30-May-2021
Vikrant Bhatia’s illustrious 13-year tenure as the captain of KC Maritime’s ship draws to a dignified close tonight. Tomorrow, the mantle of CEO for the distinguished Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) will gracefully pass to the firm’s incoming chairman, Gautam Chellaram, who will elegantly don both the hats of chairman and CEO. Vikrant Bhatia, an esteemed figure in the maritime community, will gracefully exit the executive cadre but will remain an instrumental pillar, guiding the management cadre through this transitional phase for several ensuing months. Previously, Vikrant Bhatia was meticulously sought out to spearhead KC Maritime in 2008, following a commendable 18-year chapter with another eminent Hong Kong maritime entity, Valles Steamship. Established in 1999, KC Maritime began its voyage as the dry bulk subsidiary of the renowned Chelleram Group. Presently, KC Maritime boasts command over an impressive fleet comprising five (5) kamsarmax bulk carriers, three (3) panamax bulk carriers, two (2) ultramax bulk carriers, and a pair of cement carriers.
30-May-2021
Gautam Chellaram has officially assumed the position of CEO at Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd., taking over from long-serving executive Vikrant Bhatia. This leadership transition marks a new chapter for KC Maritime Hong Kong Ltd., one of Asia’s most established privately held shipping enterprises with deep historical roots in both Hong Kong and India. After 13 years at the helm, Vikrant Bhatia concludes his distinguished tenure this evening. Effective tomorrow, Gautam Chellaram, who currently serves as chairman of KC Maritime Hong Kong Ltd., will hold both the chairman and CEO positions. Although stepping down from his executive role, Vikrant Bhatia will remain involved with the shipowner for several months to facilitate a smooth transition and provide strategic guidance. Vikrant Bhatia was appointed to lead KC Maritime Hong Kong Ltd. in 2008 after an 18-year career at the prominent Hong Kong-based shipowner Valles Steamship. During his leadership, KC Maritime Hong Kong Ltd. expanded its operational scale, modernized its fleet profile, and strengthened its standing within global dry bulk markets. Founded in 1999 as the dry bulk shipping arm of the Chellaram Group, KC Maritime Hong Kong Ltd. carries forward a maritime legacy that dates back to the early 20th century, when the Chellaram family first entered the shipping business. The Chellaram Group, with business interests spanning shipping, logistics, and trade, has played an instrumental role in shaping Hong Kong’s and India’s maritime landscapes. KC Maritime Hong Kong Ltd. was created to focus on dry bulk carrier operations, with a strategic emphasis on efficiency, safety, and long-term value creation. Today, KC Maritime Hong Kong Ltd. operates a modern and diversified fleet consisting of five kamsarmax bulk carriers, three panamax bulk carriers, two ultramax bulk carriers, and two cement carriers, serving a wide portfolio of international charterers involved in commodities such as coal, iron ore, fertilizers, cement, and agricultural products. The fleet is operated to the highest international safety and environmental standards, reflecting the shipowner’s commitment to quality and sustainability. KC Maritime Hong Kong Ltd. is renowned for its operational excellence, strict adherence to regulatory compliance, and focus on human capital development. The shipowner places strong emphasis on crew welfare and training, partnering with leading maritime academies and technical managers to ensure seafarers operate at peak efficiency. The company’s management philosophy blends traditional family values with a forward-looking business approach, integrating advanced ship management systems and performance monitoring technologies to enhance efficiency across its operations. Under the leadership of Gautam Chellaram, KC Maritime Hong Kong Ltd. is expected to accelerate its growth trajectory, focusing on fleet renewal and decarbonization strategies. The shipowner aims to strengthen its position in the supramax and kamsarmax segments while exploring long-term investment opportunities in next-generation fuel-efficient ship designs. With offices and operational support in both Hong Kong and India, KC Maritime Hong Kong Ltd. maintains a strong regional presence and global network, providing end-to-end maritime logistics and transportation solutions for charterers across Asia, the Middle East, and Europe. The new leadership era under Gautam Chellaram signifies continuity with innovation — preserving KC Maritime Hong Kong Ltd.’s heritage of reliability and integrity while steering the shipowner toward sustainable growth and operational excellence in the evolving global dry bulk market.
29-May-2021
New York-listed Navios Maritime Holdings (NM) reported net earnings of $163K in Q1 2021. Navios Maritime Holdings (NM) reported revenue of $117 million in Q1 2021. Navios Maritime Holdings (NM) reported a Time Charter Equivalent (TCE) of $14,404 per day per ship in Q1 2021. Previously, Navios Maritime Partners acquired three (3) bulk carriers ahead of merger with a subsidiary container company Navios Maritime Containers. In March 2021, Navios Maritime Holdings (NM) sold 2012 built kamsarmax bulk carrier 81K DWT MV Navios Centarus and 2012 built kamsarmax bulk carrier 81K DWT MV Navios Avior. Furthermore, Navios Maritime Holdings (NM) sold 2006 built supramax bulk carrier 53K DWT MV Navios Astra and 2011 built handy bulk carrier 34K DWT MV Navios Serenity. Angeliki Frangou-led Navios Maritime Holdings (NM) is optimistic about future dry bulk ship demand. Currently, New York-listed Navios Maritime Holdings (NM) owns 15 capesize, 23 panamax, 4 supramax, and 1 handysize bulk carrier.
