30-September-2020
US-based dry bulk shipowner and operator Pangaea Logistics Solutions increased its share from 33% to 66.7% on subsidiary Nordic Bulk Holding Company (NBHC) for around $22 million. Nordic Bulk Holding Company (NBHC) owns six (6) ice-class panamax bulk carriers which are operated by Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers. According to Noble Capital Markets’ researcher Poe Fratt, Pangaea Logistics Solutions was well-positioned and prompt to execute positive vital progress. Pangaea Logistics Solutions’ balance sheet stays solid to capitalize on other acquisition opportunities. Currently, United States-based Ed Coll-led Pangaea Logistics Solutions operates 17 bulk carriers.
30-September-2020
Clipper Group ex-CEO Peter Norborg will be Swire Bulk’s CEO when the Swire Bulk completes a reverse merge from parent China Navigation Co (CNCo) in January 2021. Currently, Singapore-based shipowner and operator China Navigation’s (CNCo) sister company Swire Bulk is managed by Rob Aarvold. Peter Norborg is going to work with Rob Aarvold. Sam Swire, chairman of Singapore-based shipowner and operator China Navigation’s (CNCo), expects Rob Aarvold to expand the dry bulk business of the Swire Bulk. China Navigation’s (CNCo) statement highlighted Peter Norborg’s remarkable CV as a top-level administrator in shipping corporations like Dampskibsselskabet Norden A/S, Gearbulk, and J Lauritzen. According to China Navigation’s (CNCo) chairman Sam Swire, Peter Norborg will bring outstanding administration experience. In January 2021, China Navigation’s (CNCo) will demerge and organize Swire Bulk as a stand-alone company. China Navigation’s (CNCo) will split its dry bulk shipping activities from its liner shipping and ship management. Singapore-based was founded in 2012. In 2019, China Navigation’s (CNCo) acquired Hamburg Sud Tramp and expanded its operated fleet up to 150 bulk carriers. Since 2012, Swire Bulk has expanded swiftly. Singapore-based shipowner and operator Swire Bulk emphasized that the company would be after splitting from China Navigation (CNCo).
28-September-2020
US-based dry bulk shipowner and operator Pangaea Logistics Solutions increased its share from 33% to 66.7% on subsidiary Nordic Bulk Holding Company (NBHC) for around $22 million. United States-based Ed Coll-led Pangaea Logistics Solutions’ subsidiary Nordic Bulk Holding Company (NBHC) has been operating in Arctic ice trade. Currently, USA Rhode Island-based Pangaea Logistics Solutions subsidiary Nordic Bulk Holding Company (NBHC) owns six (6) ice-class panamax bulk carriers. All ice-class panamax bulk carriers are operated in the Arctic trade and spot markets by Nordic Bulk Carriers. Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers has developed ice and Arctic businesses for these ice-class panamax bulk carriers. Recently, Pangaea Logistics Solutions’ subsidiary Nordic Bulk Carriers applied Russia’s Northern Sea Route Administration (NSRA) to transit Northern Sea Route (NSR). Pangaea Logistics Solutions have cemented the company’s position as the leading global operator of ice-class panamax bulk carriers. Furthermore, Pangaea Logistics Solutions is going to take delivery of four (4) newbuilding ice-class post-panamax bulk carriers in 2021.
27-September-2020
Nasdaq-listed shipowner and operator Scorpio Bulkers (SALT) moving into the wind turbine market and playing big on wind turbine installation vessel (WTIV) order. Lately, CEO Emanuele Lauro-led shipowner and operator Scorpio Bulkers (SALT) sold 2016 built kamsarmax bulk carrier 82K DWT MV SBI Rock for around $18 shipowner and operator. Scorpio Bulkers (SALT) is likely going to quit the dry bulk carriers. Currently, Scorpio Bulkers (SALT) has a fleet of 48 bulk carriers. In August 2020, New York-listed shipowner and operated Scorpio Bulkers (SALT) announced offshore wind as a sustainable business opportunity for the company. In Q4 2020, Scorpio Bulkers is going to sign a new-building contract for wind turbine installation vessels (WTIV) with Daewoo Shipbuilding & Marine Engineering. Daewoo Shipbuilding & Marine Engineering is planning to deliver the first new-building wind turbine installation vessel (WTIV) in 2023. Scorpio Bulkers (SALT) is going to sell the entire fleet of bulk carriers.
25-September-2020
Private fund Scorpio Services Holding (SSH), owned by Scorpio Bulkers and Scorpio Tankers CEO Emanuele Lauro’s family and president Robert Bugbee, acquired millions of dollars of Scorpio Bulkers and Scorpio Tankers’ shares since early May 2020. Scorpio Bulkers and Scorpio Tankers’ shares are undervalued at the capital markets. Scorpio Bulkers and Scorpio Tankers’ management recognizes that the share price is unquestionably crushed, and the management wants to take advantage of this ridiculous sell-off and extremely inexpensive valuations. Currently, Nasdaq-listed shipowner and operator Scorpio Bulkers’ (SALT) net asset value stands at $25.04, Scorpio Tankers’ (STNG) net asset value stands at $23.60 which is almost double their share prices. Low liquidity levels and concentrate on deleveraging balance sheets are holding Scorpio Bulkers and Scorpio Tankers from reinvesting in the company through share buybacks. Currently, in New York Stock Exchange and NASDAQ, a lot of shipping stocks are trading at huge discounts to NAV (Net Asset Values).
