29-April-2022
Bangladesh has initiated seafarer restrictions due to the global spread of monkeypox, making it the first confirmed country to do so. Chittagong Port has implemented measures including barring shore passes for all crew members unless there’s an emergency, and mandating health checks for crew members signing off. Other Asian countries like China and India are also considering strengthening their entry protocols as concerns about the disease’s spread increase. Meanwhile, the World Health Organization (WHO) announced on Monday that it does not foresee the current monkeypox outbreak leading to a new pandemic. The WHO also mentioned that it is currently unclear whether asymptomatic infected individuals can transmit the disease. As of May, more than 300 suspected and confirmed cases of monkeypox have been recorded globally, primarily in Europe. Monkeypox is generally a mild illness that is transmitted through close contact and can cause flu-like symptoms along with pus-filled skin lesions. The response of port authorities in denying shore leave amid another viral outbreak is causing concern among seafarers, especially as the shipping industry continues to grapple with the impacts of what Intercargo chairman Dimitrios Fafalios refers to as “long COVID.” Dimitrios Fafalios, who also leads Athens-based shipowner and operator Fafalios Shipping SA, remarked that the shipping sector is still dealing with the prolonged effects of COVID-19. According to Fafalios, seafarers worldwide are facing significant challenges related to crew changes, port entries, and evolving vaccination requirements. Dimitrios Fafalios, chairman of Intercargo, expressed frustration with the current situation, stating, “New waves of infection continue to affect ports, and we are witnessing local authorities interpreting the rules in their own way.” He emphasized that this trend is prevalent in ports globally and criticized governments and administrations for seemingly failing to learn from the past two years as they transition to a post-COVID agenda.
29-April-2022
South Korean shipowner and operator H-Line Shipping sold 1997 built capesize bulk carrier 149K DWT MV Keoyang Orient for demolition. Seoul-based H-Line Shipping sold MV Keoyang Orient for green recycling. H-Line Shipping had made a promise to green recycling through the sale of MV Keoyang Orient. H-Line Shipping supports green shipping. MV Keoyang Orient deal was brokered by GMS. The prices being proposed by the ship recyclers from the subcontinent remained robust with a constant demand from Pakistan and India to secure demolition ships. Currently, South Korean shipowner and operator H-Line Shipping has 43 bulk carriers.
27-April-2022
Oslo-listed Himalaya Shipping signed sale-and-leaseback financing for eight (8) LNG-fueled newcastlemax bulk carriers under construction at New Times Shipyard. The new financing covers the remaining installments to the New Times Shipyard. Sale-and-leaseback financing for eight (8) LNG-fueled newcastlemax bulk carriers covers seven (7) years after the vessels are delivered. The latest deal represents that Himalaya Shipping has completely financed the company’s twelve (12) LNG-fueled newcastlemax bulk carrier newbuildings. Tor Olav Troim-led Himalaya Shipping has a ship purchase option for the LNG-fueled newcastlemax bulk carriers at specific dates in the future. Sale-and-leaseback financing covers both pre and post-delivery financing. Oslo-listed Himalaya Shipping will start taking delivery of LNG-fueled newcastlemax bulk carriers in Q3 2023. Himalaya Shipping’s LNG-fueled newcastlemax bulk carriers will be able to do a full round-voyage from Brazil to China both on LSFO and LNG. Tor Olav Troim-led Himalaya Shipping is paying around $68 million for each LNG-fueled newcastlemax bulk carriers. In October 2021, Himalaya Shipping’s sister company 2020 Bulkers signed an agreement to deliver technical management of Himalaya Shipping’s LNG-fueled newcastlemax bulk carrier newbuildings.
26-April-2022
Helsinki-based shipowner and operator ESL Shipping will have disengaged the company from all Russian trade by Q4 2022. Mikki Koskinen-led ESL Shipping’s operations in Russia have been suspended and bulk carriers will be transferred to other regions. Finnish Aspo Group’s shipping arm ESL Shipping’s agenda is dependent on the commitments of existing charter contracts. In March 2022, Finnish shipowner and operator ESL Shipping declared the company was shifting bulk carriers into other businesses as ESL Shipping aimed to cease Russian operations. Furthermore, Helsinki-based shipowner and operator ESL Shipping has stopped the start-up of a new office in St Petersburg. ESL Shipping will resume supporting the company’s long-term charterers from other trading regions. Finnish shipowner and operator ESL Shipping is the top dry bulk freight company in the Baltic Sea area. Finnish Aspo Group has condemned Russia’s military action in Ukraine. Finnish Aspo Group has two other subsidiaries: industrial chemicals supplier Telko and baking industry supplier Leipurin. Finnish Aspo Group has determined to withdraw from Leipurin’s operations in Russia, Belarus, and Kazakhstan. Currently, ESL Shipping controls around 51 ships.
