24-March-2022
Norwegian shipowner and operator Belships' commercial arm Lighthouse Navigation reported EBITDA of $16 million for January and February 2022. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships' commercial arm Lighthouse Navigation operated 65 vessels during January and February 2022. Lighthouse Navigation has reported a promising start to 2022. For Q1 2022, Oslo-listed shipowner and operator Belships anticipates approximately $23,900 per day for its fleet. Rest of 2022, Norwegian shipowner and operator Belships chartered coverage of about 55% of the entire fleet at $23,000 per day. Norwegian shipowner and operator Belships has no bulk carriers instantly impacted by the war in Ukraine. Oslo-listed shipowner and operator Belships anticipates yielding substantial free cash flow and want to disburse quarterly dividends to shareholders. In Q4 2021, Belships reported net earnings of $59 million. Belships had a bold fleet expansion and fairly high leverage. Currently, Oslo-listed shipowner and operator Belships has a fleet of 27 bulk carriers. Belships charters the fleet by commercial arm Lighthouse Navigation. Oslo-listed shipowner and operator Belships' commercial arm Lighthouse Navigation has offices in Oslo and Bangkok.
24-March-2022
The capesize bulk carriers’ spot rates sloped on 24 March 2022 as capesize rates in the Atlantic basin fell while those in the Pacific basin increased. The capesize bulk carriers 5TC route (spot-rate average across five key routes) decreased to $16,333 per day. The capesize bulk carriers C8 route (Atlantic Brazil-Continent) decreased to $12,700 per day. The capesize bulk carriers C10 route (Pacific Australia-China Roundtrip) increased to $19,658 per day. The capesize bulk carriers’ spot rates in Atlantic and Pacific basins moving in opposite trends. The number of capesize bulk carriers increased in the Atlantic. On the other hand, the capesize bulk carriers’ spot rates in the Pacific basin increased. The capesize bulk carriers’ spot rates from Australia to China increased to around $11.70 per tonne. Furthermore, panamax and supramax capesize bulk carriers’ spot rates increased. The panamax bulk carriers 5TC route increased to $30,413 per day. The supramax bulk carriers 7TC route increased to $33,366 per day.
23-March-2022
New York-listed shipowner and operator Diana Shipping (DSX) sold 2022 built capesize bulk carrier 181K DWT MV Florida for an approximately $50 million sale and leaseback deal to a Japanese player. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) bareboat chartered in 2022 built capesize bulk carrier 181K DWT MV Florida for 10 years with purchase options in 2025. 2022 built capesize bulk carrier 181K DWT MV Florida was constructed at Namura Shipbuilding. In December 2021, New York-listed shipowner and operator Diana Shipping (DSX) acquired the capesize bulk carrier 181K DWT MV Florida in a resale deal for approximately $60 million. Capesize bulk carrier 181K DWT MV Florida first capesize acquisition of Diana Shipping (DSX) since 2016. Diana Shipping (DSX) chartered out 2022 built capesize bulk carrier 181K DWT MV Florida to Bunge at $25,900 per day for five years. Athens-based shipowner and operator Diana Shipping (DSX) reported a $57 million profit for 2021. New York-listed shipowner and operator Diana Shipping (DSX) has doubled the company’s quarterly dividend to $0.20 per share. Recently, Athens-based shipowner and operator Diana Shipping (DSX) sold three (3) vintage bulk carriers into a separate sister company called OceanPal. In October 2021, Diana Shipping (DSX) planned to spin off three (3) of its vintage bulk carriers into a separately listed company named OceanPal. Currently, Athens-based shipowner and operator Diana Shipping (DSX) owns and operates 34 bulk carriers.
