30-January-2022
Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk sold 2015 built handysize bulk carrier 39K DWT MV Cielo di Virgin Gorda for around $22 million to Oldendorff Carriers. According to Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk, it is a favourable time to sell bulk carriers. Italian shipowner and operator d’Amico Dry Bulk has reduced the average age of its fleet by the sale. On the other hand, Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk acquired 2017 built panamax bulk carrier 88K DWT MV Medi Amalfi. d’Amico Dry Bulk’s first recorded ship acquisition since 2015. In 2021, d’Amico Dry Bulk sold four (4) bulk carriers. d’Amico Dry Bulk’s plan to further consolidate its fleet in the post-panamax segment. In 2021, panamax charter rates hit the highest levels in a decade. Cesare d’Amico-led d’Amico Dry Bulk cemented the company’s leading place. d’Amico Dry Bulk deeply believes in the post-panamax design. d’Amico Dry Bulk’s newly acquired MV Medi Amalfi is equipped with an electronically-controlled engine for optimal bunker consumption. Italian shipowner and operator d’Amico Societa di Navigazione subsidiary d’Amico Dry Bulk intends to ship predominantly grain and mineral cargoes on MV Medi Amalfi. Currently, d’Amico Dry Bulk owns 20 bulk carriers and operates a fleet of 50 bulk carriers.
30-January-2022
New York-listed shipowner and operator Diana Shipping (DSX) charter out 2013 built kamsarmax bulk carrier 81K DWT MV Astarte to Singapore-based bulker operator Tongli Shipping for around $21,500 per day for 14 months. Semiramis Paliou-led Diana Shipping (DSX) is earning from MV Astarte somewhat more than prevailing spot rates for the panamax sector, which indicates an increasing gap with the period market. Diana Shipping (DSX) charter out MV Astarte came after a storm of period charters in the kamsarmax segment in recent weeks. New York-listed shipowner and operator Diana Shipping (DSX) will earn at least $9.3 million in gross revenue from the MV Astarte charter deal. Singapore-based bulker operator Tongli Shipping chartered in three bulk carriers from Diana Shipping (DSX). Currently, New York-listed shipowner and operator Diana Shipping (DSX) owns and operates 33 bulk carriers.
30-January-2022
Norwegian ship owner and operator Grieg Maritime Group determined to retrofit eleven (11) L-class 50K open-hatch bulk carriers to consume green ammonia. Norwegian ship owner and operator Grieg Maritime Group want to decarbonize its ship operations. Previously, Grieg Star Shipping has rebranded as Grieg Maritime Group to avoid confusion with ship-management arm Grieg Star. Grieg Maritime Group was approached by the Oslo-based Green Shipping Programme (GSP). Green Shipping Programme (GSP) is a public-private partnership, that seeks to promote the Norwegian government’s maritime strategies and programs. Green Shipping Programme’s (GSP) vision is to expand and reinforce Norway’s plan to designate the world’s most efficient and environmentally-friendly shipping. Grieg Maritime Group’s incentive for participating in the Green Shipping Programme (GSP) project is to discover possible solutions to decarbonize the existing fleet, not just the vessels of the future. Grieg Maritime Group desires to be part of the solution. Grieg Maritime Group doesn’t want to sit and wait till someone else comes assisting the solution. Furthermore, DNV is promoting the Green Shipping Programme (GSP) pilot agenda. Besides Norwegian ship owner and operator Grieg Maritime Group, the world’s biggest exporter of eucalyptus pulp Brazil-based Suzano will be a key ally in the Green Shipping Programme (GSP). Like Grieg Maritime Group, Brazil-based Suzano is performing to lower the company’s carbon footprint and is enthusiastic to make the company’s ocean freight greener. Grieg Maritime Group will check how ammonia may be utilized on three (3) transatlantic trips that are hauling pulp. Grieg Maritime Group will examine how adequate ammonia bunkers may be stored onboard. Later on, Grieg Maritime Group will examine the availability, supply, and costs of ammonia for use as a marine fuel. Grieg Maritime Group will be assisted by ammonia producer Yara International, MAN Energy Solutions, Chevron, and Wartsila. Norwegian ship owner and operator Grieg Maritime Group notices ammonia as a possible future bunker source.
