29-June-2021
Imabari-based shipowner Nissen Kaiun and Mitsui & Co established a joint venture Lepta Shipping. Lepta Shipping exercised the company’s options and has doubled its containership orderbook to $400 million by at Yangzijiang Shipbuilding. Lepta Shipping order increased to ten (10) 3,500-teu feeder containerships. Lepta Shipping chartered out ten (10) 3,500-teu feeder containerships to Maersk for long term.
28-June-2021
Singapore-based shipowner and operator Berge Bulk signed a new contract to retrofit several scrubbers to more of its ships. Berge Bulk continued dedication to decreasing emissions on bulk carriers. Furthermore, Yara Marine Technologies provides long-term service and maintenance for all scrubbers on Berge Bulk’s fleet. Yara Marine Technologies share Berge Bulk’s commitment to reducing emissions. Berge Bulk is one of Yara Marine’s most prominent long-standing customers. Yara Marine looks forward to retrofitting even more of Berge Bulk’s fleet with the exhaust gas cleaning technology. Service agreements with ship operators are becoming a central part of Yara Marine’s offerings now that its scrubbers have been fitted on a large number of ships worldwide.
27-June-2021
Bergen-based shipowner and operator Westfal-Larsen’s bulker fleet increased by more than 66% to around $203 million in Q2 2021 due to the strong dry bulk market. In 2019, Westfal-Larsen’s parent holding company Skibsaktieselskapet Navigation carried a large write-down of its bulker fleet. Westfal-Larsen owns eight (8) chemical tankers in addition to its fleet of open-hatch bulk carriers. Open-hatch bulk carriers are operated through pool company Saga Welco, where NYK (Nippon Yusen Kabushiki) is the other partner. Till 2020, the open-hatch bulk carrier fleet was operated by Singapore-based subsidiary Masterbulk. Masterbulk was established in 1995 in reaction to the taxation of shipowners in Norway. In 2020, Masterbulk was moved to Bergen, Norway. Bergen-based shipowner and operator Westfal-Larsen was establied in 1905 and is controlled by Rolf Westfal-Larsen Jr and his family. Currently, Westfal-Larsen owns and operates 16 open-hatch bulk carriers.
27-June-2021
Taiwanese shipowner and operator Wisdom Marine ordered three (3) kamsarmax 82K DWT new building bulk carriers at Tsuneishi Group Shipbuilding for around $102 million in total. Wisdom Marine is scheduled to take delivery of three (3) kamsarmax 82K DWT new building bulk carriers in 2023. Three (3) kamsarmax 82K DWT new building bulk carriers will comply with the Energy Efficiency Design Index (EEDI)’s Phase 3 standards, which become mandatory for bulker new buildings in 2025. Wisdom Marine announced the order was part of the company’s fleet renewal plan. Furthermore, Wisdom Marine has three (3) handysize bulk carriers and a 5,000-cbm LPG carrier under construction at Japanese shipyards. Currently, Wisdom Marine owns and operates a mixed fleet of 137 ships.
16-June-2021
Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime has acquired the company’s first bulk carriers beyond its Initial Public Offering (IPO) seed fleet in May. London Stock Exchange-listed Taylor Maritime Investments (TMI) boosted $253 million in its Initial Public Offering (IPO) in May. Taylor Maritime Investments (TMI) agreed to acquire two (2) Japanese-built geared handysize bulk carriers for a total of around $26 million in cash. Taylor Maritime Investments (TMI) focus on handysize and supramax bulk carriers. Edward Buttery-led Taylor Maritime Investments (TMI) will have to come back to the finance market to raise more if the company requires to grow the fleet further. Taylor Maritime Investments (TMI) observe notable potential in the handysize bulk carrier market. Taylor Maritime Investments’ (TMI) fleet has already under the control of the Hong Kong-based subsidiary Taylor Maritime. After the acquisition of two (2) Japanese-built geared handysize bulk carriers, Taylor Maritime Investments (TMI) has a fleet of 25 bulk carriers.