28-May-2021
German shipowner Oskar Wehr KG sold ten (10) bulk carriers to a new Norwegian KS company Selmer Bulk. Selmer Bulk was set up by Clarksons Platou Project Finance. German shipowner Oskar Wehr KG have a 25% stake and Lorentzen Skibs have a 10% stake in Selmer Bulk. Oskar Wehr KG will maintain technical management of the bulk carriers. Thomas Wehr-led German shipowner Oskar Wehr KG stepped into the Norwegian project market.
27-May-2021
Oslo-listed shipowner and operator Belships reported a net profit of $16.5 million in Q1 2021. Belships has also introduced a dividend scheme. Belships benefited from a robust spot market for supramax and ultramax bulk carriers. Belships announced the company intends to commence giving out around 50% of its net profit in quarterly dividends. Belships understands this dividend policy will create value for shareholders and support the growth. Belships reported 51.6 million in cash and equivalents in Q1 2021 due to accelerated improvements in spot rates. Belships reported a net daily Time Charter Equivalent (TCE) of $12,162 per day per vessel. Belships reported EBITDA of $14.7 million in Q1 2021. Belships' chartering-arm Lighthouse Navigation reported an operating income of $52.9 million which is above analysts' estimates. Previously, Belships acquired 2021 built ultramax new-building 61K DWT MV The Belforce. Currently, Belships owns and operates 26 bulk carriers.
27-May-2021
Greek shipowner and operator Cosmoship Maritime sold 2007 built supramax bulk carrier 53K DWT MV Archagelos Michael for around $8 million. In 2015, MV Archagelos Michael was acquired by Cosmoship Maritime’s ex-partner Times Navigation for around $7 million. Previously, Cosmoship Maritime established a partnership with Times Navigation, but the two companies separated. Cosmoship Maritime took 2003 built capesize bulk carrier 184K DWT MV Agios Charalambos and 2002 built capesize bulk carrier 185K DWT MV Agia Trias. In 2021, Cosmoship Maritime has concentrated on the tanker market and acquired two (2) vintage VLCCs (Very Large Crude Carriers). Cosmoship Maritime acquired 2002 built VLCC 309K DWT MT Skip (ex MT Pantariste) and 2002 built VLCC 307K DWT MT Fos (ex MT Eagle Virginia). Cosmoship Maritime should not be confused with Cosmoship Management, a separate Athens-based company.
27-May-2021
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) acquired 2013 built supramax bulk carrier 56K DWT MV Luminous Nova and 2013 built capesize bulk carrier 180K DWT MV True Dream. Furthermore, Great Eastern Shipping (GES) acquired 2006 built 35K-cbm LPG carrier Cambridge. Mumbai-based shipowner and operator Great Eastern Shipping (GES) will not extend fleet expansion following due to steep second-hand ship prices. Unless second-hand ship prices were to re-correct and come down, they are ahead of Great Eastern Shipping’s (GES) price points. In 2020, Great Eastern Shipping (GES) was not able to purchase vessels due to Covid-19 restrictions. Since 2016, India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) acquired 20 ships. Great Eastern Shipping (GES) had given a bid in the privatization of state-owned shipping company Shipping Corp of India (SCI). Great Eastern Shipping’s (GES) offshore vessels are managed by subsidiary Greatship. Currently, Great Eastern Shipping (GES) owns a mixed fleet of 32 tankers, 5 LPG carriers, and 13 bulk carriers.
27-May-2021
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary company Nordic Bulk took the delivery of 2021 built ice-class 1A post-panamax new-building 95K DWT MV Nordic Nuluujaak from Guangzhou International Shipyard. MV Nordic Nuluujaak is the first ice-class 1A post-panamax new-building in a series of four vessels. Pangaea Logistics Solutions’ subsidiary company Nordic Bulk is going to take three remaining ice-class 1A post-panamax new-buildings in Q3 and Q4 2021. Four (4) ice-class 1A post-panamax new-buildings are funded through a bareboat charter arrangement with CSSC Shipping. Four (4) ice-class 1A post-panamax new-buildings are going to be employed for Baffinland Iron Mines’ project which the company is carrying iron ore from remote Baffin Island in northern Canada.
27-May-2021
Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, was publicly listed on 24 May 2021 at London Stock Exchange. Taylor Maritime Investments (TMI) has been working on more bulk carrier acquisitions. Christian Oldendorff has acquired a 14.9% stake and PointState Capital-managed SteelMill Master Fund has acquired an 11.69% stake in Taylor Maritime Investments (TMI). Taylor Maritime Investments’ (TMI) plan is to have no single controlling shareholder. Taylor Maritime Investments (TMI) is the first significant shipping company listing on London Stock Exchange since Tufton Oceanic Assets in 2017. Strong investor demand was presented to Taylor Maritime Investments (TMI).
