April 2023

29-April-2023

New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has shown appreciation for its CEO, Gary Vogel, by granting him a sum of $3.5 million. This amount constitutes half of CEO Gary Vogel’s total compensation package of $7 million for the year 2022. The condition for the retention grant is that Gary Vogel remains in his position as the CEO until May 2026, which accounts for half of his overall pay package. CEO Gary Vogel’s compensation package was authorized by Eagle Bulk Shipping’s board of directors. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 51 bulk carriers.

29-April-2023

Helsinki-based Aspo Group’s shipping arm ESL Shipping’s plan to purchase a zero-emission handysize bulk carrier is contingent upon the availability of green fuel. The CEO of the Finnish bulker company, Mikki Koskinen, has unveiled the forthcoming stage of the fleet’s transformation. ESL Shipping has declared its plans to exit the supramax sector while simultaneously seeking a group of investors to purchase eco-friendly vessels. According to CEO Mikki Koskinen, ESL Shipping has made significant progress in the technical development of the next generation of handy-size and coastal dry cargo vessels. Currrently, ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships.

28-April-2023

Niels Hartmann and Atef Abou Merhi-led Pelagic Yield Fund (PYF) acquired the 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) from The Netherlands-based Van Weelde Shipping Group. Cyprus-based Niels Hartmann and Atef Abou Merhi-led Pelagic Yield Fund (PYF) sees a favorable entry point into the handy bulk sector. Pelagic Partners, a shipping company headquartered in Cyprus, has made a strategic move into the sector by acquiring another handysize bulker for its fleet. 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) was built at Shimanami Shipyard in Japan.

27-April-2023

Helsinki-based shipowner and operator ESL Shipping has announced plans to decarbonize its Baltic Sea operations by investing in zero-emission ships. To fund this transition, the ESL Shipping plans to sell some of its larger, more traditional ships and pool together funds from investors. The parent company of ESL Shipping, Aspo Group, has also stated that they will be investing in environmentally friendly industrial and green energy projects in the Baltic Sea region, which they estimate to be worth tens of billions of dollars over the coming years. As a result, ESL Shipping is expected to see substantial growth opportunities, which will require new financing models.

27-April-2023

Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) acquired 2014 built ultramax bulk carrier 61K DWT MV Bulk Prudence (ex MV CL Ebisu) from Belgian shipowner and operator Conti-Lines. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solution (PANL) has ventured into the second-hand dry bulk market to acquire a 2014-built ultramax bulk carrier in a rare move. Mark Filanowski-led Pangaea Logistics Solutions (PANL) paid around $26 million for the MV Bulk Prudence (ex MV CL Ebisu). Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers.

27-April-2023

Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) has expanded its presence in the handysize segment by acquiring the bulk carrier 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence). MV UBC Halifax (ex MV Olivian Confidence) was built at Shimanami Shipyard in Japan and has now been reflagged to Cyprus. Niels Hartmann and Atef Abou Merhi-led Pelagic Yield Fund (PYF) purchased the 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) just around $20 million from Dutch Van Weelde Shipping. 2013 built handysize bulk carrier 38K DWT MV UBC Halifax (ex MV Olivian Confidence) will trade with the United Bulk Carriers (UBC) USA Pool. In March 2023, Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) announced the company’s focus on acquiring handy bulkers and had previously purchased the 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg from Hamburg-based shipowner and operator Carrier 53 for around $14 million. 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg was built by Hyundai Mipo. Cyprus-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) founded by the Hartmann and Abou Merhi families, stated in a release that they continue their handysize bulk carrier purchase program based on promising market fundamentals, particularly on the supply side and trade outlook for the H2 2023 and beyond. Niels Hartmann and Atef Abou Merhi emphasize the importance of selecting assets that align with the trading patterns of their pool partners in order to maximize performance and outperform the general market.

27-April-2023

The Ukrainian Navy has lodged an accusation against Russia for impeding the departure of four vessels loaded with grain from Ukrainian ports. Ukrainian officials have reported that representatives of the Russian side in the Joint Coordination Centre located in Istanbul have refused to authorize the movement of vessels to and from the seaports of Ukraine via the Maritime Humanitarian Corridor, which functions within the ambit of the Black Sea Initiative for the export of grain and related foodstuffs by the sea. In response to online reports, the Ukrainian Navy has denied any allegations of impeding ships from departing from the port of Odesa, which is one of the three Black Sea ports included in the grain initiative. These claims have surfaced amid a series of allegations and counter-allegations exchanged between Russia and Ukraine over the UN Black Sea Grain Initiative. Russia has claimed that Ukrainian ship inspectors have been demanding bribes to facilitate passage through the humanitarian corridor. Earlier in April, Ukraine held Russia responsible for the delays in ship inspections. The ongoing exchange of accusations has erupted during negotiations over the renewal of the Black Sea Grain Initiative agreement, which expires on May 18. Russia has issued a warning of terminating the agreement because it is dissatisfied with the hurdles created by sanctions on banking, shipping, and insurance for its fertilizer exports, which are included in the original agreement. In a bid to renew the agreement, UN Secretary-General Antonio Guterres has sent a letter to Russian President Vladimir Putin proposing a possible compromise.

27-April-2023

London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, is sanguine regarding the support for their earnings and asset values in light of China’s reawakening. Edward Buttery-led Taylor Maritime Investments (TMI) has expressed a positive outlook for bulker markets in the latter half of 2023. The charter sector has experienced a rapid revival since mid-February, with the Baltic Exchange’s handysize index increasing 60% until the end of March, following an earlier-than-usual Chinese New Year, as per Taylor Maritime Investments (TMI). Dry bulk earnings are expected to witness a rise throughout 2023, in part driven by China, which accounts for approximately 50% of the dry bulk market and is displaying initial signs of an economic recovery. Moreover, global macroeconomic headwinds are anticipated to ease as the year progresses. Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, was publicly listed on 24 May 2021 at London Stock Exchange.

26-April-2023

Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd, Costamare Bulkers, and Cobelfret have entered the dry bulk period charter market with a desire to secure kamsarmax bulk carriers for charters lasting over a year. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) controlled 2015 built kamsarmax bulk carrier 81K DWT MV Astarte has successfully chartered out to the esteemed operator, Reachy Shipping (SGP) Pte Ltd, based in Singapore, at an impressive rate of $15,000 per day. This charter is set to commence on Sunday and extend until a period between 1st August and 1st October 2024. It is noteworthy that the rate achieved is well below current market assessments for such period charters.

26-April-2023

London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, banks insurance payment for a handysize bulk carrier that is trapped in Ukraine. Edward Buttery-led Taylor Maritime Investments (TMI) has been paying off debt through ship sales and an insurance payout for a bulk carrier stranded in Ukraine. Taylor Maritime Investments (TMI) expressed the company is on track to reach its deleveraging target by the end of June 2023 after knocking $64 million off the total in Q1 2023. Taylor Maritime Investments (TMI) stated the company’s plan of using ship sales to cut debt was backed by a strong sale-and-purchase market. London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, had taken the company’s ownership of Grindrod Shipping up to 78.3% in December 2022.

