27-February-2021
New York-listed shipowner and operator Diana Shipping (DSX) chartered out 2013 built panamax bulk carrier 77K DWT MV Ismene for 7-9 months to Tongli Shipping for around $16,500 per day. Currently, bulk carrier spot rates are at multi-year highs. New York-listed shipowner and operator Diana Shipping (DSX) chartered out 2013 built panamax bulk carrier 77K DWT MV Ismene for a short period 57% higher than its former charter. Previously, Greek shipowner and operator Diana Shipping (DSX) chartered out 2013 built panamax bulk carrier 77K DWT MV Ismene to Phaethon International for $10,500 per day. Greek shipowner and operator Diana Shipping’s full period-charter coverage for the company’s fleet could cause to miss the profitable spot market in Q1 2021. The forecast for panamax spot rates continues bullish for the rest of 2021. Athens-based shipowner and operator Diana Shipping (DSX) might not benefit from current robust panamax spot rates in Q1 2021. Diana Shipping (DSX) is optimistic about dry bulk shipping markets however Diana Shipping (DSX) is not going to distribute dividends until Diana Shipping’s stock trades above NAV (Net Asset Value).
27-February-2021
Simeon Palios-led New York-listed shipowner and operator Diana Shipping has engaged in a contractual agreement known as a time charter with Tongli Shipping, a Singapore-based company. The contract pertains to the 2013 built panamax bulk carrier MV Ismene. The commencement of the charter is scheduled for March 7 and is expected to extend between October 15 and December 15, 2021. The agreed gross charter rate amounts to $16,500 per day, which represents a substantial enhancement compared to the previous charterer, British Virgin Islands-registered Ukraine-based ship operator Phaethon International Company Ltd, who was paying $10,800 per day. Athens-based, Nasdaq-listed Diana Shipping, renowned for its fleet comprising 37 bulkers, anticipates generating approximately $3.6 million throughout the minimum duration of the time charter.
27-February-2021
Athens-based shipowner and operator Sea Globe Management and Trading Inc has achieved considerable profits from the sale of a pair of kamsarmax bulk carriers. Sea Globe Management and Trading Inc made a shrewd move in early 2016, purchasing these two kamsarmax bulk carriers at the market’s nadir, and now, nearly five years later, Greek shipowner and operator Sea Globe Management & Trading is reaping the rewards with a substantial gain on their sale.
25-February-2021
Athens-based shipowner and operator Pioneer Marine sold four (4) handysize bulk carriers to take advantage of a positive movement in the secondhand handysize bulk carriers market. Athens-based shipowner and operator Pioneer Marine reported a net loss for 2020. Oslo over-the-counter (OTC) listed Pioneer Marine is going to deliver four (4) handysize bulk carriers in May 2021 to the new shipowners and operators. In 2020, Pioneer Marine sold another four (4) handysize bulk carriers. Pioneer Marine reported a net loss of $14.5 million for the full year of 2020. CEO Jim Papoulis-led Pioneer Marine estimates that the positive outlook in the handysize bulk carriers market will continue in 2021. According to Pioneer Marine, handysize bulk carrier rates in 2021 will continue at pretty healthy levels due to swiftly soaring market conditions. Currently, Greek shipowner and operator Pioneer Marine owns and operates thirteen (3) bulk carriers.
24-February-2021
Copenhagen-based shipowner and operator Clipper Group subsidiary Clipper Bulk acquired 2009 built handysize bulk carrier 38K DWT MV Clipper Hong Kong (ex MV Rodina) for around $8 million from Navibulgar. MV Clipper Hong Kong (ex MV Rodina) is the third secondhand bulk carrier acquire of Danish shipowner and operator Clipper Bulk. In November 2020, Clipper Bulk acquired a 2010 built handysize bulk carrier 38K DWT MV Clipper Copenhagen (ex MV Rook) for around $6 million from Athens-based Access Shipping. Additionally, Clipper Bulk acquired a 2010 built handysize bulk carrier 38K DWT MV Clipper Houston (ex MV Bulgaria) from Bulgarian shipowner and operator Navibulgar. MV Clipper Hong Kong (ex MV Rodina), MV Clipper Copenhagen (ex MV Rook), and MV Clipper Houston (ex MV Bulgaria) were built at Jiangsu Eastern Shipyard. MV Clipper Hong Kong (ex MV Rodina), MV Clipper Copenhagen (ex MV Rook), and MV Clipper Houston (ex MV Bulgaria) have participated in Clipper Bulk’s Emerald Pool. Currently, Copenhagen-based shipowner and operator Clipper Group subsidiary Clipper Bulk operates three (3) bulk carrier pools:
- Clipper Handy Pool
- Clipper Emerald Pool
- Clipper Bulkhandling Pool
23-February-2021
Norwegian shipowner Atlantica Shipping AS acquired 2009 built supramax bulk carrier 55K DWT MV Paro (ex MV Cerulean Phoenix) for around $10 million from Japanese shipowner and operator Misuga Kaiun. MV Paro (ex MV Cerulean Phoenix) was built at Mitsui Shipyard. MV Paro (ex MV Cerulean Phoenix) is due for SS (Special Survey) in September 2024. Currently, Atlantica Shipping AS owns and operates another 2009 built supramax bulk carrier 55K DWT MV Rego. Meanwhile, Norwegian shipowner Atlantica Shipping AS sold four (4) feeder containerships MV Miro, MV Spero, MV Polo, and MV Charlie for around $6 million each. Atlantica Shipping AS is led by Johan Werner. Johan Werner holds 60% of the shares in Atlantica Shipping AS. Other shareholders are German Egon Oldendorff and Greek A.M. Nomikos. Atlantica Shipping AS was established in 1997 as a ship-operator however Atlantica Shipping AS became a shipowner and ship-manager. Atlantica Shipping AS is a ship-owning company that aims to acquire ships with long-term commitments to first-class charterers and act as the owner and the commercial manager. Norwegian shipowner Atlantica Shipping AS is regarded as an asset play company. Atlantica Shipping AS has been reducing the company’s exposure to the containership segment. Currently, Atlantica Shipping AS owns two (2) supramax bulk carriers and three (3) tankers.
