30-September-2021
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) is channeling proceeds from recent sales into expanding its fleet with the acquisition of two handysize bulkers. The total investment for these ships, which remain unnamed, amounts to $41.2 million. The London-listed company highlights that these vessels are being purchased at a value below their depreciated replacement cost and are considered fuel-efficient compared to similar ships in their category. These handysize bulk carriers come with fixed-rate time charters for one year, expected to yield an annual net return of 25%. Plans are in place to dry-dock these ships once the charter agreements conclude, during which time energy-saving devices will be installed to enhance fuel efficiency. Such retrofits are anticipated to improve fuel efficiency by approximately 10% and increase the internal rate of return to over 15%. These energy-saving measures are part of a broader initiative, with TTufton Oceanic Assets Limited (TOAL) intending to equip more of its fleet with unspecified energy-saving devices throughout 2022. The funding for these acquisitions stems from the sale of a large feeder containership in July and existing cash reserves. The sold vessel, identified by shipbrokers as the 2,602 TEU MV Cosmos (built in 2006), was purchased by Mediterranean Shipping Co for $33 million. Following a successful oversubscribed tap issue of shares in August, which raised $12.4 million, Tufton Oceanic Assets Limited (TOAL) is now fully reinvested. This recent financial maneuver saw the sale of all 10.53 million shares authorized by shareholders last year. The acquisition of these bulkers underscores Tufton Oceanic Assets’ dedication to environmental, social, and corporate governance (ESG) principles and strategic capital reallocation, reinforcing the company’s commitment to sustainable and responsible investment in the maritime sector.
28-September-2021
Noble Capital Markets has upgraded its outlook on Euroseas (ESEA), a Greek owner and operator of container ships, citing strong market dynamics, significant charter coverage, and robust cash flow projections as key factors behind its optimistic stance. The financial services firm has increased its price target on Euroseas’ stock to $45 from the previous $35, while reiterating an outperform rating. Despite a recent 3.5% decline in Euroseas’ shares to close at $34.20 on the Nasdaq, the company has demonstrated strong performance and growth potential within the container shipping sector, which has seen a significant demand surge amid the pandemic-induced backlog and robust US consumer demand. Starting the year at $5.60, Euroseas has managed to secure a remarkable $200,000-per-day charter for one of its panamax containerships, underscoring the firm market conditions. Analyst Poe Fratt highlighted the exceptional fixture of the 4,250 TEU containership MV Synergy Oakland at a rate of at least $195,000 per day for a period of 60 to 85 days beginning mid-October. This rate, according to Fratt, reflects the strength of the current market despite an increasing order book. With 71% of its available days for 2022 already booked, Euroseas is well-positioned to capitalize on the current market conditions and adjust its fleet to time charter equivalent (TCE) rates closer to market rates. Further emphasizing the company’s strategic growth, Euroseas is expanding its feeder fleet, with eight contracts covering all of 2022, including notable charters such as $29,500 per day for the 1,740 TEU containership MV Spetses. These charters are expected to generate significant operating cash flows, which will support the company’s investment in two new eco-design, fuel-efficient 2,800-TEU container ships set for delivery in the first half of 2023 from South Korea’s Hyundai Mipo Dockyard. Euroseas’ strategic moves, including its strong charter coverage, acquisition of new vessels, and favorable market conditions, are seen as positive indicators for the company’s future performance and financial stability. Noble Capital’s updated outlook reflects confidence in Euroseas’ ability to benefit from the ongoing recovery in container shipping market fundamentals, maintaining an attractive risk-reward profile for investors.
27-September-2021
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently announced its seventh charter agreement this month. Diana Shipping (DSX) has successfully secured a deal with Athens-based ship operator Aquavita International S.A. for two vessels. Ukrainian-Greek ship operator Aquavita International has fixed a charter rate of $24,500 per day for the 2014 built panamax bulk carrier 77K DWT MV Atalandi. The charter period for this vessel is expected to commence on October 3, 2021, and will continue until sometime between February 15, 2023, and April 30 of the same year. Currently, 2014 built panamax bulk carrier 77K DWT MV Atalandi is chartered to Uniper, based in Düsseldorf, at a rate of $9,300 per day. Additionally, New York-listed shipowner and operator Diana Shipping (DSX) has also secured a deal with Aquavita International S.A. for the 2010 built kamsarmax bulk carrier 81K DWT MV Leto. This charter agreement will be in effect from February 1, 2023, to sometime between April 15, 2023, at a rate of $25,500 per day. 2010 built kamsarmax bulk carrier 81K DWT MV Leto is presently chartered to Cargill at $9,000 per day and is expected to begin its new contract on October 2, 2021. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) anticipates that these two agreements will generate approximately $24.27 million in revenue during the minimum time charter period. These charters come after Diana Shipping’s (DSX) recent deal with ASL for the 2013 built panamax bulk carrier MV Maera.
