30-June-2022
London-based shipbroking and services firm Braemar Shipping Services has emerged as the most recent broker to unveil a digital platform aimed at offsetting emissions from vessels and cargo. Braemar Offset has partnered with Zuma Labs to provide carbon offsets, which can be directly transacted on Braemar Screen. This platform specializes in trading dry bulk forward freight agreements (FFAs). According to giant shipbroking and services firm Braemar Shipping’s statement, carbon offsets contribute to revenue growth by capitalizing on the premiums associated with more sustainable services. This is similar to the additional value that environmentally friendly vessels command in the charter market today. Tris Simmonds, the Chief Operating Officer of Braemar Shipping Services, remarked that shareholders, financiers, and customers now frequently connect ESG (Environmental, Social, and Governance) factors with a company’s long-term sustainability. Shipping companies that lag behind in this domain increasingly face challenges in securing capital, attracting and retaining staff, and managing the growing burden of regulations. Braemar Offset represents the initial phase of our comprehensive sustainability solution tailored to our clients’ specific needs. We have already integrated it with Braemar Screen, and we eagerly anticipate announcing further enhancements to our sustainability offerings in the near future. Jack Richards, an associate director at Braemar Shipping Services, emphasized that clauses requiring the collection of emissions data are already being observed in charter agreements. The next logical progression would be the inclusion of clauses stipulating that a voyage must be carbon-neutral.
21-June-2022
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has placed an order for an LPG-fuelled 86,700 cu m Very Large Gas Carrier (VLGC) at Japanese shipbuilder Kawasaki Heavy Industries (KHI), with the vessel scheduled for delivery in 2025 from KHI’s Sakaide Works, and although no price has been disclosed, the VLGC will be capable of carrying LPG and liquefied ammonia gas in separate cargo tanks simultaneously and will be powered by low-sulfur fuel oil and LPG to comply with the latest SOx emission standards and EEDI Phase 3 regulations set by the International Maritime Organization; Singapore-based Kumiai Navigation Pte Ltd currently operates a fleet of 6 Very Large Gas Carriers (VLGCs), 2 small LPG carriers, and 12 bulk carriers, and in addition to this latest order at Kawasaki Heavy Industries (KHI), the company expects delivery of one 84,000 cu m Very Large Gas Carrier (VLGC) from the same shipyard later this year and has an ultramax bulk carrier under construction at Oshima Shipbuilding scheduled for delivery in Q1 2023; Kumiai Navigation Pte Ltd serves as the international commercial and operational platform of Kumiai Senpaku Co Ltd and is headquartered in Singapore, from where it manages a diversified fleet of gas and dry bulk carriers, with a strategic focus on environmentally advanced tonnage, long-term chartering, and technical excellence; its parent, Kumiai Senpaku Co Ltd, founded in 1929 and based in Tokyo, is a privately held Japanese shipowner with a legacy of nearly a century in the maritime industry, known for its conservative investment philosophy, emphasis on operational reliability, and enduring partnerships with global energy and commodity firms, and continues to play an active role in both gas and dry bulk sectors through its integrated fleet management and expansion initiatives.
19-June-2022
London-based Lomar Shipping’s sister company, George Logothetis-led Libra Group, has acquired St. Johns Ship Building. At a crucial moment for the US energy sector, the Americraft subsidiary assumes control of the Jones Act-compliant shipyard. George Logothetis-led Libra Group has made this acquisition, adding St. Johns Ship Building to its portfolio. The St. Johns Ship Building specializes in the offshore wind vessel sector, conforming to the Jones Act regulations. Today, the takeover was announced by Americraft Marine, a newly established subsidiary of Libra Group, specifically formed to purchase the St. Johns Ship Building located in Palatka, Florida. This deal represents a significant expansion for the privately-owned Libra Group, renowned within shipping circles for its expertise in the container, bulker, and chemical tanker operations at Lomar Shipping.
