29-December-2021
Norway-based shipowner and operator Belships has announced the sale of its 2011-built supramax bulk carrier MV Belocean, the oldest ship in its fleet. MV Belocean was sold to Hamburg-based shipowner and operator Oskar Wehr KG for $19.6 million, with the sale including a charter attachment. Delivery is set for February 2022, and Belships stated that the transaction will generate approximately $13 million after repaying outstanding loans. Following the sale, Belships will operate a fleet of 27 supramax/ultramax bulk carriers. Founded in 1945, Oskar Wehr KG is a Hamburg-based family-owned shipping company that has built a strong reputation in the global maritime industry. Now managed by the third generation of the Wehr family, the company has established itself as a key player in dry bulk shipping, specializing in the supramax, handysize, and capesize segments. Initially operating a diverse fleet, Oskar Wehr KG made a strategic decision to exit the containership market in 2020 and shift its focus entirely to dry bulk shipping. Hamburg-based shipowner and operator Oskar Wehr KG is known for its commitment to fleet modernization, operational efficiency, and sustainability. It continuously invests in fuel-efficient vessels that comply with evolving environmental regulations and industry standards. With a strong emphasis on technical and commercial management, Oskar Wehr KG collaborates with global charterers and maintains a well-balanced fleet to optimize performance in the competitive bulk shipping market. This latest acquisition of MV Belocean aligns with Oskar Wehr KG’s ongoing strategy to strengthen its fleet and enhance its market position in the supramax segment. By acquiring modern, high-quality vessels, the company aims to ensure long-term growth and efficiency in its operations while continuing to provide reliable services to global trade partners.
28-December-2021
Chinese shipping giant Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. Cosco Shipping Bulk spent around $42 million for a 60% stake of Cosco Shipping International. Currently, Singapore-listed Cosco Shipping International operates three (3) supramax bulk carriers. Singapore-listed Cosco Shipping International stated that the deal was part of a decision to expand priority on the company’s core business. The dry bulk shipping industry is complementary to the Cosco Group’s core logistics business Furthermore, Chinese shipping giant Cosco Group has ship repair and marine engineering services. Chinese shipping giant Cosco Shipping Bulk is one of the largest dry bulk shipping players. Cosco Shipping Bulk controls a fleet of approximately 400 mixed bulk carriers. Singapore-listed Cosco Shipping International strives to become one of the foremost integrated logistics service providers in Southeast Asia.
20-December-2021
London-based Lomar Shipping concludes the year with a joyous culmination, as they finalize the sale of their last batch of container ships. Lomar Shipping is currently in the process of selling three contemporary sub-panamax container vessels, bringing their total sales for the year to over 20 ships. Additionally, Lomar Shipping is divesting three more container vessels with a capacity of 2,700 twenty-foot equivalent units (TEUs) as part of a collective agreement, valued at just under $150 million. The vessels in question, namely the MV California Trader and MV Carolina Trader (both constructed in 2017), along with the MV Delaware Trader (built in 2018), have been reportedly sold for approximately $48 million. According to market sources, the purchaser has been identified as Taiwanese operator Wan Hai Lines, which recently acquired additional funding to sustain their ongoing spree of purchasing container ships.
16-December-2021
Constantine Logothetis resigns from his executive position at the Libra Group in order to oversee the operations of his private family office. A portion of the earnings accumulated by Constantine Logothetis during the current surge in container shipping is likely to be allocated for investments in various other business domains through Alithea Capital. Stepping down as the vice chairman of the Libra Group, an encompassing entity that includes Lomar Shipping, Constantine Logothetis intends to concentrate on investments facilitated by his newly established private family office. Although Constantine Logothetis, who co-founded the Libra Group in 2003, will continue to serve as a non-executive board member and shareholder within the group, his primary focus will now be on Alithea Capital. This novel venture, initiated by Constantine Logothetis, aims to explore opportunities spanning diverse sectors of the business realm, harnessing his future endeavors.
16-December-2021
Angeliki Frangou-led Navios Maritime Holdings (NM) paid off its final remaining bond maturity in August. Previously, New York-listed Navios Maritime Holdings (NM) refinanced $550 million including loans from Angeliki Frangou’s sister company. A $550 million loan provides Navios Maritime Holdings (NM) with adequate cash. Despite the current dry bulk market, Navios Maritime Holdings (NM) voiced positiveness about opportunities for the dry bulk shipping market after Navios Maritime Holdings (NM) published the company’s best-ever Q3 2021 results. Navios Maritime Holdings (NM) cleared away most of the $769 million in maturities. Navios Maritime Holdings (NM) is settling down about $456 million of the loans coming due in January 2021. The usage of convertible debentures in the deal raised the concerns of dilution risks. Navios Maritime Holdings (NM) might not be able to find bankers keen to place cash into a company with a heavy debt overhang.