27-May-2021
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited’s (TOAL) mother company Tufton Investment Management (TIM) decided to install a sliding rotor sail system on a kamsarmax bulk carrier MV TR Lady to cut emissions. Tufton Investment Management (TIM) signed a contract with Anemoi Marine Technologies to install a sliding rotor sail system on the deck of 2017 built kamsarmax bulk carrier 82K DWT MV TR Lady. Anemoi Marine Technologies will install rotor sails on a rail deployment system which can be moved to avoid disruption to unloading and loading in ports. Anemoi Marine Technologies’ rotor sails will produce important fuel and emission savings to MV TR Lady. Tufton Investment Management (TIM) is aiming for a 50% cut in emissions. Tufton Investment Management (TIM) is committed to reaching the IMO’s (International Maritime Organization) goal of at least a 50% reduction in greenhouse gas emissions by 2050.
26-May-2021
Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) is discreetly revitalizing its armada, both procuring and divesting bulk carriers. CEO Vishal Khurana-led shipowner and operator Chellaram Shipping has orchestrated numerous transactions this spring. On the acquisition front, Chellaram Shipping (Hong Kong) Ltd. (Chellship) has recently surfaced as the purchaser of a bulk carrier relinquished by Scorpio, the 2018 built kamsarmax bulk carrier MV Darya Neeti (ex MV SBI Lynx), for a sum of $22.2 million. This majestic ship has since been christened as Darya Neeti. Additionally, Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) has incorporated an ultramax into its fleet, fresh from its construction; the ultramax bulk carrier MV Darya Heera (ex MV Bohai Venture). CMB Financial Leasing is recognized as the vessel’s previous custodian. Chellaram Shipping (Hong Kong) Ltd. (Chellship) has partaken in a slew of resales emanating from establishments like Tsuneishi Shipyard and Yangzijiang Shipyard. Chellaram Shipping has concurrently relinquished a multitude of bulk carriers. The commencement of the year saw the divestiture of the 2008 built supramax bulk carrier 56K DWT MV Darya Mahesh, for a sum of $9.5 million. Currently, another transaction has surfaced, marking the divestment of its sister ship, MV Darya Lakshmi, for a tidy sum of $14.24 million. The illustrious tale of Chellaram Shipping harks back to Madras, India, where in the year 1916, the late patriarch Kishinchand Chellaram, the luminary behind the conglomerate, pioneered a textile enterprise.
26-May-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) acquired 2015 built ultramax bulk carrier 63K DWT MV Nautical Hilary and 2015 built ultramax bulk carrier 63K DWT MV Nautical Loredana for around $22 million each from Wilbur Ross-led Nautical Bulk Holdings. MV Nautical Hilary and MV Nautical Loredana are scrubber-fitted ultramax bulk carriers. Since 2019, Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) acquired six (6) bulk carriers from Nautical Bulk Holdings. Eagle Bulk Shipping (EGLE) acquired nine (9) bulk carriers in the past six months. Eagle Bulk Shipping (EGLE) is looking at further acquisitions. Currently, Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers.
26-May-2021
Norwegian ship owner and operator Grieg Star Shipping and Maas Capital established GriegMaas AS in January 2019. GriegMaas AS is selling 2012 built supramax bulk carrier 58K DWT MV Star Eracle. Currently, GriegMaas AS owns and operates six (6) bulk carriers. GriegMaas AS desires to benefit from a robust S&P (sale-and-purchase) market. GriegMaas AS announced a plan focused on growth but may have been motivated by increasing ship prices in the secondhand market. Matt Duke-led Grieg Star Shipping has a fleet of 28 open hatch bulk carriers and 6 conventional bulk carriers. Bergen-based Grieg Star Shipping is part of the Grieg Group. GriegMaas AS joint venture further reinforces Grieg Star Shipping’s position within conventional bulk segments. Furthermore, Grieg Star Shipping and Gearbulk formed a joint venture which is called G2 Ocean.
26-May-2021
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited has successfully divested its oldest Very Large Crude Carrier (VLCC) for the purpose of demolition. 2000 built VLCC (Very Large Crude Carrier) 299,000 DWT MT New Diamond is marking the company’s first VLCC sale for scrapping in a span of three years, has been traded according to industry experts specializing in demolition. According to shipbrokers, 2000 built VLCC (Very Large Crude Carrier) 299,000 DWT MT New Diamond has garnered approximately $22 million. However, specific details regarding the transaction remain somewhat obscure.
