30-April-2021
Taylor Maritime Investments (TMI) aims for growth after IPO (Initial Public Offering) at London Stock Exchange in May. Taylor Maritime Investments (TMI) is the sister company of Hong Kong-based shipowner and ship manager Taylor Maritime. Edward Buttery led Taylor Maritime Investments (TMI) has $500 million for possible bulk carrier acquisitions. Taylor Maritime Investments (TMI) has reduced the risk by pledging a zero long-term debt policy. Taylor Maritime Investments (TMI) has no management fees, so there is no influential reason to just buy and sell bulk carriers. Taylor Maritime Investments (TMI) intends to acquire vessels based on their long-term average returns. Taylor Maritime Investments (TMI) desire to build something long-term and balance the accurate kind of capital on a non-leveraged basis. Taylor Maritime Investments (TMI) is going for IPO (Initial Public Offering) at London Stock Exchange with a fleet of 23 handysize and supramax bulk carriers. Taylor Maritime Investments (TMI) aims to preserve, build and not extravagantly put at risk other investor’s money. Taylor Maritime Investments (TMI) views handysize bulk carriers as more suited to long-term capital. Taylor Maritime Investments (TMI) views London Stock Exchange as a market filled with brilliant investors.
29-April-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired another 2011 built panamax bulk carrier for around $14 million. Castor Maritime is going to take the Chinese-built panamax bulk carrier in May 2021. Petros Panagiotidis-led shipowner and operator Castor Maritime spent $228 million to acquire 15 ships since Q3 2020. Castor Maritime wants to take advantage of the current strong market demand for dry bulk carriers. Nasdaq-listed shipowner and operator Castor Maritime is holding significant capital on hand. In April 2021, Castor Maritime started a new round of fundraising via a securities purchase agreement with Maxim Group. Currently, Limassol-based Castor Maritime owns and operates 15 bulk carriers and 3 tankers.
29-April-2021
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) reported a $1 billion profit for the fiscal year 2020. MOL (Mitsui O.S.K. Lines) reported a $9 billion revenue for the fiscal year 2020. MOL (Mitsui O.S.K. Lines) reported a $1.2 billion of equity in net earnings of affiliated companies, 90% of which was supplied by Ocean Network Express (ONE), in which MOL (Mitsui O.S.K. Lines) is a partner. MOL (Mitsui O.S.K. Lines) stripped 17 PCC (Pure Car Carriers) in 2020 after the coronavirus recession hammered the demand for car transport. MOL’s (Mitsui O.S.K. Lines) dry-bulk division was also hit hard by the coronavirus recession in 2020 and reported a $38 million loss for the year. Furthermore, MOL’s (Mitsui O.S.K. Lines) subsidiary MOL Bridge Finance has recorded adjustments for uncertain accounts for loans provided to subsidiary company Gearbulk Holding. Recently, MOL (Mitsui O.S.K. Lines) commenced the operation of its new dry venture MOL Drybulk (Mitsui O.S.K. Lines Drybulk). MOL Drybulk (Mitsui O.S.K. Lines Drybulk) reported an increase in paper raw materials and pulp shipping, however, said overall bulk carrier demand was weak in 2020. In 2021, MOL Drybulk (Mitsui O.S.K. Lines Drybulk) is projected to post a profit of $118 million. Japanese shipping giant MOL (Mitsui O.S.K. Lines) aims to spend around $1.8 billion by 2023 in lowering the company’s carbon emissions. MOL (Mitsui O.S.K. Lines) plans to expand its LNG carriers, floating storage, and regasification units (FSRUs) to catch the increasing global demand for LNG.
29-April-2021
Copenhagen-based dry bulk operator XO Shipping reported an operating profit of $9.6 million for 2020. XO Shipping increased operating profit from $5.9 million in 2019. Furthermore, XO Shipping reported a profit after tax of $7.1 million for 2020. XO Shipping reported revenue of $232 million for 2020. According to Danish dry bulk operator XO Shipping, demand for bulk grain, minerals, steel, and cement shipping has been remarkably volatile in 2020. During the coronavirus pandemic, XO Shipping has achieved to service its charterers. Copenhagen-based dry bulk operator XO Shipping was established by Christian Levin in 2010. Currently, XO Shipping operates around 60 bulk carriers. Besides the Copenhagen office, XO Shipping has an office in Geneva.
