28-July-2021
As the week unfurled, Greek Konstantinos Konstantakopoulos-led New York-listed shipowner and operator Costamare Inc. (CMRE) revealed its acquisition of the 2010 built supramax bulk carrier MV Darya Lakshmi, from Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship). Earlier this year, CEO Vishal Khurana-led shipowner and operator Chellaram Shipping divested itself of a supramax bulk carrier nearly identical in age to MV Darya Lakshmi, and has since been indefatigably active. Reports indicate the addition of four bulk carriers to Chellaram Shipping (Hong Kong) Ltd.’s (Chellship) fleet, while two have been sold off. Chellaram Shipping (Hong Kong) Ltd. (Chellship) showing an affinity towards the handysize sector. Numerous intermediaries are associating Chellaram Shipping (Hong Kong) Ltd. (Chellship) with the four-year-old handysize bulk carrier 38K DWT MV Ultra Calbuco, a notable handysize bulk carrier recently parted with by Ultrabulk for just shy of $24 million. This novel acquisition stands as the most recent and youngest handysize bulk carrier in Chellaram Shipping’s formidable 15-ship bulker division. Moreover, Chelleram has embarked on commissioning new vessels. Word has it that Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) has recently engaged with China’s Chengxi Shipyard to commission a kamsarmax bulk carrier 82K DWT, accompanied by an auxiliary option.
26-July-2021
Taiwanese shipowner and operator Wisdom Marine has ordered four (4) handysize bulk carrier new buildings in Japan. Wisdom Marine has ordered two (2) handysize bulk carrier new buildings at Imabari Shipbuilding and two (2) handysize bulk carrier new buildings at Namura Shipbuilding. Wisdom Marine is going to pay around $116 million in total. Wisdom Marine is going to get the delivery of four (4) handysize bulk carrier new buildings in 2023 and 2024. Four (4) handysize bulk carrier buildings were part of the Wisdom Marine’s fleet renewal programme that is intended to adjust the fleet for future environmental provisions. Wisdom Marine’s four (4) handysize bulk carrier new buildings will comply with the Energy Efficiency Design Index (EEDI)’s Phase 3 standards, which become mandatory for bulker new buildings in 2025. In June 2021, Taiwanese shipowner and operator Wisdom Marine ordered three (3) kamsarmax bulk carrier new buildings in China for around $102 million in total. Wisdom Marine’s three (3) kamsarmax bulk carrier new buildings will also comply with the Energy Efficiency Design Index (EEDI)’s Phase 3 and the IMO’s (International Maritime Organization’s) NOx Tier III standards. Taiwanese shipowner and operator Wisdom Marine plans to order ultramax bulk carrier new buildings soon. Currently, Taipei-listed shipowner and operator Wisdom Marine has a mixed fleet of 137 ships.
25-July-2021
Handysize bulk carriers have been providing freight earnings unseen in recent years. The handysize bulk carrier market keeps surprising all market players. On 23 July 2021, the Baltic Exchange Handysize Index (BHSI) bounced to 1,736 points which is the highest point since September 2008. Especially, handysize bulk carriers have been quick to profit from the uneven nature of the post-Covid global economic recovery. Furthermore, old handysize bulk carriers previously considered to be more or less out-of-date have been in tremendous demand. Consequently, handysize bulk carriers are on the shopping lists of prominent Greek shipowners. Athen-based Brave Maritime, Costamare, Alma Shipmanagement & Trading, and Evalend Shipping have been investing in handysize bulk carriers.
