28-September-2022
Marfin Management controlled 2006 built supramax bulk carrier 52K DWT MV Jalma Topic was involved in a collision on the Mississippi River on 12 July 2021. The US National Transportation Safety Board (NTSB) has blamed defective electronics of Marfin Management controlled 2006 built supramax bulk carrier 52K DWT MV Jalma Topic for a 2021 collision on the Mississippi River that saw MV Jalma Topic collide into a barge. The US National Transportation Safety Board (NTSB) reported that Marfin Management controlled 2006 built supramax bulk carrier 52K DWT MV Jalma Topic lost steering after a relay on the bulk carrier’s servo control board failed, stopping the bulk carrier’s rudder from turning.
27-September-2022
Saudi Arabia-based shipyard International Maritime Industries (IMI) launches heavy-hitting maritime fund to expand. Aiming to draw shiponwers and business, the biggest shipyard in the Middle East International Maritime Industries (IMI) has come out in support of a Cyprus-based maritime fund Pelagic Partners. New Saudi Arabia-based shipyard International Maritime Industries (IMI) is backed by oil giant Saudi Aramco, VLCC owner Bahri, and Hyundai Heavy Industries (HHI), said it was endorsing the freshly launched Global Maritime Fund. The Global Maritime Fund (GMF) is to be managed by Pelagic Partners, a shipping investment outfit set up in Limassol two years ago by Niels Hartmann and partner Atef Abou Merhi.
19-September-2022
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has clinched an enduring charter agreement with the American maritime and logistics conglomerate, Crowley, encompassing four (4) LNG-propelled ontainerships. Commissioned to be crafted by the illustrious Hyundai Mipo Dockyard of Korea, these 1,400 TEU our (4) LNG-propelled ontainerships are set for a grand unveiling in 2025. This addition will enhance Crowley’s illustrious fleet, fortifying the logistical linkages from US terrains to the shores of Nicaragua, Honduras, Guatemala, and El Salvador. These quartet of maritime marvels are pivotal in propelling Crowley’s ambitious expansion within our logistical endeavours across the United States, Central America, and the Caribbean. Moreover, their adoption of LNG and state-of-the-art emissions mechanisms underscores our unwavering allegiance to groundbreaking innovation and a decarbonised maritime sphere, resonating with Crowley’s overarching sustainability vision. Endowed with sophisticated high-pressure ME-GI engines, procured from MAN Energy Solutions, these four (4) LNG-propelled ontainerships are designed to diminish methane emissions to almost imperceptible magnitudes, thereby cementing their stature as the zenith of environmental efficiency in their echelon. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) CEO Cyril Ducau stated that upon their majestic debut, these four (4) LNG-propelled ontainerships shall epitomize IMO (International Maritime Organization) 2030 compliance a commendable half-decade in advance, poised to play a pivotal role as both the global arena and maritime sector pivot towards purer energy paradigms.
19-September-2022
Monaco-based shipowner and operator GoodBulk Ltd has distributed $165 million to shareholders in 2021. John Michael Radziwill-led GoodBulk Ltd sold eight (8) bulk carriers in Q2 2022. Oslo-listed GoodBulk Ltd preferred the best time to sell the bulk carriers as a robust S&P (Sale and Purchase) market. GoodBulk Ltd reported a net profit of $25.9 million. Oslo-listed GoodBulk Ltd is the public arm of privately-owned C Transport Maritime (CTM).
19-September-2022
South Korean shipowner and operator Hyundai Merchant Marine (HMM) has cooperated with Panasia to develop carbon capture on the company’s vessels. Seoul-based Hyundai Merchant Marine (HMM) is cooperating with leading domestic equipment supplier Panasia to design carbon-capture technology for the company’s vessels. Two South Korean enterprises have been joining forces and expecting to move from feasibility to functioning trials. Hyundai Merchant Marine (HMM) expressed the MOU (memorandum of understanding) will commence with a feasibility analysis and then proceed to operational trials. South Korean shipowner and operator Hyundai Merchant Marine (HMM) considers the approach as having the potential to play a substantial function in lowering CO2 emissions.
19-September-2022
Suez Canal Authority (SCA) will increase the cost of transiting the Suez Canal as international trade expands. Suez Canal Authority (SCA) will increase Suez Canal Tolls by 15% in 2023. However, Suez Canal Tolls for bulk carriers and cruise ships will be increased by 10% in 2023.
18-September-2022
Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) saved $2 million through Navig8’s bunker platform spin-off Engine in H1 2022. Navig8’s bunker platform spin-off Engine is a fuel optimisation service that demonstrates the company’s operations worth over half year. Navig8’s bunker platform spin-off Engine expressed the Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) had paid well below the market average price for bunkers despite volatile circumstances and availability challenges. Currently, Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 128 vessels.