15-June-2021
Danish shipowner and operator Dampskibsselskabet DS Norden A/S will try to raise $100 million through a bond issue. Dampskibsselskabet DS Norden A/S announced it has brought in investment banks Pareto Securities and SEB as joint lead managers and book-runners. Dampskibsselskabet DS Norden A/S anticipates selling $100 million initially, but the maximum bond issue amount has been set at $150 million. In the prevailing investment environment, asset-light Dampskibsselskabet DS Norden A/S views bonds as an engaging option. $100 million will be used to support Dampskibsselskabet DS Norden A/S’s business growth. In Q1 2021, Dampskibsselskabet DS Norden A/S reported a net loss of $6 million due to the weak product tanker market. In Q1 2021, Dampskibsselskabet DS Norden A/S reported a revenue of $603 million. Dampskibsselskabet DS Norden A/S started 2021 with short positions and a modest number of open ships relative to possible cargoes.
15-June-2021
New York-listed shipowner and operator Safe Bulkers acquired a 2013 built panamax bulk carrier 78K DWT for around $22 million. Polys Hajioannou-led Safe Bulkers is going to use cash reserves to acquire the panamax bulk carrier. 2013 built panamax bulk carrier is set for delivery to Limassol and Athens-based Safe Bulkers in August 2021. The strong dry bulk market has opened up fleet-renewal and asset-play possibilities. Safe Bulkers has been constantly renewing its fleet through the careful acquisition of more modern secondhand Japanese-built bulk carriers. Furthermore, New York-listed shipowner and operator Safe Bulkers has four (4) new-building bulk carriers on order at Japanese shipyards. Recently, Safe Bulkers reported a net income of $21.3 million for Q1 2021.
15-June-2021
Bulk carriers transporting grain cargoes have been waiting as long as four weeks to discharge at major ports in China. Currently, 3.5 million tonnes of cargo have been sitting on bulk carriers. In Q1 2021, China imported 51 million tonnes of grain cargoes. Chinese grain storage facilities have limited capacity to handle the large inbound volumes. China is running short of silo storages. Furthermore, coronavirus operation restrictions have also affected. Most of the Chinese grain terminals on average could have about 10 bulk carriers waiting at the anchorage for the congestion. Lately, at Guangzhou and Shenzhen ports, grain bulk carriers have to wait around 15 days before berthing alongside. China’s imports of grain have been strong and the US had a plethora of maize crops because of diminished biofuel demand. This situation has also increased the ton-mile. Chinese port congestions have almost halved since it hit a high of 70 bulk carriers on 27 May 2021.
14-June-2021
Greek Livanos Group dry bulk arm Alios Bulkers sold 2005 built panamax bulk carrier 75K DWT MV Atlantic Hero for around $15 million.
14-June-2021
Oslo-listed shipowner and operator Belships acquired two (2) ultramax bulk carriers and promptly sold one of them in a leaseback deal. Belships acquired 2016 built ultramax bulk carrier 63K DWT MV Belisland for around $23 million and sold to a Japanese leasing house. According to Belships, bank financing will be used to fund around 60% of the acquisition price. Belships try to generate value for shareholders. Furthermore, Belships expand the fleet with high-quality bulk carriers, lower costs and secure contract revenue at highly profitable levels which supports Belships' lately declared dividend policy. Meantime, Belships has exercised the company's option to acquire an ultramax that Belships has had on long-term bareboat charter and has finally agreed to sell and lease back the MV Belisland. Belships controlled MV Belisland has concluded a long-term charter to potash giant Canpotex in March 2021. Oslo-listed shipowner and operator Belships has been active in the S&P (Sale-and-Purchase) market in 2021. Belships has acquired four (4) ultramax bulk carriers that are under construction as resales, plus secondhand bulk carriers. In May 2021, Belships acquired 2021 built ultramax bulk carrier 61K DWT MV Belforce as resale. Belships' commercial arm is managed by Lighthouse Navigation. Currently, Belships owns 27 bulk carriers.
14-June-2021
New York-listed shipowner and operator Diana Shipping (DSX) affiliated private company sold 2001 built panamax bulk carrier 75K DWT MV Elim Hope (ex MV Danae) for around $10 million. As long as optimism persists in the dry bulk shipping market, sales activity for bulk carriers is not anticipated to diminish. Second-hand bulk carrier prices appear to be still underpriced when compared to today’s period rates.
