31-January-2021
Singapore based ship operator Pacbulk Shipping Pte Ltd chartered in 2010 built capesize bulk carrier 170K DWT MV Geniuship for around a year from Greek shipowner and operator Seanergy Maritime. Charter of MV Geniuship is expected to commence in Q2 2021. Moreover, Pacbulk Shipping Pte Ltd extended the charter of 2004 built capesize bulk carrier 171K DWT MV Gloriuship till April 2022 from Stamatis Tsantanis-led shipowner Seanergy Maritime.
31-January-2021
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) chartered out three (3) capesize bulk carriers for around a year at Baltic Exchange index-linked charter rates. Currently, the Baltic Capesize Index’s (BCI) time-charter average (TCA) weighed across five routes is around $15,500. Seanergy Maritime chartered out 2010 built capesize bulk carrier 179K DWT MV Fellowship for around a year to Australian miner Anglo American. Seanergy Maritime chartered out 2010 built capesize bulk carrier 170K DWT MV Geniuship for around a year to Singapore based ship operator Pacbulk Shipping Pte Ltd. Furthermore, Seanergy Maritime extended the charter of 2004 built capesize bulk carrier 171K DWT MV Gloriuship till April 2022 to Singapore based ship operator Pacbulk Shipping Pte Ltd. Around 80% of Seanergy Maritime is employed under index-linked time-charters. Therefore, Seanergy Maritime is going to benefit from the rising trend in the capesize dry bulk market. Currently, Greek shipowner and operator Seanergy Maritime has a fleet of ten (10) large bulk carriers.
30-January-2021
Hong Kong King Shan Group sold 2000 built capesize bulk carrier 170K DWT MV An Li (ex MV Alpha Era) for around $10 million to scrapyard. In June 2020, Hong Kong King Shan Group acquired MV An Li (ex MV Alpha Era) for around $7.5 million. However, in December 2020, MV An Li (ex MV Alpha Era) was allowed to discharge Australian coal cargo. When the MV An Li (ex MV Alpha Era) scrap value had risen by about $2 million, Alpha Bulkers tried to cancel the transaction and would refund the deposit. Hong Kong King Shan Group this unacceptable. Because MV An Li (ex MV Alpha Era) was conveniently in Chinese waters, Hong Kong King Shan Group arrested MV An Li (ex MV Alpha Era) through the Beihai Maritime Court and succeeded in forcing a sale. Lately, Hong Kong King Shan Group acquired 2003 built capesize bulk carrier 177K DWT MV Lin Jie for around $8.5 million from Zhong An Shipping. Jin Jingbiao-led Hong Kong King Shan Group acquires vintage bulk carriers and operates them intensively before scrapping them. Hong Kong King Shan Group scrapping decision arrived as an implied result of China’s ban on Australian coal imports.
30-January-2021
Taiwanese shipowner and operator U-Ming Marine Transport ordered two (2) newcastlemax bulk carrier new-buildings with two (2) options at Qingdao Beihai Shipbuilding Heavy Industry. U-Ming Marine Transport is paying around $50 million per newcastlemax bulk carrier. Qingdao Beihai Shipbuilding Heavy Industry raised newbuilding price tags due to increasing materials and weak dollar. However, U-Ming Marine Transport commenced the newbuilding newcastlemax bulk carrier discussions with the shipyard in the autumn, before newbuilding price tags increased. Taipei-based dry bulk shipowner U-Ming Marine Transport has been renewing the fleet. Recently, U-Ming Marine Transport sold 2003 built capesize bulk carrier 175 K DWT MV Cape Mars for around $10 million. U-Ming Marine Transport endeavors to dispose of more vintage bulk carriers. In October 2020, U-Ming Marine Transport took delivery of 2020 built VLOC (Very Large Ore Carrier) 325K DWT MV Grand Pioneer and MV Grand Wisdom from Qingdao Beihai Shipbuilding Heavy Industry. In November 2020, U-Ming Marine Transport ordered four (4) dual-fuelled 190K DWT newbuilding bulk carriers at Shanghai Waigaoqiao Shipbuilding.