21-March-2022
Chittagong-based state shipowner and operator Bangladesh Shipping Corp (BSC) has initiated a $22.8 million insurance claim for the 2018-built handysize bulk carrier 38K DWT MV Banglar Samriddhi, which sustained catastrophic damage after being struck by a rocket while anchored off the coast of Ukraine. The claim has been lodged through state-owned insurer and reinsurer Sadharan Bima Corp, marking one of the largest marine insurance claims in Bangladesh’s maritime history. The tragic incident, which occurred during the early phase of the Russia-Ukraine conflict, claimed the life of the ship’s third engineer, Hadisur Rahman, a Bangladeshi national, and highlighted the immense risks faced by civilian shipping operations in active conflict zones. Sadharan Bima Corp has now completed all formal verification and procedural assessments and is preparing to release the approved insurance payment to the state-run shipowner and operator Bangladesh Shipping Corp (BSC), bringing closure to a long and complex case that drew international attention. In the incident, the Chittagong-based Bangladesh Shipping Corp (BSC)-controlled MV Banglar Samriddhi suffered extensive structural damage, with the ship’s navigation bridge completely destroyed. Following the attack, all 28 surviving crew members were safely evacuated under the coordination of Bangladesh’s Ministry of Foreign Affairs and the International Maritime Organization (IMO). The ship was ultimately abandoned after confirming that all evacuation and reporting protocols had been properly executed. At the time of the incident, there was no official navigation restriction or ban on entry to Ukraine’s Olvia Port, where the Bangladesh Shipping Corp (BSC)-operated ship had arrived to load a cargo of ceramic clay bound for international buyers. The loading operations were immediately suspended following the rocket strike, and Bangladesh Shipping Corp (BSC) promptly issued an emergency directive ordering the shipmaster to cease cargo operations and vacate the port once crew safety was ensured. The loss of MV Banglar Samriddhi represented a significant operational and emotional blow for Bangladesh Shipping Corp (BSC), which had recently expanded its fleet modernization and renewal strategy under a government-backed initiative aimed at rebuilding national shipping capacity. Established in 1972 in the aftermath of Bangladesh’s independence, Bangladesh Shipping Corp (BSC) has long served as the country’s national flag carrier, operating under the direct supervision of the Ministry of Shipping. Headquartered in Chittagong, with administrative offices in Dhaka, the state-run shipowner and operator is responsible for safeguarding Bangladesh’s maritime trade interests and ensuring the nation’s continued participation in global seaborne commerce. Over the decades, Bangladesh Shipping Corp (BSC) has played a crucial role in maintaining trade continuity for essential commodities such as oil, fertilizer, grain, and construction materials, often during periods of global disruption. At its operational peak in the 1980s, Bangladesh Shipping Corp (BSC) managed a fleet exceeding 40 ships, including dry bulk carriers, oil tankers, and general cargo ships serving both regional and international trade routes. However, as the fleet aged and global shipping standards evolved, the number of active ships diminished to eight, including five bulk carriers and three tankers. Recent years have seen a deliberate turnaround effort by Bangladesh Shipping Corp (BSC) to rebuild and modernize its fleet with newer, energy-efficient tonnage to enhance operational resilience and environmental performance. The national shipowner and operator has since embarked on an ambitious program to expand its fleet to at least 10 ships by mid-2026, under a state-endorsed plan to strengthen Bangladesh’s maritime self-sufficiency. The insurance recovery from Sadharan Bima Corp for the loss of MV Banglar Samriddhi will provide a financial cushion that allows Bangladesh Shipping Corp (BSC) to reinvest in replacement tonnage and sustain its long-term fleet renewal strategy. The MV Banglar Samriddhi incident also underscored Bangladesh Shipping Corp (BSC)’s longstanding commitment to the welfare and safety of its seafarers. Following the tragedy, Bangladesh Shipping Corp (BSC), in collaboration with the Ministry of Shipping, extended full compensation and support to the family of Hadisur Rahman and ensured the repatriation and rehabilitation of the surviving crew members. The shipowner and operator also implemented enhanced risk assessment procedures for voyages through politically unstable regions, emphasizing stricter routing evaluations, security coordination, and war-risk coverage for all future operations. In recent years, Bangladesh Shipping Corp (BSC) has sought to restore its position as one of South Asia’s most recognized state-owned shipowners. It has diversified its operations to include bulk and energy transportation, participated in international charter markets, and explored partnerships with foreign shipyards for newbuilding projects. The fleet renewal program includes the acquisition of modern ultramax and panamax bulk carriers, alongside the construction of new medium-range (MR) tankers designed to meet International Maritime Organization (IMO) efficiency standards. These initiatives represent a comprehensive effort to modernize both the technical and operational profile of Bangladesh Shipping Corp (BSC), ensuring compliance with global environmental regulations such as EEXI (Energy Efficiency Existing Ship Index) and CII (Carbon Intensity Indicator). Bangladesh Shipping Corp (BSC)’s revitalization also aligns with the government’s broader “Blue Economy” policy, which aims to harness the economic potential of Bangladesh’s maritime domain. The shipowner and operator’s growing engagement in international trade routes, strategic port partnerships, and crew training programs reflects an evolving vision of Bangladesh as a rising maritime power in the Bay of Bengal and beyond. With the settlement of the MV Banglar Samriddhi insurance claim and ongoing expansion plans, Bangladesh Shipping Corp (BSC) stands on the threshold of a new era—one defined by modernization, strategic resilience, and renewed national pride in the country’s maritime identity.