14-June-2021
New York-listed Navios Maritime Holdings (NM) has secured a $75 million loan from Angeliki Frangou’s N Shipmanagement Acquisition to pay off the company’s $305 million notes due in 2022. In 2017, Navios Maritime Holdings (NM) secured a debt of $896 million at a coupon of 11.25%. Navios Maritime Holdings (NM) has $896 million of debt maturing on 1 March 2022 with $63 million more due in 2023 and $46 million the year in 2024. The notes are secured by a priority lien on stock owned by subsidiaries that are guarantors such as Navios GP, Navios Maritime Acquisition, Navios South American Logistics, and Navios Maritime Partners. Furthermore, 2009 built capesize bulk carrier 179K DWT MV Navios Azimuth is also pledged as security. Angeliki Frangou loaned $100 million to group company Navios Acquisition for working capital earlier in 2021. New York-listed Navios Maritime Holdings (NM) announced that the company is striving to generate extra liquidity to finance the working capital requirements through the sale of assets, refinancing schemes, and an initial public offering (IPO) of Navios Logistics. New York-listed Navios Maritime Holdings (NM) assumes the company will generate enough cash to make the imperative principal and interest payments on its borrowings, excluding the maturity payments, till 2022.
14-June-2021
Greek shipowner and operator Nicholas G Moundreas (NGM) subsidiary NGM Energy SA sold 2013 built panamax bulk carrier 79K DWT MV Countess I for around $19 million. In 2013, Nicholas G Moundreas (NGM) acquired MV Countess I for around $22 million as a new-building resale from the shipyard.
14-June-2021
Restructured South Korean shipowner and operator (previously STX Pan Ocean) Pan Ocean has published plans to delist its shares from the Singapore Exchange (SGX). Pan Ocean announced that the company will offer to buy up shares at $6.56 each. Pan Ocean answered the delisting is not a take-private exercise as the Pan Ocean plans to maintain its primary listing on the Korea Exchange (KRX). According to South Korean shipowner and operator Pan Ocean keeping its dual listing status channels to numerous compliance and costs and that these resources could be properly spent on business operations. South Korean shipowner and operator Pan Ocean has not carried out any action to boost cash funding on the Singapore Exchange (SGX) since 2015. Pan Ocean delisting is subject to the approval of the Singapore Exchange (SGX) and both the delisting and exit offer will be conditional on obtaining endorsement from shareholders at the general meeting. In Q1 2021, South Korean shipowner and operator Pan Ocean reported an operating profit of $43.3 million. Currently, Pan Ocean controls around 221 bulk carriers.
14-June-2021
Athens-based shipowner and operator Primerose Shipping sold 2015 built panamax bulk carrier 82K DWT MV Ocean Saga for around $22 million.
14-June-2021
New York-listed shipowner and operator Safe Bulkers sold 2003 built panamax bulk carrier 76K DWT MV Maria for around $12 million. Limassol and Athens-based Safe Bulkers has been slowly renewing its fleet. Polys Hajioannou-led Safe Bulkers sold five bulk carriers since February 2021.
14-June-2021
Tokyo-based shipowner Inui Global Logistics wants to prevent a potential takeover bid from Alphaleo Holdings. Inui Global Logistics is requesting shareholders to vote for a revised corporate protection plan at its annual shareholders’ meeting. The largest shareholder Alphaleo Holdings controls 31.5% of the Inui Global Logistics’ voting rights. Alphaleo Holdings has filed litigation against Inui Global Logistics eight times. Inui Global Logistics has been asking for shareholders to vote for a revised plan that is aimed only at Alphaleo Holdings and its associated companies such as Makis Holdings and the Melco Group. Currently, Tokyo-based shipowner Inui Global Logistics owns 22 bulk carriers.
14-June-2021
Norwegian shipowner and operator Spar Shipping reported a pre-tax profit of $38 million in 2020. Spar Shipping reported revenue of $108 million in 2020. At the beginning of 2020, Spar Shipping had a stressful start due to the post-coronavirus recession. However, the dry bulk shipping market steadily increased, which has led Spar Shipping to report higher profits. Spar Shipping chairman Dag Magne Vedvik expressed careful optimism, emphasizing that there are uncertainties over the dry bulk shipping market going forward. Norwegian shipowner and operator Spar Shipping is owned by brothers Tom and Iwan Eide Knudsen through their company West Coast Invest. Spar Shipping was a tonnage provider however the company has established its chartering department. Currently, Spar Shipping has a fleet of 24 bulk carriers.