28-April-2021
Taylor Maritime CEO Edward Buttery was hired by UK shipbroker Clarksons in 2005. Edward Buttery was the chartering manager of Pacific Basin Hong Kong between 2006 and 2008. Pacific Basin was established by Edward Buttery’s father Chris Buttery. Furthermore, Chris Buttery is a Taylor Maritime Investments (TMI) director and chairman at Taylor Maritime. The Buttery family has brought in Greek shipowner Nicholas Lykiardopulo as Taylor Maritime Investments (TMI) chairman. Nicholas Lykiardopulo controlled his family shipping business Neda Maritime. Nicholas Lykiardopulo is still a manager of BW Epic Kosan, the successor to Epic Gas. Taylor Maritime commercial management company will retain legacy ships. Edward Buttery will work exclusively for Taylor Maritime Investments (TMI). There will be a very clear wall between Taylor Maritime Investments (TMI) and Taylor Maritime.
27-April-2021
A resolution spearheaded by the Cyprus shipping deputy ministry (SDM) to implement a global seafarers vaccination program has been endorsed by the International Labour Organization (ILO). This initiative includes a mapping exercise to ascertain the required number of vaccines for seafarers across key maritime nations. However, the slow deployment of this global vaccination effort is creating significant challenges for the shipping industry. Many shipowners, operators, and charterers are now stipulating that they will only employ crew members who have received both doses of a COVID-19 vaccine. The situation is exacerbated by a surge in COVID-19 cases in India, leading to international restrictions on crew changes for individuals with recent travel history to the country. This has added complications regarding crew availability. In response to these challenges, InterManager, an association representing third-party ship managers, has committed to independently securing COVID-19 vaccines to address the urgent needs of seafarers. Despite the United Nations (UN) designating seafarers as essential workers, only 58 countries have prioritized seafarers for vaccinations, which is crucial for their mobility and operational roles on vessels. The lag in vaccination rollouts is particularly acute in developing countries, where many seafarers hail from, due to limited vaccine availability. Dimitris Fafalios, chairman of the International Association of Dry Cargo Shipowners (INTERCARGO) and head of Athens-based Fafalios Shipping SA, has expressed frustration over the vaccination “lottery” that seafarers face. In a March 31 release, he criticized the emerging requirement for vaccine passports and the preference for specific vaccine brands by certain port states. Fafalios highlighted that such demands could disrupt global commodity shipments if enforced rigorously, noting that several port states have proposed that all crew members must be vaccinated with a particular brand as a precondition for port entry. However, he did not disclose which port states have imposed these specific requirements.
27-April-2021
Hong Kong-based shipowner and ship manager Taylor Maritime is going public with a $250 million London Stock Exchange IPO (Initial Public Offering). In 2014, Taylor Maritime was established by Edward Buttery. Taylor Maritime is spinning off Taylor Maritime Investments (TMI). Taylor Maritime is endeavoring to sell 250 million new shares at $1 each on the London Stock Exchange. Taylor Maritime’s IPO (Initial Public Offering) will be the first significant shipping IPO (Initial Public Offering) at London Stock Exchange since Tufton Oceanic Assets’ IPO (Initial Public Offering) in 2017. Investment bank Jefferies International is acting as global coordinator and book-runner for Taylor Maritime’s IPO (Initial Public Offering). Hong Kong-based shipowner and ship manager Taylor Maritime will receive Taylor Maritime Investments (TMI) shares for their combined $24 million interest in the ships transferring to Taylor Maritime Investments (TMI). Currently, Taylor Maritime controls 17 bulk carriers. Taylor Maritime Investments (TMI) has a high-quality portfolio that will ensure cost-effective deployment of IPO (Initial Public Offering) proceeds at attractive prices. Taylor Maritime Investments (TMI) stated the vessels have demonstrated average yields of over 7% per year. Taylor Maritime Investments (TMI) is going to sign a commercial management agreement with Taylor Maritime for the fleet. Taylor Maritime Investments (TMI) will not take on long-term or structural debt but will enter into short-term revolving credit facilities to buy ships. Taylor Maritime has good relations with blue-chip charterers such as Cargill, Swire, and Louis Dreyfus.