25-July-2021
Meadway Bulkers and Delaway Maritime were established in 2021 by George Dellaportas. Meadway Bulkers was established in April 2021 after George Dellaportas and his brother Costas Dellaportas amicably split the assets of the original family company Meadway Shipping & Trading. Meadway Bulkers has acquired five (5) more bulk carriers since the company’s launch, bringing the total fleet to 11 bulk carriers. In May 2021, Meadway Bulkers acquired 2012 built panamax bulk carrier 78K DWT MV Nord Sirius for around $20 million. In June 2021, Meadway Bulkers acquired 2010 built kamsarmax bulk carrier 83K DWT MV Glorious Wind for around $20 million. In July 2021, Meadway Bulkers acquired 2014 built panamax bulk carrier 78K DWT MV Integrale (ex MV Orient Genesis) for around $23 million. Lately, Meadway Bulkers acquired 2011 built handysize bulk carrier 28K DWT MV Della (ex MV Star Life) and 2013 built handysize bulk carrier 37K DWT MV Lucky Life. Meadway Bulkers projects to grow considerably in the handysize bulk carriers. Meadway Bulkers concludes bulk carrier values are still comparatively low. Usually, the Dellaportas family opted for new building bulk carriers. But, Meadway Bulkers has preferred secondhand acquisitions instead. Meadway Shipping & Trading is led by Costas Dellaportas. Meadway Shipping & Trading was established by George Dellaportas and Costas Dellaportas’ father, Dionysios Dellaportas, who died in 2019.
25-July-2021
CEO Martyn Wade led Grindrod Shipping has gained full control of IVS Bulk. Singapore-based Grindrod Shipping has acquired the remaining shares of IVS Bulk from Bain Capital Credit for around $46 million. Nasdaq-listed tanker and dry bulk shipowner Grindrod Shipping has acquired the remaining 31.14% equity stake of IVS Bulk. Grindrod Shipping gets full control of the twelve (12) bulk carriers of IVS Bulk. Grindrod Shipping announced that the company will receive around $18 million from the redemption and Bain Capital Credit will gain around $9 million. The acquisition is a significant step in the growth and expansion of Grindrod Shipping at a time of really robust freight rates in dry bulk shipping. In February 2020, Nasdaq-listed Grindrod Shipping agreed to a $44million contract to acquire an approximately 33% stake in IVS Bulk in a move that took Grindrod Shipping’s stake in IVS Bulk around 69%. Currently, Grindrod Shipping operates 31 bulk carriers.
25-July-2021
Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, raised another $75 million to acquire up to six (6) handysize bulk carriers. London-listed Taylor Maritime Investments has raised around 65 million new ordinary shares at an issue price of $1.15 each. Edward Buttery-led Taylor Maritime Investments (TMI) is planning to acquire Japan-built handysize bulk carriers at attractive prices. All six (6) handysize bulk carriers are planned to be fixed on new charters. Taylor Maritime Investments (TMI) is projecting substantial earnings in the current freight rate levels. The high demand of investors indicates their confidence in Taylor Maritime Investments’ (TMI) business model and strategy.
25-July-2021
Pictet Asset Management and Newton Investment Management have sold down stakes worth approximately $15.6 million in London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited’s (TOAL). In 2021, shipping fund Tufton Oceanic Assets Limited’s (TOAL) stock price rise 33%. Pictet Asset Management reduced its stake from 9.23% to 4.64% and Newton Investment Management reduced its stake from 5.22% to 4.85%. London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) market capitalization is approximately $312 million. Pictet Asset Management was ranked third and Newton Investment Management was ranked sixth in the list of biggest stockholders of Tufton Oceanic Assets Limited (TOAL). Currently, Tufton Oceanic Assets Limited (TOAL) has a mixed fleet of 21 ships.
