29-November-2021
Athens-based shipowner and operator AM Nomikos sold 2015 built ultramax bulk carrier 61K DWT MV Noni for around $27 million. In October 2021, AM Nomikos acquired MV Noni for around $17 million. Furthermore, Greek shipowner and operator AM Nomikos sold 2001 built panamax bulk carrier 74K DWT MV Braveheart for around $13 million. AM Nomikos was busy in the S&P (Sale and Purchase) market this week. Furthermore, Greek shipowner and operator AM Nomikos circulated a few more bulk carriers in the S&P (Sale and Purchase) market. Lately, Athens-based shipowner and operator AM Nomikos attached bulk carriers into Baumarine by Maruklav pool. Currently, AM Nomikos has a fleet of 41 bulk carriers after the sale of MV Noni and MV Braveheart.
28-November-2021
Norwegian shipowner and operator Belships chartered out three (3) ultramax bulk carriers for around one year. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships will earn an average net daily rate of $22,900 per ultramax bulk carrier. Currently, Oslo-listed shipowner and operator Belships has a fleet of 30 bulk carriers that have an average cash breakeven of about $10,500 per day. In Q3 2021, Norwegian shipowner and operator Belships has around 77% of its available ship days booked at about $29,000 per day net. In Q3 2021, shipowner and operator Belships reported a net profit of $35 million. In Q3 2021, freight markets for supramax and ultramax bulk carriers reached the highest freight rates since 2008. Belships anticipates producing notable free cash flow and endeavors to pay quarterly dividends as advertised.
28-November-2021
Kuala Lumpur-based shipowner and operator Malaysian Bulk Carriers (Maybulk) sold three handysize bulk carriers. Malaysian Bulk Carriers (Maybulk) sold 2016 built handysize bulk carrier 33K DWT MV Alam Sejahtera, 2014 built supramax bulk carrier 58K DWT MV Alam Molek, and 2014 built supramax bulk carrier 58K DWT MV Alam Madu. Malaysian Bulk Carriers (Maybulk) reported a profit of $23 million from the sale of three (3) bulk carriers. Malaysian Bulk Carriers (Maybulk) reported a profit of $38 million for the three quarters of 2021. Kuala Lumpur-based shipowner and operator Malaysian Bulk Carriers (Maybulk) has benefited from the boom in charter rates, lower operating costs from a more modest fleet. Furthermore, Malaysian Bulk Carriers (Maybulk) benefited from the redelivery of two (2) loss-making chartered-in bulk carriers. Malaysian Bulk Carriers (Maybulk) reported an average TCE (Time Charter Equivalent) of $17,225 per day per ship for the first nine months of 2021. Meantime, Kuala Lumpur-based shipowner and operator Malaysian Bulk Carriers (Maybulk) benefited from tonne-miles such as shifting Chinese coal resources. Malaysian Bulk Carriers (Maybulk) anticipate freight rates to remain volatile in 2022.
28-November-2021
Greek shipowner and ship-manager Samos Steamship Co. ordered two (2) 181K DWT capesize bulk carriers at Nihon Shipyard (NSY). Samos Steamship Co. is going to pay around $121 million in total. Athens-based shipowner and ship-manager Samos Steamship Co. will receive the first delivery of a capesize bulk carrier in Q3 2023. Samos Steamship Co. ordered two (2) 181K DWT capesize bulk carriers according to IMO (International Maritime Organization) phase 3 of the EEDI (Energy Efficiency Design Index). Samos Steamship Co. has ordered the two (2) 181K DWT capesize bulk carriers with future fleet renewal in mind. Greek shipowner and ship-manager Samos Steamship Co. owns and operates large bulk carriers and tankers. Greek shipowner and ship-manager Samos Steamship Co. has strong historic ties with Japanese yards. Currently, all 20 vessels in the fleet of Samos Steamship Co. are built in Japan.