25-April-2021
Germany-based dry bulk shipowner Bernhard Schulte Shipmanagement decided to withdraw its bulk carriers from commercial manager Hanseatic Unity Chartering (HUC). Bernhard Schulte Shipmanagement is planning to use the in-house commercial management team. To safeguard both Bernhard Schulte Shipmanagement’s and Hanseatic Unity Chartering’s interests, the decision was mutually agreed that Bernhard Schulte Shipmanagement is going to withdraw from Hanseatic Unity Chartering (HUC). Previously, Hanseatic Unity Chartering (HUC) strengthened its handysize pool with Transworld bulk carriers. Hanseatic Unity Chartering (HUC) other shareholders are Asiatic & Atlantic Lloyd, Borealis Maritime, Leonhardt & Blumberg, and Reederei Nord. Currently, Hanseatic Unity Chartering (HUC) controls around 200 containerships and 13 dry bulk carriers. Bernhard Schulte Shipmanagement was a co-founding partner in Hanseatic Unity Chartering’s predecessor O&S Chartering, which the company founded in 2013 in cooperation with Reederei Nord. In 2015, O&S Chartering was rebranded as Hanseatic Unity Chartering (HUC), when Borealis Maritime joined. In 2017, Asiatic & Atlantic Lloyd and Leonhardt & Blumberg joined and became Hanseatic Unity Chartering’s largest partners.
21-April-2021
Japanese shipowner and operator NS United reported a net profit of $56 million in Q1 2021. According to NS United, the post-coronavirus recession had shifted to recovery beyond NS United’s primary expectations of shipping demand. Japanese shipowner and operator NS United’s fleet has benefited from the boom in grain transportation. Furthermore, NS United benefited from the depreciation of the Japanese yen. NS United reported an operating profit of $62 million in 2020. NS United’s dividend forecast has also been increased to $0.74 per share for 2021. NS United canceled an expensive time charter contract early at a substantial cost. The Tokyo-listed shipowner and operator NS United announced the company would pay a cancellation fee of $25 million to redeliver the bulk carrier in April. Currently, NS United owns and operates a mixed fleet of 69 vessels.
21-April-2021
Bremen-based Harren Bulkers acquired 2011 built post-panamax bulk carrier 93K DWT MV Pablo (ex MV Topas) for around $18 million. Currently, MV Pablo (ex MV Topas) is the largest vessel in the Harren Bulkers fleet. Furthermore, Harren Bulkers took the technical management of two sisterships 2012 built post-panamax bulk carrier 93K DWT MV Constantin Oldendorff (ex MV Turmalin) and 2012 built post-panamax bulk carrier 93K DWT MV Clemens Oldendorff (ex MV Tuerkis). Martin Harren-led Harren Bulkers aims to acquire more vessels and expanding the fleet. Harren Bulkers was established in 2020 with the merger of Bremer Bereederungsgesellschaft (BBG) and Harren & Partner. Bremer Bereederungsgesellschaft (BBG) was operating large bulk carriers since 2010 and Harren & Partner was a family-owned business. Currently, Harren Bulkers manages 22 bulk carriers.