24-July-2021
Meadway Bulkers and Delaway Maritime were founded in 2021 by George Dellaportas, with Meadway Bulkers being established in April 2021 following the amicable division of assets between George Dellaportas and his brother Costas Dellaportas from their original family company Meadway Shipping & Trading; since its inception, Meadway Bulkers has acquired five (5) additional bulk carriers, increasing its total fleet to 11 bulk carriers. In May 2021, Meadway Bulkers purchased the 2012 built panamax bulk carrier 78K DWT MV Nord Sirius for approximately $20 million, followed in June 2021 by the acquisition of the 2010 built kamsarmax bulk carrier 83K DWT MV Glorious Wind for around $20 million, and in July 2021 by the 2014 built panamax bulk carrier 78K DWT MV Integrale (formerly MV Orient Genesis) for around $23 million. Most recently, Meadway Bulkers acquired the 2011 built handysize bulk carrier 28K DWT MV Della (formerly MV Star Life) and the 2013 built handysize bulk carrier 37K DWT MV Lucky Life. Meadway Bulkers is aiming for significant growth in the handysize bulk carrier segment and considers current bulk carrier values to remain relatively low; while the Dellaportas family traditionally favored new building bulk carriers, Meadway Bulkers has opted instead for secondhand vessel acquisitions. Meadway Shipping & Trading is now under the leadership of Costas Dellaportas and was originally founded by the late Dionysios Dellaportas, father of George Dellaportas and Costas Dellaportas, who passed away in 2019.
21-July-2021
Taipei-based lessor and lender Chailease International Financial Services has taken the step from financial shipowning into operating its ships in-house. Chailease International Financial Services is in the S&P (Sale and Purchase) market for secondhand dry bulk carriers. Chailease International Financial Services recruited Robert Tsai as company advisor. Chailease International Financial Services established an S&P (Sale and Purchase) and chartering desk. Chailease International Financial Services took over the commercial operations of two (2) panamax bulk carriers. Chailease International Financial Services is expected to place its dry bulk fleet rather than seek new charterers for the bulk carriers or dispose of them in the secondhand market. Chailease International Financial Services’ self-operated fleet consists of 2004 built panamax bulk carrier 77K DWT MV Chailease Blossom (ex MV YM Rightness) and 2003 built panamax bulk carrier 76K DWT MV Chailease Glory (ex MV Medi Taipei). Taiwan Stock Exchange lessor and lender Chailease International Financial Services has funded some 90 vessels and has a $400 million shipping portfolio. Chailease International Financial Services has financed international shipowners including First Ship Lease Trust, Besiktas Group, Anglo International, Castor Maritime, and Global Ship Lease.
18-July-2021
The world’s largest iron ore producer Rio Tinto shipped 76 million tonnes of iron ore in Q2 2021 due to the storms that affected its West Australian operations. Therefore, Australian mining giant Rio Tinto announced that the company foresees to ship near the lower end of its range of 325 million tonnes and 340 million in 2021. Furthermore, Rio Tinto shipped 13 million tonnes of bauxite in Q2 2021 due to the continuous operation weakness following harsh wet weather in Eastern Australia in Q1 2021. Australian mining giant Rio Tinto CEO Jakob Stausholm stated that the world economy recovered steadily. Rio Tinto concentrated on servicing the buyers with as much product as the company can. Rio Tinto encountered some difficulties in the Q2 prominently at Pilbara operations due to tremendous rainfall. Furthermore, corona-virus travel restrictions added an additional burden on Rio Tinto. Iron ore prices climbed to records above $230 per tonne in May 2021 due to the post-corona-virus infrastructure drive by China. China’s steel demand was up 5% year-on-year in Q2 2021.
18-July-2021
Singapore-based shipowner and operator IMC Shipping has been transforming from a conventional shipowner into an asset-light ship operator. IMC Shipping has been restructuring the group planned to perform better synergies between markets and economies of scale. IMC Shipping has a sister company IMC Pan Asia Alliance Group which controls ports, shipyards, and logistics in China, Indonesia, and Thailand. IMC Shipping will still be a shipowner but are unlikely to take a significant position in fixed assets. Previously, IMC Pan Asia’s shipping portfolio consisted of a loose collection of separate shipping companies and service entities under IMC Industrial Group. Furthermore, IMC Shipping has an affiliated company Pelita Samudera Shipping which operates in the Indonesian domestic coal trades. Each IMC Shipping sub-company is operated entirely independently from the other. IMC Shipping’s back-office duties and operating methods are being merged into one stage. IMC Shipping commands more than 40 traditional bulk carriers at any given time. Mostly, IMC Shipping trade in the Indian Ocean and the Pacific, although IMC Shipping’s market in the Atlantic is improving. As part of the transformation of IMC Shipping, its wholly-owned independent ship-management company MSI is being taken back into the fold and will be rebranded as IMC Ship Services. Furthermore, IMC Industrial Group is going to provide technical management and newbuilding supervision services to both IMC Shipping and third-party customers.