24-May-2021
Greek shipping magnate Panos Laskaridis, who leads Laskaridis Shipping Co. Ltd., recently sparked significant controversy with his remarks featured in the Black Trail documentary, produced by European Investigative Collaborations. The documentary, which investigates the environmental and governance issues within the shipping industry, included comments from Panos Laskaridis suggesting that Greek shipowners are independent of the Greek government and its institutions, including the IMO (International Maritime Organization) and the prime minister, to the extent of disrespectfully asserting they could “shit on the prime minister.” These remarks were shown to Ioannis Plakiotakis, Greece’s minister of shipping, during the documentary, causing discomfort and leading to widespread disapproval among prominent Greek shipowners and high-ranking government officials. The Union of Greek Shipowners (UGS), represented by president Theodore Veniamis, strongly condemned the comments, stating they do not reflect the patriotic sentiments of the organization. Similarly, the Greek Shipping Cooperation Committee (GSCC) in London emphasized the integral role of the Greek government, flag, sailors, and Greece-based offices in the success of Greek shipping, contradicting Panos Laskaridis’s assertions. Adding to the controversy, Thanasis Laskaridis, Panos Laskaridis’s brother and president and CEO of Lavinia Corporation, explicitly distanced himself from the remarks. He emphasized that the views expressed by Panos Laskaridis were personal and not only did he not share them, but he also opposed them. In the aftermath of the backlash, Panos Laskaridis has hinted that his statements were taken out of context, although this has done little to quell the consternation his comments have caused.
24-May-2021
Oaktree Capital Management sold around ten (10) million shares of Nasdaq-listed shipowner and operator Star Bulk Carriers. Many of the large financial shareholders in Star Bulk Carriers are also shareholders of these other publicly-listed dry bulk companies. In August 2019, Oaktree Capital Management owned around 35 million shares or 37% of Star Bulk Carriers’ stock. Oaktree Capital Management was the biggest shareholder of Star Bulk Carriers. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers is the world’s largest dry bulk owner.
24-May-2021
London Stock Exchange-listed shipping fund Tufton Oceanic Assets acquired a handysize bulk carrier for around $13 million and a chemical tanker for around $10 million. Tufton Oceanic Assets has been looking at acquiring a tanker. Tufton Oceanic Assets’ newly acquired bulk carrier has a two-year charter producing an annual yield of about 20%. Tufton Oceanic Assets is the subsidiary of Tufton Investment Management (TIM). Currently, Tufton Oceanic Assets controls a mixed fleet of 21 vessels.
24-May-2021
Taiwanese shipowner and operator U-Ming Marine Transport exercised two (2) 100K DWT post-panamax bulk carrier new-building options at Oshima Shipbuilding. U-Ming Marine Transport is paying $37 million each for the post-panamax bulk carrier new-building. U-Ming Marine Transport ordered has ordered ten (10) vessels for around $610 million. U-Ming Marine Transport. Taiwanese shipowner and operator U-Ming Marine Transport is going to deploy 100K DWT post-panamax bulk carriers to carry coal for Taiwan Power Company. Besides post-panamax bulk carrier new-buildings, U-Ming Marine Transport exercised its options for four (4) 210K DWT newcastlemax bulk carrier new-buildings at Qingdao Beihai Shipbuilding Heavy Industry. U-Ming Marine Transport is paying $50 million each for the newcastlemax bulk carrier new-building. Furthermore, U-Ming Marine Transport has four (4) 190K DWT capesize bulk carrier new-buildings at Shanghai Waigaoqiao Shipbuilding. U-Ming Marine Transport is paying $65 million each for the dual-fueled capesize bulk carrier new-building. Currently, public-listed Taiwanese shipowner and operator U-Ming Marine Transport owns and operates a fleet of 45 vessels.
23-May-2021
Nasdaq-listed Greek shipowner and operator Euroseas (ESEA) reported a profit of $3.8 million in Q1 2021. Aristides Pittas-led Euroseas (ESEA) reported revenue of $14.3 million in Q1 2021. Euroseas (ESEA) reported a TCE (Time Charter Equivalent) of $12,134 per day per ship in Q1 2021. Euroseas (ESEA) reported operating of $10.3 million. In Q1 2021, the containership markets have continued the upward trend and surpassed their previous peak of 2008, Euroseas (ESEA) benefited from a robust market. Euroseas (ESEA) assume that the promising market fundamentals will continue over the remainder of 2021 and 2022. Currently, Nasdaq-listed Greek shipowner and operator Euroseas (ESEA) manages 14 ships.
23-May-2021
South African tanker and dry bulk shipowner Grindrod Shipping is formally out of tanker ownership. After closing the sales of two (2) MR tankers at the beginning of 2021, Singapore-based Grindrod Shipping paid off more than $50 million in debt. Grindrod Shipping concentrates on handysize and supramax dry bulk segments. Grindrod Shipping sold 2013 built 50K DWT MT Leopard Moon and 2013 built 50K DWT MT Leopard Sun for around $21 million. Furthermore, Grindrod Shipping sold 2019 built 17K DWT MV Breede for around $7 million. New York and South Africa-listed Grindrod Shipping reduced total loans by around $66 million. Grindrod Shipping is strengthening the company’s liquidity. Currently, South African tanker and dry bulk shipowner Grindrod Shipping owns 23 bulk carriers.
