24-November-2022
Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd. aims to power 2017 built ultramax bulk carrier 63K DWT MV Leonidas with a methanol fuel cell system. Lavinia Bulk Ltd. started a pilot project with Bureau Veritas to understand how high-temperature fuel cells can work on MV Leonidas. The pilot project will test utilizing fuel cells to provide Lavinia Bulk Ltd controlled MV Leonidas with total electrical needs. The methanol-fuelled system will be equipped for the Laskaridis family-controlled Athens-based Lavinia Bulk Ltd-controlled MV Leonidas in a co-project with the French classification society Bureau Veritas. Advent Technologies fuel cells will provide power for all the battery systems on board the 2017 built ultramax bulk carrier 63K DWT MV Leonidas. Lavinia Bulk Ltd is a privately held company. Lavinia Bulk Ltd’s bulk carriers are managed by Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd commercially manages a large and modern fleet of mid- to large-size dry bulk carriers. Laskaridis Shipping Ltd.’s subsidiary Lavinia Corp has a fleet of 43 bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships.
22-November-2022
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) reveals tanker spin-off plan. Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime is planning a spin-off of the company’s tanker fleet after diversifying from bulk carriers in 2021. Cyprus-based shipowner and operator Castor Maritime has been expanding the fleet since 2020. Castor Maritime Inc.’s BOD (Board of Directors) wants to split off the company’s tanker into a new company. Nasdaq-listed shipowner and operator Castor Maritime names the new spin-off Toro Corp. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates a mixed fleet of 28 vessels.
22-November-2022
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group estimates that bulk carrier markets are set for a rebound when China’s economy improves in 2023. Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group states that the last two years were outstanding for dry bulk shipowners. John Fredriksen’s bulker company Golden Ocean Group predicts that the shipping market is going through a bit of a rough time. However, Golden Ocean Group anticipates that it doesn’t take much to ignite the dry cargo market. Currently, CEO Ulrik Andersen-led Golden Ocean Group has a fleet of 94 bulk carriers.
22-November-2022
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) disburse a super-sized dividend. John Michael Radziwill-led GoodBulk Ltd reported a net profit of $31.2 million, which equated to $1.04 in earnings per share in Q3 2022. Oslo-listed GoodBulk Ltd’s latest net profit includes a $30.8 million gain on the sale of a capesize bulk carrier. Monaco-based shipowner and operator GoodBulk Ltd is keeping an opportunistic perspective to buying and selling bulk carriers in near future. John Michael Radziwill-led shipowner and operator GoodBulk Ltd has again increased the company’s income during weak freight markets by selling off bulk carriers. Furthermore, GoodBulk Ltd has distributed the company’s largest-ever dividend to shareholders. Oslo-listed GoodBulk Ltd is the public arm of privately-owned C Transport Maritime (CTM).
22-November-2022
Athens-based shipowner and operator Maran Dry Management (MDM) teams with Italian class society Rina and Chinese designer SDARI for dual-fuel newcastlemax bulk carriers. Angelicoussis-family-led shipowner and operator Maran Dry Management (MDM) has been developing a bulk carrier that produces hydrogen on board. Maran Dry Management (MDM) is teaming up with Rina and SDARI for the hydrogen-powered newcastlemax bulk carriers. Athens-based shipowner and operator Maran Dry Management’s (MDM) project will be based on a propulsion arrangement that lowers the running machinery at sea and combines LNG with steam to produce hydrogen and carbon dioxide on demand. Currently, Angelicoussis-family-led Maran Dry Management (MDM) owns 51 capesize bulk carriers and newcastlemax bulk carriers.