27-September-2021
Istanbul-based shipowner and operator Yasa Shipping ordered two (2) ultramax bulk carrier newbuildings at Dalian Cosco KHI Ship Engineering Co (Dacks) for around $33 million each. Turkish tycoon Yalcin Sabanci-led shipowner and operator Yasa Shipping contracted two (2) ultramax bulk carrier newbuildings in direct negotiations with Dalian Cosco KHI Ship Engineering Co (Dacks). Turkish shipowner and operator Yasa Shipping’s two (2) ultramax bulk carrier newbuildings will be built to comply with Phase 3 standards of the EEDI (Energy Efficiency Design Index). Istanbul-based shipowner and operator Yasa Shipping will take delivery of two (2) ultramax bulk carrier newbuildings in 2023. The quality of Dalian Cosco KHI Ship Engineering Corporation’s (Dacks) vessels are guaranteed by Kawasaki Heavy Industries (KHI). The two (2) ultramax bulk carrier newbuildings as part of the Turkish shipowner and operator Yasa Shipping’s fleet renewal program. Currently, new building bulk carriers’ price tags rise due to strong demand for containerships and bulk carriers. In 2018, Yasa Shipping ordered four (4) ultramax bulk carrier newbuildings at Dalian Cosco KHI Ship Engineering Co (Dacks) for around $24 million each. Yasa Shipping took delivery of ultramax bulk carrier newbuildings MV Yasa Saturn, MV Yasa Jupiter, MV Yasa Mars, and MV Yasa Venus in 2019. In March 2022, Yasa Shipping acquired two (2) 85K DWT kamsarmax bulk carrier newbuildings at Chengxi Shipyard from China Minsheng Trust. In April 2022, Yasa Shipping acquired 2021 built kamsarmax bulk carrier 84K DWT MV Yasa Diamond Chengxi Shipyard from AVIC International Leasing for around $30 for around each. Currently, Istanbul-based shipowner and operator Yasa Shipping has a fleet of 12 tankers and 23 bulk carriers.
26-September-2021
Nasdaq-listed shipowner and operator Globus Maritime (GLBS) , under the control of the Feidakis family, is showing signs of nearing profitability, as indicated by its latest financial results. Despite the challenges posed by the pandemic, the company, which owns nine bulk carriers, reported a significantly reduced net loss for the second quarter. This improvement is a reduction to just $23,000, compared to a loss of $4.2 million in the same period last year. Furthermore, the loss for the first half of the year narrowed to $0.8 million from $13.1 million in the first half of 2020. A key factor in this turnaround has been the increase in voyage revenue, which nearly tripled year-on-year in the second quarter to $6.8 million, driven by higher freight rates. However, operating expenses for Globus Maritime also rose by 51% to $3 million, primarily due to the heightened costs of crew repatriation and rotation, as well as expenses related to testing and quarantine compliance. The pandemic has also brought additional challenges, including delays in loading, discharging, crew exchanges, spare part procurement, and repairs. Despite these hurdles, Nasdaq-listed shipowner and operator Globus Maritime (GLBS) remains optimistic about its future. The company believes that a combination of strong demand and limited ship supply will continue to support the market and keep rates elevated. As their fleet moves away from legacy charters, Nasdaq-listed shipowner and operator Globus Maritime (GLBS) expects to capitalize on these favorable market conditions. In the spot market, Globus Maritime currently operates a diverse fleet consisting of four Supramax bulk carriers, three Kamsarmax bulk carriers, and one Panamax bulk carrier. In line with its positive outlook, Globus recently expanded its fleet by acquiring the 81K DWT MV Peak Liberty (built 2015) for $28.4 million from JP Morgan-controlled Defender Holdings. Although employment for this newly acquired Japanese-built vessel has not been finalized, Globus anticipates arranging it closer to the fourth quarter, coinciding with its scheduled delivery. This acquisition is part of Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS)’s broader expansion strategy, supported by three separate share offerings over the past 12 months, through which the company raised approximately $90 million. The Feidakis family, through its ship management company Eolos, has also been active in the market, recently acquiring two Kamsarmax bulk carriers — the 81K DWT MV Nord Stellar (now renamed MV Eolos Angel, built 2016) and the 81K DWT MV Emerald Star (now renamed MV Eolos G, built 2014) — reportedly for a combined total of about $50 million. These acquisitions by Eolos were disclosed during the spring and demonstrate the family’s continued investment in the maritime sector. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) controlled bulk carriers are managed by Athens-based Globus Shipmanagement.
25-September-2021
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently secured new charter agreements for a Panamax and a Kamsarmax bulk carrier with Athens-based ship operator Aquavita International SA, a company with Ukrainian-Greek origins. The deal involves the chartering of two of Semiramis Paliou-led shipowner and operator Diana Shipping’s (DSX) Diana Shipping’s ships. The first ship, the ice-classed 77K DWT Panamax bulk carrier MV Atalandi, built in 2014, has been chartered to Aquavita International for a period of 17 to 19 months at a daily gross rate of $24,500. This charter is slated to begin on October 3, following the conclusion of the MV Atalandi’s current contract with Uniper Global Commodities, under which it has been earning a daily gross rate of $9,300. Additionally, Aquavita International SA has chartered Diana Shipping’s 81K DWT Kamsarmax bulk carrier MV Leto, built in 2010, for a duration of 16 to 18 months at a daily gross rate of $25,500. This contract is expected to commence on October 2. The combined gross revenue for Aquavita International SA from these two time charter contracts, for their minimum scheduled periods, is estimated to be approximately $24.27 million. This development follows closely on the heels of another deal Diana Shipping clinched last week. The company fixed its 75K DWT Panamax MV Maera, built in 2013, to Hong Kong-based operator ASL Bulk for a period of 12 to 14 months at a rate of $26,000 per day. These agreements highlight Diana Shipping’s active engagement in the bulk carrier charter market and its ongoing business relations with international shipping operators.
