23-August-2021
Singapore-based shipowner and operator Berge Bulk acquired 2012 built capesize bulk carrier 175K DWT MV Aqua Splendor for around $28 million from Marina Leasing. MV Aqua Splendor has no BWTS (Ballast Water Treatment System or scrubber fitted. Singapore-based shipowner and operator Berge Bulk will take delivery of MV Aqua Splendor immediately, allowing the company to benefit from a robust dry bulk market. Baltic Dry Index (BDI) has reached 4,147 points for the first time since 2010. 2012 built capesize bulk carrier 175K DWT MV Aqua Splendor would become the fifth capesize bulk carrier that Berge Bulk has acquired in 2021. Since the beginning of 2021, Singapore-based shipowner and operator Berge Bulk acquired 2011 built capesize bulk carrier 180K DWT MV Berge Nanga Parbat (ex MV Xin Tan Hai), 2007 built capesize bulk carrier 177K DWT MV Berge Broad Peak (ex MV Unique Carrier), 2011 built capesize bulk carrier 179K DWT MV Berge Dhaulagiri (ex MV Kumiai Shagang), and 2011 built capesize bulk carrier 181K DWT MV Berge McClintock (ex Aqua Crystal).
23-August-2021
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned and NYK Line operated 2006 built woodchip carrier 49K DWT MV Crimson Polaris’s bunker will be unloaded. Salvors are preparing to unload more than 1,000 tonnes of fuel oil from MV Crimson Polaris. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned MV Crimson Polaris suffered catastrophic structural failure after grounding in bad weather off the port of Hachinohe in northern Japan on 11 August. Japanese shipowner Doun Kisen KK’s (aka Doun Kisen Co. Ltd’s) technical manager Misuga Kaiun publicized that salvors are performing on stabilizing the forward part, which is located approximately 2.4 miles outside the port. A tanker will begin operations to extract the bunkers. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned MV Crimson Polaris holds approximately 1,141 tonnes of bunkers. The bunkers that have leaked so far, have reached the local shore.
23-August-2021
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) and Tata Steel will use hard sails to decrease carbon emission on bulk carriers. MOL (Mitsui O.S.K. Lines) and Tata Steel aim to lower emissions in the shipping of raw materials used in steel production. MOL (Mitsui O.S.K. Lines) and Tata Steel will use Wind Challenger, a hard sail that will harness wind energy. Japanese shipping giant MOL (Mitsui O.S.K. Lines) has been simultaneously examining the Wind Challenger technology with partners and the first bulk carrier to be outfitted with the Wind Challenger will commence operation in 2022. MOL (Mitsui O.S.K. Lines) aims to achieve net-zero emissions by 2050. MOL (Mitsui O.S.K. Lines) will proceed with the adoption of clean alternative fuels and the improvement of energy-saving technologies. Japanese shipping giant MOL (Mitsui O.S.K. Lines) has announced the Wind Challenger hard sail technology has the potential to achieve a 5% to 8% decrease in greenhouse gas emissions by decreasing bunker use. MOL (Mitsui O.S.K. Lines) anticipates investing in 90 LNG-fuelled and 110 next-generation fuel-powered ships by 2030.
22-August-2021
Aristides Pittas-led dry bulk carrier owner and operator EuroDry (EDRY) acquired 2014 built ultramax bulk carrier 62K DWT MV Good Heart (ex MV Asia Ruby II) for around $25 million. New York-listed Euroseas spinoff EuroDry will take the delivery of MV MV Good Heart (ex MV Asia Ruby II) in October 2021. EuroDry will finance the ultramax bulk carrier with cash and bank loan. At current dry bulk market freight rates, EuroDry anticipates MV Good Heart (ex MV Asia Ruby II) will make a notable increase to the company’s net income and Ebitda. In May 2021, New York-listed Euroseas spinoff EuroDry acquired 2004 built panamax bulk carrier 74K DWT MV Blessed Luck for around $12 million. EuroDry controlled bulk carriers are managed by Aristides Pittas-led Eurobulk.
22-August-2021
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S reported owned and leased fleet value increased by $258 million. Dampskibsselskabet DS Norden A/S reported the strongest quarterly result since 2015. According to Dampskibsselskabet DS Norden A/S, high steel prices and raised newbuilding costs are also increasing the ship values. Danish shipowner and operator Dampskibsselskabet DS Norden A/S believes tankers are at the bottom of the market right now and the company expects a significant improvement in the tanker market. Dampskibsselskabet DS Norden A/S anticipates the Q3 2021 will be better than ever for the dry cargo market. Dampskibsselskabet DS Norden A/S anticipates the port congestions will resume and take capacity out of the dry bulk market, while cargo supply will remain strong. Dampskibsselskabet DS Norden A/S expects to report full-year adjusted earnings between $140 million and $220 million. Danish shipowner and operator Dampskibsselskabet DS Norden A/S operates around 450 ships in its fleet at any one time.