27-November-2021
Greek shipowner Evalend Shipping controlled 2007 built handysize bulk carrier 18K DWT MV Aviator and International Seaways controlled 2008 built MR chemical tanker MT Atlantic Grace collided off India. Up to now, no pollution and no injuries have been announced. Evalend Shipping and International Seaways have a total of 44 crew members onboard the ships. Evalend Shipping controlled 2007 built handysize bulk carrier 18K DWT MV Aviator has P&I (protection and indemnity) cover with Steamship Mutual. International Seaways controlled 2008 built MR chemical tanker MT Atlantic Grace has P&I (Protection and Indemnity) cover with UK P&I Club. Indian Coast Guest has a vessel to the place to start preventative measures for any possible oil pollution. Evalend Shipping controlled 2007 built handysize bulk carrier 18K DWT MV Aviator and International Seaways controlled 2008 built MR chemical tanker MT Atlantic Grace had reportedly left the Kandla port.
24-November-2021
Lugano-based shipowner and operator Nova Marine Carriers has been selling bulk carriers lately amid increased ship prices. Recently, Nova Marine Carriers sold 2006 built supramax bulk carrier 56K DWT MV Isabella M (ex MV Sider Tis), 2015 built handysize bulk carrier 26K DWT MV Feraset (ex MV Sider Moon), 2015 built handysize bulk carrier 38K DWT MV CL Contigo (ex MV Sider Faioch), and 2016 built handysize bulk carrier 36K DWT MV Ruby Confidence (ex MV Sider Syros). In March 2021, Vincenzo Romeo-led Nova Marine Carriers sold 2013 built handysize bulk carrier 38K DWT MV Sider Mykonos and 2013 built handysize bulk carrier 38K DWT MV Sider Madrid. Currently, Lugano-based shipowner and operator Nova Marine Carriers operates a mixed fleet of 79 ships.
24-November-2021
Ice formed earlier than expected in 2021. Therefore, 20 ships have been stuck in NSR (Northern Sea Route). Stucked ships have been waiting for ice-breaker support. NSR (Northern Sea Route) season was anticipated to be shorter in 2021. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions’ subsidiary company Nordic Bulk controlled MV Nordic Quinngua and MV Nordic Nuluujaak are among those that became stranded in NSR (Northern Sea Route). The ships have been moved with the assistance of the nuclear-powered ice-breakers. On the other hand, the Arc7 LNG ships are sailing westbound through the NSR (Northern Sea Route) to Yamal LNG’s Sabetta terminal. Russians stated that many ships missed the sailing window for the NSR (Northern Sea Route)in 2021 before the ice-locked. Icebreakers cannot manage such circumstances without delays. Waiting for ice-breaker help towards the end of the NSR (Northern Sea Route) sailing season is risky. Russia accelerates plans to open the NSR (Northern Sea Route) up to year-round shipping. In past years the NSR (Northern Sea Route) has encountered light ice conditions.
23-November-2021
Athens-based shipowner and operator Alma Maritime Ltd. acquired 2009 built post-panamax bulk carrier 93K DWT MV Uno (ex MV Chiara D’Amato) from Italian private equity investor DeA Capital Alternative Funds. After selling MV Uno (ex MV Chiara D’Amato), Italian private equity investor DeA Capital Alternative Funds exit the dry bulk market. Athens-based shipowner and operator Alma Maritime Ltd is led by Stamatis Molaris.
23-November-2021
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has engaged in a time charter agreement with Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) for 2007 built capesize bulk carrier 174K DWT MV Semirio. John Michael Radziwill-led C Transport Maritime S.A.M. (CTM) chartered in 2007 built capesize bulk carrier 174K DWT MV Semirio from August 15, 2023, to November 15, 2023, at a daily rate of $19,700. The commencement of the charter is scheduled for December 9, 2021. C Transport Maritime S.A.M. (CTM) will pay approximately $11.94 million during the minimum time charter period of MV Semirio. Earlier this year, SwissMarine, based in Singapore, chartered 2007 built capesize bulk carrier 174K DWT MV Semirio from January 1, 2023, at a rate of $13,500 per day.