20-April-2021
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk’s new CEO (Chief Executive Officer) will be Cesare d’Amico. Furthermore, Cesare d’Amico’s son Emanuele d’Amico will be MD (Managing Director). The younger generation is taking roles at the d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk after Lucio Bonaso who died in February. d’Amico Dry Bulk’s new CEO Cesare d’Amico is very well known to the dry bulk shipping market. d’Amico Dry Bulk’s new CEO Cesare d’Amico is going to manage a fleet of 50 owned and 20 chartered-in bulk carriers. d’Amico Dry Bulk’s new CEO Cesare d’Amico desire to put his shipping experience at the disposal of the young directors. Italian dry bulk shipowner and operator d’Amico Dry Bulk is the subsidiary of Dry Bulk Rome-based holding company d’Amico Societa di Navigazione. Moreover, Cesare d’Amico is also manager of Milan-listed product tanker company d’Amico International Shipping. Cesare d’Amico will be assisted by his son Emanuele d’Amico who is part of the third generation of the d’Amico family.
20-April-2021
New York-listed shipowner Genco Shipping & Trading acquired 2016 built ultramax bulk carrier MV Genco Enterprise for around $20 million. Genco Shipping & Trading continues to expand its fleet, balanced with a new strategy to pay out more in dividends commencing in Q4 2021. Genco Shipping & Trading aims for further bulk carrier acquisitions. Genco Shipping & Trading plans to decrease debt and pay a huge quarterly distribution to shareholders. Genco Shipping & Trading has cemented its operations in the key ultramax sector and robust in-house commercial management. MV Genco Enterprise outlines an opportunistic acquisition and in line with Genco Shipping & Trading’s positive outlook for the shipping market. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Genco Shipping & Trading has a new corporate strategy that enables extra debt reduction while empowering fleet growth in a parallel path.
20-April-2021
Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) exercised options for two (2) more Great Lakes-fitted handy bulk carrier new-buildings at Yangzijiang Shipbuilding. Navibulgar (Navigation Maritime Bulgare) ordered a total of eight (8) Great Lakes-fitted bulk carrier new-buildings for around $200 million. Navibulgar (Navigation Maritime Bulgare) is paying around $24 million each for 31K DWT Great Lakes-fitted handy bulk carrier new-buildings. Navibulgar (Navigation Maritime Bulgare) is going to take delivery of all 31K DWT Great Lakes-fitted handy bulk carrier new-buildings till Q4 2023. Currently, Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) owns and operates around 30 handy bulk carriers.
20-April-2021
New York-listed Navios Maritime Holdings plans to cope with $782 million of debt due in 2022 by selling ships and preparing refinancing programs. Navios Maritime Holdings plans to generate additional liquidity to finance working capital requirements through the sale of ships and refinancing programs. Navios Maritime Holdings reported a net loss of $94 million for Q4 2020. Furthermore, Navios Maritime Holdings reported a net loss of $193 million for full-year 2020. According to Navios Maritime Holdings, poor dry bulk shipping markets over much of 2020 depressed revenues. Additionally, Angeliki Frangou-led Navios Maritime Holdings’ subsidiary Navios South American Logistics reported a revenue reduction due to warm weather and drought in parts of South America. Navios Maritime Holdings prepares to list Navios South American Logistics on the New York Stock Exchange. Navios Maritime Holdings owns 64% of Navios South American Logistics. Navios Maritime Holdings is positive about demand for dry bulk carriers in 2021. In 2020, Navios Maritime Holdings sold numerous vintage bulk carriers as part of a continuous fleet renewal programme.
20-April-2021
Turkish tycoon Yalcin Sabanci-led shipowner and operator Yasa Shipping acquired 2021 built kamsarmax bulk carrier 84K DWT MV Yasa Diamond (MV SDTR Bella) which is under construction at Shanhaiguan Shipbuilding. Istanbul-based shipowner and operator Yasa Shipping paid around $30 million for MV Yasa Diamond (MV SDTR Bella). Furthermore, Yasa Shipping was in talks to acquire four (4) kamsarmax bulk carriers at Chengxi Shipyard. One of the richest Turkish conglomerates Sabanci Family’s Yasa Shipping favors expanding with new-buildings instead of acquiring secondhand bulkers. Currently, Yasa Shipping owns and operates 25 bulk carriers and 12 tankers.