20-May-2021
Having completed his distinguished tenure with the Cyprus Shipping Chamber, Limassol-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis ascends to spearhead the European Community Shipowners’ Associations (ECSA). Cyprus-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis, after serving a singular three-year term at the helm of the Cyprus Shipping Chamber, now passes the baton to Themis Papadopoulos, the esteemed chief executive of Interorient Navigation, who is no stranger to this prestigious role.
19-May-2021
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently signed a time charter contract with Mitsui OSK Lines for their kamsarmax bulk carrier MV Astarte. The charter agreement began today and will continue until sometime between November 1 and December 15, 2021. Under this contract, the daily charter rate for the MV Astarte is set at $25,000, which represents a significant increase compared to its previous charter with Athens-based ship operator Aquavita International S.A. at a rate of $11,750 per day. This charter agreement will generate approximately $4.03 million in gross revenue for the minimum duration specified in the contract.
19-May-2021
Hong Kong-based Chinese bulk carrier operator, Jinhui Shipping and Transportation, has made a significant move in its fleet expansion efforts by acquiring the MV Tai Hawk, a 52,000 deadweight tons (DWT) supramax bulker, originally built in 2004. The acquisition was made from Tai Shing Maritime, an affiliate of Taiwan Navigation Company (TNC), and it comes with a price tag of $10.8 million. This Japanese-built vessel, the MV Tai Hawk, is scheduled for delivery to Jinhui Shipping and Transportation sometime between June 10 and August 15 of the current year. Jinhui Shipping and Transportation, with a pre-existing fleet of 19 bulk carriers, has been actively pursuing further growth in its operations, with two additional acquisitions already in the pipeline, pending delivery. In a move reflecting its expansion strategy, the company made a notable addition to its fleet in late April by acquiring the MV Makiki, another supramax bulk carrier. This vessel, built in 2006, was purchased from Greek owner Unisea Shipping. These acquisitions collectively underscore Jinhui Shipping and Transportation’s commitment to strengthening its presence and capabilities within the bulk carrier sector of the maritime industry.
19-May-2021
Jinhui Shipping and Transportation, a Chinese bulk carrier operator, has recently announced its acquisition of the MV Tai Hawk, a 52,000 deadweight tons (DWT) supramax bulker built in 2004. The vessel was purchased from Tai Shing Maritime, an affiliate company of Taiwan Navigation Company (TNC), in a transaction valued at $10.8 million. The MV Tai Hawk, which was constructed in Japan, is set to be delivered to Jinhui Shipping and Transportation sometime between June 10 and August 15 of this year. Jinhui Shipping and Transportation currently holds ownership of 19 bulk carriers and has two more acquisitions in the pipeline, awaiting delivery. In late April, the company expanded its fleet by acquiring another supramax bulk carrier, the MV Makiki, a 2006-built vessel, from the Greek owner Unisea Shipping. This series of acquisitions demonstrates Jinhui Shipping and Transportation’s commitment to enhancing its presence in the bulk carrier segment of the shipping industry.
17-May-2021
Dubai-based Turkish shipowner and operator Densay Shipping acquired 2010 built supramax bulk carrier 50K DWT MV SSI ERDOGAN BEY (ex MV C.S. DREAM) from Japanese shipowner Chugoku Sougyo. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping is looking for more Japanese-built secondhand bulk carriers. United Arab Emirates-based Densay Shipping snapping up S&P (Sale and Purchase) tonnage. The overall availability of secondhand bulk carriers has reinvigorated Densay Shipping’s appetite.
12-May-2021
Thai-listed shipowner and operator Precious Shipping explained that historically low fleet growth and world economic stimulus should turn into multi-year strong ton-mile demand growth. Bangkok-based Precious Shipping anticipates a strong dry bulk shipping market in 2021 and 2022. Precious Shipping reported a profit of $12.3 million in Q1 2021. Precious Shipping reported an average TCE (Time Charter Equivalent) of $12,157 per day per ship in Q1 2021. Khalid Hashim-led Precious Shipping announced the new ship order book to the existing fleet ratio of 5.56% in Q1 2021 was the lowest since 2000. According to Precious Shipping, dry bulk shipowners are going to make money over the next few years, even if there is minimal scrapping. Precious Shipping foresees that the dry bulk market would further benefit from this tightening of available vessels on the supply side. Thailand-based shipowner and operator Precious Shipping has a fleet of 36 bulk carriers.