22-August-2021
Japanese shipowner and operator NYK Line (Nippon Yusen Kabushiki Kaisha) is selling 2011 built capesize bulk carrier 181K DWT MV Frontier Phoenix is expected to set a new benchmark in the S&P (Sale and Purchase) market as spot rates for capesize bulk carriers climbed their most robust levels in a decade. NYK Line (Nippon Yusen Kabushiki Kaisha) controlled MV Frontier Phoenix has been inspected by five (5) shipowners. Since the beginning of 2021, 71 capesize bulk carriers have been reported sold. The Baltic Dry Index (BDI) reached 4,147 points for the first time since 2010 due to rising commodity demand and coronavirus-related supply chain disruption. Capesize bulk carriers have been most severely affected by coronavirus-related congestions.
20-August-2021
New York-listed shipowner and operator Grindrod Shipping is bullish on the prospect of the dry bulk market, notwithstanding any potential coronavirus-related disturbance in China. Grindrod Shipping is optimistic about the dry bulk market because 7% of the fleet is tied up in congestion in China. China’s Yangtze River embraces 22% of the world’s total dry bulk fleet and may have to go under quarantine. China’s steel production output is at record levels. CEO Martyn Wade led Grindrod Shipping illustrated that there is strong demand from China and the bulk carrier order-book at the shipyards is at its lowest levels. Singapore-based shipowner and operator Grindrod Shipping is pretty optimistic about dry bulk shipping demand. Previously, Grindrod Shipping has gained full control of IVS Bulk. Grindrod Shipping owns and operates 23 handysize and supramax bulk carriers.
19-August-2021
Greek shipowner and operator Chartworld Shipping Corporation has gracefully entered the secondhand maritime market, acquiring the Japanese-controlled newcastlemax bulk carrier 203K DWT MV Cape United for an approximate sum of $22 million. Newcastlemax bulk carrier 203K DWT MV Cape United will mark the fifth esteemed addition to Athens-based Lou and George Kollakis-led shipowner and operator Chartworld Shipping Corporation’s capesize segment, with the newcastlemax bulk carrier being the second one procured this year. Chartworld Shipping Corporation took ownership of the 206K DWT MV Star Ventur in June, which was previously under the purview of another Japanese shipowner. Throughout the year, Greek shipowner and operator Chartworld Shipping Corporation’s dry cargo division has been notably active, discreetly concluding a series of transactions. Chartworld Shipping Corporation has also successfully incorporated three (3) post-panamax sized bulk carriers from the Italian shipowner and operator Giuseppe Bottiglieri.
19-August-2021
Istanbul-based shipowner and operator Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has purchased the 2013-built 34K DWT handysize bulk carrier MV Four Emerald from Italian shipowner and operator Premuda for approximately $15 million, representing the first fleet-growth step by Hakki Deval-led Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) after several years without a major addition. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is expected to receive MV Four Emerald in November 2021, bringing another commercially adaptable handysize ship into a fleet centred on flexible dry bulk employment. The deal signals a fresh expansion phase for Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), which has traditionally focused on smaller handy bulk carriers rather than larger dry bulk ship classes. Through the acquisition of MV Four Emerald, Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) reinforces its presence in a sector where port access, cargo diversity, regional trading, short-haul employment, and operating flexibility are central to earnings performance. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) functions as a self-governing and separate business from Deval Marine and Devmarin Shipping, two other shipping interests connected with the Deval family. This separation matters because Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has its own fleet structure, management approach, trading priorities, and commercial direction. Although Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is linked with the wider Deval family shipping background, Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has built a distinct identity around handysize and handy bulk carrier activity. The directors of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) are understood to be considering additional opportunities for fleet growth, indicating that the purchase of MV Four Emerald could form part of a broader return to selective expansion rather than a one-off transaction. The addition of MV Four Emerald increases the fleet of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to seven handysize bulk carriers and further supports the practical operating model of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Handysize bulk carriers are particularly useful in trades where cargo volumes do not require very large ships or deep-water port infrastructure. These ships can call at smaller ports, regional terminals, and Mediterranean loading or discharge points where larger bulk carriers may be less suitable. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), which has historically employed its ships in short-haul Mediterranean business, this type of ship offers commercial flexibility across agricultural commodities, steel products, minerals, fertilizers, forest products, raw materials, construction-related cargoes, and minor bulks. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) specializes in more modest handy bulk carriers, a segment where strong regional knowledge, tight cost control, careful technical management, and close attention to cargo needs can provide a meaningful advantage. Short-haul Mediterranean trading can involve frequent port calls, varied cargo parcels, tight voyage schedules, changing weather, and ports with different levels of infrastructure. In such an environment, ship dimensions, loading and discharge arrangements, reliability, crew performance, cargo readiness, and technical condition can directly influence voyage results. The acquisition of MV Four Emerald therefore gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) another ship that suits its established operating experience instead of moving Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) into an unfamiliar ship category. The purchase from Italian shipowner and operator Premuda also shows the willingness of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to act when suitable opportunities appear in the secondhand market. A 2013-built 34K DWT handysize bulk carrier offers a useful balance of age, size, cargo capacity, and near-term trading potential. For a shipowner and operator such as Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), secondhand acquisitions can be more practical than newbuilding orders because secondhand acquisitions provide quicker access to earning capacity and avoid long waiting periods tied to shipyard delivery schedules. This can be especially attractive when dry bulk conditions are improving or when a shipowner wants to expand without accepting the uncertainty associated with newbuilding prices, future propulsion systems, and changing environmental rules. Hakki Deval-led Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) appears to be applying a disciplined asset strategy by expanding with a ship type that fits the existing fleet and trading pattern of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Dry bulk shipping is highly cyclical, and the timing of ship purchases can have a major impact on long-term returns. By acquiring MV Four Emerald after several years without significant fleet enlargement, Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) indicates that Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) sees value in adding capacity while staying close to its core market. The reported price of around $15 million suggests a focused investment in tonnage that can be integrated into the current fleet without changing the operating character of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). The position of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) in the Turkish dry bulk market is also strengthened by its Istanbul base. Istanbul has long served as an important centre for shipowning, chartering, brokerage, technical management, crewing, finance, port services, and maritime support. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), operating from Istanbul provides access to regional commercial networks, Mediterranean cargo flows, Black Sea connections, ship agency relationships, repair facilities, and experienced maritime professionals. This location is particularly useful for a shipowner focused on smaller handy bulk carriers trading in short-haul Mediterranean business, where proximity to cargo interests and regional market understanding can support fixture decisions. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) benefits from a business model based on manageable fleet scale, practical ships, and operational control. A seven-ship handysize fleet gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) enough capacity to support charterers with recurring ship availability while remaining sufficiently focused for close management oversight. In the handysize segment, operational detail matters. Technical condition, bunker consumption, cargo gear, maintenance standards, hold cleanliness, port performance, crew quality, and scheduling discipline can all affect earnings. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) can use its experience in handy bulk carrier employment to absorb MV Four Emerald into its fleet and match the ship with the commercial requirements of Mediterranean and regional dry bulk trades. The acquisition also comes during a period when other Istanbul-based shipowners and operators have been active in the same ship type, showing renewed Turkish interest in handysize and handy bulk carrier tonnage. This activity reflects the continuing value of smaller bulk carriers in regional trades and the attractiveness of flexible ships that can handle diverse cargo patterns. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), this competitive environment may encourage further fleet renewal and selective growth, especially if suitable ships become available at prices that support long-term returns. MV Four Emerald can widen the employment options of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) by adding further capacity for short-haul and regional cargo movements. A 34K DWT handysize bulk carrier is large enough to carry meaningful cargo parcels but small enough to operate at ports where berth restrictions, draft limitations, or cargo volumes do not justify larger ships. This balance makes MV Four Emerald suitable for many dry bulk programmes. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), the ship can support spot fixtures, contract cargoes, positioning voyages, and regional employment requiring dependable handysize tonnage. The renewed fleet growth of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) also improves the ability of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to maintain relationships with charterers and cargo interests. Additional ships can improve scheduling flexibility, reduce reliance on a smaller group of assets, and create more chances to match ship availability with cargo demand. In dry bulk shipping, a shipowner with several similar ships can often position tonnage more effectively, cover more cargo programmes, and respond more efficiently to charterer requirements. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), the addition of MV Four Emerald supports this practical commercial benefit while keeping the fleet concentrated in a familiar ship segment. The separation of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) from Deval Marine and Devmarin Shipping also clarifies the commercial identity of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is not simply a general Deval family shipping platform; Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has its own focus on handy bulk carriers, short-haul Mediterranean employment, and selective dry bulk expansion. This defined identity can be useful when dealing with charterers, banks, brokers, insurers, service providers, and technical partners, because counterparties can better understand the market niche and operating priorities of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). The purchase of MV Four Emerald may also enhance the longer-term competitiveness of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) by enlarging and slightly renewing the fleet at the same time. In dry bulk shipping, fleet age and technical condition can affect operating costs, chartering appeal, regulatory compliance, and resale value. A 2013-built handysize bulk carrier acquired in 2021 gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) a ship with remaining trading life and immediate employment potential. If maintained carefully and deployed efficiently, MV Four Emerald can contribute to earnings while supporting the broader fleet balance of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Future expansion by Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) will likely depend on the availability of attractively priced handysize or handy bulk carriers that fit the trading pattern of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). The directors of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) have indicated that further fleet growth is possible, but the strategic challenge will be to expand without weakening the disciplined approach of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Growth in dry bulk shipping can create value when ships are purchased at sensible prices and employed in trades suited to their design. Growth can also create risk if acquisitions are made too aggressively at the wrong stage of the cycle. The acquisition of MV Four Emerald suggests that Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is pursuing expansion in a measured manner. Looking ahead, the purchase of MV Four Emerald gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) a stronger position in the handysize and handy bulk carrier market, particularly within Mediterranean short-haul dry bulk activity. The acquisition adds capacity, deepens the fleet, and shows that Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is prepared to expand after a long pause in fleet growth. With seven handysize bulk carriers, a clear regional trading focus, a separate corporate identity from Deval Marine and Devmarin Shipping, and management led by Hakki Deval, Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) appears to be strengthening its role as an Istanbul-based dry bulk shipowner and operator focused on practical ships, careful expansion, and flexible regional employment.