18-July-2021
Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, wants to acquire another six (6) handysize bulk carriers through a secondary share offering. London-listed Taylor Maritime Investments (TMI) will sell $75 million of new shares to finance its purchase pipeline. Edward Buttery-led Taylor Maritime Investments’ (TMI) stock will be offered to institutional investors at $1.15 each. In May 2021, Taylor Maritime Investments (TMI) raised around $352 million at the IPO (Initial Public Offering). According to Taylor Maritime Investments (TMI), handysize bulk carrier sector is currently engaging, with a robust charter market and demand. Taylor Maritime Investments (TMI) is well-positioned to take advantage of handysize bulk carrier market conditions to pass further value to shareholders. Taylor Maritime Investments (TMI) wants to acquire high-quality handysize bulk carriers at low costs and take advantage of charter rates producing gross cash yields of more than 20%. An expansion in market capitalization should assist to make the Taylor Maritime Investments (TMI) more attractive to a broader investor base. Currently, Taylor Maritime Investments (TMI) controls 25 bulk carriers.
16-July-2021
New York-listed Navios Maritime Partners sold 2005 built panamax bulk carrier 74K DWT MV Navios Azalea. Angeliki Frangou-led Navios Maritime Partners sold MV Navios Azalea for around $13 million. In 2019, Navios Maritime Partners acquired MV Navios Azalea from Angeliki Frangou’s brother John Angeliki Frangou controlled Irika Shipping for around $10 million. MV Navios Azalea belonged to Irika Shipping, a defunct company controlled by Angeliki Frangou’s brother John Angeliki Frangou.
15-July-2021
London-based shipowner Anglo International Shipping Operations Ltd stands out in today’s global shipping industry as a distinctly British shipowner. With offices in London and Cardiff, the company proudly operates under the UK flag across its entire fleet. CEO Steve Davies of Anglo International Shipping Operations Ltd emphasizes the company’s commitment to reinforcing the UK’s esteemed maritime sector from its inception. He describes Anglo International Shipping Operations Ltd as a shipowner that adheres to best practices and robust risk management, dedicated to generating returns for investors, meeting team members’ personal goals, maintaining reliability and reputation for charterers, and adding value to the supply chain. Founded in 2017 by a group of experts from the shipping and finance sectors, Anglo International Shipping Operations Ltd aims to be the preferred long-term dry bulk shipowner for investors and charterers. The company currently owns a fleet comprising eight dry bulk vessels totaling 818,000 dwt—six post-panamax bulk carriers built between 2010-2012 and two kamsarmax vessels from 2013, constructed in leading shipyards in China and Japan. Before joining Anglo International Shipping Operations Ltd, Steve Davies was the CEO of the global maritime services division of Graig Shipping Group, where he was involved in newbuilding supervision, ship management, and maritime consultancy. Notably, Graig Shipping Group was among the first overseas shipowners to place significant newbuilding orders in China during the mid-1990s for its successful Confidence and Diamond series of bulkers. Steve Davies brings a wealth of knowledge to his role, being a member of the Institute of Chartered Shipbrokers (ICS) and holding both an LLM in maritime law and a BSc in Economics. The business strategy of Anglo International Shipping Operations Ltd, clearly articulated on the company’s website, likely reflects the influence of Steve Davies. The strategy focuses on securing assets at attractive prices, maintaining a strong balance sheet, managing a partnership-focused commercial strategy with top-tier counterparties, and retaining core