27-February-2022
London-listed shipbroker Braemar Shipping Services has successfully concluded the planned divestiture of its logistics enterprise, Cory Brothers (Cory), to Vertom Cory Holdings. Vertom Cory Holdings is a newly established subsidiary of Dutch company Vertom, which operates primarily in northern Europe. This move is seen as part of the London-listed shipbroker Braemar Shipping Services’ endeavor to streamline its operations and concentrate on a novel growth strategy centered around shipbroking. The payment for the transaction will be entirely in cash, comprising an initial amount of £6.5 million, as well as three subsequent payments based on a percentage of the gross profit generated by the newly formed Vertom-Cory enterprise during the earnout period until December 31, 2024. The total value of the three earnout payments will range between £3.75 million and £9 million. Braemar Shipping Services has announced that the proceeds from the sale will be utilized to reduce net debt and fortify the balance sheet in accordance with its strategic plan. Cory encompasses a port and hub agency business, along with a liner and freight forwarding business. Cory serves ports in the United Kingdom, Singapore, North America, and the Netherlands, while also having collaborative agreements with multiple agency partners. The divestiture has been structured as the sale of all shares in three distinct legal entities within the group: Cory Brothers Shipping Agency Limited, Cory Brothers Inc., and Cory Brothers Shipping Agencies Pte Limited. Following the divestiture, relevant Cory employees, including Cory’s managing director, Peter Wilson, and finance director, David Noble, will transition to similar positions within the newly established Vertom-Cory enterprise.
27-February-2022
Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping and Transportation Limited reported a net profit of $194.2 million for 2021. Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited reported revenue of $131 million for 2021. In 2021, supramax specialist Jinhui Shipping and Transportation Limited profited from substantial freight markets. Jinhui Shipping and Transportation Limited reported a net profit of $194.2 million for 2021. Jinhui Shipping and Transportation Limited reported an average daily TCE (Time Charter Equivalent) of $19,233 per day per ship. Outstanding rebound in ship charter rates and the growth in owned bulk carriers impacted the net profit of Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping and Transportation Limited. In Q4 2021, Jinhui Shipping and Transportation Limited reported a net profit of $84 million. In 2021, Jinhui Shipping and Transportation Limited acquired eight (8) bulk carriers. 2021 has been a satisfactory year for dry bulk shipping with strong freight rates driven by a widespread boost in demand for bulk cargoes. Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited anticipated few new building bulk carrier orders, as there is no agreement in the shipbuilding industry yet with regards to the next-generation engine design to lower carbon emissions. Currently, Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping and Transportation Limited owns 24 bulk carriers.
27-February-2022
Athens-based shipowner and operator Minerva Dry Incorporation is planning to acquire 2009 built capesize bulk carrier 179K DWT MV Dong-A Eos, 2010 built capesize bulk carrier 179K DWT MV Dong-A Oknos, and 2010 built capesize bulk carrier 179K DWT MV Dong-A Astrea for around $27 million each from South Korean shipowner and operator Dong-A Tanker Corporation. Athens-based shipowner and operator Minerva Marine is about to complete one of the largest ship expansion moves. Andreas Martinos-led shipowner and operator Minerva Marine is predominantly known as a tanker shipowner and operator. Athens-based shipowner and operator Minerva Marine especially concentrate is on aframax tankers. Currently, Andreas Martinos-led shipowner and operator Minerva Marine has 27 tankers in the company’s mixed fleet. In 2020, Athens-based shipowner and operator Minerva Marine established a dry bulk unit called Minerva Dry Incorporation. In 2021, Minerva Dry Incorporation acquired 2011 built capesize bulk carrier 169K DWT MV Pantariste (ex MV Jabal Nafusa) and 2010 built capesize bulk carrier 169K DWT MV Minerva Providence (ex MV Cape Providence). If the latest transaction is concluded, the acquisition of the South Korean shipowner and operator Dong-A Tanker Corporation trio would increase Minerva Dry Incorporation’s capesize fleet to eleven (11) large bulk carriers. Furthermore, Andreas Martinos-led shipowner and operator Minerva Dry Incorporation owns and operates another two (2) 85K DWT post-panamax bulk carriers. In 2019, Andreas Martinos-led shipowner and operator Minerva Dry Incorporation took delivery two (2) 85K DWT post-panamax bulk carriers as newbuildings.
25-February-2022
New York-listed shipowner and operator Diana Shipping (DSX) reported $41 million in net profit for Q4 2022. Athens-based shipowner and operator Diana Shipping (DSX) sold three (3) vintage bulk carriers into a separate sister company called OceanPal. Diana Shipping (DSX) received $15.3 million from Diana’s spinoff of three (3) into a new separate sister company called OceanPal. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) doubled the company’s quarterly dividend to $0.20 per share. Diana Shipping (DSX) has already chartered out more than 60% of days on pleasing charters during 2022. In February, Greek shipowner and operator Diana Shipping (DSX) boosted the company’s fleet with a 2011-built kamsarmax bulk carrier. Diana Shipping (DSX) reported revenue of $68 million for Q4 2022. Diana Shipping (DSX) reported a TCE (Time-Charter Equivalent) rate of $21,364 per day per bulk carrier for Q4 2022. Diana Shipping (DSX) reported adjusted earnings per share of $0.32 for Q4 2022. Currently, New York-listed shipowner and operator Diana Shipping (DSX) owns and operates 35 bulk carriers.