25-April-2023

Ohio based US-flag lake-fitted bulk ship operator Interlake Steamship controlled 1952 built lake-fitted handysize bulk carrier 24K DWT MV Kaye E Barker moored safely after grounding off Michigan. MV Kaye E Barker refloated late Monday afternoon. 1952 built lake-fitted handysize bulk carrier 24K DWT MV Kaye E Barker ran aground in the morning hours in Lake Michigan off the US port of Muskegon. Ohio based US-flag lake-fitted bulk ship operator Interlake Steamship performed some lightering and refloated the handysize bulk carrier late afternoon. Interlake Steamship stated that there were no injuries, pollution or damage to the MV Kaye E Barker as a result of the grounding, but its cause has not yet been determined. The US-flagged 1952 built lake-fitted handysize bulk carrier 24K DWT MV Kaye E Barker had become stuck in the sand just off the harbour’s outer breakwall as the bulk carrier approached the port at a slow speed. Interlake Steamship controlled 1952 built lake-fitted handysize bulk carrier 24K DWT MV Kaye E Barker was carrying around 23,000 tonnes of stone from the Ontario port of Meldrum Bay when the ship ran aground. MV Kaye E Barker is classed by ABS (American Bureau of Shipping) and has P&I (protection and indemnity) insurance from Steamship Mutual. MV Kaye E Barker had previously become ensnared on a sandbar at almost precisely the same location almost one year ago. In the year 2017, the US-flagged 1952 built lake-fitted handysize bulk carrier 24K DWT MV Kaye E Barker had been previously embroiled in a collision while navigating Lake Michigan. The incident resulted in harm to a small watercraft and led to a temporary shutdown of a drawbridge that spanned an inlet to Green Bay, Wisconsin.

The Interlake Steamship Company can trace its distinguished heritage back to 1883, when Pickands Mather & Company was first established. Over the course of more than a century, our company has undergone a remarkable transformation - from the vessels we operate, to the goods we transport, to the cutting-edge technology we employ, to the ports we call upon, and even to our very name. Throughout this remarkable evolution, the Interlake Steamship Company has remained steadfastly committed to serving the needs of our valued Great Lakes customers and our cherished region, navigating through the ever-shifting tides of change. As a proud and devoted family-owned enterprise, we pledge to continue doing everything within our power to support the growth of Great Lakes shipping, while delivering unparalleled excellence in service to the discerning market.Currently, Ohio based US-flag lake-fitted bulk ship operator Interlake Steamship operate and manage a versatile fleet of nine (9) self-unloading bulk carriers that range in carrying capacity from 24,800 to 68,000 DWT.

25-April-2023

The dry bulk shipping industry has faced significant challenges in the past few years, including the impact of the pandemic and the Ukraine conflict. These events have shown that the factors driving freight rates are more complex than just supply and demand. However, this volatile and complex environment can also serve as valuable training for the industry to better navigate new risks and trading patterns in the future. To gain insight into the industry’s future, one need only look at the world it operates in today. Overall, the dry bulk shipping sector is expected to face an increasingly complex and volatile commercial environment in the years ahead.

23-April-2023

Over the past weekend, agents chronicled two exceptional transactions of contemporary bulk carriers, vessels that were swiftly acquired after their initial market introduction. The associated fiscal values of these recent exchanges underscore a burgeoning enthusiasm for contemporary vessels. A mere ten days prior, the esteemed Belgian Conti Lines presented the market with the ultramax bulk carrier 61K DWT MV Cl Ebisu. MV Cl Ebisu was expeditiously procured for a sum slightly beneath $27 million. The brisk interval from its inaugural presentation to its acquisition underscores that vessels of Japanese craftsmanship within this age bracket are markedly more desirable compared to others of differing origins and ages. In a transaction bearing similarity, the contemporaneously aged ultramax bulk carrier 63K MV All Stars Atlas, was relinquished for a modestly reduced amount. Yet another transaction that garnered attention this past weekend was orchestrated between the Singapore-based Safargo Shipping and an undisclosed acquirer. Kamsarmax bulk carrier 82K DWT MV Valiant Spring, exchanged hands for around $28 million. For a comparable transaction, one must journey back to the preceding November, when Doun Kisen parted with the Kamsarmax bulk carrier 83K DWT MV Lowlands Comfort, to Hamburg-based shipowner and operator Reederei Johann MK Blumenthal (Bluships) for around $26 million.

23-April-2023

Pareto Bank experienced a $17 million reduction in its shipping book, with a corresponding decrease in customer and vessel numbers during the first quarter. Despite this, Pareto Bank foresees a gradual improvement over the entire year of 2023. The maritime portfolio of the prestigious Norwegian lender, Pareto Bank, experienced a downturn during Q1, resulting in a decrease of the shipping book to $152 million as of 31st March, 2023, as compared to $169 million during Q4 2022. Pareto Bank, an esteemed establishment listed in Oslo, concentrates on medium-sized shipowners, family offices, and the investment project market. Corporate loans constitute 39% of the overall exposure, while loans to investment projects make up the remainder.

23-April-2023

The London-based Union Maritime Limited (UML), a prominent shipowning and operating entity, has completed its third MR tanker acquisition of the year. Union Maritime Limited (UML) has procured an MR tanker from Navigare Capital, investing approximately $33.5 million in the 50K DWT vessel MT Kiribora. Earlier, in February 2023, Union Maritime Limited (UML) expanded its fleet with the purchase of MT Marlin Amethyst for a similar amount, a transaction facilitated by M Sea Capital. Additionally, in January 2023, Union Maritime Limited (UML) acquired the STX-constructed 47K DWT tanker MT Proodos for an estimated $18.5 million. Union Maritime Limited (UML) currently boasts a fleet of 20 tankers. Moreover, in 2023, Union Maritime Limited (UML) committed to the construction of 10 chemical tankers at three distinct shipyards in China.

23-April-2023

Eyal Ofer-led diversified shipowner and operator Zodiac Maritime controlled 2014 built capesize bulk carrier 181K DWT MV Indian Partnership was reported stable on Tuesday after taking on water following a grounding off Indonesia on 22 April 2023, highlighting how London-based Zodiac Maritime Ltd controlled ships must be managed through fast-moving operational and safety procedures when an incident occurs in busy regional waters. London-based Zodiac Maritime Ltd controlled MV Indian Partnership breached but was stabilised after striking an uncharted reef, with MV Indian Partnership remaining afloat and reaching shallower waters off Indonesia before dropping anchor, a sequence that typically reflects careful decision-making around ship stability, ballast management, and risk reduction while condition assessments are carried out. MV Indian Partnership was en route to China with a bauxite ore cargo when the reef impact punctured the forward ballast tanks on the starboard side of MV Indian Partnership, an area that can be vulnerable in a grounding scenario and often triggers immediate checks on ingress rates, trim and list, and the integrity of adjacent compartments. As a London-based diversified shipowner and operator, Zodiac Maritime is associated with hands-on operational oversight across multiple shipping segments, and in incidents of this nature London-based Zodiac Maritime Ltd controlled ship response normally involves coordinating with local authorities, class and technical teams, and marine service providers to survey damage, secure the ship, protect crew safety, and prepare for repairs or further movements once clearance and stability are confirmed.