25-September-2020
Capesize rates continue soaring due to China’s continued demand for iron ore and tight capsize bulk carrier supply. On 25 September 2020, capesize bulk carriers average TCE (Time-Charter Equivalent) reached at $24,200 per day. Currently, capesize bulk carriers break even at around $15,000 per day. Capesize bulk carrier owners are appreciating China’s growing appetite for iron ore. Capesize rates also depend on Vale and China’s iron ore inventories. Currently, capesize bulk carriers supply is scarce amid weak order-books with an abundance of vintage capesize bulk carriers will be scrapped. Capesize rates will increase in Q4 2020 due to the strong market triggered by China’s steel production continues pretty high amid extremely low iron-ore inventories. Furthermore, Capesize rates will increase in Q4 2020 due to the increasing demand for coking coal. Coking coal spot prices have rocketed to their highest levels since March 2020. October 2020 Capesize FFA (Future Freight Agreements) increased to $21,000 per day. Capesize shipping market has been unpredictable despite directing into its best season, however China’s iron-ore demand should keep capesize bulk carrier rates stable through Q4 2020.
25-September-2020
Shipping activity at the Russian Arctic waters of the Northern Sea Route (NSR) has been progressing. Furthermore, In winter 2021, Sovcomflot and Rosatom are planning to transit the Northern Sea Route (NSR). Russian Yamal LNG project developer Novatek has specified round-trip sailing days from the Yamal peninsulas to China at 38 days, compared with 65 days via the Suez Canal with specialized ice-breaking LNG carriers. Russia is attempting to open up the northerly passage for commercial shipments which cuts off more than a third of the sailing time to Asia over a similar voyage via the Suez Canal. In 2020, Russia’s Northern Sea Route Administration (NSRA) has reported around 1,000 petitions to transit Northern Sea Route (NSR). Some leading shipowners such as Cosco Shipping, Golden Ocean Group, Oldendorff Carriers, Nordic Bulk Carriers have applied Russia’s Northern Sea Route Administration (NSRA) to transit Northern Sea Route (NSR). In 2020, the Arctic has recorded its hottest summer on record. Russia inks hopeful projections for Northern Sea Route (NSR) navigation. On the other hand, The Clean Arctic Alliance has been lobbying for a prohibition on the use and carriage of heavy fuel oil by shipping in the Arctic. Starting from 2024, Russia endeavors the Northern Sea Route (NSR) opened to commercial shipping year-round. In September 2020, Russia delivered the world’s largest nuclear-powered ice breaker to be used in the Northern Sea Route (NSR)
25-September-2020
UAE-based shipowner and operator Tomini Shipping has reworked its newbuilding exposure at Taizhou Kouan Shipbuilding after repeated schedule slippage, terminating the kamsarmax new-building contracts tied to the series while still leaving open the possibility that Tomini Shipping could ultimately accept further deliveries depending on timing, pricing, and commercial logic. At the start of 2020, Tomini Shipping cancelled the contract for the first ship in the program, MV Tomini Nobility, but Tomini Shipping later returned to the table, renegotiated a fresh price, and then took delivery of MV Tomini Nobility in September 2020, showing that Tomini Shipping is prepared to reverse a cancellation when revised terms restore value and when the ship fits Tomini Shipping’s wider fleet planning. That history also fuels market speculation that Tomini Shipping may yet end up taking delivery of the third kamsarmax bulk carrier in the same series, particularly if Tomini Shipping can secure a commercially attractive reset that reflects the delivery delay environment and the shipyard’s financial pressures. The background to the dispute is the original ordering decision: in 2017, Tomini Shipping contracted three (3) kamsarmax bulk carriers at Taizhou Kouan Shipbuilding for around $24 million each, a price level that reflected the newbuilding market at the time and supported Tomini Shipping’s push to expand with modern, fuel-efficient ships that can be broadly employed by charterers. The risk profile later shifted as Taizhou Kouan Shipbuilding ran into acute cash-flow problems in the summer of 2019, a development that can disrupt yard throughput, delay completion milestones, and force owners like Tomini Shipping to choose between cancellation, renegotiation, or acceptance under amended terms. While managing those shipyard complications, UAE based shipowner and operator Tomini Shipping also continued to add tonnage through the S&P channel, and in September 2020 Tomini Shipping acquired 2016 built ultramax bulk carrier 60K DWT MV Tomini Integrity (ex MV Bulk Aries) for around $19 million from Singapore-based Asa Capital, an acquisition that gave Tomini Shipping immediate trading capacity without waiting on uncertain shipyard delivery schedules. The mix of actions—cancelling, renegotiating, taking delivery, and buying secondhand—illustrates how Tomini Shipping has been building its fleet through a pragmatic, multi-track approach rather than relying on a single route to growth. Strategically, Tomini Shipping has repeatedly emphasized confidence in the longer-term dry bulk outlook, and the Nitin Mehta led Tomini Shipping view has been framed as supportive of continued expansion, especially in ship sizes that offer strong liquidity and wide charterer demand. Operationally, Tomini Shipping has positioned itself as an active bulker owner and operator headquartered in the United Arab Emirates, and Tomini Shipping’s fleet approach balances segment exposure, timing, and optionality—using kamsarmax bulk carriers to access major bulk routes and ultramax bulk carriers to keep flexibility for a wide variety of cargoes and port profiles. In that context, the Taizhou Kouan Shipbuilding episode is less a retreat from fleet growth and more a demonstration of how Tomini Shipping manages counterparty risk and protects economics when shipyard performance deteriorates. With Tomini Shipping committed to expanding its footprint and maintaining modern tonnage, the decisions around the Taizhou Kouan Shipbuilding kamsarmax program will likely remain tied to whether Tomini Shipping can secure delivery certainty and pricing that matches Tomini Shipping’s return targets. Currently, Tomini Shipping owns and operates 16 bulk carriers.