23-February-2021
Hong Kong and South Korean shipowner and operator Cido Shipping, a titan in the shipping industry, is progressively diminishing its stake in dry goods. Having roots in both Hong Kong and South Korea, Cido Shipping has divested from five bulk carriers in a mere span of three weeks, significantly trimming its panamax bulk carriers along with a suprama bulk carriers. Hong Kong and South Korean shipowner and operator Cido Shipping, boasting a fleet of 70 vessels, has been subtly indicating its inclination to reduce its commitment to the bulker segment for quite some time. The divestiture journey commenced last summer, as Cido Shipping propagated the potential sale of half their capesize bulk carrier fleet, culminating in the disposal of a decade-and-four-year-old cape by autumn. A lull followed until the present month. Cido Shipping successfully sold the 2008-built kamsarmax bulk carrier 82K DWT MV Fortune Rainbow for a sum of $14 million, and the Mitsui supramax, christened MV Fortune Wing, fetched $11.75 million. Just a week prior, Safe Bulkers disclosed its pact to procure a 2011-constructed Japanese panamax at $14 million, now recognized as Cido Shipping’s panamax bulk carrier 76K DWT MV Fortune Daisy. This transaction unfolded roughly a fortnight post Cido Shipping’s divestment of the 2009-built kamsarmax bulk carrier 82K DWT MV Fortune Miracle at $14.5 million to another Nasdaq-indexed Greek bulker shipowner, Castor Maritime. Cido Shipping’s inaugural sale of the annum was consummated in January’s final week, involving a 2008-constructed twin of Fortune Miracle, dubbed Fortune Sunny.
23-February-2021
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk CEO Lucio Bonaso dies at the age of 72. Lucio Bonaso joined the d’Amico Societa di Navigazione in 1998 and became CEO (Chief Executive Officer) of the dry bulk division in 2012. CEO Lucio Bonaso developed the bulk carrier fleet and contributed to the growth of the d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk. Recently, Lucio Bonaso managed the fleet-renewal program of d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk. In 1973, Lucio Bonaso graduated as a naval engineer at the University of Genoa. In 1980, Lucio Bonaso was appointed by Gestion Maritime. Lucio Bonaso worked at Gestion Maritime until 1998. Lucio Bonaso started working at at d’Amico Societa di Navigazione. In 2012, Lucio Bonaso was appointed as CEO (Chief Executive Officer) at d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk. Lucio Bonaso devoted to the introduction of the Student Naval Architect Award which is presented each year by the Royal Institution of Naval Architects and d’Amico Societa di Navigazione. Currently, Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico dry bulk controls 20 bulk carriers.
23-February-2021
Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited reported a net loss of $15.25 million for 2020 due to the post-coronavirus recession. Jinhui Shipping and Transportation Limited reported a revenue of $47.12 million for 2020. Oslo Stock Exchange-listed Jinhui Shipping and Transportation’s majority shared are owned by Hong Kong-listed Jinhui Holdings and controlled by brothers Ng Siu Fai and Thomas Ng Kam Wah. Bermuda registered and Hong Kong-based Jinhui Shipping and Transportation Limited published that the drivers for a net loss of $15.25 million were the consequence of the coronavirus pandemic on shipping business and, therefore, on chartering and freight revenue, unrealized impairments on the value of bulk carriers, and an increase in ship operating costs. In Q4 2020, Jinhui Shipping and Transportation Limited reported a revenue of $15.14 million. In July 2020, Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited acquired 2001 built supramax bulk carrier 50K DWT MV Atlantica for around $4 million. In December 2020, Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited sold 2002 built supramax bulk carrier 50K DWT MV Jin Ping for around $5.5 million to Hong Kong Xinfeng Shipping. Jinhui Shipping and Transportation Limited reported TCE (Time-Charter Equivalent) $7,269 per day per bulk carrier for 2020. Bermuda registered and Hong Kong-based Jinhui Shipping and Transportation Limited has significant investments and other financial holdings. Currently, Jinhui Shipping and Transportation Limited has a fleet of two (2) post-panamax bulk carriers and seventeen (17) supramax bulk carriers.
22-February-2021
Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group will acquire ten (10) scrubber-fitted newcastlemax bulk carriers and eight (8) scrubber-fitted kamsarmax bulk carriers from Seatankers Management for around $752 million. John Fredriksen-backed shipowner Golden Ocean Group will acquire ten (10) scrubber-fitted newcastlemax bulk carriers and eight (8) scrubber-fitted kamsarmax bulk carriers from John Fredriksen’s Cyprus-based company Seatankers Management. John Fredriksen’s private company Hemen Holding, which is Golden Ocean Group’s largest shareholder, granted the Golden Ocean with a $414 million loan. Golden Ocean Group is going to raise the remaining $338 million from a private placement of shares, half of which were acquired by Hemen Holding. Norway-based dry bulk shipping company Golden Ocean Group is undertaking a repair offering to its other shareholders, which expects to raise an additional $17 million. Golden Ocean Group is purchasing a modern and fuel-efficient fleet at an attractive point in the shipping cycle. Norway-based dry bulk shipping company Golden Ocean Group anticipates a robust rebound in dry bulk demand. Currently, bulk carrier demand is increasing, while net bulk carrier supply to the shipping market is at 30-year lows. Golden Ocean Group requires capesize bulk carrier rates higher than $20,000 per day to make the transaction accretive to earnings per share (EPS). The dry bulk market is foreseen to grow in the next two years.