21-April-2023

Athens-based New York-listed shipowner and operator Diana Shipping (DSX) is currently in the process of securing a loan of $100 million to refinance their debt which is set to mature by May of 2024. As of late February 2023, the long-term debt of Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) amounts to $663 million. Diana Shipping (DSX) has successfully procured a term loan facility from Danish Ship Finance for an amount of up to $100 million, which is scheduled to be repaid by 2028. It is anticipated that the debt will accrue interest at a rate of the secured overnight financing rate, plus an additional 2.2%. Currently, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) owns and operates 42 bulk carriers.

21-April-2023

Norwegian ship owner and operator Grieg Maritime Group, a privately owned company, has released an annual report resembling that of a public one, which discloses an incredibly profitable set of results. Bergen-based shipowner and operator Grieg Maritime Group was taken aback by the robustness of the dry bulk markets last year and capitalized on the cash windfall to finance a strategic reorientation that involved a post-pandemic dry-dock programme and investments in emerging technologies. Grieg Maritime has stated that a robust 2022 has supplied the necessary financial security to reinvest in the business, thereby essentially recuperating the losses incurred before 2021. Norwegian ship owner and operator Grieg Maritime Group has recently divulged undisclosed earnings derived from traditional bulk departure, following a profitable strategic shift accompanied by a fortuitous surge in dry bulk rates. 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).

21-April-2023

Italian authorities have discovered cocaine worth a staggering $164 million concealed aboard of 2012 built panamax bulk carrier 75K DWT MV Atlas in the port city of Venice. Divers were dispatched to inspect the hull of the Athens-based Laskaridis Shipping-controlled MV Atlas. The divers recovered blocks of drugs wrapped in black plastic, which were then tested on a motorboat. The Guardia di Finanza law enforcement agency stated that a total of 570 packages, weighing 850 kg, were recovered from the MV Atlas. Laskaridis Shipping-controlled 2012 built panamax bulk carrier 75K DWT MV Atlas underwent further inspections on Thursday, though none of the crew members on board have been arrested. In a statement, Laskaridis Shipping expressed the company is cooperating fully with the Italian authorities and law enforcement agencies in their investigations. The drug was discovered in the MV Atlas’s sea chest, about 11 meters below the waterline. The sea chest is an integral component of the ship that remains inaccessible from onboard and can solely be accessed through the endeavors of proficient divers. Laskaridis Shipping expressed that the MV Atlas’s crew fully cooperated with the Italian authorities’ investigation, which ascertained that neither the master nor the crew had any involvement in the relevant event. Laskaridis Shipping-controlled 2012 built panamax bulk carrier 75K DWT MV Atlas departed Santos in Brazil on 23 March and arrived in Venice on 17 April, via Gibraltar for bunkering. Container ships are the preferred mode of transportation for drug smuggling operations, although other vessels can also inadvertently fall prey to the machinations of criminal gangs. Greek Laskaridis family-controlled Athens-based Laskaridis Shipping Ltd.’s subsidiary Lavinia Corp has a fleet of bulk carriers. Furthermore, Laskaridis Shipping Ltd operates chemical tankers, product tankers, and reefer ships.