16-June-2022
Ta-Ho Maritime Corp, the maritime division of Taiwan Cement Corp (TCC), has recently expanded its fleet with the introduction of the 9th vessel, MV TAHO CIRCULAR, which underscores the company’s commitment to environmentally sustainable shipping practices. Taiwan Cement Corp (TCC)’s Chairman, Nelson Chang, expressed that the vessel’s naming series (eudaimonia, virtue, circular) mirrors the company’s dedication to the principles of a circular economy, a core practice of Taiwan Cement Corp (TCC). He emphasized that Ta-Ho Maritime Corp continues to prioritize values of truth and virtue, aiming to harmonize economic development with ecological stewardship. By capitalizing on Taiwan Cement Corp (TCC)’s strong position in the cement industry, the company seeks to advance practices that reduce carbon emissions, enhance resource recycling, and integrate green energy solutions, striving for what it terms “life’s best eudaimonia.” This approach not only aligns with global environmental trends but also positions Ta-Ho Maritime Corp as a leader in sustainable maritime operations. During a notable ceremony, Miss Su Yi, wife of Chairman Paul Wang of Sercomm Corporation, had the honor of christening the MV TAHO CIRCULAR, marking her involvement in promoting the vessel’s eco-friendly mission. The MV TAHO CIRCULAR is part of a broader fleet expansion strategy by Ta-Ho Maritime Corp, which has been methodically increasing its number of eco-efficient vessels. This fleet is instrumental in supporting Taiwan Cement Corp (TCC)’s logistics and distribution operations across global markets, facilitating the transport of cement and other bulk materials in a more sustainable manner. The fleet, renowned for its modern, eco-friendly technology, features advanced emissions-reducing equipment and energy-efficient systems that not only comply with but exceed international environmental regulations. Each new ship in this growing fleet represents Ta-Ho Maritime Corp’s ongoing commitment to environmental responsibility and its strategy to be at the forefront of sustainable industry practices. Ta-Ho Maritime Corp’s investment in these green ships demonstrates a tangible application of Taiwan Cement Corp (TCC)’s environmental philosophy, furthering its mission to achieve a balance between industrial expansion and environmental preservation. With these initiatives, Ta-Ho Maritime Corp not only contributes to Taiwan Cement Corp (TCC)’s operational efficiency but also enhances its corporate reputation as a leader in sustainability within the maritime and cement industries.
14-June-2022
Hong Kong-based shipowner and operator Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait sailed alongside the USS Paul Hamilton, while two other US ships reported upwards of 20 drones operating near the ships. US Navy documents have linked a Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait to an incident in which drones are suspected of gathering data on American warships. According to records received by a military news publication. In the War Zone through the Freedom of Information Act, Pacific Basin Shipping controlled MV Bass Strait was transiting waters off California near several US Navy vessels in the early morning hours on 15 July 2019. According to the news, Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait was probably operating drones to accomplish surveillance on US Naval Forces while transiting to the planned port of call at Long Beach, California. According to the news, these drones have continued operating after the Pacific Basin Shipping controlled 2006 built handysize bulk carrier 33K DWT MV Bass Strait left the site. USS Bunker Hill reportedly attempted to reach the MV Bass Strait and obtained no reaction. USS Bunker Hill documented 11 drones, while the USS Ralph Johnson estimated another 10 drones. The records appear to indicate the incident lasted four and a half hours. The July 2019 drone incident is among a string of drone swarm incidents expressed in records obtained by The War Zone. However, it is the only one related to a commercial vessel.
14-June-2022
Nikolas Martinos-led Greek shipowner and operator Thenamaris Ships Management ordered four (4) firm ultramax bulk carrier newbuildings at Hyundai Vietnam Shipbuilding which is the sister shipyard of Hyundai Mipo Dockyard (HMD). Athens-based shipowner and operator Thenamaris Ships Management is spending around $36 million each for the 63K DWT ultramax bulk carrier newbuildings. Greek shipowner and operator Thenamaris Ships Management ordered four (4) ultramax bulk carrier newbuildings according to the IMO’s (International Maritime Organization’s) Tier III NOx standards. Thenamaris Ships Management will take delivery of four (4) ultramax bulk carriers between Q2 2024 and Q1 2025. Nikolas Martinos-led Greek shipowner and operator Thenamaris Ships Management is paying a higher price for four (4) ultramax bulk carrier newbuildings due to the early delivery dates the Hyundai Mipo Dockyard (HMD) offered. Furthermore, Athens-based shipowner and operator Thenamaris Ships Management knows that Hyundai Vietnam Shipbuilding delivers sound quality vessels. Also, Greek shipowner and operator Thenamaris Ships Management has two (2) 82K DWT bulk carrier newbuildings booked at Nantong Cosco KHI Ship Engineering. Thenamaris Ships Management will take delivery of two (2) 82K DWT kamsarmax bulk carrier newbuildings in Q2 2023. Thenamaris Ships Management is spending around $27 million each for the 82K DWT kamsarmax bulk carrier newbuildings.
