30-October-2021
Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) ordered four (4) 45K DWT handymax bulk carrier newbuildings at Yangzijiang Shipbuilding for around $33 million each. Navibulgar (Navigation Maritime Bulgare) is going to take delivery of handymax bulk carrier newbuildings in 2024. Navibulgar (Navigation Maritime Bulgare) ordered four (4) handymax bulk carrier newbuildings according to IMO (International Maritime Organization) Phase 3 standards of the EEDI (Energy Efficiency Design Index). Previously, Navibulgar (Navigation Maritime Bulgare) ordered six (6) 31K DWT lakes-fitted bulk carrier newbuildings construction at Yangzijiang Shipbuilding. Varna-based Navibulgar (Navigation Maritime Bulgare) concentrates on bulk carriers up to handymax size. Currently, Navibulgar (Navigation Maritime Bulgare) owns and operates 30 bulk carriers.
26-October-2021
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built capesize bulk carrier 206K DWT MV Benitamou involved in an accident at the northern entrance to the Cannakale Strait near Gallipoli Turkey. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built capesize bulk carrier 206K DWT MV Benitamou was hit by Greek controlled 2010 built handysize bulk carrier 31K DWT MV Vanessa in foggy weather. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built capesize bulk carrier 206K DWT MV Benitamou has been badly damaged in the collision. Japanese shipowner and operator Doun Kisen KK (aka Doun Kisen Co. Ltd) is one of the biggest tonnage providers in Japan. Doun Kisen KK (aka Doun Kisen Co. Ltd) charters out the bulk carriers on a long-term basis to giant traders and first-class ship operators.
26-October-2021
One of the world’s largest supramax bulk carrier operators Western Bulk is establishing a new office in Dubai as Oslo-based Western Bulk Chartering (WBC) moves to expand its geographic reach and strengthen proximity to charterers across the Middle East and the Indian Ocean. The initiative reflects Western Bulk Chartering (WBC)’s broader strategy of placing commercial capability closer to cargo decision-makers, trading desks, and regional supply chains, allowing Western Bulk Chartering (WBC) to respond faster to fixture opportunities, tighten market intelligence, and deepen relationships with commodity groups, industrial shippers, and regional traders. Western Bulk Chartering (WBC) has historically managed the Middle East and the Indian Ocean primarily from Western Bulk Chartering (WBC)’s Singapore office, and the Dubai expansion is intended to complement that setup by creating a dedicated hub positioned within a time zone and business environment that aligns naturally with Gulf-based chartering activity and Indian Ocean cargo flows. The Western Bulk Dubai office is expected to handle spot chartering, long-term industrial contracts, and parceling services across the Middle East and the Indian Ocean, meaning the new platform will cover both short-term fixture execution and longer-duration contractual coverage, while also offering parceling solutions that can support cargo aggregation, split-lot logistics, and more flexible shipment planning for customers with multiple stems. Oslo-based Western Bulk Chartering (WBC) has built its reputation as an asset-light operator that creates value through chartering execution, market coverage, and operational coordination rather than relying solely on owned ships, and the Dubai office fits that model by improving the commercial “reach” needed to employ ships efficiently across multiple routes and customer programmes. By positioning a team in Dubai, Western Bulk Chartering (WBC) can strengthen access to regional cargo demand, expand its counterparty network, and improve day-to-day execution in trades linked to Gulf loading areas, Red Sea transits, Indian subcontinent imports, and broader Indian Ocean routes, while retaining the ability to integrate fixtures into its wider global trading platform. Oslo-based Western Bulk Chartering (WBC)’s Singapore office operated around 25 supramax bulk carriers during 2020, illustrating the scale of Western Bulk Chartering (WBC)’s regional activity and the operational intensity that supports the decision to add another hub as volumes and customer engagement grow. Oslo-listed Western Bulk has highlighted that Dubai is increasingly emerging as an important shipping centre for the dry bulk cargo sector, supported by regional commodity flows, shipping services infrastructure, and the concentration of trading and chartering activity, and Western Bulk Chartering (WBC) is positioning itself to participate more directly in that ecosystem. The move also follows a wider industry pattern, with Oldendorff Carriers, Dampskibsselskabet Norden A/S, and Lauritzen Bulkers previously opening offices in Dubai, and Western Bulk Chartering (WBC) is effectively aligning with that trend by anchoring a local presence that can drive faster fixture turnaround, closer customer interaction, and stronger commercial coverage in the Middle East and the Indian Ocean.