25-April-2022
Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) attended Noble Capital’s annual NobleCon investor conference. Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is attempting to get more eyes focused on the the company’s stock. Pangaea Logistics Solutions (PANL) started IPO (Initial Public Offering) in 2014. Mark Filanowski-led Pangaea Logistics Solutions (PANL) is little known, closely-held, thinly traded company. Noble Capital’s annual NobleCon investor conference provides an opportunity to extend the outreach of the Pangaea Logistics Solutions (PANL). Pangaea Logistics Solutions (PANL) belives that the company is undervalued. While Eagle Bulk Shipping and Genco Shipping & Trading have grown extensively during the peak market in dry bulk shipping, most of the shipowners like Pangaea Logistics Solutions (PANL) could not attract broad investment. Major shareholder Cartesian Capital started selling off a 33% shares in Pangaea Logistics Solutions (PANL) in Q2 2021, paving the way for a large boost in the public float of shares. Furthermore, investor Wellington Management acquired 9% of Pangaea Logistics Solutions (PANL), and currently Wellington Management is the second-largest shareholder. Like other publicly listed dry bulk shipowners, Pangaea Logistics Solutions (PANL) shares have prospered, up 87% in 2022. Currently, with the increased liquidity, there’s more chance for investors to assess Pangaea Logistics Solutions (PANL).
24-April-2022
Lars Christian Skarsgard-led Norwegian shipowner and operator Belships’ stock is downgraded from buy to hold by Fearnley Securities. Fearnley Securities praised the Norwegian shipowner and operator Belships' fleet and administration for doing almost everything right in recent years. However, the uncertainty of the macro-economic climate has prompted Fearnley Securities to trim. Belships charters the fleet by commercial arm Lighthouse Navigation. Oslo-listed shipowner and operator Belships' commercial arm Lighthouse Navigation has offices in Oslo and Bangkok. In Q1 2022, Oslo-listed shipowner and operator Belships reported Ebitda of $63 million, including $24 million from Lighthouse Navigation. Fearnley Securities anticipates strong Q2 2022 from Belships once again pushed by Lighthouse Navigation. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships has a stellar fleet and administration has done about everything right over the past years, Fearnley Securities believes that there are too many red flags in the dry bulk segment. The fragile Chinese construction sector and overall lower economic growth as posing concerns, especially in Q2 2022. Nevertheless, in long-term, fleet growth and improved scrutiny of older bulk carriers will assist the dry bulk market and especially those shipowners with modern bulk carriers like Belships.
24-April-2022
Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group controlled 2019 built newcastlemax bulk carrier 208K DWT MV Golden Champion carried logs from Uruguay to China. This is the first time in history a newcastlemax bulk carrier carrying logs. John Fredriksen’s bulker company Golden Ocean Group controlled 2019 built newcastlemax bulk carrier 208K DWT MV Golden Champion loaded around 105K tonnes of logs. Currently, capesize bulk carrier freight rates are so much cheaper than handysize bulk carriers. Oslo and Nasdaq-listed Golden Ocean Group fixed the log cargo via Affinity Dry Bulk. In 2021, the first capesize bulk carrier fixture for logs cargo was done. Afterward, eight more capesize bulk carriers have been fixed for the logs cargo. Currently, more and more capesize bulk carrier shipowners are taking an interest in the logs business. There are particular downsides for shippers in combining multiple log cargo stems onboard one capesize bulk carrier, shippers must persuade buyers to accept so much log cargo at once. On the other hand, capesize bulk carrier shipowners notice the log cargo as an alternative cargo to the iron ore. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group anticipates the capesize bulk carrier market to boost in 2022. Golden Ocean Group anticipates a robust market in 2022.