24-September-2021
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently secured period charter deals with Aquavita International S.A., a ship operator based in Athens and jointly operated by Ukrainian and Greek interests. The agreements involve the chartering of a Kamsarmax and a Panamax bulk carrier owned by Diana Shipping. The ice-classed, 77K DWT Panamax bulk carrier MV Atalandi, built in 2014, has been chartered to Aquavita International for a period of 17 to 19 months at a daily gross rate of $24,500. This charter is set to commence on October 3, immediately following the conclusion of MV Atalandi’s current contract with Uniper Global Commodities, under which it has been earning a daily gross rate of $9,300. Additionally, Diana Shipping’s 81K DWT Kamsarmax bulk carrier MV Leto, built in 2010, has also been chartered by Aquavita International S.A. This vessel is set for a charter duration of 16 to 18 months, with a daily gross rate of $25,500. The contract with MV Leto is expected to start on October 2. The total gross revenue for Aquavita International S.A. from these two contracts, considering the minimum scheduled period of the time charters, is estimated to be around $24.27 million. In a related development last week, Diana Shipping finalized a charter agreement for its 75K DWT Panamax MV Maera, built in 2013, with Hong Kong-based operator ASL Bulk. This vessel has been fixed for a period of 12 to 14 months at a daily rate of $26,000. These deals underscore Diana Shipping’s active engagement in securing profitable charter agreements in the bulk carrier market.
23-September-2021
Transworld Group’s dry bulk shipping arm Transworld Bulk Carriers (TBC) acquired handysize bulk carrier 36K DWT MV TBC Praise. MV TBC Praise is the third bulk carrier that Transworld Bulk Carriers (TBC) has acquired since the beginning of 2021. Previously, Dubai-based Transworld Bulk Carriers (TBC) acquired 2011 built handysize bulk carrier 38K DWT MV TBC Passion (ex MV Asahi Maru) from Yokoyama Kaiun and 2011 built handysize bulk carrier 38K DWT MV TBC Prime (ex MV Turquoise Ocean) from Santoku Senpaku. Chairman Ramesh Ramakrishnan-led Transworld Group’s dry bulk shipping arm Transworld Bulk Carriers (TBC) will further expand the dry bulk fleet. Transworld Bulk Carriers (TBC) is optimistic about the dry bulk market outlook. Currently, Transworld Bulk Carriers (TBC) owns and operates 19 container ships and 7 bulk carriers.
22-September-2021
John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) returned to work in Manhattan this month office after the pandemic. Manhattan-based and New York-listed Genco Shipping & Trading (GNK) was established in 2004. Previously, Genco Shipping & Trading (GNK) was led by Peter Georgiopoulos. In 2014, went to Chapter 11 bankruptcy. In 2016, Genco Shipping & Trading (GNK) commenced a fresh start under a private equity recapitalization. During the pandemic, Genco Shipping & Trading (GNK) employees remotely worked. Recently, New York-listed Genco Shipping & Trading’s (GNK) stock has soared as private equity backers exited both shareholding and the board of directors. Genco Shipping & Trading (GNK) has been decreasing the company’s debt. Genco Shipping & Trading (GNK) plans to start a high-payout dividend model in December 2021. Genco Shipping & Trading decided to become an active ship manager of its own ships to decrease operating costs. Therefore, Genco Shipping & Trading (GNK) established Genco Ship Management LLC. In 2017, Genco Shipping & Trading (GNK) appointed Jesper Christensen for the in-house chartering department. Private equity backers have sold down their stakes in Genco Shipping & Trading (GNK). Centerbridge Partners has decreased shares to below 11% from 25% in January 2021. Furthermore, Strategic Value Partners and Apollo Management have sold all or most of their stakes in Genco Shipping & Trading (GNK). Genco Shipping & Trading (GNK) may pay out around $3 per share as a dividend in 2022. Genco Shipping & Trading (GNK) wants to reduce debt to zero. Genco Shipping & Trading (GNK) is optimistic about the dry bulk markets. Currently, Genco Shipping & Trading’s ship management arm Genco Ship Management LLC controls 17 capesize, 13 ultramax, and 13 supramax bulk carriers.
21-September-2021
The Dubrovnik-based shipowner and operator Atlantska Plovidba is undertaking a significant renewal of its fleet, marked by the order of its largest bulk carriers to date. The Croatian company has confirmed the purchase of two 82K DWT Kamsarmax bulk carriers from Jiangsu Hantong Ship Heavy Industry, a Chinese shipyard. The agreement also includes an option for two additional ships. This investment, totaling $137 million, breaks down to $34.25 million per vessel, aligning with current shipbroker estimates for similar Kamsarmax orders in China. These new acquisitions, expected for delivery in 2023, represent a notable expansion for Atlantska Plovidba, whose largest vessels in its current fleet are four bulkers, each around 79K DWT. This move to acquire larger vessels is a strategic step in enhancing the company’s market presence and operational capabilities. Throughout the year, Atlantska Plovidba, listed on the Zagreb stock exchange, has been actively raising capital through sale-and-leaseback transactions in buoyant markets. Notably, in August, the company sold the 38K DWT MV AP Revelin, built in 2016, to CSSC Shipping, a Hong Kong leasing company. This deal included a clause allowing Atlantska Plovidba to charter the vessel back for eight years. Additionally, five other ships in their fleet underwent refinancing. The MV AP Revelin is one of two Handymax bulk carriers in Atlantska Plovidba’s fleet, which also includes five Supramax and five Panamax bulk carriers. As of now, the average age of their fleet is 10 years. Earlier in the year, Atlantska Plovidba executed refinancing for five bulkers through Sale and Purchase deals. This included a contract with Avic International Leasing in China for the sale of the 79K DWT sister ships MV AP Jadran and MV AP Argosy, both built in 2012, with a five-year charter back agreement. Additionally, three other vessels, the 39K DWT MV AP Dubrava (built in 2015) and the 57K DWT MV AP Slano and MV AP Astarea (both built in 2012), were sold to the US-based Northern Shipping Fund Management, with a three-year leaseback arrangement. In the financial realm, Atlantska Plovidba reported a net earning of $7.1 million in the first half of 2021, reflecting a positive financial performance amidst these strategic fleet expansions and financial maneuvers.