13-June-2022
Australian mining giant BHP (formerly known as BHP Billiton) is to cooperate with Tokyo-based NYK Line on projects to decarbonize the dry bulk supply chain. BHP and NYK Line will together analyze the benefit of next-generation zero-carbon emission vessels being fuelled by green or blue ammonia. Australian mining giant BHP (formerly known as BHP Billiton) and Tokyo-based NYK Line have expressed their plan to reach net-zero emissions in their shipping operations by 2050. Furthermore, by 2030, Australian mining giant BHP has expressed the company wants to accomplish a 40% reduction in emissions intensity on its chartered vessels. Australian mining giant BHP and Japanese shipowner and operator NYK Line want to jointly encourage the usage of greenhouse gas emission reduction innovations and technologies, and trial alternative lower and zero-carbon emission maritime bunkers. In Q1 2022, NYK Line ordered four (4) LNG-fuelled capesize bulk carriers that are the type of ships Australian mining giant BHP might charter to lower carbon emissions. Tokyo-based shipowner and operator NYK Line has developed a design for an ammonia-ready LNG-fuelled capesize bulk carrier. Australian mining giant BHP and Japanese shipowner and operator NYK Line will resume making full use of our knowledge, innovation, and technologies to sustain the decarbonization of shipping in cooperation with clients.
13-June-2022
Bermuda-based shipowner Interlink Maritime exercised an option to buy back the bareboat-chartered 2015 built handysize bulk carrier 39K DWT MV Interlink Dignity from lease company Oslo-based Ocean Yield. 2015 built handysize bulk carrier 39K DWT MV Interlink Dignity was then flipped to Tufton Oceanic Assets for around $26 million. Oslo-based lease company Ocean Yield had received gross proceeds of approximately $11.5 million from the agreement. 2015 built handysize bulk carrier 39K DWT MV Interlink Dignity was acquired by Oslo-based lease company Ocean Yield from Bermuda-based shipowner Interlink Maritime in 2018 for around $15.7 million. In Q1 and Q2 2022, Bermuda-based shipowner Interlink Maritime sold 12 bulk carriers. In March 2022, Bermuda-based shipowner Interlink Maritime sold four (4) handysize bulk carriers to a Greek shipowner for a total of $105 million en-bloc. In March 2022, Bermuda-based shipowner Interlink Maritime sold four (4) handysize bulk carriers to Tomini Shipping for a total of $102 million en-bloc. Bermuda-based shipowner Interlink Maritime sold 2016 built handysize bulk carrier 39K DWT MV Interlink Audacity, 2016 built handysize bulk carrier 39K DWT MV Interlink Affinity, 2016 built handysize bulk carrier 39K DWT MV Interlink Tenacity, and 2016 built handysize bulk carrier 39K DWT MV Interlink Utility. In January 2022, Bermuda-based shipowner Interlink Maritime purchased 2015 built handysize bulk carrier 38K DWT MV Interlink Priority from Oslo-based lease company Ocean Yield. After the sale of the bulk carriers, Bermuda-based shipowner Interlink Maritime has a fleet of four (4) handysize bulk carriers.
10-June-2022
Oslo-listed shipowner and operator Belships has nominated Yngve Aslaksen Gram as a new CFO (Chief Financial Officer) to succeed Osvald Fossholm, who preferred to retire. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships has a fleet of supramax and ultramax bulk carriers. Previously, Yngve Aslaksen Gram worked at Magseis Fairfield and EY. Osvald Fossholm has been Belships' CFO (Chief Financial Officer) since 2008. Oslo-listed shipowner and operator Belships' BOD (Board of Directors) thanked Osvald Fossholm for his long tenure. In late May, Lars Christian Skarsgard-led Norwegian shipowner and operator Belships sold another ultramax bulk carrier for around $29 million. Norwegian shipowner and operator Belships reported a net profit of $59 million for Q1 2022. Belships expressed the result was predominantly driven by the improved freight market. Norwegian shipowner and operator Belships' commercial arm Lighthouse Navigation has offices in Oslo and Bangkok.