27-January-2021
Norwegian shipowner 2020 Bulkers reported a net profit of $11.1 million for 2020. Oslo-listed shipowner 2020 Bulkers took delivery of its first ship in August 2019. 2020 Bulkers year-end result was raised by the Q4 2020. 2020 Bulkers had substantial fleet earnings in Q4 2020. Norwegian shipowner 2020 Bulkers announced a dividend of $0.17 per share for October, November, and December 2020. Only in June 2020, 2020 Bulkers stopped dividend payments to shareholders due to post coronavirus recession. In Q4 2020, 2020 Bulkers announced off-hire days for 2 days in the due to ships deviating for crew changes. In Q4 2020, 2020 Bulkers reported time-charter revenues of $14.6 million. In Q1 2021, 2020 Bulkers’ gross average earnings have risen to around $28,500 per day. In November 2020, 2020 Bulkers’ shares were transferred from the Oslo Axess market to the main board of the Oslo Stock Exchange. Recently, Norwegian shipowner 2020 Bulkers has chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen for around $18,500 per day.
27-January-2021
Nasdaq-listed shipowner and operator Globus Maritime (GLBS) issued 2.6 million common shares and purchase warrants to buy up to 1.95 million units at $6.25 per share. Athanasios Feidakis led shipowner and operator Globus Maritime’s BOD (Board of Directors) has also decided to lower the exercise price on warrants offered on 9 December 2020 from $8.50 per share to $6.25 per share. Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) anticipates over $25 million from both offers. In summer 2020, Globus Maritime (GLBS) made two share offers of $12 million and $15 million after selling $14 million in shares in a separate offer. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) controlled bulk carriers are managed by Athens-based Globus Shipmanagement.
24-January-2021
Bangkok-listed Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping acquired 2016 built ultramax bulk carrier 61K DWT MV Thor Nitnirund (ex MV SBI Tethys) from Scorpio Bulkers for around $19.2 million. In the twilight of the previous December, Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping expanded its fleet by procuring another 2016 built ultramax bulk carrier 61K DWT MV Thor Nirimat (ex MV SBI Hyperion) from Scorpio Bulkers. With this recent illustrious addition, the Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping’s majestic fleet now comprises 24 bulk carriers.
23-January-2021
Monaco based ship manager and operator C Transport Maritime S.A.M. (CTM) announced the supramax bulk carriers pool carried a total of 29 million metric tonnes of cargo in 2020. In 2019, C Transport Maritime S.A.M. (CTM) announced the supramax bulk carriers pool carried a total of 23.5 million metric tonnes of cargo. Mostly, C Transport Maritime S.A.M. (CTM) supramax bulk carriers pool carried coal, agricultural products, and iron ore. In 2020, C Transport Maritime S.A.M. (CTM) supramax bulk carriers pool fixed 582 voyages. C Transport Maritime S.A.M. (CTM) supramax bulk carriers pool fleet expanded to more than 80 bulk carriers. C Transport Maritime S.A.M. (CTM) supramax bulk carriers pool compromises around 22 different shipowners. Due to the post-coronavirus recession, 2020 was a very challenging year for supramax bulk carriers. In 2020, The Baltic Exchange’s supramax index (BSI) fell to $8,173 per day. Monaco based ship manager and operator C Transport Maritime S.A.M. (CTM) announced the supramax revenue-sharing agreement outperformed the Baltic Exchange’s supramax index (BSI) and had the most ship days since the pool started in 2013. In July 2020, C Transport Maritime S.A.M. (CTM) extended the supramax pool through a deal with York Overseas. Furthermore, in 2020, new supramax bulk carrier owners joined such as Fukunaga Kaiun and Wah Kwong. C Transport Maritime S.A.M. (CTM) pool membership has no minimum duration and a three-month exit notice, plus no withdrawal fees or daily administration fees. John Michael Radziwill-led C Transport Maritime S.A.M. (CTM) supramax revenue-sharing agreement charges only a 1.25% commission.
23-January-2021
In August 2020, New York-listed shipowner and operator Scorpio Bulkers (SALT) announced that the company will shift out of the dry trade into WTIVs (Wind Turbine Installation Vessels). Many hedge funds and investors lost interest and bolted from the stock of Scorpio Bulkers (SALT). However, Evermore Global Advisors only became more interested. Evermore Global Advisors started to analyze the WTIVs (Wind Turbine Installation Vessels) market and especially observed IPO (Initial Public Offering) in Oslo Stock Exchange of an existing WTIV (Wind Turbine Installation Vessel) player called Cadeler. Evermore Global Advisors commenced to do a lot of work on the WTIV (Wind Turbine Installation Vessel) market. Evermore Global Advisors took approximately 2% of the IPO (Initial Public Offering). In 2020, Evermore Global Advisors sold off about two-thirds of its stake in New York-listed shipowner and operator Scorpio Bulkers (SALT). Afterward, Evermore Global Advisors decided not to exit and keep a position in Scorpio Bulkers (SALT).
