29-August-2022
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has very good momentum, concerning increasing customers and expanding freight. Oslo-based Klaveness Combined Carriers (KCC) anticipates solid contract rate rises after winning over doubters. Klaveness Combination Carriers (KCC) CABU-type vessels can carry wet and dry cargoes. Klaveness Combination Carriers (KCC) CABU-type vessels will emit 30% less CO2 than traditional tankers and bulk carriers. Klaveness Combination Carriers (KCC) aims to increase tanker cargo exposure. CABU-type shipowner and operator Klaveness Combination Carriers (KCC) expects profitable contract rises for caustic soda trades. In 2021, Klaveness Combination Carriers (KCC) negotiated the caustic soda contracts, the spot market was below $10,000 per day and time charters for the next 12 months were around $12,000. Currently, Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU-type and eight (8) CLEANBU-type Combination Carriers, which can carry both dry bulk and liquid cargoes.
29-August-2022
London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, makes a $494 million offer for the rival New York-listed Singapore-based Grindrod Shipping. Edward Buttery-led Taylor Maritime Investments (TMI) will pay $21 cash per share with a $5 dividend coming from Grindrod Shipping after emerging from pack of public suitors. Currently, London-listed Taylor Maritime Investments (TMI) already holds a 26% stake in Singapore-based Grindrod Shipping. Taylor Maritime Investments (TMI) would use a non-binding cash offer of $26 per share to create an enlarged shipowner company. Previously, New York-listed Singapore-based Grindrod Shipping preferred not to look for a permanent successor to retired CEO Martin Wade. Currently, London-listed Taylor Maritime Investments (TMI) owns and operates around 32 bulk carriers.
28-August-2022
Zagreb Stock Exchange-listed Croatian shipowner Atlantska Plovidba owned Martrade operated 2016 built handysize bulk carrier 39K DWT MV AP Revelin was involved in a collision in Texas, US Gulf on Sunday. The ship is currently anchored at Sabine. Dubrovnik-based shipowner and operator Atlantska Plovidba-owned MV AP Revelini is seriously damaged in the US collision. Croatian shipowner Atlantska Plovidba expressed that the accident involving another ship occurred at Port Arthur, Texas. Atlantska Plovidba would be facing an earnings headache. Currently, Zagreb Stock Exchange-listed Croatian shipowner operates ten (10) bulk carriers extending from handysize up to panamax bulk carriers.
28-August-2022
Norway-headquartered shipbroker Fearnleys appointed Charlie Hockless to S&P (Sale-and-Purchase) department in London. Formerly, Charlie Hockless worked at Marex and VesselsValue. It would be an exciting time for sale and purchase (S&P) shipbroking in London. Lately, Charlie Hockless was CEO of Singapore-based valuation platform VesselsValue. Charlie Hockless accepted the new S&P (Sale-and-Purchase) Shipbroker position at Oslo-based shipbroker Fearnleys.
28-August-2022
Taiwan Stock Exchange-listed shipowner and operator Franbo Lines acquired the first capesize bulk carrier. Taipei-based shipowner and operator Franbo Lines expands into bigger bulk carriers. Furthermore, Taiwanese shipowner and operator Franbo Lines is expanding the company’s fleet with six (6) handysize bulk carrier newbuildings at Japanese shipyards. Taipei-based shipowner and operator Franbo Lines acquired 2006 built capesize bulk carrier 177K DWT MV XH Mariner (ex MV XYG Fortune). Generally, Franbo Lines concentrates on bulk carriers that are below handymax size. With the acquisition of the Japanese-built capesize bulk carrier 177K DWT MV XH Mariner (ex MV XYG Fortune), Taiwanese shipowner and operator Franbo Lines entered into capesize bulk carrier market.
27-August-2022
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) ordered four (4) 40K DWT open-hatch handysize bulk carrier newbuildings at Jiangmen Nanyang Ship Engineering. China-based shipyard Jiangmen Nanyang Ship Engineering specialises in building open-hatch handysize bulk carriers. Japanese shipowner 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. Doun Kisen KK (aka Doun Kisen Co. Ltd) signed a new building ship contract for two (2) firm 40K DWT open-hatch handysize bulk carrier newbuildings plus the option for an additional two (2). Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) has been keeping a low-profile business model. After long-time research, Doun Kisen KK (aka Doun Kisen Co. Ltd) preferred China’s Jiangmen Nanyang Ship Engineering for open-hatch handysize bulk carrier newbuildings.
27-August-2022
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) reported record profit as dry bulk freight rates increased 40%. Klaveness Combination Carriers (KCC) owns and operates CABU-type and CLEANBU-type Combination Carriers that can carry both dry bulk and liquid cargoes. Oslo-based Klaveness Combined Carriers (KCC) expects another best-ever earnings figure in Q3 2022. Klaveness Combination Carriers (KCC) CABU-type vessels can carry wet and dry cargoes. Klaveness Combination Carriers (KCC) CABU-type vessels will emit 30% less CO2 than traditional tankers and bulk carriers. Klaveness Combination Carriers (KCC) reported the company’s best-ever quarterly earnings as product tanker freight rates increased. The Oslo-based Klaveness Combination Carriers (KCC) owns and operates vessels that carry both oil products and dry cargo. In Q2 2022, Klaveness Combination Carriers (KCC) reported that the average fleet time charter equivalent (TCE) earnings were $30,235 per day, the highest level since 2011. The Oslo-based Klaveness Combination Carriers (KCC) anticipates that Q3 would be even better, with six (6) new oil product clients having been added so far in 2022 for the CLEANBU-type ships.
27-August-2022
The Monetary Authority of Singapore (MAS) reported that commodity trader giant Singapore-listed Noble Group’s publication of materially misleading financial statements from 2016 to 2018 was likely to have induced the sale or purchase by investors of Noble Group’s securities listed on the Singapore Exchange. The Monetary Authority of Singapore (MAS) concluded restructured giant trader Noble Group investigation with a record fine. According to The Monetary Authority of Singapore (MAS), Singapore-based restructured Noble Group applied incorrect accounting treatment to several long-term coal deals which inflated Noble Group’s profits. Noble Group has been issued a record fine by the Monetary Authority of Singapore (MAS) ending a 45-month probe into the Noble Group’s spectacular collapse. The Monetary Authority of Singapore (MAS) imposed a civil penalty of $9 million to restructured giant trader Noble Group. The Monetary Authority of Singapore (MAS) announced that the Noble Group published misleading information. Singapore-based restructured Noble Group’s fine has been the largest such fine in Singapore’s history. Singapore-listed Noble Group’s chartering arm is Noble Chartering.
26-August-2022
Tor Olav Troim-backed Oslo-listed Himalaya Shipping decided to fit scrubbers to its entire fleet of kamsarmax bulk carrier new buildings under construction at New Times Shipyard. Norwegian shipowner Himalaya Shipping opts for scrubbers on twelve (12) kamsarmax bulk carrier new buildings. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping signed an agreement with New Times Shipyard to install the exhaust gas cleaners (scrubbers) on the twelve (12) kamsarmax bulk carrier new building without any delay in delivery dates. Himalaya Shipping announced that the company contracted at attractive prices and payment terms for scrubber installations. Himalaya Shipping is the private bulk carrier company of Tor Olav Troim. $30 million will be used for Himalaya Shipping’s twelve (12) newbuilding orders of LNG-fuelled newcastlemax bulk carriers. Twelve (12) newbuilding 208K DWT LNG-fuelled newcastlemax bulk carriers will cost around $820 million in total. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding.