18-August-2021
Jeffrey Aronson-led Centerbridge Partners has sold a further 630K shares around $11 million of Genco Shipping & Trading. After the stock sale, Centerbridge Partners left with 4.5 million shares or 10.8% of the Genco Shipping & Trading’s stock. Currently, Genco Shipping & Trading’s 11.9% stocks are owned by Fidelity Investments. In January 2021, Centerbridge Partners held 25% of the stock of Genco Shipping & Trading. Centerbridge Partners is one of three (3) private equity companies that came to Genco Shipping & Trading’s support in a 2016 financial restructuring in return for large stakes in shipowner and operator Genco Shipping & Trading.
18-August-2021
Brazil’s iron ore mining giant Vale is requesting shipowners and ship operators to offer bids for COA (Contracts of Affreightment) on the next generation of methanol-fuelled Guaibamax Ore Carriers. Brazil’s iron ore mining giant Vale’s Ship Chartering Department has launched an effort that could result in the construction of methanol-fuelled Guaibamax Ore Carriers. Furthermore, Vale’s Ship Chartering Department asks Guaibamax Ore Carriers to be equipped with energy-efficiency technologies that comprise rotor sails. Brazil’s iron ore mining giant Vale’s Ship Chartering Department plans next generation 325K DWT Guaibamax Ore Carriers will be able to run on both methanol and conventional bunkers. 24 December 2022
Brazil’s iron ore mining giant Vale and Silverstream Technologies outfitted 2021 built Very Large Ore Carrier (VLOC) 325K DWT MV Sea Victoria with an air cushion to reduce bunker use and emissions. MV Sea Victoria has completed its first voyage. Silverstream Technologies’ air lubrication system generates a carpet of bubbles to decrease friction between the hull and sea. Silverstream Technologies’ air lubrication system will be evaluated over one year. Brazil’s iron ore mining giant Vale and Silverstream Technologies expect a bunker reduction of around 5% to 8% per bulk carrier. Silverstream Technologies installed ten compressors on MV Sea Victoria to send air to 20 bubble-producing devices under the hull. Silverstream Technologies. Silverstream Technologies’ air lubrication system costs around $5.5 per vessel. Silverstream Technologies’ air lubrication system is easy to install on any type of ship. Brazil’s iron ore mining giant Vale controls more than 100 bulk carriers and more installations could be decided within 2022. Vale’s ships are on long-term periods, but the Vale has paid the complete cost of the pilot installations of Silverstream Technologies’ air lubrication system as well as the Norsepower rotor sails it has fitted on another VLOC (Very Large Ore Carrier) newbuilding. MV Sea Victoria air lubrication system installation took 35 days at the shipyard in China. Vale has aggressive goals to lower emissions across the company. At the beginning of 2021, Vale signed an MOU (Memorandum of Understanding) with 23 organizations to investigate the application of ammonia as an alternative marine fuel.