21-February-2021
Athens-based Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd is establishing a strategic partnership with Dubai-based Gulf Navigation Holding PJSC. Greek Stamatis Molaris-led Empire Navigation and Empire Bulkers (Empire Group of Companies) controls 16 bulk carriers and 20 tankers. Gulf Navigation Holding will support Empire Navigation and Empire Bulkers to penetrate new markets and increase its customer base. Gulf Navigation announced this strategic partnership will be the commencement of a broader range of businesses with Empire Navigation and Empire Bulkers (Empire Group of Companies). Currently, Greek shipowner and operator Empire Navigation and Empire Bulkers (Empire Group of Companies) is already in different geographical regions and has a large charterer base. Gulf Navigation’s strategic partnership will also offer great opportunities through the transfer of expertise and producing distinct projects, as well as mutual benefits to Empire Navigation and Empire Bulkers (Empire Group of Companies). Dubai-based Gulf Navigation Holding PJSC has a fleet of chemical tankers, livestock carriers, offshore support vessels. In 2020, Greek shipowner and operator Empire Bulkers Ltd involved in at least five (5) S&P (Sale and Purchase). In October 2020, Empire Bulkers Ltd sold 2005 built supramax bulk carrier 55K DWT MV Neraida for around $8 million. In July 2020, Empire Bulkers Ltd acquired a 2011 built handy bulk carrier 32K DWT MV Vasilis (ex MV Maratha Paramount) and 2012 built handy bulk carrier 32K DWT Fuzeyya (ex MV Maratha Prudence) for around $8 million per ship.
21-February-2021
New York-listed shipowner and operator Diana Shipping (DSX) appointed Semiramis Paliou, the daughter of Simeon Palios, as the new CEO (Chief Executive Officer). In 1972, Simeon Palios established Diana Shipping Agencies, Diana Shipping’s predecessor. In 2005, Simeon Palios established Diana Shipping and has since then worked as CEO and chairman. Semiramis Paliou has served as a director of Diana Shipping since March 2015 and its chief operating officer since August 2018. In October 2019, Semiramis Paliou was appointed as deputy CEO of Diana Shipping. Furthermore, Semiramis Paliou served as chief operating officer of Diana Shipping’s sister company, containership owner Performance Shipping. In 1996, Semiramis Paliou started her career in shipping as a traineeship surveyor for Lloyd’s Register of Shipping (LR). Semiramis Paliou has worked as head of operations, technical and crew department in Diana Shipping Services. Simeon Palios will remain as non-executive chairman when Semiramis Paliou assumes the CEO (Chief Executive Officer) role, effective on 1 March 2021. Diana Shipping (DSX) reported a net loss of $140 million in 2020. Currently, New York-listed shipowner and operator Diana Shipping (DSX) has a fleet of 37 bulk carriers.
19-February-2021
German shipowner and operator Oldendorff Carriers celebrates its centenary. Oldendorff Carriers is a private family-owned company, Oldendorff Carriers began life 100 years ago. Currently, Oldendorff Carriers is one of the world’s biggest dry bulk companies. On 19 February 1921, Henning Oldendorff’s father Egon Oldendorff became a partner in Lillienfeld & Oldendorff. In 1980, Henning Oldendorff took over the company from his father to create Oldendorff Carriers. Currently, Oldendorff Carriers operates around 700 bulk carriers. The merger of the old Egon Oldendorff with Concept Bulk Carriers in the mid-1990s was the turning point in the progress of Oldendorff Carriers. The merger also committed to the unmistakable working culture that is part of the Oldendorff Carriers’ character. Oldendorff Carriers gave employees a lot of freedom and trust the employees to put their heart and soul into obtaining the most desirable solution. Oldendorff Carriers has formed a solid operating profile however Oldendorff Carriers also known for its asset play. Henning Oldendorff commands the S&P (Sale and Purchase) team. Oldendorff Carriers’ S&P (Sale and Purchase) department fascinates him the most. Furthermore, Oldendorff Carriers has a strong research department. Currently, Oldendorff Carriers have 19 office. Oldendorff Carriers strive to buy and sell vessels at the right time. Oldendorff Carriers’ owned and long-term chartered bulk carriers has increased to about 175 out of 700 bulk carriers. Oldendorff Carriers has been to balancing risks through the physical shipping and paper markets. Therefore, Oldendorff Carriers feel the vibration of changes in the spot and forward markets. Oldendorff Carriers has become a market leader in the baby-capesize, newcastlemax, and post-panamax bulk carrier segments. Oldendorff Carriers established a transshipment hub in Trinidad. Therefore, Oldendorff Carriers able to take various handysize cargoes coming out of the draught-restricted Amazon and Orinoco rivers, which are transshipped on baby-capesize bulk carriers. Oldendorff Carriers has invested $3 billion in 90 eco bulk carriers. Furthermore, Oldendorff Carriers have been working on folding rotor sail design for its bulk carriers.