22-November-2021
Greek shipowner and operator Carras Hellas S.A. sold 2009 built capesize bulk carrier 182K DWT MV Aquaprincess for around 24 million. MV Aquaprincess was the most expensively ordered capesize bulk carrier ever for Carras Hellas S.A. MV Aquaprincess was the oldest bulk carrier in the fleet of Athens-based shipowner and operator Carras Hellas S.A. Carras Hellas S.A ordered capesize bulk carrier 182K DWT MV Aquaprincess for around $110 million at Odense Steel Shipyard in Denmark. In February 2021, Carras Hellas S.A 2003 built capesize bulk carrier 171K DWT MV Aquabreeze. In June 2020, Carras Hellas S.A sold 2003 built capesize bulk carrier 171K DWT Xin Chun (ex MV Aquaglory). Currently, Carras Hellas S.A. owns and operates eleven (11) large bulk carriers.
22-November-2021
Chinese trust and investment management company China Minsheng Trust Co. Ltd. (formerly known as China Tourism International Trust Investment Co., Ltd) looks to be exiting the shipping business. China Minsheng Trust Co. Ltd. has put its current fleet and newbuildings up for sale. Currently, China Minsheng Trust Co. Ltd. owns 20 bulk carriers and four (4) kamsarmax newbuilding bulk carriers at Chengxi Shipyard. Zhang Bo-led China Minsheng Trust Co. Ltd. is trading the fleet to increase cash for the company. Numerous businesses have filed lawsuits in court against China Minsheng Trust Co. Ltd. for failing to redeem private equity and trust wealth management products on time. Singapore-based Pacific Rim Shipmanagement is assumed to be acquiring the four (4) resale kamsarmax newbuilding bulk carriers from China Minsheng Trust Co. Ltd. In 2020, China Minsheng Trust Co. Ltd. ordered the four (4) kamsarmax newbuilding bulk carriers for around $27 million each. China Minsheng Trust Co. Ltd. ordered four (4) kamsarmax newbuilding bulk carriers against charter contracts from COFCO International. Besides acquiring China Minsheng Trust Co. Ltd.’s four (4) kamsarmax newbuilding bulk carriers, Singapore-based Pacific Rim Shipmanagement is also planning to acquire some resale newbuildings from other Chinese leasing companies. China Minsheng Trust Co. Ltd. was established in 2013, is a subsidiary of Ocean Wide Holdings.
21-November-2021
Singapore-based shipowner and operator China Navigation (CNCo) rebrands itself as Swire Shipping. Swire Projects is the project division of Swire Shipping. Swire Projects contributes professional shipping services to the renewable, energy, and infrastructure areas. Recently, Swire Projects chartered six (6) Multipurpose Heavy Lift ships from Nordic Projects & Finance. Swire Projects will get the delivery of six (6) Multipurpose Heavy Lift ships in December. Swire Projects will use the six (6) Multipurpose Heavy Lift ships to expand the company’s services in the project division. German Nordic Projects & Finance is committed to classifying financing possibilities and attempting project management and financing solutions.
21-November-2021
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited’s (TOAL) 5.5% stake is acquired by Boston-based Fidelity. Tufton Oceanic Assets Limited (TOAL) is a United Kingdom-based shipping fund that owns a mixed fleet of vessels. Currently, the market capitalization of Tufton Oceanic Assets Limited (TOAL) is around $429 million. Previously, Boston-based Fidelity did not have a stake in Tufton Oceanic Assets Limited (TOAL). Tufton Oceanic Assets Limited (TOAL) assumes investors are particularly attracted to the company’s strong portfolio and dedication to re-allocating resources within shipping as businesses grow. Numerous large investors are backing Tufton Oceanic Assets Limited (TOAL) at the same time the drop in the BDI (Baltic Dry Index). In August 2021, institutional investor Fidelity invested $207 million in Star Bulk Carriers. Currently, Boston-based Fidelity holds a 10% stake in Star Bulk Carriers. In July 2021, institutional investor Fidelity acquired a 12% stake in Genco Shipping & Trading. Furthermore, Boston-based Fidelity invested in Golden Ocean Group and Eagle Bulk Shipping.