21-April-2023

Greek shipowner and operator M/Maritime has expanded significantly since its establishment in 2017, growing from a newly formed Athens-based dry bulk platform into a more prominent participant in the international bulk carrier market. Supported by Greek entrepreneur John Mytilineos, M/Maritime has taken an important step in its fleet renewal programme by disposing of its oldest bulk carrier, demonstrating that M/Maritime is prepared to adjust and modernise its fleet rather than pursue growth only through additional tonnage. Athens-based shipowner and operator M/Maritime sold the 2014-built 63K DWT ultramax bulk carrier MV All Star Atlas to a Chinese shipowner for $24.5 million. The transaction shows the intention of M/Maritime to reduce exposure to older tonnage and place greater emphasis on younger chartered-in bulk carriers, modern dry bulk ships, and fleet arrangements that support long-term efficiency and commercial flexibility. The sale of MV All Star Atlas is therefore more than a single ship disposal; the sale forms part of the broader fleet rejuvenation strategy of M/Maritime as M/Maritime continues to develop its dry bulk business with the backing of John Mytilineos. M/Maritime has built its operations around bulk carrier ownership and management, with particular attention to quality ships, disciplined fleet control, and careful asset timing. The disposal of the oldest bulk carrier in the fleet of M/Maritime fits this strategy, as dry bulk shipowners often use favourable secondhand values to sell older tonnage and redirect capital toward younger ships, more efficient ships, or chartered-in tonnage that provides operational flexibility without permanent ownership exposure. For M/Maritime, the sale of MV All Star Atlas enables M/Maritime to improve its fleet age profile, refine its asset base, and continue moving toward a younger and more adaptable commercial platform. The transaction also highlights the importance of timing in dry bulk shipping. Ultramax bulk carriers are commercially attractive ships because ultramax bulk carriers combine strong cargo capacity with onboard cargo-handling equipment and broad employment flexibility. A 63K DWT ultramax bulk carrier such as MV All Star Atlas can trade in many cargo sectors, including grains, coal, fertilizers, steel products, minerals, forest products, petcoke, cement, raw materials, and other dry bulk commodities. However, as ships become older, maintenance expenses, dry-docking costs, regulatory requirements, fuel-efficiency performance, emissions rules, and charterer preferences become increasingly important. By selling MV All Star Atlas, M/Maritime has made a practical fleet-management decision while the ship still retained a meaningful market value. M/Maritime has developed with the support of John Mytilineos, whose backing has helped M/Maritime establish itself as a serious Greek dry bulk shipowner and operator. Greek shipping has a long tradition of disciplined asset play, with shipowners buying, selling, chartering, and renewing fleets according to market cycles. M/Maritime appears to follow this tradition by treating fleet composition as an active and flexible process rather than a fixed structure. The sale of MV All Star Atlas to a Chinese shipowner shows that M/Maritime is willing to release older tonnage when the transaction supports the broader strategy of M/Maritime. This approach can help M/Maritime maintain a fleet that remains attractive to charterers, financiers, insurers, brokers, and commercial partners. Since its establishment, M/Maritime has focused on developing a dry bulk platform with exposure to important bulk carrier categories. The fleet strategy of M/Maritime has included handysize, ultramax, and kamsarmax bulk carriers, allowing M/Maritime to access different cargo sizes, port requirements, and trade routes. Handysize bulk carriers provide flexibility in smaller ports and regional trades, ultramax bulk carriers offer geared cargo-handling ability and broad cargo employment, and kamsarmax bulk carriers provide larger capacity for major commodity movements. This combination gives M/Maritime broader commercial reach and reduces dependence on one narrow ship class. The disposal of MV All Star Atlas does not undermine that strategy; instead, the disposal allows M/Maritime to improve the quality, age balance, and future suitability of its tonnage. The focus of M/Maritime on younger chartered-in bulk carriers is also commercially significant. Chartered-in tonnage can give a shipowner and operator more flexibility during periods of market uncertainty, because chartered-in ships provide access to capacity without requiring permanent asset ownership. This can be useful when freight markets are volatile, ship values are changing quickly, and newbuilding choices are complicated by high shipyard prices, delivery delays, emissions regulation, and uncertainty over future fuels. For M/Maritime, younger chartered-in bulk carriers can support commercial expansion while allowing M/Maritime to avoid retaining older ships that may require heavier investment. This balance between owned tonnage and chartered-in exposure can help M/Maritime manage market risk while preserving operating scale. The sale of MV All Star Atlas also supports the environmental and technical direction of M/Maritime. As dry bulk shipping faces stricter emissions regulation, closer charterer scrutiny, and growing attention to fuel performance, younger ships generally provide advantages in efficiency, compliance, and operating reliability. Older ships can still have commercial value, but shipowners must weigh future maintenance obligations, emissions performance, dry-docking needs, and regulatory costs against expected earnings. By disposing of its oldest bulk carrier, M/Maritime improves its overall fleet profile and reduces exposure to tonnage that may face greater technical and environmental pressure in the coming years. The transaction with a Chinese shipowner also illustrates the continuing liquidity of the secondhand ultramax bulk carrier market. Chinese buyers have remained active across several dry bulk segments, and ultramax bulk carriers are often attractive because of their flexible employment profile and broad cargo capability. For M/Maritime, the $24.5 million sale price provides a clear asset realisation and creates room for M/Maritime to redeploy capital, adjust fleet commitments, or support future renewal plans. In dry bulk shipping, capital recycling is often central to long-term performance, as shipowners seek to sell at attractive levels and reinvest in tonnage better suited to future market needs. The decision of M/Maritime to sell MV All Star Atlas therefore reflects both fleet renewal and disciplined asset management. The Athens base of M/Maritime places M/Maritime within one of the world’s most important shipowning centres. Greece remains a major hub for dry bulk ownership, ship finance, chartering, brokerage, technical management, insurance, crewing, and maritime services. Operating from Athens gives M/Maritime access to a deep pool of shipping knowledge, commercial contacts, and maritime expertise. Within this competitive environment, M/Maritime has built its identity around dry bulk growth, fleet quality, and careful expansion supported by John Mytilineos. The sale of MV All Star Atlas shows that M/Maritime is not only interested in increasing fleet size but also in maintaining a fleet that matches its long-term commercial and technical direction. The fleet renewal programme of M/Maritime is particularly important because dry bulk markets can change rapidly. Freight rates may be affected by commodity demand, grain seasons, coal flows, iron ore movements, raw materials demand, port congestion, canal restrictions, geopolitical disruption, sanctions, weather patterns, and fleet supply. In such a market, a shipowner and operator needs ships that are efficient, dependable, flexible, and attractive to charterers. By moving away from its oldest bulk carrier and concentrating more heavily on younger chartered-in bulk carriers, M/Maritime is positioning itself to respond more effectively to changing dry bulk conditions. The disposal of MV All Star Atlas also underlines the difference between expansion and renewal. A shipping business can grow by adding ships, but fleet quality may decline if older ships remain in service too long without replacement, investment, or renewal. M/Maritime appears to be managing this balance by selling older tonnage while continuing to pursue a younger and more flexible fleet profile. This strategy can support better chartering prospects, lower technical risk, improved regulatory readiness, and stronger long-term competitiveness. For M/Maritime, fleet renewal is not only a matter of age; fleet renewal also concerns commercial suitability, operating efficiency, environmental performance, and asset value. The backing of John Mytilineos remains central to the ongoing development of M/Maritime. John Mytilineos has supported the growth of M/Maritime as a Greek shipowner and operator with a focused dry bulk strategy and a disciplined approach to fleet development. With this support, M/Maritime has been able to build scale while making strategic decisions about when to buy, when to charter, and when to sell. The disposal of MV All Star Atlas shows that M/Maritime is prepared to make active portfolio decisions rather than passively holding ships through every stage of the market cycle. Looking ahead, M/Maritime is likely to keep shaping its fleet around younger, more flexible, and technically reliable dry bulk ships. The sale of the 2014-built 63K DWT ultramax bulk carrier MV All Star Atlas to a Chinese shipowner removes the oldest bulk carrier from the fleet of M/Maritime and supports the wider fleet rejuvenation plans of M/Maritime. For M/Maritime, the transaction strengthens the long-term direction of its dry bulk platform by improving fleet quality, supporting capital discipline, and allowing M/Maritime to focus on ships better aligned with future trading requirements. The disposal is therefore more than a routine asset sale. The disposal is a strategic fleet renewal move by Athens-based shipowner and operator M/Maritime, backed by John Mytilineos, as M/Maritime continues to develop into a more modern, adaptable, and carefully managed dry bulk operator.

21-April-2023

Brazil’s iron ore mining giant Vale and Anglo-Australian minerals and mining giant Rio Tinto produced more iron ore, which capesize bulk carriers carry to China, in Q1 2023 than they did in Q1 2022. Brazilian mining behemoth Vale extracted 79.3 million metric tonnes of iron ore in Q1 2023, marking an 11% surge from Q1 2022. Vale, the Brazilian titan of iron ore mining, credited its augmented yield to enhanced operational efficiency at its Serra Sul mine, which boasts an unparalleled annual production of 90 million metric tonnes of iron ore, and reduced precipitation in the state of Minas Gerais. Vale and Anglo-Australian minerals and mining giant Rio Tinto has increased their iron ore production, fueled by the recovery of China’s property sector, thereby strengthening their market outlook. Vale’s anticipated achievement of its full-year production targets is poised to yield favorable outcomes for capesize bulk carriers.