21-March-2022
Nasdaq-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, allocated a $0.05 dividend for Q4 2021. Last year, Diana Shipping (DSX) sold three (3) vintage bulk carriers into a separate sister company called OceanPal. OceanPal began the venture on pleasant terms with the company’s shareholders. New York-listed shipowner and operator Diana Shipping’s (DSX) shareholders received one share of OceanPal stock for every 10 shares of Diana Shipping’s (DSX) stock via direct distribution of all OceanPal shares. Semiramis Paliou-led Diana Shipping (DSX) and OceanPal at the same time. In Q4 2021, OceanPal reported a net income of $65K. Currently, Nasdaq-listed OceanPal has a market capitalization of approximately $19 million. New York-listed shipowner and operator Diana Shipping (DSX) sold three (3) vintage bulk carriers 2004 built panamax bulk carrier 73K DWT MV Protefs, 2005 built panamax bulk carrier 73K DWT MV Calypso and 2005 built capesize bulk carrier 171K DWT MV Salt Lake City to new separate sister company OceanPal. OceanPal has chartered out 2004 built panamax bulk carrier 73K DWT MV Protefs, 2005 built panamax bulk carrier 73K DWT MV Calypso and 2005 built capesize bulk carrier 171K DWT MV Salt Lake City on short-term time charters.
20-March-2022
Commandante Michele D’Amato passed away. Michele D’Amato leaves the Italian shipping community mourning for the loss of a great personality. Commandante Michele D’Amato was the head of the Italian shipowners association Confitarma. Michele D’Amato was part of the third-generation Italian shipping family that comprised Michele D’Amato’s brothers Luigi D’Amato of Fratelli D’Amato and Giuseppe D’Amato of Perseveranza di Navigazione. In 2020, Armator Shipping launched as a d’Amato-backed bulk carrier operator. Armator Shipping operates supramax and kamsarmax bulk carriers from Armator Shipping’s office in Lugano, Switzerland. In 1990, Michele D’Amato split away from the family operation to establish his own company, D’Amato di Navigazione. D’Amato di Navigazione was one of the shipowners that recreated a significant role in shipping in the late 1990s. Michele D’Amato utilized his depth knowledge of the freight market for growing the business. D’Amato di Navigazione was one of several shipowners that had ordered a string of bulk carriers in the 2008 economic trouble. In financial crises, D’Amato di Navigazione had around 10 bulk carriers under construction at yards in Asia. As a result, D’Amato di Navigazione restructured in 2009. Later on, Michele D’Amato’s daughter Maddalena D’Amato has relaunched the D’Amato di Navigazione. Michele D’Amato was an adviser to Italian classification society Rina, the American Bureau of Shipping (ABS), and Bureau Veritas (BV). As HandyBulk LLC, we were deeply saddened by the passing of Michele D’Amato. HandyBulk LLC sent sincere condolences to our colleagues and the D’Amato family.
20-March-2022
Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) resumes making advancements on slashing debt following a bond buyback. Navios Maritime Holdings (NM) had repurchased $25 million of its 11.25% notes at par. Greek shipowner and operator Navios Maritime Holdings (NM) left with $130 million outstanding on maturity in August 2022. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. Navios Maritime Holdings (NM) generate favorable cash flows from the company’s dry bulk fleet in Q1 2022. Furthermore, Navios Maritime Holdings (NM) revealed the company had room to reduce debt after the extremely promising Q4 2021. In 2021, Angeliki Frangou-led Navios Maritime Holdings (NM) had operated creatively to complete a debt package that permitted the company to pay $614 million of ship mortgage notes and to also lower the principal amount outstanding of the senior notes to $155 million. Greek shipowner and operator Navios Maritime Holdings (NM) refinancing was possible because of about $263 million in payment-in-kind loans from an enterprise affiliated with Angeliki Frangou. Navios Maritime Holdings (NM) will pay $10 million quarterly payments to the Angeliki Frangou affiliate beginning in Q3 2023 and pay an upfront fee in the form of $24 million in debentures. Greek shipowner and operator Navios Maritime Holdings (NM) supported the deal as the best opportunity that was available besides Chapter 11 bankruptcy.