20-November-2021
ICBC Financial Leasing, a prominent Chinese leasing house, has contracted Chengxi Shipyard, a compatriot shipbuilder, to construct a kamsarmax bulk carrier. According to shipbrokers at Clarksons, this 82,000 dwt vessel is scheduled for delivery from the CSSC-affiliated yard in 2026. Chengxi Shipyard has been notably active recently, securing over 30 new building contracts, including several kamsarmax bulk carriers for Chinese owners like Agricore Shipping and Huaxia Financial Leasing. Although the price for this latest order hasn’t been disclosed, brokers estimate over $35 million for similar new buildings in China. Meanwhile, ICBC Financial Leasing has nine other shipbuilding projects at domestic yards, including five kamsarmax bulk carriers with COSCO Shipping Heavy in Yangzhou. The leasing company, part of the state-owned Industrial and Commercial Bank of China (ICBC), is ambitiously planning to expand its maritime transport portfolio to $20 billion within the next five years. Bill Guo, the executive director of shipping at ICBC Financial Leasing, outlined the company’s balanced approach to growth, aiming for a target that is neither too aggressive nor too modest. With a current portfolio of $12 billion comprising around 300 vessels, ICBC Financial Leasing’s strategy involves serving top industry players without overly focusing on any specific sector. The company’s current fleet mainly consists of container ships, bulk carriers, and LNG carriers, the latter of which has received increased attention due to strong market demand. ICBC Financial Leasing is also exploring opportunities in the LNG and cruise shipping sectors, with the cruise industry gaining popularity in Asia. In terms of environmental responsibility, the company is still assessing its involvement in the Poseidon Principles, an initiative by European and American banks to align their shipping portfolios with the IMO’s decarbonization target. To manage its ambitious expansion with a limited staff size, ICBC Financial Leasing prioritizes working with the top players in each sector, focusing on large or public customers and avoiding single-ship deal owners due to the extensive due diligence required. In line with its growth strategy and Beijing’s Belt and Road Initiative, ICBC Financial Leasing recently opened a representative office in Greece, the world’s largest ship-owning nation. This move aims to serve Greek shipowners better, though the company does not anticipate an immediate boost in its ship finance business from this expansion.
17-November-2021
New York-listed shipowner and operator Diana Shipping (DSX) distributed a $0.10 dividend to shareholders. In October 2021, Diana Shipping (DSX) planned to spin off three (3) of its vintage bulk carriers into a separately listed company named OceanPal. Diana Shipping (DSX) announced the company would give shareholders one share of OceanPal for every 10 owned shares of Diana Shipping (DSX)once the OceanPal transaction is executed. CFO Ioannis Zafirakis stated that Diana Shipping (DSX) has begun a period where the yields that Diana Shipping (DSX) can contribute to shareholders can be remarkable. Athens-based shipowner and operator Diana Shipping (DSX) reported a $13 million net income in Q3 2021. Diana Shipping (DSX) satisfied shareholders who required a dividend without selling the bulk carriers. New York-listed shipowner and operator Diana Shipping (DSX) inaugurated OceanPal with only three (3) bulk carriers as possibilities to both make more money off vintage, debt-free bulk carriers and establish a new listed owner. Currently, OceanPal’s three (3) bulk carriers are well-maintained cash cows. Currently, New York-listed shipowner and operator Diana Shipping (DSX) does not plan to order newbuilding bulk carriers.
