31-October-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) chartered out 2015 built ultramax bulk carrier 60K DWT MV DSI Pollux to Delta Corp Shipping at $17,000 per day for 14 months to 16 months. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) will earn around $7 million from the deal. The ultramax bulk carrier sector has been on the rise in recent weeks. Currently, Athens-based shipowner and operator Diana Shipping (DSX) owns and operates 36 bulk carriers.
31-October-2022
New York-listed shipowner and operator Genco Shipping & Trading (GNK) the main shareholder Centerbridge Partners takes a stake below 5% for the first time. Jeffrey Aronson-led private equity firm Centerbridge Partners was one of the biggest shareholders of Genco Shipping & Trading (GNK). Earlier, Centerbridge Partners owned 25% of New York-listed shipowner and operator Genco Shipping & Trading (GNK) shares. In 2021, Jeffrey Aronson-led private equity firm Centerbridge Partners was the owner of one in every four shares of Genco Shipping & Trading (GNK). Centerbridge Partners initiated an incremental selldown of Genco Shipping & Trading’s (GNK) position. Lately, the private equity firm Centerbridge Partners has announced that the company has for the first time taken its holding below 5%. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 44 supramax, ultramax, capesize bulk carriers.
31-October-2022
Danish shipowner and operator Dampskibsselskabet DS Norden A/S confirms dividend coming after market rumors at $3.33 per share for Q3 2022. Jan Rindbo-led Dampskibsselskabet DS Norden A/S has yet to report the company’s latest earnings reports. Copenhagen-listed shipowner and operator Dampskibsselskabet DS Norden A/S published a message stating the company had been made aware that there is news spreading in the shipping market regarding a potential dividend pay-out of $3.33 per share for Q3 2022. However, Dampskibsselskabet DS Norden A/S yet to settle on amount of dividend to disturb to investors. Danish shipowner and operator Dampskibsselskabet DS Norden A/S was established in 1871. Currently, Dampskibsselskabet DS Norden A/S operates around 541 bulk carriers and tankers.
31-October-2022
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited appointed Stanley Hutter Ryan as the company’s new chairman taking over from long-serving David Turnbull. Stanley Hutter Ryan has already been an independent non-executive director at Pacific Basin Shipping Limite. Stanley Hutter Ryan will be Pacific Basin Shipping Limited’s new chairman on 18 April 2023 after the company’s AGM (Annual General Meeting). Stanley Hutter Ryan was a former Eagle Bulk interim CEO set to take on expanded duties at Pacific Basin Shipping Limited. Pacific Basin Shipping Limited specializes in handysize and supramax bulk carriers. Currently, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited owns 115 bulk carriers, operates long-term chartered 24 bulk carriers, and short-term chartered 113 bulk carriers.
31-October-2022
Japan-based shipowner Tamai Steamship Co Ltd (Tamai Shosen Co. Ltd.) ordered a supramax bulk carrier 58K DWT at Oshima Shipbuilding. The supramax bulk carrier will be owned through Tamai Steamship Co Ltd’s (Tamai Shosen Co. Ltd.) Liberian-based subsidiary T.S Central Shipping. Tamai Steamship Co Ltd (Tamai Shosen Co. Ltd.) will take the delivery of the supramax bulk carrier in Q1 2025. Tamai Steamship Co Ltd (Tamai Shosen Co. Ltd.) expressed the supramax bulk carrier had been ordered as replacement tonnage. Tamai Steamship Co Ltd (Tamai Shosen Co. Ltd.), affiliated with the Yamashita-Shinnihon Steamship Group, transports goods such as bauxite, aluminum, and gypsum. Tokyo-based Tamai Steamship Co Ltd (Tamai Shosen Co. Ltd.) primarily engaged in the marine transportation business and the real estate leasing business. Tokyo Stock Exchange-listed Tamai Steamship Co Ltd (Tamai Shosen Co. Ltd.) predominantly carry the bauxite and alumina cargoes for Nippon Light Metal Co. Ltd.