11-May-2021
Limassol and Athens-based Safe Bulkers ordered two (2) new-building post-panamax bulk carriers in Japan. New York-listed shipowner and operator Safe Bulkers will get the delivery of two (2) new-building post-panamax bulk carriers in Q2 2023. The latest order brings the total number of vessels Safe Bulkers has under construction there to four (4). Shipowner and operator Safe Bulkers did not identify the shipyard or cost of the new-building post-panamax bulk carriers. Safe Bulkers ordered the new-building post-panamax bulk carriers to meet IMO (International Maritime Organization) Tier III emissions standards and the latest requirements of the Energy Efficiency Design Index (EEDI). Safe Bulkers is selling older bulk carriers while deleveraging the company’s balance sheet. Shipowner and operator Safe Bulkers sold two (2) 2012 built kamsarmax bulk carriers for around $44 million in total. Safe Bulkers will voluntarily repay a $27 million loan, which decreases the company’s debt pile to $594 million. Safe Bulkers’ debt is assumed to decrease further to around $546 million, following a sale-and-leaseback agreement for Safe Bulkers’ one bulk carrier that Safe Bulkers has already announced. In Q1 2021, Limassol and Athens-based Safe Bulkers acquired 2011 built panamax bulk carrier 75K DWT MV Paraskevi 2 (ex MV Fortune Daisy) for around $14 million.
11-May-2021
Tomini Shipping, headquartered in the United Arab Emirates and controlled by the Dubai-anchored Shaikh family, recorded a weaker set of results in 2020 as financing costs rose sharply alongside the build-out of Tomini Shipping’s bulker fleet, illustrating how rapid fleet growth can pressure earnings even when topline performance improves. Tomini Shipping operates 17 bulk carriers ranging from supramax to kamsarmax, and Tomini Shipping reported a net loss of $3.1 million for the year, a setback that Tomini Shipping linked to higher financial charges connected to the expanding fleet structure. Revenue at Tomini Shipping, listed on Norway’s over-the-counter market via Oslo OTC, rose to $35.6 million from $33.3 million, but the benefit of higher revenue was outweighed by a steep increase in financial expenses to $8.1 million from $6 million. The primary driver was leverage expansion: Tomini Shipping’s interest-bearing loans climbed to $136.6 million compared with $80.7 million in 2019, a step-up that underlines how Tomini Shipping funded fleet growth and newbuilding commitments with increasing debt as market opportunities emerged. As part of its shipbuilding program, Tomini Shipping disclosed that $15.8 million remained outstanding toward completion of the $24 million kamsarmax bulk carrier MV Tomini Royalty, with MV Tomini Royalty scheduled for delivery by Taizhou Kouan Shipbuilding in China in December, making the payment timetable and yard performance central factors for Tomini Shipping’s capital planning. In 2019, Tomini Shipping cited an undelivered capital expenditure figure of $94 million, and the subsequent period saw Tomini Shipping taking delivery of another kamsarmax bulk carrier built by Taizhou Kouan Shipbuilding, the 82,000 DWT MV Tomini Nobility, while Tomini Shipping simultaneously cancelled a third ship in the same series, a decision that points to Tomini Shipping actively managing commitments rather than passively absorbing all contracted exposure. The Taizhou Kouan Shipbuilding backdrop became more complicated in June 2020, when Taizhou Kouan Shipbuilding—described as financially strained—failed to deliver MV Tomini Nobility on time and entered price renegotiations, highlighting how shipyard liquidity risk can directly affect Tomini Shipping’s delivery schedule, cash flow planning, and ship acquisition economics. Although Taizhou Kouan Shipbuilding completed sea trials, the pandemic hit cash liquidity and disrupted production momentum, meaning Tomini Shipping’s newbuilding pipeline had to be navigated amid delays and commercial re-trades. The broader kamsarmax bulk carrier orderbook had been placed in 2017, showing that Tomini Shipping’s fleet-building strategy was formed well before the pandemic and then tested by an extraordinary operating environment. Alongside newbuildings, Tomini Shipping also used the S&P market to add immediate tonnage, and in September Tomini Shipping acquired 60,220 DWT MV Tomini Integrity (built in 2016) for slightly under $20 million, reflecting how Tomini Shipping combined shipyard deliveries with secondhand purchases to accelerate fleet positioning. Tomini Shipping also disclosed a $7.5 million loan in 2020 from an affiliated entity, Tomini BVI, a move that indicates Tomini Shipping relied not only on external bank debt but also on related-party funding to support liquidity and maintain flexibility during a year of heightened uncertainty. Operationally, Tomini Shipping’s fleet composition—17 bulk carriers across supramax and kamsarmax—places Tomini Shipping in ship sizes that are widely employable across grains, coal, and minor bulks, and those segments typically offer significant chartering optionality, but they also require disciplined commercial management to control exposure to port delays, freight volatility, and the cost of finance during downturns. With Tomini Shipping listed on Oslo OTC and simultaneously controlled by the Shaikh family, Tomini Shipping sits in a hybrid position that combines public-market visibility with private ownership control, and the 2020 numbers show how Tomini Shipping was balancing growth, newbuilding execution, shipyard risk, and capital structure management while continuing to operate a 17-ship bulker fleet.
10-May-2021
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime has raised another $18 million to fund planned ship acquisitions. $18 million senior term loan was secured by two of its tankers. Castor Maritime is planning to use $18 million for general corporate purposes and ship acquisitions. Previously, Nasdaq-listed shipowner and operator Castor Maritime boosted most of its capital through stock issues. In May, Limassol-based shipowner and operator Castor Maritime acquired 2013 built kamsarmax bulk carrier 82K DWT MV Peak Proteus for around $21 million. Since July 2020, Castor Maritime acquired 21 vessels. Currently, Castor Maritime owns 24 bulk carriers and tankers.