17-August-2021
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S reported a net profit of $31.8 million in Q2 2021. Dampskibsselskabet DS Norden A/S has reported the best quarterly result since 2015. Danish shipowner and operator Dampskibsselskabet DS Norden A/S reported a net loss of $14.9 million in Q1 2021 due to slumping product tanker markets. Dampskibsselskabet DS Norden A/S offset the results in Q2 2021 by revenue from the dry bulk sector. Jan Rindbo-led Dampskibsselskabet DS Norden A/S is increasing the company’s forecasts for its annual result by an extra $20 million. Dampskibsselskabet DS Norden A/S built a pretty robust dry cargo position at the beginning of 2021, which the company will profit from during the rest of 2021. Danish shipowner and operator Dampskibsselskabet DS Norden A/S has also seen the market value of the fleet increase by $258 million in Q2 2021 due to the strong dry bulk markets.
17-August-2021
Gia Shipping ordered two (2) 85K DWT kamsarmax bulk carrier new buildings at Dalian Shipbuilding Industry Co (DSIC) for around $62 million. Gia Shipping will take delivery of kamsarmax bulk carrier new buildings in Q1 2023. Gia Shipping has been concentrated on the Chinese domestic businesses. Gia Shipping ordered two (2) kamsarmax bulk carrier new buildings to extend the shipping business beyond China. Gia Shipping desires to be involved in the global shipping business. Gia Shipping’s kamsarmax bulk carrier new buildings comply with Phase 2 of the IMO’s (International Maritime Organization) Energy Efficiency Design Index standards. Furthermore, Gia Shipping’s kamsarmax bulk carrier new buildings comply with Tier III rules on NOx emissions. Currently, Gia Shipping owns and operates two (2) handymax, one (1) supramax, and one (1) ultramax bulk carrier.
17-August-2021
Dry bulk ship operator Vega Bulk Carriers acquired 2008 built supramax bulk carrier 55K DWT MV Vega Stetind (ex MV Aditya) for around $17 million from Swiss Singapore Overseas Enterprise (SSOE). Swiss Singapore Overseas Enterprise (SSOE) is the shipping arm of Aditya Birla Group. Kenneth Fjelde-led Vega Bulk Carriers was established in Norway in November 2020. Vega Bulk Carriers concentrates on supramax and handymax bulk carriers in the Atlantic market. MV Vega Stetind (ex MV Aditya) was constructed in Japan. Swiss Singapore Overseas Enterprise (SSOE) acquired MV Vega Stetind (ex MV Aditya) in 2015. Swiss Singapore Overseas Enterprise (SSOE) is a significant global trader in sulphur and South African coal. Furthermore, Oslo-based Vega Bulk Carriers has an office in Dubai. Vega Bulk Carriers is part of Vega Group that controls Vega Offshore.
16-August-2021
Suzanna Laskaridis-led Lavinia Group, the holding company of Laskaridis Shipping, contributes $1.1 million in relief to reduce Greek forest fire pain. Greek Laskaridis family-controlled Athens-based Laskaridis Shipping has raised the credentials as one of the Greece’s biggest contributors by donating $1.1 million worth of aid to mitigate losses from a recent wave of forest blazes. The $1.1 million worth of funds will also assist battle future fires. The $1.1 million worth of aid is to flow through the Aikaterini Laskaridis Foundation (ALF), founded in 2007 by Panos Laskaridis and his late wife Marilena Laskaridis, who died in 2015. Greek Laskaridis family-controlled Aikaterini Laskaridis Foundation’s (ALF) $1.1 million worth of aid is the biggest private donation known after a wave of blazes devastated hundreds of thousands of hectares of land across the Greece. Laskaridis Shipping Ltd.’s subsidiary Lavinia Corp has a fleet of bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships.
16-August-2021
Japanese shipowner Nissen Kaiun controlled 2012 built capesize bulk carrier 181K DWT MV Frontier Unity was loaded 136,400 tonnes of coal from Newport News, Virginia to China. 136,400 tonnes of coal from Newport News, Virginia was the largest shipment of its kind from a US east coast port, according to Australian-listed miner Coronado Global Resources Inc. Australian-listed miner Coronado Global Resources Inc is a vital international supplier of metallurgical coal. Coronado Global Resources Inc’s US operations continue to successfully ship coal into China at record levels. Coal cargoes from the US to China are increasing. Currently, China is the third top destination for US coal, after India and the European Union. Currently, the US is the third largest source of coal, after Indonesia and Russia, accounting for 5.4% of China’s total coal imports so far in 2021. From a tonne-mile standpoint, China used to import the majority of its coal imports from Australia and Indonesia, and it was therefore primarily a Pacific-only trade.