25-February-2022
Japanese shipowner Nissen Kaiun controlled 2020 built kamsarmax bulk carrier 85K DWT MV Namura Queen is reported to have been hit by a missile on its aft side outside the port of Yuzhny, Ukraine. MV Namura Queen’s crew members have not reported any injury. Nissen Kaiun controlled 2020 built kamsarmax bulk carrier 85K DWT MV Namura Queen arrived at Yuzhny on 23 February 2022 after unloading at Odesa Port. MV Namura Queen was in ballast when the kamsarmax bulk carrier was hit by a missile. Japanese shipowner and Nissen Kaiun controlled 2020 built kamsarmax bulk carrier 85K DWT MV Namura Queen was chartered out to the giant grain trader Bunge for long-term. Currently, Bunge chartered out MV Namura Queen to Hong Kong-based Comerge Shipping.
24-February-2022
John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) believes that the shipping market will resume improving amid low ship supply, despite Russia’s attack on Ukraine. New York-listed Genco Shipping & Trading (GNK) believes that any disruption to cargoes out of Ukraine should not have a significant consequence against a remarkably low dry bulk carrier newbuilding orders in shipyards. According to Genco Shipping & Trading (GNK), Brazil, Australia, and the United States could efficiently counterbalance any cargo shortfall from Ukraine as a result of the Russian attack. According to John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK), tonne-mile might rise to balance the commodities from Ukraine. Genco Shipping & Trading believes in the shipping cyclical upturn. New York-listed Genco Shipping & Trading (GNK) acknowledges that Ukraine delivers most of its grains in August which we’re quite some time away from that. On the other hand, Genco Shipping & Trading (GNK) acknowledges that Ukraine exports a remarkably smallish part of international iron-ore business compared with Brazil and Australia. 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.
24-February-2022
Copenhagen-based shipowner and operator Lauritzen Bulkers reported a $103 million net profit for 2021. Niels Josefsen-led shipowner and operator Lauritzen Bulkers reported the best results since 2010. Previously, Danish shipowner and operator Lauritzen Bulkers switched to an asset-light vessel operating model. However, Lauritzen Bulkers may look for opportunities and may acquire bulk carriers. Lauritzen Bulkers operates around 100 chartered-in bulk carriers. According to Lauritzen Bulkers, bulk carrier prices are extremely high at this point. Copenhagen-based shipowner and operator Lauritzen Bulkers mainly operates handysize bulk carriers. Lauritzen Bulkers does not have strategies to move into other vessel sizes at the moment. Currently, Copenhagen-based shipowner and operator Lauritzen Bulkers owns four (4) bulk carriers. 2012 built handysize bulk carrier 38K DWT MV Anne Mette Bulker, 2012 built handysize bulk carrier 38K DWT MV Milau Bulker, 2011 built handysize bulk carrier 37K DWT MV Seastar Endeavour, and 2018 built handysize bulk carrier 34K DWT MV Sinlau Bulker.
24-February-2022
German shipowner and operator Oldendorff Carriers exercised five (5) kamsarmax bulk carrier newbuilding options at Jiangsu New Hantong Ship Heavy Industry. Henning Oldendorff-led Oldendorff Carriers approved the additional five (5) kamsarmax bulk carrier newbuilding orders, which were options on an initial agreement. Oldendorff Carriers total kamsarmax bulk carrier newbuilding order increased to ten (10) at Jiangsu New Hantong Ship Heavy Industry. Lubeck-based shipowner and operator Oldendorff Carriers will pay around $30 million for each 82K DWT kamsarmax bulk carrier newbuildings. Oldendorff Carriers’ ten (10) kamsarmax bulk carrier newbuildings will have an enhanced hull structure for actually lower bunker consumption. Henning Oldendorff-led Oldendorff Carriers will take the delivery of kamsarmax bulk carrier newbuildings between Q3 2022 and Q3 2023. Furthermore, German shipowner and operator Oldendorff Carriers has four (4) newcastlemax bulk carriers under construction at Jiangsu New Hantong Ship Heavy Industry. In July 2022, Lubeck-based shipowner and operator Oldendorff Carriers will take delivery of two (2) 61K DWT ultramax bulk carriers from Dalian Cosco KHI Ship Engineering. In Q1 2023, Henning Oldendorff-led Oldendorff Carriers will take delivery of two (2) 182K DWT capesize bulk carriers from Namura Shipbuilding. Currently, German shipowner and operator Oldendorff Carriers controls about 750 owned and chartered ships.