26-August-2022
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported a net profit of $163.7 million in Q2 2022. In Q2 2021, Golden Ocean Group reported a net profit of $104.5 million. In Q2 2022, John Fredriksen’s bulker company Golden Ocean Group’s net profit of $163.7 million is equivalent to earnings per share of 83 cents. CEO Ulrik Andersen-led Golden Ocean Group ups dividend after another good quarter. Oslo and Nasdaq-listed Golden Ocean Group is still optimistic about the dry bulk shipping market outlook, despite trade and macroeconomic challenges. Norway-based dry bulk shipping company Golden Ocean Group has reported another profitable quarter and upped the company’s dividend to shareholders.
26-August-2022
The United States and Brazil’s grain exports to Europe have tripled amid the Ukraine conflict. Ukraine port blockade and summer heat may decrease grain exporting volumes. However, the Ukraine grain corridor may make up for any shortfalls. Grain exports from Brazil and the United States to the European Union have tripled since Russia’s de facto blockade of Ukraine’s ports in March 2022. Brazil’s year-over-year grain exports increased to 2.2 million tonnes for July 2022. On the other hand, the United States’ grain export volumes increased to 1.1 million tonnes.
25-August-2022
Helsinki-based shipowner and operator ESL Shipping’s subsidiary AtoB@C Shipping has announced an option for five (5) more coaster size electric hybrid bulk carriers 5K DWT at the Chowgule & Company Shipyard. Finnish shipowner and operator ESL Shipping’s subsidiary AtoB@C Shipping ordered total twelve (12) coaster size electric hybrid bulk carriers. Mikki Koskinen-led ESL Shipping aims to create a new green fleet. Finnish Aspo Group’s shipping arm ESL Shipping cooperates with investors to launch first phase of its low-carbon strategy. Finnish shipowner and operator ESL Shipping’’s subsidiary AtoB@C Shipping has added to the company’s string of innovative electric hybrid bulk carrier newbuildings in India. Furthermore, ESL Shipping’s subsidiary AtoB@C Shipping establishes a new electric hybrid bulk carriers pool. Currrently, ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships.
25-August-2022
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) acquired 2010 built supramax bulk carrier 56K DWT for around $17 million. Mark Filanowski-led Pangaea Logistics Solutions (PANL) has been chartering this supramax bulk carrier for a year. Pangaea Logistics Solutions (PANL) newly acquired 2010 built supramax bulk carrier was built at Hyundai Vinashin in 2010. Dry bulk shipowner and operator Pangaea Logistics Solutions is an expert in performing complex niche trades under long-term contracts. Pangaea Logistics Solutions benefited from ice-class bulk carriers and COAs (Contract of Affreightments). Currently, Pangaea Logistics Solutions (PANL) owns and operates around 25 ships.
22-August-2022
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships reported a net profit of $31.6 million in Q2 2022. In Q2 2021, Belships reported a net profit of $22.5 million. Belships reported an operating income of $190.4 million in Q2 2022. In Q2 2021, Belships reported an operating income of $140.4 million. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships stated that the increase in the quarterly report is predominantly driven by the increased freight market and Belships’ increased fleet. Oslo-listed shipowner and operator Belships's fleet growth and freight rates boosted Oslo-listed shipowner and operator Belships Belships' profits. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships benefitted from improved charter rates and ship purchases. Belships has reported an increase in profits and revenue in Q2 2022 after expanding the fleet. 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.
22-August-2022
Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) professes faith in the bulk carriers market after reporting strong quarterly results. According to Globus Maritime (GLBS), earnings in the dry bulk shipping industry are still above trend. Greek shipowner and operator Globus Maritime (GLBS) anticipates the dry bulk shipping market to continue generating promising earnings, despite a current freight rate plunge. Globus Maritime (GLBS) have bulk carrier new buildings on order in China. CEO Athanasios Feidakis-led Globus Maritime (GLBS) assume that the freight rates will remain healthy for the foreseeable future. Although Globus Maritime (GLBS) observed time charter rates easing back a bit, almost all the dry bulk shipping markets are well above trend. Currently, Athens-based shipowner and operator Globus Maritime (GLBS) owns and operates nine (9) supramax and kamsarmax bulk carriers.
19-August-2022
Oslo OTC Market-listed (Over the Counter) 2020 Bulkers reported a net profit of 12 million in Q2 2022. In Q2 2021, 2020 Bulkers reported a net profit of 17 million. 2020 Bulkers reported revenue of $23.3 million in Q2 2022. In Q2 2021, 2020 Bulkers reported revenue of $28.4 million. Tor Olav Troim-backed 2020 Bulkers reports a profit decline amid international economic worries and a fall in Brazilian iron ore exports. These mostly affected newcastlemax shipowners. Norwegian shipowner 2020 Bulkers is a pure newcastlemax shipowner. Norwegian shipowner 2020 Bulkers reported a decline in profits in Q2 2022, caused by the decline in long-haul Brazilian iron ore exports. Tor Olav Troim-backed 2020 Bulkers described the newcastlemax market as unseasonably weak during Q3 so far. Tor Olav Troim-backed 2020 Bulkers has a sister-company Himalaya Shipping which is also Oslo OTC Market-listed (Over the Counter).
19-August-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) sold MV New Orleans and MV Santa Barbara in a sale and leaseback deal to an unrevealed Japanese financial institution. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) sold 2015 built capesize bulk carrier 180K DWT MV New Orleans and 2015 built capesize bulk carrier 180K DWT MV Santa Barbara for around $66 million in a sale and leaseback agreement. Diana Shipping (DSX) will bareboat charter the MV New Orleans and MV Santa Barbara for eight (6) years. Furthermore, Diana Shipping (DSX) may purchase the ships back after the third year of the agreement. Currently, Athens-based shipowner and operator Diana Shipping (DSX) owns and operates 43 bulk carriers.
19-August-2022
Bermuda-registered New York-listed SFL Corporation Ltd (SFL) acknowledges that undiversified shipowners are programmed to go bankrupt. New York-listed tonnage provider SFL Corporation Ltd (SFL) accomplishes business in diverse segments to avoid creating sudden acquisitions when banks are eager to lend capital. CEO Ole Hjertaker-led Bermuda-registered New York-listed SFL Corporation Ltd (SFL) believes that the shipowners with fleets that are concentrating on one segment do not have a promising future ahead of them. Unfortunately, preponderance of New York-listed shipping giants are undiversifed shipowners. These undiversifed shipowners are doomed financially because they usually acquire the wrong vessels when banks are most inclined to finance investments.
18-August-2022
Singapore-based shipowner and operator Grindrod Shipping (GRIN) reported a net income of $53.3 million in Q2 2022. Grindrod Shipping (GRIN) reported a net profit of $83.1 million in H1 2022. Interim CEO Stephen Griffiths-led shipowner and operator Grindrod Shipping (GRIN) reported revenue of $271.9 million in H1 2022. New York-listed shipowner and operator Grindrod Shipping (GRIN) expresses another record quarterly performance that mirrors the resilient markets in the handysize and ultramax bulk carrier segments. Previously, Singapore-based shipowner and operator Grindrod Shipping (GRIN) increased its fleet following the purchase of the outstanding portion of subsidiary company IVS Bulk. Singapore-based shipowner and operator Grindrod Shipping (GRIN) states smaller bulk carriers are making a premium over larger bulk carriers due to their versatility. Grindrod Shipping (GRIN) states that the dry bulk market remained healthy in Q2 2022, despite the ongoing Russian-Ukraine war and disturbances in classic trade routes.