16-August-2021
Japanese shipowner Nisshin Shipping has exercised options to order another five (5) kamsarmax 82K DWT bulk carriers at Jiangsu New Hantong Ship Heavy Industry. Japanese shipowner Nisshin Shipping held the options at the shipyard since Nisshin Shipping booked its earlier order for five (5) kamsarmax 82K DWT bulk carriers in April 2021. Nisshin Shipping ordered a total of ten (10) kamsarmax 82K DWT bulk carriers with a total price tag of $280 million. Japanese shipowner Nisshin Shipping will take delivery of the 10 new kamsarmax 82K DWT bulk carriers between Q2 2022 and Q3 2023. Nisshin Shipping’s 10 new kamsarmax 82K DWT bulk carriers will comply with Phase 2 of the IMO’s (International Maritime Organization) Energy Efficiency Design Index (EEDI) and Tier III NOx emissions standards. Japanese shipowner Nisshin Shipping retains an option to fit scrubbers on the kamsarmax bulk carriers. Japanese shipowner Nisshin Shipping will delivery of two (2) kamsarmax bulk carrier new buildings from Jiangsu New Hantong Ship Heavy Industry in September and December.
16-August-2021
Vega Bulk Carriers, after its recent launch in Oslo, has made a significant move by transitioning from a ship operator to a shipowner with the acquisition of a supramax bulk carrier. This purchase marks the company’s first foray into owning bulkers, signaling a strategic expansion in its business model. The Oslo-based Vega Bulk Carriers, part of the Vega Group owned and controlled by Kenneth Fjeld, has purchased the supramax from Swiss Singapore Overseas Enterprise (SSOE). SSOE, the bulk commodity trading arm of India’s Aditya Birla Group, sold the 2008-built, 55K DWT MV Vega Stetind (ex MV Aditya) to Vega Bulk Carriers. The deal was reportedly valued at $16.5 million, indicating Vega Bulk Carriers’ commitment to establishing itself as a significant player in the bulk shipping market. This acquisition not only marks Vega Bulk Carriers’ entry into ship ownership but also reflects the company’s confidence in the potential of the bulk carrier market. The purchase of MV Vega Stetind (ex MV Aditya) is a strategic addition to the Vega Group’s portfolio and showcases the company’s growth trajectory in the maritime industry. Vega Bulk Carriers’ move into ship ownership represents a notable shift in its operational focus and is likely to impact its future market engagements and business opportunities.
15-August-2021
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has engaged in new charter agreements for 10 of its container ships, ensuring revenues of approximately $378 million. The charters encompass one 8,500 TEU container ship, three 3,400 TEU container ships, and six 2,200 TEU container ships, with the charter periods spanning from three to four years. Danaos Corporation (DAC) states that the fresh deals will commence upon the expiration of the existing charters between January 2022 and August 2022. The identity of the charterers was not disclosed. John Coustas, the CEO (Chief Executive Officer) of Danaos Corporation (DAC), expressed, “We are immensely delighted to have substantially augmented our contracted backlog by securing multi-year charters for 10 of our container ships. Not only have Danaos Corporation (DAC) attained charter coverage for the entirety of the company’s operating days in 2021, but Danaos Corporation (DAC) has already contracted 89% of its operating days for 2022 and 60% for 2023. In doing so, Danaos Corporation (DAC) has further elevated the company’s earnings and cash flow visibility, thereby reinforcing our financial position. Danaos Corporation (DAC) will persist in its efforts to secure additional charter extensions amidst the robust market environment to maximize our profitability and generate value for the company’s shareholders.”
15-August-2021
Henning Oldendorff-backed Maritime & Merchant Bank (M&M Bank) has increased lending in 2021. Oslo-listed Maritime & Merchant Bank (M&M Bank) has increased lending to $324 million in Q2 2021. Maritime & Merchant Bank (M&M Bank) has no credit losses. Furthermore, Maritime & Merchant Bank (M&M Bank) has no non-performing loans. According to Maritime & Merchant Bank (M&M Bank), coronavirus has provoked a large unbalance in production and logistics which is profoundly reflected in the seaborne business. Henning Oldendorff-backed Maritime & Merchant Bank (M&M Bank) has a positive view of the container ship and bulker markets for the rest of 2021. Maritime & Merchant Bank (M&M Bank) is 25% owned by Oldendorff and 25% by Norwegian investor Endre Rosjo’s Centennial, Deutsche Bank, SEB, Societe Generale, and Klaveness Marine Finance.
15-August-2021
New York-listed Florida-based Seacor Holdings has completed the acquisition of U.S. Shipping Corp (USSC), a privately owned company specializing in long-haul marine transportation of chemical and petroleum cargoes within the US coastwise trade, in compliance with the Jones Act. U.S. Shipping Corp (USSC) brings a fleet of six vessels to the merger, comprising one (1) parcel tanker, one (1) product tanker, and four (4) articulated tug barges. These vessels will join New York-listed Florida-based Seacor Holdings’ subsidiary Seabulk’s existing fleet of 15 vessels. Dan Thorogood, CEO of Seabulk, which is a part of the Seacor Holdings family of companies, expressed enthusiasm for the merger. Dan Thorogood emphasized that the combination of these two fleets and operating teams will provide customers with enhanced flexibility, access to best-in-class equipment, and a commitment to delivering excellent service in the long term.