20-March-2022
Australia has banned exports of alumina and aluminum ores including bauxite to Russia. Russia depends on Australia for about 20% of the country’s alumina requirements. Australia’s alumina ban is planned to limit Russia’s ability to make aluminum. Aluminum is a vital export for Russia. The Australian government will cooperate with exporters that will be impacted by the alumina ban and try to discover new and develop existing markets. Meanwhile, Anglo-Australian mining goliath Rio Tinto owns an 80% stake in Queensland Alumina Ltd (QAL) in a joint venture with Russia’s Rusal International PJSC. Rusal International PJSC is the world’s second-largest aluminum producer. Furthermore, Australia will donate approximately 70,000 tonnes of thermal coal to Ukraine. The freight cost of the coal to Ukraine will be met by the Australian Government.
20-March-2022
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) acquired a handysize bulk carrier for around $25 million. Tufton Oceanic Assets Limited (TOAL) is a United Kingdom-based shipping fund that owns a mixed fleet of vessels. Tufton Oceanic Assets Limited (TOAL) has resumed buying bulk carriers after a string of containership sales in 2022. Tufton Oceanic Assets Limited (TOAL) acquired the handysize bulk carrier with a fixed-rate time charter for a year. Robust cash flows from its time charter will greatly de-risk the handysize bulk carrier investment. Tufton Oceanic Assets Limited (TOAL) is dedicated to funds re-allocation to shipping. Tufton Oceanic Assets Limited (TOAL) aims to acquire more ships and examine attractive opportunities. Currently, the London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) has a mixed fleet of 23 vessels.
17-March-2022
Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) declares that the US sanctions directed the company to withdraw vessels from the technical management of a team of SCF Group (Sovcomflot). Nasdaq-listed dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) moved the bulk carriers from Russian SCF Management Services to German BSM (Bernhard Schulte Shipmanagement). The ship management shift was pricey for Pangaea Logistics Solutions (PANL). Mark Filanowski-led Pangaea Logistics Solutions (PANL) had to make that ship management transition. Russian SCF Management Services was subject to sanctions imposed by the US government. Russian SCF (Sovcomflot) Management Services gives technical management to ice-class shipowners. England’s prohibition of port calls by vessels that are possessed or managed by Russian companies was another reason for shifting. Furthermore, the US-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has been shifting the company’s commercial activities away from Russia. Dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) plans to replace the Baltic cargoes with South American cargoes. Pangaea Logistics Solutions (PANL) lost many cargoes because of the US sanctions. Pangaea Logistics Solutions (PANL) will not accept any cargo that breaks the US sanctions.
17-March-2022
Hamburg-based shipowner and operator Reederei H Vogemann ordered four (4) handysize bulk carrier newbuildings in Jiangsu Dajin Heavy Industry. Jiangsu Dajin Heavy Industry is a subsidiary of Bestway Marine & Energy Technology. German shipowner and operator Reederei H Vogemann will take the delivery of (4) handysize bulk carrier newbuildings starting from Q3 2023. Currently, shipowner and operator Reederei H Vogemann’s total newbuildings reached twelve (12). Reederei H Vogemann is spending little more than $29 million per handysize bulk carrier newbuildings. Reederei H Vogemann’s four (4) handysize bulk carrier newbuildings will be built according to Phase 3 of the IMO’s EEDI (Energy Efficiency Design Index) for greenhouse gas emissions and Tier III NOx standards. Officials at Dajin Heavy were not available for comment. German shipowner and operator Reederei H Vogemann has two (2) handysize bulk carrier newbuildings under construction at Yangzijiang Shipbuilding and six (6) handysize bulk carrier newbuildings under construction at Yangfan Group. Furthermore, Hamburg-based shipowner and operator Reederei H Vogemann has four (4) kamsarmax bulk carrier newbuildings on order at Jiangsu New Hantong Heavy Industry. Reederei H Vogemann will take the delivery of four (4) kamsarmax bulk carrier newbuildings in Q2 2023.