22-November-2022
One of the world’s largest supramax bulk carrier operators Western Bulk Chartering (WBC) has added fresh ultramax bulk carrier cover by chartering in the 2015 built ultramax bulk carrier 60K DWT MV DSI Aquila from Diana Shipping for around one year, reinforcing Western Bulk Chartering (WBC)’s asset-light approach of scaling exposure through time charter tonnage rather than relying only on owned ships. Norwegian bulker operator Western Bulk Chartering (WBC) is set to pay $13,300 per day for the 2015 built ultramax bulk carrier 60K DWT MV DSI Aquila, a rate that positions Western Bulk Chartering (WBC) to secure predictable ship availability while still retaining commercial flexibility to deploy MV DSI Aquila across trading routes where Western Bulk Chartering (WBC) sees the best employment and margin opportunities. Oslo-based bulker operator Western Bulk Chartering (WBC) will take delivery of MV DSI Aquila on 22 November 2022, and the charter-in underlines how Western Bulk Chartering (WBC) uses forward coverage to maintain critical mass in its operating fleet, support cargo programs, and respond to customer demand without locking itself into long-duration ownership exposure. Western Bulk Chartering (WBC) is widely recognised for operating at scale across the supramax and ultramax bulk carrier segments, and chartering in ships like MV DSI Aquila gives Western Bulk Chartering (WBC) additional optionality to balance spot exposure with period coverage, optimise positioning, and align ship intake with seasonal cargo flows and regional demand patterns. Oslo-based Western Bulk Chartering (WBC)’s Singapore office operated around 30 supramax bulk carriers during 2022, illustrating the continuing importance of Asia-linked trading activity and the role of regional hubs in executing Western Bulk Chartering (WBC)’s chartering strategy, fixture flow, and operational coordination across a large and active trading portfolio.
21-November-2022
Ta-Ho Maritime Corp, the shipping division of Taiwan Cement Corp (TCC), finalized a cement carrier construction contract with Shin Kurushima Dockyard Co., Ltd on November 21st, 2022. This vessel marks the third cement carrier newbuild for the company, scheduled for delivery in the first quarter of 2025. In response to stringent international environmental regulations, Ta-Ho implemented a shore power system, also known as Alternative Maritime Power (AMP), in 2020. This initiative is projected to cut carbon dioxide emissions by approximately 2,806 tons and save around 2,356 tons of fuel, effectively fulfilling the company’s goals for energy conservation and carbon reduction. Over the past five years, Ta-Ho Maritime Corp has expanded its fleet with the addition of two new cement carriers and seven new bulk carriers. As of the fourth quarter of 2022, Ta-Ho Maritime Corp’s fleet comprises eleven vessels, maintaining an impressively low average fleet age of just six years, as part of its ongoing fleet rejuvenation strategy.
20-November-2022
Sales activity in the bulker segment continues, with several sectors still performing robustly despite a downturn in freight rates during the fourth quarter. However, one category seems to have reached a bottleneck. Prices for traditional-sized panamax bulk carriers are on the decline, evidenced by the 14-year-old, Imbaribi-built MV Navios Aldebaran, which was recently sold for $14 million—$5 million less than what a comparable sister ship fetched in April. Meanwhile, the market for ore carriers is also experiencing a drop in prices, though not as sharply as the older panamax bulk carriers. Two such vessels, the 204K DWT MV China Steel Team (built in 2006) and MV China Steel Entrepreneur (built in 2007), were recently sold together for approximately $36 million. Numerous shipbrokers have linked Athens-based shipowner and operator Alberta Shipmanagement Ltd, led by Nicholas Inglessis, to this transaction. Alberta Shipmanagement Ltd, a prominent player in the international shipping industry, is well-regarded for its strategic management of a diverse fleet that includes bulk carriers, tankers, and container ships. Under the visionary leadership of Nicholas Inglessis, Alberta Shipmanagement Ltd has carved a niche in the maritime sector, emphasizing innovation, efficiency, and sustainability in its operations. Founded several decades ago, Alberta Shipmanagement Ltd has grown substantially over the years, adapting to the changing dynamics of global trade and maritime transportation. Alberta Shipmanagement Ltd’s fleet management strategies are particularly noteworthy, focusing on acquiring, maintaining, and operating vessels that meet high safety and environmental standards. This approach not only ensures compliance with international maritime regulations but also enhances the company’s reputation among charterers and clients worldwide. Alberta Shipmanagement Ltd is also proactive in incorporating advanced technology and new practices to minimize the environmental impact of its operations. This includes investing in newer vessels equipped with the latest eco-friendly technologies such as scrubbers and ballast water treatment systems, which help reduce the ecological footprint of their fleet. The company’s involvement in recent high-profile transactions, such as the purchase of the MV China Steel Team and MV China Steel Entrepreneur, reflects its aggressive growth strategy and commitment to upgrading its fleet with more capable and environmentally friendly vessels. These acquisitions are part of Alberta Shipmanagement Ltd’s broader plan to enhance its operational capabilities and offer more value to its clients. Greek shipowner and operator Alberta Shipmanagement Ltd also places a strong emphasis on crew training and development, recognizing that human resources are as critical as physical assets in ensuring operational excellence. Athens-based shipowner and operator Alberta Shipmanagement Lt runs comprehensive training programs for its crew, focusing on safety, emergency response, and environmental protection. In summary, Alberta Shipmanagement Ltd continues to be an influential force in the shipping industry, driven by a commitment to sustainability, safety, and customer satisfaction. Alberta Shipmanagement Ltd’s strategic acquisitions and management practices not only bolster its industry standing but also contribute positively to the broader maritime community. Semi-modern vessels like the MV Nord Virgo, recently sold for about $26 million, demonstrate the market’s confidence in well-maintained and strategically managed fleets like that of Alberta Shipmanagement Ltd.