24-February-2022
Istanbul-based shipowner and operator Yasa Shipping owned 2019 built ultramax bulk carrier 61K DWT MV Yasa Jupiter has been hit by a shell while underway from the Odessa Port, Ukraine. Yasa Shipping owned MV Yasa Jupiter unloaded a cargo of bauxite at Odessa Port, Ukraine. Turkish tycoon Yalcin Sabanci-led shipowner and operator Yasa Shipping owned MV Yasa Jupiter was chartered out to Cargill for a long period. Cargill sub-chartered MV Yasa Jupiter to Oldendorff Carriers. Turkish shipowner and operator Yasa Shipping verified the incident. Istanbul-based shipowner and operator Yasa Shipping owned 2019 built ultramax bulk carrier 61K DWT MV Yasa Jupiter’s windows were shattered. No injuries have been reported on board MV Yasa Jupiter.
23-February-2022
Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) reported net earnings of $45.8 million for Q4 2021. Navios Maritime Holdings (NM) reported revenue of $156.8 million for Q4 2021. Navios Maritime Holdings (NM) reported a Time Charter Earning of $31,156 per day per ship for Q4 2021. Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) paid around $614 million of ship mortgage notes in 2021. New York-listed shipowner and operator Navios Maritime Holdings (NM) decreased the main amount outstanding of the senior notes to $155 million. Greek shipowner and operator Navios Maritime Holdings (NM) closed a $550 million refinancing earlier in 2022 to redeem the notes. Navios Maritime Holdings (NM) will make $10 million quarterly payments to Angeliki Frangou’s private company beginning in Q3 2023 and pay an upfront payment in the form of $24 million in debentures. According to Navios Maritime Holdings (NM), the debt agreement was the best choice that was available besides Chapter 11 bankruptcy reorganization. Currently, Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) owns a mixed fleet of 25 ships.
22-February-2022
Oslo-listed shipowner and operator Belships considers the conflict in Ukraine would be harmful to the shipping business. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships wishes for a peaceful and pleasant solution to the situation in Ukraine. Norwegian shipowner and operator Belships can not estimate the short-term effects of the conflict in Ukraine, however, in general, the situation seems negative. Norwegian shipowner and operator Belships controlled bulk carriers trade a lot of freight out of the Black Sea, especially Russia and Ukraine. Norwegian shipowner and operator Belships has been very active in the Black Sea trades. Norwegian shipowner and operator Belships does not have long-term freight arrangements. Therefore, the conflict in Ukraine doesn’t pose a major threat to Belships. In 2021, Belships declared the dividend policy and organized to develop the company. Oslo-listed shipowner and operator Belships has chartered out two-thirds of the company's fleet in 2022. Belships has been de-risking the company's earnings for 2022. Shipping market veterans believe Oslo-listed shipowner and operator Belships' shares are undervalued, based on the company's cash flows and forward charter agreements. According to Norwegian shipowner and operator Belships, modern secondhand bulk carriers are undervalued.
22-February-2022
New York-listed WTIV (Wind-Turbine Installation Vessels) shipowner and operator Eneti Incorporation (NETI) reported a net loss of $28.3 million for Q4 2021. Emanuele Lauro-led WTIV (Wind-Turbine Installation Vessels) shipowner and operator Eneti Incorporation (NETI) desires to pay dividends to shareholders. Despite the negative report, Eneti Incorporation (NETI) still declared a quarterly cash dividend of $0.01 per common share. Eneti Incorporation (NETI) is a Monaco-based renewable energy company. In August 2020, New York-listed shipowner and operator Scorpio Bulkers (SALT) announced that the company will shift out of the dry trade into WTIVs (Wind Turbine Installation Vessels). Q4 2021 results are predominantly affected by the acquisition of Seajacks International’s 58% stake. In August 2021, Emanuele Lauro-led WTIV (Wind-Turbine Installation Vessels) shipowner and operator Eneti Incorporation (NETI) took a 58% stake in Seajacks International for around $600 million. Furthermore, $12.3 million of Eneti Incorporation’s (NETI) Q4 loss was from Scorpio Bulkers’ $100 million investment in sister company Scorpio Tankers (STNG) in October 2018. Quarterly developments are less influential for the WTIV (Wind-Turbine Installation Vessels) shipowner and operator Eneti Incorporation (NETI) in the earlier stages of flourishing. New York-listed WTIV (Wind-Turbine Installation Vessels) shipowner and operator Eneti Incorporation (NETI) reported revenue of $16.5 million for Q4 2021. Eneti Incorporation (NETI) reported operating expenses of $38.4 million for Q4 2021.