17-March-2022
Copenhagen-based shipowner and operator Ultrabulk appointed COO Hans-Christian Olesen as the company’s new CEO. New CEO Hans-Christian Olesen has been with Ultrabulk for almost 35 years. New CEO Hans-Christian Olesen is taking over from Per von Appen, who becomes the chairman. Per von Appen became CEO for a second time in August 2021 after long-serving chief Per Lange stepped down. Danish shipowner and operator Ultrabulk stated it had been remarkably active six months since the change of administration and strategic direction in 2021. Danish dry bulk shipowner and operator Ultrabulk is controlled by Chile’s Ultranav Group. Copenhagen-based shipowner and operator Ultrabulk’s purpose is to designate the company’s departments by propelling decision-making to the front line. Per von Appen had worked closely with new CEO Hans-Christian Olesen over the years. Per von Appen is sure that new CEO Hans-Christian Olesen will make Ultrabulk even more prosperous. Per von Appen will remain as close to Danish dry bulk shipowner and operator Ultrabulk as possible. Ex CEO Per von Appen will continue to work with the executive group. Danish dry bulk shipowner and operator Ultrabulk doubled revenues in 2021. and strongly lifting profits on the back of an expanding fleet and positive dry cargo markets. Ultrabulk had a record year in 2021. Copenhagen-based shipowner and operator Ultrabulk doubled revenues and extremely raised profits in 2021. Furthermore, Ultrabulk expanded its fleet in 2021. Ultrabulk has no intentions to penetrate the capesize bulk carrier sector. Currently, Danish dry bulk shipowner and operator Ultrabulk controls a mixed fleet of 160 ships.
15-March-2022
Japanese shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) acquired sister company Kawasaki Kinkai Kisen. Shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) planned to delist the company’s short-sea spin-off Kawasaki Kinkai Kisen from Tokyo Stock Exchange and turn Kawasaki Kinkai Kisen into a wholly-owned subsidiary. Currently, Yukikazu Myochin-led shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) owns around 47.8% of the total shares of Kawasaki Kinkai Kisen. K Line Bulk (Kawasaki Kisen Kaisha) intends to create company synergies via cooperation. K Line Bulk (Kawasaki Kisen Kaisha) and Kawasaki Kinkai Kisen have been discussing the acquisition since February 2020. Tokyo-based shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) and Kawasaki Kinkai Kisen reached an agreement. K Line Bulk (Kawasaki Kisen Kaisha) expects to improve sales capacity in the dry bulk trade and cooperate in operating offshore wind farm support vessels. Tokyo-based shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) will obtain the 53% shares of Kawasaki Kinkai Kisen via a share exchange arrangement. Kawasaki Kinkai Kisen shares will be allocated for each K Line share at Tokyo Stock Exchange. Yukikazu Myochin-led shipowner and operator K Line Bulk (Kawasaki Kisen Kaisha) will complete the transaction by 1 June 2022.
15-March-2022
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S anticipates the risk of an international economic slowdown in 2022. Jan Rindbo-led Dampskibsselskabet DS Norden A/S has recently reported the company’s most profitable annual result since 2010. Danish shipowner and operator Dampskibsselskabet DS Norden A/S anticipates risks in the dry bulk market due to the war. Dampskibsselskabet DS Norden A/S generated good results in highly volatile dry bulk markets. According to Dampskibsselskabet DS Norden A/S, climbing inflation and increasing energy prices would eventually provoke a recession in the global economy which might disrupt demand for shipping. Dampskibsselskabet DS Norden A/S anticipates a negative dry bulk market due to the war in the Black Sea. Danish shipowner and operator Dampskibsselskabet DS Norden A/S predicts a loss of 4 million tonnes export volumes of grain from Ukraine in 2022. Ukraine’s invasion will potentially put more stress on the port infrastructure of other grain-exporting countries. Norden has had two bulk carriers on a charter that have been affected by the war. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S loaded around 7% of our total volume of bulk cargoes in Russia. The Russian invasion of Ukraine simply affects Dampskibsselskabet DS Norden A/S. Dampskibsselskabet DS Norden A/S has determined not to take on new cargoes from Russia.
15-March-2022
Taiwanese shipowner and operator U-Ming Marine Transport received a $50 million loan from ANZ Bank. Taipei-based dry bulk shipowner U-Ming Marine Transport will use the funds for the fleet renewal program. In Q4 2022, U-Ming Marine Transport will take the delivery of eleven (11) new environmental-friendly bulk carriers. Taipei-based shipowner and operator U-Ming Marine Transport want to guarantee the charterers that the company’s objective is to operate an environmental-friendly fleet. U-Ming Marine Transport has been engaged in making substantial investments in environmental targets. U-Ming Marine Transport strives to be a leader in the dry bulk market with an environmental-friendly fleet. ANZ Bank supports green financing. Australian ANZ Bank has initiatives to assist the shipping companies like U-Ming Marine Transport to decrease the gas emissions to net-zero. Taiwanese shipowner and operator U-Ming Marine Transport can make a substantial impact via the company’s sustainability agenda in the shipping industry. In February, Singapore-based OCBC Bank granted a $70 million sustainability-linked loan to Taipei-based dry bulk shipowner U-Ming Marine Transport. The $70 million loan is structured so that U-Ming Marine Transport will enjoy interest rate reductions if the company fulfills pre-agreed emissions targets. Currently, Taiwanese shipowner and operator U-Ming Marine Transport received operates around 60 ships.