20-November-2022
BIMCO (Baltic and International Maritime Council) estimates the capacity of vessels being handed over in 2024 will decline to 23.8 million DWT (Deadweight Tonnage). BIMCO (Baltic and International Maritime Council) estimates that the bulk carrier new build order to accelerate in 2023. BIMCO (Baltic and International Maritime Council) is anticipating a return by bulk carrier owners to shipyards towards the end of 2023. BIMCO (Baltic and International Maritime Council) estimates lack of new building contracts in recent years will spur new orders.
19-November-2022
BIMCO (Baltic and International Maritime Council) issued Carbon Clause. BIMCO (Baltic and International Maritime Council) is aiming to give charterers the responsibility for the commercial effects of new Carbon Intensity Indicator (CII) regulations. BIMCO (Baltic and International Maritime Council) Documentary Committee declared the release of its new model CII Time Charter. BIMCO (Baltic and International Maritime Council) Documentary Committee discussed eight months about the new model CII Time Charter. Carbon Clause was issued just six weeks before the new regulation comes into force. Shipowners and Charterers are represented in the drafting of the document. BIMCO (Baltic and International Maritime Council) CII Time Charter’s priority is on giving the paying customer responsibility, rather than the transport service provider.
17-November-2022
Taiwan state-owned shipowner and operator China Steel Express Corporation (CSE Bulk) sold 2006 built newcastlemax bulk carrier 203K DWT MV China Steel Team and 2007 built newcastlemax bulk carrier 203K DWT MV China Steel Entrepreneur for around $35 million total. Kaohsiung-based shipowner and operator China Steel Express Corporation (CSE Bulk) sold newcastlemax bulk carriers to Athens-based Alberta Shipmanagement. The sale to the Nicholas Inglessis family-controlled Alberta Shipmanagement breaks the China Steel Express Corporation’s (CSE Bulk) streak of selling the company’s surplus tonnage into China through Taiwanese compatriot Eddie Steamship. Kaohsiung-based shipowner and operator China Steel Express (CSE Bulk) was established in 1996 by China Steel which is 20% owned by the Taiwanese government. China Steel, the parent company of China Steel Express Corporation (CSE Bulk), has a production capacity of 10 million tons of crude steel annually.
17-November-2022
Athens-based shipowner and operator Empire Bulkers Ltd controlled MV Joanna’s chief engineer Warlito Tan found himself facing charges alongside Empire Bulkers and Joanna Maritime Limited. The allegations pertained to supposed violations of environmental and safety laws. These grave infractions came to light during a thorough inspection of Empire Bulkers Ltd controlled MV Joanna conducted by the vigilant US Coast Guard in March 2021. However, the tides turned in favor of MV Joanna’s chief engineer Warlito Tan, as a federal jury in New Orleans, on November 16, declared Warlito Tan not guilty of all charges, restoring his honor. On the other hand, the Athens-based shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited opted for a different path, as they pleaded guilty to all the charges in May. Empire Bulkers Ltd and Joanna Maritime Limited openly acknowledged their wrongful actions, which included knowingly falsifying MV Joanna’s oil record book and clandestinely disposing of oil-contaminated waste overboard. Interestingly, MV Joanna’s chief engineer Warlito Tan’s signature appeared on some of these discharge entries in the oil record book, but it was affirmed that Warlito Tan had no involvement in the operations and was oblivious to their accuracy. Moreover, Athens-based shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited admitted to tampering with the discharge line from the pressure relief valves in the purifier room, a reckless act that could have potentially led to a catastrophic fire or explosion on board. Greek Stamatis Molaris-led Empire Navigation and Empire Bulkers (Empire Group of Companies) controls bulk carriers and tankers.