9-June-2022
Athens-based shipowner and operator Meadway Shipping & Trading (MST) acquired Copenhagen-based shipowner and operator Norden’s 2018 built ultramax bulk carrier 62K DWT MV Nord Baltic for around $36 million. Meadway Shipping & Trading (MST) will take the delivery of MV Nord Baltic in August. In April 2021, Dionysios Dellaportas’ sons have split the company’s assets between George Dellaportas and Costas Dellaportas. Costas Dellaportas controls Meadway Shipping & Trading (MST) and his brother George Dellaportas established Meadway Bulkers and Delaway Maritime. Since the amicabily split of the company, Meadway Shipping & Trading (MST) has invested $130 million on four (4) ultramax and two (2) handysize bulk carriers. Furthermore, Athens-based shipowner and operator Meadway Shipping & Trading (MST) has ordered a pair of 40K DWT logger handysize newbuilding bulk carriers for around $64 million in total. Meadway Shipping & Trading (MST) has ordered 40K DWT logger handysize newbuilding bulk carriers according to phase 3 standards of the EEDI (Energy Efficiency Design Index), which will be compulsory for vessels contracted after 2025. Meadway Shipping & Trading (MST) has ordered 40K DWT logger handysize newbuilding bulk carriers at Hakodate Shipyard. Currently, Costas Dellaportas-led Meadway Shipping & Trading (MST) has a fleet of twelve (12) bulk carriers. Meadway Shipping & Trading (MST) fleet ranges from handysize to the kamsarmax bulk carriers.
8-June-2022
Athens-based shipowner and operator Meadway Shipping & Trading (MST) acquired the 2018 built ultramax bulk carrier 62K DWT MV Nord Baltic from Copenhagen-based shipowner and operator Norden for approximately $36 million, with delivery of MV Nord Baltic scheduled for August. In April 2021, Dionysios Dellaportas’ sons divided the company’s assets, with Costas Dellaportas taking control of Meadway Shipping & Trading (MST) and George Dellaportas founding Meadway Bulkers and Delaway Maritime. Since the amicable split, Meadway Shipping & Trading (MST) has invested $130 million in the acquisition of four (4) ultramax and two (2) handysize bulk carriers, and in addition has ordered two 40K DWT logger handysize newbuilding bulk carriers for approximately $64 million in total. These newbuilding vessels have been ordered in compliance with phase 3 standards of the EEDI (Energy Efficiency Design Index), which will become mandatory for ships contracted after 2025, and are being constructed at Hakodate Shipyard. Currently, Costas Dellaportas-led Meadway Shipping & Trading (MST) operates a fleet of twelve (12) bulk carriers, with the fleet spanning vessel sizes from handysize to kamsarmax.
6-June-2022
Limassol-based shipowner and operator Lemissoler Navigation Co Ltd CEO Philippos Phillis and the esteemed chairman of the European Community Shipowners’ Associations (ECSA), ardently posits that amidst a nebulous regulatory milieu, collaboration between operators and shipowners emerges as a paramount conduit propelling the decarbonisation of the maritime realm. At the recent Capital Link Greek Shipping Forum, this distinguished Cypriot ship magnate and preceding head of the Cyprus Shipping Chamber (CSC), delineated four quintessential tenets of maritime decarbonisation: technical, commercial, regulatory facets, and the intriguingly termed ‘fourth combustion revolution’, synonymous with alternative eco-friendly fuels. The visionary founder and chief executive of Cyprus-based shipowner and operator Lemissoler Navigation articulates that the shipping domain embarked on its transformative phase a decade and a half ago. Vessels commissioned post-2013 are technologically superior, curbing emissions by a commendable 20% to 30%. A graduate in mechanical engineering from RWTH Aachen, complemented by a Harvard Business School (HBS) diploma, his company, Lemissoler Navigation, is deeply entrenched in research and innovation, zealously pursuing enhanced maritime efficacy and diminished carbon imprints. For Limassol-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis, it’s imperative now to foster a symbiotic rapport between owners and operators to fine-tune aspects such as speed and consumption. Yet, Philippos Phillis accentuates the pressing need for refining coordination with ports and direct ship communications. “Mutual collaboration is non-negotiable; it establishes a foundation for effective commercial strategies to progressively mitigate emissions. An overlooked facet, perhaps warranting International Maritime Organization (IMO) intervention, is enhancing port coordination and streamlining ship communication for timely arrivals,” Philippos Phillis passionately conveyed. Limassol-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis expressed reservations about imminent