20-January-2021
Limassol based Nasdaq-listed shipowner and operator Castor Maritime acquired 2016 built capesize bulk carrier for around $17 million. Petros Panagiotidis led Cypriot shipowner and operator Castor Maritime has a fleet of panamax bulk carriers and Castor Maritime moved up to capesize league with the acquisition of the first capesize bulk carrier. Castor Maritime has not declared the name of the acquired capesize bulk carrier. Cyprus-based shipowner and operator Castor Maritime has recently raised capital. Lately, the Japanese built modern capesize bulk carriers fetches premium prices amid the new-year market boom. According to Castor Maritime, the dry bulk shipping market is going to improve. Castor Maritime aims to further expand the fleet by taking advantage of second-hand opportunities. Strong capesize spot rates and a positive FFA capesize market have led to increased market confidence in the capesize sector. Castor Maritime’s newly acquired capesize bulk carrier is scheduled to undergo dry-docking and capesize bulk carrier is going to be installed a ballast water treatment system (BWTS) before its delivery. Currently, Castor Maritime has a fleet of seven (7) large bulk carriers.
20-January-2021
RightShip and the International Association of Dry Cargo Shipowners (INTERCARGO) have jointly unveiled a new quality standard for the dry bulk sector named DryBMS. This initiative will be overseen by a newly established Non-Governmental Organization (NGO) set to be formed later this year. The development of DryBMS aims to enhance safety within the dry bulk segment, reflecting a collaborative effort following the integration of expertise from both organizations in August of the previous year. Supported by significant industry bodies, including the International Chamber of Shipping (ICS) and the Baltic and International Maritime Council (BIMCO), DryBMS represents a comprehensive set of best practices and key performance indicators designed for widespread industry adoption. Dimitrios Fafalios, chairman of the International Association of Dry Cargo Shipowners (INTERCARGO) and leader of Athens-based shipowner and operator Fafalios Shipping SA, emphasized the significance of this initiative. He stated, “This is an important step, not only for the shipping industry, but for the sector as a whole. We are all collaborating in a scheme that is being developed by the industry and for the industry, which will deliver a truly robust standard with the buy-in of those that the industry relies upon to implement and support it.” This statement underscores the collective commitment to fostering a safer and more efficient operational environment in the dry bulk shipping sector.
19-January-2021
Castor Maritime, a Nasdaq-listed shipowning and operating company, has completed the purchase of the 2006-built capesize bulk carrier, MV Ocean Compass, for approximately $17.5 million from the Japanese shipowner Imabari Senpaku. This acquisition, previously reported to be made by Pavimar—managed by Ismini Panagiotidi, sister of Castor Maritime’s CEO Petros Panagiotidis—marks an expansion for Castor Maritime. The company expects to take delivery of the MV Ocean Compass towards the end of the second quarter of 2021. Before its delivery, the vessel will undergo drydocking and a special survey (SS) that includes fitting a ballast water treatment system (BWTS), justifying the purchase price. Petros Panagiotidis, CEO of Limassol-based Castor Maritime, expressed enthusiasm over the new addition, highlighting the strategic use of recently raised funds to acquire their seventh vessel. He noted the current market conditions as favorable for expanding into larger dry bulk vessel sizes, aiming to enhance the company’s market position and contribute to long-term shareholder profitability. Before this acquisition, Castor Maritime’s fleet consisted solely of panamax bulk carriers. Since its Nasdaq listing in 2019 with a single bulker, the company has grown to own six panamax bulk carriers.
18-January-2021
Based in Limassol, Castor Maritime Inc. (CTRM) has adeptly completed the sale of another senior vessel, turning a profit in a notably brief timeframe. The company, listed on Nasdaq, has parted with its panamax bulk carrier, MV Magic Moon, built in 2005, handing it over to a third party with no prior connection. Acquired from Pavimar SA in 2019 for an estimated $10 million, the 76,600 dwt MV Magic Moon fetched a sale price of $13.9 million. Furthermore, just last month, Castor Maritime Inc. (CTRM) facilitated the sale of another vessel, the panamax bulk carrier MV Magic Rainbow, constructed in 2007, for approximately $12.6 million. This sale resulted in a net profit of $4.4 million. Looking ahead to the third quarter of 2023, the company is projecting a net gain of $5.3 million from the MV Magic Moon transaction. Following these strategic divestitures, the operational fleet of Castor Maritime Inc. (CTRM) will encompass 18 bulk carriers and a duo of containerships, each with a capacity of 2,700 TEU. 1-April-2023.