21-September-2021
Istanbul-based Beks Shipping (Beks Ship Management and Trading) is reportedly joining a string of other Turkish shipowners, venturing into the secondhand market. The rapidly expanding Beks Shipping (Beks Ship Management and Trading) has offered approximately $31 million for the ten-year-old cape MV Prosperous, which is being sold by Chinese shipowner Teh Hu Cargocean. The capesize bulk carrier MV Prosperous, constructed in 2011, is reported to be in excellent condition, having successfully passed its special survey in May, with several years remaining until its next drydock maintenance. Beks Shipping (Beks Ship Management and Trading) has remained active throughout the year, acquiring three supramax bulk carriers. Turkish shipowner Beks Shipping’s (Beks Ship Management and Trading recent buying spree also includes an entry into the tanker market, with the purchase of a 105,000 DWT tanker, aged 15 years, from Athens-based shipowner Minerva Marine. Beks Shipping (Beks Ship Management and Trading) was established in 2011 by the esteemed Turkish magnate, Ali Bekmezci.
21-September-2021
New York-listed Genco Shipping & Trading (GNK) plans to remunerate shareholders with dividends regardless of dry bulk markets’ volatility. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) has regularly been paying down debt in a robust dry bulk rates market. Part of Genco Shipping & Trading’s (GNK) dividend strategy will be establishing a reserve fund for fleet renewal. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. Genco Ship Management LLC recognizes that renewal and replacement of the fleet will be crucial. Genco Ship Management LLC needs to regularly be looking at selling older tonnage and acquiring more modern bulk carriers. Currently, Genco Shipping & Trading (GNK) does not have plans to order new building bulk carriers.
21-September-2021
German shipowner and operator Oldendorff Carriers concluded the two largest charters to ever load logs in New Zealand. South Pacific Shipping (SPS) chartered from Oldendorff Carriers two (2) post-panamax bulk carriers to load over 30K metric tonnes of logs in New Zealand. Oldendorff Carriers will start transportation in November 2021. Henning Oldendorff-led Oldendorff Carriers will be the first-ever shipping company to load post-panamax timber cargo in New Zealand. Oldendorff Carriers want to secure the supply chain as efficiently as possible. German shipowner and operator Oldendorff Carriers has been part of the New Zealand logs trade for decades. New Zealand logs are sourced from Pacific Forest Products (PFP) and provided solely from sustainable plantation woods. Pacific Forest Products (PFP) look to charter further post-panamax bulk carriers. Currently, German bulk carrier giant Oldendorff Carriers operates around 700 bulk carriers.
21-September-2021
Tokyo-based diversified financial conglomerate, shipowner, and ship financier ORIX Corporation has completed the sale of six (6) supramax bulk carriers, concluding a profitable cycle of ownership amid strong market conditions in the secondhand bulk carrier segment. These supramax bulk carriers, which ORIX Corporation originally acquired as newbuildings, had been part of the company’s active trading and leasing portfolio for several years. The decision to sell came as secondhand bulk carrier values surged, providing an optimal window for asset divestment. Back in the summer of 2021, shipowner and ship financier ORIX Corporation had placed an order for a new series of ultramax bulk carriers at Tsuneishi Shipbuilding, one of Japan’s leading shipyards, further demonstrating its long-term strategy of maintaining a young, fuel-efficient, and eco-compliant fleet. The supramax bulk carriers were traded under favorable charter conditions, serving first-class charterers (FCC) before being sold at attractive returns. ORIX Corporation’s roots in the maritime sector trace back to the 1960s when it pioneered Japan’s secondhand ship leasing business, a concept that laid the foundation for modern ship financing models in the country. Since then, ORIX Corporation has evolved into one of Japan’s largest non-bank financial institutions, diversifying its operations across shipowning, ship financing, aviation leasing, real estate, energy, and asset management. ORIX Corporation’s ship operating arm, Orix Maritime, manages a fleet of modern bulk carriers and other ship types, offering a full range of ship management, chartering, and commercial operations services. With over five decades of maritime experience, ORIX Corporation has built extensive relationships with Japanese and international shipyards, trading houses, and financial institutions, establishing itself as a trusted partner in global ship financing and ownership. The group’s involvement in shipping extends beyond simple ownership; ORIX Corporation structures complex financial arrangements including sale-and-leaseback deals, time charter financing, and syndicated ship investments to support both Japanese and foreign shipowners. In recent years, ORIX Corporation has significantly expanded its maritime footprint through acquisitions and partnerships. In February 2024, ORIX Corporation finalized the acquisition of Osaka-based shipowner Santoku Senpaku (Santoku Senpaku KK) in a landmark transaction valued at approximately $2 billion, strengthening its position in the Japanese shipowning and leasing market. Today, ORIX Corporation owns and manages around 30 bulk carriers that are chartered out to top-tier industrial clients and trading houses worldwide, highlighting its scale and global reach. The corporation’s shipping strategy continues to emphasize fleet renewal, environmental compliance, and financial innovation, aligning with Japan’s broader objective of maintaining leadership in sustainable maritime finance and ship leasing. Through decades of disciplined growth and strategic diversification, ORIX Corporation has transformed from a domestic ship leasing pioneer into an international maritime powerhouse—combining shipowning, financing, and management expertise with one of the most extensive shipping investment networks in Asia.