23-September-2020
Greek shipowner and ship-manager Samos Steamship Co. sold 2004 built VLOC (Very Large Ore Carrier) bulk carrier 229K DWT MV Vathy (ex MV G Pegasus). In 2016, Samos Steamship Co. acquired MV Vathy (ex MV G Pegasus) for around $13 million. Greek shipowner and ship-manager Samos Steamship Co. is led by Kostis Antonopoulos. Samos Steamship Co. has been investing both in tanker and bulker sectors. Currently, Samos Steamship Co. has a fleet of 10 bulkers and 10 tankers. In 2019, Samos Steamship Co. ordered two (2) suezmax tankers at a Japanese shipyard for around $63 million each. Two (2) suezmax tankers will be delivered in 2021. Samos Steamship Co. has also ordered two (2) aframax tankers at a Japanese shipyard for around $48 million each. Two (2) aframax tankers will be delivered in 2021. All Samos Steamship’s ships are built at Japanese shipyards. Athens based shipowner and operator Samos Steamship is controlled by Inglessis family.
22-September-2020
Chinese shipowner and operator Fuzhou Xinjiahong Shipping sold 1996 built handymax bulk carrier 45K DWT MV Hong Kai to another Chinese shipowner and operator for around $2.5 million. After the sale of MV Hong Kai, Chinese shipowner and operator Fuzhou Xinjiahong Shipping has exited shipowning after three decades. Fuzhou Xinjiahong Shipping entered the shipping business in 1990. Fuzhou Xinjiahong Shipping has no further plans in shipping. Fuzhou Xinjiahong Shipping is led by Wang Zhihe. Wang Zhihe followed the Fuzhou local shipowning model which acquire vintage second-hand ships and operate them till the recycling market is up. Notwithstanding, at the end of 2010, Fuzhou Xinjiahong Shipping controlled 2001 built handymax bulk carrier 50K DWT MV Hong Wei sunk and 10 seafarers lost their lives. After this tragic incident, Fuzhou Xinjiahong Shipping decreased its fleet and steadily departed out of shipping.
21-September-2020
Eagle Bulk Shipping boasts a sufficient treasury to perpetuate its commerce indefinitely at the prevailing rate levels, as stated by the distinguished American investment establishment, Jefferies. Following immersive virtual deliberations with the leadership of the US-indexed Eagle Bulk Shipping, Jefferies’ analysts, namely Randy Giveans, Christopher Robertson, and Chadd Tribo, asserted that the liquidity reservoir of $99 million is more than adequate to address imminent capital investments and debt settlements. It’s noteworthy that the prevailing Baltic Shipping Index metrics surpass Eagle Bulk Shipping’s equilibrium rates of $10,500 daily, even without factoring in any potential premiums from scrubbers or commercial platforms. The annual debt reduction stands at $40 million, with the ensuing maturity slated for 2022. The New York-indexed shipping giant earmarks a residual capital expenditure of $4.5 million for the concluding trimester of the present annum, and an allocation of $15 million for the dry dock tasks in 2021, encompassing enhancements such as scrubber integration and ballast water treatment system installations. The analytical trio exudes optimism regarding the augmentation of Eagle Bulk Shipping’s third-quarter rates, anticipating them to gain further momentum in the subsequent quarter, buoyed by a resurgence in demand post a lukewarm inaugural half. In the more expansive outlook, notwithstanding the pervasive unpredictability precipitated by the Covid-19 pandemic, the provision facet exudes unparalleled promise, the finest witnessed in generations. This is a sentiment echoed by the upper echelons of Eagle Bulk Shipping, prognosticating a multi-year zenith for rates, which could potentially amplify the company’s share value. Jefferies highlighted the sporadic nature of the dry bulk sector, which witnessed significant flux during the midsummer phase but discerned a revival come September. Eagle Bulk Shipping conveyed its anticipations of a sustained uptrend in demand during the latter half of the annum, bolstered by China’s insatiable appetite for coal and iron, coupled with their intent to augment US soybean acquisitions. In the broader maritime domain, the current requisition-to-fleet ratio for the entire dry bulk fleet is a mere 7%, a historic low since the mid-90s, and dwindles further to 5.5% within Eagle Bulk Shipping’s specialized supramax/ultramax sectors. The company’s leadership foresees a deceleration in ship deliveries as the year wanes, with vessel owners poised to defer new deliveries until the subsequent year. Furthermore, the commitment to new ship constructions is likely to wane due to a confluence of challenges: capital limitations for private maritime proprietors, tighter financial restrictions by established marine financiers, and the overarching trepidation concerning compliance with prospective International Maritime Organization carbon directives. Of note, 42 out of 49 vessels under Eagle Bulk