28-October-2022
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships chartered out three ultramax bulk carriers for between 5 and 13 months. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships has fixed three (3) ultramax bulk carriers on term deals to increase the company's revenue backlog. Two charters will commence in October and the third will commence in November. 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. Currently, Oslo-listed shipowner and operator Belships has a fleet of 31 bulk carriers with a carrying capacity of 1.93 million DWT (Deadweight Tonnage).
28-October-2022
London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, predicts the handysize bulk carrier market might be improved towards the end of 2022. Edward Buttery-led Taylor Maritime Investments (TMI) states that the current softening of the dry bulk market was initiated primarily by port de-congestion, which released previously constrained supply and overlapped with the seasonal summer holiday break. However, Taylor Maritime Investments (TMI) sees potential for handysize bulk carrier market recovery when the United States grains begin moving. Handysize bulk carrier market has shown indications of recovery with the Baltic Handysize Index up about 16% at end of Q3. Currently, London-listed Taylor Maritime Investments (TMI) owns and operates around 32 bulk carriers.
28-October-2022
UAE-based Shaikh-family-controlled shipowner and operator Tomini Shipping-controlled 2020 built ultramax bulk carrier 63K DWT MV Tomini Felicity was placed on charter to Singapore-based Victory Shipping Pte Ltd last summer, and the fixture has since spilled into a dispute that is now being fought on the security front ahead of arbitration in London. Singapore-based Victory Shipping Pte Ltd has filed suit seeking to attach the cargo in order to obtain security, with Singapore-based Victory Shipping Pte Ltd pursuing $2.3 million—largely made up of demurrage—against MV Tomini Felicity’s former charterer, Texas-based Texcem. Singapore-based Victory Shipping Pte Ltd is attempting to seize security over more than 500,000 tonnes of cement after a difficult ship voyage during the summer, where MV Tomini Felicity was said to jump from terminal to terminal, a sequence that can quickly inflate port time, waiting time, and the resulting demurrage exposure. The case also puts a spotlight on CEO Numair Shaikh-led Dubai-based Tomini Shipping and how Tomini Shipping runs its dry bulk platform: Tomini Shipping is best known for operating handy, supramax, and ultramax bulk carriers, and Tomini Shipping has been based in Dubai, UAE since Tomini Shipping moved there in 2004. Commercially, Tomini Shipping’s chartering activities are performed by Alpina Chartering in Denmark, reflecting the model Tomini Shipping has used to secure employment and manage freight exposure, while Tomini Shipping focuses on ownership oversight and operating execution across its bulk carrier fleet. Beyond ship operations, Tomini Shipping maintains a broader organizational footprint through Tomini Shipping’s crew management centers in Mumbai and Karachi and Tomini Shipping’s wider Tomini Group interests, including activity in the classic cars business. As currently reported, UAE-based shipowner and operator Tomini Shipping owns and operates 24 bulk carriers, and the MV Tomini Felicity dispute shows how quickly a single ship voyage involving repeated terminal changes can escalate into high-value claims and cargo security actions even for an established dry bulk operator like Tomini Shipping.
27-October-2022
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited opts for methanol on subsequent handysize and supramax bulk carrier newbuildings. CEO Martin Fruergaard-led shipowner and operator Pacific Basin Shipping Limited has reviewed options with Nihon Shipyard and Mitsui & Co. Pacific Basin Shipping Limited specializes in handysize and supramax bulk carriers. Pacific Basin Shipping Limited is going for green methanol as the company’s future bunker of preference. Hong Kong-based shipowner and operator Pacific Basin Shipping Limited has been devising a new generation of zero-emission bulker carriers and bunkering infrastructure with Nihon Shipyard and Mitsui & Co. Pacific Basin Shipping Limited has concluded the feasibility analysis into how new handysize and supramax bulk carriers can be commercially practicable.