17-November-2022
New York-based investment bank Jefferies cut estimate of Golden Ocean Group’s Q4 earnings by roughly 29% to $0.15 per share. Furthermore, Jefferies decreased 4.1% from its 2023 earnings-per-share forecast. Jefferies anticipates potentially soft start in 2023 for Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group. The US investment bank Jefferies cuts John Fredriksen-controlled Golden Ocean Group estimates as lower-than-expected profit. Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported a lower Q3 profit that missed shipping analyst consensus. New York-based investment bank Jefferies anticipates that dry bulk freight rates remain soft and will probably lead to lower earnings in Q4 for CEO Ulrik Andersen-led Golden Ocean Group. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers.
16-November-2022
The United States has proclaimed that Iran orchestrated the recent assault on Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) controlled product tanker MT Pacific Zircon. Idan Ofer-led Eastern Pacific Chartering (EPC) reported that product tanker MT Pacific Zircon, laden with gas oil, encountered a missile strike in international waters approximately 150 miles from Oman on a Tuesday. Fortunately, all onboard personnel were unscathed, though the aft section of the MT Pacific Zircon bore some trivial damages. Having meticulously evaluated the accumulated data, US National Security Adviser assert with conviction that Iran executed this assault utilizing a UAV, a lethal mechanism they’re progressively wielding both directly and through their allies across the Middle East. The authoritative voice of the US Central Command announced today that the strike was the handiwork of an Iranian-constructed drone. An Iranian-origin unmanned aerial apparatus orchestrated a unilateral strike on the product tanker MT Pacific Zircon. While the perpetrator of the assault remains unidentified, Iran stands prominently under scrutiny. Recounting past events, a product tanker MT Mercer Street, managed by Eyal Ofer’s Zodiac Maritime, was beleaguered by drone strikes near Oman’s coast in the Arabian Sea.
16-November-2022
New York-listed shipowner and operator EuroDry (EDRY) sold 2000 built panamax bulk carrier 74K DWT MV Pantelis for around $9.5 million. Aristides Pittas-led dry bulk shipowner and operator EuroDry (EDRY) aims for fleet expansion with panamax bulk carrier-sale cash. Furthermore, EuroDry (EDRY) is optimistic about dry bulk shipping market opportunities. In 2018, EuroDry (EDRY) was established as a dry bulk spin-off of container shipowner EuroSeas. Euroseas (ESEA) mainly owns and operates container ships. On the other hand, EuroDry (EDRY) owns and operates dry bulk carriers. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas. Nasdaq-listed shipowner and operator EuroDry (EDRY) stays positive on dry bulk shipping markets as the company schedules to renew its fleet. Aristides Pittas-led dry bulk shipowner and operator EuroDry (EDRY) has increased liquidity with money from the sale of 2000 built panamax bulk carrier 74K DWT MV Pantelis. Currently, New York-listed shipowner and operator EuroDry (EDRY) owns and operates 10 bulk carriers.
16-November-2022
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group reported a net income of $104 million in Q3 2022. Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group reported earnings per share of 52 cents in Q3 2022. John Fredriksen-controlled Golden Ocean Group rides out the weak bulk shipping market to post a profit. CEO Ulrik Andersen-led Golden Ocean Group is still paying dividends. Golden Ocean Group keeps its profit at a high level. Savings made on bunker expenses and profits on bulk carrier sales allowed Golden Ocean Group to ride out weak shipping markets during Q3 2022. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers.
16-November-2022
Dry bulk ship operator Norvic Shipping held party at Fullerton Bay Hotel in Singapore. Chairman AJ Rahman-led dry bulk ship operator Norvic Shipping has a 25 team members in Singapore office. In 2006, AJ Rahman established Norvic Shipping in Toronto. Currently, Norvic Shipping has offices in Copenhagen, Toronto, New York, Houston, Dubai, Singapore, New Delhi and Dubai. Furthermore, Singapore play a central role in Norvic Shipping’s operations. Norvic Shipping was concentrating on tanker segments and still has an insignificant involvement in the tanker market. Dry bulk ship operator Norvic Shipping controls approximately 125 bulk carriers at any one time. Norvic Shipping moves approximately 45 million tonnes of cargo every year. Currently, Norvic Shipping employs approximately 170 people across the company’s network of 11 offices worldwide.