30-January-2022
Geneva-based shipowner and operator SwissMarine chartered in 2015 built capesize bulk carrier 181K DWT MV KSL Sakura as a sublet deal from German energy giant RWE for around two years. German energy giant RWE chartered in 2015 built capesize bulk carrier 181K DWT MV KSL Sakura from New York-listed Golden Ocean Group. Peter Weernink led shipowner and operator SwissMarine will pay a $4,000 premium over the Baltic Exchange’s Capesize 5TC. Currently, The Baltic Exchange’s Capesize 5TC spot rate average is around $8,918 per day.
29-January-2022
Greek ship magnate George Logothetis, the esteemed chairman and chief executive of the renowned Libra Group, finds himself liable to pay a substantial sum of $6.3 million to an investor following his defeat in a high-profile fraud case. The investor, once a trusted confidant turned adversary, had leveled accusations of fraud and misrepresentation against George Logothetis pertaining to the containership transactions of Lomar Shipping. This investor, Victor Pisante, who had previously invested in several container ships belonging to Lomar Shipping, has emerged victorious in a legal battle in London, securing a judgment of $6.25 million against both the company and its esteemed leader, George Logothetis. Pisante, along with his entities BCA Shipping Investment and Swindon Holdings & Finance, filed a claim for commercial fraud in 2019, asserting that they were deceitfully induced to engage in vessel transactions and are now owed over $14 million.
28-January-2022
Norwegian shipowner 2020 Bulkers has converted index-linked 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Shenzhen to a fixed-rate contract. Previously, Tor Olav Troim backed 2020 Bulkers chartered out MV Bulk Shenzhen to Koch Logistics for a long-term index-linked charter. Koch Logistics will pay $32,378 per day till the end of 2022. Furthermore, 2020 Bulkers has converted another index-linked 2019 built newcastlemax bulk carrier 208K DWT MV Bulk Shanghai to a $30,905 per day fixed-rate contract. Norwegian shipowner 2020 Bulkers chartered out both MV Bulk Shenzhen and MV Bulk Shanghai to Koch Logistics. The contract modifications for 208K DWT MV Bulk Shenzhen and 208K DWT MV Bulk Shanghai were completed at rates of 16% more than 2021. Currently, newcastlemax bulk carrier rates have gone down greatly due to seasonal weaknesses. However, 2020 Bulkers is still optimistic about the dry bulk market. In 2021, 2020 Bulkers reported a net income of $70 million. Tor Olav Troim backed 2020 Bulkers paid out a total of $63 million in dividends during 2021 overall.
27-January-2022
Hong Kong and India-based shipowner and operator KC Maritime Hong Kong Ltd. ordered two (2) ultramax bulk carriers as part of the company’s fleet expansion program. KC Maritime ordered two (2) 63K DWT ultramax bulk carriers at Cosco Shipping Heavy Industry Zhoushan (Cosco Zhoushan). Gautam Chellaram-led KC Maritime has the ultramax bulk carrier newbuildings order. KC Maritime has a good relationship with the Cosco Shipping Heavy Industry Zhoushan (Cosco Zhoushan). Two (2) 63K DWT ultramax bulk carriers will comply with the IMO’s (International Maritime Organization’s) Phase 3 standards of the EEDI (Energy Efficiency Design). Hong Kong and India-based shipowner and operator KC Maritime. KC Maritime will take the delivery of two (2) 63K DWT ultramax bulk carriers in Q2 2023. In 2014, Hong Kong and India-based shipowner and operator KC Maritime ordered one (1) kamsarmax and two (2) ultramax bulk carriers at Cosco Shipping Heavy Industry Zhoushan (Cosco Zhoushan). In January 2022, KC Maritime commenced the fleet expansion plan. In 2021, Hong Kong and India-based shipowner and operator KC Maritime acquired 2013 built ultramax bulk carrier 61K DWT MV Darya Anita and 2012 built ultramax bulk carrier 63K DWT MV Darya Maya. Currently, KC Maritime has a fleet of 12 bulk carriers.