26-October-2022
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading received $136 million in financing from SPDB Financial Leasing for four (4) ultramax newbuilding bulk carriers at New Dayang Shipbuilding, as well as for another four (4) ships already operating. CEO Vasileios Papakalodoukos-led Ciner Shipping Industry & Trading notched up yet another ship financing deal in China, strengthening the company’s already remarkable history of leasing transactions there. Ciner Shipping Industry & Trading will take the delivery of four (4) ultramax newbuilding bulk carriers at New Dayang Shipbuilding in 2024. Ciner Shipping Industry & Trading was founded in 2009 by Turgay Ciner. Istanbul-based shipowner and operator Ciner Shipping Industry & Trading charters out the company’s fleet to first-class charterers such as Cargill, RWE, Pacific Basin, SwissMarine, Western Bulk, Rio Tinto, Vale, BHP Billiton, Bunge, Arcelor Mittal, Oldendorff, Vitol, KOCH Industries, Louis Dreyfus. Currently, the Ciner Shipping Industry & Trading fleet comprises 20 bulk carriers with a combined deadweight of approximately 1,400,000 tons and 4 suezmax tankers with a combined deadweight of 635,000 tons.
26-October-2022
Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited sold 2004 built supramax bulk carrier 52K DWT for around $13.3 million. Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping & Transportation Limited will deliver the supramax bulk carrier to the new owners at the beginning of December. Previously, Jinhui Shipping and Transportation Limited sold 2010 built post-panamax bulk carrier 93K DWT MV Jin Lang and 2010 built post-panamax bulk carrier 93K DWT MV Jin Mei. Jinhui Shipping & Transportation Limited sold three bulk carriers in October due to a fleet renewal programme. Currently, Jinhui Shipping and Transportation Limited owns and operates 25 supramax bulk carriers.
26-October-2022
Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) has repurchased more than $9.24 million worth of the company’s preferred shares through a tender offer, which meant less than half of the shares Navios Maritime Holdings (NM) had aimed to acquire. Navios Maritime Holdings (NM), whose primary investment is a stake in Navios South American Logistics, had offered to buy up to $20 million in shares through the offer, which ran from 14 September 2022 to 12 October 2022, before the offer was extended until Friday. In late July 2022, New York-listed shipowner and operator Navios Maritime Holdings (NM) sold its 36 bulk carriers to spin-off Navios Maritime Partners for $835 million, after the daughter company had previously taken over Navios Maritime Acquisition for $827 million in January 2022. In August 2021, Navios Maritime Partners and Navios Maritime Acquisition merged to bring together bulk carriers with tankers. Currently, Angeliki Frangou-led Navios Partners has a fleet of 188 vessels and 22 newbuildings.
26-October-2022
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime keeps the share buybacks rolling after tanker sales. Athens-based Nasdaq-listed United Maritime has conducted the second buyback of 1.4 million shares, at an average price of $2.08 each. Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime has now repurchased $6 million of its stock in recent months, at an average price of $1.81 each. United Maritime restarts to increase shareholder value with open-market deals. Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime has started another share buyback as the company restarts to return money to shareholders.
25-October-2022
London-based SodaFlexx has announced it is retrofitting 1991 built post-panamax bulk carrier 96K DWT MV Yeoman Bridge with scrubbers that utilize baking soda to remove sulfur oxide emissions. Amsterdam-based Bontrup-controlled MV Yeoman Bridge was installed with a baking soda-operated exhaust gas cleaning system. London-based SodaFlexx accomplished three years of trials. Presently, the application for removing sulfur oxide is in the procedure of receiving a United States patent.
24-October-2022
Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited held a celebratory 70th anniversary in London. Wah Kwong Maritime held a well-attended reception at the Berkeley Hotel. Recently, CEO Hing Chao-led shipowner and operator Wah Kwong Maritime opened a new commercial office in London. Wah Kwong Maritime Transport Holdings Limited was founded in Hong Kong in 1952 by T.Y. Chao. Wah Kwong Maritime Transport Holdings Limited evolved from tiny beginnings carrying bulk cargoes within Asia to becoming a reputable international shipping company now managed by the third generation of the Chao family.