16-February-2021
Kriton Lentoudis-led Greek shipowner Evalend Shipping ordered two (2) kamsarmax bulk carrier new-buildings 82K DWT for around $27 per ship million at Yangzi-Mitsui Shipbuilding. Additionally, Evalend Shipping has two (2) kamsarmax bulk carrier options. This is the first bulk carrier order of Evalend Shipping since 2017. Athens-based Evalend Shipping’s two (2) kamsarmax bulk carriers will be built according to IMO (International Maritime Organization) Tier II emissions standards. Since 2016, IMO (International Maritime Organization) Tier III emissions regulations took the place of Tier II emissions standards. This indicates that Greek shipowner Evalend Shipping has got its hands on kamsarmax new-buildings that’s keels were laid before 2016. Some Chinese and Japanese shipyards can still offer Tier II new-buildings. Currently, the cost difference between a kamsarmax bulker built to IMO (International Maritime Organization) Tier II and Tier III emission standards is about $1 million. Evalend Shipping’s two (2) kamsarmax bulk carriers will be delivered in Q4 2022. Yangzi-Mitsui Shipbuilding is a joint venture between Chinese Yangzijiang Shipbuilding and Japanese Mitsui E&S Shipbuilding. Athens-based Evalend Shipping is not new to Yangzi-Mitsui Shipbuilding. In 2017, Evalend Shipping ordered for four (4) kamsarmax bulk carrier new-buildings at Yangzi-Mitsui Shipbuilding for around $24 million per ship. Evalend Shipping took delivery of the IMO (International Maritime Organization) kamsarmax bulk carriers in 2018 and 2019. Currently, Evalend Shipping has a mixed fleet of 41 ships and 10 new-building ships on order.
16-February-2021
Hamburg-based Valhal Shipping GmbH acquired 2011 built capesize bulk carrier 180K DWT MV Thalassini Avra (ex MV Cologny) for around $23 million from Japanese shipowner and operator Nissen Kaiun. MV Thalassini Avra (ex MV Cologny) installed a scrubber and BWTS (Ballast Water Treatment System). Jacob Juncher-led Valhal Shipping GmbH is the exclusive agent of Enesel Group’s dry bulk activities. Enesel Group is a subsidiary of Lemos Group. Capesize bulk carrier prices have increased since December, on the back of climbing capesize freight rates. Capesize bulk carrier spot earnings for MV Thalassini Avra (ex MV Cologny) drop to below $9,000 per day in the past week due to seasonal fluctuation. Lemos Group subsidiary Enesel ending an eight-year absence from dry bulk shipping with an order for a pair of ultramax bulk carriers at Dalian Cosco KHI Ship Engineering. Jacob Juncher-led Valhal Shipping GmbH acts as an exclusive agent for Enesel Group’s dry bulk activities. Furthermore, Valhal Shipping GmbH gives chartering, sale-and-purchase, and operational services.
15-February-2021
Nicholas J. Goulandris company Hydroussa Navigation sold 2012 built kamsarmax bulk carrier 82K DWT MV Magica G for around $16 million to a Greek shipowner and operator. In 2012, MV Magica G was constructed at STX Offshore & Shipbuilding. In June 2017, MV Magica G went through SS (Special Survey). Kamsarmax bulk carrier prices have been rising in S&P (Sale and Purchase) market. In 2019, Athens-based Hydroussa Navigation acquired 2012 built kamsarmax bulk carrier 82K DWT MV Magica G from Greek shipowner and operator Byzantine Maritime Corporation (BMC) for around $19 million. The price tag for the MV Magica G indicates the soaring prices for kamsarmax bulk carriers. Athens-based Hydroussa Navigation controls the bulk carriers in the London-based Nicholas J. Goulandris Group. Currently, Nicholas J. Goulandris Group’s tanker arm Andriaki Shipping controls nine (9) tankers. Currently, Hydroussa Navigation controls eleven (11) large bulk carriers.
15-February-2021
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) acquired 2006 built capesize bulk carrier 177K DWT MV Tradership for around $17 million. Seanergy Maritime (SHIP) is looking for more capesize bulk carriers to acquire. Nasdaq-listed shipowner and operator Seanergy Maritime’s (SHIP) total cargo capacity increased to 2.1 million DWT. Recently, 2006 built capesize bulk carrier 177K DWT MV Tradership underwent its special survey (SS). MV Tradership was installed BWTS (Ballast Water Treatment System). Seanergy Maritime (SHIP) does not anticipate any off-hire days or significant capital expenditure for MV Tradership. Baltic Exchange capesize 5TC increased to $12,314, a weighted average of spot rates on five (5) key routes, is currently about 60% higher than the same period average since 2016. Capesize FFA (Forward Freight Agreements) for Q3 2021 are trading at around $19,400 per day. Stamatis Tsantanis-led Seanergy Maritime (SHIP) is positive that the capesize bulk carrier market will proceed to increase. Currently, Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has a fleet of twelve (12) capesize bulk carriers.
15-February-2021
Nicholas J. Goulandris company Hydroussa Navigation sold 2012 built kamsarmax bulk carrier 82K DWT MV Magica G for around $16 million to a Greek shipowner and operator. In 2012, MV Magica G was constructed at STX Offshore & Shipbuilding. In June 2017, MV Magica G went through SS (Special Survey). Kamsarmax bulk carrier prices have been rising in S&P (Sale and Purchase) market. In 2019, Athens-based Hydroussa Navigation acquired 2012 built kamsarmax bulk carrier 82K DWT MV Magica G from Greek shipowner and operator Byzantine Navigation for around $19 million. The price tag for the MV Magica G indicates the soaring prices for kamsarmax bulk carriers. Athens-based Hydroussa Navigation controls the bulk carriers in the London-based Nicholas J. Goulandris Group. Currently, Nicholas J. Goulandris Group’s tanker arm Andriaki Shipping controls nine (9) tankers. Currently, Hydroussa Navigation controls eleven (11) large bulk carriers.