17-April-2023

Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping took the delivery of LNG-fuelled newcastlemax bulk carrier 208K DWT MV Mount Etna. Himalaya Shipping took the delivery of LNG-fuelled newcastlemax bulk carrier MV Mount Etna slightly ahead of schedule from New Times Shipbuilding. Currently, CEO Herman Billung-led Himalaya Shipping has three (3) LNG-fuelled newcastlemax bulk carriers on the water. Himalaya Shipping will take nine (9) LNG-fuelled newcastlemax bulk carriers in the future. Tor Olav Troim-backed Oslo-listed Himalaya Shipping is taking the dual-fuel newcastlemax bulk carriers barely ahead of schedule. LNG-fuelled newcastlemax bulk carrier 208K DWT MV Mount Etna will begin a minimum two-year time charter period that has been fixed at an index-linked rate in the region of 140% over the Baltic Capesize Index (BCI). MV Mount Etna will not be expected to operate on LNG bunkers presently. Himalaya Shipping will soon have a fleet of 12 LNG-fuelled newcastlemax bulk carriers.

17-April-2023

Oslo Stock Exchange-listed Norwegian shipowner and operator Belships acquires another ultramax bulk carrier resale from Japan. This is the fourth Japanese resale acquired by Lars Christian Skarsgard-led Norwegian shipowner and operator Belships in Q1 2023. 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. Norwegian shipowner and operator Belships will take the deliery of the ultramax bulk carrier in Q4 2025. Belships has signed a contract to acquire another ultramax bulk carrier that is presently under construction in Japan. Belships has financed the ultramax bulk carrier through long-term time charter agreements for a period of 7 to 10 years. Currently, Oslo-listed shipowner and operator Belships has a fleet of 31 bulk carriers.

17-April-2023

The Vafias Group is once again in the news as it separates its bulk carriers from tankers in preparation for a Nasdaq listing. Led by Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, is establishing a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner, Vafias-family, known for StealthGas and Imperial Petroleum, is launching another firm on the Nasdaq exchange in the United States. Currently, the two handysize ships are part of the Nasdaq-listed Imperial fleet, which is primarily recognized as a tanker owner. The Vafias Group has filed to list the new company, C3is, on the Nasdaq Capital Market.

17-April-2023

The dry bulk market witnessed a decline as cyclone Ilsa wreaked havoc in Port Hedland. However, according to Clarksons Securities, China’s decision to cut steel production may not have any impact on the country’s demand for iron ore. The spot rates for dry bulk shipping took a hit due to the disruption caused by the cyclone, which led to the closure of the world’s largest iron-ore export hub, the Port of Hedland, for eight days. Among all the segments, the capesize segment was the most affected. The Port of Hedland was closed as a precautionary measure as the cyclone made landfall in Western Australia. Despite the cyclone’s impact, the world’s biggest iron-ore export hub Port of Hedland was able to resume its operations on Friday and remained unharmed.

17-April-2023

New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) sold three (3) supramax bulk carriers for around $48 million in total. In February 2021, CEO Gary Vogel-led shipowner and operator Eagle Bulk Shipping (EGLE) acquired these three (3) supramax bulk carriers for around $30 million in total. Eagle Bulk Shipping (EGLE) sold 2011 built supramax bulk carrier 58K DWT MV Sankaty Eagle, 2011 built supramax bulk carrier 58K DWT MV Montauk Eagle, and 2011 built supramax bulk carrier 58K DWT MV Newport Eagle. In February 2021, Eagle Bulk Shipping (EGLE) acquired these three (3) supramax bulk carriers from Alterna Capital. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 51 bulk carriers.

17-April-2023

Qingdao-based shipowner and operator Seacon Shipping Group Ltd ordered two (2) MPP (multi-purpose ships) new buildings for around $83 million. Seacon Shipping Group Ltd’s two (2) MPP new building orders form part of the company’s fleet renewal and expansion effort. Last month, Seacon Shipping Group Ltd raised up to $62 million on Hong Kong Stock Exchange IPO (Initial Public Offering). Seacon Shipping Group Ltd is wasting no time in using funds the company raised from its IPO (Initial Public Offering). Recently, Chinese shipowner and operator Seacon Shipping Group Ltd ordered two (2) ultramax bulk carrier new buildings at Huanghai Shipbuilding. Seacon Shipping Group Ltd will take the delivery of the ships in Q4 2024. Seacon Shipping Group Ltd expressed the newbuildings are in line with its plan of fleet expansion and renewal as the new ships will improve the company’s competitiveness. Currently, Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages around 112 ships.

17-April-2023

Dubai-based shipowner and operator Emarat Maritime LLC four (4) ultramax bulk carrier new buildings at New Dayang Shipbuilding. Tanker and bulker shipowner Emarat Maritime LLC will take the delivery of four (4) ultramax bulk carrier new buildings in Q2 2025. The agreement also includes an option for four additional ships. Emarat Maritime LLC has not ordered any bulk carrier new buildings since 2008. Dubai-based shipowner and operator Emarat Maritime LLC is said to be paying around $32 million each for the ultramax ships, which will be constructed to the Energy Efficiency Design Index Phase 3 standards set by the International Maritime Organization and based on the New Dayang Shipbuildin’s updated Crown 63-Plus design.

17-April-2023

Kenneth Lam and Sabrina Chao have established a finance company called SeaKapital, based in Hong Kong. This newly formed company was co-founded by Sabrina Chao, the chairman of Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited, and Kenneth Lam, the former Asia head of lender Credit Agricole. As investors pledge their support, SeaKapital, led by CEO Kenneth Lam, is already in the process of securing deals for their new ship-leasing company. Initially, the focus of the venture will be on eco-friendly secondhand vessels, a vision which Kenneth Lam shared. After investing 18 months into developing this project, CEO Kenneth Lam-led SeaKapital is now poised to authorize ship-leasing deals. Kenneth Lam has had a long-standing collaboration with both Sabrina Chao and Wah Kwong, spanning over two decades.

16-April-2023

Brazil and the US, which collectively account for 85% of the global soybean exports, are projected to commence their harvests during the latter half of this year. Due to copious rainfall in Brazil, the harvest season is expected to extend into the second half of 2023. Consequently, the confluence of the harvests of these two major exporters would prove to be a boon for panamax bulkers. Undoubtedly, having two major exporters harvesting soybeans concurrently would be more advantageous for panamax bulkers than just one. This is primarily because soybeans and grains are highly substitutable cargoes. Hence, this development is expected to greatly benefit panamax owners.

15-April-2023

Taiwanese shipowner and operator Shih Wei Navigation 2009 built open-hatch bulk carrier 32K DWT MV Vigor SW’s crew members aboard were subjected to a possible case of gas poisoning while the ship was docked at Nghi Son International Port in Vietnam. The incident occurred on a Sunday, and one of the crew members tragically passed away, while two others slipped into a coma. The three Chinese seafarers were found unconscious by their master during unloading operations. The affected crew members have been identified as Zhuang Lijn (52), Li Wen Liang (33), and Kong Deshan (23), and they were immediately rushed to the hospital. Regrettably, one of them succumbed to the poisoning, while the other is still in critical condition with broken ribs. The hospital authorities have expressed their belief that the crew members might have been poisoned by hydrogen sulphide, a toxic gas that is usually produced by the microbial breakdown of organic matter in an oxygen-deprived environment, such as a ship’s cargo hold, a sewer, or a swamp. The authorities are currently investigating the accident in collaboration with other agencies. MV Vigor SW is flagged under Panama and is owned by Shih Wei Navigation, a Taiwan-based shipowner and operator.