16-December-2021
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has refinanced 2010 built capesize bulk carrier 170K DWT MV Geniuship. Seanergy Maritime (SHIP) received a $15 million loan to substitute a loan from EnTrust Global. Seanergy Maritime (SHIP) has refinanced for a fixed interest rate of Libor plus 3.5% with a five-year term. Seanergy Maritime (SHIP) anticipates keeping interest savings around $900,000 for 2022 and $500,000 per year from 2023. Currently, Seanergy Maritime (SHIP) has a total debt of $243 million and cash of $45 million. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) stays dedicated to its plan of slashing finance costs with more new loan agreements, share buybacks, and debt repayments.
16-December-2021
Capesize spot-rate average weighted across five key routes (Capesize 5TC) plunged to $22,613 per day. Capesize spot rates plunged due to iron ore from Australia to China declining steadily. The average spot rate for the C10 transpacific roundtrip voyage, which covers the iron ore trade between China and Australia, plunged to $16,767 per day. Rio Tinto chartered seven capesize bulk carriers for iron ore shipment from Australia to China for around $9 per metric tonne. Australia entered cyclone season. Furthermore, average spot rates for the panamax, supramax, handysize plunged over the last week.
15-December-2021
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built woodchip carrier 49K DWT MV Crimson Polaris’s wreck removal faces further delays. Doun Kisen KK’s (aka Doun Kisen Co. Ltd’s) legal representative announced that the woodchip carrier MV Crimson Polaris which is stranded outside the Japanese port of Hachinuma will not be removed until next autumn. In August, Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built woodchip carrier 49K DWT MV Crimson Polaris grounded, then broke in two in a fully laden condition. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) is one of the biggest tonnage providers in Japan. Doun Kisen KK (aka Doun Kisen Co. Ltd) charters out the bulk carriers on a long-term basis to giant traders and first-class ship operators.
15-December-2021
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has appointed ex COO (Chief Operating Officer) Mark Filanowski as new CEO after the death of founder Ed Coll. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) announced that founder Ed Coll passed away last week. Mark Filanowski had been interim CEO since Pangaea Logistics Solutions (PANL) declared Ed Coll’s disease and medical leave in September 2021. Ed Coll established Pangaea Logistics Solutions (PANL) and directed Pangaea Logistics Solutions (PANL) for 25 years. Pangaea Logistics Solutions (PANL) has been well-positioned in the dry bulk market. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary company Nordic Bulk is a leading ice-class bulk carrier operator. Pangaea Logistics Solutions (PANL) has been expanding its fleet. Pangaea Logistics Solutions (PANL) owns 25 bulk carriers and the company operates around 55 bulk carriers. Pangaea Logistics Solutions (PANL) is a bulk carrier specialist in niche businesses. Pangaea Logistics Solutions (PANL) established powerful connections with cargo owners under contract coverage that protects the cargo owners from spot-rates volatility. Currently, Pangaea Logistics Solutions (PANL) shares have tumbled 43% and seem undervalued.
15-December-2021
Viridis Bulk Carriers received $1.5 million in Norwegian state funding to develop ammonia-fuelled bulk carriers. Viridis Bulk Carriers received $1.5 million from the Pilot-E plan which is a partnership between the Norwegian Research Council, Innovation Norway, and Enova. Viridis Bulk Carriers was established up by Mosvolds Rederi and Navigare Logistics. Viridis Bulk Carriers committed to an environmentally-friendly bulk carrier project. In July 2021, Viridis Bulk Carriers signed collaboration deals with five cargo owners as the company aims to have its fleet operating from 2024. Furthermore, Viridis Bulk Carriers signed a deal with ammonia producer Yara International and Viken AT Market. Viridis Bulk Carriers signed a deal with charterers Elkem, Vestkorn, BioMar, Franzefoss Minerals and Saltimport.
15-December-2021
Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) considers that the recent shipping boom is dissimilar from the two decades ago provoked by China entering the World Trade Organization. Petros Pappas-led Star Bulk Carriers (SBLK) assumes that the persisted bulk carrier upcycle is due to the scarcity of bulk carrier newbuilding orders. Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) acknowledges that the next shipping cycle should be pushed by a shortage of new bulk carrier ordering due to regulatory uncertainty and increasing ship newbuilding prices. The bulk carrier order book has stayed at approximately 7% of the existing bulk carrier fleet during 2021. Petros Pappas-led Star Bulk Carriers (SBLK) thinks bulk carrier newbuilding orders will stay under pressure because there is no straightforward answer to reach zero emissions. New York-listed shipowner and operator Star Bulk Carriers (SBLK) pledge to dividends stays firm. Star Bulk Carriers (SBLK) might also examine to complete further share repurchases. Star Bulk Carriers (SBLK) shares are dealing at a 35% discount to NAV (Net Asset Value). Lately, volatility in capesize bulk carrier rates have mainly been pushed by Chinese regulatory guidelines to restrict steel production.