15-February-2021
Great Eastern Shipping, an Indian shipowner and operator, is reportedly preparing to submit a bid for the acquisition of the government-owned Shipping Corporation of India (SCI). As part of the privatization efforts, the Indian government has invited expressions of interest for its 63.75% stake in Shipping Corporation of India (SCI), with all proposals expected to be submitted within the next month. Currently, Shipping Corporation of India (SCI) operates a diverse fleet of 59 ships, which includes two container ships, 18 crude oil tankers, 15 dry bulk carriers, one LPG/ammonia carrier, two multipurpose ships, eight offshore supply vessels, and 13 product tankers. This move signifies a significant step in the government’s privatization agenda, aiming to transfer ownership of this key maritime entity to private hands.
13-February-2021
ArcelorMittal Shipping controlled 2011 post-panamax bulk carrier 93K DWT MV AM Ghent was involved in a bunker spill in Gibraltar Bay during a bunkering operation on 12 February 2021. ArcelorMittal Shipping’s crew members ceased bunkering operation promptly and the crew started deck cleaning operations. ArcelorMittal Shipping controlled MV AM Ghent is managed by Anglo-Eastern. ArcelorMittal Shipping is working closely with the technical managers Anglo-Eastern and Gibraltar Port Authorities in the coordination of clean-up operations. Local media news announced around 1,000 liters of bunker was spilled due to the valve problem. The Gibraltar government announced that it was the first oil spill in the region since 2012. ArcelorMittal Shipping controlled 2011 post-panamax bulk carrier 93K DWT MV AM Ghent is flagged in Liberia and covered by North P&I (Protection and Indemnity).
9-February-2021
Christos Hadjigeorgiou led Greek shipowner and operator Almi Marine Management S.A. sold 2001 built supramax bulk carrier 53K DWT MV Almasi for around $5.5 million to Asian shipowner and operator.
9-February-2021
Greek Angelicoussis family company Alpha Bulkers Shipmanagement subsidiary Link Investment started the case against Jiangsu Steamship in the Florida US federal court. Greek shipowner and operator Alpha Bulkers Shipmanagement subsidiary Link Investment seeks the seizure of the Jiangsu Steamship controlled 2013 built handysize bulk carrier 47K DWT MV Spring Sunshine. Alpha Bulkers Shipmanagement subsidiary Link Investment aims to secure $2.6 million sought in London arbitration proceedings. Alpha Bulkers Shipmanagement subsidiary Link Investment was the owner of the 2000 built capesize bulk carrier 170K DWT MV Alpha Era. MV Alpha Era was chartered by Jiangsu Steamship and held for six (6) months due to China's ban on Australian coal. MV Alpha Era was later sold to Hong Kong King Shan Group for a below-market price. MV Alpha Era obstruction created problems for Alpha Bulkers Shipmanagement, which had agreed to sell the MV Alpha Era to Hong Kong King Shan Group in June for $7.8 million and attempted to back out. Eventually, MV Alpha Era was arrested in China, with Hong Kong King Shan Group sold the MV Alpha Era for demolition for about $10 million. Alpha Bulkers Shipmanagement subsidiary Link Investment is seeking $2.4 million of loss of market value in London arbitration. Alpha Bulkers Shipmanagement subsidiary Link Investment's latest lawsuit targets Jiangsu Steamship, Jiangsu Steamship Pte, ship-manager Jiangsu Huaxi Ocean Shipping Management, and registered owner Spring Sunshine Shipping. The lawsuit argues the companies are corporate alter egos. In 2020, China took steps to block Australian coal imports. China is looking to lift the ban on Australian coal, but it is unclear when that might happen.
9-February-2021
Greek shipowner and operator Carras Hellas S.A. sold 2003 built capesize bulk carrier 171K DWT MV Aquabreeze for around $11 million. MV Aquabreeze has no scrubber or BWTS (Ballast Water Treatment System) installed. Currently, Greek shipowners are seen on the selling side of the capesize bulk carriers in S&P (Sale and Purchase) market. The Greek shipowner’s sale moves come in severe contrast to recent weeks that have seen them essentially been tied to acquisitions of the capesize bulk carriers. Traditional Greek shipowners such as Kassian Maritime and Carras Hellas S.A offloaded vintage capesize bulk carriers, probably just in time to pick increasing prices in capesize bulk carriers. Secondhand prices for 15-year-old capesize bulk carriers increased by more than 20% since the start of 2021. Nevertheless, capesize bulk carrier freight rates have been weakening lately. Purchasing appetite for capesize bulk carriers may suffer vis-a-vis other types of bulk carriers faring better at the moment. Greek shipowner and operator Carras Hellas S.A. have been circulating capesize bulk carriers as candidates for months in S&P (Sale and Purchase) market. Greek shipowner and operator Carras Hellas S.A. has been renewing its fleet. In June 2020, Greek shipowner and operator Carras Hellas S.A. sold sistership 2003 built capesize bulk carrier 171K DWT MV Xin Chun (ex MV Aquaglory) for around $10 million to Jiangsu Huaxin Ship Management.