shipping and finance expertise internally. Steve Davies believes that the landscape of capital in dry bulk shipping has fundamentally changed, necessitating a fresh structural approach and complete alignment of interests among investors, shipowners, charterers, and suppliers to effectively navigate future shipping cycles. Anglo International Shipping Operations Ltd also houses a highly strategic Chartering Department. This department plays a crucial role in managing the day-to-day operations of the fleet, ensuring that each vessel is employed in a manner that maximizes profitability while adhering to the highest standards of safety and efficiency. Anglo International Shipping Operations Ltd’s Chartering Department is staffed by a team of experienced professionals who possess deep knowledge of global commodity markets and shipping logistics. They are responsible for negotiating charter agreements, liaising with brokers, and maintaining relationships with a wide range of clients across different industries. This department leverages cutting-edge technology and data analytics to monitor market trends and optimize fleet deployment. By doing so, they contribute significantly to Anglo International Shipping Operations Ltd’s ability to respond swiftly to changing market conditions and capitalize on emerging opportunities. Their efforts ensure that the company remains competitive in the dynamic shipping industry, where efficiency and timely service are paramount. Anglo International Shipping Operations Ltd CEO Steve Davies also highlights the importance of embracing environmental, social, and governance (ESG) policies, which are increasingly demanded by shareholders and institutional investors. He is set to chair a panel discussion on the significance of the social aspect of ESG at the upcoming London International Shipping Week. The event, titled ‘Driving Growth and Recovery in a Disrupted World’, will be held in a hybrid format at the headquarters of the International Maritime Organization on September 15, 2024. During this event, Anglo International Shipping Operations Ltd CEO Steve Davies will discuss how the Covid-19 pandemic has elevated the prominence of ESG concerns due to a complex interplay of political, economic, and social disruptions, underscoring that modern business leaders should seize the opportunity to drive positive social change.
15-July-2021
Istanbul-based shipowner and operator Canbaz Shipping acquired 2015 built handysize bulk carrier 34K DWT MV Obahan C (ex MV Dream Island) from Shikishima Kisen for around $18 million. Canbaz Shipping has made its third purchase of a Hakodate Dock-built bulk carrier since 2016. Canbaz Shipping’s exclusive shipbroker Io’s Shipbrokers arranged the MV Obahan C (ex MV Dream Island) deal. MV Obahan C (ex MV Dream Island) Ballast Water Treatment System (BWTS). Canbaz Shipping has been on a fleet modernization and enlargement initiative since 2015. Canbaz Shipping concentrates on modern ice-class eco-bulk carriers. Like many other Turkish shipowners, Canbaz Shipping favors Japanese-built ships. Canbaz Shipping concentrates on Black Sea trades with bulk carriers offering optimized cargo intake in shallow waters. Currently, Canbaz Shipping has a fleet of seven (7) ships.
15-July-2021
New York-listed shipowner and operator Diana Shipping (DSX) plots to buy back 3.6% of its outstanding shares at $4.50 per share. Diana Shipping (DSX) is paying a 9.8% premium. Diana Shipping (DSX) concluded that it is in the company’s most beneficial interest to repurchase shares at this time. New York-listed shipowner and operator Diana Shipping’s (DSX) stock soared from $2.18 per share to $5.41 per share from February to June. In December 2020, Diana Shipping (DSX) purchased 6 million shares or about 6.7% of its outstanding common stock. Currently, Diana Shipping (DSX) owns 36 bulk carriers.