21-April-2022
Tokyo-based shipowner and operator Inui Global Logistics has cooperated with data specialist Sustainable Lab to enhance the company’s greenhouse gas emissions. Japanese shipowner and operator Inui Global Logistics search for alternative methods to lower carbon emissions from the company’s fleet. Yasuyuki Inui-led Inui Global Logistics mainly owns and operates handysize bulk carriers. It is also more difficult to make a return on investment handysize bulk carriers. Inui Global Logistics Vessel Information Board (VIB) will be used jointly with Sustainable Lab’s artificial intelligence non-financial data system that was designed to assist organizations demonstrate the implementation of sustainability initiatives. Starting from 2023, the Carbon Intensity Indicator regulation agreed at the IMO (International Maritime Organization) will mandate shipowners to document to their Flag State on the ship operating efficiency. Under the new Carbon Intensity Indicator system, vessels will be rated between A and E based on their performance. Vessels which fall into categories D and E will have failed to fulfill the minimum international standard. Low rated vessels will have difficulty to find employment in the commercial shipping markets. Currently, Tokyo-based shipowner and operator Inui Global Logistics owns and operates 22 handysize bulk carriers.
19-April-2022
Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping has already taken delivery of two (2) 63K DWT ultramax bulk carriers from Nantong Xiangyu Shipbuilding & Offshore Engineering since November 2021. The Turkish-backed but United Arab Emirates-based Densay Shipping will take take the delivery of third and final ship in the same series, the 63K DWT ultramax bulk carrier MV Interceptor in April 2022. Nantong Xiangyu Shipbuilding & Offshore Engineering’s only known non-Chinese shipowner is Densay Shipping. Turkish shipowner and operator Densay Shipping was established in 1992 by Tayfun Gunerhan.
19-April-2022
Led by Greek shipping magnate Aristides Pittas, EuroDry Ltd. has strategically bolstered its fleet to 11 vessels, following the acquisition of the 2005-built panamax bulk carrier MV Santa Cruz for approximately $16 million. Slated for delivery by the end of April 2022, EuroDry Ltd., listed on the Nasdaq, will also inherit the vessel’s existing charter, which secures $14,800 per day until July 2022. Aristides Pittas, serving as both chairman and CEO of EuroDry Ltd., highlighted the acquisition’s timing as particularly opportune, given the supportive market conditions amidst geopolitical uncertainties. He cited sustained demand propelled by global energy and infrastructure project needs against a backdrop of constrained fleet growth, as evidenced by the orderbook’s historically low levels. Pittas is optimistic about the MV Santa Cruz significantly boosting the company’s net income and EBITDA, with current market rates favoring such an outcome. He underlined the company’s robust financial position, facilitated by its fleet’s earnings, enabling substantial fleet expansion and shareholder rewards, with a commitment to pursuing avenues most beneficial for shareholder value. The MV Santa Cruz, a 76K DWT panamax bulk carrier, was previously managed by an unaffiliated third party but now comes under the management of Eurobulk Ltd., a Pittas family enterprise based in Athens. Eurobulk Ltd. plays a crucial role in managing the majority of EuroDry Ltd.’s vessels, showcasing its significant expertise in maritime operations and fleet management. Earlier in the year, EuroDry Ltd. expanded its fleet with the addition of the 2014-built supramax bulk carrier MV Molyvos Luck, purchased for around $21.5 million, emphasizing its aggressive growth strategy and strong market positioning. Eurobulk Ltd., renowned for its operational excellence and strategic fleet management, has been instrumental in the growth and success of EuroDry Ltd. With a comprehensive approach to shipping operations, Eurobulk Ltd. not only manages a diverse fleet of bulk carriers and container ships but also leverages its industry expertise to navigate the complexities of the global shipping market. The synergistic relationship between Eurobulk Ltd. and EuroDry Ltd. underlines the Pittas family’s profound impact on the maritime industry, driving forward with innovation and strategic investments to capitalize on market opportunities.