27-January-2022
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) chartered out 2010 built capesize bulk carrier 170K DWT MV Squireship to ship a panamax-sized shipment of coal from the Black Sea to the Continent. Seanergy Maritime (SHIP) has not revealed the charter rate or account name. According to Seanergy Maritime (SHIP), charterers prefer capesize bulk carriers because capesize rates are so low. Currently, the capesize bulk carriers 5TC is $6,780 per day which is less than half what panamax bulk carriers are earning. Charterers fixing capesize bulk carriers for panamax size cargoes. Currently, due to seasonality and Chinese New Year, capesize bulk carriers market has bottomed, as rates are effectively zero.
27-January-2022
Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, is anticipating better handysize bulk carrier rates in Q2 2022. London-listed Taylor Maritime Investments (TMI) stated that seasonality and Chinese New Year propelled the current week dry bulk market. Edward Buttery-led Taylor Maritime Investments (TMI) is optimistic about the outlook for 2022. Taylor Maritime Investments (TMI) anticipate that the dry bulk market will begin to improve again after the Chinese New Year. Currently, Taylor Maritime Investments (TMI) earns average net charter rates of around $19,000 per day per ship. Taylor Maritime Investments (TMI) anticipate that period time charter demand has been increasing. Additionally, handysize freight rates have been driven by containers being carried on dry bulk carriers. Edward Buttery-led Taylor Maritime Investments (TMI) chartered our six (6) handysize bulk carriers in January 2022. Taylor Maritime Investments (TMI) is preferring shorter-term charter businesses. Handysize bulk carrier order-book has a delivery over the years, with 2.5% in 2022, 1.7% in 2023, and 0.5% in 2024 to the total fleet. Taylor Maritime Investments (TMI) acknowledges that low handysize order-book is due to newbuilding price increase and uncertainty around environmental rules. Currently, London-listed Taylor Maritime Investments (TMI) owns and operates around 32 bulk carriers.
26-January-2022
Limassol and Athens-based Safe Bulkers (SB) reported that the company decided to spend $33 million on a 2014 built capesize bulk carrier. Polys Hajioannou-led shipowner and operator Safe Bulkers’ (SB) capesize bulk carrier acquisition indicate that the capesize values are declining. The capesize freight market has been plummeting since October 2021. New York-listed shipowner and operator Safe Bulkers (SB) believe that the capesize market’s seasonal weakness is the right time to commence purchasing capesize bulk carriers again. Safe Bulkers (SB) reported that the company funded the capesize bulk carrier acquisition from its cash reserves. Safe Bulkers (SB) plans to raise $113 million by selling bonds in Athens Exchange. Currently, Limassol and Athens-based Safe Bulkers (SB) has a fleet of 40 bulk carriers.
24-January-2022
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has prohibited the shipping of coal on the company’s bulk carriers. Idan Ofer-led Eastern Pacific Chartering (EPC) is the foremost prominent shipowner to adopt the no coal cargo policy. Eastern Pacific Shipping (EPS) is cleaning up the companies by renouncing the most contaminated fossil fuel. Eastern Pacific Shipping (EPS) declared the coal ban in the company’s 2022 ESG Policy (Environmental, Social, and Governance Policy) this week. Idan Ofer-controlled shipowner and operator Eastern Pacific Shipping (EPS) supports the Glasgow Climate Pact that targets the phasing down of coal, which is considered the most important contributor to climate change. Eastern Pacific Shipping (EPS) believes that decarbonization is not solely about decreasing engine emissions. Eastern Pacific Shipping (EPS)) strives to play a miniature role in creating one of the world’s most harmful contaminants that is hard to access. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) is dedicated to preserving the marine ecosystem and the environment. In November 2021, six European dry bulk shipping companies aim to decrease transportation coal. Diversified shipowner and operator Eastern Pacific Shipping (EPS) one of six founding partners of the Global Centre of Maritime Decarbonisation, has also partnered with Singapore-based Nanyang Technological University for an ammonia bunker investigation. Eastern Pacific Shipping (EPS) has evolved into a shipping industry leader in the energy transition. Eastern Pacific Shipping (EPS) bulk carriers are commercially managed by Idan Ofer-led Eastern Pacific Chartering (EPC). Currently, Eastern Pacific Shipping (EPS) owns and operates 38 bulk carriers that comprise 13 LNG dual-fuel newcastlemax newbuilding bulk carriers.
