottiglieri Shipping Company (GBSC) has been running out of cash and is anticipated to report a net loss at the end of the year. At the beginning of 2020, Giuseppe Bottiglieri Shipping Company (GBSC) exited the tanker sector by selling all tankers. Giuseppe Bottiglieri Shipping Company (GBSC) has been led by CEO Mariella Bottiglieri. Giuseppe Bottiglieri Shipping Company (GBSC) has been working on a company restructuring plan. Currently, Giuseppe Bottiglieri Shipping Company (GBSC) controls a fleet of ten (10) post-panamax bulk carriers.
6-October-2020
Capesize bulk carrier prices are increasing due to the high iron ore demand of China. Capesize bulk carrier prices are gradually recovering, after a fall in asset prices in Q2 2020 due to the coronavirus recession. However, small bulk carrier prices remain flat due to weaker demand for grain and coal. China increased iron ore imports in Q3 2020 and Brazil’s iron ore exports have led to a swift capesize bulk carriers rate recovery. Consequently, this situation has boldly moved capesize bulk carriers valuations. Capesize and panamax bulk carriers second-hand values have increased since May 2020, while values for supramax and handysize bulk carriers have remained flat. In Q3 2020, China’s coal imports plunged 30% due to prolonged custom clearance and port congestion in Q2 2020. Increased scrapping has further boosted capesize bulk carrier values. In Q3 2020, there have been almost no capesize newbuilding orders. Since Q1 2020, dry bulk shipping rates have reflected ship values. Bulk carrier prices and dry bulk shipping rates are intrinsically linked to market forces. on 6 October 2020, capesize bulk carrier TCE (Time Charter Equivalent) has more than doubled to $34,896 per day.
5-October-2020
Hamburg-based ship-manager NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG appointed Panneer Selvam to manage the company’s new Singapore office. NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG endeavors to strengthen the company’s position in Singapore and expands the company’s services throughout the Far East. Panneer Selvam has been appointed as general manager of NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG in the Singapore. Previously, Panneer Selvam was the technical general manager of PIL (Pacific International Lines) in Singapore. Panneer Selvam was a former Singapore naval officer and worked at the shipyards. Panneer Selvam will strengthen NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG’s expertise Recently, German ship-manager NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG has been expanding to the global market to decrease the dependency on the slumping German market. The decease of the KG model and the departure of liner ship operators to Chinese leasing companies presented a difficulty to conventional tonnage providers in Germany. NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG is one of the most comprehensive ship-managers in Germany. Currently, NSB Niederelbe Schiffahrtsgesellschaft GmbH & Co. KG manages a fleet of 82 vessels.
5-October-2020
Courage Investment Group reported a net profit of $1.1 million in Q2 2020. Singapore and Hong Kong-listed Courage Investment Group reported a revenue of $3.5 million in Q2 2020. However, these profits were inadequate to mitigate the losses suffered by other non-shipping expenses. Courage Investment Group blames the slump in revenue to the reduction in freight earnings of its directly-owned ships due to the coronavirus recession. Furthermore, the decline in revenue was the declaration to scale back Courage Investment Group’s presence in the panamax sector in February 2020. Therefore, Courage Investment Group canceled the long-term charter of panamax bulk carrier that Courage had been operating since June 2018. According to Courage Investment Group, panamax market was not advantageous due to the trade conflicts between the United States and China. Consequently, Courage Investment Group is planning to come back to panamax market when market conditions improve. Courage Investment Group is aiming to acquire second-hand supramax bulk carriers. However, Courage Investment Group is careful for new investments due to coronavirus recession. Courage Investment Group is optimistic about the prospects of the shipping business in the long-term. Currently, Courage Investment Group owns and operates one (1) panamax and three (3) supramax bulk carriers.
5-October-2020
London Stock Exchange-listed shipping fund Tufton Oceanic Assets’ NAV (Net Asset Value) increased in Q3 2020 due to flourishing container businesses. Shipping fund Tufton Oceanic Assets is backed by Tufton Investment Management. Tufton Oceanic Assets reported a calculated unaudited NAV (Net Asset Value) of $0.95 per share in Q3 2020. In June 2020, Tufton Oceanic Assets reported NAV (Net Asset Value) of $0.93 per share. Total NAV (Net Asset Value) improved due to the containership business. Tufton Oceanic Assets reported an operating profit of $0.023 per share in Q3 2020. Furthermore, Tufton Oceanic Assets extended charter out of a containership till the end of 2021. At the beginning of October 2020, Tufton Oceanic Assets acquired two (2) product tankers for around $23 million. Newly acquired two (2) product tankers chartered out to a gigantic trader. Currently, Tufton Oceanic Assets has a fleet of 18 vessels.