17-November-2021
New York-listed shipowner and operator Grindrod Shipping (GRIN) stated to distribute 72 US cents per share to shareholders. Singapore-based shipowner and operator Grindrod Shipping (GRIN) would be the latest shipowner to remunerate its shareholders with its first actual dividend. Grindrod Shipping (GRIN) reported a $49 million profit in Q3 2021. In Q3 2020, Grindrod Shipping (GRIN) reported a $14 million net loss. Grindrod Shipping (GRIN) reported an average TCE (Time Charter Equivalent) per day of $25,919 for supramax bulk carriers. Grindrod Shipping (GRIN) reported an average TCE (Time Charter Equivalent) per day of $29,934 for ultramax bulk carriers. In Q3 2021, CEO Martyn Wade led Grindrod Shipping produced more effective results taking full benefit of the strong dry bulk market circumstances. Furthermore, Singapore-based shipowner and operator Grindrod Shipping (GRIN) increased fleet following the purchase of the outstanding portion of subsidiary company IVS Bulk. In Q3 2021, Grindrod Shipping (GRIN) concluded the takeover of the 2019 ultramax bulk carrier MV IVS Phoenix for around $23 million. Grindrod Shipping (GRIN) keeps acquisition options for five (5) of its long-term chartered-in bulk carriers. Currently, New York-listed shipowner and operator Grindrod Shipping (GRIN) owns 24 bulk carriers.
17-November-2021
New York-listed shipowner and operator Star Bulk Carriers chartered out three (3) capesize bulk carriers, nine (9) panamax bulk carriers, and nine (9) supramax bulk carriers for Q1 2022. Star Bulk Carriers locked the bulk carriers before the dry bulk market plummeted. In Q3 2021, Star Bulk Carriers reported a net income of $225 million. In Q3 2021, Star Bulk Carriers reported $30,600 per day per ship. Petros Pappas-led Star Bulk Carriers is confident about the dry bulk market. New York-listed shipowner and operator Star Bulk Carriers is typically a spot market player. According to Star Bulk Carriers, China’s coal and iron ore imports should increase in Q1 2022. The iron ore volumes should support tonne-miles. Star Bulk Carriers assume that India’s coal imports will also add to the dry bulk market rebound. On the demand side, tonne-miles should grow by 2.4% in 2022. Currently, Star Bulk Carriers owns and operates 128 bulk carriers.
16-November-2021
New York-listed shipowner and operator Diana Shipping (DSX) announced to distribute a $0.10 dividend in approximately two weeks after OceanPal spin-off is performed. Semiramis Paliou-led Diana Shipping (DSX) has reported a $14.7 million net income in Q3 2021. In Q3 2020, Diana Shipping (DSX) reported a $13.2 million net loss. Diana Shipping’s (DSX) first dividend since 2008. Diana Shipping (DSX) has reported a $0.16 earnings per share in Q3 2021. Diana Shipping (DSX) has reported a $57.3 million revenue in Q3 2021. Diana Shipping (DSX) has reported average time-charter equivalent earnings of $17,143 per day in Q3 2021. Athens-based shipowner and operator Diana Shipping (DSX) will spin-off of three (3) vintage bulk carriers into a separate corporation called OceanPal. OceanPal is fully spun off from Diana Shipping (DSX) and filed with the US Securities and Exchange Commission as a listed entity. Currently, New York-listed shipowner and operator Diana Shipping (DSX) has a fleet of 37 bulk carriers.
16-November-2021
Simpson Spence Young (SSY) stated that 2021’s rising coal prices drove an impressive ride to raise inventory ahead of what is presumed to be a difficult winter in China. According to Simpson Spence Young (SSY), coal, controls, and queues are expected to develop the dry cargo market in the upcoming months. Simpson Spence Young (SSY) stated that the strength of the steam coal price displayed a trade negative from the point of view of demand loss, due to power rationing, and government interferences to propose a range of price caps and conflicts with domestic mining companies, which have led to buyers avoiding from coal acquiring. Simpson Spence Young (SSY) stated that the ensuing silence in coal acquiring activity sustained to pull delivered prices of imported coal and non shipped coal prices. Simpson Spence Young (SSY) stated that steel fundamentals in China have been worsening since mid-2021, with the prospect of China Evergrande concerns. According to Simpson Spence Young (SSY), the Chinese government’s attempts directed at fighting winter air pollution in areas of North China, steel production controls were supposedly introduced in mid-2021 and aimed to limit full-year output at 2020 levels. The effect on possible steel consumption has been dramatic. Steel demand has collapsed by 28% to 68 million tonnes by October 2021. Widespread limitations on steel production and iron ore sintering during Q1 2022 have already been published, which threaten steelmaking raw material demand and affect the capacity for mills to lift output once 2021 limitations expire. Furthermore, Simpson Spence Young (SSY) stated that the number of laden capesize bulk carriers waiting to berth has decreased. Generally, a decline in steel production has negative indications for seaborne iron ore and coking coal trades, though scrap-fed electric arc furnaces, which comprise 9% of 2020 crude steel production in China, face higher energy costs than iron ore and coking coal-consuming blast furnaces.