25-October-2021
Japanese shipowner Doun Kisen controlled 2006 built capesize bulk carrier 206K DWT MV Benitamou collided with 2010 built handysize bulk carrier 31K DWT MV Vanessa at the northern entrance to the Cannakale Strait. Thick fog may cause the accident. Doun Kisen controlled 2006 built capesize bulk carrier 206K DWT MV Benitamou is stated to have taken on water following the collision but the capesize bulk carrier is now safe at anchor. Doun Kisen controlled MV Benitamou was sailing for the Suez Canal en route to China with a cargo of iron ore. Doun Kisen controlled MV Benitamou’s P&I cover is placed with the Japan P&I Club. This is the second accident involving Japanese shipowner Doun Kisen bulk carrier so far in 2021. No pollution or crew injuries are reported following the collision.
24-October-2021
Taipei-based shipowner and operator Chinese Maritime Transport (CMT) ordered two (2) 210K DWT newcastlemax bulk carriers at Qingdao Beihai Shipbuilding for around $63 million each. Recently, bulk carrier prices increased with the freight rates. In May 2021, Chinese Maritime Transport (CMT) ordered the same newcastlemax bulk carriers at Qingdao Beihai Shipbuilding. Chinese Maritime Transport’s (CMT) newcastlemax bulk carriers will be built according to Phase 3 of the IMO’s (International Maritime Organization) Energy Efficiency Design Index standards and Tier III NOx standards. Chinese Maritime Transport’s (CMT) newcastlemax bulk carriers will be able to run on LNG and AMP (Alternative Maritime Power). Taipei-based shipowner and operator Chinese Maritime Transport (CMT) has been in a fleet renewal programme. Chinese Maritime Transport (CMT) aims to satisfy forthcoming international carbon emission regulations. Chinese Maritime Transport (CMT) chartered out all the fleet to blue-chip charterers. Currently, Chinese Maritime Transport (CMT) owns and operates ten (10) large bulk carriers.
21-October-2021
Hamburg-based shipowner AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) sold 2015 built ultramax bulk carrier 61K DWT MV Daniela Oetker for around $30 million. According to AO Shipping, selling the ultramax bulk carrier timming is right at the top of the shipping cycle. Several years ago Hamburg-based shipowner AO Shipping (A.O. Schiffahrt GmbH & Co. KG. - Alexander Oetker Schifffahrt mbH. AOS) aquired 2015 built ultramax bulk carrier 61K DWT MV Daniela Oetker for around $27 million. AO Shipping keeps MV Daniela Oetker’s sistership MV Letizia Oekter. In September 2021, Hamburg-based shipowner AO Shipping acquired 2014 built kamsarmax bulk carrier 81K DWT MV Belmonte (ex MV BW Canola). Hamburg-based shipowner AO Shipping controlled fleet is technically managed by Orion Reederei. Currently, Hamburg-based shipowner AO Shipping has a fleet of ten (10) ships.
21-October-2021
Hong Kong-based shipowner and operator Asia Maritime Pacific (AMP) signed a sale and leaseback deal for six (6) handysize bulk carriers with Fleetscape Capital. Fleetscape Capital is an affiliate of funds managed by Oaktree Capital Management. Asia Maritime Pacific (AMP) will lease back the six (6) handysize bulk carriers to Asia Maritime Pacific (AMP) for five (5) years. Asia Maritime Pacific (AMP) has a buying commitment for the six (6) handysize bulk carriers at the end of 2026. Oaktree Capital Management sister-company Fleetscape Capital was established in 2017 to concentrate on traditional vessels and offshore vessels. Fleetscape Capital is delighted to finance the sale and leaseback deal with Asia Maritime Pacific (AMP). Hong Kong-based shipowner and operator Asia Maritime Pacific (AMP) was an immeasurable fit as a customer for Fleetscape Capita. Currently, Hong Kong-based shipowner and operator Asia Maritime Pacific (AMP) operates around 36 bulk carriers.