12-August-2021
Shanghai-listed China Merchants Energy Shipping (CMES) sold 2011 built handysize bulk carrier 31K DWT MV Great Reward (built 2011) to Dalian Trawind International Ship Management for around $13 million. China Merchants Energy Shipping (CMES) has been selling non-eco bulk carriers. MV Great Reward is the fourth bulk carrier that China Merchants Energy Shipping (CMES) has sold a fourth bulk carrier since July 2021. Previously, China Merchants Energy Shipping (CMES) sold 2012 built bulk carrier 12K DWT MV CSC Rui Hai, 2012 built bulk carrier 12K DWT MV CSC Xin Hai, 2010 built handysize bulk carrier 31K DWT MV Great Resource. MV Great Reward and MV Great Resource equipped with BWTS (Ballast Water Treatment System). MV Great Reward, MV Great Resource, MV CSC Xin Hai, and MV CSC Rui Hai are not outfitted with scrubbers. After selling all non-eco ships, China Merchants Energy Shipping (CMES) controls a very small owned bulker fleet. However, China Merchants Energy Shipping (CMES) has chartered-in bulk carriers. Furthermore, China Merchants Energy Shipping (CMES) is going to take delivery of four (4) MPP (Multipurpose Bulk Carriers) from China Merchants Jinling Shipyard. China Merchants Energy Shipping (CMES) has been selling some of the vintage bulk carriers in its fleet which were taken over from former subsidiaries of Sinotrans & CSC. In 2017, state-backed China Merchants Group acquired Sinotrans & CSC to establish China’s second-largest shipping group.
11-August-2021
Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping reported a net profit of $18.6 million in Q2 2021. Thoresen Shipping reported revenue of $81 million in Q2 2021 due to increasing freight rates. Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping reported the company’s best profit in a decade due to the strong dry bulk markets. In Q2 2021, Thoresen Shipping reported an Average TCE (Time Charter Equivalent) Rate of $18,330 per day per ship. In Q2 2021, Baltic Exchange Supramax Index (BSI) reached an average of 2,322 points. In Q2 2021, the average market rate of a supramax reached $25,538 per day. Thoresen Shipping reported an operating expense of $4,168 per day per ship in Q2 2021. Increasing demand for commodities such as coal and iron ore is anticipated to support the dry bulk market rally into Q3 2021. Thoresen Shipping foresees fleet expansion to slow to 3.3% in DWT (Deadweight Tonnes). Thoresen Shipping owns and operates 22 supramax bulk carriers and 2 ultramax bulk carriers.
10-August-2021
John Fredriksen-backed Golden Ocean Group declared that the company has exited the Capesize Chartering Ltd (CCL) revenue-sharing deal. Capesize Chartering Ltd (CCL) was established in 2016 by capesize shipowners Golden Ocean Group, Bocimar, C Transport Maritime (CTM), and Star Bulk Carriers. Capesize Chartering Ltd (CCL) organizes spot chartering operations for capesize bulk carriers. Bocimar, C Transport Maritime (CTM), and Star Bulk will remain at Capesize Chartering Ltd (CCL). Capesize Chartering Ltd (CCL) controls 100 capesize bulk carriers. Capesize Chartering Ltd (CCL) organization was established to draw upon each company’s commercial excellence and cooperation. Capesize Chartering Ltd (CCL) proceeds to run efficiently as the company has always been, rendering commercial advantages to partners. John Fredriksen-backed Golden Ocean Group withdrew 33 capesize bulk carriers from Capesize Chartering Ltd (CCL). Capesize Chartering Ltd (CCL) provides a flexible, member-friendly pool that provides for an effortless entry and exit of capesize shipowners. John Fredriksen-backed Golden Ocean Group’s more substantial fleet means the company no longer requires external assistance to accomplish commercial scale.
10-August-2021
Japanese shipowner and operator NYK Line (Nippon Yusen Kabushiki Kaisha) controlled 2006 built woodchip carrier 49K DWT MV Crimson Polaris grounded off Hachinohe Port in Japan. MV Crimson Polaris broke into two parts. MV Crimson Polaris’s all crew members have been rescued. 2006 built woodchip carrier 49K DWT MV Crimson Polaris grounded in severe weather circumstances. However, MV Crimson Polaris was later refloated under its main engine. The break-up of the woodchip carrier MV Crimson Polaris was assumed to be a consequence of it having undergone a weakened hull generated by a notable crack as a consequence of the grounding. Japanese shipowner and operator NYK Line controlled 2006 built woodchip carrier 49K DWT MV Crimson Polaris is owned by Mi-Das Line, a subsidiary of Doun Kisen Kaisha. MV Crimson Polaris was carrying a 44K tons cargo of woodchips loaded in Thailand. MV Crimson Polaris’s P&I (Protection and Indemnity) cover is with Japan P&I Club.