16-November-2022
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has bought two container ships for charter to Maersk and a car carrier. Bermuda-registered New York-listed SFL Corporation Ltd (SFL) has the financial firepower to seek more investments. SFL Corporation Ltd (SFL) has a bunch of cash to spare for new ship investments. At the end of Q3 2022, CEO Ole Hjertaker-led Bermuda-registered New York-listed SFL Corporation Ltd (SFL) $179 million of cash and cash equivalents. New York-listed tonnage provider SFL Corporation Ltd (SFL) is a sale and leaseback specialist. Recently, SFL Corporation Ltd (SFL) closes in on $144 million in suezmax tanker financing. John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd’s (SFL) fleet has allowed the company to do numerous replication dealings with several shipping industry-leading counterparties.
16-November-2022
Stema Shipping UK Ltd will charter Viridis Bulk Carriers’ ammonia-fuelled bulk carrier. Ammonia bulker start-up Viridis Bulk Carrier is a joint venture between Norwegian shipowner Mosvolds Rederi’s spin-off Amon Maritime and Navigare Logistics. Stema Shipping UK Ltd has become the eighth operator to join the Norwegian Flexbulk NH3 Power Project. Viridis Bulk Carriers will take the first delivery in 2023.
15-November-2022
Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. acquired 2011 built capesize bulk carrier 175K DWT MV Aquafortune from New York-listed Seanergy. Besides, Brave Maritime Corporation Inc. acquired 2010 built capesize bulk carrier 179K DWT MV HL Shinboryeong from South Korea-based H-Line Shipping. Nikolaos Vafias-led shipowner and operator Brave Maritime Corporation Inc. increased the company’s capesize bulk carrier presence and take advantage of a decline in dry bulk asset values. 2011 built capesize bulk carrier 175K DWT MV Aquafortune and 2010 built capesize bulk carrier 179K DWT MV HL Shinboryeong were bought by Brave Maritime, the dry arm of the Vafias Group, but will be managed by Stealth Maritime. Currently, Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. owns and operates 12 bulk carriers.
14-November-2022
Croatian shipowner and operator Atlantska Plovidba signed a sale and leaseback deal for three (3) bulk carriers with China Huarong Shipping Financial Leasing. Dubrovnik-based and Zagreb Stock Exchange-listed shipowner Atlantska Plovidba signed a five-year agreement sale and leaseback deal for 2012 built supramax bulk carrier 57K MV AP Astarea 2012 built supramax bulk carrier 57K MV AP Slano and 2015 built supramax bulk carrier 39K MV AP Dubrava. Croatian shipowner and operator Atlantska Plovidba resumes refinancing through Chinese sale and leaseback agreements. Currently, Atlantska Plovidba operates 11 bulk carriers extending from handysize up to panamax bulk carriers with 227 employees.
14-November-2022
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) a sale and charterback deal with Hong Kong and Shanghai-based Asia Maritime Pacific (AMP). Doun Kisen KK (aka Doun Kisen Co. Ltd) charters out the bulk carriers on a long-term basis to giant traders and first-class ship operators. CEO Mark Young-led Asia Maritime Pacific (AMP) wants to develop closer ties as leaseback agreement signed with Imabari-based shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd). Hong Kong and Shanghai-based Asia Maritime Pacific (AMP) signed a five (5) bulk carriers sale and charterback with Doun Kisen KK (aka Doun Kisen Co. Ltd). Lately, Asia Maritime Pacific (AMP) acquired five (5) bulk carriers from Hamburg Bulk Carriers (HBC). The Jiangmen Nanyang-built five (5) bulk carriers are worth around $125 million. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) expects to make a more comprehensive long-term partnership with Hong Kong and Shanghai-based Asia Maritime Pacific (AMP).