22-October-2022
Koch Supply and Trading’s ship chartering arm Koch Shipping Pte Ltd. chartered four (4) of its LNG dual-fuel newcastlemax bulk carriers on long-term time charters from Tor Olav Troim-backed 2020 Bulkers’ sister-company Himalaya Shipping. Singapore-based Koch Shipping Pte Ltd. chartered four (4) of its LNG dual-fuel newcastlemax bulk carriers on 24 month period deal. Koch Supply and Trading’s ship chartering arm Koch Shipping Pte Ltd. will take delivery of four (4) of its LNG dual-fuel newcastlemax bulk carriers when the ships are delivered from New Times Shipbuilding in Q2 and Q3 2023. American giant Koch Industries Commodities Group’s shipping arm Koch Shipping Pte Ltd. chartered four (4) of its LNG dual-fuel newcastlemax bulk carriers at an undisclosed index-linked rate. The charter deal incorporates specific options to commence two charters in 2024. Furthermore, Koch Shipping Pte Ltd’s charter deal incorporates an allocation of profits from any financial advantages achieved from the bulk carriers’ scrubbers or the usage of LNG fuel. Tor Olav Troim-backed Oslo-listed Himalaya Shipping expressed the new charter contracts represent six (6) of Himalaya Shipping’s twelve (12) LNG dual-fuel newcastlemax bulk carriers now have long-term employment lined up for when the newcastlemax bulk carriers are delivered. John Fredriksen’s former right-hand man Tor Olav Troim-backed Bermuda-registered shipowner Himalaya Shipping Ltd is the sister company of 2020 Bulkers.
20-October-2022
Croatian shipowner and operator Atlantska Plovidba has put 2016 built handysize bulk carrier 39K DWT MV AP Revelin back into service two months after the bulk carrier suffered severe damage in a collision. Dubrovnik-based and Zagreb Stock Exchange-listed shipowner Atlantska Plovidba controlled MV AP Revelin was in collision with another ship in the US on 21 August 2022. Croatian shipowner and operator Atlantska Plovidba has repaired MV AP Revelin in the United States. 2016 built handysize bulk carrier 39K DWT MV AP Revelin has now been successfully repaired and has resumed routine trade operations. Currently, Atlantska Plovidba operates 11 bulk carriers extending from handysize up to panamax bulk carriers with 227 employees.
20-October-2022
Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited sold 2010 built post-panamax bulk carrier 93K DWT MV Jin Lang and 2010 built post-panamax bulk carrier 93K DWT MV Jin Mei for $34.5 million total. Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping & Transportation Limited will deliver MV Jin Lang and MV Jin Mei to the new shipowner in Q4 2022. Jinhui Shipping and Transportation Limited aim to reduce the fleet’s age profile. Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited is set to become a pure supramax shipowner after deciding to sell MV Jin Lang and MV Jin Mei. Currently, Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping & Transportation owns 26 supramax bulk carriers.
20-October-2022
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) has raised the company’s annual dividend target from $0.080 to $0.085 per share, beginning in Q4 2022. Tufton Oceanic Assets Limited (TOAL) is motivated by strong cash flows from increased charter cover, diversification, and continued supply-side recovery. 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 increased the dividend target in stronger clean tanker markets. Tufton Oceanic Assets Limited (TOAL) considers tanker sector strength will be magnified by European Union ban on Russian oil.
19-October-2022
Athens-based shipowner and operator Maran Dry Management (MDM) controlled 2016 built capesize bulk carrier 180K DWT MV Maran Excellence escapes Ukraine before the grain window closes. Angelicoussis-family-led Maran Dry Management (MDM) controlled 2016 built capesize bulk carrier 180K DWT MV Maran Excellence usually carries iron ore, is now steering for Spain with a cargo of barley, wheat, and corn. MV Maran Excellence was loaded at the port of Yuzhny, Ukraine where the capesize bulk carrier had been trapped since the outbreak of war. 2016 built capesize bulk carrier 180K DWT MV Maran Excellence is the second of Angelicoussis Group-controlled capesize bulk carriers caught up in Ukraine. Maran Dry Management (MDM) controlled MV Maran Excellence has managed to safely sail out of the war zone. Currently, Angelicoussis-family-led Maran Dry Management (MDM) owns 51 capesize bulk carriers and newcastlemax bulk carriers.