19-April-2022
Since succeeding John Platsidakis as chairman of the International Association of Dry Cargo Shipowners (INTERCARGO) in 2018, Dimitris Fafalios has actively addressed the critical challenges faced by his shipowner membership, including the pandemic, environmental regulations, and the recent conflict in Ukraine. Dimitrios Fafalios, who also leads Athens-based shipowner and operator Fafalios Shipping SA, participated in the Slide2Open Shipping Finance conference in Athens last month, where he discussed the impending wave of green regulations, particularly those emanating from Brussels. During the conference, INTERCARGO chairman Dimitris Fafalios reassured attendees that the upcoming Energy Efficiency Existing Ship Index (EEXI) regulation was financially manageable. However, he expressed concerns about the Carbon Intensity Indicator (CII), which will be implemented concurrently and is expected to pose greater financial challenges. He highlighted that the transition from phase II to phase III of the Energy Efficiency Design Index (EEDI) for new building bulk carriers had already been “financially quite challenging.” For existing ships, implementing the EEXI from 2023 will incur costs typically ranging from $50,000 to $100,000 per ship, which Fafalios considered manageable. However, he warned that the costs associated with the CII are likely to be much higher and difficult to quantify. In the bulk tramp sector, where time charters predominate, the CII rating of bulk carriers will primarily depend on the charterer rather than the shipowner. Consequently, the vessel’s time charter description will need regular adjustments, despite the development of a BIMCO (Baltic and International Maritime Council) CII clause aimed at addressing this issue. Dimitris Fafalios also commented on the European Union’s (EU) marine emission reduction strategies, including the integration of shipping into the EU Emission Trading Scheme (ETS) and the new FuelEU Maritime rule. He noted that these measures would impose significant bureaucratic burdens, particularly on small- and medium-sized shipowners and operators. The dramatic increase in the price of European emissions allowances in 2021 has further compounded these challenges. Fafalios cautioned that without a freight premium, smaller shipowners might avoid EU ports altogether. In conclusion, Dimitris Fafalios emphasized that the financial burdens of decarbonization should be shared among all maritime stakeholders, not just shipowners and operators. This includes charterers, fuel suppliers, cargo shippers, and receivers, as well as financiers, insurers, shipbuilders, and equipment manufacturers. He stressed that regulating shipowners alone will not achieve the desired environmental outcomes.
18-April-2022
Athens-based shipowner and operator AM Nomikos sold 1999 built handysize bulk carrier 46K DWT MV Corona for around $10 million. In 2014, Greek shipowner and operator AM Nomikos acquired MV Corona for around $12 million from First Ship Lease Trust. Second-hand bulk carriers’ prices have been rising for some time now, leaving many shipowners in disbelief at the secondhand market’s course. Many Greek shipowners are selling vintage bulk carriers.
18-April-2022
Caroussis family-controlled shipowner and operator Chios Navigation (Hellas) Ltd. sold 2001 built panamax bulk carrier 75K DWT MV Doric Arrow for around $13 million. Athens-based shipowner and operator Chios Navigation (Hellas) Ltd. acquired 2001 built panamax bulk carrier 75K DWT MV Doric Arrow for around $12.5 million in February 2013. Menelaos Pangalos-led shipowner and operator Chios Navigation (Hellas) Ltd. circulating MV Doric Arrow for sale since the end of 2021. Athens-based shipowner and operator Chios Navigation (Hellas) Ltd. has been trading MV Doric Arrow for around a decade. Like many Greek shipowners, shipowner and operator Chios Navigation (Hellas) Ltd. hope to sell the company’s vintage ships. Furthermore, Athens-based shipowner and operator Chios Navigation (Hellas) Ltd. sold 2001 built supramax bulk carrier 52K DWT MV Doric Spirit for around $13.5 million. In 2001, Chios Navigation (Hellas) Ltd. acquired MV Doric Spirit as a new building bulk carrier.
18-April-2022
Athens-based George Economou-led shipowner and operator TMS Dry Ltd. ordered four (4) 63K DWT ultramax bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering for around $32 million each. Athens-based TMS Dry Ltd.’s initial contract to construct the ultramax bulk carriers was struck in August 2021 but enacted only lately. TMS Dry Ltd.’s ultramax bulk carrier order would vastly develop Nantong Xiangyu Shipbuilding & Offshore Engineering’s client base. Greek George Economou spend approximately $190 million on six (6) bulk carriers in the secondhand market between June 2021 and January 2022.
18-April-2022
Monaco-based shipowner and operator GoodBulk Ltd sold 2009 built capesize bulk carrier 179K DWT MV Aquamaka for around $26 million to Alpha Bulkers. Furthermore, John Michael Radziwill-led GoodBulk Ltd sold 2009 built panamax bulk carrier 75K DWT MV Aquaknight. Oslo-listed GoodBulk Ltd is the public arm of privately-owned C Transport Maritime (CTM).