8-November-2021
Dubai-based shipowner and operator Densay Shipping ordered three (3) ultramax bulk carrier newbuildings at Imabari Shipbuilding in Japan. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping is going to pay around $33 million for each ultramax newbuildings. Furthermore, Densay Shipping has been trying to acquire a capesize bulk carrier from the S&P (Sale and Purchase) market. Densay Shipping preferred a Japanese shipyard instead of a Chinese shipyard for the latest newbuildings. United Arab Emirates-based Densay Shipping has been expanding the company’s fleet. Dubai-based shipowner and operator Densay Shipping was established in 1992 by Tayfun Gunerhan.
7-November-2021
Robert Grool is poised to relinquish his position as Chief Executive Officer at the esteemed Hamburg-based Zeaborn Ship Management GmbH & Co. KG, effective November 15th. Michael Brandhoff, the present Zeaborn Ship Management GmbH & Co. KG’s Chief Operating Officer, will gracefully assume Robert Grool’s mantle. Nevertheless, Robert Grool will maintain an influential presence, offering counsel in an advisory capacity until the year concludes. Having steered the helm since May 2019, Robert Grool’s distinguished career includes tenures with industry giants like Vroon, Seaspan, and Wallem. In Robert Grool’s time overseeing operations, it’s been truly gratifying to witness Zeaborn Ship Management GmbH & Co. KG emerge as a pioneering international third-party ship management entity, particularly with its progressive stance on environmental, ESG, and sustainability proficiencies. This undoubtedly enhances Zeaborn Ship Management GmbH & Co. KG’s commitment to aiding the clientele’s endeavors in decarbonization and emission diminution.
4-November-2021
CEO Peter Whitcutt-led mining giant Anglo American strives all of its transportation ventures to be carbon-neutral by 2040. Anglo American set up a shipping desk in 2012. Today, mining giant Anglo American ships more than 70 million metric tonnes of dry bulk commodities per year. Anglo American yearns for a more sustainable shipping sector. Furthermore, Anglo American aims to decrease its Scope-3 emissions by 50% by 2040. Anglo American published Sustainable Mining Plan. Anglo American attempts to expedite the improvement of alternative low-carbon and zero-carbon fuels. Mining giant Anglo American is cooperating with Hydrogenious Maritime and Johannes Ostensjo to search for fuel on Anglo American’s chartered fleet the application of LOHC (Liquid Organic Hydrogen Carrier). London-based mining giant Anglo American endeavors to develop zero-carbon marine fuel. In March 2021, British mining giant Anglo American became a shipowner. Anglo American ordered LNG-fuelled capesize bulk carrier newbuildings. According to Anglo American, LNG-fuelled capesize bulk carrier newbuildings will incrementally decarbonise shipping.
3-November-2021
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) announced an initial dividend of $2 per share. Eagle Bulk Shipping (EGLE) can trade with a notable trading discount to net asset value (NAV). Eagle Bulk Shipping (EGLE) has accomplished so several breakthroughs in the tenure of CEO Gary Vogel. Eagle Bulk Shipping (EGLE) saw a record high of $56.47 on 25 June 2021. Investors seem nervous about the future of dry bulk shipping after capesize spot rates plummeted to below $30K per day. Currently, Eagle Bulk Shipping’s (EGLE) net asset value (NAV) is approximately $70 per share. Eagle Bulk Shipping (EGLE) published a $50 million share buyback authorization. However, Eagle Bulk Shipping (EGLE) has not published any repurchases as yet. Eagle Bulk Shipping (EGLE) is optimistic about Q3 2021. Currently, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers.