4-August-2021
Japanese ship owner and operator K Line Bulk (Kawasaki Kisen Kaisha) has installed a carbon capture plant in 2016 built kamsarmax bulk carrier 89K DWT MV Corona Utility as part of the CC-Ocean demonstration project at Mitsubishi Shipbuilding. K Line Bulk (Kawasaki Kisen Kaisha) owned 89K DWT MV Corona Utility is operated for Tohoku Electric Power. MV Corona Utility’s crew members will proceed to assess the operation, safety, and operability of the carbon capture plant. Tokyo Stock Exchange-listed K Line (Kawasaki Kisen Kaisha) endeavors to decrease carbon emissions by more than 50% compared with 2008 levels. K Line Bulk (Kawasaki Kisen Kaisha) had published the carbon capture plan in August 2020. Carbon capture plant was planned to capture a part of a MV Corona Utility’s gas emissions. Alfa Laval and Wartsila have been working on carbon capture systems for a long time.
4-August-2021
Tokyo-listed Japanese shipowner NS United Kaiun Kaisha has reported a net income of $32.3 million in Q1 2021 due to the current recovery in dry bulk shipping. In Q1 2021, Japanese shipowner and operator NS United reported revenue of $390 million. Tokyo-listed NS United owns a mixed fleet of 125 ships. NS United attributed the increase in earnings to financial recovery after the coronavirus recession and an escalation in trade volumes to China. Furthermore, NS United stated there was also a tightening of tonnage supply due to a lack of new building ships. Tokyo-based NS United owns and operates 24 panamax bulk carriers which were boosted by China’s decision to shift coal imports from Australia to Russia and Indonesia. NS United estimates a full-year net income of $136 million in 2021.
4-August-2021
The world’s largest iron ore producer Rio Tinto has increased the number of 210K DWT LNG-fuelled newcastlemax bulk carrier new buildings it has chartered in from Singapore-based Eastern Pacific Shipping to six (6). The latest deal is an option that Rio Tinto and Eastern Pacific Shipping agreed on under the earlier three (3) LNG-fuelled newcastlemax bulk carrier new buildings. Anglo-Australian minerals and mining giant Rio Tinto has chartered in the LNG-fuelled newcastlemax bulk carriers for at least five (5) years. Singapore-based shipowner and operator Eastern Pacific Shipping is paying approximately $67 million per 210K DWT LNG-fuelled newcastlemax bulk carrier new building. In May 2021, Rio Tinto chartered three (3) similar bulk carriers from Seoul-based H-Line Shipping. Currently, LNG-fuelled newcastlemax bulk carrier newbuilding price climbed to $77 million. Australian mining giant Rio Tinto is studying other alternative fuels such as ammonia and hydrogen to decrease its carbon footprint. The world’s largest iron ore producer Rio Tinto’s long-term goal is to reach net zero-carbon shipping of its outputs by 2050.
4-August-2021
One of the world’s largest supramax bulk carrier operators Western Bulk is pursuing a listing on Oslo’s Euronext Growth market in Q3 2021, as Norwegian supramax bulk operator Western Bulk considers raising new equity to fund working-capital plans and to take advantage of the current strong dry bulk market environment. Western Bulk has appointed Arctic Securities and DNB Markets as financial advisers for the Oslo listing process, while Oslo-based bulker operator Western Bulk has had its shares trading on the Oslo OTC (Over the Counter) market since 2017. Christian Sveaas holds a 78% stake in Western Bulk and Ojada holds a 9% stake in Western Bulk, and in 2019 Christian Sveaas and Ojada provided a cash injection that enabled Western Bulk to write off $16 million in losses. In 2016, Western Bulk Shipholding (WBS) sold its profitable Western Bulk Chartering (WBC) operation and the Western Bulk trademark to Christian Sveaas-controlled Kistefos Equity. Western Bulk expects to deliver a record profit for 2021 after reporting a $9 million profit for Q1 2021, with Western Bulk benefiting from a strong shipping market recovery alongside improving returns from investments in operational improvement. Western Bulk forecasts full-year profit of between $40 million and $50 million, having taken favourable positions early in 2021. Western Bulk’s corporate history also includes the predecessor structure that had changed the company name to Bulk Invest.