20-September-2021
Dubai-based Turkish Tayfun Gunerhan-backed shipowner and operator Densay Shipping has been busy at the S&P (Sale and Purchase) market. Recently, many Turkish shipowners have been involved in renewing and expanding their fleets. Turkish shipowners have been buying, selling or ordering more than 40 bulk carriers in confirmed transactions so far in 2021 which is more than they did in the full year of either 2019 or 2020. Turkish shipowners have infrequently been so unanimous in their view that the time has come to extend their fleet. Dubai-based Turkish shipowner and operator Densay Shipping is one of the Turkish shipowners who has been in the asset play and active at S&P (Sale and Purchase) market. So far in 2021, out of the 32 confirmed secondhand S&P (Sale and Purchase) transactions, Turkish shipowners have been buyers in 29 transactions. Dubai-based Turkish shipowner and operator Densay Shipping was founded in 1992 by Turkey’s Tayfun Gunerhan, who started his shipping career as a deck officer in 1985.
14-September-2021
Angeliki Frangou-led Navios Maritime Holdings (NM) subsidiary company Grimaud Ventures sold $31 million worth of shares in its parent to lower debt. New York-listed Navios Maritime Holdings (NM) used $20 million to reduce the outstanding debt amount to $165 million. In September 2021, Navios Maritime Holdings (NM) had bought back another $20 million of the bonds. Previously, Navios Maritime Holdings (NM) subsidiary company Grimaud Ventures was holding 9.3 million Navios Maritime Holdings (NM) shares. Grimaud Ventures received 9.3 million Navios Maritime Holdings (NM) shares as part of a settlement for a $70 million loan from Navios South American Logistics (NSAL). Grimaud Ventures was a subsidiary of Navios South American Logistics (NSAL). Market players anticipate more sales going forward to support Navios Maritime Holdings (NM). New York-listed Navios Maritime Holdings (NM) has $477 million priority mortgage notes coming due in January 2021. At the beginning of September 2021, New York-listed Navios Maritime Holdings (NM) spinoff Navios Maritime Partners published that the company was taking over tanker owner Navios Maritime Acquisition. Currently, Navios Maritime Holdings (NM) owns 25 bulk carriers.
14-September-2021
Bermuda-registered New York-listed SFL Corporation Ltd (SFL) sold handysize bulk carriers for a total of $100 million to CDB Leasing (China Development Bank Financial Leasing. Hong Kong-listed CDB Leasing (China Development Bank Financial Leasing) confirmed in a regulatory filing that the company acquired SFL Corporation Ltd. (SFL) controlled handysize bulk carriers:
2013 built handysize bulk carrier 31K DWT MV SFL Dee 2012 built handysize bulk carrier 31K DWT MV SFL Clyde 2012 built handysize bulk carrier 33K DWT MV SFL Kent 2012 built handysize bulk carrier 34K DWT MV SFL Trent 2012 built handysize bulk carrier 31K DWT MV SFL Tyne 2011 built handysize bulk carrier 31K DWT MV SFL Medway 2011 built handysize bulk carrier 34K DWT MV SFL Medway
CDB Leasing (China Development Bank Financial Leasing) is going to take the delivery of handy bulk carriers at the end of 2021. CDB Leasing (China Development Bank Financial Leasing) will finance the ships with cash and commercial bank loans. Freight rates for handysize bulk ships have increased due to robust demand for commodities, port congestions. SFL Corporation Ltd. (SFL) employed handy bulk carriers at the spot market. Ole B Hjertaker-led SFL Corporation Ltd. (SFL) thinks this is a great time for the sale of handy bulk carriers. Currently, CDB Leasing (China Development Bank Financial Leasing) controls around 110 ships.
14-September-2021
Axel C Eitzen-led Eitzen Holding AS will remain the co-owner of the 2008 built supramax bulk carrier 53K DWT MV Sibulk Tradition. Axel C Eitzen acquired a 75% stake of MV Sibulk Tradition in 2015 for around $12 million. Axel C Eitzen put up MV Sibulk Tradition for sale in August 2021. Axel C Eitzen will remain as the co-owner of the MV Sibulk Tradition, however, Axel C Eitzen decreased his stake from 75% to 25%. Essentially, Axel C Eitzen is associated with chemical tankers through Christiania Shipping. In 2018, Axel C Eitzen acquired Herning Shipping from the investment fund Triton.
13-September-2021
Athens-based, New York-listed shipowner and operator Diana Shipping Inc. (DSX) has entered into a new time charter contract with the Chinese dry bulk shipowner and operator BG Shipping Co., Limited (Beibu Gulf Shipping). The agreement pertains to the 2012-built post-panamax bulk carrier MV Amphitrite. This charter began on September 13 and is set to continue until a period between October 15, 2022, and December 15, 2022, at a daily charter rate of $27,000. Previously, in March of the preceding year, the MV Amphitrite was chartered by SwissMarine of Singapore for a duration of 13-15 months at a rate of $10,250 per day. With the new charter rate significantly higher, Diana Shipping anticipates generating approximately $10.5 million in revenue for the minimum scheduled period of the current charter, marking a substantial increase in earnings from its prior contract. This strategic chartering decision underscores Diana Shipping’s effective management and operational efficiency in capitalizing on market opportunities. BG Shipping Co., Limited, commonly referred to as Beibu Gulf Shipping, is a prominent Chinese dry bulk shipping company based in Guangzhou, with a strong operational presence in the Asia-Pacific region. The company specializes in the transportation of bulk commodities such as coal, iron ore, and grain, servicing major trading routes across the East and South China Seas. Established with a focus on regional bulk shipping, BG Shipping has expanded its operations to include global trade routes, positioning itself as a key player in the maritime shipping industry. The partnership with Diana Shipping reflects BG Shipping’s strategic initiative to enhance its capacity and service offerings through the chartering of high-capacity vessels like the MV Amphitrite.
13-September-2021
Athens-based Ivy Shipping sold 2011 built supramax bulk carrier K DWT MV Ivy Delta for around $20 million. Paris Kassidokostas-Latsis-led Ivy Shipping was established as an asset play company when dry bulk businesses were still in the doldrums in 2016. Lately, supramax bulk carrier prices have increased by the soaring dry bulk freight rates. Ivy Shipping had a fleet of four (4) supramax bulk carriers: MV Ivy Delta, MV Ivy Unicorn, MV Ivy Delta, and MV Ivy Blue.