15-October-2022
Bermuda-registered shipowner Himalaya Shipping Ltd. may sell some of the company’s LNG-fuelled newcastlemax newbuildings if dry bulk markets fall short of predictions. Oslo OTC (Over the Counter) Market-listed shipowner Himalaya Shipping Ltd.’s cash position of $4 million at the end of June 2022 seems a little tight. Nevertheless, Tor Olav Troim-backed Oslo-listed shipowner Himalaya Shipping has $15 million of a revolving credit facility still untouched. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding.
15-October-2022
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited notices plenty of reasons to be optimistic about freight markets going forward, despite the storm of macroeconomic negative reports. CEO Martin Fruergaard-led shipowner and operator Pacific Basin Shipping Limited can benefit from robust demand for minor bulks and is not reliant on China. In China, the construction sector has weakened and zero-Covid procedures have affected economic activity. Furthermore, demand for minor-bulk transportation by sea decreased due to globally poor economies. Hong Kong-based shipowner and operator Pacific Basin Shipping Limited specializes in handysize and supramax bulk carriers. Freight markets for handysize and supramax bulk carriers witnessed a downshift during Q3 202022.
15-October-2022
South Korean shipowner and operator Polaris Shipping Co. Ltd. has a fairly high debt-to-equity ratio of about 500%. Seoul-based shipowner and operator Polaris Shipping is understood to be in refinancing discussions. In June 2022, Hoban Construction, a subsidiary of a Chinese private equity fund spent $105 milion to buy a 25% stake in the South Korean shipowner and operator Polaris Shipping Co. Ltd., which was held by private equity fund Polaris Ocean PEF. Struggling shipowner Polaris Shipping Co. Ltd. is shoring up its business against would-be buyers after fending off the advances of a local consortium. Currently, South Korean ship owner and operator Polaris Shipping has a fleet of 32 capesize bulk carriers and 3 tankers.
15-October-2022
The International Monetary Fund (IMF) has published an improved outlook for the economies of China and India. The International Monetary Fund (IMF) anticipates GDP growth for China to increase to 3.4% in 2023 from 2.2% in 2022. The International Monetary Fund (IMF) anticipates GDP growth for India to increase to 6.1% in 2023. However, some dry bulk shipowners and shipping professionals are not that optimistic about economic growth in 2023.
14-October-2022
Athens-based shipowner and operator Atlantic Bulk Carriers Management (ABCML) declared methanol as the future fuel. Atlantic Bulk Carriers Management (ABCML) stated that the traditional shipowner has opted for methanol and will build the future bulk carriers to be prepared for that distinct technology when Atlantic Bulk Carriers Management (ABCML) next orders new building bulk carriers. Coumantaros family-controlled Atlantic Bulk Carriers Management (ABCML) will no longer sit on the fence and make propulsion choices. Greek shipowner and operator Atlantic Bulk Carriers Management (ABCML) has compared all fuel alternatives and preferred methanol as the future fuel. Customarily, Atlantic Bulk Carriers Management (ABCML) orders new-building bulk carriers as part of periodic fleet renewal and sells a proportionate number of older tonnage. Atlantic Bulk Carriers Management Ltd (ABCML), a Marshall Islands Company with headquarters in Athens, is a ship operator of Handymax, Supermax, and Panamax size bulk carriers. Atlantic Bulk Carriers Management (ABCML) has a robust presence in international shipping with long experience delivering secure and trustworthy worldwide transportation services by sea. Atlantic Bulk Carriers Management’s (ABCML) success is embedded in the company’s admiringly trained and dedicated team and the modern fleet the company operates. Currently, Greek shipowner and operator Atlantic Bulk Carriers Management (ABCML) has a fleet of 19 bulk carriers.