Castor Maritime, a company listed on Nasdaq and engaged in shipowning and operations, has finalized the acquisition of a capesize bulk carrier built in 2006, the MV Ocean Compass, for an estimated $17.5 million from the Japanese shipowner Imabari Senpaku. This purchase, initially reported to be by Pavimar SA—overseen by Ismini Panagiotidi, the sister to Castor Maritime’s CEO, Petros Panagiotidis—signifies growth for Castor Maritime. The delivery of the MV Ocean Compass is anticipated by the end of Q2 2021. Prior to delivery, the ship will be subjected to drydocking and a special survey (SS), which will include the installation of a ballast water treatment system (BWTS), explaining the transaction’s value. Petros Panagiotidis, the CEO of the Limassol-based Castor Maritime, shared his excitement about this acquisition, emphasizing the effective use of the company’s newly acquired capital to purchase their seventh ship. He pointed out that the current market dynamics are conducive to scaling up to larger dry bulk vessel categories, with the aim of improving the company’s standing in the market and ensuring sustained profitability for its shareholders. Previously, Castor Maritime exclusively owned panamax bulk carriers, but since its initial public offering on Nasdaq in 2019 with just one bulk carrier, it has expanded its fleet to include six panamax bulk carriers.
17-January-2021
Oslo-listed shipowner and operator Belships sold 2008 built supramax bulk carrier 50K DWT MV Belfort for around $7 million. Norwegian shipowner and operator Belships has been renewing its fleet and MV Belfort was one of its oldest bulk carriers in the fleet. Belships is led by Lars Christian Skarsgaard. Belships also controls MV Belfort's sistership 2008 built supramax bulk carrier 50K DWT MV Belorient. In 2019, MV Belfort entered Belships' fleet as part of the company's merger with Lighthouse Navigation which has been performing the Belships' commercial operations. Currently, Norwegian shipowner and operator Belships controls a fleet of 14 owned bulk carriers.
14-January-2021
The United States added the Islamic Republic of Iran Shipping Lines (IRISL) CEO Mohammad Reza Modarres Khiabani to its blacklist. Furthermore, the United States expanded sanctions on the Islamic Republic of Iran Shipping Lines (IRISL). According to the United States State Department, the Islamic Republic of Iran Shipping Lines (IRISL) had shipped grain-oriented electrical steel to Hoopad Darya Shipping Agency, another Iranian firm previously sanctioned, prompting authorities to sanction the Islamic Republic of Iran Shipping Lines (IRISL) further. According to the United States State Department, companies that keep trading with the Islamic Republic of Iran Shipping Lines (IRISL), its subsidiaries, and other Iranian shipping entities, risk sanctions. The other companies sanctioned were Iranian firms Zangan Distribution Transformer Co, Mobarakeh Steel Co, Sapid Shipping and Iran Transfo Co, China-based Jiangyin Mascot Special Steel Co, and UAE-based Accenture Building Materials. The United States sanctions on Iran have often had repercussions on shipping, with the United States blacklisting several Iranian companies and dozens of its ships and anyone who conducts business with them.
13-January-2021
South Korean shipowner and operator Polaris Shipping sold 1994 built VLOC (Very Large Ore Carrier) 298K DWT MV Stellar Pioneer and 1994 built VLOC (Very Large Ore Carrier) 298K DWT MV Stellar Topaz for demolition for $430 per LDT (Light Displacement Tonnage), or around $20 million each. South Korean shipowner and operator Polaris Shipping proceeds to scrap vintage VLOCs (Very Large Ore Carriers). Polaris Shipping has been renewing its fleet. In 2020, Polaris Shipping sold 13 VLOCs (Very Large Ore Carriers) to scrapyards. In 2012, Polaris Shipping acquired MV Stellar Pioneer and MV Stellar Topaz from iron ore mining giant Vale. Polaris Shipping has ordered one (1) capesize bulk carrier and six (6) VLOCs (Very Large Ore Carriers) new-buildings.