9-September-2021
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired the third supramax since the beginning of 2021. Beks Ship Management and Trading acquired 2009 built supramax bulk carrier 55K DWT MV Antoine for around $20 million from Archangel Pacific Ltd. MV Antoine’s deal involves the balance of a time charter set at 97% of the Baltic Supramax Index (BSI), which will expire by February 2022. Beks Ship Management and Trading will get the delivery of MV Antoine in October 2021. Archangel Pacific Ltd has been selling bulk carriers as ship values climb. Istanbul-based shipowner and operator Beks Ship Management and Trading was established in 2011 by the Turkish tycoon Ali Bekmezci. Beks Ship Management and Trading ordered as newbuilding supramax and ultramax bulk carriers at the beginning. Lately, Beks Shipping entered into tanker market. Beks Shipping acquired 2007 LR2 tanker MT Beks Indiana (ex MT Minerva Indiana) from Minerva Marine. Beks Shipping plans for expansion in tanker business. 55K DWT MV Antoine is the third ship the Archangel Pacific Ltd has sold since July 2021. Previously, Archangel Pacific Ltd sold 2015 built ultramax bulk carrier 61K DWT MV Calico Jack and 2015 built ultramax bulk carrier 60K DWT MV Phoenix Rising. Currently, Archangel Pacific Ltd has two (2) panamax bulk carriers in its fleet. In early 2021, Beks Shipping (Beks Ship Management and Trading) acquired 2011 built supramax bulk carrier 57K DWT MV Beks North (ex MV Densa Leopard) and 2011 built supramax bulk carrier 57K DWT MV Beks Sky (ex MV Densa Panther) from Turkish Sabanci family-led Marinsa Shipping. Currently, Istanbul-based shipowner and operator Beks Ship Management and Trading owns and operates nine (9) vessels.
9-September-2021
Oslo and Nasdaq-listed Golden Ocean Group selling some vintage panamax bulk carriers. John Fredriksen’s bulker company Golden Ocean Group plans to sell older non-eco panamax bulk carriers. Last week, Golden Ocean Group ordered three (3) kamsarmax bulk carrier newbuildings at Dalian Shipbuilding Industry Co. Golden Ocean Group is a fleet renewal programme. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group is expected to sell eight (8) vintage panamax bulk carriers and two (2) vintage capesize bulk carriers. In February 2021, Golden Ocean Group sold 2007 built panamax bulk carrier 76K DWT MV Golden Shea for around $11 million to Xiamen ITG Group. Newly ordered kamsarmax bulk carrier newbuildings will not change Golden Ocean Group’s dividend payouts. Golden Ocean Group is expected to pay $0.95 per share for Q3 2021.
8-September-2021
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading ordered four (4) ultramax newbuilding bulk carriers at New Dayang Shipbuilding with three (3) options. Ciner Shipping will take the delivery of four (4) ultramax newbuilding bulk carriers in Q2 2024. Ciner Shipping’s order indicates the confidence shipowners display in a shipping supercycle post-coronavirus recovery. Rising dry bulk freight rates have sparked an increase for bulk carriers in the secondhand market, making bulk carriers increase by more than half since the start of 2021. Currently, the price tag of a 2015 built ultramax bulk carrier surpasses $30 million which was the cost of a similar new building. Istanbul-based shipowner and operator Ciner Shipping Industry & Trading is familiar with New Dayang Shipbuilding. Previously, Ciner Shipping ordered and took delivery seven (7) ultramax bulk carriers. Ciner Shipping’s four (4) ultramax newbuilding bulk carriers will be built to the IMO’s Tier III NOx standards. Ciner Shipping Industry & Trading was founded in 2009 by Turgay Ciner.
8-September-2021
Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group ordered three (3) dual-fuel-ready non-scrubber 85K DWT kamsarmax bulk carriers in China. Golden Ocean Group would evaluate potential alternative fuels for the three (3) non-scrubber 85K DWT kamsarmax bulk carriers. John Fredriksen’s bulker company Golden Ocean Group is in a fleet renewal programme. Golden Ocean Group will get the delivery of the kamsarmax bulk carriers in Q3 2023. There are few slots before 2024 in Chinese shipyards. However, Golden Ocean Group receives exclusivity on engaging opportunities. Oslo and Nasdaq-listed Golden Ocean Group would finance the three (3) dual-fuel-ready 85K DWT kamsarmax bulk carriers with operating cash flow and cash on hand. Golden Ocean Group desires to pick the right solutions for decarbonisation. Golden Ocean Group’s new dual-fuel-ready 85K DWT kamsarmax bulk carriers will be rated B+ on Rightship’s GreenHouse Gas (GHG) index.
8-September-2021
Francoisciner Cazor-led commodity data analyst Kpler acquired has agreed to acquire US-based competitor ClipperData. ClipperData specializes in global crude, grain, and refined product movements. The demand has been increasing for data on cargo flows, trades, and inventories globally. Currently, the United States is the most significant market for Kpler in terms of the number of clients and users. ClipperData had produced a novel data offering for the commodity markets, especially in petroleum liquids coverage in the United States. Kpler and ClipperData have made their reputations about high-quality exclusive data. Kpler projects to earn $100 million annually. US-based ClipperData was established by managers in the commodities and energy data analytics industry. ClipperData is backed by private equity firm Nassau Point Investors.