9-February-2021
Athens-based Pappadakis family-controlled Kassian Maritime sold vintage capesize bulk carrier. Athens-based shipowner and operator Kassian Maritime sold 174K DWT MV Giant Slotta (ex MV Voge Master) for around $12 million to Chinese shipowner and operator. Greek shipowner and operator Kassian Maritime has been trying to sell MV Giant Slotta (ex MV Voge Master) since September 2020. In 2016, Kassian Maritime acquired MV Giant Slotta (ex MV Voge Master) for around $11.5 million. Greek shipowner and operator Kassian Maritime has been trading MV Giant Slotta (ex MV Voge Master) for more than five years. MV Giant Slotta (ex MV Voge Master) is due for a SS (Special Survey) in March 2021. MV Giant Slotta (ex MV Voge Master) is non-scrubber fitted and has not been installed BWTS (Ballast Water Treatment System). Greek shipowner and operator Kassian Maritime controls another couple of capesize bulk carriers of approximately the same age.
9-February-2021
New York-listed Navios Maritime Holdings sold 2006 built supramax bulk carrier 53K DWT MV Navios Astra for around $7 million to Istanbul-based shipowner and operator.
9-February-2021
Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd and Athens-based New York-listed shipowner and operator Diana Shipping (DSX) have engaged in a temporal charter agreement for 2004 built panamax bulk carrier 73K DWT MV Protefs. The charter commenced at the outset of this week, Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd will pay at a rate of $10,650 per day until 20 May 2022. Previously, the 2004 built panamax bulk carrier 73K DWT MV Protefs was under charter with Phaethon International Company at a daily rate of $9,900. Reachy Shipping (SGP) Pte Ltd will pay approximately $4.17 million, considering the minimum charter duration.
9-February-2021
Greek Petrakis-family controlled Iolcos Hellenic Maritime Enterprises sold 2007 built panamax bulk carrier 74K DWT MV Evangelia Petrakis for around $9 million. MV Evangelia Petrakis was one of the oldest bulk carrier in the fleet of Iolcos Hellenic Maritime Enterprises. Iolcos Hellenic Maritime Enterprises has been renewing its fleet. Greek shipowner and operator Iolcos Hellenic Maritime Enterprises first known bulk carrier sale since 2014. Currently, Iolcos Hellenic Maritime Enterprise has a fleet of seventeen (17) large bulk carriers.
9-February-2021
Los family-controlled Greek shipowner and operator Vrontados SA sold two (2) vintage bulk carriers. Dr. Matheos D Los led Greek shipowner and operator Vrontados SA sold 2003 built supramax bulk carrier 50K DWT MV HY Glory (ex MV Ero L) to Chinese shipowner and operator for around $5.5 million. Furthermore, Athens based Vrontados SA sold 2002 built panamax bulk carrier 73K DWT MV Nicos L for around $6 million. Vrontados SA was established by the Los family from Chios Island.
8-February-2021
Greek shipowner and operator Vergos Marine Management sold 2001 built panamax bulk carrier 73K DWT MV Very Maria for around 5.5 million. MV Very Maria was the last bulk carrier in the fleet of Vergos Marine Management. Nevertheless, Vergos Marine Management aims to stay in the shipping business by acquiring modern tonnage. Athens based shipowner and operator Vergos Marine Management last returned to the shipping business in 2014 after an absence of almost ten years from the shipping business.
7-February-2021
Greek Ltd. acquired 2011 built capesize bulk carrier 176K DWT MV Pigassos (ex MV Annou Max) from Gleamray Maritime. At a period when the most shipowners appears to be buying bulk carriers, Athens-based shipowner Gleamray Maritime has sold half of its fleet since August. Gleamray Maritime has no further bulk carriers for sale. Gleamray Maritime is on the hunt for modern kamsarmax bulk carriers. Laskaridis Shipping Ltd.’s subsidiary Lavinia Corp has a fleet of 40 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd commercially manages a large and modern fleet of mid- to large-size dry bulk carriers.
7-February-2021
Singapore-listed Noble Group’s chartering arm Noble Chartering has failed in a bid to overturn a United Kingdom court ruling defining the responsibility of a master to inspect cargoes for possible damage. In 2020, the United Kingdom’s Court of Appeal has upheld a High Court decision. Hong Kong-based Noble Chartering loses out on a payment formerly awarded to it by a London tribunal against charterer Priminds Shipping for damage claims brought in China. In 2012, Noble Chartering controlled 2001 built panamax bulk carrier 73K DWT MV Tai Prize was sub-chartered to Priminds Shipping to transport soybeans. Previously, a London arbitration tribunal had decided that the soybeans were shipped in a damaged condition but that the MV Tai Prize’s master could not reasonably have observed such deficiencies during loading. As a consequence, Priminds Shipping had to indemnify Noble Chartering and Noble Group against any claims. Nevertheless, at an appeal of the arbitration decision at the High Court’s Commercial Court, the judge accepted Priminds Shipping’s argument that the MV Tai Prize’s master should have examined whether the goods appeared to be OK. Therefore, Priminds Shipping did not have to indemnify Noble Chartering and Noble Group. The United Kingdom’s Court of Appeal upheld that decision, clarifying that a master must record the apparent order and condition of the goods according to his reasonable assessment. Furthermore, the United Kingdom’s Court of Appeal refused Noble permission to take its appeal to the Supreme Court.
5-February-2021
Copenhagen-based shipowner and operator Celsius Shipping 2014 built ultramax bulk carrier 63K DWT MV GH Storm Cat for around $16 million. In 2016, Celsius Shipping acquired MV GH Storm Cat for around $12 million. MV GH Storm Cat was built at the Sainty Shipbuilding. In 2016, Jeppe Jensen-led shipowner and operator Celsius Shipping acquired twelve (12) ultramax bulk carriers. Danish shipowner and operator Celsius Shipping remains active in the S&P (Sale and Purchase) market. Recently, Celsius Shipping sold 2016 built ultramax bulk carrier 63K DWT MV GH Seabiscuit for around $17.5 million. In January, secondhand dry bulk carriers’ price tag increased 8%. Celsius Shipping concentrate on asset play deals. Copenhagen-based shipowner and operator Celsius Shipping was established in 2012. Currently, Celsius Shipping has a mixed fleet of 50 ships.