15-April-2023

The United Nation’s Black Sea grain corridor was briefly halted due to an inspection dispute between Russian and Ukrainian inspectors in Istanbul on Tuesday. This caused a delay in the safe seaborne export of Ukrainian grain. The situation was expected to be resolved with routine inspections resuming on Wednesday after “intensive discussions” with UN and Turkish mediators in Istanbul. However, the initiative has been plagued with bad news, and Russian and Ukrainian officials required more time to reach an agreement on operational priorities, according to UN spokesman Stephane Dujarric.

15-April-2023

Kenneth Lam and Sabrina Chao have established a finance company, SeaKapital, based in Hong Kong. Kenneth Lam, the former Credit Agricole Asia boss, has embarked on a new ship finance venture with his dear friend, Sabrina Chao. SeaKapital, based in Hong Kong, is now under the leadership of Kenneth Lam as the Chief Executive, and Sabrina Chao, a shipowner, as its Chairperson. Describing the new company as an independent ship leasing company, Kenneth Lam, the former banker, takes great pride in having Sabrina Chao as a trusted friend and business partner. Sabrina Chao, the chairperson of Hong Kong shipowner, Wah Kwong, is an experienced shipowner and is currently the President of BIMCO, the world’s largest non-profit international shipping association. SeaKapital aims to provide sustainable and responsible long-term capital to the most crucial and capital-intensive parts of the shipping industry. With approximately $300 billion of new buildings on order, not even accounting for the fleet renewal necessary to meet climate change goals, Kenneth Lam believes finding long-term capital for like-minded shipowners and players is SeaKapital’s objective. To achieve its goal, SeaKapital will source capital internationally from a vast pool of investors, and collaborate with shipping banks and other capital providers to provide comprehensive solutions to the industry. Hong Kong, with its friendly jurisdiction and deep understanding of the international legal, tax, and regulatory environment for shipping and shipowning, was chosen as SeaKapital’s base. Kenneth Lam, who served 33 years at Credit Agricole in Asia, is excited about the potential of SeaKapital and its ability to revolutionize the ship finance industry.

13-April-2023

The substantial amounts of money being paid for vintage tanker tonnage following Russia’s conflict with Ukraine have led to cash buyers becoming proficient in the art of flipping ships that, under normal circumstances, would have been destined for dismantling in South Asia. Wirana, a cash buyer based in Singapore, has recently acquired its third Very Large Crude Carrier (VLCC), emulating the business strategy of the renowned Anil Sharma-led cash buyer GMS (Global Marketing Systems). Wirana purchased the 2004 built Very Large Crude Carrier (VLCC) 300K DWT MT Cosbright Lake discreetly in mid-March for just under $40 million through a direct agreement with China’s state-owned giant COSCO. In contrast, Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, commenced the year by acquiring its second Very Large Crude Carrier (VLCC) from COSCO, MT Lila Zhuhai (ex MT Cosgreat Lake). Within a month, Lila Global successfully flipped the MT Lila Zhuhai (ex MT Cosgreat Lake), earning approximately $5 million in the process. Wirana entered the shipowning business in January by investing $52 million in 2005 built Very Large Crude Carrier (VLCC) 281K DWT MT Asia Dawn from Hong Kong’s Nan Fung Shipping. A few weeks later, Wirana secured 200 built Very Large Crude Carrier (VLCC) 297K DWT MT Nave Photon from Navios Maritime Partners for $55 million.

11-April-2023

Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN chartered in 2013 built post-panamax bulk carrier 87K DWT MV Electra from Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, for $14,500 per day. Belgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers CLdN will pay approximately $5.93 million. The commencement of the charter is anticipated on April 13, with the possibility of extending it until August 1, 2024. Since last July, 2013 built post-panamax bulk carrier 87K DWT MV Electra has been chartered to Refined Success Limited, earning a daily rate of $17,500. In the meantime, OceanPal, boasting a fleet of five bulk carriers, has successfully arranged a time charter agreement with Paris-based shipowner and operator Louis-Dreyfus Armateurs (LDA) for 2015 built panamax bulk carrier MV Melia, constructed in 2005. MV Melia has already embarked on its 120-day charter at a daily rate of $14,000, with the option of extending for an additional 60 days. The agreement is expected to generate nearly $1.7 million for the designated minimum charter duration.

11-April-2023

9-April-2023

The share price of the Shipping Corporation of India (SCI) surged today following a Reuters report that the Indian government is moving forward with the long-awaited privatisation of the nation’s leading shipping company. The report indicates that the government is set to invite financial bids again for the privatisation of Shipping Corporation of India (SCI) in the middle of the next month, according to government sources. This step is part of a lengthy privatisation process that Shipping Corporation of India (SCI) has been contemplating for years, which required the company to sell off several non-core assets, a task it successfully completed earlier this year. The Indian Government’s efforts to privatise Shipping Corporation of India (SCI) have been ongoing for years, facing numerous bureaucratic challenges. The Union Cabinet approved the strategic divestment of Shipping Corporation of India (SCI) in November 2020, and a call for expressions of interest for the strategic divestment of India’s entire shareholding in Shipping Corporation of India (SCI) was issued in December of the same year. Although multiple bids were received by March 2021, the demerger process experienced delays. Currently, Shipping Corporation of India (SCI) boasts a diverse fleet of 52 vessels.

5-April-2023

Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. acquired two (2) capesize bulk carriers from Monaco-based shipowner and operator GoodBulk Ltd (GBLK). Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. acquired 2010 built capesize bulk carrier 182K DWT MV Aquavictory for around $26.5 million. Brave Maritime Corporation Inc. acquired 2012 built capesize bulk carrier 182K DWT MV Aquaexplorer for around $28.5 million. The Vafias Group recently made a profitable sale of an LR2 tanker and subsequently expanded its investments in the dry bulk sector through the purchase of three vessels on the secondhand market. Brave Maritime Corporation Inc. will take the delivery of MV Aquavictory and MV Aquaexplorer in May. In recent months, Michael Radziwill-led shipowner and operator GoodBulk Ltd (GBLK) has been divesting several of its vessels to increase its cash reserves and sustain its dividend capacity. The Vafias Group was one of the first companies to invest in capesize bulk carriers during the current shipping cycle, acquiring ships at a time when market conditions appeared unfavorable, and there were concerns about the robustness of China’s post-pandemic economic recovery. It is uncertain whether the Vafias Group’s dry bulk shipping arm Brave Maritime Corporation Inc. will continue its investments in large bulk carriers. rave Maritime Corporation Inc.’s recent acquisitions have brought its capesize fleet close to the 10-vessel threshold. Brave Maritime Corporation Inc. does not limit itself to acquiring larger bulk carriers alone. In a recent purchase, Brave Maritime Corporation Inc. acquired 2011 built supramax bulk carrier 55K DWT MV Super Odegaard for around $18.7 million. Brave Maritime Corporation Inc.’s first acquisition of a supramax vessel since 2009. The Brave Maritime Corporation Inc.’s investment in these vessels appears to be paying off, as the dry bulk markets and steel values have been on the rise this year amid the gradual recovery of the Chinese economy. The Vafias Group’s expansion has been extensive and includes investments in secondhand bulk carriers and tankers, as well as the acquisition of newbuild gas carriers. StealthGas, which is controlled by the Athens-based Vafias Group, is primarily recognized for its acquisitions in the LPG and tanker sectors. In a traditional Greek approach, Vafias Group has funded a portion of its growth through countercyclical asset investments. In Q4 2022, Brave Maritime Corporation Inc. acquired 2011 built capesize bulk carrier 181K DWT MV Cape XL, 2010 built capesize bulk carrier 181K DWT MV Cape Horn, 2011 built capesize bulk carrier 175K DWT MV Cape Aria, and 2010 built capesize bulk carrier 179K DWT MV Cape Good Hope. Currently, Athens-based Vafias family-controlled shipowner and operator Vafias Group owns a mixed fleet of 30 vessels.