17-September-2022
One of Turkey’s rapidly expanding maritime enterprises, Beks Shipping (Beks Ship Management and Trading), has divested a popular ice-class aframax tanker in a surging market. Beks Shipping (Beks Ship Management and Trading) has successfully sold the 15-year-old MT Beks Atlantica, equipped with a scrubber, for an approximate amount of $33 million. Last year, in September, Beks Shipping (Beks Ship Management and Trading) acquired MT Beks Atlantica for approximately $15.5 million. Throughout the year, Beks Shipping (Beks Ship Management and Trading) has significantly reinforced its fleet of tankers by procuring four MR tankers, one aframax, one LR1, and one LR2 vessel, all constructed between 2003 and 2005. The demand for ice-class aframax tankers has soared following Russia’s invasion of Ukraine. According to Braemar, during most winters, the ice-class aframax/LR2 fleet, boasting an impressive 124 vessels with a rating of 1C and above, accounts for almost four-fifths of all crude oil exported from Russian ports in the Baltic Sea. Prior to the war, Russian interests controlled approximately 20 of these tankers, a figure that could potentially double by year-end.
13-September-2022
Tanker resale prices have experienced a significant surge over the past few months. Anil Sharma, a perceptive observer of these price fluctuations, has made the shrewd decision to capitalize on the recent appreciation of assets. Anil Sharma is renowned for his involvement in ship recycling operations at Global Marketing Systems (GMS). Additionally, he oversees Dubai-based Lila Global. In recent weeks, Dubai-based Lila Global has been actively marketing a considerable number of vintage tanker ships, solidifying what has been a busy year for this understated company. 11 ships entered Lila Global’s fleet and five departed, showcasing some remarkable asset maneuvers. Recently, Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, sold 2007 built aframax tanker 113K DWT MT Lila Fujairah (ex MT Wafrah) for around $28 million. Dubai-based Lila Global acquired MT Lila Fujairah (ex MT Wafrah) for around $17.5 million. Another noteworthy recent transaction involves MT Lila Guangzhou, a suezmax tanker constructed by Bohai Shipbuilding Industry, which has been sold for $23 million. MT Lila Guangzhou joined Dubai-based Lila Global’s fleet in late March, having been purchased for $16.5 million. There has also been a recent sale of the stainless steel chemical tanker 20K DWT MT Lila Frontier. Furthermore, 2004 built Crude Oil Tanker 165K DWT MT Lila Shenzhen is currently being marketed for $23 million. In April, Lila Global acquired MT Lila Shenzhen from COSCO for approximately $16.5 million. Dubai-based Lila Global traces its origins back to 2007, operating alongside GMS in the cash buyer business. Anil Sharma established GMS (Global Marketing Systems) 15 years prior to that. As of today, Lila Global boasts a fleet of 26 ships and aims to expand it to 50 vessels within the next four years. The fleet comprises a diverse range of ship types, including a cruise vessel.
12-September-2022
Imabari-based shipowner Nissen Kaiun controlled 2106 built ultramax bulk carrier 60K DWT MV Hakata Queen has destroyed a pier after seeming to lose control in the port of Barranquilla, Colombia. Japanese shipowner Nissen Kaiun owned MV Hakata Queen smashed into a concrete structure in Barranquilla. MV Hakata Queen was planning to depart the terminal with 30K tonnes of coal cargo when the casualty happened. MV Hakata Queen drifted sideways toward the concrete structure where a tug is tied up. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Currently, Japanese shipowner Nissen Kaiun has a mixed fleet of 159 ships.
10-September-2022
Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) told a conference call with shipping analysts that the fleet disposal was carried out at a reasonable time and that the second quarter was an important one for Navios Maritime Holdings (NM). 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. Angeliki Frangou expresses that Navios Maritime Holdings (NM) has a margin of safety after an $835 million fleet sale. Angeliki Frangou speaks up about other investments after offloading 36 bulk carriers to affiliate Navios Maritime Partners. Sister company Navios Maritime Partners paid $835 million for the 36 bulk carriers earlier this year, with US-listed Navios Holdings using the cash to pay off the debt of $784m. 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.
10-September-2022
Cyprus-based Gravelor Shipping Ltd, an affiliate of the White Lake Shipping Group (W.L Shipping Ltd.), succeeds in purchasing four (4) bulk carriers from sanctioned Russian state finance company GTLK. Limassol-based Gravelor Shipping Ltd won approval in Malta and Ireland for an agreement that expands Gravelor Shipping Ltd’s owned fleet. Gravelor Shipping Ltd, a sister company of the White Lake Shipping Group (W.L Shipping Ltd.), has become the latest shipowner to acquire bulk carriers out of leases held by sanctioned Russian state finance company GTLK. Gravelor Shipping Ltd., part of the White Lake Shipping Group (W.L Shipping Ltd.), was in the process of commencing purchase options contained in bareboat charter agreements for four (4) handysize bulkers when the war in Ukraine started. sanctioned Russian state finance company GTLK was ultimately specified among the Russian entities sanctioned by the EU (European Union) and the US. Belgium-based WL Management BV manages the bulk carriers of Gravelor Shipping Ltd which is an affiliate of the White Lake Shipping Group (W.L Shipping Ltd.)