18-August-2022
Singapore-based shipowner and operator Grindrod Shipping acquired 2019 built ultramax bulk carrier 60K DWT MV IVS Phoenix for around $25 million. MV IVS Phoenix was chartered-in from Mitsui E&S Holdings for a minimum period of three (3) years from 2019, with options to extend for up to two (2) years and no purchase options. Grindrod Shipping bareboat charter the MV IVS Phoenix back for a period of up to 15 years and has the right, but not the obligation, to acquire the MV IVS Phoenix after the first two (2) years of the charter. MV IVS Phoenix will remain chartered-in on the original terms until closing the deal. Grindrod Shipping reported revenue of $160 million in Q2 2021 due to increasing dry bulk market conditions. Starting in Q3 2021, Singapore-based shipowner and operator Grindrod Shipping plans to return about 30% of its adjusted net income to shareholders through a blend of quarterly dividends. Grindrod Shipping’s (GRIN) bulker arm, which operates under the brand IVS Bulk (Island View Shipping), possesses a fleet of 17 handysize bulk carriers and 15 supramax-ultramax bulk carriers on the water with 2 chartered-in ultramax bulk carriers under construction in Japan due be delivered in 2020. Grindrod Shipping’s (GRIN) tanker business, which operates under the Unicorn Shipping brand, incorporates 7 MR tankers and 2 small tankers.
18-August-2022
Danish shipowner and operator Dampskibsselskabet DS Norden A/S announces surprise dividends and new buybacks. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has a fleet of product tankers and bulk carriers. Dampskibsselskabet DS Norden A/S has already made more net profit during H1 2022 than the company did during 2021 as a whole. Copenhagen-listed Dampskibsselskabet DS Norden A/S is transferring the wealth to the company’s shareholders after a wonderful Q2 2022 with a surprise interim dividend and a new share buyback programme. Record margins developed by Danish shipowner and operator Dampskibsselskabet DS Norden’s A/S freight business had a big pay-off for the company in Q2 2022.
18-August-2022
One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) is guiding for a softer second half in 2022, with Oslo-based bulker operator Western Bulk Chartering (WBC) highlighting that a weaker outlook for China’s economy and softer demand for bulk commodities are likely to translate into a more muted H2 2022 for dry-cargo shipping. Norwegian bulker operator Western Bulk Chartering (WBC) said 2022 delivered the strongest start to a year since Western Bulk Chartering (WBC) was established in 1982, underscoring how sharply earnings can improve for an asset-light chartering platform when market conditions strengthen and positioning is effective, but Western Bulk Chartering (WBC) also expects demand for dry-cargo shipping to remain slower through the remainder of 2022 as macro uncertainty weighs on cargo volumes and rate momentum. Oslo-listed bulker operator Western Bulk Chartering (WBC) reported net profit of $37.4 million for H1 2022, a substantial improvement versus net profit of $9 million in H1 2021, and Western Bulk Chartering (WBC) has framed the first-half performance as evidence of the operating leverage embedded in its chartering model, where margins can expand quickly when freight rates rise and trading opportunities increase. At the same time, Western Bulk Chartering (WBC) has cautioned that the high volatility experienced in 2021 is expected to persist into 2022, reflecting the reality that dry bulk markets can swing rapidly on changes in Chinese industrial activity, commodity restocking patterns, weather disruption, congestion, and shifting trade flows. Western Bulk Chartering (WBC) operates as a large-scale chartering platform that focuses on market execution, cargo coverage, and the management of bulk carrier employment rather than relying purely on owned ships, and that profile means Western Bulk Chartering (WBC) must constantly balance risk exposure, contract structure, and fleet positioning to protect earnings when markets soften. Oslo-based Western Bulk Chartering (WBC)’s Singapore office operated around 30 supramax bulk carriers during 2022, illustrating Western Bulk Chartering (WBC)’s continuing regional footprint and the importance of Asian trading activity to the wider platform, particularly as demand signals from China and surrounding commodity import markets influence freight direction and utilisation. With expectations of a slower H2 2022, Western Bulk Chartering (WBC) is effectively signalling a more cautious commercial stance, acknowledging that weaker bulk commodity demand can reduce fixture volume and compress margins, while maintaining that volatility can still create trading windows for a nimble operator such as Western Bulk Chartering (WBC) that is structured to react quickly to market changes.
17-August-2022
Under UN World Food Programme (WFP), 1996 built handysize bulk carrier 23K DWT MV Brave Commander was loaded at Yuzhny Port in Ukraine. The first shipment of Ukrainian wheat grain for humanitarian operations was conducted by the UN World Food Programme (WFP). MV Brave Commander will unload a 23,000 metric tonne cargo of wheat grain at Djibouti. Under UN World Food Programme (WFP), 12 bulk carriers are authorized to carry WFP (World Food Programme) humanitarian grain shipments out of the ports of Odesa, Yuzhny, and Choronomork in the forthcoming weeks. Approximately 2 million tonnes per month of grain and other agricultural products will be exported from Ukraine. Ukrainian grain is back on international markets, UN World Food Programme (WFP) has an opportunity to control this international food crisis. UN World Food Programme (WFP) stated that the 1996 built handysize bulk carrier 23K DWT MV Brave Commander voyage symbolizes the commencement of the resumption of commercial and humanitarian shipments out of Ukraine’s Black Sea ports. A total of 16 bulk carriers have also been approved by the UN (United Nations) to sail from Ukraine after being trapped at Ukrainian ports since the war began in February 2022.
16-August-2022
Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping reported a net profit of $49.8 million in Q2 2022. Thoresen Shipping has benefited from high freight rates. Bangkok-listed Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping reported revenue of $123 million in Q2 2022. This net profit represents a 163% climb year-on-year, and 36% quarter-on-quarter. Bulk carriers deliver Thoresen Thai Agencies a $50 million growth during second in Q2 2022. Thailand-based shipowner and operator Thoresen Thai Agencies’ (TTA) expresses the company’s offshore division also produced its first profit since 2017. Thoresen Thai Agencies (TTA) has announced that its Singapore-based bulker division Thoresen Shipping has been raking in record revenues during Q2 2022. Thoresen Thai Agencies’ (TTA) long-struggling offshore division is eventually back in profit.
15-August-2022
Singapore-listed Cosco Shipping International reported revenue of $92 million for H1 2022. Singapore-listed Cosco Shipping International reported a net profit of $$4.4 million for H1 2022. Cosco Shipping International Singapore blamed the dumping of a 60% stake in the company’s dry bulk shipping subsidiary in December 2021. In December 2021, Chinese shipping giant Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International. Currently, Singapore-listed Cosco Shipping International operates three (3) supramax bulk carriers. Cosco Shipping International Singapore sell-down witnesses profit dip. Singapore-listed Cosco Shipping International expresses that the existing core vessel repair and logistics businesses performed very well during H1 2022. Chinese shipping goliath Cosco Shipping Bulk is one of the largest dry bulk shipping players. Cosco Shipping Bulk controls a fleet of approximately 400 mixed bulk carriers. Singapore-listed Cosco Shipping International strives to become one of the foremost integrated logistics service providers in Southeast Asia. In December 2021, Cosco Shipping Bulk acquired a 60% stake in sister company Singapore-listed Cosco Shipping International.
15-August-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) claps back at criticism that the company overpaid for the Sea Trade Holdings’ fleet. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) is thrilled about the company’s new $330 million fleet purchase from Sea Trade Holdings and skeptical over analysis that Diana Shipping (DSX) has paid too much for the ultramax bulk carriers. No charters attached to the Sea Trade Holdings controlled ultramax bulk carriers as the ultramax bulk carriers join Diana Shipping’s (DSX) fleet in Q4 2022. In Q4 2022, New York-listed shipowner and operator Diana Shipping (DSX) entered into the ultramax segment with the nine (9) ultramax bulk carriers purchase. Diana Shipping (DSX) believes it’s a significant deal and Diana Shipping (DSX) is extremely pleased about the purchase. At the beginning of 2022, Athens-based shipowner and operator Diana Shipping (DSX) sold three (3) vintage bulk carriers into a separate sister company called OceanPal. In October 2021, Diana Shipping (DSX) planned to spin off three (3) of its vintage bulk carriers into a separately listed company named OceanPal.