Shipping have been equipped with scrubbers. Even amidst the diminishing differentials between high-sulphur and low-sulphur fuels, the decision continues to garner approbation. An augmentation in the pricing disparity is anticipated as global economic dynamics recuperate, maritime activities burgeon and the demand for transportation fuel reverts to normativity. Recently, in a display of unwavering confidence, CEO Gary Vogel of Eagle Bulk Shipping embarked on an aggressive acquisition of company shares, closely succeeding its 1-for-7 reverse share bifurcation. Post this financial maneuver, Vogel had invested an impressive sum nearing $160,000, acquiring 9,000 shares, which witnessed an uptick post the ephemeral decline succeeding the reverse split. The rationale proffered by Eagle Bulk Shipping for this stratagem was to render the shares more palatable for a broader spectrum of investors. It’s pertinent to note that even before this financial gambit, the company’s share value had surpassed the $2 mark, with no imminent threat of delisting, yet the diminished pricing had rendered it less alluring for a significant segment of investors, encompassing particular institutional entities.
17-September-2020
Norwegian shipowner 2020 Bulkers extended its time charter deal with Glencore’s shipping arm ST Shipping & Transport. Oslo listed shipowner 2020 Bulkers extended the charter contract of 2019 built newcastlemax bulk carrier 208K DWT MV Bulk Shanghai for 6 to 8 months for a fixed gross rate of $18,000 per day. In November 2019, Tor Olav Troim led 2020 Bulkers chartered out scrubber fitted MV Bulk Shanghai to Glencore’s shipping arm ST Shipping & Transport for a fixed gross rate of $18,000 per day. 2020 Bulkers was pleased to further develop its relationship with Glencore’s shipping arm ST Shipping & Transport. Currently, Norwegian shipowner 2020 Bulkers has a fleet of eight (8) scrubber-fitted newcastlemax dry bulk carriers. 2020 Bulkers chartered out four (4) scrubber-fitted newcastlemax dry bulk carriers to Koch Shipping. 2020 Bulkers chartered out four (4) scrubber-fitted newcastlemax dry bulk carriers to Glencore’s shipping arm ST Shipping & Transport.
17-September-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel acquired 9,000 shares of Eagle Bulk Shipping stocks for around $160,000. Currently, CEO Gary Vogel has 155,837 Eagle Bulk Shipping shares that are worth about $3 million. This week Eagle Bulk Shipping stocks reverse split 1-for-7. Recently, Gary Vogel led Eagle Bulk Shipping proceeds fleet renewal, sold vintage bulk carrier. Eagle Bulk Shipping has carried out the reverse split in order for the company’s stock to be more accessible to a wider investor base. Eagle Bulk Shipping stocks lower prices made it more challenging for many investors to own, including several institutional funds.
17-September-2020
Norwegian open-hatch bulker owner and operator Saga Shipholding A/S has reported a net loss of $12 million for the 2019 fiscal year. NYK Line-controlled Saga Shipholding A/S has reported a revenue of $123 million for the 2019 fiscal year. Oslo-based Saga Shipholding A/S has positive cash flow from its operational activities for the 2019 fiscal year. However, Saga Shipholding A/S anticipates a worse statement for 2020 due to the coronavirus recession. Japanese shipowner NYK Line’s open-hatch bulkers are operated in the Saga Welco Pool. Furthermore, Westfal-Larsen’s shipping arm Masterbulk controlled 18 open-hatch bulkers are operated in the Saga Welco Pool. Currently, Saga Shipholding A/S operates a fleet of 35 open-hatch bulk carriers.
17-September-2020
Australian Maritime Safety Authority (AMSA) has banned Taiwanese shipowner and operator Sincere Industrial from Australian ports for a year over unpaid crew wages. Australian Maritime Safety Authority (AMSA) discovered that crew members have been underpaid during the inspection 2008 built handysize bulk carrier 28K DWT MV AC Sedosa. Furthermore, the Australian Maritime Safety Authority (AMSA) announced that Taipei City-based shipowner and operator Sincere Industrial had strived to conceal from Australian authorities the fact that Sincere Industrial had underpaid the MV AC Sedosa’s crew members. According to the Australian Maritime Safety Authority (AMSA), Sincere Industrial produced a fabricated crew wage record which showed that crew members had been paid in full. Australian Maritime Safety Authority (AMSA) banned four (4) ships from Australian ports since the beginning of 2020. Australian Maritime Safety Authority (AMSA) will not permit such deliberate and dishonest mistreatment of crew members on vessels that call at Australian ports. Australian Maritime Safety Authority (AMSA) has zero tolerance for the underpayment of seafarers. Previously, the Australian Maritime Safety Authority (AMSA) banned MV Unison Jasper, MV TW Hamburg, and MV Agia Sofia.