21-October-2021
Lars Christian Skarsgard-led Norwegian shipowner and operator Belships chartered out 2015 built ultramax bulk carrier 63K DWT MV Belpareil and 2015 built ultramax bulk carrier 63K DWT MV Belsouth for two years at a gross rate of $25,500 per day. Oslo-listed shipowner and operator Belships prefer to have commitments with strong blue-chip chartering companies. Norwegian shipowner and operator Belships' commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. Belships is confident about the supramax and ultramax bulk carrier market. In mid October 2021, Belships chartered out 201 built ultramax bulk carrier 63K DWT MV Belhaven for two years at a gross rate of $26,250 per day. Recently, Oslo-listed shipowner and operator Belships has remained to be active in the S&P (Sale and Purchase) market. Currently, Belships has a fleet of 30 bulk carriers.
21-October-2021
Greek shipowner and operator Diligent Holdings sold 2009 built handysize bulk carrier 28K DWT MV Magnolia for around $13 million. Diligent Holdings has been selling vintage bulk carriers to profit from increasing ship values. Athens-based shipowner and operator Diligent Holdings considers current dry bulk carriers are too high to continue purchasing again. Dimitris Michalos-led Diligent Holdings is an intelligent player in dry bulk secondhand markets. Greek shipowner and operator Diligent Holdings was established in 2011. Diligent Holdings started buying bulk carriers at the low point in the dry bulk market in 2016. By 2020, Diligent Holdings had accumulated a fleet of 16 bulk carriers. As bulk carrier second-hand prices started rising earlier in 2021, Diligent Holdings started selling some of these bulk carriers. Athens-based shipowner and operator Diligent Holdings want to proceed into index-linked large bulk carriers. Diligent Holdings is reluctant to describe the company as an asset player. Diligent Holdings takes advantage of increasing dry bulk markets. Furthermore, Diligent Holdings concentrate on well-maintained Japan-built bulk carriers.
21-October-2021
Japanese ship owner and operator K Line Bulk (Kawasaki Kisen Kaisha) has triumphantly carried out the separation and capture of carbon dioxide (CO2) from the exhaust gas emitted from the 2016 built panamax bulk carrier 88K DWT MV Corona Unity. K Line Bulk (Kawasaki Kisen Kaisha) noted that the captured carbon dioxide (CO2) had a purity higher than 99%. Carbon dioxide (CO2) capture plant fitted on MV Corona Unity is a device for onshore factories that was modified for marine application. Carbon dioxide (CO2) capture plant is being carried collectively by K Line Bulk (Kawasaki Kisen Kaisha), Mitsubishi Shipbuilding, and ClassNK. K Line Bulk (Kawasaki Kisen Kaisha) believed that the company will not only verify the effectiveness of capturing and storing carbon dioxide (CO2) from a bulk carrier’s gas emissions, but also the operability and safety. In August 2021, Mitsubishi Shipbuilding engineers installed a small-scale carbon dioxide (CO2) capture plant on MV Corona Unity. Japanese ship owner and operator K Line Bulk (Kawasaki Kisen Kaisha) controlled MV Corona Unity’s seafarers has been managing the operation and maintenance of a small-scale carbon dioxide (CO2) capture plant. Furthermore, MV Corona Unity’s seafarers will proceed to assess the safety and operability of the small-scale carbon dioxide (CO2) capture plant at sea. K Line Bulk (Kawasaki Kisen Kaisha) plans to reduce greenhouse gas emissions on the fleet.
21-October-2021
Newly Merged New York-listed Navios Maritime Partners and Navios Maritime Acquisition may generate tremendous profits in soaring shipping markets. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. The merger has a fleet of 143 ships that has a value of around $4 billion. In December 2020, New York-listed Navios Maritime Partners acquired another sister company Navios Containers with a fleet of 33 containerships. Navios Maritime Partners has built a peerless blend of range and diversification as the largest US-listed shipping company. Angeliki Frangou-led Navios Maritime Holdings (NM) assume that this organization should result in a stronger, more flexible entity, moderating sector-specific cyclicality. Furthermore, Navios Maritime Holdings (NM) can capitalize on opportunities throughout the shipping markets.