3-November-2021
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S reported a net profit of $65 million for Q3 2021. Dampskibsselskabet DS Norden A/S reported a net profit of $26 million for Q3 2020. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S reported the company’s best quarter since 2010 on the back of robust dry bulk markets. Jan Rindbo-led Dampskibsselskabet DS Norden A/S owns and operates bulk carriers and product tankers. Dampskibsselskabet DS Norden A/S benefited from an advantageous position in quite robust dry bulk markets. The market value of Dampskibsselskabet DS Norden A/S’s dry bulk carrier portfolio proceeds to increase. Furthermore, Dampskibsselskabet DS Norden A/S has been achieving this condition by covering contracts and ship sales. Dampskibsselskabet DS Norden A/S will realize $13 million in earnings from ship sales during the Q3 2021. Dampskibsselskabet DS Norden A/S anticipates a strong Q4 2021 for the company’s dry bulk division. Dampskibsselskabet DS Norden A/S anticipates the dry bulk market to continue at strong levels in 2022. Dampskibsselskabet DS Norden A/S’s product tankers came up against competition from crude carriers in the spot market. Dampskibsselskabet DS Norden A/S announced that the company is waiving short-term operating profits by taking on more time-charter coverage for its tankers. Dampskibsselskabet DS Norden A/S has sold seven (7) bulk carriers to profit from the soaring ship values.
3-November-2021
New York-listed shipowner and operator Safe Bulkers (SB) has completed its current newbuilding ship programme after ordering eight (8) large bulk carriers since 2020. According to Polys Hajioannou-led shipowner and operator Safe Bulkers, bulk carriers’ price tags have increased abundantly to make the company halt large-scale purchases. In 2021, Limassol and Athens-based Safe Bulkers acquired four (4) large bulk carriers from the secondhand market. Safe Bulkers does not assume bulk carrier prices to correct to give the company occasions to purchase cheap ships like in the Q1 2021. Since the beginning of 2020, New York-listed shipowner and operator Safe Bulkers sold seven (7) large bulk carriers on the secondhand market. Safe Bulkers has halted the fleet renewal campaign. New York-listed shipowner and operator Safe Bulkers has been aiming to reward shareholders. Safe Bulkers’ hesitation to reinvest in further tonnage at current bulk carrier price tags is in line with the policy of some Greek rivals.
2-November-2021
Greek shipowner and operator AM Nomikos sold 2009 built supramax bulk carrier 56K DWT MV Sophia N for around $17 million. AM Nomikos proceeds marketing bulk carriers, following an extensive ship acquiring programme since 2019. AM Nomikos acquired eight (8) supramax bulk carriers between 2019 and 2021. Last month, AM Nomikos sold another supramax bulk carrier to a Chinese shipowner. Greek shipowner and operator AM Nomikos aim to profit from high bulk carrier values. Meanwhile, AM Nomikos want to sell 2015 built ultramax bulk carrier 61K DWT MV Noni. In October, AM Nomikos sold 2007 built supramax bulk carrier 53K DWT MV Tesoro. In August, AM Nomikos sold 2010 built supramax bulk carrier 55K DWT MV Tesoro. Athens-based shipowner and operator AM Nomikos has been an active shipowner in the S&P (Sale and Purchase) market.
2-November-2021
Hamburg-based shipowner and operator Reederei H Vogemann ordered four (4) 82K DWT kamsarmax bulk carrier newbuildings for around $34 million each at Jiangsu Hantong. Reederei H Vogemann has not signed an optional newbuildings. Reederei H Vogemann ordered four (4) 82K DWT kamsarmax bulk carrier newbuildings according to Sdari-82 design. Reederei H Vogemann will take delivery of the kamsarmax bulk carrier newbuildings in 2023. Last month, Reederei H Vogemann exercised options for two (2) 40K DWT handysize bulk carrier newbuildings at Yangfan Group. Therefore, Reederei H Vogemann total handysize bulk carrier newbuildings at Yangfan Group increased to six (6) ships. Reederei H Vogemann handysize bulk carrier newbuildings will be built according to Phase 3 of the IMO’s (International Maritime Organization’s) Energy Efficiency Design Index for greenhouse gas emissions and Tier III NOx standards. Reederei H Vogemann will take delivery of the handysize bulk carrier newbuildings in 2023.