22-February-2022
Copenhagen-based shipowner and operator Lauritzen Bulkers reported the best annual profit since 2010. Niels Josefsen-led shipowner and operator Lauritzen Bulkers adapted a short-term trading and ship operating model. In 2021, Lauritzen Bulkers reported net earnings of $103 million. In 2020, Lauritzen Bulkers reported revenue of $837 million. In 2021, Lauritzen Bulkers reported net earnings of $103 million. Danish shipowner and operator Lauritzen Bulkers aims to invest in bulk carriers when the timing is good. In 2021, Lauritzen Bulkers chartered an average of 80 bulk carriers. Lauritzen Bulkers anticipates dry cargo markets to stay robust in 2022. Lauritzen Bulkers predicts to report positive net results in 2022.
21-February-2022
Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) anticipates that the 2022 outlook for dry bulk shipping might be better than 2021. According to C Transport Maritime S.A.M. (CTM), Brazilian iron-ore shipments are missing from the present market, yet capesize bulk carriers appear to be doing good. John Michael Radziwill-led ship manager and operator C Transport Maritime S.A.M. (CTM) is confident that 2022 will be better than 2021 freight rates because new building order books for bulk carriers of all classes are roughly at the lowest level. On the other hand, demand for bulk carriers is high due to the new infrastructure projects. In 2021, Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) expanded the company’s managed fleet to approximately 160 bulk carriers. Currently, John Michael Radziwill-led ship manager and operator C Transport Maritime S.A.M. (CTM) manages a fleet of approximately 270 bulk carriers including the bulk carriers co-managed with Capesize Chartering Limited (CCL). Besides managing C Transport Maritime S.A.M. (CTM), John Michael Radziwill manages Carras Ltd and CBC Holding.
21-February-2022
Greek handysize shipowner and operator Narval Shipping Corporation sold 1998 built handysize bulk carrier 31K DWT MV Ekaterina for around $8.5 million to a Turkish shipowner and operator. Athens-based shipowner and operator Narval Shipping Corporation moves very infrequently in the S&P (Sale and Purchase) market. After the sale of 1998 built handysize bulk carrier 31K DWT MV Ekaterina, Greek handysize shipowner and operator Narval Shipping Corporation has left with four (4) bulk carriers: 1997 built handysize bulk carrier 18K DWT MV Dahlia, 1997 built handysize bulk carrier 31K DWT MV Rays, 1999 built handysize bulk carrier 31K DWT MV Paragon, and 2011 built handysize bulk carrier 37K DWT MV Heraklitos. In 2022, handysize bulk carriers have been prevalent among shipowners nevertheless, given handysize bulk carriers relative earnings stability. On the other hand, large bulk carriers, particularly capesize bulk carriers, earnings have high volatility. In 2022, handysize bulk carriers accounted for approximately 50% of all activity on the dry bulk S&P (Sale and Purchase) market.
21-February-2022
Greek shipowner and operator Newport S.A. and subsidiary Newport Chartering sold 2010 built handysize bulk carrier 28K DWT MV Tramontana for around $14.5 million to a Russian shipowner and operator. Newport S.A. and Grehel Shipmanagement Co. stand as distinguished frontrunners in the realm of ship management, offering a full spectrum of global transportation services within the dry bulk sector with a keen focus on the transport of grain commodities like wheat and barley. Established in 2004 and 2019 respectively, Newport S.A. and Grehel Shipmanagement Co. have their headquarters in the maritime hub of Piraeus, Greece, marking their presence in a location synonymous with shipping excellence. Collectively, Newport S.A. and Grehel Shipmanagement Co. oversee a diverse fleet of 32 vessels, which vary in size from 30K DWT handy bulk carriers up to 83K DWT kamsarmax bulk carriers, cumulatively boasting an impressive total capacity of 1,992,051 DWT. Committed to providing top-tier service, Newport S.A. and Grehel Shipmanagement Co. adhere to the utmost standards of professionalism, safety, and operational efficiency. Newport S.A. and Grehel Shipmanagement Co.’s profound expertise and steadfast dedication to fulfilling customer needs enable them to navigate the complexities of global maritime logistics, ensuring the delivery of tailored solutions that meet the dynamic demands of the industry.
21-February-2022
Lugano-based shipowner and operator Nova Marine Carriers acquired three (3) handysize bulk carriers 2013 built handysize bulk carrier 39K DWT MV Sider Athena, 2013 built handysize bulk carrier 39K DWT MV Sider Evamaria, and 2014 built handysize bulk carrier 39K DWT MV Sider Toronto from Swire China Navigation. Vincenzo Romeo-led shipowner and operator Nova Marine Carriers paid around $22.5 million for each handysize bulk carrier. In 2021, Lugano-based shipowner and operator Nova Marine Carriers accomplished prosperous asset play sales of handysize bulk carriers. Nova Marine Carriers aims to boost the fleet capacity and deliver the most dependable service to charterers. Lugano-based shipowner and operator Nova Marine Carriers is owned by the Romeo and the Bolfo-Gozzi families. The Romeo family has close ties to the Diamantopoulos family that owns Halkidon Shipping. Currently, Lugano-based shipowner and operator Nova Marine Carriers operates a mixed fleet of 80 vessels. In 2021, Nova Marine Carriers sold eight (8) bulk carriers.