14-March-2022
In a strategic collaboration, Toronto Stock Exchange-listed shipowner and operator Algoma Central Corporation has joined forces with the Swiss-based Nova Marine to fortify their short sea shipping alliance, NovaAlgoma. This alliance, NovaAlgoma, has been reinforced by the acquisition of three distinguished cement carriers from KGJ Cement and a pair of handysize bulk carriers from Swire Bulk Holdings. The initial cement carrier, christened the MV NACC Providence (ex MV Glory Atlantic), graced its new owners in the early days of February. Its counterpart is slated to follow in the dawn of March, while the third esteemed andysize bulk carrier is anticipated for a late June delivery. The pair of handysize bulk carriers, christened as the MV Sider Athena and the MV Sider Bear, are set to grace the NovaAlgoma Bulk Holdings armada come late April. Their commercial endeavors will be orchestrated under the keen eye of Nova Marine. St. Catharines-based shipowner and operator Algoma Central Corporation CEO Gregg Ruhl remarked that with meticulous scrutiny, Canadian Great Lakes operator Algoma Central Corporation evaluate every avenue for expansion. These recent acquisitions seamlessly align with our vision of maintaining a prosperous venture in concert with Algoma Central Corporation’s esteemed collaborators at Nova Marine. The trio of cement carriers stand poised to cater to the burgeoning cement demands in light of immense global infrastructural undertakings. Meanwhile, the pair of handysize bulk carriers will bolster Algoma Central Corporation’s dynamic international sales and procurement ship framework, which has consistently yielded robust returns since the year 2018.
13-March-2022
Dalian Shipbuilding Industry Company (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC), has emerged victorious in securing contracts from John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) and Germany’s Asiatic Lloyd for the construction of four to six 7,100 twenty-foot equivalent unit (TEU) container ships. Athens-based Danaos Corporation (DAC) has commissioned two container ships that are capable of accommodating methanol, with an anticipated delivery slated for the Q2 and Q3 of 2024. The agreement encompasses the possibility of procuring an additional two units. The container ships, measuring 255 meters in length, will be constructed based on the design specifications provided by the Shanghai Ship Research and Design Institute (SDARI), ensuring compliance with the International Maritime Organization’s (IMO) Tier 3 standards and Energy Efficiency Design Index (EEDI) Phase 3 requirements.
13-March-2022
Pioneer Marine, an Athens-based shipowner and operator listed on the Oslo over-the-counter (OTC) market, has successfully completed a management buyout, marking the exit of its founding US private equity fund, Garrison Investment Group. This strategic move involved the acquisition of 21 million shares held by Garrison by a company controlled by Pioneer Marine’s CEO, Jim Papoulis, and CFO, Korinna Tapaktsoglou. Following this transaction, Joseph Tansey, the founder and managing director of Garrison Investment Group, along with independent directors Bradley Dietz and Erol Sarikaya, resigned from the board on March 8, 2022. Jim Papoulis has taken Joseph Tansey’s seat on the board, while the positions vacated by Dietz and Sarikaya will not be filled. In addition to these significant changes in ownership and board composition, Pioneer Marine has also expanded its operational team by bringing on Frans van de Bospoort, a former DVB Bank veteran, as a non-executive director of Pioneer Marine Advisers in Singapore. This entity serves as part of the company’s commercial platform. This appointment follows a deal struck last summer for the management buyout, which came after the sale of nearly all of the company’s fleet of 13 bulk carriers, leaving just one handysize bulk carrier, the MV Resolute Bay (built in 2012), in its possession. Despite this, Pioneer Marine has stated it now manages 13 bulk carriers, including the MV Resolute Bay. Pioneer Marine, established in 2013 by Pankaj Khanna with backing from Garrison Investment Group, has seen significant changes in its management and operational focus over the years. Following Khanna’s departure in 2017, Jim Papoulis and Korinna Tapaktsoglou took over the leadership, relocating the company’s base from Singapore to Greece. These recent developments indicate a new chapter for Pioneer Marine as it continues to navigate the competitive shipping industry under the guidance of its existing management team.