5-October-2020
Eyal Ofer-led diversified shipowner and operator Zodiac Maritime has continued its capesize bulk carrier expansion by acquiring the 2011 built capesize bulk carrier 175K DWT MV Giuseppe Bottiglieri for around $16 million from Italian shipowner and operator Giuseppe Bottiglieri Shipping Company (GBSC), reinforcing how Zodiac Maritime has been actively leaning into softer secondhand pricing to strengthen its dry bulk platform. Market participants describe Zodiac Maritime as an owner-operator that combines commercial management with an opportunistic asset strategy, and the MV Giuseppe Bottiglieri purchase fits that pattern by adding a mid-aged capesize bulk carrier at a level that appears geared toward value rather than peak-cycle pricing. Zodiac Maritime has been taking advantage of low capesize bulk carrier prices, selectively targeting ships that can offer meaningful earnings leverage when capesize bulk carrier rates improve while keeping capital outlay at manageable levels, and the deal underlines Zodiac Maritime’s willingness to transact across different seller profiles, including established European owners. The acquisition also supports Zodiac Maritime’s broader fleet-renewal effort in large bulk carriers, where Zodiac Maritime has been adjusting its mix to remain competitive on trading flexibility, operating efficiency, and charterer preference, particularly as regulatory and commercial pressures increasingly favour better-performing tonnage. In the dry bulk segment, diversified shipowner and operator Zodiac Maritime currently operates a fleet of 23 capesize bulk carriers and 3 VLOCs (Very Large Ore Carriers), giving Zodiac Maritime a sizeable footprint in the long-haul iron ore and coal trades and positioning Zodiac Maritime to benefit from swings in major bulk demand. With that scale, Zodiac Maritime can spread risk across routes, fixtures, and employment strategies, using its capesize bulk carrier base to capture upside during stronger periods while continuing to reshape the fleet through selective acquisitions when values soften. By adding MV Giuseppe Bottiglieri from Giuseppe Bottiglieri Shipping Company (GBSC), Zodiac Maritime further signals that Eyal Ofer-led diversified shipowner and operator Zodiac Maritime is committed to renewing and expanding its large bulker portfolio, using the secondhand market as a primary tool to build exposure at attractive entry points while maintaining flexibility for future fleet rotation and capital recycling.
3-October-2020
Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group endeavors to develop its Arctic venture. Three (3) ice-class panamax bulk carriers of John Fredriksen’s Golden Ocean Group has been ballasting to Murmansk through Northern Sea Route (NSR). Golden Ocean Group’s three (3) ice-class panamax bulk carriers are going to be chartered to Siberian Coal Energy Co and Eurochem Group for coal and fertilizer cargoes. Golden Ocean Group’s three (3) ice-class panamax bulk carriers are set out on Arctic transits as seas warm through Northern Sea Route (NSR). Oslo-based bulker shipowner Golden Ocean Group aims to build a larger Arctic portfolio due to the high demand for Arctic niche trade. However, ice-class panamax bulk carriers cost more to construct, control, and fuel. Furthermore, Arctic weather is still unpredictable and there are no backhaul cargoes. Golden Ocean Group has resources that make it more versatile than its rivals to overwhelm some of the challenges of the Arctic trade. Additionally, there is no ice-class spot market. Golden Ocean Group can yield better than market earnings on the ice-classed ships over time. Furthermore, Golden Ocean Group has access to cheaper insurance for the Arctic trade. Oldendorff, Nordic Bulk Carriers, and Golden Ocean Group are plotting to utilize a more prolonged Northern Sea Route (NSR) period. Russia and Ukraine transport grains to the Murmansk, there is a lack of back-haul cargo to Murmansk. However, Russian government support may subdue that shortfall. Russia wants to boost the shipping of LNG, fertilizer, coal, and iron ore from Murmansk through the Northern Sea Route (NSR).
1-October-2020
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired 2010 built panamax bulk carrier for around $14 million. Since the beginning of summer 2020, Castor Maritime acquired three (3) bulk carriers after raising $38 million from stock markets. Castor Maritime quickly utilize the $38 million capital productively raised in share offerings. 2010 Japanese built panamax bulk carrier will be delivered to Castor Maritime in the mid of October. Castor Maritime CEO Petros Panagiotidis announced the expansion of the fleet. According to Castor Maritime, the company concentrated on expanding the fleet further while maximizing shareholder value. Castor Maritime aims to benefit from second-hand market opportunities. In Q2 2020, Castor Maritime reported a net loss due to the post-coronavirus recession. However, Castor Maritime has since profited from increasing charter markets. Currently, Castor Maritime owns and operates six (6) bulk carriers.
1-October-2020
Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd. and Arrow Shipbroking scheduled annual golf day to raise money for seafarers. Lavinia Bulk Ltd. and Arrow Shipbroking raised $13,500 for seafarers who have been hard hit by the pandemic. Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd. and Arrow Shipbroking scheduled annual golf day at the Coombe Hill Golf Club in London. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd commercially manages a large and modern fleet of mid- to large-size dry bulk carriers.
1-October-2020
Angeliki Frangou led Navios Maritime Partners has acquired a capesize and a panamax bulk carrier from its sister company, New York-listed Navios Maritime Holdings. Navios Maritime Partners acquired 2014 built capesize bulk carrier 181K DWT MV Navios Gem and 2014 built panamax bulk carrier 77K DWT MV Navios Victory for around $51 million in total. Both, MV Navios Gem and MV Navios Victory are chartered out for period. Navios Maritime Partners announced the purchase was authorized by the conflicts committee of its BOD (Board of Directors). Currently, Navios Maritime Partners controls 55 ships, and Navios Maritime Holdings controls 23 ships.