20-February-2022
Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group wants to stick to the company’s plan of distributing dividends to shareholders. In 2021, John Fredriksen’s bulker company Golden Ocean Group paid out half a billion dollars in dividends to shareholders. Oslo and Nasdaq-listed Golden Ocean Group’s desire to develop the company’s investors and the uptick in investor attraction has assisted with the liquidity of Golden Ocean’s stock. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group doesn’t have a market cap target in mind. In 2021, John Fredriksen’s bulker company Golden Ocean Group has grown the company’s fleet by approximately 33% through a deal with John Fredriksen-backed Hemen Holding. According to Golden Ocean Group, the carrier demand for coal is foreseen to increase over the next three years. On the other hand, currently, Golden Ocean Group has not officially banned the shipment of coal on the company’s managed fleet like Eastern Pacific Shipping. Currently, Oslo and Nasdaq-listed Golden Ocean Group is concentrated on measures that will have an immediate effect on diminishing the fleet emissions. Bermuda-registered, Norway-based dry bulk shipping company Golden Ocean Group tackles its greenhouse gas emissions. In 2021, John Fredriksen’s bulker company Golden Ocean Group sold off four of the company’s highest emitting ships. Oslo and Nasdaq-listed Golden Ocean Group has no debt maturities due before 2023. Golden Ocean Group has already raised $22 million for the new-building bulk carriers orders through the sale of vintage bulk carriers. Furthermore, John Fredriksen’s bulker company Golden Ocean Group reported around $300 million in cash in Q4 2021. Therefore, Golden Ocean Group can assign capital freely and concentrate on dividends.
15-February-2022
London-based Lomar Shipping has transformed $10 million into $52 million within a span of 18 months through the sale of containers to Transfar Shipping, a shipping company linked to Alibaba. Transfar Shipping, an Alibaba-affiliated logistics carrier, is making strategic moves in the shipowning industry. Lomar Shipping, a Greek shipowner with its base in London, is currently enjoying a profit exceeding $40 million from the sale of a sub-panamax container ship, which was purchased less than 18 months ago. The vessel, known as MV Windswept, boasting a capacity of 2,872 twenty-foot equivalent units (TEUs) and built in 2010, is being sold to Transfar Shipping, a China-backed logistics newcomer. This deal will result in a substantial profit for Lomar Shipping, a company based in London, as it acquired MV Windswept in October 2020 for approximately $10 million. Ever since Lomar received ownership of MV Windswept in February of last year, it has been chartered to Ocean Network Express, a Japanese carrier, at a daily rate of around $18,000.
14-February-2022
Norwegian shipowner and operator Belships sold built ultramax bulk carrier 64K DWT MV Belyamato in the sale and leaseback deal. Ultramax bulk carrier 64K DWT MV Belyamato will be bareboat chartered back to Norwegian shipowner and operator Belships for 10 years. Belships has options to repurchase the 4K DWT MV Belyamato at below present dry bulk market levels but no commitment to do so. Norwegian shipowner and operator Belships will pay a $4 million down payment upon signing the contract with a 4.6% interest rate. The same shipyard will take delivery of 64K DWT MV Belyamato's sistership MV Belmondo in 2023. In January 2021, Norwegian shipowner and operator Belships decided to sell and lease back 2015 built ultramax bulk carrier 63K DWT MV Belforest and 2016 built ultramax bulk carrier 63K DWT MV Bellight. Currently, Oslo-based shipowner and operator Belships has a fleet of 27 bulk carriers.
14-February-2022
Thai-listed shipowner and operator Precious Shipping reported a net profit of $136 million for 2021. Khalid Hashim-led shipowner and operator Precious Shipping appreciated a remarkably robust in Q4 2021. Precious Shipping reported the highest earnings $50K per day per ship in Q4 2021. In Q4 2021, the Baltic Handy Size Index (BHSI) averaged 1,743 points, as derived from an average Time Charter Rate of $31,370 per day. In Q4 2021, Khalid Hashim-led shipowner and operator Precious Shipping handysize fleet gained $25,062 per day per ship. Likewise, in Q4 2021, the Baltic Supramax Index (BSI) averaged 2,771 points, as derived from an average Time Charter Rate of $30,472 per day. In Q4 2021, Thai-listed shipowner and operator Precious Shipping supramax fleet gained $27,958 per day per ship. Thai-listed shipowner and operator Precious Shipping explained that the company’s bulk carriers were different from the calculated index bulk carriers. Furthermore, Khalid Hashim-led shipowner and operator Precious Shipping expressed that most of the fleet has been fixed on flat rates for long-term charters. In Q4 2021, the Baltic Dry Index (BDI) reached 5,650 points. Demand and supply for dry bulk carriers in Q1 2021 were in immaculate balance. Thereafter, China Evergrande collapsed and China levied authoritarian anti-pollution rules on coal-fired power plants. China decreased steel production which decreased ton-mile demand. Therefore, dry bulk carrier time charter rates plunged in Q4 2021. Chinese government’s determinations have trimmed dry bulk shipping demand, but when flipped, they will permit demand to grow once again.