10-March-2022
Helsinki-based Aspo Group’s shipping arm ESL Shipping discontinues Russian operations. Mikki Koskinen-led ESL Shipping commenced moving bulk carriers into other businesses as the company discontinues Russian operations. Furthermore, Finnish Aspo Group’s shipping arm ESL Shipping terminated the Russian subsidiary plans and canceled the office in St Petersburg. Helsinki-based shipowner and operator ESL Shipping will resume supporting long-term charterers in other trading locations. ESL Shipping will be focusing on the Western dry bulk markets in the future. ESL Shipping is the leading shipowner in the Baltic Sea area. Currently, Finnish shipowner and operator ESL Shipping operates around 51 bulk carriers.
10-March-2022
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S appointed former Frontline CEO Robert Hvide Macleod to its board in the position of Tom Intrator. Jan Rindbo-led Dampskibsselskabet DS Norden A/S owns and operates bulk carriers and product tankers. Dampskibsselskabet DS Norden A/S BOD (Board of Directors) proposed and appointed former Frontline CEO Robert Hvide Macleod for the vacant seat on the board. Robert Hvide Macleod worked at Frontline from 2014 to 2020. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S reported annual profit of $205 million for 2021. Dampskibsselskabet DS Norden A/S reported the best year since 2010. Dampskibsselskabet DS Norden A/S has been considering a buyback of up to $50 million of bond issue maturing in June 2024. Furthermore, Dampskibsselskabet DS Norden A/S has been considering a share buyback worth up to $30 million. Danish shipowner and operator Dampskibsselskabet DS Norden A/S anticipates a $280m profit for 2022.
10-March-2022
Norwegian finance company Ness, Risan & Partners (NRP), and German shipowner and operator Briese Schiffahrt had jointly acquired a new building eco-handysize bulk carrier 40K DWT. Ness, Risan & Partners (NRP), and Briese Schiffahrt will take the delivery of eco handysize new building bulk carrier in June from Jiangmen Nanyang Ship Engineering (JNS). Norwegian finance company Ness, Risan & Partners (NRP), and German shipowner and operator Briese Schiffahrt’s new building eco-handysize bulk carrier will be constructed according to EEDI (Energy Efficiency Design Index). According to Norwegian finance company Ness, Risan & Partners (NRP), this new building eco-handysize bulk carrier will be one of the greenest bulk carriers with bunker savings of up to 45% compared to equivalent handysize bulk carriers. Norwegian finance company Ness, Risan & Partners (NRP) did not reveal the price tag of the new building eco-handysize bulk carrier. Norwegian finance company Ness, Risan & Partners (NRP) signed the deal with the reseller Japanese shipowner. In December 2021, Norwegian finance company Ness, Risan & Partners (NRP), and German shipowner and operator Briese Schiffahrt acquired 2014 built handysize bulk carrier 37K DWT MV Interlink Levity. Ness, Risan & Partners (NRP), and Briese Schiffahrt chartered out MV Interlink Levity to Oldendorff Carriers. Previously, 2014 built handysize bulk carrier 37K DWT MV Interlink Levity was owned on a sale and leaseback basis by KKR-controlled Ocean Yield of Norway. 2014 built handysize bulk carrier 37K DWT MV Interlink Levity was operated by Interlink of Bermuda. Earlier in 2021, Norwegian finance company Ness, Risan & Partners (NRP) had teamed up with German shipowner and operator Briese Schiffahrt to add two (2) bulk carriers to its fleet. Previously, Ness, Risan & Partners (NRP), and Briese Schiffahrt acquired 2010 built handysize bulk carrier 37K DWT MV BBC Pluto (ex MV Pola Ilaria). 2010 built handysize bulk carrier 37K DWT MV BBC Pluto (ex MV Pola Ilaria) is managed by Briese Schiffahrt’s sister company BBC Chartering. In July 2021, Norwegian finance company Ness, Risan & Partners (NRP) sold the company’s $2 billion property corporation as Norwegian finance company Ness, Risan & Partners (NRP) concentrates on the shipping and offshore business.