11-October-2022
Does a rapturous ovation suffice as recompense for twenty prolonged months of captivity in a Mexican prison? Most would surmise not. Nevertheless, the eminent Polish luminary, Andrzej Lasota, was palpably touched as he was showered with accolades from over a hundred maritime magnates and dignitaries at the Maritime Cyprus symposium in Limassol this past Wednesday. Merely moments prior, the revered captain of Intership Navigation recounted the harrowing ordeal he endured in 2019, a period during which Mexican officials accused him of smuggling and negligence, subsequent to the discovery of 240 kg of cocaine aboard the 32K DWT MV UBC Savannah (constructed in 2000). At the age of 64, it was Lasota himself who had summoned the authorities regarding the narcotics, and after an agonizing near-two-year confinement and a petition amassing close to 10,000 endorsements pleading for his emancipation, he was exonerated. “Those acquainted with me are well-aware of my unwavering commitment to abiding by regulations,” remarked Lasota, his voice quivering with fervor, compelling him to pause intermittently. He eschewed delving into the specifics of his tenure in the formidable Mexican prison, elucidating that the sheer brutality of his memories would be too disconcerting for the ladies present. Stephen Cotton, the esteemed general secretary of the International Transport Workers’ Federation, commented on the propensity of several nations to mishandle such predicaments, rendering the crew as inadvertent casualties. Cotton further opined that had Lasota’s reputation remained tarnished, it would have spelled the end of his illustrious career. “The predicament you encountered is, regrettably, not an isolated one,” he confided to Lasota. Cyprus, bearing the flag of the MV UBC Savannah, has pledged to champion this cause diplomatically. Vassilios Demetriades, the nation’s deputy minister overseeing maritime affairs, has vowed to elevate this grievance to the European Parliament’s purview. Cyprus is poised to advocate for a global resolution, urging nations to counteract such unwarranted criminal imputations, he professed. “The hour has arrived to dispatch a potent political missive.” Maritime tycoons proffered pragmatic proposals. Jan Meyering, the co-director of Marlow Navigation, postulated that an industry-spanning helpline might be efficacious. “Entities often grapple with these challenges in isolation,” Meyering observed. Such a centralized conduit could expedite collaborative efforts, ranging from linguistic interpretations to proffering legal counsel and support. In confronting the rigidity of certain jurisdictions, every iota of diligence is imperative, asseverated Lasota. Clad in his captain’s garb and on the brink of emotional overwhelm, he conveyed that their eventual triumph was attributable to the tenacity of his legal counsel, the intercessions of the ambassador, the unwavering support of his superior, the solidarity of many a compatriot, and the undying faith of his kin — culminating in the conclusion of his saga.
10-October-2022
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has signed up for a $200 million loan to finance the company’s acquisition of a series of ultramax bulk carriers from Sea Trade Holdings. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) expressed the term loan will be delivered by Nordea Bank. Diana Shipping (DSX) CFO Ioannis Zafirakis expressed more details will be seen in the next securities filings.