14-August-2022
Sophocles Zoullas-led Zenith Shipping Group made a $70 million profit from supramax bulk carrier asset plays. New York-based Zenith Shipping Group. Zenith Shipping Group sold the seventh supramax bulk carrier that Sophocles Zoullas-led Zenith Shipping Group had acquired at bottom prices during the dry bulk market recession. Zenith Shipping Group has completed yet another lucrative sale of a supramax bulk carrier. Zenith Shipping Group extends almost $110 million in revenues since 2021. had paid to acquire the supramax bulk carriers. In six years, Zenith Shipping Group made a profit of around $70 million. In 2015, remarkably rare shipowners were daring to buy bulk carriers when Baltic Exchange indexes were hitting multi-decade lows and bulk carriers were sent en masse to lay up.
13-August-2022
Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) is thrilled about the company’s new $330 million fleet purchase from Sea Trade Holdings. Shipping market veterans are skeptical over the analysis that Diana Shipping (DSX) has paid too much for the nine (9) ultramax bulk carriers. Shipping market veterans raised eyebrows over the average $36.6 million Athens-based New York-listed shipowner and operator Diana Shipping (DSX) is paying for nine Sea Trade Holdings nine (9) ultramax bulk carriers built between 2015 and 2018. Currently, the online platform Vessels Value assessed one Japanese-built ultramax bulk carrier priced at $31.3 million. Shipping market veterans are questioning if the Athens-based New York-listed shipowner and operator Diana Shipping (DSX) overpay for Sea Trade Holdings’ nine (9) ultramax bulk carriers bonanza. Diana Shipping (DSX) used shares below NAV (net asset value ) which problematizes what may already be a price premium. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) completed the biggest ultramax segment S&P (Sale-and-Purchase) transaction of summer 2022.
13-August-2022
UN (United Nations) has been trying to release bulk carriers that are trapped at Ukraine ports since the outbreak of hostilities with Russia in preparation for humanitarian shipments of grain. Frederick Kenney who is the Coordinator for the United Nations Black Sea Initiative expressed the stress is still on bringing bulk carriers out of Ukraine grain ports first. UN’s (United Nations) priority is to free up space so bulk carriers can berth and load cargo. UN (United Nations) concentrated on freeing up Ukraine’s port space for grain shipments. More bulk carriers are set to sail free after six months in Ukraine while many ship operators apply to be authorized in to load at Ukraine grain ports.
12-August-2022
New York-listed shipowner and operator Genco Shipping & Trading (GNK) reported a more significant profit and made good on dividend commitment. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) will payout to shareholders in line with expectations as Genco Shipping & Trading (GNK) grows the bottom line. Genco Shipping & Trading (GNK) reported a 48.7% jump in profit as the company announced a dividend payout that was anchored in line with Wall Street anticipations. In Q2 2022, New York-listed shipowner and operator Genco Shipping & Trading (GNK) reported a net income of $47.6 million. In Q2 2021, New York-listed shipowner and operator Genco Shipping & Trading (GNK) reported a net income of $32 million. Genco Shipping & Trading (GNK) developed substantial earnings in Q2 2022. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates 44 bulk carriers.
12-August-2022
Japanese shipowner and operator K Line Bulk’s (Kawasaki Kisen Kaisha) operating profit increases on container shipping results. Yukikazu Myochin-led shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) reports substantial improvement from joint box line ONE as bulk and tanker earnings also increase in Q1 2022. Tokyo Stock Exchange-listed shipowner and operator K Line Bulk’s (Kawasaki Kisen Kaisha) Q1 2022 operating profits soared by 686% for K Line as its joint container line unit with other Japanese carriers recorded a substantial business performance gain. In Q1 2022, Tokyo-based shipowner and operator K Line (Kawasaki Kisen Kaisha) reported an operating income of $141 million. In Q1 2021, Tokyo-based shipowner and operator K Line (Kawasaki Kisen Kaisha) reported an operating income of $18 million. In Q1 2022, Tokyo-based shipowner and operator K Line (Kawasaki Kisen Kaisha) reported group operating revenues of $1.7 billion. In Q1 2021, Tokyo-based shipowner and operator K Line (Kawasaki Kisen Kaisha) reported group operating revenues of $1.3 billion. Japanese shipowner and operator K Line (Kawasaki Kisen Kaisha) made overall year-on-year gains in revenue and profit from the company’s bulk carrier and tanker operations.
12-August-2022
Paris-based shipowner and operator Louis-Dreyfus Armateurs (LDA) sold the entire bulk carrier fleet to a joint venture between JP Morgan and MUR Shipping. Louis-Dreyfus Armateurs (LDA) was concentrating on the handysize dry bulk sector. French shipowner and operator Louis-Dreyfus Armateurs (LDA) sold thirteen (13) handysize bulk carriers in an en-bloc deal valued at over $304 million to a joint venture between JP Morgan and MUR Shipping. Louis-Dreyfus Armateurs (LDA) supervisory board is chaired by Philippe Louis-Dreyfus. Louis Dreyfus Armateurs (LDA) is no longer a bulk carrier owner. Over $304 million deal includes thirteen (13) handysize bulk carriers, which was first reported by Le Marin in France and confirmed by Paris-based shipowner and operator Louis-Dreyfus Armateurs (LDA) in a report on Friday.
12-August-2022
Torvald Klaveness and Marubeni joint venture Baumarine Panamax Pool by MaruKlav Management Inc has beaten the Baltic Exchange benchmark in Q2 2022 and freight rates are continuing to accelerate. Norwegian shipowner and operator Torvald Klaveness and Japanese trading giant Marubeni Group co-operated panamax pool Baumarine Panamax Pool by MaruKlav Management Inc. Baumarine Panamax Pool by MaruKlav Management Inc reported earnings in June were $27,800 per day on average. Baumarine Panamax Pool by MaruKlav Management Inc outperformed the Baltic’s P5TC figure by more than $500 per day over Q2 2022. Baumarine Panamax Pool by MaruKlav Management Inc reported Q3 2022 as a whole, earnings are outstripping the Baltic Exchange benchmark by $1,800 per day. Baumarine Panamax Pool by MaruKlav Management Inc aims to convert spot to fixed earnings at the market peaks which is becoming more popular. Baumarine Panamax Pool by MaruKlav Management Inc produced additional earnings upside for some members worth $1.1 million, or $3,882 per day. Currently, in low markets, spot panamax bulk carriers with prompt opening dates that join Baumarine Panamax Pool’s larger fleet for worldwide trade, coverage, and earnings are getting a greater upside. Baumarine Panamax Pool by MaruKlav Management Inc wants to examine earnings potential and portfolio with each of panamax shipowners. Baumarine Panamax Pool by MaruKlav Management Inc stays concentrated on maintaining the fleet employed at targeted time and direction in strategic areas, leveraging what Baumarine Panamax Pool calls increasingly accurate machine learning predictions, optimization algorithms, trade flow data, and AIS insight models. In May 2022, Baumarine Panamax Pool by MaruKlav Management Inc announced a significant extra payout for a Japanese vessel that surpassed stated speed and fuel consumption levels. In Q1 2022, Baumarine Panamax Pool member Mizuho Sangyo banked an extra $94,563 for the 2006 built panamax bulk carrier 75K DWT MV Coral which equates to a further $1,383 per day. 2006 built panamax bulk carrier 75K DWT MV Coral overperformed by 7% on the level of speed/fuel consumption originally guaranteed by the shipowner Mizuho Sangyo when MV Coral joined the Baumarine Panamax Pool in January. Baumarine Panamax Pool by MaruKlav Management Inc is vigorously utilizing the Forward Freight market to lock in margins and adjust Baumarine Panamax Pool’s position towards market trends. Currently, Baumarine Panamax Pool by MaruKlav Management Inc has a fleet of about 30 panamax bulk carriers.