17-September-2020
Indonesian shipowner and operator Samudera Shipping has been trying to acquire 2010 built supramax bulk carrier 56K DWT MV Christos Theo from Athens based Evripos Shipmanagement for around $8 million. Indonesian shipowner and operator Samudera Shipping has been renewing its fleet and low pricing levels for supramax bulk carriers are attractive. Many Indonesian shipowners enquire geared supramax bulk carriers for Indonesian domestic coal trades. Indonesian shipowners like Samudera Shipping are keen to refresh their aging bulk carriers with the modern bulk carriers.
16-September-2020
Mumbai-listed shipowner and operator Great Eastern Shipping (GES) has made public its decision to purchase a secondhand very large gas carrier (VLGC). This very large gas carrier (VLGC), constructed in Japan in 2002 and having a capacity of 77,922 cubic meters, is set to be integrated into the Great Eastern Shipping’s (GES) fleet in the Q3 2021. Simultaneously, India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has sold its 1996-built VLGC, MT Jag Vidhi, which is scheduled for delivery to its new owners within the same timeframe. At present, Mumbai-based shipowner and operator Great Eastern Shipping (GES) boasts a fleet of 46 ships. This includes 33 tankers (with 11 crude carriers, 17 product tankers, and 5 LPG carriers) and 13 dry bulk carriers.
16-September-2020
Sri Lanka has declared its intention to initiate legal proceedings for pollution and negligence against the captain of a Greek Very Large Crude Carrier (VLCC) that discharged fuel into the sea following a fire incident. 2000 built Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond, managed by Adam Polemis-led Athens-based shipowner and operator New Shipping Limited, experienced a conflagration in the Indian Ocean earlier this month, resulting in the formation of an extensive oil slick spanning over a mile of water, as confirmed by Sri Lanka’s coastguard. A spokesperson for Attorney-General Dappula de Livera stated in Colombo, Sri Lanka that there is substantial evidence to indict the skipper under the marine pollution act as well as the penal code for criminal negligence. In light of this, the Colombo Magistrate has issued a summons for the Greek national to appear in court on 28 September. Most of the fuel that escaped from New Shipping Limited controlled 2000 built Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond has been successfully remediated, and no further leakages have been reported since Friday. Moreover, De Livera has submitted a claim amounting to $1.83 million to New Emporios Shipping, the MT New Diamond’s owner, to cover the expenses incurred during firefighting operations. Nishara Jayaratne, the coordinating officer to the Attorney-General state counsel, informed the media that the MT New Diamond will not be permitted to depart until the compensation has been settled. Additionally, the government has stated that it will seek further financial restitution from the registered shipowner New Emporios Shipping to cover the costs of environmental cleanup and damages, as per an official statement. 2000 built Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond currently rests approximately 139 kilometers off the coastal town of Batticaloa in Sri Lanka. Tragically, one crew member lost their life due to a boiler explosion en route to Paradip, India. Of the remaining 22 crew members, including the captain, they have been successfully rescued and are currently undergoing quarantine at a hotel in Galle. Throughout the incident, there has been a conspicuous silence from the owners and managers of New Shipping Limited, led by Adam Polemis. New Shipping Limited has not released any statements regarding the fire. Following the removal of water from the flooded engine room, the subsequent phase of salvage operations for the fire-damaged MT New Diamond is scheduled to commence.
15-September-2020
Oslo-listed shipowner and operator Belships' commercial arm Lighthouse Navigation opened an office in Oslo for chartering, cargo trading, liner services. Belships' commercial arm Lighthouse Navigation also has an office in Bangkok that focuses on the Far East market. However, Lighthouse Navigation Oslo office is going to focus on the Atlantic market. Lighthouse Navigation Oslo office has been mostly designated with former Western Bulk employees. This week, Belships' commercial arm Lighthouse Navigation has taken over the management of seven (7) handysize bulk carriers owned by New York-listed SFL Corporation. Belships is led by CEO Lars Christian Skarsgard. In Q2 2020, Oslo-listed Belships' earnings took a hit due to the coronavirus recession. Primarily, Belships focus on supramax and ultramax bulk segment. Belships is open to expanding further and Belships has the capacity to add a further bulk carriers in its fleet. Currently, Oslo listed shipowner and operator Belships has a fleet of 23 bulk carriers.