9-September-2022
Japanese shipowner Nisshin Shipping sold two ultramax bulk carriers to Oslo-listed Jinhui Shipping & Transportation. Tokyo-based shipowner Nisshin Shipping sold 2014 built ultramax bulk carrier 63K DWT MV Western Santos and 2014 built ultramax bulk carrier 63K DWT MV Hanton Trader I for around $25 million each. In 2014, Japanese shipowner Nisshin Shipping took the delivery of the two ultramax bulk carriers from Jiangsu Hantong Ship Heavy Industry. Currently, Japanese tonnage supplier Nisshin Shipping has 74 dry bulk carriers and 20 tankers.
5-September-2022
CITIC Financial Leasing, a subsidiary of China CITIC Bank, has placed an order for an additional five (5) ultramax bulk carriers with Dalian Shipbuilding Industry Company (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC). This contract follows CITIC Leasing’s initial newbuilding order using the operating lease model earlier this year and increases its orderbook at the shipyard to a total of 15 vessels. The exact pricing for these 209 meters long ships, which will be based on the design plan from the Shanghai Merchant Ship Design & Research Institute (SDARI), has not been disclosed. Once these 65K DWT (deadweight ton) ultramax bulk carriers are completed and delivered in 2025, they will be made available for charter to domestic shipping companies. These bulk carriersare primarily intended for operations on domestic coastal routes and along the Yangtze River. In related news, Polish state-owned bulker giant Polish Steamship Polsteam has made a booking for four (4) 37K DWT (deadweight ton) great lake-fitted handysize bulkers at China State Shipbuilding Corporation (CSSC), with a scheduled delivery also in 2025.
3-September-2022
Singapore-based shipowner and operator Berge Bulk will install AR Technologies’ WindWings sails to 2018 built capesize bulk carrier 210K DWT MV Berge Olympus in 2023. James Marshall-led Berge Bulk has become the second shipowner and operator to opt to install BAR Technologies’ WindWings sails to a bulk carrier. In June 2022, Cargill, Mitsubishi Corporation, BAR Technologies (BAR Tech), and Yara Marine Technologies (Yara Marine) announced that Mitsubishi Corporation controlled MV Pyxis Ocean as the first bulk carrier to undergo the building and deployment of BAR Tech’s pioneering wind propulsion technology WindWings. Singapore-based shipowner and operator Berge Bulk will install WindWings sails developed by Portsmouth-based BAR Technologies and rotor sails built by Anemoi Marine Technologies. Singapore-based shipowner and operator Berge Bulk has appeared as a front runner among shipowners organized to test various wind propulsion technologies as Berge Bulk strives to understand how best to cut bunker use and emissions. In 2023, Berge Bulk will install WindWings sails on three (3) more capesize bulk carriers. WindWings are developed by Portsmouth-based BAR Technologies and rotor sails built by Anemoi Marine Technologies.
3-September-2022
Connecticut-based shipowner and operator Eagle Bulk Shipping’s (EGLE) Chief Engineer Kirill Kompaniets reported the United States prosecutors he followed orders of Ship Master. CEO Gary Vogel-led Eagle Bulk Shipping’s (EGLE) Chief Engineer Kirill Kompaniets has been sentenced to jail in a pollution case alleged that the Ship Master directed some of his illegal actions. Eagle Bulk Shipping’s (EGLE) Chief Engineer Kirill Kompaniets sentenced to a year in federal prison for dumping oily bilge water into the sea off New Orleans and for obstructing justice by trying to conceal the offense. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) desires to improve energy efficiency and lower fuel consumption via technical and operational initiatives. In the long term, Eagle Bulk Shipping (EGLE) aims for net-zero emissions. Focus on captain points to Justice Department game plan of pursuing vicarious liability of Ship Owners and Ship Managers. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 53 bulk carriers.
3-September-2022
Taipei-based dry bulk shipowner U-Ming Marine Transport two (2) more ultramax bulk carriers newbuildgs at New Dayang Shipbuilding. The total number of ultramax bulk carriers newbuildgs that U-Ming Marine Transport has ordered increased to four (4). Taiwanese shipowner and operator U-Ming Marine Transport’s demand for bulk carriers continues unabated with the addition of two (2) more ultramax bulk carriers to U-Ming Marine Transport’s growing list of newbuilding orders. In 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. Including the latest order, Taiwanese shipowner and operator U-Ming Marine Transport has ordered a total of 15 newbuilding bulk carriers. Currently, Taiwanese shipowner and operator U-Ming Marine Transport received operates around 60 ships.
2-September-2022
Hamburg-based Oliver Harms-led TMA Bulk Pool reached 30 handysize bulk carriers since February 2020. Termgroup, M/Maritime, and Ariston Navigation pulled bulk carriers out of the Aug Bolten-managed Sea Stallion Pool to establish TMA Bulk Pool. TMA Bulk Pool is poised for growth. Hamburg-based ship operator TMA Bulk Pool is one of the most impressive Greek-German ventures in shipping. Hamburg-based ship operator TMA Bulk Pool will soon manage supramax and ultramax bulk carriers.