15-July-2021
Court battle emerged from a charter of Idan Ofer-led Eastern Pacific Chartering (EPC) controlled 2019 built ultramax bulk carrier 61K DWT MV Divinegate by Pola Maritime in 2019. MV Divinegate was re-delivered to Eastern Pacific Chartering (EPC) after less than two months, but a dispute broke out over unpaid hire. Pola Maritime announced the company was setting off numerous costs and expenses it claimed to have incurred during the charter, which was governed by English law. To secure its claims for funds owed, Eastern Pacific Chartering (EPC) arrested 2012 built handysize bulk carrier 37K DWT MV Pola Devora in Gibraltar on 2 July 2020. Eastern Pacific Chartering (EPC) told that the company examined Lloyd’s List Intelligence report that described Pola Maritime as the beneficial owner of MV Pola Devora. Nevertheless, Pola Maritime was simply the time charterer and the actual owner was Pola Rise OOO. Eastern Pacific Chartering (EPC) released MV Pola Devoraon on 6 July 2020. However, Eastern Pacific Chartering (EPC) denies the arrest was wrongful. Eastern Pacific Chartering (EPC) has claimed approximately $100K in London, while Pola Maritime has counterclaims of up to $139K, plus a claim for damages of $54K in the wrongful-arrest dispute. The wording of the sole English jurisdiction clause in the charter party was adequately wide to allow Pola Maritime to make the wrongful arrest claim in the United Kingdom. English Court’s commitment to upholding exclusive jurisdiction clauses and to construing them in a form that allows adequately related or connected claims to be dealt with in the same forum. Under the 1952 Arrest Convention, any claim for damages for wrongful arrest should be dealt with under the law of the country where that ship arrest took place.
15-July-2021
Imabari-based shipowner Nissen Kaiun ordered two (2) 86K CBM dual-fuelled VLGC carriers at Korea Shipbuilding & Offshore Engineering (KSOE). Japan’s largest shipowner Nissen Kaiun will charter out two (2) 86K CBM dual-fuelled VLGC carriers to Dorian and Eneos for long term. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Furthermore, Nissen Kaiun will be paying around $165 million. Nissen Kaiun stated that the order for dual-fuelled VLGC ships was a the first for the company.
15-July-2021
QC Shipping Investments, a joint venture established in 2015 by Swiss-based Quadra Commodities and Athens-based Erasmus Shipinvest, has sold its last ship 2002 built panamax bulk carrier 76K DWT MV QC Matilde (ex MV Fu May) for around $11 million. QC Shipping Investments may select to reinvest in bulk carriers in the future. QC Shipping Investments acquired MV QC Matilde (ex MV Fu May) in 2015 from Foremost Maritime. In 2017, QC Shipping Investments sold 2000 built panamax bulk carrier 72K DWT MV QC Athina (ex Lei Sheng 2). It is not clear whether QC Shipping Investments will remain to operate soon without any bulk carriers.
14-July-2021
Tor Olav Troim-led Himalaya Shipping raised $30 million in a private arrangement of shares in Oslo. Himalaya Shipping is the private bulk carrier company of Tor Olav Troim. $30 million will be used for Himalaya Shipping’s twelve (12) newbuilding orders of LNG-fuelled newcastlemax bulk carriers. Twelve (12) newbuilding 208K DWT LNG-fuelled newcastlemax bulk carriers will cost around $820 million in total. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding. Himalaya Shipping plans an opening to public markets by securing a listing in Oslo’s OTC (Over-the-Counter) market, the same as Tor Olav Troim-backed 2020 Bulkers which is the publicly listed newcastlemax bulk carrier owner. Himalaya Shipping is eventually anticipated to go for a full public listing on the Oslo Stock Exchange (OSE). 2020 Bulkers’ investors have been notified that Tor Olav Troim’s company Drew Holdings will transfer capital in the firm to Himalaya Shipping. In 2017, Tor Olav Troim-backed 2020 Bulkers ordered eight (8) newbuilding 208K DWT newcastlemax bulk carriers at New Times Shipbuilding. Tor Olav Troim-backed Himalaya Shipping and 2020 Bulkers are anticipated to have the same business type, with payments of regular dividends.
14-July-2021
Athens-based shipowner and operator Byzantine Maritime Corporation (BMC) has made the decision to part with their second IHI-built supramax bulk carrier this year, aiming to capitalize on the fervent S&P market. In the month of April, shipbrokers disclosed the successful sale of a 12-year-old supramax bulk carrier MV Yvonne to LA Maritime. Marios Stafilopatis-led Greek shipowner and operator Byzantine Maritime Corporation (BMC) adeptly flipped MV Yvonne, gaining a handsome $3 million after its acquisition in the previous year. Currently, Byzantine Maritime Corporation (BMC) is actively engaged in selling a sister ship supramax bulk carrier MV Lara. The deal comes with a price tag of over $15 million, an impressive $3 million more than the amount MV Yvonne was sold for earlier this year.