24-January-2022
Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) is anticipating to report higher Q4 2021 earnings than previously believed. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) expressed TCE (Time Charter Equivalent) rates are anticipated to outperform $36K per day for Q4 2021. Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) is anticipated TCE (Time Charter Equivalent) rate for Q1 2022 around $19K. Seanergy Maritime (SHIP) expects earnings would be $130 million for 2021. Seanergy Maritime’s (SHIP) pro-active hedging strategy in Q3 2022 means charter rates will still outperform the current spot market rate by about 50% in Q3 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 Q2 2022.
24-January-2022
Commodity trading and ship chartering giant Trafigura accomplished a 22% reduction in total Scope 1 and 2 emissions in 2021. Jeremy Weir-led Trafigura is one of the world’s biggest charterers for over 4,800 voyages annually. Commodity trading and ship chartering giant Trafigura had promised to decrease operational (Scope 1 and 2) GHG (Greenhouse Gas) emissions by 30% compared to 2020 by the end of 2023. Trafigura gained reduction by switching to renewable energy-generated electricity at two major European smelters. However, Commodity trading and ship chartering giant Trafigura’s Scope 1 emissions raised by 2% overall, mostly as a consequence of improved activity from Trafigura’s bareboat chartered shipping fleet. Shipping emissions contributed 37% of Trafigura’s direct Scope 1 emissions in 2021. Smelting is the considerable carbon-intensive activity within the Trafigura’ followed by refining and mining. In December 2021, Commodity trading and ship chartering giant Trafigura declared a target to lower the total shipping emissions by 25% by 2030. In 2022, Trafigura will perform to determine a longer-term method to reduce GHG (Greenhouse Gas) emissions, to set further GHG (Greenhouse Gas) reduction targets from 2024 onwards. Furthermore, Commodity trading and ship chartering giant Trafigura declared to convert six (6) ships to use zero-emissions fuels by 2030. Trafigura has been working with MAN Energy Solutions for the development of a green ammonia two-stroke engine by 2024. Commodity trading and ship chartering giant Trafigura have backed the introduction of low-carbon bunkers across the shipping market. Trafigura has been working with several producers and clients to quantify and lower or discover solutions to reduce or compensate upstream Scope 3 (Greenhouse Gas) emissions. In 2021, Trafigura invested in green hydrogen for industrial customers via a stake in Swiss producer H2 Energy. In 2022, commodity trading and ship chartering giant Trafigura has aligned with the World Economic Forum’s Stakeholder Capitalism Metrics and represents the group’s UNGC (United Nations Global Compact) Communication on Progress.