19-April-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired another 2015 built kamsarmax bulk carrier. Castor Maritime paid around million $23 million for 2015 built kamsarmax bulk carrier. Castor Maritime published the kamsarmax bulk carrier will be delivered with an index-linked time charter contract attached. Since the beginning of 2021, Limassol-based shipowner and operator Castor Maritime acquired eleven (11) ships and spent over $175 million on acquisitions. Castor Maritime has been looking for further opportunities to grow its fleet. Currently, Nasdaq-listed shipowner and operator Castor Maritime a mixed fleet of 17 ships.
19-April-2021
Earlier this year, it was disclosed by broker sources that Essar Shipping Ltd., based in Mumbai (formerly known as Bombay), was exploring the sale of its fleet of six mini-capesize bulk carriers. These carriers, all with a deadweight tonnage (DWT) of 106K and built between 2011 and 2012, represented a unique opportunity in the market, as sales of mini-capesize bulk carriers are not common. Recently, multiple shipbrokers have confirmed that these vessels have been sold en bloc for a total of $81 million. The ships, constructed by STX Dalian, are named MV Kamlesh, MV Ishwari, MV Shravan, MV Kishore, MV Ashok, and MV Arun. The buyer of these vessels is ArcelorMittal, a major player in the steel and mining industry. ArcelorMittal is traditionally known for its asset-light approach to shipping, primarily focusing on chartering, operating, and managing ships rather than owning them. However, this purchase represents a notable expansion of their fleet, aligning with the data from shipping databases indicating that ArcelorMittal owns 16 bulk carriers. This transaction signifies a strategic move by both Essar Shipping Ltd. in divesting these assets and ArcelorMittal in augmenting its shipping capabilities, reflecting the dynamic nature of the maritime shipping industry and the strategic decisions companies make in response to market conditions.
18-April-2021
Singapore-based shipowner and operator Berge Bulk sold 1986 built the largest bulker in the world 364K DWT MV Berge Stahl was sold for in Bangladesh for $496 per LDT (Light Displacement Tonnage) which is around $20 million. The largest bulker in the world 364K DWT MV Berge Stahl was by far the oldest in the Berge Bulk fleet. In 2003, James Marshall-led shipowner and operator Berge Bulk acquired the largest bulker in the world MV Berge Stahl as part of the Sohmen family’s purchase of Bergesen DY. The largest bulker in the world 364K DWT MV Berge Stahl was planned to carry iron ore from Brazil to Germany. Singapore-based shipowner and operator Berge Bulk has a fleet of 78 large bulk carriers.
18-April-2021
Athens-based shipowner and operator Nereus Shipping controlled 2010 built capesize bulk carrier 182K DWT MV Heroic has been quarantined in Crete after a seafarer was found dead. MV Heroic’s other ten (10) crew members were tested positive for coronavirus. Nereus Shipping is the sub-company of CM Lemos. MV Heroic steamed Port Said to Crete where the 59-year-old chief engineer was airlifted from the bulk carrier. Nereus Shipping controlled 2010 built capesize bulk carrier 182K DWT MV Heroic has 21 seafarers on board. Nereus Shipping has been cooperating closely with the Greek authorities to ensure the safety of the crew onboard MV Heroic. The shipping industry has to find a solution to provide vaccines to seafarers.
17-April-2021
The recent sale of Essar Shipping Ltd.’s fleet of six mini-capesize bulk carriers marks a significant development in the maritime shipping industry. Essar Shipping Ltd., headquartered in Mumbai, India, had previously indicated its intention to sell these vessels, which are relatively unique in the market due to their size and age. Each of these carriers has a deadweight tonnage (DWT) of 106K and was constructed between 2011 and 2012. This fleet sale has now been confirmed by multiple shipbrokers, with the vessels sold en bloc for a total sum of $81 million. The ships, named MV Kamlesh, MV Ishwari, MV Shravan, MV Kishore, MV Ashok, and MV Arun, were built by STX Dalian. The buyer, ArcelorMittal, is a prominent entity in the steel and mining sector. ArcelorMittal’s traditional approach in the shipping sector has been to focus on chartering, operating, and managing ships, rather than owning them. This approach is known as an asset-light shipping profile. However, the acquisition of these six bulk carriers indicates a strategic shift and expansion of ArcelorMittal’s fleet, complementing the 16 bulkers they already own according to shipping databases. This deal highlights a strategic move by Essar Shipping Ltd. to divest these assets, and simultaneously, it reflects ArcelorMittal’s expansion in its shipping capabilities. It underscores the dynamic and evolving nature of the maritime shipping industry, where strategic asset management plays a crucial role in responding to market trends and opportunities.