13-February-2022
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has chosen to commission two additional LNG-powered car carriers from China Merchants Jinling Shipyard. This transaction forms an extension of the preliminary agreement, each with a capacity of 7,000 CEU, the previous year, incorporating a provision for an added pair for around $87 million apiece. The financial details for the newly contracted duo, scheduled for completion in 2025. In the preceding June, Idan Ofer-led shipowner and operator Eastern Pacific Chartering (EPC) had also engaged in a contract for up to six (6) car carriers anticipated for delivery in 2024. With this recent decision, Eastern Pacific Chartering’s (EPC) procurement ledger now enumerates a total of twelve vessels, each ranging between 7,000 CEU to 7,050 CEU in capacity.
11-February-2022
Geneva-based Chinese grain trader COFCO International chartered in 2008 built kamsarmax bulk carrier 82K DWT MV Bettys Dream for around $25,000 per day for a year from Istanbul-based shipowner Zihni Group. Currently, kamsarmax bulk carrier long period deals are around $24,375 per day which means a premium over average panamax bulk carrier earnings in the spot market.
11-February-2022
Athens-based shipowner and operator Cosmoship Management SA acquired 2013 built post-panamax bulk carrier 93K DWT MV Sicilian Express from Dutch shipowner and operator Vroon. Nikos Savvas-led shipowner and operator Cosmoship Management paid approximately $20 million for 2013 built post-panamax bulk carrier 93K DWT MV Sicilian Express. Cosmoship Management has accomplished lucrative asset plays with container ships and handysize bulk carriers in 2021. Currently, Greek shipowner and operator Cosmoship Management is willing to grow in the dry bulk sector with large dry bulk carriers. Cosmoship Management should not be confused with Cosmoship Maritime, a separate Athens-based company.
11-February-2022
George Economou-led shipowner and operator DryShips acquired 2007 built kamsarmax bulk carrier 206K DWT MV Baosteel Elevation for around $18 million from a Japanese shipowner. Furthermore, Athens-based shipowner and operator DryShips acquired MV Baosteel Elevation’s sistership 2007 built kamsarmax bulk carrier 206K DWT MV Baosteel Evolution for around $19 million.
11-February-2022
Restructured South Korean shipowner and operator Pan Ocean (previously STX Pan Ocean) signed period deals on Friday. Spot dry bulk market improved after the Lunar New Year. Seoul-based shipowner and operator (previously STX Pan Ocean) Pan Ocean chartered in 2019 built kamsarmax bulk carrier 81K DWT MV Taho America from Taiwan-based shipowner Ta Ho Maritime for $25,000 per day for around two years.
11-February-2022
Limassol and Athens-based Safe Bulkers (SB) acquired 2014 built capesize bulk carrier 181K DWT MV South Trader. Limassol and Athens-based Safe Bulkers (SB) acquired MV South Trader at a 20% discount due to the capesize market’s seasonal weakness.
7-February-2022
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime reported a net profit of $29 million in Q4 2021. Petros Panagiotidis-led shipowner and operator Castor Maritime acquired 23 ships in 2021. Castor Maritime reported revenue of $60 million in Q4 2021. Castor Maritime reported a profit of $40 million in Q4 2021. Castor Maritime has grown exponentially. Castor Maritime profited from a healthy liquidity position and low leverage. Castor Maritime pursues appealing ship investment prospects to pursue a growth strategy. Currently, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime owns and operates a mixed fleet of 29 vessels.