4-February-2021
New York-listed shipowner and operator Scorpio Bulkers (SALT) received the required shareholder endorsement to change its name to Eneti Incorporation (NETI). Dry bulk shipowner and operator Scorpio Bulkers (SALT) was listed at Nasdaq in December 2013. Eneti Incorporation (NETI) plans to own and operate WTIVs (Wind Turbine Installation Vessels). Scorpio Bulkers (SALT) is leaving behind dry bulk business. Currently, most public companies are trading below NAV (Net Asset Values). Scorpio Bulkers (SALT) generate an important shareholder value after reinvesting in WTIVs (Wind Turbine Installation Vessels). Till the deployment of the company’s first WTIV (Wind Turbine Installation Vessel) in 2023, Eneti Incorporation (NETI) should build a strong cash balance to present certainty to lenders, shipyards, and clients. Emanuele Lauro-led Scorpio Bulkers (SALT) anticipates the remaining twelve (12) bulk carriers to be sold by the end of February 2021. Eneti Incorporation (NETI) will hold shares in Star Bulk and Eagle Bulk. Star Bulk and Eagle Bulk exercised their shares as money in recent bulk carrier purchases from Scorpio Bulkers (SALT). In August 2020, Scorpio Bulkers (SALT) announced the company was ordering four (4) WTIVs (Wind Turbine Installation Vessels) at DSME (Daewoo Shipbuilding & Marine Engineering) for around $290 million each. Scorpio Bulkers (SALT) is using the incomes from the sale of the bulker fleet to generate cash liquidity for WTIVs (Wind Turbine Installation Vessels).
4-February-2021
Athens-based shipowner and operator Gleamray Maritime sold 2011 built capesize bulk carrier 176K DWT MV Pigassos (ex MV Annou Max) to Laskaridis Shipping’s Lavinia Bulk. George K Economou-led Gleamray Maritime has sold half of its fleet since the summer of 2020. Greek shipowner and operator Gleamray Maritime intends to acquire a modern kamsarmax bulk carrier from Japanese shipowners. George K Economou’s children owns and operates Horizon Bulkers. Additionally, Horizon Bulkers has been in the S&P (Sale and Purchase) market to acquire additional bulk carriers. In October 2020, Gleamray Maritime circulated 2011 built post-panamax bulk carrier 87K DWT MV Constantinos GO in the S&P (Sale and Purchase). However, Gleamray Maritime withdrew MV Constantinos GO from S&P (Sale and Purchase) market. In September 2020, Gleamray Maritime sold the 2007 built panamax bulk carrier 75K DWT MV Johnny Cash (ex MV Ecostar GO) to Dexter Navigation. In 2020, Greek shipowner and operator Dexter Navigation was established by the Panopoulos family. Gleamray Maritime’s bulk carriers are named with the suffix GO (Greek spelling Oikonomou, George K Economou). Currently, Gleamray Maritime has a fleet of five (5) bulk carriers.
3-February-2021
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired a second kamsarmax bulk carrier in a week. Petros Panagiotidis-led shipowner and operator Castor Maritime acquired a 2009 built kamsarmax bulk carrier for around $14 million. Including the latest acquisition, Castor Maritime spent around $50 million in the secondhand dry bulk market this week. Last week, Castor Maritime acquired 2010 built kamsarmax bulk carrier 83K DWT MV Key Evolution for around $16 million from Japanese shipowner and operator Tokei Kaiun. According to Castor Maritime, attractive opportunities are offered in all ship sizes and segments. Cyprus based Castor Maritime has been firmly expanding the fleet. Currently, Castor Maritime has a fleet of nine (9) bulk carriers.
3-February-2021
Athens-based shipowner and operator Niovis Shipping Co. S.A. has ordered two (2) geared ultramax bulk carrier new-buildings 61K DWT at Nantong Cosco KHI Ship Engineering (NACKS). Niovis Shipping Co. S.A. has ordered two (2) geared ultramax bulk carrier new-buildings at the bottom of the contemporary price cycle. Niovis Shipping Co. S.A. is going to receive the two (2) geared ultramax bulk carrier new-buildings in Q1 2022. Niovis Shipping Co. S.A. has ordered two (2) geared ultramax bulk carrier new-buildings will be installed with BWTS (Ballast Water Treatment Systems) but without scrubbers. Niovis Shipping Co. S.A. benefited from low new-building prices. In February 2021, the amount of ordered bulk carrier new-building as a share of the active fleet plummeted to 5.8%, its lowest level since 1995. Athens-based shipowner and operator Niovis Shipping Co. S.A. is familiar with bulk carriers from Cosco Group’s shipyards. Dalian Cosco KHI Ship Engineering (NACKS) delivered one of the two modern ultramax bulk carriers in the Niovis Shipping Co. S.A.’s fleet, 2019 built ultramax bulk carrier 61K DWT MV Captain Haddock, which Niovis Shipping Co. S.A bought in 2018 as a resale from Eastern Pacific Shipping. In October 2020, Niovis Shipping Co. S.A. bought a 2016 built ultramax bulk carrier 60K DWT MV Yaya Goose (ex MV SBI Hera) for around $18 million from Scorpio Bulkers. Basil Mavroleon-led London-based Bray Shipping acts as the S&P (Sale and Purchase) shipbroker of Niovis Shipping Co. S.A. London-based Kinissis Navigation Ltd. acts as the chartering shipbroker of Niovis Shipping Co. S.A. Athens-based shipowner and operator Niovis Shipping Co. S.A. concentrates on geared ultramax bulk carriers and currently Niovis Shipping Co. S.A. owns and operates eight (8) ultramax bulk carriers.