10-May-2021
Greek shipowner and operator Meadway Shipping & Trading’s passed away founder Dionysios Dellaportas’ sons have split the company’s assets between George Dellaportas and Costas Dellaportas. Costas Dellaportas controls Meadway Shipping & Trading and his brother George Dellaportas established Meadway Bulkers and Delaway Maritime. George Dellaportas led Meadway Bulkers acquired 2012 built panamax bulk carrier 78K DWT MV Nord Sirius for around $20 million. George Dellaportas led Meadway Bulkers would not prefer investing in secondhand bulk carriers, however, current dry bulk market conditions have pushed the Meadway Bulkers to make an exemption to this practice. Currently, obtaining a new-building slot is becoming more difficult as shipyards hesitate to commit to fresh orders amid larger-than-expected price hikes for steel plates. Currently, George Dellaportas led Meadway Bulkers owns and operates seven (7) bulk carriers. Lately, Costas Dellaportas led Meadway Shipping & Trading acquired 2010 built ultramax bulk carrier 61K DWT MV Luna Rossa (ex MV Ultra Prosperity) from Nagashiki Kisen.
10-May-2021
Ed Coll-led Pangaea Logistics Solutions acquired 2013 built supramax bulk carrier 58K DWT for around $18 million. Pangaea Logistics Solutions reported a net income of $5.9 million for Q1 2021. Pangaea Logistics Solutions reported an adjusted profit of $3.8 million for Q1 2021. Pangaea Logistics Solutions reported revenue of $125 million for Q1 2021. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions doubled its quarterly dividend to $0.35 per share. Pangaea Logistics Solutions concentrates on long-term contract deals. Pangaea Logistics Solutions reported an average TCE (Time Charter Equivalent) of $16,524 per day per ship for Q1 2021. Pangaea Logistics Solutions is encouraged by the outlook of the dry bulk market. Pangaea Logistics Solutions will continue to be opportunistic and aim to acquire more bulk carriers. US-based dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary Nordic Bulk entered into a new $53 million term loan secured by four (4) ice-class bulk carriers. Currently, United States-based dry bulk shipowner and operator Pangaea Logistics Solutions owns 25 bulk carriers.
9-May-2021
Greek shipowner and operator Meadway Shipping & Trading’s late founder Dionysios Dellaportas’ sons have divided the company’s assets between George Dellaportas and Costas Dellaportas, with Costas Dellaportas now in control of Meadway Shipping & Trading, while his brother George Dellaportas has established Meadway Bulkers and Delaway Maritime. George Dellaportas led Meadway Bulkers recently acquired the 2012 built panamax bulk carrier 78K DWT MV Nord Sirius for approximately $20 million, marking a shift from their usual strategy as George Dellaportas led Meadway Bulkers generally avoids investing in secondhand bulk carriers, but current dry bulk market conditions have necessitated an exception. The growing difficulty in securing new-building slots, due to shipyards’ reluctance to take on new orders amid significant steel plate price increases, has contributed to this decision. At present, George Dellaportas led Meadway Bulkers owns and operates seven (7) bulk carriers. Recently, Costas Dellaportas led Meadway Shipping & Trading acquired the 2010 built ultramax bulk carrier 61K DWT MV Luna Rossa (formerly MV Ultra Prosperity) from Nagashiki Kisen.
7-May-2021
New York-listed shipowner and operator Diana Shipping (DSX) chartered out 2010 built kamsarmax bulk carrier 82K DWT MV Myrsini for a short period (6 months) at $27,750 per day to Bocimar International. Diana Shipping published that MV Myrsini received far higher levels than its previous employment. Forward Freight Agreement (FFA) five-month suggested amount for a kamsarmax bulk carrier is between $26,000 and $26,500 daily. However, charterers have to pay a premium to attract shipowners to cover this short-period deal up. The dry bulk shipping market enters its seasonally strongest in Q2 and Q3 2021. Semiramis Paliou-led Diana Shipping (DSX) has been benefiting from the increasing shipping market. In April 2021, Diana Shipping (DSX) chartered out 2012 built bulk carrier 206K DWT MV Philadelphia for around a year to Classic Maritime at $28,500 per day. Dry bulk shipowners might manage to lock in such lofty earnings for even longer periods such as two-year fixtures. Numerous shipowners are optimistic charter out duration will increase soon.