17-April-2022
Safeen Feeders is entering the dry bulk sector via a collaboration with Saif Powertec. Safeen Feeders will deliver eight (8) supramax bulk carriers which will be taken on bareboat and time charters to the jointly owned and operated bulk shipping services company. Eight (8) supramax bulk carriers will transport bulk cargoes from Fujairah to Chattogram and Mongla. Safeen Feeders and Saif Powertec venture will also manage cargo operations to the Indian subcontinent, South East Asia (SEA). Safeen Safeen Feeders was established in 2020 with the strategic partnership of UAE-based AD Ports and Singapore-based Bengal Tiger Line (BTL). UAE-based AD Ports CEO Captain Maktoum Al Houqani stated that the joint venture will furnish a swift, low-cost service for Safeen Feeders’ charterers in dry bulk shipping. Initially, Safeen Feeders and Saif Powertec venture will carry building materials between the UAE and Bangladesh, along with other dry cargo cargoes. Bangladeshi conglomerate port and logistic operator Saif Powertec is listed on the Dhaka Stock Exchange. AD Ports is a large conglomerate listed on the Abu Dhabi Securities Exchange that serves commercial ports in the UAE.
17-April-2022
Safeen Feeders is entering the dry bulk sector via a collaboration with Saif Powertec. Safeen Feeders will deliver eight (8) supramax bulk carriers which will be taken on bareboat and time charters to the jointly owned and operated bulk shipping services company. Eight (8) supramax bulk carriers will transport bulk cargoes from Fujairah to Chattogram and Mongla. Safeen Feeders and Saif Powertec venture will also manage cargo operations to the Indian subcontinent, South East Asia (SEA). Safeen Safeen Feeders was established in 2020 with the strategic partnership of UAE-based AD Ports and Singapore-based Bengal Tiger Line (BTL). UAE-based AD Ports CEO Captain Maktoum Al Houqani stated that the joint venture will furnish a swift, low-cost service for Safeen Feeders’ charterers in dry bulk shipping. Initially, Safeen Feeders and Saif Powertec venture will carry building materials between the UAE and Bangladesh, along with other dry cargo cargoes. Bangladeshi conglomerate port and logistic operator Saif Powertec is listed on the Dhaka Stock Exchange. AD Ports is a large conglomerate listed on the Abu Dhabi Securities Exchange that serves commercial ports in the UAE.
13-April-2022
Helsinki-based shipowner and operator ESL Shipping has joined Botnia Link H2 as the first customer shareholder. Botnia Link H2 will produce hydrogen as a bunker at the port of Lulea. Finnish Aspo Group’s shipping arm ESL Shipping and Botnia Link H2 partnership aim toward fossil-free shipping. Finnish shipowner and operator ESL Shipping joins Uniper, ABB, and Lulea Energi in the project. Botnia Link H2 backers assess the Lulea hub could decrease CO2 emissions in Sweden by up to 235K tonnes annually. The vision is to plant and sell green hydrogen for the shipping industry. Industrial collaborations like Botnia Link H2 are critical to reducing CO2 emissions. Every year, Helsinki-based Aspo Group’s shipping arm ESL Shipping transports more than 5.5 million tonnes of dry bulk cargoes from Lulea Port, Sweden. Finnish shipowner and operator ESL Shipping has already financed more than $217 million towards the company’s foremost plan of delivering fully fossil-free shipping. In Botnia Link H2, associates want to create a hub that can deliver hydrogen directly to the ships.
12-April-2022
Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) chartered in 2012 built newcastlemax bulk carrier 206K DWT MV Philadelphia from New York-listed Diana Shipping for two years. C Transport Maritime S.A.M. (CTM) is going to pay around $26,000 per day to Diana Shipping. John Michael Radziwill-led ship manager and operator C Transport Maritime S.A.M. (CTM) has options to extend the agreement. Transport Maritime S.A.M. (CTM) is going to pay around $17 million for two years. Currently, conventional capesize bulk carriers are chartered out around $25,000 per day and FFAs (Forward Freight Agreements) (FFAs) for 2024 are at $19,486 per day. Normally, newcastlemax bulk carriers earn a premium over conventional capesize bulk carriers. Besides managing C Transport Maritime S.A.M. (CTM), John Michael Radziwill manages Carras Ltd and CBC Holding. Previously, 2012 built newcastlemax bulk carrier 206K DWT MV Philadelphia was chartered out to Classic Maritime at $28,500 per day.
12-April-2022
Monaco-based shipowner and operator GoodBulk Ltd sold 2009 built capesize bulk carrier 179K DWT MV Aquamaka for around $26 million to Alpha Bulkers. Furthermore, John Michael Radziwill led GoodBulk Ltd sold 2007 built panamax bulk carrier 75K DWT MV Aquaknight for around $17million. Oslo-listed GoodBulk Ltd is the public arm of privately-owned C Transport Maritime (CTM).