8-March-2022
Athens-based shipowner and operator Maran Dry Management (MDM) reported that the company was able to evacuate 35 crew members stuck on 2016 built capesize bulk carrier 179K DWT MV Maran Excellence and 2012 built capesize bulk carrier 179K DWT MV Maran Astronomer in Ukraine. MV Maran Excellence and MV Maran Astronomer are among more than 40 ships, trapped in war-torn Ukraine. Greece Shipping Ministry declared on Monday that they assisted evacuate several crew members from Greek bulk carriers. Maria Angelicoussis-led shipowner and operator Maran Dry Management (MDM) expressed the company’s appreciation to Greece Shipping Ministry for collaborating in the evacuation of the 35 crew members from MV Maran Excellence and MV Maran Astronomer. Dozens of other crew members remain trapped in Ukraine. Evacuation also does little to assist shipowners to manage skyrocketing war risk premiums in Ukraine. At least five vessels have so far been shot in Ukraine. One crew member was killed in the raids in Ukraine.
8-March-2022
London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, evacuated crew members from a bulk carrier stuck in Ukrainian Port. Edward Buttery-led Taylor Maritime Investments (TMI) evacuated 21 crew members and all crew members will be repatriated to India. Nevertheless, London-listed Taylor Maritime Investments (TMI) controlled bulk carrier remains in Ukrainian Port. Taylor Maritime Investments (TMI) controlled bulk carrier remains on charter and insured. London-listed Taylor Maritime Investments (TMI) calculates that port calls to Ukraine accounted for 2% and port calls to Russia accounted for under 3% by the Taylor Maritime Investments (TMI) controlled ships’ total port calls. According to Taylor Maritime Investments (TMI), global shipping trade patterns will alter accordingly. Taylor Maritime Investments (TMI) is extremely concerned about the war and the sad loss of life in Ukraine.
7-March-2022
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited appears to be divesting yet another crude carrier for demolition at an enticing price, fostering a robust market. Amidst the escalating values of aging tankers, a solid foundation is being established for secondhand prices. Reports from shipbrokers in London and the United States reveal that Greek shipowner and operator New Shipping Limited has reached an agreement to dismantle the 2001 built aframax tanker 105,800 DWT MT Star I in Gadani, Pakistan. New Shipping Limited sold MT Star I to Pakistan-based demolition yard at a remarkable rate of $650 per LDT (Light Displacement Tonnage).
7-March-2022
London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, sold 2006 built handysize bulk carrier and 2011 built supramax bulk carrier for around $33 million total. According to Edward Buttery-led Taylor Maritime Investments (TMI), the second-hand dry bulk carrier market is increasing. Both unnamed bulk carriers, 2006 built handysize bulk carrier and 2011 built supramax bulk carrier, were part of the root fleet during Taylor Maritime Investments’ (TMI) IPO (Initial Public Offering) in May 2021. Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, has been able to ensure the sale of two bulk carriers at attractive levels which will give substantial returns for shareholders. Currently, 10-year-old handysize bulk carrier increased to $18.5 million, from $17 million at the end of 2021. According to Taylor Maritime Investments (TMI), the handysize bulk carrier sector has an ongoing demand and preserved earnings. In December 2021, London-listed Taylor Maritime Investments (TMI) sold two other handysize bulk carriers to Tomini Shipping.
5-March-2022
London-based Lomar Shipping has significantly multiplied its profits through the sale of a container ship to CMA CGM. The renowned French shipping company, CMA CGM, has been leasing the container ship for the past 18 months. Impressively, Lomar Shipping has successfully sold its thirtieth container ship in just over a year, fetching a price that surpasses double its initial investment. The London-based Greek shipowner, Lomar Shipping, has managed to sell the technologically advanced MV Sabre Trader (built-in 2018) with a capacity of 1,774 twenty-foot equivalent units (TEU) for a substantial sum of approximately $43 million. Notably, the MV Sabre Trader is equipped with an advanced ballast water treatment system and features an eco-electronic engine. Sources indicate that the buyer of this remarkable vessel is none other than the esteemed French liner company, CMA CGM, which has maintained a charter agreement for the MV Sabre Trader since August 2020.
2-March-2022
London-based Lomar Shipping has acquired three panamax bulk carriers from the Golden Ocean Group, a Norwegian shipowner. The Golden Ocean Group, backed by John Fredriksen, has been consistently selling its older tonnage, while Lomar Shipping, a Greek shipowner based in London, has been actively purchasing bulk carriers. Lomar Shipping, the London-based Greek shipowner, has entered into an agreement to purchase the three China-built panamax bulk carriers for a sum of $52 million. These panamax bulk carriers include the MV Golden Empress and MV Golden Endeavour, both constructed in 2010, as well as the MV Golden Enterprise, built in 2011. Notably, these non-eco panamax bulk carriers were all manufactured at Jinhai Heavy Industries in China but do not feature scrubbers.