12-August-2022
Japanese shipowner and operator NYK Line (Nippon Yusen Kabushiki Kaisha) and MOL (Mitsui O.S.K. Lines) cooperate to decrease carbon emissions. Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) ordered one more hard sail ultramax bulk carrier. On the other hand, Tokyo Stock Exchange-listed Japanese shipping giant NYK Line (Nippon Yusen Kabushiki Kaisha) draws up plans to upgrade the company’s dry bulk fleet. Japanese shipowner and operator MOL (Mitsui O.S.K. Lines) ordered one more ultramax bulk carrier newbuilding using hard sail energy efficiency technology. The newbuilding will become the second hard sail fitted ultramax bulk carrier that MOL (Mitsui O.S.K. Lines) ordered to carry wood pellet for US sustainable energy company Enviva. 62K DWT hard sail fitted ultramax bulk carrier will be owned and operated through subsidiary MOL (Mitsui O.S.K. Lines) Dry Bulk which has placed the order at Oshima Shipbuilding. MOL (Mitsui O.S.K. Lines) Dry Bulk will take the delivery of a 62K DWT hard sail fitted ultramax bulk carrier in 2024. In October 2021, MOL (Mitsui O.S.K. Lines) Dry Bulk take the delivery of the first hard sail fitted ultramax bulk carrier.
12-August-2022
Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) and MOL (Mitsui O.S.K. Lines) cooperate to decrease carbon emissions. Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) ordered one more hard sail ultramax bulk carrier. On the other hand, Tokyo Stock Exchange-listed Japanese shipping giant NYK Line (Nippon Yusen Kabushiki Kaisha) draws up plans to upgrade the company’s dry bulk fleet. Japanese shipowner and operator MOL (Mitsui O.S.K. Lines) ordered one more ultramax bulk carrier newbuilding using hard sail energy efficiency technology. The newbuilding will become the second hard sail fitted ultramax bulk carrier that MOL (Mitsui O.S.K. Lines) ordered to carry wood pellet for US sustainable energy company Enviva. 62K DWT hard sail fitted ultramax bulk carrier will be owned and operated through subsidiary MOL (Mitsui O.S.K. Lines) Dry Bulk which has placed the order at Oshima Shipbuilding. MOL (Mitsui O.S.K. Lines) Dry Bulk will take the delivery of a 62K DWT hard sail fitted ultramax bulk carrier in 2024. In October 2021, MOL (Mitsui O.S.K. Lines) Dry Bulk take the delivery of the first hard sail fitted ultramax bulk carrier.
12-August-2022
Athens-based Oslo over-the-counter (OTC) listed shipowner and operator Pioneer Marine eyes expansion after the management buyout in buoyant markets. CEO Jim Papoulis and CFO Korinna Tapaktsoglou-led Greek bulker manager Pioneer Marine returns to profit in a transformative year. Athens-based shipowner and operator Pioneer Marine has returned to profit and is ready for growth after a transformative year. Pioneer Marine was backed by Garrison Investment Group. In 2021, Pioneer Marine completed a fleet sale and management buyout that saw founding US private equity fund Garrison Investment Group exit the company. Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine was established in 2013 by Pankaj Khanna, the former operations chief of DryShips. In 2017, Pankaj Khanna left the Pioneer Marine to Jim Papoulis and Korinna Tapaktsoglou. Jim Papoulis and Korinna Tapaktsoglou moved the Pioneer Marine from Singapore to Athens. Today, Pioneer Marine is owned by CEO Jim Papoulis and CFO Korinna Tapaktsoglou. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 13 handysize bulk carriers.
12-August-2022
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) notices market optimism for years after record profit. Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) reported surging profit numbers on Thursday and communicated the positiveness of the shipping market for years to come. New York-listed pure-play capesize owner Seanergy Maritime (SHIP) rejigs charter hire deals to reflect installing energy-saving devices. Seanergy Maritime (SHIP) is in bullish mode. In Q2 2022, Athens-based Seanergy Maritime (SHIP) reported a net income of $5.9 million. In Q2 2021, Athens-based Seanergy Maritime (SHIP) reported a net income of $2 million. Athens-based Seanergy Maritime (SHIP) reported record profitability increased at an even steeper rate for the entire first half of 2022. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) believes that the company’s shares are currently extremely undervalued. Seanergy Maritime (SHIP) believes that a robust recovery of capesize rates in Q3 2022. Currently, Seanergy Maritime (SHIP) owns and operates 17 capesize bulk carriers.
12-August-2022
Leading shipbroker company Simpson Spence Young (SSY) acquired seven (7) tanker shipbrokers from rival shipbroker company Lightship Chartering in a new office in Genoa, Italy. Stanko Jekov-led Simpson Spence Young (SSY) resumes the growth of the company’s global network by opening a new office in Genoa, Italy. Simpson Spence Young’s (SSY) Genoa office will be opened in Q3 2022. Simpson Spence Young’s (SSY) Genoa office will concentrate on dry bulk carriers and tankers. Simpson Spence Young (SSY) declared that several shipbrokers from a local shipbroking firm will join the team at its new Genoa office. Currently, the leading shipbroker company Simpson Spence Young (SSY) is one of the top ten (10) shipbrokers in the world and has many international offices. Simpson Spence Young (SSY) is very comfortable to be establishing a base in Genoa and continuing to expand Simpson Spence Young (SSY) Dry Cargo division. At the beginning of 2022, Simpson Spence Young (SSY) extended the company’s global network with the acquisition of Anchor Shipbroking in Athens. Simpson Spence Young (SSY) is on the hunt to hire other shipbrokers. Anchor Shipping has been merged into the new office that Simpson Spence Young (SSY) opened in Athens. In July 2022, Simpson Spence Young (SSY) confirmed that the company has appointed three senior tanker shipbrokers from rival shipbroker Charles R Weber in the USA. Simpson Spence Young’s (SSY) shipbroker hire approach might sound unethical in the shipping community. In June 2022, Simpson Spence Young (SSY) appointed three (3) handysize shipbrokers in Singapore from Simpson Spence Young’s (SSY) rival Maersk Broker Bulk Chartering. Currently, Simpson Spence Young (SSY) employs about 400 shipbrokers worldwide.
12-August-2022
Istanbul-based shipowner and operator Yasa Shipping ordered seven (7) 40K DWT open-hatch handy bulk carrier newbuildings at Jiangmen Nanyang Ship Engineering. Furthermore, Yasa Shipping ordered two (2) 82K DWT kamsarmax bulk carrier new buildings at Cosco Shipping Heavy Industry Yangzhou Shipyard (Cosco HI). One of the richest Turkish conglomerates Sabanci Family’s Istanbul-based Yasa Shipping is stepping up the company’s presence in dry bulk shipping. Yalcin Sabanci-led shipowner and operator Yasa Shipping has been diversified into handysize and kamsarmax segments. Newbuildings are part of the Turkish shipowner and operator Yasa Shipping’s fleet renewal program. Currently, Istanbul-based shipowner and operator Yasa Shipping has a fleet of 13 tankers and 24 bulk carriers.
11-August-2022
Tor Olav Troim-backed 2020 Bulkers moved tax base to Norway from Bermuda. Furthermore, Oslo OTC Market-listed (Over the Counter) 2020 Bulkers refreshed BOD (Board of Directors) members. Oslo-based shipowner 2020 Bulkers appointed Viggo Bang-Hansen as a BOD (Board of Directors) member and two (2) BOD (Board of Directors) members have stepped down. Norwegian shipowner 2020 Bulkers has moved the company’s tax domicile to Norway and has appointed a new member to its board. Currently, Norwegian shipowner 2020 Bulkers owns and operates newcastlemax bulk carriers. Tor Olav Troim-backed sister company Himalaya Shipping reported financial results for Q2 2022. Currently, Himalaya Shipping has been trading on the Oslo OTC (Over the Counter) Market.