10-November-2022
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) and Asia Maritime Pacific (AMP) of Hong Kong have consummated the inaugural transaction, paving the way for a promising and enduring partnership. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) has successfully acquired five (5) handysize bulk carriers from Asia Maritime Pacific (AMP), and these five (5) handysize bulk carriers will be chartered to Asia Maritime Pacific (AMP) for a period of four to five years. Five (5) handysize bulk carriers, namely MV Ionian Spirit, MV Aegean Spirit, MV Mediterranean Spirit, MV Saronic Spirit, and MV Iron Maiden, boast a substantial deadweight tonnage of 39,000 and will be traversing the global waters. Asia Maritime Pacific (AMP) acquired these five (5) handysize bulk carriers from the market and subsequently transferred ownership to Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd). Asia Maritime Pacific (AMP) is elated to embark on what we envisage to be a long and fruitful association with Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd). The transaction with Doun Kisen KK (aka Doun Kisen Co. Ltd) has proven to be an exemplary fit, benefiting both parties.
8-November-2022
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) acknowledges that operating the company’s ships in both wet and dry trades is the best strategy. Klaveness Combination Carriers (KCC) owns and operates CABU-type and CLEANBU-type Combination Carriers that can carry both dry bulk and liquid cargo. CEO Engebret Dahm-led Oslo-based Klaveness Combined Carriers (KCC) clarifies that combination trades are usually more efficient particularly when product rates are so buoyant and bulk carrier rates are weaker. Klaveness Combination Carriers (KCC) CABU-type vessels can carry wet and dry cargoes. Currently, Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU-type and eight (8) CLEANBU-type Combination Carriers, which can carry both dry bulk and liquid cargoes.
7-November-2022
Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN chartered in 2012 built post-panamax bulk carrier MV Amphitrite at a rate of $14,250 per day from Athens-based New York-listed shipowner and operator Diana Shipping (DSX). Belgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers CLdN 2012 chartered in 2012 built post-panamax bulk carrier MV Amphitrite’s charter is scheduled to commence on November 10. The charter period spans from December 1, 2023, to February 15, 2024.
7-November-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) chartered out three (3) bulk carriers to different ship operators. Diana Shipping (DSX) chartered out 2017 built ultramax bulk carrier 60K DWT MV DSI Phoenix to Hong Kong-based ASL Bulk Marine at $13,250 per day for 16 months to 18 months. Diana Shipping (DSX) chartered out 2012 built post-panamax bulk carrier 98K DWT MV Amphitrite to Luxembourg-based Cobelfret at $14,250 per day for 13 months. Diana Shipping (DSX) chartered out 2014 built panamax bulk carrier 77K DWT MV Crystalia to Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd at $12,500 per day. The latest time-charter contracts indicate that period rates are eroding. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) will earn around $15 million from the trio deal. Previously, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) signed charter deals for two (2) bulk carriers that reflected similar trends. Currently, Athens-based shipowner and operator Diana Shipping (DSX) owns and operates 36 bulk carriers.
7-November-2022
Nasdaq-listed shipowner and operator Eagle Bulk Shipping (EGLE) stated that the company is open to acquisitions. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) was a candidate for the fleet of Grindrod Shipping. Both New York-listed shipowners and operators Eagle Bulk Shipping (EGLE) and Genco Shipping & Trading (GNK) had been bidders in the Grindrod acquisition process that eventually saw Taylor Maritime Investments (TMI) prevail. Currently, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers.
7-November-2022
Helsinki-based Aspo Group’s shipping arm ESL Shipping reported operating earnings of $9.6 million in Q3 2022. Mikki Koskinen-led ESL Shipping precautioned of difficulties ahead in shipping markets. Finnish shipowner and operator ESL Shipping is the top dry bulk freight company in the Baltic Sea area. ESL Shipping record third-quarter profit in 2022. Helsinki-based shipowner and operator ESL Shipping reported outstanding performance, particularly considering more mediocre shipping market circumstances and the historical transition of dumping freight flows from Russia due to the war in Ukraine. Currently, Finnish shipowner and operator ESL Shipping operates around 51 bulk carriers.
7-November-2022
Norwegian ship owner and operator Grieg Maritime Group’s subsidiary Grieg Edge and Peak Group established a joint venture that is named Skarv Shipping Solutions. Skarv Shipping Solutions will order four (4) zero-emission coaster-size bulk carriers and start operating by 2025. In 2021, Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. The new structure of Grieg Maritime Group comprises four (4) companies: Grieg Edge (technology), Grieg Star (ship management), Grieg Shipowning (shipowner), and Grieg Green (green recycler). Project specialist shipowner Peak Group and Grieg Edge’s newly established joint venture Skarv Shipping Solutions plans to build and operate a fleet of multi-fuel, zero-emission coaster-size bulk carriers to assist renew the aged Norwegian coaster fleet.