13-June-2021
Athens-based Minerva Ship Management’s client sold 2008 built panamax bulk carrier 78K DWT MV Soroco for around $16 million. Ted Petropoulos-led Minerva Ship Management have circulated MV Soroco for sale since February 2021. Nevertheless, it took its time to close the deal.
8-June-2021
Athens-based shipowner and operator Laskaridis Shipping Ltd’s chairman Panos Laskaridis presented in a documentary that Greece’s shipowners do not need the country’s government or regulators. Laskaridis Shipping Ltd’s chairman Panos Laskaridis was attempting to exemplify that Greek shipping does not depend on Greece’s lawmakers or its economy. Laskaridis Shipping Ltd’s chairman Panos Laskaridis stated that the shipping corporations could get away with doing to the prime minister. Ultimately, this led Panos Laskaridis to step down from the Union of Greek Shipowners (UGS).
6-June-2021
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) recently secured new contracts for two of its bulk carriers, both at considerably higher rates compared to their previous agreements. Starting from June 6, Olam International has entered into a time charter for the 2013 built capesize bulk carrier MV P.S. Palios. This charter will last until sometime between February 15 and April 15, 2022, with a daily rate of $26,500. Previously, the 2013 built capesize bulk carrier MV P.S. Palios was chartered to C Transport Maritime in Monaco for $12,050 per day. Furthermore, Viterra Chartering has initiated a charter agreement for the 2009 built kamsarmax bulk carrier MV Maia. The charter commenced on June 10 and will continue until sometime between May 1 and June 30, 2022, at a daily rate of $25,000. Currently, 2009 built kamsarmax bulk carrier MV Maia is chartered to Aquavita International for $11,200 per day.
1-June-2021
Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has opted to commission the construction of dry bulk carriers at Yangzijiang Shipyard. The forthcoming Equinox 2.0 Class from Canadian Great Lakes operator Algoma Central Corporation is a refined progression of the original Equinox Class, meticulously crafted to accentuate fuel economy, achieve superior velocity at diminished engine prowess, and elevate deadweight capacity. This Equinox 2.0 version embodies myriad design alterations, encompassing a multitude of weight-reducing innovations and a revamped stern integrating a dual-rudder design. Such modifications augment the bulk carrier’s cargo space, amplifying its capacity. Further enhancements encompass a revamp of the propeller for heightened efficiency and the morphing of cargo chambers to adeptly manage certain challenging cargoes. This state-of-the-art dry bulk carrier is slated to supersede the Algoma Transport, a venerable member of the Algoma dry bulk armada. The ship’s inception will commence in the twilight of 2022, with an anticipated induction into the fleet marking the inception of the 2024 navigation epoch on the Great Lakes, the focal point of Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation’s endeavours. Algoma Central Corporation proudly possesses and directs the preeminent armada of dry and liquid bulk carriers navigating the Great Lakes – St. Lawrence Waterway. Beyond this, St. Catharines-based shipowner and operator Algoma Central Corporation retains oceanic self-discharging dry bulk carriers plying international waters and boasts a shared 50% stake in NovaAlgoma.
1-June-2021
Athens-based shipowner and operator Laskaridis Shipping Ltd’s chairman Panos Laskaridis resigns Union of Greek Shipowners (UGS) after statements provoke anger. Previously, Athens-based shipowner and operator Laskaridis Shipping Ltd’s chairman Panos Laskaridis was the president of European Shipowners’ Association (ESA). Laskaridis Shipping Ltd’s chairman Panos Laskaridis was accused of insulting Greece’s leadership. Panos Laskaridis, one of the most high-profile representatives of Greek and European shipping, quit from the Union of Greek Shipowners (UGS) on Tuesday. Laskaridis Shipping Ltd’s chairman Panos Laskaridis stated that Greek shipping does not depend on the Greece’s lawmakers or its economy. Panos Laskaridis used language that the Greek press found insulting towards Greece’s leaders.