11-August-2022
Australian mining giant BHP (formerly known as BHP Billiton) cooperates with Pan Pacific Copper and Norsepower to fits wind-assisted propulsion system on 2013 built handysize bulk carrier 53K DWT MV Koryu. Australian mining giant BHP (formerly known as BHP Billiton) desire to jointly encourage the usage of greenhouse gas emission reduction innovations and technologies, and trial alternative lower and zero-carbon emission maritime bunkers. Australian mining giant BHP (formerly known as BHP Billiton) examines to cut copper shipping emissions with rotor sail. Australian mining giant BHP (formerly known as BHP Billiton) has evolved the latest major charterer to investigate wind propulsion to cut emissions from shipping in partnership with Pan Pacific Copper (PPC) and Norsepower. BHP (formerly known as BHP Billiton) and Pan Pacific Copper (PPC), a member of JX Nippon Mining & Metals group, will retrofit a Norsepower rotor sail wind-assisted propulsion system on 2013 built handysize bulk carrier 53K DWT MV Koryu which operated by Nippon Marine. Rotor sail wind-assisted propulsion system will substitute a crane on 2013 built handysize bulk carrier 53K DWT MV Kory to decline greenhouse gas emissions between BHP’s (formerly known as BHP Billiton) mines in Chile and Pan Pacific Copper’s (PPC’s) smelters in Japan.
11-August-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) acquired nine (9) ultramax bulk carriers from Sea Trade Holdings for around $330 million. The private shipowner Sea Trade Holdings sold its entire ultramax fleet after projects to launch New York IPO (Initial Public Offering) never came to realization. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has completed a bold move into the ultramax bulk carrier segment with a $330 million strike for nine (9) bulk carriers from the fleet of private shipowner Sea Trade Holdings. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) acquired Connecticut-based Sea Trade Holdings’ entire fleet. Previously, Sea Trade Holdings had plans to launch a public company in New York. However, Sea Trade Holdings’ IPO (Initial Public Offering) has never materialized.
11-August-2022
Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) reported a tenfold increase in Q2 2022 net profit. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) increases dividends by 10% on the back of a positive supramax sector outlook. In Q2 2022, Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported a tenfold increase in net profit compared to Q2 2021 as Eagle Bulk Shipping (EGLE) reported the best results. New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) reported an income of $94.5 million in Q2 2022.
11-August-2022
New York-listed shipowner and operator EuroDry (EDRY) blaze a $10 million share buyback spree as the company profits increase. In 2018, EuroDry was established as a dry bulk spin-off of container shipowner EuroSeas. Aristides Pittas-led dry bulk shipowner and operator EuroDry (EDRY) notices the company’s stock as undervalued. Athens-based New York-listed shipowner and operator EuroDry (EDRY) will repurchase up to $10 million of EuroDry (EDRY) shares after logging one of its most profitable quarters. New York-listed Euroseas spinoff EuroDry (EDRY) expressed the share purchase programme would add value to shareholders. According to EuroDry (EDRY), the company’s stocks are trading at a very steep discount to the NAV (net asset value). EuroDry (EDRY) expresses the company’s stock is discounted. Euroseas (ESEA) mainly owns and operates container ships. On the other hand, EuroDry (EDRY) owns and operates dry bulk carriers. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas.
11-August-2022
New York-listed shipowner and operator Genco Shipping & Trading (GNK) anticipates paying a higher dividend in Q3 2022. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) forecasts a higher shareholder payout for Q3 2022. Diversified shipowner Genco Shipping & Trading (GNK) gets high marks from analysts. Genco Shipping & Trading (GNK) anticipates the shareholder dividend for Q3 2022 to surpass the $0.50 per share paid in Q2 2022. Genco Shipping & Trading (GNK) thanks to healthy charter coverage and iron-ore volumes from Brazilian giant miner Vale. Genco Shipping & Trading’s fleet is managed by Genco Ship Management LLC. New York-listed shipowner and operator Genco Shipping & Trading (GNK) is adequately prepared to tolerate dry bulk market tremors as a consequence of the Russia-Ukraine war. Genco Shipping & Trading (GNK) has paid a quarterly dividend consistently since Q3 2019, but Genco Shipping & Trading’s (GNK) dividend payments have fluctuated based on the market and other factors. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates 44 bulk carriers.
11-August-2022
CEO Sune Fladberg-led Shipbroker Company Lightship Chartering aims to kick-start the tanker business after the Genoa office walkout. Shipbroker Company Shipbroker Lightship Chartering desires to expand the company’s shipbroking activities in the tanker sector despite the closure of its Genoa office after seven (7) shipbrokers quit. All seven (7) shipbrokers quit and started their careers at a rival shipbroker company. Lightship Chartering intends to enlarge the company’s network and will boost Lightship Chartering’s global headcount in 2022. Shipbroker Company Lightship Chartering approved that the company has parted ways with seven (7) shipbrokers and are closing down in Genoa office. Lightship Chartering was established in 1975 and has been a panel shipbroker for the Baltic Exchange. Lightship Chartering has been active in both dry and wet markets. Lightship Chartering has been planning to enter the Sale and Purchase (S&P) market.
11-August-2022
Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has reported a record profit for Q2 2022. Mark Filanowski-led Pangaea Logistics Solutions (PANL) comes to Arctic ice season in Q2 2022 with strong forward bookings. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) used a 29% year-over-year rates increase to crack record results for Q2 2022. Dry bulk shipowner and operator Pangaea Logistics Solutions is an expert in performing complex niche trades under long-term contracts. Pangaea Logistics Solutions benefited from ice-class bulk carriers and COAs (Contract of Affreightments). Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) reported a profit of $25 million, or $0.56 per share, which was about 30% better than Pangaea Logistics Solutions (PANL) reported in Q2 2021. In Q2 2022, Pangaea Logistics Solutions (PANL) reported revenue of $195 million. Pangaea Logistics Solutions (PANL) strong Q2 2022 results indicate continued execution on long-term strategy, one that highlights advantageous growth within a niche, higher-margin dry bulk shipping, and logistics markets.
11-August-2022
Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) reduced interest costs with $310 million of new loan deals with ING, SEB, and Citi Banks. Petros Pappas-led Star Bulk Carriers (SBLK) calls the competitive nature of transactions despite the rising interest rate environment. Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has knocked millions off its interest bill with a series of new finance deals. Star Bulk Carriers (SBLK) has sealed $310 million of loans to save $4 million every year. Star Bulk Carriers (SBLK) resumed optimising the company’s debt since the beginning of 2022. Currently, Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 128 vessels.