7-November-2022
Tokyo Stock Exchange-listed Japanese shipping giant NYK Line (Nippon Yusen Kabushiki Kaisha) reported an operating profit of $1.1 billion for H1 2022. NYK Line (Nippon Yusen Kabushiki Kaisha) reported revennue of $9.2 million for H1 2022. Hitoshi Nagasawa-led NYK Line (Nippon Yusen Kabushiki Kaisha) increased the company’s operating profits by 38.5% in H1 2022 and reported a 92.7% increase in recurring profit despite demand slowing in the container and dry bulk sectors. Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) is part of the Tokyo Stock Exchange-listed Japanese shipping giant NYK Line (Nippon Yusen Kabushiki Kaisha). NYK Line (Nippon Yusen Kabushiki Kaisha) states container shipping business climate is altering but freight rates were maintained in H1 2022.
7-November-2022
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) unveils the company’s third fund while securing its inaugural contract for wind farm vessels at Cochin Shipyard. Cyprus-based shipping fund Pelagic Partners (Pelagic Yield Fund) has officially announced its involvement in CSOVs (commissioning service operation vessels) at Cochin Shipyard. Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) was established by the Hartmann and Abou Merhi families, renowned for managing one of the largest shipping portfolios in Cyprus. Niels Hartmann, the esteemed CEO of the Hartmann Group, and Atef Abou Merhi, Pelagic Partners is venturing into the realm of offshore wind with the launch of its third fund, aptly named the Pelagic Wind Fund. Under the agreement, Pelagic Partners has procured two (2) firm CSOVs (commissioning service operation vessels) and holds the option for an additional four (4) CSOVs (commissioning service operation vessels) from Cochin Shipyard, constituting an impressive deal valued at over $352 million.
7-November-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) chartered out three (3) bulk carriers to different ship operators. Diana Shipping (DSX) chartered out 2017 built ultramax bulk carrier 60K DWT MV DSI Phoenix to Hong Kong-based ASL Bulk Marine at $13,250 per day for 16 months to 18 months. Diana Shipping (DSX) chartered out 2012 built post-panamax bulk carrier 98K DWT MV Amphitrite to Luxembourg-based Cobelfret at $14,250 per day for 13 months. Diana Shipping (DSX) chartered out 2014 built panamax bulk carrier 77K DWT MV Crystalia to Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd at $12,500 per day. The latest time-charter contracts indicate that period rates are eroding. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) will earn around $15 million from the trio deal. Previously, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) signed charter deals for two (2) bulk carriers that reflected similar trends. Currently, Athens-based shipowner and operator Diana Shipping (DSX) owns and operates 36 bulk carriers.
7-November-2022
New York-listed dry bulk shipping companies’ stocks increased on Friday amid China’s optimism. The Breakwave Dry Bulk Shipping Exchange Traded Fund bounced 4.7% during the day to reach $7.72. Despite the New York-listed dry bulk shipping companies’ stocks increases, Breakwave Dry Bulk Shipping Exchange Traded Fund increased only a penny for the week after touching its lowest point of 2022. New York-listed dry bulk shipping companies’ investors took a liking to indications that China lockdown annoyances are poised to ease.
2-November-2022
Tokyo-listed Japanese shipowner NS United Kaiun Kaisha Ltd (NS United Shipping) reported revenue of $890 million for Q3 2022. NS United Kaiun Kaisha Ltd’s (NS United Shipping) revenue increased by 45% compared to Q3 2021. Kazuo Tanimizu-led Japanese shipowner NS United Kaiun Kaisha Ltd (NS United Shipping) net profit of $132 million for Q3 2022. Tokyo-based shipowner NS United Kaiun Kaisha Ltd (NS United Shipping) attributes advancement in earnings to the recent devaluation of the Japanese yen.