21-October-2021
The spot-rate average capesize 5TC plunged to $51,463 per day, Last week, the spot-rate average capesize 5TC was $83,865 per day. The accelerated drop is a correction from a spot-rate pressure caused by charterers pushing for capesizes amid spiking iron-ore and coal prices. Commodity traders wanted to secure bulk carriers to catch the cancelling days. Otherwise, commodity traders are risking a notable loss on the trade. Commodity traders want to move the already acquired raw materials as the current raw material prices have now cooled down. Currently, the iron ore price is around $130 per tonne and the coal price is around $230 per tonne. It is challenging to guess where spot rates will go amid such volatility. Australia-China capesize route is around $14.264 per tonne. The FFAs (Forward Freight Agreements) have been indicating a drop in capesize bulk carrier rates. The capesize freight rates increased too high too fast and now it is correcting to these levels.
20-October-2021
Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) has finalized its most opulent transaction in the pre-owned market thus far, procuring 2019 built kamsarmax bulk carrier 82K DWT MV Zephyrus for a sum just shy of $37 million from Argentine-based Interocean. CEO Vishal Khurana-led shipowner and operator Chellaram Shipping, amidst its sophisticated fleet augmentation phase, has inaugurated two pristine bunkers this annum from the distinguished Dalian Cosco KHI Shipyard. Chellaram Shipping ’s engagements sum up to nearly $150 million in transactions this year alone, inclusive of five bulk carriers acquired and two divested.
20-October-2021
New York-listed shipowner and operator Diana Shipping (DSX) announced a $0.10 per share dividend. This would be the first dividend payment of Diana Shipping (DSX) since 2008. Diana Shipping (DSX) will be spinning off vintage ships into a separate Nasdaq-traded company named OceanPal. Diana Shipping’s (DSX) dividend declaration reveals the company’s belief in the current dry bulk market strength. Diana Shipping (DSX) operates bulk carriers primarily on long-term charters which gives the company with further steady incomes. Diana Shipping (DSX) is anticipated the dividend to be retained at $0.10 per share throughout 2022. New York-listed shipowner and operator Diana Shipping (DSX) will follow the peers such as Star Bulk Carriers, Genco Shipping & Trading, and Eagle Bulk Shipping which decided to pay quarterly dividends. New York-listed shipping companies have become more cautious about strengthening the balance sheet first and paying dividends second. Currently, New York-listed shipowner and operator Diana Shipping (DSX) has a fleet of 36 bulk carriers.
20-October-2021
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) acquired 2010 built capesize bulk carrier 181K DWT MV Dukeship (ex MV Rosco Maple) for around $34 million from Redwood Ocean Shipping (ROSCO). 181K DWT MV Dukeship (ex MV Rosco Maple) is fitted with BWTS (Ballast Water Treatment System). Seanergy Maritime (SHIP) will take the delivery of MV Dukeship (ex MV Rosco Maple) in November 2021. Recently, MV Dukeship (ex MV Rosco Maple) passed through SS (Special Survey). Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) has acquired seven (7) secondhand capesize bulk carriers so far in 2021. Seanergy Maritime (SHIP) is a leading pureplay capesize shipowner and operator. Currently, Seanergy Maritime (SHIP) owns and operates 17 capesize bulk carriers.
19-October-2021
New York-listed shipowner and operator Diana Shipping (DSX) will spin off three (3) vintage bulk carriers to sister company OceanPal. OceanPal will get 2004 built panamax bulk carrier 73K DWT MV Protefs, 2005 built panamax bulk carrier 73K DWT MV Calypso and 2005 built capesize bulk carrier 171K DWT MV Salt Lake City from Semiramis Paliou-led Diana Shipping (DSX). Moreover, OceanPal has been awarded the title of the primary refusal over additional six (6) Diana Shipping (DSX) bulk carriers. 73K DWT MV Protefs, 2005 built panamax bulk carrier 73K DWT MV Calypso and 2005 built capesize bulk carrier 171K DWT MV Salt Lake City have been receiving charter rates below prevailing dry bulk market levels. New York-listed shipowner and operator Diana Shipping (DSX) estimates that the distribution of a separate, publicly traded OceanPal which will be concentrating on vintage bulk carriers will further enhance shareholder value. Diana Shipping (DSX) will resume concentrating on its disciplined long-term achieved growth. OceanPal led is by CEO Eleftherios Paratrifon and CFO Ioannis Zafirakis. All common shares of OceanPal will be allocated to Diana Shipping (DSX) shareholders of record as of 29 October 2021. Diana Shipping (DSX) will also hold preferred shares in OceanPal that will empower Diana Shipping (DSX) to preferred dividends and voting rights. Currently, New York-listed shipowner and operator Diana Shipping (DSX) has a fleet of 36 bulk carriers.