13-January-2021
Per the esteemed Oslo-based financial institution, Cleaves Securities, a plethora of public bulker proprietors have deftly bridged the disparity between their stock valuations and their NAV (Net Asset Value) during 2021. Cleaves Securities envisions a recalibration in the prevailing spot bulk carrier tariffs. Conventionally, there is a pre-Chinese New Year decline in dry bulk consignments to China, accompanied by a reduction in bulker conveyance fees, a phenomenon set to occur on 12th February this annum. The most recent Friday’s market evaluation for capesize bulkers recorded time-charter mean rates at a daily $23,989, marking a 2.1% decline from the preceding Monday, subsequent to an adjustment from the prior bullish week. Meanwhile, the rates for Panamax experienced a modest dip after a dominant ascendant trend throughout January. On the contrary, the tariffs for supramax bulk carriers have surged nearly 5% since the past Monday. With an extensive array of corporations’ equities trading at rates exceeding their NAV (Net Asset Value) at present, Cleaves Securities intimated the likelihood of witnessing NAV-accretive maritime transactions in exchange for stocks. Cleaves Securities, with its foundation in Oslo, ardently endorses dry bulk shares, particularly highlighting bulker magnates such as Genco Shipping, Golden Ocean Group, and 2020 Bulkers. The financial analysis from Cleaves indicates an 84% prospective elevation for Genco’s equity from its prevailing valuation of $8.20 on the New York Stock Exchange. Concurrently, the dual-listed Golden Ocean, residing on both the Nasdaq and Oslo exchanges, possesses the potential to augment by 73% from its standing rate of roughly $5.20 in New York. The dry bulk share index of Cleaves Securities, encapsulating publicly registered bulker proprietors, has burgeoned by 59% since early November. This index lingered subdued in spite of a mid-year surge in asset valuations, a repercussion of the detrimental aura engendered by the Covid-19 pandemic. Lastly, Cleaves Securities prognosticates a 65% elevation in its dry-bulk asset index by the conclusion of 2023.
12-January-2021
Chinese dry bulk operator, Ningbo Marine, has announced its acquisition of MV Horizon Ruby, a panamax bulker with a capacity of 76,000 DWT (deadweight tons) built in 2013. MV Horizon Ruby was procured from Qingdao-based shipowner and operator Seacon Shipping Group Ltd for a substantial sum of $14.62 million. Ningbo Marine is currently engaged in a comprehensive fleet optimization program. Additionally, the company has recently commissioned the construction of three bulk carriers with a capacity of 49,800 DWT (deadweight tons) each from China Merchant Jinling Shipbuilding.
10-January-2021
New York-listed shipowner and operator Diana Shipping (DSX) extended charter of 2013 built post-panamax bulk carrier 87K DWT MV Electra till 30 March 2021 to SwissMarine at a gross rate of $12,500 per day. Diana Shipping is going to earn around $1 million of gross revenue. Diana Shipping has not scrubber-fitted MV Electra. Previously, Greek shipowner and operator Diana Shipping charted out MV Electra to Oldendorff Carriers at a gross rate of $10,250 per day for 25-month. Since the beginning of 2021, it has been an increasing spot market for bulk carriers, which in turn has raised period rates. Baltic Exchange weighted TCA (Time-Charter Average) for panamax spot rates increased to $14,581 per day.
10-January-2021
New York-listed shipowner and operator Scorpio Bulkers (SALT) sold 2017 built ultramax bulk carrier 64K DWT MV SBI Libra for around $18 million. Scorpio Bulkers (SALT) acquired MV SBI Libra under a sale-leaseback arrangement with Norwegian investor Ocean Yield. Ocean Yield would receive around $20 million from the sale and record a small book profit. In 2020, Emanuele Lauro-led Scorpio Bulkers sold 29 bulk carriers and commenced a rapid transition into the WTIV (Wind Turbine Installation Vessel) market. Currently, Scorpio Bulkers (SALT) has a fleet of 22 bulk carriers. Norwegian investor Ocean Yield owns five (5) bulk carriers leased back to Scorpio Bulkers (SALT) until at least 2029. Scorpio Bulkers (SALT) has an option to sell the bulk carriers to third parties with a slight premium. In August 2020, Scorpio Bulkers (SALT) announced the company was ordering up to four (4) WTIVs (Wind Turbine Installation Vessels) at Daewoo Shipbuilding & Marine Engineering. Eventually, Scorpio Bulkers (SALT) is expected to announce the three (3) optional WTIVs (Wind Turbine Installation Vessels). New York-listed shipowner and operator Scorpio Bulkers (SALT) has asked its shareholders to approve a change in the name of the company to Eneti.