7-September-2021
World’s largest ships registry the Panama Ship Registry has added 218 new building ships so far in 2021. Currently, Panama Ship Registry is the largest Flag State. Panama Ship Registry has a total of 2,725 ships of around 112 million GT (Gross Tonnage). Panama Ship Registry said it is the best option for shipowners due to the easy process, Panama’s legal security and professionalism. Panama Flag State is on the white lists of both the Paris and Tokyo MOU (Memoranda of Understanding) on PSC (Port State Control). Panama has also been part of the MACN (Maritime Anti-Corruption Network) since 2020. Panama has been the world’s largest Flag State since 1993.
7-September-2021
Iason Hellenic Shipping-connected Liberty Shipholding has escalated a coronavirus-era charter dispute by taking bulker operator Western Bulk to court in a case valued at about $2 million, a move that highlights how pandemic-related port risks and contractual restrictions can translate into high-cost legal battles for charterers and operators active across multiple basins. The dispute is tied to the 2013 built ultramax bulk carrier 63K DWT MV Caravos Liberty, where discharge at a coronavirus-affected port ultimately led to MV Caravos Liberty being arrested in Bangladesh, turning what began as an operational voyage issue into a prolonged legal and financial confrontation. Iason Hellenic Shipping-connected Liberty Shipholding has sued bulker operator Western Bulk in a US federal court in Delaware and is seeking to attach several accounts held by Western Bulk as security in support of London arbitration, underlining the tactical importance of asset attachment when a claimant wants to ensure recoverability while arbitration proceeds. Iason Hellenic Shipping-connected Liberty Shipholding said it notified bulker operator Western Bulk that directing MV Caravos Liberty to Chittagong would violate a charter clause that prohibited MV Caravos Liberty from calling at ports where the world sanitary organization had announced that infectious epidemics had broken out, a type of provision that became far more contentious during the pandemic as the interpretation of “epidemic port” restrictions collided with commercial pressure to complete voyages. MV Caravos Liberty was ultimately arrested in Bangladesh on 29 July 2021 and remained detained until 1 September 2021 following claims from cargo receivers Deshbandhu Sugar Mills, adding third-party exposure and delay costs that can quickly compound for shipowners, charterers, and operators once a ship is held. Iason Hellenic Shipping-connected Liberty Shipholding is seeking final charter hire of more than $628,000 from bulker operator Western Bulk, together with legal fees and other expenses, indicating that the claim extends beyond hire alone and into the broader cost stack created by detention, procedural action, and dispute resolution. The case also sits within the wider operating environment faced by Norwegian bulker operator Western Bulk Chartering (WBC), an asset-light chartering platform historically associated with managing large pools of bulk carriers through chartering decisions, cargo coverage, and commercial execution, where legal and operational disputes can materially affect performance because working capital, counterparty confidence, and continuity of trade flow are central to the model. Western Bulk Chartering (WBC) operates by positioning bulk carriers, negotiating fixtures, and managing voyage outcomes across a wide counterparty network, and pandemic-era disruptions raised the stakes of voyage planning by introducing sudden port closures, quarantine rules, and elevated claims risk, making strict compliance with charter clauses and clear voyage instructions particularly critical. For Western Bulk Chartering (WBC), disputes of this type highlight the importance of tight contract management, internal controls, and risk oversight, because a single voyage event can trigger cascading consequences across charter hire, detention exposure, cargo claims, and legal proceedings that stretch across jurisdictions. The MV Caravos Liberty episode underlines how the pandemic amplified operational uncertainty, and how chartering platforms such as Western Bulk Chartering (WBC) must balance commercial execution with contractual compliance and counterparty risk management when ships are ordered to ports subject to heightened health-related restrictions and dispute sensitivity.
6-September-2021
Greek shipowner and operator Nicholas G Moundreas (NGM) acquired 2011 built capesize bulk carrier 181K DWT MV Frontier Phoenix for around $34 million. Furthermore, Nicholas G Moundreas (NGM) acquired 2011 built capesize bulk carrier 176K DWT MV DS Charme for around $28 million from Ds Schiffahrt GmbH & Co KG. In August 2021, capesize bulk carriers’ earnings increased to $50K per day in the spot market. Some shipowners feel that they do not want to regret it later. Previously, Athens-based Nicholas G Moundreas (NGM) acquired several tankers from Ds Schiffahrt GmbH & Co KG.
6-September-2021
Taiwan-based shipowner and operator Franbo Lines announced that five (5) geared bulk carriers will be modified to transport around 212 TEU containers on deck. Franbo Lines want to take advantage of fruitful container markets by loading boxes onto dry bulk carriers. Franbo Lines can take containers on deck and advantage of record container ship rates. Franbo Lines plans to transport containers from Asia to Europe and the US. Furthermore, Swire Bulk has been transferring a tiny number of containers on its vessels. Golden Ocean Group has been actively studying how its bulk carriers could be utilized to carry containers. The North P&I (Protection and Indemnity) Club has published an instructive note to shipowners considering switching into the container businesses. The current demand for container slots surpassing supply has led to an increase in inquiries for information from bulk carrier operators to analyze when deciding whether to load large quantities of containers on bulk carriers. Currently, Taiwan-based shipowner and operator Franbo Lines controls 18 bulk carriers.
5-September-2021
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading made the first move in the S&P (Sale and Purchase) market for secondhand bulk carriers. Ciner Shipping acquired 2016 built capesize bulk carrier 180K DWT MV Stella Nora and 2016 built capesize bulk carrier 180K DWT MV Stella Naomi for $44 million each. Ciner Shipping acquired capesize bulk carriers from Cara Shipping. Ciner Shipping will take the delivery of MV Stella Nora and MV Stella Naomi in October 2021. MV Stella Nora and MV Stella Naomi were built at Shanghai Waigaoqiao Shipbuilding. MV Stella Nora and MV Stella Naomi have a BWTS (Ballast Water Treatment Systems) fitted. Ciner Shipping will charter out MV Stella Nora and MV Stella Naomi to Germany-based RWE Group. Previously, Ciner Shipping chartered out 2015 built capesize bulk carrier 180K DWT MV Vittoria and 2015 built capesize bulk carrier 180K DWT MV Mehmed Fatih to Germany-based RWE Group. CEO Vasileios Papakalodoukas-led Ciner Shipping wants to profit from a red-hot dry bulk freight market.