15-September-2020
Greek shipowner and operator Diana Shipping is selling 2006 built panamax bulk carrier 74K DWT MV Coronis for around $7 million. Diana Shipping has not revealed the name of the buyer. MV Coronis will be delivered to the buyer in January 2021. Currently, Simeon Palios’s daughter Semiramis Paliou led Diana Shipping chartered out MV Coronis to Koch Shipping for $8,000 per day. In June 2020, New York-listed shipowner and operator Diana Shipping sold 2007 built panamax bulk carrier 73K DWT MV Arethusa for around $7.8 million to Castor Maritime. In 2019, Diana Shipping sold six (6) panamax bulk carriers. Currently, Athens-based shipowner and operator Diana Shipping has a fleet of 4 newcastlemax, 13 capesize, 5 post-panamax, 5 kamsarmaxes, and 12 panamax bulk carriers.
14-September-2020
New York-listed John Fredriksen backed SFL Corporation's handysize bulk carriers commercial management has been transferred to Oslo listed shipowner and operator Belships' operating arm Lighthouse Navigation. Previously, SFL Corporation's handysize bulk carriers were controlled by John Fredriksen backed Golden Ocean. However, Golden Ocean focuses on panamax and capesize sector, not handysize sector. Golden Ocean was temporarily managing handysize bulk carriers of SFL Corporation. SFL Corporation deems that Belships' operating arm Lighthouse Navigation will better serve the seven (7) handysize bulk carriers. Belships' commercial arm Lighthouse Navigation has offices in Oslo and Bangkok.
14-September-2020
Singapore based shipowner and operator Berge Bulk acquired 2008 built capesize bulk carrier 177K DWT MV Cape Fushen from a Japanese shipowner Fukujin Kisen for around $14 million. MV Cape Fushen is operated by Tokyo based giant ship operator K Line. In 2008, MV Cape Fushen was built at Shanghai Waigaoqiao Shipyard. In September 2020, Berge Bulk acquired 2006 built capesize bulk carrier 203K DWT MV Cape Daisy for around $13 million. In July 2020, Berge Bulk acquired 2005 built capesize bulk carrier 203K DWT MV Berge Dinara (ex MV Cape Rosa) for around $14 million. Since the beginning of 2020, Singapore based shipowner and operator Berge Bulk has sold four (4) capesize bulk carriers to scrapyards. Japanese steel mills have decreased iron ore demand and Japanese shipowners started to dispose of the bulk carriers. Japanese three (3) giant ship operators NYK Line, K Line, and Mitsui OSK Lines do not take the risk of operating bulk carriers at the spot market.
14-September-2020
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) sold 2003 built supramax bulk carrier 53K DWT MV Skua for around $5.5 million. Eagle Bulk Shipping has been renewing its fleet. Eagle Bulk Shipping has been trying to sell two (2) more vintage supramax bulk carriers 2003 built MV Shrike and 2002 built MV Osprey 1. Recently, New York-listed Eagle Bulk Shipping conducted a reverse stock split to draw new investors. Since 2016, Eagle Bulk Shipping has sold 15 supramax bulk carriers and acquired 20 ultramax bulk carriers. Certain sale-and-purchase (S&P) transactions have tremendously improved Eagle Bulk Shipping’s fleet make-up. Eagle Bulk Shipping has increased the average size of the bulk carriers. Furthermore, Eagle Bulk Shipping has decreased fuel consumption per deadweight ton by the fleet renewal and growth program. Currently, Eagle Bulk Shipping has a fleet of 49 bulk carriers.
14-September-2020
Bermuda registered, Norway based dry bulk shipping company Golden Ocean Group has awarded share options worth around $1 million to new CFO Peder Simonsen. Golden Ocean Group is indirectly owned by John Fredriksen, through Hemen Holding (40%) and new CFO Peder Simonsen has participated last week from another John Fredriksen-backed VLGC (Very Large Gas Carrier) player Avance Gas. John Fredriksen’s dry bulk carrier company Golden Ocean Group has awarded share options that are expiring in 2025. Golden Ocean Group’s stock price will need to trade above CFO Peder Simonsen’s option levels at that time. John Fredriksen’s bulker company Golden Ocean Group has been focusing on panamax and capesize bulk carriers.
14-September-2020
Athens based shipowner and operator Polembros Bulkers bought 2011 built post-panamax bulk carrier 95K DWT MV Double Paradise for around $16.5 million. MV Double Paradise was chartered out to ship operator PCL (Pacific Carriers Limited) by Japanese shipowners who favored taking chartered out bulk carriers back rather than re-charter them with (Pacific Carriers Limited) at lower rates. In 2018, Greek tycoon Spiros Polemis-led Polembros Shipping established Polembros Bulkers as a stand-alone dry bulk arm and Polembros Bulkers progressively expand in post-panamax segment. Since 2018, Polembros Bulkers has acquired three (3) post-panamax bulk carriers. Traditionally, post-panamax bulk carrier market is dominated by Japanese shipowners. Since the establishment, Polembros Bulker has stuck to its plans. MV Double Paradise was a good opportunity for Polembros Bulkers. In July 2019, Polembros Bulkers acquired MV Double Paradise sistership 2013 built post-panamax bulk carrier 95K DWT MV Serifos Warrior (ex MV Sunny Smile) for around $21 million. In November 2019, Polembros Bulkers acquired 2010 built post-panamax bulk carrier 93K DWT MV Thassos Warrior (ex MV Dimitra) for around $12 million from an auction.