regulatory introductions, including the EEXI and CII stipulations, pondering their genuine impact on carbon intensity. From the ECSA vantage, while such regulations ought to be embraced, they must remain “technologically impartial”. “ECSA’s aspiration is to ensure these stipulations come into effect without undermining European shipping’s competitive edge, all the while preserving an equitable arena,” Limassol-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis underscored. Regarding prospective fuels, Cyprus-based shipowner and operator Lemissoler Navigation CEO Philippos Phillis emphasized the pressing relevance of life cycle analyses for substitute fuels. “We must comprehensively evaluate these alternatives from extraction to utilization, underscoring our imperative for eco-friendly options. If not green, it’s akin to powering electric vehicles with fossil-derived electricity—a counterproductive endeavor, a sentiment echoed by the IMO,” he professed during the symposium. Lemissoler Navigation CEO Philippos Phillis conveyed skepticism about biofuels without engine modifications. “From an engineer’s perspective, major engine producers might concur, but there lies a potential pitfall for shipowners, necessitating meticulous scrutiny,” he cautioned. Lemissoler Navigation CEO Philippos Phillis further elaborated on the transition to eco-friendly fuels, highlighting the financial disparity with conventional options. There’s a pressing call for an intermediary to bridge this fiscal divide, potentially through carbon contracts for difference. Lastly, focusing on fuel suppliers, Lemissoler Navigation CEO Philippos Phillis stressed their shared accountability. “Their role cannot be sidelined, for they supply the fuel. Their actions should be certified, holding them accountable for their contributions,” Lemissoler Navigation CEO Philippos Phillis stated at the forum.
5-June-2022
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) commissioned an ammonia dual-fuel gas carrier. In accordance with a meticulously drafted MOU (memorandum of understanding), ammonia dual-fuel gas carrier is set to be constructed by the renowned South Korean shipbuilding magnate, Hyundai Heavy Industries (HHI). Ammonia dual-fuel gas carrier shall be categorized by the prestigious American Bureau of Shipping (ABS) and will proudly sail under the distinguished flag of Singapore.Eastern Pacific Shipping (EPS) divulged that this ammonia dual-fuel gas carrier will stand as a pioneering entity, being the inaugural ship to be bestowed with a MAN Energy Solutions G60 two-stroke dual-fuel ammonia engine and with anticipations of its inaugural voyage as early as the year 2025. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) CEO Cyril Ducau stated that the our maritime sector is poised at a juncture where diversification is imperative to incrementally diminish and ultimately eradicate emissions. This compels Eastern Pacific Shipping (EPS) to unceasingly channel resources and innovation into alternative marine fuels. Ensuring the right solution for the right segment at the precise moment is paramount. Transitioning to ammonia as a quintessential marine fuel is, for Eastern Pacific Shipping (EPS) and the broader shipping ndustry, the next epochal leap forward.
5-June-2022
Athens-based shipowner Evalend Shipping Co SA CEO Kriton Lentoudis paid special homage to his father Evangelos Lentoudis, the founder of Evalend Shipping, which still carries his name. Evangelos Lentoudis passed away a long time ago but Evangelos Lentoudis has been Greek shipowner Evalend Shipping Co SA CEO Kriton Lentoudis’s inspiration. Emotional CEO Kriton Lentoudis pays homage to the founding father on the 50th Evalend Shipping Co SA anniversary. Athens-based shipowner Evalend Shipping Co SA has a mixed fleet of gas carriers, tankers, and bulk carriers.
1-June-2022
Limassol-based alternative investment fund Pelagic Partners initiates the launch of the company’s second maritime investment vehicle through the acquisition of a pair of tankers. Investors hailing from Cyprus, Greece, and Turkey are eagerly seizing the opportunity to acquire MR tankers constructed approximately 15 years ago. Cyprus-based alternative investment fund Pelagic Partners established by Niels Hartmann and Atef Abou Merhi two years ago, has successfully commenced its second maritime fund operations. The inaugural vessels that have become part of the newly established Pelagic Yield Fund are the 2006 built tanker 50K DWT MT Pelagic Tarpon (ex MT Arctic Blizzard) and 2006 built tanker 50K DWT MT Pelagic Taimen (ex MT Arctic Breeze). Pelagic Partners acquired MT Pelagic Tarpon (ex MT Arctic Blizzard) and MT Pelagic Taimen (ex MT Arctic Breeze) from NSB Niederelbe Schiffahrtsgesellschaft mbH & Co. KG.