14-December-2021
Tor Olav Troim-led Himalaya Shipping will award $4 million worth of stock options as an incentive to top executives to move the share price up to $8 for each stock. Himalaya Shipping’s top executives will receive stock options if the company’s share price reaches $8 until 2026. Currently, Himalaya Shipping has been traded on the Oslo OTC Market (Over the Counter) Market. Tor Olav Troim also backs 2020 Bulkers. Himalaya Shipping is planning to list on the Euronext Growth Exchange. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding. Himalaya Shipping will get the delivery of 12 LNG-fuelled newcastlemax bulk carriers starting in Q3 2023.
11-December-2021
Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, evolved to the largest investor in Grindrod Shipping. London-listed Taylor Maritime Investments (TMI) acquired a 22.6% stake from Grindrod Shipping’s largest shareholder Remgro. Furthermore, Taylor Maritime Investments (TMI) acquired a 2.2% share of Grindrod Shipping. Currently, Taylor Maritime Investments (TMI) holds 24.8% shares of Grindrod Shipping. New York and Johannesburg-listed Grindrod Shipping has a fleet of 25 bulk carriers. Taylor Maritime Investments (TMI) has been pursuing expansion prospects. According to Taylor Maritime Investments (TMI) dry bulk market fundamentals stay robust. Taylor Maritime Investments (TMI) will finance the investment by cash on the balance sheet, and revolving credit facility. Taylor Maritime Investments (TMI) considers Grindrod Shipping as a favorably cash-generative company. Currently, Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, owns 27 ships.
10-December-2021
Himalaya Shipping has applied to be listed on Norway’s Euronext Growth Exchange. Currently, Himalaya Shipping is trading on the OTC Market (Over the Counter) Market. Tor Olav Troim-led Himalaya Shipping has twelve (12) LNG-fueled newcastlemax bulk carriers on order at New Times Shipbuilding. Himalaya Shipping will receive the delivery of twelve (12) LNG-fueled newcastlemax bulk carriers in Q3 2023. Furthermore, Tor Olav Troim backs 2020 Bulkers. Himalaya Shipping will be listed on Norway’s Euronext Growth Exchange in Q1 2022. Tor Olav Troim-backed Himalaya Shipping and 2020 Bulkers are anticipated to have the same business type, with payments of regular dividends. Various operators have been asking to charter Himalaya Shipping’s bulk carriers. Tor Olav Troim-led Himalaya Shipping desires charter out twelve (12) LNG-fueled newcastlemax bulk carriers for index-related charters. Well-known charterers have been glad to spend a bonus on the Himalaya Shipping’s LNG-fueled newcastlemax bulk carriers due to environmental factors. Himalaya Shipping anticipates yielding handsome returns on the extra $15 million LNG-fueled newcastlemax bulk carriers cost compared to a traditional newcastlemax bulk carriers with the scrubber.
8-December-2021
Montreal-based Canada Steamship Lines (CSL) has obtained a minority stake in bulk material handling systems designer and supplier EMS-Tech Incorporation. Previously, EMS-Tech Incorporation’s material handling creative solutions were installed on self-unloading ships owned and operated by Canada Steamship Lines (CSL). EMS-Tech Incorporation considers that project partnerships with Canada Steamship Lines (CSL) will take self-unloading industry-leading expertise and know-how to new markets. Canada Steamship Lines (CSL) is the biggest shipowner and operator of self-unloading vessels in the world. Montreal-based Canada Steamship Lines (CSL) ships more than 70 million tonnes of cargoper year. Canada Steamship Lines (CSL) has offices in Canada, the Netherlands, and China.
8-December-2021
Limassol and Athens-based Safe Bulkers (SB) refinanced six (6) bulk carriers over five years in a deal worth $100 million. Around $50 million is in the form of a term loan and around $50 million is a reducing revolving credit facility. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) expressed the $100 million loan package includes a discount or increase on the interest rate depending on its independently affirmed emissions performance. In December 2021, shipowner and operator Safe Bulkers (SB) exercised the company’s one option to construct another kamsarmax bulk carrier in the Japan shipyard. Previously, Safe Bulkers (SB) had ordered four (4) kamsarmax bulk carriers in Japan shipyard. Greek shipowner and operator Safe Bulkers (SB) will take the delivery of kamsarmax bulk carriers in 2023. Currently, New York-listed shipowner and operator Safe Bulkers (SB) has a fleet of 46 bulk carriers.