5-September-2021
Singapore-based shipowner and operator SDTR Marine has agreed to sell the two chartered kamsarmax bulk carrier newbuildings that are owned by AVIC International Leasing. AVIC International Leasing sold 85K DWT kamsarmax bulk carrier newbuilding which is under construction at Shanhaiguan Shipbuilding for around $36 million. AVIC International Leasing sold 85K DWT kamsarmax bulk carrier newbuilding for around $8m profit. AVIC International Leasing sold kamsarmax bulk carrier newbuilding through Zhejiang Shipping Exchange’s online platform Shipbid. Shipowners try to get their hands on bulk carriers immediately to take advantage of the increasing dry bulk market. The current order book for panamax and kamsarmax bulk carrier is equivalent to only 6.6% of the world’s current trading fleet. This is the second kamsarmax bulk carrier newbuilding that AVIC International Leasing has sold in 2021. In 2017, Singapore-based shipowner and operator SDTR Marine agreed to charter ten (10) 85K DWT kamsarmax bulk carrier newbuildings from AVIC International Leasing. SDTR Marine has chartered the 85K DWT kamsarmax bulk carriers but has agreed on the sale of the two (2) kamsarmax bulk carriers as the price of kamsarmax bulk carriers skyrocketed. MV SDTR Irene is sold to Gia Shipping (Taizhou Jiahang Shipping).
2-September-2021
Canadian bulk carrier operator Fednav has entered into a shipbuilding agreement with Japan’s Sumisho Marine and Oshima Shipbuilding to construct ten lake-fitted bulk carriers. The first of these carriers is scheduled for delivery in mid-2023. Although the financial details of the contract remain undisclosed, these new vessels will be equipped with Tier III engines and the capability to utilize biofuels. Fednav has described these ten lake-fitted bulk carriers as the most environmentally efficient in its fleet, projecting a reduction in carbon emissions by 33% compared to the older ships they are set to replace. This initiative is part of Fednav’s broader commitment to investing in future capabilities and advancing towards more sustainable maritime operations. The Montreal-based shipowner and operator currently manages a fleet of approximately 120 bulk carriers, with 60 directly owned by the company.
1-September-2021
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) owned and NYK Line chartered 2006 built woodchip carrier 49K DWT MV Crimson Polaris suffered catastrophic structural failure after grounding on 11 August in heavy weather. Bunkers on board of 2006 built woodchip carrier 49K DWT MV Crimson Polaris leaked that spread more than 15 miles. Japanese charterer NYK Line promises support as the broken hull of 2006 built woodchip carrier 49K DWT MV Crimson Polaris is secured. The bow section of the NYK Line chartered MV Crimson Polaris is now alongside the Hachinohe port. NYK Line will resume to support the Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) and manager of one of NYK Line’s chartered woodchip carrier 49K DWT MV Crimson Polaris.
1-September-2021
Lakes-fitted leader shipowner and operator Fednav has ordered ten (10) lakes-fitted 34K DWT handysize bulk carrier new buildings at Oshima Shipbuilding. Canadian shipowner Fednav has been in the fleet-renewal programme. Montreal-headquartered Fednav is going to take delivery of the first lakes-fitted 34K DWT handysize bulk carrier in Q3 2023. Ten (10) super-eco lakes-fitted 34K DWT handysize bulk carrier new buildings are intended to succeed the Fednav’s ships that will be scrapping over the next few years. Ten (10) super-eco lakes-fitted 34K DWT handysize bulk carrier new buildings will be outfitted with the latest technology. Ten (10) super-eco lakes-fitted 34K DWT handysize bulk carrier new buildings will reinforce the Fednav’s commitment to the Great Lakes-St Lawrence Seaway. Fednav aims at the transition towards more sustainable transportation. Fednav’s lakes-fitted bulk carriers don’t have the space for the tanks to store hydrogen or ammonia. Ten (10) super-eco lakes-fitted 34K DWT handysize bulk carrier new buildings are as fuel-efficient as possible and try to be the best in the world with this type of bulk carrier. Canadian shipowner and operator Fednav is a privately owned company with a fleet of approximately 120 bulk carriers.
1-September-2021
Copenhagen-based shipowner and operator Ultrabulk new CEO Per von Appen, a member of the controlling von Appen family, will take over as CEO on 1 January 2021. Ultrabulk new CEO Per von Appen will be replacing Per Lange. Danish dry bulk shipowner and operator Ultrabulk is controlled by Chile’s Ultranav Group. Ultrabulk will not be proceeding with fleet expansion in 2021. Furthermore, Ultrabulk does not anticipate anything major in 2022 in terms of a distinctive strategy for the business. Ultrabulk is active from multipurpose ships to kamsarmax bulk carriers. Ultrabulk has no intentions to penetrate the capesize bulk carrier sector. Ultrabulk reported a net loss of $16.3 million in 2021. Per Lange will stay on as managing director of Ultranav Denmark. Per Lange will represent the Ultrabulk at several industry bodies like Danish Shipping. Copenhagen-based shipowner and operator Ultrabulk operated on average 137 bulk carriers in 2020. Currently, Ultrabulk controls 43 owned and long-term chartered bulk carriers.