14-September-2020
Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited sold 2008 built panamax bulk carrier 77K DWT MV Priscilla Venture for around $11.5 million. In 2008, MV Priscilla Venture was built at Oshima Shipbuilding and MV Priscilla Venture is due for a special survey (SS) in March 2023. Sabrina Chao-led Wah Kwong Maritime owns a fleet of 20 ships and endeavors to increase its operated fleet to 50 ships by the end of 2020.
12-September-2020
Limassol based Nasdaq-listed shipowner and operator Castor Maritime reported a net loss of $140,000 in Q2 2020. However, Castor Maritime has since benefited from rising bulk carrier markets. Castor Maritime reported revenue of $2.5 million in Q2 2020. Meanwhile, Castor Maritime added two (2) secondhand bulk carriers to the fleet following share issues to raise cash in the Nasdaq. In Q2 2020, Castor Maritime reported daily TCE (Time Charter Equivalent) of $9,090 per ship. Petros Panagiotidis led Greek shipowner and operator Castor Maritime’s two (2) bulk carriers were hit by exposure to lower spot charter rates on renewing charters due to the post-coronavirus recession. Nevertheless, from June 2020 onwards, Castor Maritime has seen a rebound in charter rates for panamax bulk carriers and Castor Maritime has been able to recharter panamax bulk carriers at improved charter rates. In the mid of post-coronavirus recession, Castor Maritime has been able to raise substantial capital which Castor Maritime has partly utilized for the fleet expansion of fleet and growth plans. Cyprus-based shipowner and operator Castor Maritime aims to take advantage of further growth possibilities.
12-September-2020
Finnish Aspo Group’s shipping arm ESL Shipping laid up its bulk carriers and redelivered chartered-in bulk carriers due to the post-coronavirus recession in Q2 2020 due to the huge slowdown in bulk cargo demand. In Q2 2020, ESL Shipping reported that cargo volume dropped to 3 million metric tones from 4 million metric tones in Q2 2019. Currently, as a result of improved cargo demand in Q3 2020, ESL Shipping has a positive outlook and ESL Shipping has been estimating an operating profit of $14 million at the end of 2020. During the Q1 and Q2 2020, ESL Shipping has suffered critically from declines in heavy industrial production capacity in the Atlantic market. ESL Shipping’s result is calculated to be negative in Q3 2020. However, Q4 2020 is calculated to be profitable due to increasing bulk cargo transportation demand. Currently, Helsinki based shipowner and operator ESL Shipping has a fleet of 8 bulk carriers and 3 tug boats.
12-September-2020
Jurong Port expects to entice larger bulk carriers after spending $146 million investment in its facilities in Singapore till 2023. Jurong Port develop RMC (ready-mixed concrete) port-centric ecosystem which is going to increase to 6 million metric tonnes of aggregates discharged at the Jurong Port per year. Jurong Port expects this linear discharge capability, along with its current port infrastructure and deepwater berths, can entice large bulk carriers transporting aggregates. Currently, aggregates are unloaded in western Singapore, will progressively be discharged at the RMC ecosystem. Jurong Port has three (3) deepwater berths at its cement terminal that can handle up to supramax bulk carriers. RMC (ready-mixed concrete) ecosystem is part of a bigger organization ecosystem that incorporates cement and steel, both of which are currently discharged and handled at Jurong Port. Currently, cement and steel are Jurong Port’s most significant cargoes by volume.
9-September-2020
Norwegian shipowner and operator Vincent Shipping has been endeavoring to accomplish attractive asset play deals. CEO Jan Lund led Vincent Shipping denies ultramax new-building orders in China. Oslo-based Vincent Shipping has been avoiding new-buildings and prefers second-hand bulk carriers. At the beginning of 2020, Norwegian shipowner and operator Vincent Shipping sold 2010 built supramax bulk carrier 56K DWT MV Vincent Gemma to Nanjing King Ship Management for around $10 million. Vincent Shipping was established in 2016 by Jan Lund, Klaus Kjaerulff, and Jan Bech Andersen.
9-September-2020
Dry bulk shipping rates continue to decline due to the post-coronavirus recession and global economic uncertainty. Capesize bulk carrier TCE (Time-Charter Equivalent) declined to $15,482 per day. Panamax bulk carrier TCE (Time-Charter Equivalent) declined to $12,330 per day. Supramax bulk carrier TCE (Time-Charter Equivalent) declined to $10,238 per day. However, China’s demand for commodities should lead to a more vigorous dry bulk market in Q4 2020. China increase iron-ore and grain imports amid the Chinese government stimulus package. On the other hand, Brazil’s iron-ore giant Vale is developing iron-ore production and aims to meet its year-end targets. Shipbrokers hold optimism for Q4 2020. Dry bulk market players anticipate that Australian iron ore export volumes will recover towards Q4 2020 due to the Chinese robust steel demand. Furthermore, dry bulk market players anticipate a lot of grain shipments from the US Gulf and East Coast South Americas to the Far East in Q4 2020.