24-January-2022
Athens-based Tri Bulk Shipping more than doubled the fleet. Lately, Tri Bulk Shipping acquired four (4) handysize and ultramax bulk carriers. In 2021, Athens Vouliagmeni-based Tri Bulk Shipping spend around $215 million on the acquisition of secondhand bulk carriers. Currently, Tri Bulk Shipping owns and operates 14 bulk carriers. Tri Bulk Shipping preferred Japanese and Chinese built bulk carriers in the S&P (Sale and Purchase) market. Lately, Tri Bulk Shipping acquired 2018 built ultramax bulk carrier 60K DWT MV Arch. Sealtiel (ex MV Nord Colorado) from Danish shipowner and operator Dampskibsselskabet Norden A/S for around $31 million. Tri Bulk Shipping acquired 2015 built ultramax bulk carrier 61K DWT MV Arch. Gabriel (ex MV Calico Jack). Tri Bulk Shipping acquired 2015 built ultramax bulk carrier 60K DWT MV Arch. Raphael (ex MV Phoenix Rising). Tri Bulk Shipping acquired 2015 built ultramax bulk carrier 63K DWT MV Arch. Michael (ex MV Komi). Furthermore, Tri Bulk Shipping acquired 2017 built handysize bulk carrier 37K DWT MV St. Oswald (ex MV Alcyone) and 2016 built handysize bulk carrier 37K DWT MV St. Columba (ex MV Alcor) from Athens-based Super-Eco Bulkers. Bulk Shipping acquired 2019 built handysize bulk carrier 38K DWT MV St. Aidan (ex MV Dry Beam Neo) and 2020 built handysize bulk carrier 38K DWT MV St. David (ex MV Fragrant Athena) from Lugano-based Nova Marine Carriers.
24-January-2022
Copenhagen-based shipowner and operator Ultrabulk opened a new office in Dubai. Danish shipowner and operator Ultrabulk’s Dubai office will be led by Philip Wiencken. Ultrabulk desires to offer better service to charterers by having a regional presence. Ultrabulk’s Dubai office will be supported by Cape Town and Singapore offices. Per von Appen-led shipowner and operator Ultrabulk is extremely satisfied with the support the company has welcomed from Middle Eastern charterers in recent years. Furthermore, Ultrabulk’s Dubai office will focus on Africa and deliver influential synergies between the teams. Currently, Danish shipowner and operator Ultrabulk operates 160 vessels and has eight (8) offices. Copenhagen-based shipowner and operator Ultrabulk is part of the Ultranav Group.
23-January-2022
Norwegian shipowner and operator Belships chartered out two bulk carriers on long-term agreements. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships chartered out one supramax bulk carrier for around $21,400 per day for a year. Furthermore, Belships chartered out one ultramax bulk carrier for around $24,800 per day for a year. Olso-listed shipowner and operator Belships did not disclose the name of the two bulk carriers. Norwegian shipowner and operator Belships pursued to secure contract coverage for a long period. Olso-listed shipowner and operator Belships believe the company's stock is undervalued and these cash flows de-risk Belships' earnings proposition and ensure to pay out dividends to shareholders. Norwegian shipowner and operator Belships has achieved the crucial fleet modernization ahead of upcoming IMO (International Maritime Organization) regulations. In 2022, Norwegian shipowner and operator Belships covered 62% of the total fleet at an average daily rate of $22,900 net per ship. Belships has a daily cash breakeven of approximately $10,500 per ship. Currently, Belships owns and operates 27 bulk carriers.
22-January-2022
MSC (Mediterranean Shipping Company) continues to acquire pre-owned vessels avidly, as brokers associate the company with the procurement of a pair of 6,178 TWU container ships from John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC). MSC (Mediterranean Shipping Company) has invested $130 million in acquiring MV Catherine C (built in 2001) and MV Leo C (built in 2002), both constructed by Samsung, which were previously chartered to the Swiss line. MSC (Mediterranean Shipping Company) has now surpassed Maersk and solidified its lead in the liner rankings. After overtaking its Danish counterpart Maersk for the first time earlier this month, MSC (Mediterranean Shipping Company) has gained a significant advantage of over 30,000 slots. This impressive achievement can be attributed to MSC’s (Mediterranean Shipping Company) assertive approach to acquiring secondhand vessels and its substantial order book of one million TEU.