19-October-2021
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) sold an unnamed handysize bulk carrier for around $16 million. Tufton Oceanic Assets Limited (TOAL) announced the price for the handysize bulk carrier bought in 2018 represents 119% of its depreciated replacement cost, taking the bulk carrier’s charter into account. Tufton Oceanic Assets Limited (TOAL) is committed to the ESG (Environment, Social, and Governance). After the sale of the handysize bulk carrier, Tufton Oceanic Assets Limited (TOAL) is left with six (6) bulk carriers. In September 2021, Tufton Oceanic Assets Limited (TOAL) acquired handysize bulk carrier 36K DWT MV New History and 36K DWT MV New Inspiration for around a total of $41 million.
14-October-2021
Singapore-based shipowner and operator China Navigation (CNCo) rebrands itself as Swire Shipping. China Navigation (CNCo) is one of the oldest shipping companies in Asia. In 1872, Swire Shipping was established by John Swire & Sons. James Woodrow-led Swire Shipping has been internationally acknowledged as the operating name of the business. Consequently, China Navigation (CNCo) will use Swire Shipping as the principal company name. China Navigation (CNCo) name change is presumed to not affect the current nature and structure of the company. China Navigation (CNCo) name will remain as the holding company in the United Kingdom. Swire Shipping will proceed to focus on the Pacific market.
13-October-2021
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) was given an A grade for the company’s latest sustainability record. The Governance Group (TGG) announced Klaveness Combination Carriers (KCC) had provided a good representation of material problems and relevant results, with a clear policy and specific, quantifiable objectives. The Governance Group (TGG) awarded Klaveness Combination Carriers (KCC) for best reporting in line with best practice. Environmental, Social, and Corporate Governance (ESG) are at the core of Klaveness Combination Carriers (KCC). Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has high goals to enhance the company’s Environmental, Social, and Corporate Governance (ESG) performance. Klaveness Combination Carriers (KCC) will proceed to develop the company’s credibility and transparency in reporting going forward. Klaveness Combination Carriers (KCC) projects to invest more funds in developing the ships’ energy efficiency and more immeasurable operational methods, including more reliable speed and routing management. Currently, Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU and eight (8) CLEANBU Combination Carriers, which can carry both dry bulk and liquid cargoes.
13-October-2021
UAE-based shipowner and operator Tomini Shipping has continued to build out its dry bulk platform with targeted S&P (Sale and Purchase) activity and newbuilding deliveries, underlining how Tomini Shipping is shaping fleet composition to match charterer demand while maintaining flexibility across market cycles. A key recent deal saw UAE-based shipowner and operator Tomini Shipping acquire 2015 built kamsarmax bulk carrier 81K DWT MV Tomini Bravery (ex MV Dansas) for around $29 million, adding a mainstream kamsarmax bulk carrier size that is widely employed on coal, grain, and other major bulk trade routes. Tomini Shipping is listed on the Oslo OTC (Over-the-Counter) market, and the listing sits alongside Tomini Shipping’s privately owned Shaikh-family controlled profile, giving Tomini Shipping a distinct positioning in the market as a Dubai-based operator with public-market visibility. Tomini Shipping has also been expanding through newbuilding intake, with Tomini Shipping recently receiving delivery of new building 2021 built kamsarmax bulk carrier 81K DWT MV Tomini Royalty from Taizhou Kouan Shipbuilding, a move that reinforces Tomini Shipping’s focus on modern ships that can deliver competitive operating economics and reliability for charterers. Numair Shaikh-led Tomini Shipping has communicated a positive view on dry bulk market growth, and Tomini Shipping’s fleet strategy reflects that outlook by combining ship acquisitions with newbuilding deliveries to increase exposure while keeping the fleet aligned with commercial requirements. Tomini Shipping has emphasized the importance of a diverse fleet that can meet charterers’ needs, and within that diversified approach Tomini Shipping has positioned supramax and kamsarmax bulk carriers as core segments because these ship sizes offer broad employment flexibility, strong liquidity in the S&P market, and wide acceptance by charterers across multiple commodity flows. By adding MV Tomini Bravery (ex MV Dansas) and taking delivery of MV Tomini Royalty, Tomini Shipping is also strengthening standardization within the fleet, which can support technical management efficiency, spares planning, and performance benchmarking as Tomini Shipping grows. Currently, UAE-based shipowner and operator Tomini Shipping owns and operates 17 bulk carriers, and the latest moves indicate that Tomini Shipping is pursuing steady expansion through a mix of secondhand purchases and newbuilding deliveries while keeping Tomini Shipping’s commercial focus tightly centered on the supramax and kamsarmax bulk carrier space.