11-April-2022
New York-listed shipowner and operator Safe Bulkers (SB) has acquired 2012 built capesize bulk carrier 181K DWT MV Michalis H (ex Stella Anita) for around $30 million from Cara Shipping. This is the second capesize bulk carrier that Safe Bulkers (SB) acquired in 2022. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) expect to increase earnings amid what the company anticipates to remain a profitable capesize market. Safe Bulkers (SB) will finance the capesize bulk carrier from cash reserves. Limassol and Athens-based Safe Bulkers (SB) further expanded in the cape market segment acquiring 181K DWT MV Michalis H (ex Stella Anita). In January 2022, New York-listed shipowner and operator Safe Bulkers (SB) acquired 2014 built capesize bulk carrier 181K DWT MV South Trader for around $33 million. Safe Bulkers (SB) has nine (9) panamax newbuildings on order. Safe Bulkers (SB) anticipates that international sanctions against Russia slow shipping’s switch to new bunkers and the adoption of new environmental rules. Currently, Limassol and Athens-based Safe Bulkers (SB) has a mixed fleet of 40 ships.
11-April-2022
Hamburg-based Valhal Shipping GmbH’s client Lemos Group acquired 2015 built capesize bulk carrier 182K DWT MV Red Sage for around $47 million. Jacob Juncher-led Valhal Shipping GmbH is the exclusive agent of Enesel Group’s dry bulk activities. Enesel Group is a subsidiary of the Greek Lemos-family controlled Lemos Group. MV Red Sage’s price tag far surpasses the valuations because Japanese-built MV Red Sage is equipped with an electronic eco engine. Furthermore, MV Red Sage is equipped with a BWTS (Ballast Water Treatment System and its next SS (Special Survey) is in 2025. Hamburg-based Valhal Shipping GmbH is bullish about the capesize markets. Vessels change hands at strong prices, underpinned by optimistic views on market opportunities as new building order books remain soft and pandemic-related port congestion raised in China. 2015 built capesize bulk carrier 182K DWT MV Red Sage would be the fourth capesize bulk carrier investment of Greek Lemos-family controlled Lemos Group since January 2021. Currently, Enesel Group’s subsidiary Hamburg-based Valhal Shipping GmbH manages 2011 built capesize bulk carrier 182K DWT MV Thalassini Agatha, 2014 built capesize bulk carrier 179K DWT MV Thalassini Astrid, and 2011 built capesize bulk carrier 180K DWT MV Thalassini Avra. Enesel Group, a subsidiary of the Lemos Group, had also ordered a pair of ultramax newbuilding bulk carriers but the company sold them before delivery.
10-April-2022
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has entered into an agreement with Daehan Shipbuilding of South Korea for the construction of four vessels with a capacity of 7,200 twenty-foot equivalent units (TEUs). The container ships, measuring 272 meters in length, will be designed to accommodate methanol fuel and are anticipated to commence production in April of the following year, with sequential deliveries to Danaos Corporation (DAC) starting from April 2024. Back in March, Danaos Corporation (DAC), possessing a fleet of over 70 ships, placed an order for two methanol-ready container ships with a capacity of 7,100 TEUs from the Dalian Shipbuilding Industry Company (DSIC) in China. The delivery of these container ships is scheduled for the second and third quarters of 2024. For Daehan Shipbuilding of South Korea, this recent agreement represents the shipyard’s first order in the medium-sized container ships segment since its inception. Daehan Shipbuilding ventured into the construction of container ships last year, following Pan Ocean, a fellow domestic shipowner, who committed to acquiring up to four container ships with a capacity of 1,000 TEUs.
10-April-2022
Tokyo-listed trader and shipowner Marubeni Group will cooperate with NAPA and ClassNK to ensure Marubeni’s ships remain competitive as the company proceeds to operate the bulk carriers under reduced propulsion power. Marubeni Group owns approximately 50 vessels. Marubeni Logistics is a subsidiary of Marubeni Group. Marubeni Logistics controls Marubeni Group’s ships. Furthermore, Norwegian shipowner and operator Torvald Klaveness and Japanese trading giant Marubeni Group co-operated panamax pool Baumarine Panamax Pool by MaruKlav Management Inc. Tokyo-listed trader and shipowner Marubeni Group will reach the bunker and carbon emission savings through voyage optimization with maritime software services firm NAPA and Japan class society ClassNK. NAPA’s Fleet Intelligence platform integrates the Finland-based firm’s expertise in naval architecture with many years of data on voyages and weather events. NAPA’s Fleet Intelligence platform will analyze retrospectively the effect of the EEXI (Energy Efficiency Existing Ship Index) on actual ship performance across the Marubeni Group’s fleet and compare the results against identical fleets. Japan class society ClassNK will verify the analysis. NAPA’s Fleet Intelligence platform will forecast how well Marubeni Group’s ships will be able to perform from 2023 onwards when the EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator) requirements enter force. Marubeni Group aims to optimize ship voyages, without the immediate requirement for any new bunkers or technology. Marubeni Group wants to stay competitive as the company proceeds to operate ships under lowered propulsion power.