10-January-2021
Private equity firm Centerbridge Partners has filed to New York Stock Exchange to sell more than half of its stake in Genco Shipping & Trading. Centerbridge Partners has ordered Jefferies to sell up to around 5.5 million of the 10.5 million shares it holds in Genco Shipping & Trading. In 2016, Centerbridge Partners was one of three private equity firms that came to New York-listed shipowner Genco Shipping & Trading’s support in financial restructuring in return for large stakes. In December 2020, other two private equity firms Strategic Value Partners and Apollo Management sold large stakes in Genco Shipping & Trading. The large private equity firms are holding a huge portion of New York-listed shipowner Genco Shipping & Trading’s shares. Therefore, Genco Shipping & Trading’s shares are limited its trading liquidity among outside investors. New York Stock Exchange-listed public shipowners confront with limited stock turnover problem. Furthermore, small investors assume that the large private equity holders ultimately will sell the shares which are generating downward sentiment on the stock price. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC.
10-January-2021
Greek shipowner and operator Union Marine Enterprises SA acquired 2011 built capesize bulk carrier 175K DWT MV Cape Istanbul for around $19 million from Istanbul-based Eregli Shipping. MV Cape Istanbul will be the largest bulk carrier so far in the fleet of Union Marine Enterprises SA. Greek shipowner and operator Union Marine Enterprises SA is owned by the Varonis family of Chios. In 2020, Union Marine Enterprises SA acquired a 2010 built supramax bulk carrier 55K DWT MV Union Glory (ex MV Yutai Breeze) for around $9.5 million. Furthermore, in 2020, Union Marine Enterprises SA acquired a 2010 built supramax bulk carrier 53K DWT MV Union Victory (ex MV Vega Lea) for around $7 million. Low-profile Athens-based shipowner and operator Union Marine Enterprises SA is confident about the dry bulk market. Istanbul-based Eregli Shipping was established in 2004 by Akmar Shipping and Levent Karacelik which joined forces to acquire capesize bulk carriers. In 2011, Eregli Shipping took the delivery of MV Cape Istanbul from Hanjin Heavy Industries and Construction Philippines. In 2011, MV Cape Istanbul was seized by US-based operator Probulk Shipping & Trading and Karacelik, which saw the Eregli Shipping emerged as victorious. Eregli Shipping has never expanded the fleet, even though individual shareholder Akmar Shipping expanded the fleet. Ultimately, Eregli Shipping shareholders might decide to dissolve the JV (Joint Venture).
9-January-2021
Singapore based shipowner and operator Berge Bulk acquired 2007 built capesize bulk carrier 177K DWT MV Unique Carrier for around $11.5 million from Unique Shipping. James Marshall led Berge Bulk proceeds to expand its fleet. Berge Bulk has ordered several newcastlemax bulk carrier new-buildings at Bohai Shipbuilding. In 2020, Singapore based shipowner and operator Berge Bulk acquired six (6) bulk carriers. Currently, Berge Bulk controls 75 bulk carriers.
8-January-2021
Mumbai based shipowner and operator Great Eastern Shipping (GES) controlled 2011 built capesize bulk carrier 179K DWT MV Jag Anand has been anchored off China for almost seven (7) months is eventually steamed to Japan. Great Eastern Shipping (GES) controlled MV Jag Anand has been stranded off Jingtang, China since June 2020. Great Eastern Shipping (GES) controlled MV Jag Anand was seized in the trade dispute between Australia and China. India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) controlled MV Jag Anand is one of 21 bulk carriers that have been stranded by China’s alleged ban on Australian coal imports. MV Jag Anand’s crew members are mentally and physically exhausted due to an unprecedented situation.
7-January-2021
In the aftermath of the recent storming of the U.S. Capitol building, there has been a wave of resignations from government officials associated with President Trump. Among these, one of the most notable resignations came from Elaine Chao, the Secretary of Transportation. Elaine Chao, who is the daughter of James Chao, the founder of the American shipping firm Foremost Group, and the wife of Kentucky Senator Mitch McConnell, expressed deep concern over the events. In her statement, she mentioned, “Yesterday, our country experienced a traumatic and entirely avoidable event as supporters of the President stormed the Capitol building following a rally he addressed. As I’m sure is the case with many of you, it has deeply troubled me in a way that I simply cannot set aside.” Her resignation will take effect from the following Monday, marking the end of her tenure as the Transportation Secretary, a position she held throughout Donald Trump’s presidency. This decision reflects her response to the unprecedented and unsettling events at the Capitol.