17-April-2021
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) controlled 2019 built combination carrier 82K DWT MV Barramundi finished its second lifting lithium concentrate (spodumene) from Western Australia to China. Klaveness Combination Carriers (KCC) controlled MV Barramundi had completed the first cargo in February 2021. Klaveness Combination Carriers (KCC) is now planning a back-haul cargo as caustic soda into Australia. Klaveness Combination Carriers (KCC) CEBU type vessels can carry wet and dry cargoes. Klaveness Combination Carriers (KCC) CABU-type vessels will emit 30% less CO2 than traditional tankers and bulk carriers. According to Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC), decarbonization is the significant challenge of the century for the shipping industry. Klaveness Combination Carriers (KCC) is planning to scrap some of its vintage vessels in near future.
17-April-2021
Japanese shipowner Nisshin Shipping ordered five (5) 82K DWT kamsarmax bulk carrier new-buildings with five (5) options at Jiangsu New Hantong Heavy Industry. This is the fourth new-building contract that Nisshin Shipping has placed at Jiangsu New Hantong Heavy Industry since it placed its first order in 2013. Tokyo-based shipowner Nisshin Shipping is going to pay around $28 for each kamsarmax bulk carrier new-building. 82K DWT kamsarmax bulk carrier new-buildings are going to be built according to IMO NOx Tier II emissions standards. Japanese shipowner Nisshin Shipping holds an option to install scrubbers on the 82K DWT kamsarmax bulk carrier new-buildings. This is Nisshin Shipping’s first new-building contract signed in 2021. Lately, Nisshin Shipping has sold five (5) tankers. Japanese shipowner Nisshin Shipping is controlled by Y Fujii. Currently, Japanese shipowner Nisshin Shipping owns a mixed fleet of 92 ships. Furthermore, Nisshin Shipping has approximately 20 new-building ships under construction at various shipyards.
17-April-2021
Danish shipowner and operator Dampskibsselskabet DS Norden A/S sold 2007 built MR1 product tanker 37k DWT MT Nord Bell and 2007 built MR1 product tanker Nord Hummock for around $9 million each. Dampskibsselskabet DS Norden A/S has been shifting from tanker shipowner and operator to dry bulk asset-light operator. Recently, Dampskibsselskabet DS Norden A/S has published the acquisition of seven (7) more unnamed dry bulk carriers on long-term charter terms. According to Dampskibsselskabet DS Norden A/S, the has acquired 33 dry bulk carriers since Q1 2020, and shifting from tankers to dry bulk carriers has been well-timed. Recently, Dampskibsselskabet DS Norden A/S has accomplished an asset play with MV Nord Stellar. Dampskibsselskabet DS Norden A/S keeps looking for such dry bulk market opportunities.
15-April-2021
Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has incurred a penalty of $500,000 in a US judiciary, consequent to their confession of discharging untreated oily residue into Lake Ontario. The American Department of Justice (DOJ) articulated that personnel aboard the MV Algoma Strongfield transgressed the US Clean Water Act in 2017, liberating roughly 45,000 litres of the contaminated water into the vast expanse of the Lake Ontario. James Kennedy, the esteemed attorney for the Western District of New York, proclaimed that the Clean Water Act stands as a bulwark to preserve our invaluable natural endowments, encompassing the unparalleled gem of the Great Lakes.