12-October-2021
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired 2012 built capesize bulk carrier 179K DWT MV True Endurance from Defender Holdings for around $33 million. Defender Holdings is an outfit linked to JP Morgan Bank. 2012 built capesize bulk carrier 179K DWT MV True Endurance was the last ship Defender Holdings was listed with. The sale of the last bulk carriers leaves Defender Holdings without any other ships. Beks Shipping (Beks Ship Management and Trading) has acquired five (5) ships since the beginning of 2021. Recently, Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired 2011 built capesize bulk carrier 179K DWT MV Beks Instanbul (ex MV Prosperous). Furthermore, Beks Shipping (Beks Ship Management and Trading) acquired three (3) supramax bulk carriers and two (2) tankers. Bekmezci-family controlled Beks Shipping (Beks Ship Management and Trading) entered shipping in 2008. Currently, Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) has a mixed fleet of 14 ships.
12-October-2021
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built woodchip carrier 49K DWT MV Crimson Polaris’s wreck removal job is given to Nippon Salvage. In August 2021, Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned 2006 built woodchip carrier 49K DWT MV Crimson Polaris grounded, then broke in two in a fully laden condition. Stern part of Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned woodchip carrier MV Crimson Polaris has been aground off the coast of Japan. Nippon Salvage has been awarded a wreck removal contract to remove the stranded stern section of a Doun Kisen-owned Doun Kisen KK (aka Doun Kisen Co. Ltd) owned woodchip carrier MV Crimson Polaris off the north-east coast of Japan.
12-October-2021
The capesize spot-rate average weighted across five key routes (5TC) has reached $79,535 per day. The capesize charter rates have soared due to the high demand and port congestion. Dry bulk market experts believe that the capesize bulk carrier spot rates fall into correction territory. Capesize supply is unquestionably low amid pending environmental regulations and the commodity demand is inadequate to push capesize bulk carrier spot rates even further. The capesize spot market may fall over the next few weeks to a higher low. The capesize bulk carrier spot rates may fall 50% by December 2021 as commodity prices stay high and demand starts declining amid limited coal supplies and China’s plans to restrict steel output. It is not the overall supply of the global capesize bulk carrier fleet that is lagging behind demand. The bottlenecks across the supply chain are creating freight prices to spike. In other words, there are enough capesize bulk carriers around, however, these capesize bulk carriers are not in the right spots. China’s volatile construction market and plans to restrict steel output for environmental goals may also pull down capesize bulk carriers rates. High demand for coal in China and India may help capesize bulk carriers rates, however, Evergrande’s debt obstacles could indirectly offset any profits by cutting steel demand.
11-October-2021
Shanghai-based leasing giant Bocomm Leasing (Bank of Communications Financial Leasing) has ordered eight (8) 64K DWT ultramax bulk carriers at Cosco Shipping Heavy Industry Zhoushan for around $256 million. Bocomm Leasing (Bank of Communications Financial Leasing) will get the delivery of ultramax bulk carriers in 2023. This is the second shipbuilding deal that Bocomm Leasing (Bank of Communications Financial Leasing) has signed in 2021. Bocomm Leasing (Bank of Communications Financial Leasing) new building ultramax bulk carriers are going to be built according to IMO’s (International Maritime Organization) Phase 3 standards of the Energy Efficiency Design Index. Bocomm Leasing (Bank of Communications Financial Leasing) and CDB Leasing (China Development Bank Financial Leasing) were the only two companies to have booked large numbers of the ultramax bulk carriers in 2021. In June 2021, Bocomm Leasing (Bank of Communications Financial Leasing) ordered eight (8) woodchip carriers for around $310 million.