14-July-2021
Imabari-based shipowner Nissen Kaiun sold 2010 built capesize bulk carrier 181K DWT MV Bulk Denmark to Nikolas Martinos-led Athens-based shipowner and operator Thenamaris. Japan’s largest shipowner Nissen Kaiun will receive around $30.5 million from the deal. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Despite increasing capeseiz bulk carrier prices Athens-based shipowner and operator Thenamaris continues to build bulker fleet.
14-July-2021
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) sold two (2) capesize bulk carriers in leaseback deals. Furthermore, Seanergy Maritime (SHIP) chartered out one capesize bulk carrier on a long-term charter. Seanergy Maritime (SHIP) sold 2010 built capesize bulk carrier 181K DWT MV Patriotship and 2012 built capesize bulk carrier 181K DWT MV Hellasship in leaseback to a Chinese finance company. Seanergy Maritime (SHIP) sold MV Patriotship and MV Hellasship on leased back on five-year bareboat deals for $30.9 million each. Seanergy Maritime (SHIP) is financing at Libor plus a 3.5% interest rate. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) may repurchase the two (2) capesize bulk carriers at certain times after two (2) years or the two (2) capesize bulk carriers back at the end of the bareboat charter for around $15 million. MV Patriotship and MV Hellasship leaseback deals could support Seanergy Maritime’s (SHIP) cash flow. Furthermore, Seanergy Maritime (SHIP) chartered out 2012 built capesize bulk carrier 181K DWT MV Worldship at $31,750 per day for a year to a first-class charterer. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers.
14-July-2021
Greek shipowner and operator Thenamaris Ships Management Inc. controlled Thenamaris Conbulk Inc. acquired 2010 built capesize bulk carrier 181K DWT MV Bulk Denmark for around $30 million from Japanese shipowner and operator Nissen Kaiun. MV Bulk Denmark underwent a special survey (SS) in November 2020. MV Bulk Denmark is outfitted with a scrubber and a Ballast Water Treatment System (BWST). In December 2020, Thenamaris Conbulk Inc. acquired 2011 built capesize bulk carrier 180K DWT MV Sealeader II (ex MV Tiger Guangdong) for around $16 million from Chinese shipowner and operator Greathorse International. In February 2021, Thenamaris Conbulk Inc. ordered two (2) kamsamarmax bulk carrier new buildings at Nantong Cosco Ship Engineering. In March 2021, Thenamaris Conbulk Inc. acquired 2019 built kamsamarmax bulk carrier 81K DWT MV Yangze 16. Currently, Greek shipowner and operator Thenamaris Ships Management owns a mixed fleet of about 100 vessels.
12-July-2021
Shipping market players and commodity giants consider the price gains for raw minerals over the past year to be part of a pricing trend that leads towards the commencement of a supercycle. Governments are going to spend around $16 trillion for decarbonization infrastructure. Decarbonization will need two times the amount of steel currently produced, four times the amount of copper, as well as notable increases in the amount of cobalt, nickel, and manganese-all key components in lithium batteries. Pandemic played a robust role in the increase of commodities prices. Covid-19 pandemic has shown shipping players that global supply chains are astonishingly fragile. Furthermore, labor costs in China are no longer a vital advantage and China’s significant decarbonization efforts are also playing a role. Chinese metal trade was not affected by the Covid-19 pandemic; in fact, demand grew during 2020. There is a strong diversion of capital from the old economy to the new technology economy. Investment is considerably lower than in the last super-cycle, which is a fundamental point for a bullish cycle. Demand growth rates for minerals will be strong in 2021 and 2022. Iron ore prices would remain over $200 per tonne over the next few years.