2-November-2022
Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) ordered two (2) LNG-fuelled large coal carriers 95K DWT at Oshima Shipbuilding. NYK Bulk (Nippon Yusen Kabushiki Kaisha) will take the delivery of the two (2) LNG-fuelled large coal carriers in 2025. LNG-fuelled large coal carriers are part of NYK Bulk’s (Nippon Yusen Kabushiki Kaisha) transition to zero-carbon operations. Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) is part of the Tokyo Stock Exchange-listed Japanese shipping giant NYK Line (Nippon Yusen Kabushiki Kaisha). NYK Bulk (Nippon Yusen Kabushiki Kaisha) selects LNG as a pathway to decarbonization. The LNG-fuelled large coal carriers are part of a bulk carrier fleet renewal program. Tokyo-based NYK Bulk (Nippon Yusen Kabushiki Kaisha) aimed at performing net-zero GHG (Greenhouse Gas) emissions by 2050.
2-November-2022
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited controlled 2014 built handysize bulk carrier 37K DWT MV Imabari Logger was alleged inappropriate lashing that conducted to the loss of 26 oil pumping units and damage to another 14 renderings them unusable. AGCS Marine Insurance and Weatherford Artificial Lift Systems filed suit in the United States Federal Court for the Southern District of New York on Friday, requesting the court to arrest the Pacific Basin Shipping Limited-controlled MV Imabari Logger so they can recover $5.4 million. More than two dozen giant oil pumping units fell from MV Imabari Logger into the ocean. Currently, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited owns 115 bulk carriers, operates 137 chartered bulk carriers.
1-November-2022
New York-listed shipowner and operator Costamare Inc. (CMRE) established Costamare Bulkers Services Pte. Ltd. Costis Constantakopoulos-led Costamare Group appointed Ex-Oldendorff team and set up commercial offices in Copenhagen, Hamburg, and Singapore for Costamare Bulkers Services. Costamare Bulkers Services Pte. Ltd. is established in Singapore on 20 September 2022 as a private company. Ex-Oldendorff employees will handle commercial management of supramax, panamax, and capesize bulk carriers at Costamare Bulkers Services Pte. Ltd. Costamare Bulkers Services’ commercial offices are established in Copenhagen, Hamburg, and Singapore will be backed by Costamare Group. Currently, Costamare Bulkers Services Pte. Ltd. operates 45 bulk carriers.
1-November-2022
Pacific Gulf Shipping has leveled serious accusations against the American Club, alleging that the insurance club played a part in obstructing Pacific Gulf Shipping from accessing crucial documents in a court case linked to George Gourdomichalis. Specifically, Pacific Gulf Shipping claims that the American Club has colluded with Chairman George Gourdomichalis in efforts to thwart a $22 million arbitration award Pacific Gulf Shipping won related to a ship abandonment case. The core of the dispute dates back to the 2015 abandonment of the MV Adamastos, a 1995-built 73K DWT bulk carrier, off the coast of Brazil. In the wake of this incident, Pacific Gulf Shipping initiated legal actions against several entities associated with George Gourdomichalis and his brother Stathis Gourdomichalis at the end of 2018. This legal effort resulted in the attachment of the MV Vigorous, a 2005-built supramax dry bulk carrier of 52K DWT, owned by Phoenix Shipping & Trading SA, led by George Gourdomichalis, at Oregon Port. This action was aimed at compelling repayment by George Gourdomichalis. Further complicating matters, in December 2018, just before the onset of 2019, the American Club sought to revoke a warrant in Brooklyn federal court. This warrant demanded the release of documents related to the insurance of the MV Vigorous and MV Adamastos in the Portland suit. The American Club argued that the request for documents was overly broad and that the documents contained confidential information. In January 2019, a Brooklyn judge agreed and approved the motion to revoke the warrant. Despite these challenges, Pacific Gulf Shipping successfully secured an arbitration award against Adamastos Shipping & Trading in London, maintaining that this company, allegedly controlled by the Gourdomichalis brothers, should allow Pacific Gulf Shipping to seize the MV Vigorous as compensation. However, lawyers for Adamastos Shipping & Trading countered in Portland federal court that Pacific Gulf Shipping simply represented a typical shipping business and was not the alter ego of either Phoenix Shipping & Trading SA or Blue Wall Shipping, challenging the adequacy of the grounds to seize the ship. The judge has granted additional time for Pacific Gulf Shipping to substantiate its claims.