5-April-2023

Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) sold 2005 built panamax bulk carrier 77K DWT MV Magic Moon for around $14 million to KC Maritime. Panagiotidis-led shipowner Castor Maritime (CTRM) has sold its second bulk carrier in a span of two weeks, as the company begins to monetize its assets. Castor Maritime announced that it anticipates a net gain of $5.3 million from the sale of MV Magic Moon. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates eighteen (18) bulk carriers and two (2) container ships.

5-April-2023

Istanbul-based shipowner and operator Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has purchased the 2015-built 36K DWT handysize bulk carrier MV Maestro Pearl from Switzerland-based shipowner and operator Maestro Shipping for about $22.5 million, adding another geared handysize ship to the expanding fleet of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Hakki Deval-led Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is expected to receive MV Maestro Pearl next month, further reinforcing the dry bulk operating base of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). The acquisition continues the steady fleet growth of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) and reflects the clear preference of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) for geared handysize tonnage, a segment valued for cargo flexibility, port reach, and the ability to handle many different dry bulk commodities. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) remains a separate and independent business from Deval Marine and Devmarin Shipping, both of which are also linked to the Deval family, and this distinction highlights the individual corporate structure and market focus of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). The acquisition of MV Maestro Pearl raises the fleet of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to 10 ships and represents the second fleet increase by Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) within only three months. Although the full commercial details of the MV Maestro Pearl transaction were not released, the reported price of about $22.5 million indicates a focused investment in modern secondhand handysize tonnage instead of speculative newbuilding exposure. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), buying an existing 2015-built handysize bulk carrier offers faster access to revenue-generating capacity than ordering a new ship, while also allowing Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to expand within a ship type that suits the proven commercial and technical strengths of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has shaped its business around geared handysize dry bulk shipping, where ships fitted with onboard cargo-handling equipment can operate at ports with limited shore facilities. This provides an important advantage in regional and specialised dry bulk trades, because geared handysize bulk carriers can call at smaller ports, shallow-draft terminals, developing-market facilities, and cargo locations where larger bulk carriers may be unsuitable either physically or commercially. For a shipowner and operator such as Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), the geared handysize sector gives access to a wide cargo base, including grains, fertilizers, steel products, forest products, minerals, minor bulks, raw materials, project cargoes, and other dry commodities that need flexible loading and discharge arrangements. The addition of MV Maestro Pearl matches the operating profile of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), which has consistently shown interest in practical, versatile, and readily employable bulk carriers rather than highly specialised tonnage with narrow trading options. A 36K DWT handysize bulk carrier can be commercially useful because it combines manageable dimensions with meaningful cargo capacity, making the ship suitable for many different voyage patterns. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), MV Maestro Pearl adds another ship capable of serving charterers across various regions and cargo sectors, while also increasing the scale of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) in a market segment where operational adaptability can directly support earnings. The fleet expansion also underlines the disciplined asset-development approach of Hakki Deval-led Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). Dry bulk shipping is deeply cyclical, and the timing of ship purchases can strongly influence long-term returns. By buying secondhand handysize tonnage, Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) can grow capacity without waiting several years for newbuilding delivery and without accepting the uncertainty of future propulsion technology at elevated newbuilding prices. This strategy can be especially valuable when shipyard prices remain high, propulsion alternatives remain unresolved, environmental regulation continues to change, and the future availability of alternative fuels is still unclear across many dry bulk routes. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is closely connected with the Deval family’s long shipping background, but Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) keeps its own separate market identity. The clarification that Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is independent from Deval Marine and Devmarin Shipping is commercially meaningful because each Deval family-linked shipping business may have its own fleet structure, operating policy, market strategy, and management focus. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) has positioned itself around geared handysize dry bulk operations, and the purchase of MV Maestro Pearl strengthens that specific direction. The growing fleet of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) also improves the ability of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to support charterers with greater availability and stronger scheduling flexibility. In dry bulk shipping, scale is not only a matter of fleet numbers; scale can also mean better regional positioning, stronger cargo-sequencing options, wider fleet-substitution possibilities, and more reliable service for repeat customers. By expanding to 10 ships, Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) increases commercial reach while remaining concentrated in a familiar and manageable dry bulk segment. This balance between expansion and focus is important for a shipowner that wants to grow without losing operational control. MV Maestro Pearl also gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) another ship that can support cargo diversification. Handysize bulk carriers can shift between different cargo programmes more easily than larger ships that are often tied to deep-water terminals and large-volume commodity movements. This gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) the ability to pursue employment in both spot and period markets, depending on freight levels, cargo demand, and regional ship positioning. The ship can be employed in mainstream dry bulk trades as well as more specialised cargo movements where onboard gear, smaller parcel size, and port flexibility are important. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), the value of acquiring MV Maestro Pearl is also connected to technical management and fleet integration. A secondhand ship purchase becomes successful only if the ship can be absorbed smoothly into the fleet, maintained properly, crewed efficiently, and positioned commercially after delivery. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) benefits from direct experience in geared handysize operations, which should help Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) assess technical condition, plan maintenance work, manage inspection schedules, control running costs, and match the ship with suitable chartering opportunities. In a dry bulk market where margins can narrow quickly, technical reliability and cost discipline are just as important as the acquisition price. The purchase from Maestro Shipping also indicates that Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) is ready to act when suitable tonnage becomes available from established sellers. Switzerland-based shipowner and operator Maestro Shipping has provided handysize tonnage to Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), and the MV Maestro Pearl purchase adds to the pattern of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) expanding through selected transactions rather than broad and unfocused fleet enlargement. This acquisition method allows Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to strengthen its fleet while maintaining concentration on ships that fit the operating model of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping). The handysize segment remains commercially important because worldwide dry bulk trade is not limited to large-volume iron ore and coal movements. Many cargo flows require smaller ships that can reach regional ports, load smaller parcels, use onboard gear, and provide dependable service in less standardised port environments. For Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), this creates a lasting role for geared handysize ships, especially as trade routes shift, supply chains change, and commodity movements become more complicated. The ability to carry different cargoes across different regions gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) more flexible exposure than shipowners focused only on larger bulk carrier classes. The acquisition also takes place in a dry bulk market shaped by restrained supply growth, evolving trade flows, and uncertainty over future ship design. Many shipowners remain reluctant to order newbuildings because construction prices remain elevated and questions continue over compliant propulsion systems. In this environment, carefully chosen secondhand purchases can be attractive for shipowners with the technical knowledge and financial discipline to identify suitable ships. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) appears to be following this path by adding MV Maestro Pearl to a fleet already focused on geared handysize tonnage, increasing capacity while avoiding unnecessary exposure to newbuilding uncertainty. Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) can also use the larger fleet to strengthen relationships with charterers, brokers, port agents, service providers, financiers, and insurers. A 10-ship fleet gives Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) greater visibility in the handysize market and more ability to participate in different cargo programmes. Fleet growth can support better utilisation when ships are positioned intelligently, and it can also improve negotiating strength with suppliers, insurers, repair yards, and other counterparties. However, the value of that growth depends on discipline, and Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) appears to be expanding inside a clearly defined operating niche rather than entering unrelated segments. Looking ahead, the purchase of MV Maestro Pearl strengthens the dry bulk strategy of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) by increasing scale, flexibility, and commercial reach. The acquisition confirms the continuing commitment of Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) to geared handysize tonnage and shows that Devbulk Gemi Isletmeciligi AS (Devbulk Shipping) remains prepared to grow when suitable secondhand ships become available. For Hakki Deval-led Devbulk Gemi Isletmeciligi AS (Devbulk Shipping), MV Maestro Pearl is not simply another ship but part of a wider strategy built on practical assets, careful timing, technical familiarity, and controlled expansion in a dry bulk segment where flexibility and reliability remain central to commercial success.