7-February-2022
Istanbul and Singapore-based shipowner and operator Ince Shipping (Ince Denizcilik ve Ticaret AS) has launched a comprehensive internal review in the aftermath of the tragic fatality that took place in the Kerch Strait, Russia. On 4 February 2022, second officer Yucel Ulaskin lost his life while conducting a draft-reading operation on the Ince Shipping (Ince Denizcilik ve Ticaret AS) controlled 2010 built supramax bulk carrier 57K DWT MV Ince Ege during the ship’s stay in the Kerch Strait. According to statements issued by Istanbul and Singapore-based shipowner and operator Ince Shipping (Ince Denizcilik ve Ticaret AS), rescue authorities managed to reach second officer Yucel Ulaskin after approximately 45 minutes, but despite all efforts, the response came too late to save his life. Ince Shipping (Ince Denizcilik ve Ticaret AS) controlled 2010 built supramax bulk carrier 57K DWT MV Ince Ege had been moored at Taman at the time of the accident. Second officer Yucel Ulaskin attempted to read the ship’s draft marks while accompanied by a master mariner assigned by the Taman Port Authority. During the early hours of the morning, second officer Yucel Ulaskin unexpectedly fell into the cold and rough waters. Crew members immediately deployed a lifebuoy in an attempt to keep him afloat; however, port conditions with two-meter waves made it impossible to safely lower the rescue boat. In a desperate attempt to save second officer Yucel Ulaskin, one crew member even jumped into the sea, but challenging sea conditions severely hindered the rescue attempts. Ultimately, tugboats intervened and transported Yucel Ulaskin to the shore, where first-aid procedures and cardiac massage were administered in an effort to revive him, though tragically without success. This incident deeply affected Ince Shipping (Ince Denizcilik ve Ticaret AS), a maritime organization with a long legacy dating back to its founding in 1967 in Istanbul as a family-owned and family-managed shipping enterprise. Over the decades, Ince Shipping (Ince Denizcilik ve Ticaret AS) has transformed into one of Türkiye’s most respected internationally active dry bulk shipowners, operating a diverse fleet from its dual headquarters in Istanbul and Singapore. The organisation has built its reputation on operational discipline, safety-conscious management practices, and long-term commitment to crew welfare across all oceans. With its fleet consisting of modern handysize, supramax, ultramax and panamax bulk carriers, Ince Shipping (Ince Denizcilik ve Ticaret AS) has placed major emphasis on safety training, navigational standards, risk mitigation procedures, and continuous personnel development. The tragic loss of second officer Yucel Ulaskin prompted Ince Shipping (Ince Denizcilik ve Ticaret AS) to reinforce its safety-review mechanisms, re-evaluate shipboard and port-interface procedures, and expand training modules for both crew and shoreside staff to prevent similar incidents in the future. Ince Shipping (Ince Denizcilik ve Ticaret AS) expressed profound sorrow over the incident, reaffirming its long-standing commitment to crew welfare, transparency, operational safety and continuous improvement across its entire fleet. HandyBulk extended condolences to the family of second officer Yucel Ulaskin and to all colleagues and crew members who were impacted by this deeply distressing event.
7-February-2022
Intersea Maritime has joined the world’s biggest panamax pool Baumarine Panamax Pool by MaruKlav Management Inc. Intersea Maritime controlled 2001 built panamax bulk carrier 74K DWT MV Intersea Voyager (ex MV Braveheart) has joined Norwegian shipowner and operator Torvald Klaveness and Japanese trading giant Marubeni co-operated panamax pool Baumarine Panamax Pool by MaruKlav Management Inc. MV Intersea Voyager (ex MV Braveheart) was delivered to the Baumarine Panamax Pool by MaruKlav Management Inc in early January 2022. MV Intersea Voyager (ex MV Braveheart) is the second vessel to join the Baumarine Panamax Pool by MaruKlav Management Inc so far in 2022. Intersea Maritime states the company has ambitious goals to grow its business into transshipment operations. Furthermore, Intersea Maritime plans to ship the cargoes of power producers in India and infrastructure development, such as shore-based unloading facilities and provision of tugs. Intersea Maritime is pleased to set a close relationship with Baumarine Panamax Pool by MaruKlav Management Inc and excited to join the world’s biggest panamax pool. Baumarine Panamax Pool by MaruKlav Management Inc has substantial administration delivering strong earnings, ship performance, and network to Intersea Maritime. Baumarine Panamax Pool by MaruKlav Management Inc has welcomed another shipowner from India as one of the company’s strategic markets. In January 2022, Japanese shipowner Mizuho Sangyo controlled 2006 built panamax bulk carrier 75K DWT MV Coral Ring joined the world’s biggest panamax pool Baumarine Panamax Pool by MaruKlav Management Inc. Currently, Baumarine Panamax Pool by MaruKlav Management Inc operates around 30 panamax bulk carriers.
7-February-2022
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited plans to sell 2002 built VLCC (Very Large Crude Carrier) 298,000 DWT MT New Inspiration for around $660 per LDT (Light Displacement Tonnage). Fresh scrap benchmark is anticipated as Athens-based shipowner and operator New Shipping Limited calls for offers on VLCC (Very Large Crude Carrier). New Shipping Limited has initiated the process of soliciting bids for a VLCC scrapping transaction, which could potentially establish a new pricing standard for aging tankers. Shipbokers have reported that the Greek shipowner and operator New Shipping Limited is now formally accepting offers for the 2002 built VLCC (Very Large Crude Carrier) 298,000 DWT MT New Inspiration, which is in a completely gas-free condition.
7-February-2022
Oslo over-the-counter (OTC) listed Athens-based shipowner and operator Pioneer Marine has recruited a former DVB Bank veteran Frans van de Bospoort as a non-executive director of Pioneer Marine Advisers at the Singapore office. Singapore-based Pioneer Marine Advisers is part of the Pioneer Marine commercial platform. Pioneer Marine is sure that Frans van de Bospoort’s extensive background, and international network in the shipping industry, will unlock fresh horizons to the expansion and development of Athens-based shipowner and operator Pioneer Marine. Pioneer Marine is backed by Garrison Investment Group. 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. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 13 handysize bulk carriers.