7-July-2021
Limassol-based alternative investment fund Pelagic Partners acquired LPG carriers in pursuit of increased expansion. Niels Hartmann and Atef Abou Merhi-led Pelagic Partners strike a deal to augment the company’s inconspicuous fleet with additional ships as it ventures into the realm of global growth after the Covid-19 pandemic. Cyprus-based alternative investment fund Pelagic Partners has disclosed the procurement of two (2) LPG carriers, thus elevating its diversified fleet to a total of five (5) vessels. Pelagic Partners, established in April 2020, operates as an unconventional investment fund, as stated in the registration documents filed in Limassol, its headquarters. Atef Abou Merhi is the second-generation member of the family that owns the multifaceted Lebanese hipping enterprise.
5-July-2021
A capesize bulk carrier within the esteemed fleet of China’s Ningbo Zrich Shipping has reportedly been sold at a premium of $10 million compared to its acquisition price just over a year prior. The distinguished New Times-built capesize bulk carrier 177K DWT MV Springbank, was one of two capesize bulk carriers procured in an en bloc transaction in March 2020 from German entities. At that juncture, the eminent Beijing-based Minsheng Finance Leasing (MFS) secured two contemporary capesize bulk carriers, subsequently entering into a bareboat charter agreement with Ningbo Zrich Shipping. The reputable shipbrokers associates the Athens-based Pappadakis family-controlled shipowner and operator Kassian Maritime with this recent transaction. Ningbo Zrich Shipping, boasting a trio of capesize bulk carriers, shares a profound affiliation with Athens-based shipowner and operator Kassian Maritime Navigation. Kassian Maritime Navigation sold 2007 built capesize bulk carrier 174K DWT MV Highland Park (ex MV Giant Slotta) for a sum of $12 million. 2007 built capesize bulk carrier 174K DWT MV Highland Park (ex MV Giant Slotta) now sails under Ningbo Zrich Shipping’s flag. Beyond the aforementioned capesize bulk carriers, Ningbo Zrich Shipping’s bulker armada encompasses an additional 10 supramax bulk carriers and one handymax bulk carrier.
2-July-2021
New York-listed shipowner and operator Costamare Inc. (CMRE), which had been a pure-play containership shipowner until the company acquired up to sixteen (16) dry bulk carriers in June 2021. Today, Costamare Inc. published that the company added tween (12) dry bulk carriers. Costamare Inc. (CMRE) is led by Costis Constantakopoulos. According to Costamare Inc. (CMRE), dry bulk carriers are undervalued relative to their current and forward-implied earnings potential. The latest dry bulk carrier acquisitions make Costamare Inc. (CMRE one of the most rapidly expanding companies in the dry bulk market.
1-July-2021
European steel producers are chartering in capesize bulk carriers to take panamax-sized iron ore cargoes from Brazil because the panamax bulk carriers are more pricey. Panamax bulk carriers chartered at such a large premium to those for capesize bulk carriers. Last week, New York-listed Genco Shipping & Trading chartered out 2016 built capesize bulk carrier 180K DWT MV Genco Liberty to Tata Steel to carry 75K metric tons of iron ore from Brazil to the Netherlands. Regularly, 75K metric tons of iron ore are carried on panamax bulk carriers. However, too many capesize bulk carriers are arriving in Brazil in ballast and capesize bulk carriers are ready for loading in July. Capesize bulk carrier rates on the iron-ore trip from Brazil to China were estimated on Friday at $25.81 per metric tonne. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC.
1-July-2021
Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine executives are stepping in to acquire the Pioneer Marine after stockholders backed a plan to sell the entire fleet of bulk carriers at the end of June 2021. CEO Jim Papoulis and CFO Korinna Tapaktsoglou have struck an agreement with the BOD (Board of Directors) to proceed with a management buyout. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 13 handysize bulk carriers. Pioneer Marine was established in 2013 by Pankaj Khanna. Pankaj Khanna was the former operations chief of DryShips. Furthermore, Pioneer Marine was backed by the private equity fund Garrison Investment Group. In 2017, Pankaj Khanna left Pioneer Marine. CEO Jim Papoulis and CFO Korinna Tapaktsoglou moved the Pioneer Marine from Singapore to Athens.