8-September-2020
Australian mining giant BHP (formerly known as BHP Billiton) ardently supports a formidable 40% emissions diminution for its maritime chartering endeavors. In alignment with this aspiration, BHP delineated its Scope 3 ambitions—objectives concerning emissions emanating beyond the confines of their operational assets—for the year 2030. This vision pertains to a 40% curtailment in emissions intensity whilst transporting commodities aboard chartered vessels. This ambitious decree was illuminated within BHP’s 2020 Climate Change Document, disseminated this past Thursday. BHP, which identifies itself as one of the paramount dry bulk charterers globally, anticipates the realization of its Scope 3 ambition by discerning chartering decisions, the integration of alternative fuels, and the harnessing of advanced technological methodologies to refine voyages. Consequently, BHP possesses a pivotal role in galvanizing transformation within an international sector where emissions curtailment remains intricate. In a pioneering feat, BHP underscored its issuance of a revolutionary tender in July 2019. This tender, for environmentally astute, LNG-powered bulk carrier ships dedicated to iron ore conveyance, signified a profound stride towards reducing emissions by an impressive 34% on a singular voyage basis compared to traditional sea vessels. Recently, Eastern Pacific Shipping was distinguished as the victor in BHP’s tender, securing an order for five LNG-propelled, 209,000-dwt bulk carriers, crafted in China, to honor contracts with the Australian titan. These versatile fuel ships are slated to transport iron ore from Western Australia to China in 2022. BHP’s recent dispatch furnished insights into its proactive climate initiatives, nascent commitments, and the adept amalgamation of climate considerations into its overarching corporate strategy and asset allocation. The report underscored maritime transport as a prospective epicenter for BHP’s climate capital endeavors. Endorsing the Paris Agreement’s noble objective to confine global temperature escalation substantially below 2°C, BHP has envisioned a long-term ambition of accomplishing absolute net-zero greenhouse gas emissions by 2050 within its Scope 1 and 2 undertakings. Moreover, BHP is steadfast in its commitment to retain its operational emissions parallel to, or beneath, figures registered in the fiscal year 2017, aiming to achieve this by 2022 whilst leveraging carbon offsets when deemed necessary. They proudly avow their substantial advancements in this realm. BHP exhibits fervor to expedite its green strategies and catalyze others to emulate this momentum. With an enhanced medium-term objective in sight, the company aspires to diminish its operational greenhouse gas emissions by a minimum of 30% from its 2020 fiscal year metrics by 2030. BHP’s esteemed chief executive, Mike Henry, articulately conveyed, “We shoulder the responsibility for proactive change. We discern the escalating anticipations of our stakeholders—be it our investors, workforce, or the global communities and nations that both accommodate our operations and patronize our products—and we are attuned to their aspirations.” Furthermore, he emphasized BHP’s intrinsic commitment to concentrate on domains under its direct jurisdiction and to collaborate synergistically with external entities, empowering them to minimize their carbon footprint. BHP Chief Executive Mike Henry eloquently expressed, “Our commodities stand as the bedrock of global economic propulsion and the transition to a sustainable, low carbon epoch. Championing climate change initiatives not only resonates with BHP’s ethos but is also an astute economic strategy, unlocking additional avenues of value.”
5-September-2020
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited controlled 2000 built Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond inferno subdued as Very Large Crude Carrier (VLCC) is towed into the vastness of the ocean. Authorities in Sri Lanka affirm that there is presently no immediate peril of an oil spill resulting from the fire on the MT New Diamond owned by Greek shipowner and operator New Shipping Limited. An international fleet comprising 17 vessels, accompanied by an aerial force helicopter, effectively brought the raging flames under control on a VLCC MT New Diamond navigating the Indian Ocean. This development transpired subsequent to an arduous three-day battle against the inferno engulfing the MT New Diamond.
2-September-2020
The shipping industry has encountered a significant incident as Adam Polemis-led Athens-based shipowner and operator New Shipping Limited controlled 2000 built Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond’s engine room caught fire near the shores of Sri Lanka. Three naval vessels from Sri Lanka were dispatched to provide assistance to the disabled MT New Diamond. MT New Diamond is currently situated 38 nautical miles (70 km) away from the coast. The navy’s latest report indicates that the fire has been successfully contained and has not spread to the cargo tanks of the fully loaded MT New Diamond. Out of the 23 crew members on board the ship, one Filipino is missing. Additionally, one crew member has sustained injuries; however, the severity of the injuries is not yet known. The Panama-flagged 2000 built Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond was en route from Mina Al Ahmadi in Kuwait to Paradip in eastern India. MT New Diamond is currently chartered by the Indian Oil Corp. Adam Polemis-led Athens-based shipowner and operator New Shipping Limited possesses a fleet of 37 vessels, consisting of both tankers and bulk carriers, with ten of them being Very Large Crude Carriers (VLCCs). The West of England protection and indemnity club provides coverage for the Very Large Crude Carrier (VLCC) 300,000 DWT tanker MT New Diamond. Greek shipowner and operator New Shipping Limited controlled MT New Diamond is classified by Japan’s ClassNK.