9-October-2022
Cyprus, strategically poised as the Mediterranean’s third-largest island, has long served as an essential nexus for trade and cultural exchange. Today, its legacy endures as it emerges as an epicentre of the international maritime industry, with Limassol, also known as Lemesos in Greek, reigning as the heart of this maritime dynamism. Though it retains the quaintness of a town boasting just over 100,000 denizens, Limassol stands tall as Europe’s premier third-party shipmanagement centre and a global maritime beacon, brimming with complementary services. Additionally, it is the administrative seat of the EU’s third-largest shipping register, 11th on a global scale, and a harbour recently revitalized through privatization. Limassol’s contemporary maritime eminence traces back half a century when German maritime luminaries like Klaus Oldendorff, Bernhard Schulte, and Heinrich Scholler were enticed by Limassol’s alluring low-tax base to oversee their fleet. The juxtaposition of the island’s pristine Mediterranean shoreline and the proximity to ski-friendly central mountains offered a lifestyle of unparalleled allure. Later, the Norwegian tanker mogul John Fredriksen briefly anchored his operations there. The influx of these North European maritime connoisseurs invigorated the local shipping fraternity and spurred enhancements to the Cyprus flag, previously perceived as a budget sanctuary for aging Greek and Levantine vessels of questionable calibre. Cyprus’ 2004 induction into the European Union heralded enhanced flag standards. Concurrently, several Limassol-based shipmanagers evolved into shipowners, orchestrating ambitious newbuilding ventures, primarily in China, characterized by eco-friendly innovations. Presently, Limassol boasts one of the EU’s most vibrant national shipping administrations, closely collaborating with the Cyprus Shipping Chamber (CSC) and the Cyprus Union of Shipowners (CUS), both of which are headquartered in the city. Collectively, these entities exert significant clout within EU and global maritime spheres, a testament to which is the prominent roles held by Limassol’s maritime professionals in international federations. Notable figures such as Philippos Philis of Lemissoler Navigation, Mark O’Neil of Columbia Shipmanagement, Themis Papadopoulos of Interorient, and Despina Panayiotou Theodosiuou of Tototheo Maritime have ascended to leadership roles in esteemed international maritime associations. Additionally, the Cyprus shipping ministry, despite the title constraints due to the Turkish occupation in the north, is led by Vassilios Demetriades, a former European Commission officer, further reinforcing Limassol’s prominence in EU shipping negotiations. Philou’s firm, Lemissoler, embodies the compassionate spirit of Limassol’s inhabitants, as articulated by its founder. Other stalwarts championing Cyprus’s maritime legacy include Polys Hajioannou of Safe Bulkers, and the legacy of Lucas Haji-Ioannou, once the brain behind the world’s most formidable tanker fleet, Troodos. Today, the Cyprus flag adorns over 2,200 ocean-faring vessels. However, the lingering political tension regarding northern Cyprus, epitomized by Turkey’s embargo, poses challenges. Nevertheless, as CSC president Themis Papadopoulos articulates, such constraints have not deterred Cyprus from ascending as a leading maritime power. Papadopoulos’s enterprise, Interorient, stands out as a dominant product carrier operator, collaborating closely with Denmark’s Norden. Moreover, it is one of the preeminent Cypriot-owned shipmanagers. Other notable entities like Intership Navigation and Donnelly, part of the Hartmann Group, manage a significant fleet. Dieter Rohdenburg, Intership CEO, envisions a continuing uptrend in shipowners/managers in Limassol, albeit with the emerging challenge of affordable housing.
9-October-2022
Nikolas Pateras’ Contships gracefully acquires Lomar Shipping’s quartet of sister container ships. Contships Management, headquartered in Athens, remains devoted to the feeder container ship sector by procuring its youngest fleet yet. Demonstrating their unwavering commitment, Nikolas Pateras’ Contships Management, the foremost independent owner of vessels ranging from 900 TEU to 1,500 TEU, solidifies its position with yet another acquisition. The esteemed Athens-based Contships Management has reached an agreement to purchase four container ships from Lomar Shipping. This recent transaction elevates Nikolas Pateras-led Contships Management’s container ship fleet to a remarkable total of 46 ships.
8-October-2022
Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group is ready to spend $100 million on its stock after steep stock price falls in recent weeks. CEO Ulrik Andersen-led Golden Ocean Group commenced a $100 million buyback programme after the company’s share price slumps. John Fredriksen controlled Golden Ocean Group’s BOD (Board of Directors) has approved a share buyback programme of up to 10 shares on the Oslo and Nasdaq exchanges. Timing is right to pay dividends to shareholders as long-term prospects seem encouraging. Currently, John Fredriksen’s bulker company Golden Ocean Group has a fleet of 94 bulk carriers.
7-October-2022
Tor Olav Troim-backed Oslo-listed Himalaya Shipping chartered out twelve (12) LNG-fuelled newcastlemax bulk carriers over three years at record charter rates to a prominent commodity trader. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping reported that newcastlemax bulk carriers would earn a substantial premium to the Baltic Exchange Index. Himalaya Shipping’s twelve (12) LNG-fuelled newcastlemax bulk carriers will be constructed at New Times Shipbuilding. Himalaya Shipping signed the deal with options for an additional one year.