14-April-2021
South Korean shipowner and operator H-Line Shipping and Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) have established a joint venture won Rio Tinto’s charter tender for twelve (12) large LNG-fuelled bulk carrier new-buildings. H-Line Shipping will order three (3) firm 210K DWT LNG-fuelled newcastlemax bulk carrier new-buildings with three (3) options. Eastern Pacific Shipping (EPS) will order three (3) firm 210K DWT LNG-fuelled newcastlemax bulk carrier new-buildings with three (3) options. Rio Tinto is the third mining company, after BHP and Anglo American, to move into LNG-fuelled bulk carrier new-buildings. Rio Tinto is going to charter in the 210K DWT LNG-fuelled newcastlemax bulk carrier new-buildings for five (5) to seven (7) years with options to extend from H-Line Shipping and Eastern Pacific Shipping (EPS). 210K DWT LNG-fuelled newcastlemax bulk carrier new-buildings will carry iron ore from Australia to China. South Korean shipowner and operator H-Line Shipping and Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) will start to take delivery of 210K DWT LNG-fuelled newcastlemax bulk carrier new-buildings in Q3 2023. H-Line Shipping and Eastern Pacific Shipping (EPS) will pay $67 million for each 210K DWT LNG-fuelled bulk carrier new-building. In 2018, South Korean shipowner and operator H-Line Shipping ordered two (2) 180K DWT LNG-fuelled capesize bulk carriers at Hyundai Samho Heavy Industries on the back of long-term charters to POSCO.
14-April-2021
Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine sold five (5) handysize bulk carriers for around $59 million since the beginning of 2021. Jim Papoulis-led Pioneer Marine is going to distribute a dividend of $0.98 per share at the end of April 2021. Currently, shipowner and operator Pioneer Marine owns and operates ten (10) handysize bulk carriers.
14-April-2021
London Stock Exchange-listed shipping fund Tufton Oceanic Assets acquired a handysize bulk carrier for around $14 million. Tufton Oceanic Assets’ newly acquired handysize bulk carrier deal includes a long-term fixed-rate time charter. Tufton Oceanic Assets parent company Investment Management announced that the company has been looking for opportunities in all shipping sectors. Tufton Oceanic Assets has used up all the $250 million that the company had raised since its 2017 initial public offering (IPO). Currently, Tufton Oceanic Assets owns a mixed fleet of 22 vessels.
12-April-2021
Danish shipowner and operator Dampskibsselskabet DS Norden A/S sold 2016 built kamsarmax bulk carrier 82K DWT MV Nord Stellar (ex MV SBI Zumba) for around $25 million. In December 2020, Dampskibsselskabet DS Norden A/S acquired MV Nord Stellar (ex MV SBI Zumba) from Scorpio Bulkers for around $20 million. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has performed a successful asset play. In March 2021, Dampskibsselskabet DS Norden A/S acquired 2020 built kamsarmax bulk carrier 82K DWT MV UWS 2 and 2020 built kamsarmax bulk carrier 82K DWT MV UWS 3 from Japanese shipowner Mitsui & Co. Dampskibsselskabet DS Norden A/S became an asset-light ship operator.
11-April-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime acquired another 2011 built panamax bulk carrier. This is the ninth bulk carrier of Castor Maritime since the beginning of 2021. Petros Panagiotidis-led Castor Maritime paid around $18 million for a Japanese-built panamax bulk carrier. Castor Maritime concentrates on expanding its fleet through well-timed acquisitions. Since the beginning of 2021, Castor Maritime spent over $135 million for secondhand ship acquisition. Castor Maritime would issue 192 million of its common shares and warrants. Currently, Castor Maritime owns and operates 13 bulk carriers and 2 tankers.
11-April-2021
EGPN Bulk Carrier Co. Ltd (EGPN) ordered a kamsarmax bulk carrier 82K DWT at Chengxi Shipyard. This kamsarmax would be EGPN Bulk Carrier’s first new-building bulk carrier order. Kamsarmax bulk carrier will be constructed according to IMO (International Maritime Organization) Tier III NOx rules. Currently, the new-building kamsarmax bulk carrier price tag is around $29 million. In 2014, EGPN Bulk Carrier Co. Ltd (EGPN) was established by nickel ore operator Eastern Ocean Transportation and grain importer Great Pacific Navigation. In 2017, EGPN Bulk Carrier Co. Ltd (EGPN) acquired 2014 built kamsarmax bulk carrier 82K DWT MV Sirocco (ex MV Smooth Vitality) for around $15 million. In January 2021, EGPN Bulk Carrier Co. Ltd (EGPN) acquired a 2010 built capesize bulk carrier 180K DWT MV Eastern Freesia (ex MV Tiger Jiangsu) for around $15 million from Greathorse International Shipping. Currently, EGPN Bulk Carrier Co. Ltd (EGPN) owns and charters out five (5) bulk carriers.