7-February-2022
Oslo-based bulker operator Western Bulk Chartering (WBC) has moved further into lower-carbon bunker choices by operating the 2015 built ultramax bulk carrier 63K DWT MV Beks Ceyda on its first volume of carbon offset bio-blend bunker (B30) supplied by bunker supplier TFG Marine, marking a practical step in Western Bulk Chartering (WBC)’s wider effort to reduce emissions across its trading activity. John Fredriksen-backed bunker supplier TFG Marine stated that the emissions associated with the production, supply chain, and consumption of the B30 bunker have been offset through carbon credits, positioning the product as both a biofuel blend and an offset-supported solution for operators seeking measurable reductions while alternative fuels scale up. Oslo-based bulker operator Western Bulk Chartering (WBC) said the ability to blend biofuel and combine it with carbon offsets represents an important pathway for Western Bulk Chartering (WBC) to lower its carbon footprint in the near term, particularly for an asset-light operator whose emissions profile is influenced by the ships it deploys, the routes it trades, and the bunker decisions made across a broad trading portfolio. Western Bulk Chartering (WBC) has highlighted longer-term goals to cut emissions, and the carbon offset bio-blend bunker (B30) purchased by Western Bulk Chartering (WBC) is described as reducing GHG (Greenhouse Gas) emissions by about 25% compared with conventional VLSFO (Very Low Sulphur Fuel Oil), offering a tangible drop in intensity without requiring immediate hardware changes on the ship. For Western Bulk Chartering (WBC), adopting products like carbon offset bio-blend bunker (B30) also aligns with the increasing expectations from charterers and cargo interests that ship operators demonstrate real emissions actions, especially as regulatory and commercial pressure rises across global dry bulk trades. Bunker supplier TFG Marine is a joint venture between commodity trader Trafigura Group and John Fredriksen-backed Frontline and Golden Ocean, and bunker supplier TFG Marine has been supplying biofuels to clients in the Amsterdam-Rotterdam-Antwerp region while supporting customer efforts to minimise emissions through alternative bunker options and offset-supported structures. By sourcing carbon offset bio-blend bunker (B30) through bunker supplier TFG Marine, Western Bulk Chartering (WBC) is effectively adding another tool to its operational playbook, pairing route and voyage optimisation with cleaner bunker choices to reduce emissions impact while maintaining the commercial flexibility that underpins Western Bulk Chartering (WBC)’s chartering-focused operating model.
4-February-2022
John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) schedules to report Q4 2021 earnings. Genco Shipping & Trading (GNK) will be paying dividends under a new high-payout guideline pledged by Genco Shipping & Trading (GNK) in April 2021. Other New York-listed shipowners such as Star Bulk Carriers and Eagle Bulk Shipping have already been delivering elevated dividends. Some New York-listed shipowners have less attractive or less transparent dividend policies, and they trade more elevated than Genco Shipping & Trading (GNK). Most New York-listed shipowners commenced their enormous dividend policies in Q3 2021. Genco Shipping & Trading (GNK) has slowly boosted the company’s dividend from $0.02 per share to $0.15 in 2021. Genco Shipping & Trading (GNK) aspires not just to close any gap with New York-listed shipowners, but Genco Shipping & Trading (GNK) set a sector-leading trading premium. Dividend-paying New York-listed shipowners trade at a more elevated valuation than non-dividend-paying shipowners. Genco Shipping & Trading (GNK) may pay close to $4 per share as a dividend for 2021. Currently, Genco Shipping & Trading’s ship management arm Genco Ship Management LLC controls 17 capesize, 13 ultramax, and 13 supramax bulk carriers.
4-February-2022
Swiss commodity trading and ship chartering giant Trafigura established a green ammonia bunkering venture in Norway. Trafigura cooperated with Hy2gen and Copenhagen Infrastructure Partners (CIP) for the facility in Sauda, Norway. Trafigura Maritime Logistics controlled green ammonia bunkering venture is called Iverson eFuels. Commodity trading and ship chartering giant Trafigura will store and bunker ships Sauda, Norway. Trafigura stated that Sauda plant will be fully operational in Q1 2027. Commodity trading and ship chartering giant Trafigura will produce 600 tonnes of green ammonia per day. Trafigura will be utilizing clean electricity to supply green ammonia for ships. Swiss commodity trading and ship chartering giant Trafigura aim to minimize emissions for shipping. Norway is directing the path in terms of the evolution of ammonia as a ship bunker. In 2021, Azane Fuel Solutions is the first establishment to supply ammonia bunkering services for vessels. Azane Fuel Solutions is a joint venture between Mosvolds Rederi-backed Amon Maritime and ECONNECT Energy.