6-May-2021
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk aims to acquire 20 eco-bulk carriers. d’Amico Group’s dry bulk arm d’Amico Dry Bulk expand into Italy’s most prosperous shipowner. d’Amico Societa di Navigazione is one of the few Italian shipowners to have survived and expanded its dry bulk fleet. d’Amico Dry Bulk succeeded in well-timed investments. Currently, d’Amico Dry Bulk owns 24 and chartered in around 27 bulk carriers. d’Amico Societa di Navigazione holds purchase options on most of the chartered bulk carriers. d’Amico Dry Bulk’s sister company d’Amico International Shipping is a Milan-listed product tanker company led by Paolo d’Amico. d’Amico Dry Bulk concentrates on eco-bulk carriers in cooperation with Japanese shipyards and Japanese leasing houses. Lately, d’Amico Dry Bulk sold 2011 built handysize bulk carrier 37K DWT MV Cielo di Dublino for around $13 million. Additionally, d’Amico Dry Bulk sold sistership 2011 built handysize bulk carrier 37K DWT MV Cielo di San Francisco for around $13 million. d’Amico Dry Bulk prefers to acquire Japanese-built eco-bulk carriers from first-class shipyards.
6-May-2021
Three contenders have been shortlisted for acquiring the Indian government’s 63.75% share in the Shipping Corporation of India (SCI). These selected bidders are now set to submit their proposals and will be granted the opportunity to conduct due diligence on Shipping Corporation of India (SCI), indicating that the privatization of this leading Indian maritime company is on course to be finalized within the year. The entities vying for ownership of Shipping Corporation of India (SCI) include Safesea, a shipping company based in the United States and founded by SV Anchan, an Indian-born entrepreneur, two decades ago; Megha Engineering and Infrastructure, a Hyderabad-based conglomerate led by PV Krishna Reddy with diversified interests in oil drilling, construction, aviation, media, and power; and a consortium spearheaded by Ravi Mehrotra, a veteran in the shipping industry who began his career in the 1960s at Shipping Corporation of India (SCI) itself. Mehrotra’s bid involves partnership with Exmar, a major Belgian shipping company, and GMS, the world’s leading cash buyer of ships slated for demolition, based in Dubai. Notably, a bid by a consortium comprising private equity firm Bain Capital and shipping company JM Baxi did not progress to the final round.
5-May-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a profit of $9.8 million for Q1 2021. Eagle Bulk Shipping (EGLE) reported revenue of $96.6 million for Q1 2021. Eagle Bulk Shipping (EGLE) reported TCE (Time Charter Equivalent) rates of $15,124 per ship Q1 2021. Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported its best time charter equivalent (TCE) rates in more than a decade in Q1 2021. Eagle Bulk Shipping’s (EGLE) fleet has benefited from the recovering global economy which increased the demand for bulk commodities. Furthermore, second-hand bulk carrier prices have moved significantly higher over the past few months. In Q1 2020, Eagle Bulk Shipping (EGLE) reported a loss of $3.5 million.
5-May-2021
New York-listed shipowner and operator Safe Bulkers predicts that charterers will be soon looking to fix bulk carriers for periods of at least three years. Limassol-based Safe Bulkers holds a significant part of its fleet in the spot market in expectation of such charters towards the end of 2021. Currently, Safe Bulkers has 22 bulk carriers on the spot market and 20 bulk carriers on period charters. Safe Bulkers believes that dry bulk charterers will attempt multi-year fixtures soon. Safe Bulkers noticed its profit surge in Q1 2021 on the back of rising freight rates. In Q1 2021, Safe Bulkers reported a net income of $21 million. Q1 2021 was the Safe Bulkers’ best quarterly performance since Q1 2014.
3-May-2021
Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) controlled Carras Ltd and CBC Holding acquired one supramax and one ultramax bulk carrier. Newly acquired supramax and ultramax bulk carriers will be delivered to Carras Ltd and CBC Holding in Q3 2021. Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) is privately owned by John Michael Radziwill’s family-controlled Brentwood Shipping which has completed a refinancing for its five portfolio companies last year, including a $200 million for public entity GoodBulk. Besides managing C Transport Maritime S.A.M. (CTM), John Michael Radziwill manages Carras Ltd and CBC Holding. According to C Transport Maritime S.A.M. (CTM), shipowners are interested particularly in supramax bulk carriers because big advances being made in the freight market have not yet had much effect on asset values. C Transport Maritime S.A.M. (CTM) anticipates the highest level of profits in 2021 which dry bulk markets have not seen since 2008.
2-May-2021
Hong Kong-listed CDB Leasing (China Development Bank Financial Leasing) ordered eight (8) kamsarmax bulk carriers at Cosco Shipping Heavy Industry for $27 million each. CDB Leasing (China Development Bank Financial Leasing) informed shareholders that the company will finance the eight (8) kamsarmax bulk carriers through a combination of its funds and commercial bank loans. CDB Leasing (China Development Bank Financial Leasing) has been expanding its market share in the dry bulk shipping sector. Lately, Hong Kong-listed CDB Leasing (China Development Bank Financial Leasing) raised $1 billion via bond offering. In 2020, CDB Leasing (China Development Bank Financial Leasing) spent $400 million on eight (8) new-building bulk carriers. CDB Leasing (China Development Bank Financial Leasing) controls a fleet of 110 ships.