8-December-2021
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has paid $16.6 million on share and note buybacks to prevent the company’s stock from being diluted. Greek capesize shipowner and operator Seanergy Maritime (SHIP) stated two outstanding convertible note series with a 5.5% coupon and a conversion price of $1.20 per share were redeemed. This will stop the transformation of the notes into 11.63 million new shares by stopping $13.95 million of debt owned by Jelco Delta Holding. Furthermore, a series of warrants to buy the stock at $0.70 were bought back and 1.59 million of Seanergy Maritime’s (SHIP) shares were reacquired. These arrangements are desired at increasing shareholder value and preventing dilution. These transactions are also essential measures to facilitate Seanergy’s financial structure and additionally lower the cost of capital going forward. Seanergy Maritime (SHIP) approved an additional $10 million to be paid on stock, convertible notes, or warrants. Furthermore, CEO Stamatis Tsantanis has purchased another 300K shares throughout 2021. CEO Stamatis Tsantanis expressed his 300K share purchases demonstrate his strong confidence in Seanergy Maritime (SHIP).
8-December-2021
Hong Kong-listed Qinfa Group sold 1998 built panamax bulk carrier 73K DWT MV QinFa 18. Qinfa Group exited from the shipowning business. Qinfa Group will be concentrating on the coal business. The coal business produces a significant portion of the company’s earnings in 2020. Hong Kong-listed shipowner and trader Qinfa Group believe that the disposal of 1998 built panamax bulk carrier 73K DWT MV QinFa 18 means a chance to dispose of the ship at an appropriate price. By selling the MV QinFa 18, Hong Kong-listed shipowner and trader Qinfa Group increased the company’s liquidity position and improved the Qinfa Group’s financial position. In March 2021, Hong Kong-listed shipowner and trader Qinfa Group sold 2011 built panamax bulk carrier 81K DWT MV Super Grace for around $15 million and 2011 built panamax bulk carrier 82K DWT MV Oriental Wise for around $17 million.
7-December-2021
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) announced the company will not be ordering any newbuildings for the time being. Eagle Bulk Shipping (EGLE) prefers to wait for a time due to technological changes in the shipbuilding industry. According to Eagle Bulk Shipping (EGLE), it’s frankly not the moment to be ordering new vessels. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) is considering the further usage of biofuels after a prosperous cross-Atlantic voyage trial. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) desires to improve energy efficiency and lower fuel consumption via technical and operational initiatives. In the long term, Eagle Bulk Shipping (EGLE) aims for net-zero emissions. Eagle Bulk Shipping (EGLE) is member of the Getting To Zero Coalition.
6-December-2021
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2008 built container ship 4,526 TEU MV Cosco Nagoya involved in the incident is on charter to Singapore-based Sea Lead Shipping. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2008 built container ship 4,526 TEU MV Cosco Nagoya lost containers en route to Long Beach, a day after departing from the Busan New Port in South Korea.
6-December-2021
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) thinks shipowners should be considering utilizing biofuels to slash emissions. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) claimed that there is more than merely cost to view when it comes to decarbonization. According to CEO Gary Vogel-led Eagle Bulk Shipping (EGLE), biofuels are more costly than traditional bunkers. However, biofuels can trim carbon dioxide emissions by up to 90%. Eagle Bulk Shipping (EGLE) has tried biofuels in the Atlantic ocean. GoodFuels supplied biofuels to Eagle Bulk Shipping (EGLE). GoodFuels’ refined biofuels are planted from renewable feedstocks. GoodFuels’ biofuel on an Eagle Bulk Shipping (EGLE) bulk carrier was crucial to the GoodFuels. GoodFuels does not have any difficulty meeting the biofuel demand. Eagle Bulk Shipping’s (EGLE) biofuel supplier GoodFuels plans to expand to Singapore and Scandinavia markets.
1-December-2021
Greek shipowner and ship-manager Samos Steamship Co. has engaged in a shipbuilding agreement with Nihon Shipyard, a renowned Japanese shipbuilding company, for the construction of two capesize bulk carriers. Athens-based shipowner and ship-manager Samos Steamship Co. has committed a sum of $60.5 million for each 181K DWT (deadweight tonnage) capesize bulk carriers. The anticipated delivery timeframe for these capesize bulk carriers is the Q3 2023 and the Q1 of 2024, respectively. Currently, Greek shipowner and ship-manager Samos Steamship Co possesses a fleet consisting of 18 ships and has placed orders for seven newbuildings across various distinguished shipyards in Japan. Nihon Shipyard, established as a collaborative venture between Imabari Shipbuilding and Japan Marine United, stands as Japan’s prominent conglomerate in shipbuilding.