10-October-2021
Istanbul-based Beks Shipping (Beks Ship Management and Trading) has acquired its second capesize bulk carrier within a single month. The rapidly expanding Beks Shipping (Beks Ship Management and Trading) has invested approximately $32.5 million in the purchase of the nine-year-old cape, MV True Endurance, which was sold by JP Morgan’s Global Maritime Investment Fund. Beks Shipping (Beks Ship Management and Trading) is among numerous buyers aiming to lease their vessels in a market segment that is swiftly approaching the daily rate threshold of $100,000. Throughout this year, Beks Shipping (Beks Ship Management and Trading) has been remarkably active, having allocated around $100 million for the procurement of five (5) vessels, consisting of four (4) bulk carriers and a tanker. The establishment of Beks Shipping (Beks Ship Management and Trading) dates back to 2011, under the stewardship of the Turkish magnate, Ali Bekmezci.
3-October-2021
Athens-based shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited stand accused in New Orleans of transgressing environmental and safety laws in relation to the handysize bulk carrier 33K DWT MV Joanna. The four-count grand jury indictment contends that Athens-based shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited and MV Joanna’s chief engineer Warlito Tan meddled with mandatory oil pollution prevention equipment and falsified the MV Joanna’s oil record book. The US Coast Guard, which routinely scrutinizes ships’ records, discovered that the oily water separator on the ships had been bypassed by surreptitiously inserting a metal piece into the oil content meter. This manipulation ensured that the meter would only detect clean water, rather than the actual discharge overboard. As the indictment alleges, MV Joanna’s chief engineer Warlito Tan and the shipping companies Empire Bulkers Ltd and Joanna Maritime Limited conspired to falsify the log, seeking to obstruct the US Coast Guard’s inspection. Moreover, Athens-based shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited and MV Joanna’s chief engineer Warlito Tan face charges of violating the Ports and Waterways Safety Act by neglecting to promptly report a hazardous situation that endangered the ship’s safety and posed a threat to US ports and waters. During the inspection on 11 March 2021, the Coast Guard discovered an active fuel oil leak in the MV Joanna’s purifier room. This leak resulted from disabling the fuel oil heater pressure relief valves, which are crucial safety features designed to prevent catastrophic fires and explosions. An indictment comprises allegations of probable cause made by a grand jury and must be proven beyond a reasonable doubt during the trial.
1-October-2021
Tokyo-listed Japanese shipowner NS United Kaiun Kaisha Ltd has announced an innovative step in maritime transportation with the order of a new coastal limestone carrier. This ship, notable for its environmentally friendly design, will be a 5K DWT ship owned by NS United’s domestic subsidiary, Naiko Kaiun Kaisha, and constructed at Tsuneishi Shipbuilding. This groundbreaking project involves multiple partnerships. Charterers Nippon Steel Corp and Nippon Steel Cement, Japan Petroleum Exploration providing the LNG fuel, and engine manufacturer Kawasaki Heavy Industries are all collaborators in this venture. The ship is scheduled for delivery in February 2024 and will replace the currently operating 5K DWT MV Shimokita Maru, built in 1994. The cost of the new build has not been disclosed. A distinguishing feature of this new carrier is its propulsion system, which will solely run on LNG, a first in Japan, complemented by a 2,847 kW-hour lithium-ion battery for backup. The LNG fuel tank will be constructed using a 7%-nickel steel plate, developed by Nippon Steel, marking its first application on a ship. The ship’s propulsion and sailing electric power will be generated by the Kawasaki engine. High-power, long-distance, and extended-duration navigation will exclusively use natural gas, as stated by Tokyo-listed Japanese shipowner NS United Kaiun Kaisha. During port entry and berthing, the ship will operate on battery power to achieve zero-emission operation. Measuring 94 meters in length, the carrier is designed to significantly reduce carbon dioxide emissions by 23.56% compared to conventional ships. Additionally, the engine is engineered to produce minimal SOx, and NOx emissions will be considerably lowered. The ship’s operational route will be between the loading port of Shiriyamisaki and the discharge destination of Muroran. This project has received backing from the Japanese government’s Global Environment Bureau, underscoring its environmental significance. Japanese shipowner and operator NS United’s fleet, comprising 68 ships, includes a variety of vessel types such as Very Large Ore Carriers (VLOCs), LNG carriers, and LPG ships, reflecting the company’s diverse maritime operations. This new addition highlights NS United Kaiun Kaisha Ltd’s commitment to innovative, eco-friendly maritime solutions.