7-April-2021
Tor Olav Troim-backed 2020 Bulkers chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen to Koch Shipping for around 2 years. Koch Shipping is the shipping arm of Koch Supply & Trading. Norwegian shipowner 2020 Bulkers chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen for an index-linked rate, in other words, premium to the Baltic Exchange’s 5TC index which is the weighted average of spot rates on five key routes. On 20 March 2021, Norwegian shipowner 2020 Bulkers chartered out other 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shanghai to Koch Shipping for around 2 years. Norwegian shipowner 2020 Bulkers’ six (6) newcastlemax bulk carriers are on long-term charter to Koch Shipping. Norwegian shipowner 2020 Bulkers chartered out the remaining two (2) newcastlemax bulk carriers 2020 built 208K DWT MV Bulk Sao Paulo and 2020 built 208K DWT MV Bulk Santos to Glencore until 2023. 2020 Bulkers chartered out MV Bulk Sao Paulo and MV Bulk Santos for around $27K per day. Currently, 2020 Bulkers is concentrated on maximizing the profits and returning dividends to shareholders.
7-April-2021
Oslo-listed shipowner and operator Belships acquired 2017 built second-hand geared ultramax bulk carrier. Lars Christian Skarsgard-led Belships believes that a geared ultramax bulk carrier is an excellent fit for the Belships' fleet and policy. 80% of the 2017 built second-hand geared ultramax bulk carrier's cost is going to be paid in cash and 20% is going to be compensated with shares. In other words, Oslo listed shipowner and operator Belships is going to issue around 5 million shares at an agreed price of NOK 7.50 per share. Belships is growing its fleet with very limited cash investments. NAV (Net Asset Value) estimates values Lighthouse Navigation, which is Belships' commercial arm, at about $20 million. Belships calculates that the cash break-even for the 2017 built second-hand geared ultramax bulk carrier is about $9,500 per day including operational expenses. Belships has been watching for more opportunities in the S&P (Sale and Purchase) market. Belships increase the fleet number whilst preserving capital discipline.
5-April-2021
Braemar ACM appointed Nigel Payne, the former CEO of British online gambling operator Sportingbet, as the new non-executive chairman. On May 1, Nigel Payne will take over from Ron Series at the esteemed UK shipbrokering firm. Expressing his views on the matter, Nigel Payne stated, “I believe there are significant growth opportunities for the Braemar ACM’s specialized and invaluable services. I eagerly anticipate collaborating with the board and management team to assist Braemar ACM in focusing and delivering on this exhilarating new strategy, which will benefit all stakeholders of the organization.” Currently, Nigel Payne holds the position of non-executive chairman at Gateley and serves as a non-executive director at GetBusy. Additionally, Nigel Payne will preside over Braemar ACM’s nomination committee. James Gundy, Braemar’s CEO, warmly welcomed Nigel Payne to the board.
1-April-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) agreed with moneylenders Credit Agricole and Nordea for $35 million credit. $35 million credit is secured by three (3) ultramax bulk carriers that Eagle Bulk Shipping acquired from New York-listed Scorpio Bulkers in October 2020. Furthermore, Eagle Bulk Shipping acquired three (3) supramax bulk carriers from Alterna Capital. The acquisition might be added some debt. Eagle Bulk Shipping is estimated to finance around 50% of the expenditure, so a total debt amount would be around $55 million. Currently, Nasdaq-listed shipowner and operator Eagle Bulk Shipping owns and operates 52 bulk carriers.