2-November-2021
Dry bulk charter rates have proceeded to slip on concerns about China’s reduced steel production. Furthermore, shares of the most significant New York-listed dry bulk shipowners are declining by over 20%. Iron ore futures traded back below $100 per metric ton due to decreasing steel production in China. In FFA Market, the capesize November contract dropped 18% at $25,250 per day. China’s weak iron ore trade retains the stress on ship charter rates. Furthermore, Australian and Brazilian iron ore shipments diminished. Shipping markets are observing significant corrections in the freight rates for spot chartering. China reducing down on acquisitions of coal and iron ore as well as other minor bulks. Therefore, dry bulk freight rates have been decreasing. Daily crude steel production in October dropped to the lowest since March 2020. China’s housing market, an essential source of steel and metals demand, is under pressure from rules directed at restraining leverage as well as a slowdown in the market. China’s diminished demand for iron ore has also affected the main dry bulk shipowners.
1-November-2021
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s base salary increased to $695K per year. Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s base salary will be evaluated for a feasible increase at an unspecified time in the future. Furthermore, Eagle Bulk Shipping (EGLE) CEO Gary Vogel will receive annual share incentives with a target value of 175% of the base wage payment. Eagle Bulk Shipping (EGLE) CEO Gary Vogel’s headline compensation total of $1.6 million was 35% lower than the $2.5 million CEO Gary Vogel took in for 2019. Stock-based compensation accounted for most of the difference. Eagle Bulk team took a cut in the overall value of compensation for top executives in 2018. However, increasing bulk carrier rates have placed the executives for a possibly lucrative year in 2021.
1-November-2021
South Korean shipowner and operator Polaris Shipping controlled 2016 built VLOC (Very Large Ore Carrier) 301K DWT MV Stellar Banner grounded off Vale’s Ponta de Madeira terminal in February 2020. A Marshall Islands safety investigation has highlighted a judgment to deviate from a passage plan as a significant factor driving to the loss of MV Stellar Banner. After taking on water the MV Stellar Banner was intentionally grounded by the master. MV Stellar Banner’s wreck was finally towed to deep water and scuttled. Polaris Shipping controlled MV Stellar Banner’s incident accumulated over $100 million in casualty and property losses for maritime insurers. The Marshall Islands Flag-State examination determined that the contributory reasons of the disaster include the MV Stellar Banner’s master’s determination to deviate from the planned route during the outbound transit of Baia de Sao Marcos. Polaris Shipping controlled MV Stellar Banner’s passage plan had been drawn up by the ship’s second officer before sailing from the port. Furthermore, MV Stellar Banner’s passage plan was approved by the master. Marshall Islands report stated that Polaris Shippings’s procedures did not present explicit expectations and direction regarding the use of bridge resource supervision.
1-November-2021
Thai-listed shipowner and operator Precious Shipping controlled 2012 built supramax bulk carrier 56K DWT MV Chayanee Naree was arrested by Nigerian authorities as part of a probe into drugs found on board. Furthermore, MV Chayanee Naree’s crew members have been detained, but no charges have yet been filed. Bangkok-based shipowner and operator Precious Shipping controlled MV Chayanee Naree was loaded with sugar cargo and hidden drugs in a hold on 13 October in Lagos. Previously, other narcotics were found at the load port of Santos in Brazil in September, but the MV Chayanee Naree and seafarers were cleared to sail to Nigeria. Precious Shipping’s attorneys proposed to meet the seafarers, however, they were disallowed access by the authorities. Precious Shipping controlled 2012 built supramax bulk carrier 56K DWT MV Chayanee Naree’s arrest will be for an introductory period of 14 days while probes by the National Drug Law Enforcement Agency continue. Precious Shipping has been operating jointly with our insurance company and legal counsel to settle this case as early as possible. Thai-listed shipowner and operator Precious Shipping has denied any links to the drugs.