7-April-2022
London-based shipbroker Clarksons’ management is once again communicating with the shareholders about the company’s controversial pay policy. The problem has been a recurring thorn in the Clarksons’ side for years due to legacy contracts for CEO Andi Case and CFO Jeff Woyda. CEO Andi Case-led shipbroker Clarksons reported a net profit of $72 million for 2021. CEO Andi Case’s overall remuneration package for 2001 more than doubled to $8.8 million, from $4.1 million for 2020. On the other hand, Jeff Woyda’s overall remuneration package for 2001 more than doubled to $3.2 million, from $1.4 million for 2020. In 2021, CEO Andi Case’s basic salary was $715K, and CFO Jeff Woyda ’s basic salary was $455K. In 2021, Clarksons’ shareholders revolted in increased numbers against the pay policy. Clarksons’’ remuneration committee chairman Tim Miller stated that Clarksons has been in line with the payment arrangements of other shipbrokers and commission-based businesses. London-based shipbroker Clarksons operates in an extremely competitive condition for talent and leadership. On the other hand, Clarksons’ rivals are private shipbroking corporations. CEO Andi Case is rewarded not only as a CEO but as one of the greatest fee-earning shipbrokers in the chartering market. CEO Andi Case and CFO Jeff Woyda have waived 8.5% of their 2021 bonuses so the cash can be distributed to Clarksons’ employees. Clarksons CEO Andi Case became CEO in 2008, since when the Clarksons share price has increased from £3.2 to £35.9 today.
6-April-2022
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has secured a stockpile of waste cooking oil. Dampskibsselskabet DS Norden A/S has held discussions with charterers about the first carbon-neutral freight contract. Dampskibsselskabet DS Norden A/S intends to start the service in 2022 as part of the company’s decarbonization plan. Jan Rindbo-led Dampskibsselskabet DS Norden A/S expressed that waste cooking oil is a 100% carbon-neutral biofuel that can be utilized in current vessels without any engine conversions. Dampskibsselskabet DS Norden A/S acknowledges there is a tremendous demand for carbon-neutral carriage from the company’s charterers. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S anticipates securing extra sources of biofuels as international production boosts. Dampskibsselskabet DS Norden A/S considers biofuel as an extremely critical transition fuel on the company’s voyage to zero-carbon shipping. In 2019, Danish shipowner and operator Dampskibsselskabet DS Norden A/S signed a partnership with Kvasir Technologies on creating patented technology to make bunkers from plant material. Furthermore, Dampskibsselskabet DS Norden A/S has committed to introducing zero-carbon vessels by 2030.
6-April-2022
Lubeck-based shipowner and operator Oldendorff Carriers cooperated with Yara Marine Technologies for the new U-type exhaust gas scrubbers. German shipowner and operator Oldendorff Carriers installed U-type exhaust gas scrubbers to two capesize bulk carrier newbuildings. MV Alice Oldendorff and MV Austyn Oldendorff, capesize bulk carrier newbuildings, are installed U-type exhaust gas scrubbers. This is the Oldendorff Carriers first installation of Yara Marine Technologies’ new U-type exhaust gas scrubbers, but the company already has other Yara exhaust gas scrubbers on 96 vessels in the fleet. Henning Oldendorff-led Oldendorff Carriers is delighted to reinforce the company’s collaboration with Yara Marine Technologies, which commenced in February 2018. Yara Marine Technologies installed around 96 ships’ exhaust gas scrubbers in less than two years was an extremely difficult project and Yara Marine Technologies have been exceptionally satisfied with the results. Oldendorff Carriers is a private family-owned company, Oldendorff Carriers began life 100 years ago. Currently, Oldendorff Carriers is one of the world’s biggest dry bulk companies. Currently, exhaust gas scrubbers can give a tremendous cost advantage to shipowners purchasing the cheaper, more contaminated bunkers. Currently, Oldendorff Carriers has 19 newbuilding bulk carriers on order in China. Lubeck-based shipowner and operator Oldendorff Carriers has an operational fleet of 109 bulk carriers.