1-October-2021
China Development Bank Financial Leasing (CDB Leasing), a Hong Kong-listed entity, has recently expanded its maritime portfolio with the acquisition of nine Ultramax bulker newbuildings from New Dayang Shipbuilding. This move by the leasing arm of the state-owned China Development Bank signifies a significant investment in bulk carriers, a sector in which it already holds a substantial presence. CDB Leasing has committed $261 million for these 60K Ultramax bulk carriers, which equates to approximately $29 million per ship. The deal reflects favorable terms for CDB Leasing, as the market value of these vessels, according to an independent third-party appraisal, is around $279 million. The company attributes the advantageous pricing to its long-standing, stable cooperation with the seller, which facilitated early negotiations and consideration for the ships. To finance this acquisition, CDB Leasing plans to utilize a combination of its own funds and commercial bank loans, as communicated to its shareholders. This latest investment follows closely after CDB Leasing’s recent agreement to purchase seven handysize bulkers from John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) for $100 million. As of the end of 2020, CDB Leasing reported control over a fleet of 110 ships. This fleet is comprised of 85 vessels under operating leases and 25 under finance leases. Bulk carriers form the majority of its fleet, accounting for over 75%, with containerships constituting around 14%. The fleet also includes three LNG carriers, two dredgers, and a cruise ship, highlighting the diversity of its maritime assets. New Dayang Shipbuilding, the shipyard executing these newbuildings for CDB Leasing, has also recently secured a contract for four Ultramax bulker newbuildings from Wah Kwong Maritime Transport Holdings, a Hong Kong-based shipowner. The total cost for this quartet is around $120 million, with deliveries scheduled between 2023 and 2024. New Dayang Shipbuilding transitioned to state ownership in 2018 following its acquisition by Sumec Marine, a subsidiary of Beijing’s China National Machinery Industry Corp and a former creditor of Dayang Shipbuilding. This background further cements the shipyard’s position in the state-supported maritime construction sector in China.
1-October-2021
CDB Leasing (China Development Bank Financial Leasing), a Hong Kong-listed arm of the state-owned China Development Bank, has recently expanded its maritime portfolio with a significant new order. The company has placed an order for nine ultramax bulker newbuildings from New Dayang Shipbuilding, a notable move in its strategy to increase its presence in the bulk carrier market. The deal for these 60K ultramax bulk carriers amounts to a total cost of $261 million, averaging around $29 million per vessel. This investment is considered favorable as CDB Leasing stated that the current market value of these vessels, as appraised by an independent third party, is approximately $279 million. The company attributes the advantageous deal terms to its “long-term stable cooperation” with the seller, which allowed for early and effective negotiations. CDB Leasing plans to finance this acquisition through a combination of internal funds and commercial bank loans. This proactive approach to fleet expansion is consistent with the company’s recent activities, following closely after its acquisition of seven handysize bulkers from John Fredriksen-backed SFL Corp for $100 million. As of the end of 2020, CDB Leasing reported control over a fleet of 110 ships. This fleet includes 85 ships under operating leases and 25 under finance leases. Bulk carriers make up over 75% of its fleet, supplemented by containerships (14%), as well as three LNG carriers, two dredgers, and a cruise ship. Meanwhile, New Dayang Shipbuilding, the shipyard for CDB Leasing’s latest order, has also secured business from Wah Kwong Maritime Transport Holdings. The Hong Kong-based shipowner is investing around $120 million in a series of four ultramax bulker newbuildings, scheduled for delivery between 2023 and 2024. New Dayang Shipbuilding became a state-owned enterprise in 2018 after being taken over by Sumec Marine, a subsidiary of Beijing’s China National Machinery Industry Corp and a former creditor of Dayang Shipbuilding. This transition has potentially influenced its capacity to secure significant orders like these.