7-October-2022
Athens-based Lou and George Kollakis-led shipowner and operator Chartworld Shipping Corporation send 2004 built capesize bulk carrier 174K DWT MV Star Tianjin to scrap at PHP Shipbreaking & Recycling Industries in Bangladesh. PHP Shipbreaking & Recycling Industries is the Bangladesh’s only recycling yard certified as being compliant with the Hong Kong Convention for the Safe Recycling of Ships. Lately, 2004 built capesize bulk carrier 174K DWT MV Star Tianjin is one of the very rare demolition arrivals due to currency and credit difficulties in Bangladesh. CEO Lou Kollakis-led Chartworld Shipping Corporation operates around 40 ships at a given time. Athens-based shipowner and operator Chartworld Shipping Corporation has a chartering arm Chartworld Chartering Corporation (CCC). Chartworld Shipping specialize in international maritime transportation, in particular, moving dry bulk commodities by connecting shipowners with First Class Charterers (FCC). Futhermore, Chartworld Shipping offers ship management and technical management services to third party shipowners.
7-October-2022
Bulk carriers hauling Russian coal were left stranded mid-voyage without insurance in June 2022 after the European Union modified its sanctions guidance. Uninsured bulk carriers were stranded after a European Union sanctions flip-flop and the troubles could reoccur as the European Union agrees on Russia’s oil price cap scheme. One bulk carrier was forced to shift to a safe port before reaching the ship’s scheduled destination to unload cargo to avoid falling foul of regulators. Shipowners and charterers suffered losses over a contract that will end up in the courts.
3-October-2022
Dubai-based shipowner and operator MUR Shipping started the Force Majeure Clause in its COA (Contract of Affreightment) with charterer RTI in April 2018 four days after the United States government imposed sanctions on metals tycoon Oleg Deripaska, then president of the charterer’s parent company, Rusal. Oleg Deripaska-led RTI wants the English court to overturn the ruling in a dispute over seven (7) bulk carriers of Dubai-based shipowner and operator MUR Shipping. Oleg Deripaska-led RTI appealed to the English courts over the loss of a $2 million arbitration award when the company’s COA (Contract of Affreightment) was terminated by MUR Shipping.
Dubai-based shipowner and operator MUR Shipping has a fleet of 41-owned geared dry bulk carriers, ranging from 27,000 to 61,000 dwt. MUR Shipping fleet consists of open hatch box-shaped, mainly log or grab-fitted bulk carriers.
Dubai-based shipowner and operator MUR Shipping has built long-term relationships with first-class shipyards in Japan and China. MUR Shipping has assisted in the capability to offer charterers access to high-quality, modern, and fuel-efficient dry bulk carriers with an extensive range of freight and trade routes. Dubai-based shipowner and operator MUR Shipping controlled dry bulk carriers have many features that enhance energy efficiencies allowing to reduce the impact on the environment. Including the chartered fleet, Dubai-based shipowner and operator MUR Shipping controls a fleet size of around 140 on the water at any given time.
1-October-2022
London-based Lomar Shipping has concluded the acquisition of German tanker owner Carl Buttner Holding for a substantial sum of $160 million. This landmark deal, involving a fleet of six chemical product tankers, ushers in a new era for the long-established German shipowner, Carl Buttner Holding, which boasts an impressive 166-year history. Led by Nicholas Georgiou, Lomar Shipping, headquartered in London, has successfully finalized the purchase of Carl Buttner, a renowned German tanker owner. As part of the agreement, London-based Lomar Shipping will assume control of six chemical product tankers, ranging from 25,000 dwt to 40,000 dwt. Additionally, Lomar Shipping will assume responsibility for the ship management and crewing operations of the Bremen-based shipowner. This strategic move signifies a significant turning point for Carl Buttner Holding, a company steeped in 166 years of tradition. The sale of the esteemed German company, Carl Buttner Holding, is being orchestrated by Maike Buttner and Jorn Buttner, the fifth-generation shareholders.