11-August-2022
UAE-based Shaikh-family controlled shipowner and operator Tomini Shipping has continued to scale its dry bulk platform, pushing Tomini Shipping’s fleet to 26 bulk carriers and reinforcing how CEO Numair Shaikh-led Dubai-based Tomini Shipping is deliberately building size in the segments where Tomini Shipping sees the strongest risk-adjusted returns. CEO Numair Shaikh-led Dubai-based Tomini Shipping has pointed to a particularly upbeat market outlook for the handysize sector, and Tomini Shipping’s latest buying activity shows how quickly Tomini Shipping is willing to act when Tomini Shipping sees supportive fundamentals for smaller bulk carrier earnings, utilization, and trade flexibility. In its most recent expansion step, Dubai-based shipowner and operator Tomini Shipping acquired five (5) additional handysize bulk carriers from the fleet of Bermuda-based Interlink Maritime, adding more ships that can access a wide range of ports and cargoes and allowing Tomini Shipping to broaden optionality across minor bulks, industrial commodities, and regional trading patterns. The move follows an earlier purchase in February 2022, when Dubai-based shipowner and operator Tomini Shipping acquired four (4) handysize bulk carriers from the fleet of Bermuda-based Interlink Maritime, indicating that Tomini Shipping has been steadily increasing its handysize footprint through repeat transactions with Bermuda-based Interlink Maritime and showing that Tomini Shipping values continuity and proven tonnage sources when expanding the fleet. These acquisitions also underline the pace of Tomini Shipping’s fleet growth, with Tomini Shipping frequently described as operating a rapidly expanding dry bulk fleet and maintaining a consistent concentration on handy, supramax and ultramax bulk carriers as the core of Tomini Shipping’s operating profile. Structurally, Tomini Shipping’s presence in Dubai, UAE—where Tomini Shipping moved in 2004—places Tomini Shipping at a major global shipping and trading hub, supporting access to charterers, commodity flows, and financial counterparties across the Middle East, Asia, and beyond. On the commercial side, Tomini Shipping’s chartering activities are performed by Alpina Chartering in Denmark, a setup that has allowed Tomini Shipping to combine Dubai-based operational oversight with a European chartering interface that can help manage coverage, freight exposure, and charterer relationships across multiple market cycles. At the same time, Tomini Shipping’s stated philosophy emphasizes trust and building deep relationships that focus on long-term collaborations with charterers, a positioning that often aligns with repeat cargo programs and longer-term partnerships that can smooth earnings volatility and support disciplined fleet employment. Taken together, the fleet increase to 26 bulk carriers, the targeted handysize buying from Bermuda-based Interlink Maritime, and CEO Numair Shaikh-led Dubai-based Tomini Shipping’s constructive view on handysize market conditions illustrate a clear strategy: Tomini Shipping is building scale in flexible ship sizes, expanding through repeat acquisition channels, and anchoring commercial execution around relationship-driven chartering while keeping Tomini Shipping’s fleet aligned with the dry bulk sectors where Tomini Shipping believes the demand outlook is most compelling.
10-August-2022
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime reported a net profit of $27.8 million in Q2 2022. Castor Maritime reported a net profit of $6.5 million in Q2 2021. Petros Panagiotidis-led Castor Maritime increased fleet growth in 2021. Furthermore, Nasdaq-listed shipowner and operator Castor Maritime reported revenue of $67.5 million in Q2 2022. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime owns and operates both tankers and bulk carriers.
10-August-2022
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading ordered four (4) handysize 40K DWT bulk carrier newbuildings at Jiangmen Nanyang Ship Engineering. CEO Vasileios Papakalodoukos-led Ciner Shipping Industry & Trading will be paying around $120 million total. Ciner Shipping Industry & Trading will take the delivery of four (4) handysize 40K DWT bulk carrier newbuildings between June 2024 and September 2024. Ciner Shipping Industry & Trading was founded in 2009 by Turgay Ciner. Turkish shipowner and operator Ciner Shipping Industry & Trading aim to renew the fleet. Ciner Shipping Industry & Trading’s agreement with Jiangmen Nanyang Ship Engineering does not include any optional bulk carrier newbuildings.
10-August-2022
Shipbroker Company Lightship Chartering tanker shipbrokers have s poached for a new Simpson Spence Young (SSY) office in Genoa. Simpson Spence Young (SSY) hired the whole tanker shipbroker team from its rival Lightship Chartering, which will leave Lightship Chartering without a presence in Genoa. Shipbroking giant Simpson Spence Young (SSY) has announced that the company’s new Genoa office will be staffed with a team from its rival Lightship Chartering. Seven (7) tanker shipbrokers from Lightship Chartering will join Simpson Spence Young (SSY) Genoa office when it opens on 1 September 2022. Simpson Spence Young (SSY) Genoa office will be managed by Luca Domenico Capitanio and Luca Sambataro, who will make up the panamax team with Paolo Bovenga. Luca Domenico Capitanio was one of the Lightship Chartering shipbrokers moving to Simpson Spence Young (SSY) Genoa office. Luca Domenico Capitanio will manage the new Simpson Spence Young (SSY) Genoa office with Luca Sambataro on the panamax team.
10-August-2022
Tokyo Stock Exchange-listed shipowner and operator Iino Kaiun Kaisha Ltd reported a substantial boost in both sales and profits due to improved freight rates. In Q1 2022, Japanese shipowner and operator Iino Kaiun Kaisha Ltd reported net sales of $2.5 billion. In Q1 2022, Japanese shipowner and operator Iino Kaiun Kaisha Ltd reported a net profit of $383 million. In Q1 2022, Japanese shipowner and operator Iino Kaiun Kaisha Ltd reported that tankers delivered a 14.6% increase in operating profit and bulk carriers an 8.9% improvement. In the tanker market, Japanese shipowner and operator Iino Kaiun Kaisha Ltd expressed profitability had improved after Iino Kaiun Kaisha Ltd boosted the company’s exposure to the spot market to take advantage of rising rates. In the dry bulk market, Japanese shipowner and operator Iino Kaiun Kaisha Ltd stated conditions resume to be favorable. Tokyo Stock Exchange-listed shipowner and operator Iino Kaiun Kaisha Ltd’s spot exposure in the tanker market is now 30%, and 47% in the dry bulk sector. Tokyo Stock Exchange-listed shipowner and operator Iino Kaiun Kaisha Ltd will boost the fleet in 2023 with the addition of a 40K DWT bulk carrier new building under a long-term charter agreement. In 2022, Iino Kaiun Kaisha Ltd will take delivery of three (3) bulk carrier new buildings including one kamsarmax and two handysize bulk carrier new buildings. Currently, Tokyo Stock Exchange-listed shipowner and operator Iino Kaiun Kaisha Ltd operates a mixed fleet of 94 vessels.
9-August-2022
Bulgarian shipowner and operator Navibulgar (Navigation Maritime Bulgare) ordered four (4) handysize lakes-fitted bulk carrier newbuildings at Yangzijiang Shipbuilding. Navibulgar (Navigation Maritime Bulgare) will take the four (4) 32K DWT handysize lakes-fitted bulk carrier newbuildings in 2024. The latest Navibulgar’s (Navigation Maritime Bulgare’s) four (4) handysize lakes-fitted bulk carrier newbuildings order is part of the company’s fleet expansion and renewal programme. Navibulgar (Navigation Maritime Bulgare) plans to own a fleet of 1.5 million tonnes with an average age below seven years by 2025. Navibulgar (Navigation Maritime Bulgare) wants to be one of the leading lakes-fitted handysize bulk shipowners in Europe. Navibulgar (Navigation Maritime Bulgare) will pay around $32 million for each handysize lakes-fitted bulk carrier newbuildings. Navibulgar (Navigation Maritime Bulgare) ordered four (4) handysize lakes-fitted bulk carrier newbuildings according to the EEDI (Energy Efficiency Design Index) Phase 3 standards for greenhouse gas emissions, as well as the current International Maritime Organization’s Tier III NOx standards. With the latest order, the total number of handysize lakes-fitted bulk carrier newbuildings that Navibulgar (Navigation Maritime Bulgare) has ordered at Yangzijiang Shipbuilding increased to twelve (12). Previously, in 2020, Navibulgar (Navigation Maritime Bulgare) ordered eight (8) handysize lakes-fitted bulk carrier newbuildings at Yangzijiang Shipbuilding for around $25 million for each. Up to now, Navibulgar (Navigation Maritime Bulgare) has received five (5) of those eight (8) handysize lakes-fitted bulk carrier newbuildings. Furthermore, Navibulgar (Navigation Maritime Bulgare) ordered four (4) 45K DWT handymax bulk carrier newbuildings at Yangzijiang Shipbuilding for around $33 million each. Since 2017, Navibulgar (Navigation Maritime Bulgare) ordered a total of twenty-two (22) bulk carrier newbuildings at Yangzijiang Shipbuilding. Currently, Navibulgar (Navigation Maritime Bulgare) owns and operates 32 bulk carriers.