19-January-2022
EuroDry Ltd, a prominent Greek dry bulk shipping company, has finalized the acquisition of the 57K DWT supramax bulk carrier MV Molyvos Luck, built in 2014, for an approximate amount of $21.5 million. The funding for this purchase comes from existing cash reserves and a bank loan, which will be secured following the completion of the transaction. Slated for delivery by the end of January, EuroDry Ltd, which is publicly traded on the Nasdaq, will take over the vessel’s ongoing charter, which earns $13,250 per day until April 2022. Aristides Pittas, the Chairman and CEO of EuroDry Ltd, expressed optimism regarding this expansion, highlighting the acquisition’s timing as strategically aligned with current market conditions. He noted the supportive market fundamentals, including expectations of a strong market buoyed by the potential decline of the pandemic and constrained fleet growth, underscored by the orderbook’s historically low levels. Pittas anticipates that the MV Molyvos Luck will notably enhance the company’s net income and EBITDA based on prevailing market rates. The MV Molyvos Luck, previously under the majority ownership of an unrelated third party, has been under the management of Eurobulk Ltd, a company managed by the Pittas family and responsible for overseeing the majority of EuroDry Ltd’s vessels. With this acquisition, EuroDry Ltd’s fleet will expand to include 10 bulk carriers. Eurobulk Ltd, a key player in maritime management under the Pittas family’s stewardship, boasts a comprehensive approach to ship management, emphasizing efficiency and operational excellence. The company’s strategic management of a diverse fleet, including bulk carriers and container ships, showcases its significant role in the maritime sector. Eurobulk Ltd’s expertise extends beyond traditional ship management to include technical, commercial, and crew management services, making it a comprehensive maritime services provider. This acquisition further cements the synergistic relationship between Eurobulk Ltd and EuroDry Ltd, demonstrating their combined efforts to leverage market opportunities and drive growth within the global shipping industry.
18-January-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has finalized a charter extension with Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN for the post-panamax bulk carrier MV Polymnia, in a transaction that will result in a significant iBelgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers CLdN has chartred in 2012 built post-panamax bulk carrier 98K DWT MV Polymnia at a rate of $24,750 per day, effective from February 2, 2022, until March 15, 2023. Previously, Cobelfret Bulk Carriers CLdN was paying $12,100 per day. Cobelfret Bulk Carriers CLdN is anticipating top pay approximately $8.5 million in gross during the scheduled timeframe of the time charter, through MV Polymnia’s employment.
17-January-2022
London-based Lomar Shipping strikes more sparkling container ship deals with Mediterranean Shipping Co (MSC). London-Greek shipowner Lomar Shipping’s lucrative container ship sales drive surges past the $1 billion mark. Lomar Shipping has entered the new year very much in the same way it exited the previous one with a batch of profit-making sales in a booming container ship market that shows no signs of slowing. The George Logothetis-led Lomar Shipping realized an estimated net profit of more than $60 million from divesting two relatively small container ships to the Mediterranean Shipping Co (MSC). Mediterranean Shipping Co (MSC) is paying about $80 million en bloc for the 3,534-TEU MV Belmonte Express (built 2006) and 2,524-TEU MV Cardiff Trader (built 2003).
9-January-2022
Limassol-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis has ascended to the prestigious role of president for the European Community Shipowners’ Associations (ECSA). His tenure, set to span two years, commences this January, with Karin Orsel gracing the role of vice-president. The esteemed founder of Cyprus-based shipowner and operator Lemissoler Navigation, Philippos Phillis, succeeds the venerable Claes Berglund, who helmed the role since 2020. “As we usher in the dawn of this new ECSA leadership, we find ourselves navigating the tumultuous seas of a global economy destabilized by the COVID pandemic. Concurrently, the maritime realm faces the Herculean task of confronting environmental predicaments, notably the escalating climate crisis, whilst actively shaping a novel regulatory framework. Our endeavors should synergize the pursuit of robust ship financing avenues, the EU’s trade liberalization strategies, the surge of digitalisation, and the imperatives of maritime security. It’s paramount that forthcoming regulations serve as catalysts for enrichment, rather than eroding the vigor of our sector. Such is the rationale behind the imperative for ECSA’s resonant presence in Brussels,” articulated the freshly inaugurated ECSA president. Inherently global in nature, the shipping sector mandates an equitable international arena. Concurrently, our industry stands poised for transparent engagement and is keen on fostering discourse with the policy architects of the EU, conveyed the newly minted ECSA vice-president, Karin Orsel, the linchpin of the MF Shipping Group in the Netherlands.