6-April-2022
Amon Maritime CEO Andre Risholm stated that designing a ship from scratch is still the most reasonable idea. Decarbonization will inevitably affect both newbuildings and green retrofits of current ships. Amon Maritime is a Norwegian ammonia shipping start-up. Amon Maritime is supporting the new shipbuilding designs. According to Amon Maritime CEO Andre Risholm, retrofitting a ship is challenging. Supporters of ship retrofitting claim that it makes no sense in terms of fuel intensity and carbon emissions to build new ships to replace thousands of vintage ships. According to Amon Maritime CEO Andre Risholm, developing a new ship from scratch around a new power system will introduce more efficient ships. Large ships on long legs with heavy cargoes will take some time to replace. Shipowners of large bulk carriers ordered ammonia-ready ships for tomorrow. Amon Maritime is backed by Norwegian shipowner Mosvolds Rederi. Amon Maritime has been working on several new ammonia-fuelled vessel projects.
5-April-2022
New York-listed shipowner and operator Grindrod Shipping (GRIN) declared the retirement of CEO Martyn Wade. Singapore-based shipowner and operator Grindrod Shipping (GRIN) has not been looking for a permanent successor to CEO Martyn Wade after having selected CFO Stephen Griffiths as interim chief executive on 1 April 2022. Shipping market players are doubtful that a sale or merger may be in the Grindrod Shipping’s (GRIN) future. Grindrod Shipping (GRIN)is trading well below its net asset value. Previously, Singapore-based shipowner and operator Grindrod Shipping (GRIN) increased its fleet following the purchase of the outstanding portion of subsidiary company IVS Bulk. London-listed Taylor Maritime Investments, Hong Kong-listed Pacific Basin, New York-listed Genco Shipping & Trading, and Eagle Bulk Shipping are among the listed shipowners who might consider acquiring Grindrod Shipping (GRIN). Currently, Grindrod Shipping (GRIN) owns and operates 31 bulk carriers.
5-April-2022
Athens-based shipowner and operator Maran Dry Management (MDM) has decided to sell the company’s mini-capesize bulk carriers. Chinese shipowners are expressed to be spending around $200 million for seven (7) Maran Dry Management (MDM)-owned sisterships built at Shanghai Shipyard. Maria Angelicoussis-led shipowner and operator Maran Dry Management (MDM) is trying to sell:
2012 built mini-capesize bulk carrier 114K DWT MV Maran Aspiration 2011 built mini-capesize bulk carrier 114K DWT MV Maran Dawn 2011 built mini-capesize bulk carrier 114K DWT MV Maran Sky 2011 built mini-capesize bulk carrier 114K DWT MV Maran Sun 2014 built mini-capesize bulk carrier 114K DWT MV Maran Progress 2014 built mini-capesize bulk carrier 114K DWT Maran Wisdom 2013 built mini-capesize bulk carrier 114K DWT Maran Ocean
Athens-based shipowner and operator Maran Dry Management (MDM) has been circulating these mini-capesize bulk carriers as sale candidates for several weeks. All of these mini-capesize bulk carriers are presently operated by SwissMarine. In the dry bulk shipping market, mini-capesize bulk carriers are also named baby-capes. A sale of Maran Dry Management’s (MDM) conventionally bunkered mini-capesize bulk carriers may symbolize a part of the company’s fleet modernization and decarbonization strategy. Currently, slashing emissions is presumably Maran Dry Management’s (MDM) top priority. Angelicoussis-family-led Maran Group owns a mixed fleet of around 100 vessels.
3-April-2022
Athens Vouliagmeni-based shipowner and operator Tri Bulk Shipping controlled 2015 built ultramax bulk carrier 61K DWT MV Arch Gabriel attacked by pirates 277 nautical miles south of Lome. MV Arch Gabriel was attacked by pirates on 2 April 2022. MV Arch Gabriel’s crew members reached the ship’s citadel safely. Greek shipowner and operator Tri Bulk Shipping controlled MV Arch Gabriel was in international waters off West Africa. The Italian navy responded by sending its frigate and a helicopter to help MV Arch Gabriel. MV Arch Gabriel’s all crew members were safe. The pirates were on board MV Arch Gabriel for more than nine hours. Athens Vouliagmeni-based shipowner and operator Tri Bulk Shipping evaluates that the crew members gathered in the citadel and that all communication devices in the bridge had been destroyed. Africa Risk Compliance (ARC) stated there is now an increased piracy threat to shipping off Nigeria.