9-August-2022
CEO Angeliki Frangou has placed herself as the majority owner of New York-listed shipowner and operator Navios Maritime Holdings (NM) after Angeliki Frangou converted more debentures she had held since January refinancing package. Angeliki Frangou owns the shares of New York-listed shipowner and operator Navios Maritime Holdings (NM) through Raymar Investments, Amadeus Maritime, and Navios Shipmanagement (NSM). CEO Angeliki Frangou gathered 5.33 million more shares of New York-listed shipowner and operator Navios Maritime Holdings (NM) through the convertible debenture and put them under Navios Shipmanagement (NSM). As a consequence, CEO Angeliki Frangou has 1.27 million remaining shares under a convertible debenture of $24 million with a strike price of $3.90 per share that she can convert into common stock for further ownership in New York-listed shipowner and operator Navios Maritime Holdings (NM). CEO Angeliki Frangou last raised her stake in Navios Maritime Holdings (NM) in early July to 46% when CEO Angeliki Frangou acquired 2.09 million more Navios Maritime Holdings (NM) shares through the convertible debenture and folded them into Navios Shipmanagement (NSM). Currently, Navios Shipmanagement (NSM) holds 17.6 million shares, or 43.5%, of Navios Maritime Holdings (NM). Amadeus Maritime owns 1.27 million shares representing 5.6% of Navios Maritime Holdings (NM), while Raymar Investments holds 1.37 million units, or 6%, of Navios Maritime Holdings (NM). New York-listed shipowner and operator Navios Maritime Holdings (NM) will no longer directly own ships after selling its bulker fleet and is focused on growing CEO Angeliki Frangou’s Navios South America Logistics business, which closed a $550 million refinancing in January, allowing it to pay off $614 million in bonds that had been set to mature in January. New York-listed shipowner and operator Navios Maritime Holdings (NM) will make $10 million quarterly payments to the CEO Angeliki Frangou affiliate starting in Q3 2023 and pay an upfront fee in the form of $24 million in debentures. In late July 2022, New York-listed shipowner and operator Navios Maritime Holdings (NM) sold its 36 bulk carriers to spin-off Navios Maritime Partners for $835 million, after the daughter company had previously taken over Navios Maritime Acquisition for $827 million in January 2022. Currently, Angeliki Frangou-led Navios Partners has fleet of 188 vessels and 22 newbuildings.
7-August-2022
London-based shipowner and operator Helikon Shipping Enterprises Limited has ordered two 50,000 DWT MR tankers from Hyundai Vietnam Shipbuilding, with deliveries scheduled for Q1 2025, although the contract price for the newbuildings has not been disclosed. Helikon Shipping Enterprises Limited, established in London in 1961, has grown into a discreet but influential presence in the global shipping industry, with operational offices in the United Kingdom, Greece, and Dalian, China. Its Greek operations are conducted under the name Helikon Shipping (Hellas) Inc. in Athens. Over the decades, Helikon Shipping Enterprises Limited has evolved from acting as an agent for shipowners and operators trading second-hand bulk carriers in the tramp sector to becoming a specialist in the management of newbuilding ships, with a particular focus on long-term time charter arrangements with leading charterers. The shipowner and operator Helikon Shipping Enterprises Limited has developed a fleet consisting primarily of geared dry bulk ships, including supramax, ultramax, and kamsarmax bulk carriers, and has gradually expanded its commercial portfolio into the tanker segment. The MR tankers, which are generally commercially managed by Denmark’s Dee4 Capital Partners, represent the latest step in Helikon Shipping Enterprises Limited’s diversification strategy. To date, shipowners represented by Helikon Shipping Enterprises Limited have taken delivery of more than 40 newbuilding ships, with over 20 delivered in the past five years alone. In addition to the MR tanker order, clients of Helikon Shipping Enterprises Limited currently maintain an active orderbook that includes 16 additional bulk carriers, reinforcing the shipowner and operator’s commitment to modern fleet expansion and long-term commercial flexibility. Helikon Shipping Enterprises Limited continues to prioritise operational reliability, asset quality, and strategic growth in both the dry bulk and tanker shipping sectors.
2-August-2022
Singapore-based shipowner and operator Berge Bulk has approved installing four (4) WindWings delivered by Yara Marine Technologies on 2018 built capesize bulk carrier 2010K DWT MV Berge Olympus. James Marshall-led Berge Bulk has become the second shipowner and operator to opt to install BAR Technologies’ WindWings sails to a bulk carrier. Berge Bulk has approved installing four (4) WindWings in Q2 2023 to decrease CO2 emissions by up to 30% through a combination of wind propulsion and route optimization. Singapore-based shipowner and operator Berge Bulk’s move is a significant step towards Berge Bulk’s transition to zero-emission operations. Berge Bulk believes in the outcomes that can be accomplished by harnessing wind power. The assessed impact on decreasing emissions can be at least as important as transitional fuels. BAR Technologies stated installing WindWings technology to existing ships means firms such as Berge Bulk can begin to make an immediate impact on decarbonizing their fleets while seeing substantial efficiencies in current bunker use. Yara Marine expressed that the wind has been the most prominent ship propulsion available for centuries. This partnership between Singapore-based shipowner and operator Berge Bulk, BAR Technologies, and Yara Marine soars the wind propulsion. Currently, Singapore-based shipowner and operator Berge Bulk operates around 80 ships.
2-August-2022
Tokyo-listed Japanese shipowner NS United Kaiun Kaisha Ltd (NS United Shipping) reported a substantial improvement in revenue and profits in Q1 2022. Japanese shipowner NS United Shipping (NSU) reported a net profit of $70 million in Q1 2022. Japanese shipowner NS United Shipping (NSU) reported an income of $469 million in Q1 2022. Japanese giant dry bulk owner NS United Kaiun Kaisha (NS United Shipping) expressed that advantageous circumstances in the shipping market had been supported by the low number of new shipbuilding deliveries and uncertainty over environmental regulations. Tokyo-listed Japanese shipowner NS United Kaiun Kaisha (NS United Shipping) benefited from capesize charter rates that had gained a peak of $38K a day in Q1 2022. Furthermore, Tokyo-listed Japanese shipowner NS United Kaiun Kaisha (NS United Shipping) handysize and panamax bulk carrier rates had been backed by substantial imports to India, and a change in grain and coal trading patterns, which had increased tonne miles. Tokyo-listed Japanese shipowner NS United Kaiun Kaisha (NS United Shipping) stated that the unchanging earnings from a robust shipping market and long-term contracts, added to the depreciation of the Japanese yen, increased earnings.
1-August-2022
Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) has commissioned two (2) 50K DWT MR tankers from K Shipbuilding (formerly STX Shipbuilding) in South Korea. Two (2) 50K DWT MR tanker are slated for a 2024 delivery. While the monetary specifics remain undisclosed, the tankers will be adorned with scrubbers. The timely delivery windows can be attributed to the K Shipbuilding’s recent revival. Once known as STX Shipbuilding, the establishment teetered on the brink of obsolescence before a regional consortium rescued it the previous year, marking its inaugural orders after a significant hiatus. Singapore-based shipowner and operator PCL (Pacific Carriers Ltd), under the aegis of magnate Robert Kuok, boasts a multifaceted fleet encompassing dry bulk carriers, breakbulk carriers, tankers, and gas carriers.