3-February-2021
Chinese state-owned shipowner and operator Shandong Shipping Corporation (SDSC), subsidiary of Shandong Marine Group Ltd., acquired new-building kamsarmax bulk carriers 82K DWT MV Una Manx and MV Ursula Manx for around $30 million per ship from MX Bulk Management Ltd. MV Una Manx and MV Ursula Manx are under construction at Tsuneishi Group Zhoushan Shipbuilding. Price tags of bulk carriers have been rising. In 2019, MX Bulk Management Ltd entered the kamsarmax segment ordered three (3) sisterships (MV Una Manx, MV Ursula Manx, Mv Vorana Manx) at Tsuneishi Group Zhoushan Shipbuilding. Currently, MX Bulk Management Ltd owns eight (8) bulk carriers and manages three (3) bulk carriers for third parties. In 2020, MX Bulk Management Ltd sold 2019 built ultramax bulk carrier 63K DWT MV Isabella Manx to Adnoc Logistics & Services.
3-February-2021
Athens-based shipowner and operator Nereus Shipping SA sold 2012 built supramax bulk carrier 58K DWT MV Asiatic and 2012 built supramax bulk carrier 58K DWT MV Laconic for around $11.5 million each. In 2008, CM Lemos subsidiary Nereus Shipping SA ordered MV Laconic and MV Asiatic at the top of the dry bulk boom at SPP Shipbuilding for around $50 million each. Nereus Shipping SA assumes that the moment is right to sell the supramax bulk carriers. MV Laconic and MV Asiatic was the first order of Nereus Shipping SA at a South Korean shipyard. Previously, Nereus Shipping SA favored Japanese shipyards. Since then, Athens-based shipowner and operator Nereus Shipping SA has continued its investment focus on the tanker sector.
2-February-2021
New York-listed shipowner and operator Safe Bulkers sold 2003 built panamax bulk carrier 74K DWT MV Paraskevi for around $7.5 million to a Chinese shipowner and operator. MV Paraskevi was built at Oshima Shipbuilding. Polys Hajioannou-led Safe Bulkers has been renewing its fleet. Last year, New York-listed shipowner and operator Safe Bulkers ordered two (2) kamsarmax bulk carrier new-buildings at Oshima Shipbuilding. Safe Bulkers ordered two (2) kamsarmax bulk carrier new-buildings will be built according to the IMO’s (International Maritime Organization’s) Tier-III emissions standards.
2-February-2021
Istanbul-based shipowner and operator Marinsa Shipping sold 2012 built supramax bulk carrier 57K DWT MV Densa Jaguar for around $10.5 million to Asian shipowner and operator.
1-February-2021
Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. Grieg Star Shipping has rebranded as Grieg Maritime Group to avoid confusion with ship-management arm Grieg Star. Recently, Grieg Maritime Group refinanced 2004 open-hatch bulk carrier 45K DWT MV Star Japan with DNB. The is worth $12 million over five years. Grieg Maritime Group moved from LIBOR to SOFR (Secured Overnight Financing). SOFR (Secured Overnight Financing Rate) is a benchmark interest rate for dollar-denominated derivatives and loans that is replacing LIBOR (London Interbank Offered Rate) from the end of 2021. The new SOFR (Secured Overnight Financing Rate) is calculated differently from Libor and is considered less risky. SOFR (Secured Overnight Financing Rate) could lower borrowing costs for shipowners. LIBOR (London Interbank Offered Rate) can be calculated for three, six, or 12 months into the future, however SOFR (Secured Overnight Financing Rate) is calculated only overnight based on past transactions. The new structure of Grieg Maritime Group comprises four (4) companies:
- Grieg Edge (technology)
- Grieg Star (ship-management)
- Grieg Shipowning (shipowner)
- Grieg Green (green recycler)
Furthermore, Grieg Maas, a joint venture with Maas Capital, and G2 Ocean, a joint venture with Gearbulk in open-hatch and bulk shipping. Currently, Grieg Maritime Group owns and operates 34 bulk carriers.
1-February-2021
Chinese shipowner and operator Jiuzhou Star Shipping sold eight (8) bulk carriers in 2020. Jiuzhou Star Shipping has left with 2011 built capesize bulk carrier 176K DWT MV Yuan Fu Star. Jiuzhou Star Shipping plans to sell MV Yuan Fu Star after discharging Australian coal in China. However, the Chinese government’s controversial import ban has made Jiuzhou Star Shipping careful of coal cargoes. Jiuzhou Star Shipping will focus on iron ore cargoes if Jiuzhou Star Shipping remains in capesize sector. Jiuzhou Star Shipping controlled MV Yuan Fu Star has been waiting in North China for six (6) months because it is loaded with Australian coal. Fortunately, MV Yuan Fu Star is not on voyage charter but on time charter to Pacific Bulk Shipping. Jiuzhou Star Shipping has traditionally favored operating bulk carriers near the scrapping age. Yu Dabin-led Jiuzhou Star Shipping started as a coal miner and trader but moved into the shipowning business. Recently, Jiuzhou Star Shipping sold 2012 built capesize bulk carrier 176K DWT MV Han Fu Star to Greece shipowner and operator Moundreas.