5-April-2023

Paris-based shipowner and operator Louis-Dreyfus Armateurs’ (LDA) trading arm Louis Dreyfus Co, one of the largest commodity traders globally, declared that it will no longer participate in the trade of grains in Russia. Louis Dreyfus Co’s decision follows similar actions taken by two other commodity traders, Cargill and Viterra, backed by Glencore, just days ago. Louis Dreyfus Co, Cargill and Viterra’s withdrawals will become effective in July 2023. Louis Dreyfus Co stated that it is halting its involvement in the Russian grains trade due to the heightened challenges involved in exporting grains from Russia. Viterra explained that its decision to cease activities in the Russian grains trade was due to the fact that such operations were no longer aligned with the long-term strategy of the company. Louis Dreyfus Co and Viterra both stated that they are evaluating possibilities to transfer their current businesses and grain assets in Russia. Louis Dreyfus has stated that it will operate its activities in Russia in compliance with all relevant laws and regulations until the transfer of its existing business and grain assets to new owners is finalized. It is currently uncertain how the withdrawal of Louis Dreyfus Co, Cargill, and Viterra from the Russian grains trade will impact the volume of Russian grain exports. It appears that western commodity traders may conduct their business in Russia through local intermediaries on a spot basis, following the recent withdrawal of Louis Dreyfus Co, Cargill, and Viterra from the Russian grains trade. If there are radical and large-scale measures taken to withdraw Russian grain from world markets, it could lead to a global food crisis. Russia recently agreed to a 60-day extension of the corridor for Ukrainian grain exports, but only on the condition that Russian grain exports are allowed as well. Russia has warned that any attempt to disrupt Russian grain exports would result in a blockage of Ukrainian exports as well. Louis Dreyfus Co, Viterra, and Cargill are looking to distance themselves from direct involvement with Russia.

5-April-2023

Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) CEO Stamatis Tsantanis has fulfilled his promise to purchase additional shares in the company. According to reports, CEO Stamatis Tsantanis has purchased an additional 100,000 shares in Seanergy Maritime (SHIP) at an average price of $5.32 per share, which amounts to $532K in total. CEO Stamatis Tsantanis had previously expressed his intention to purchase more shares in the company. Furthermore, Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) CFO Stavros Gyftakis has also acquired 18,510 shares in Seanergy Maritime (SHIP) through an open market purchase at an average price of $5.40, amounting to $100,000. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers.

5-April-2023

Taiwanese shipping company Wisdom Marine Lines Co. Ltd has placed an order for two additional handysize bulk carriers at Nihon Shipyard in Japan. Nihon Shipyard is a shipbuilding company that operates as a joint venture between Imabari Shipbuilding and Japan Marine United. Last week, Taiwan Stock Exchange-listed shipowner and operator Wisdom Marine Lines Co Ltd ordered two handysize bulk carriers at Namura Shipbuilding in Japan. Wisdom Marine Group is presently the largest dry bulk shipowner in Taiwan in terms of the number of vessels it owns. Wisdom Marine Group’s subsidiary, Wisdom Marine Lines Co Ltd, currently operates a fleet of 148 bulk carriers.

4-April-2023

Tor Olav Troim-backed Oslo-listed Himalaya Shipping completed its IPO (Initial Public Offering) on New York Stock Exchange. CEO Herman Billung-led Himalaya Shipping covered its IPO (Initial Public Offering) of shares in New York Stock Exchange on Friday by closing a book that was oversubscribed by three times. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping expressed the book was built with commitments from large institutional and long-only investors, all of whom seem knowledgeable and comfortable with dry bulk shipping. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding.

4-April-2023

Copenhagen-based shipowner and operator, Lauritzen Bulkers, has signed a letter of intent (LOI) with Tsuneishi Shipbuilding to construct two kamsarmax bulk carriers that are fueled by methanol dual-fuel. The newbuildings are backed by long-term time charters to Cargill Ocean Transportation, which is headquartered in Geneva. The vessels will have a capacity of 81,000 deadweight tons (DWT) and are scheduled for delivery in 2026. Lauritzen Bulkers is actively involved in the decarbonization of the shipping industry and is proud to be partnering with Cargill Ocean Transportation to drive change in the industry. The two kamsarmax bulk carriers will operate using green methanol and biodiesel, resulting in zero-carbon emissions. Lauritzen Bulkers has also formed a new firm called Lauritzen NexGen Shipping, which will initially own the two kamsarmax bulk carriers and serve as a platform for further investments in zero-carbon and sustainable shipping assets. The joint venture with Cargill Ocean Transportation has been facilitated by the Copenhagen Commercial Platform (CCP), which will play a crucial role in the operation and future expansion of this partnership. In addition to this, 80 newly constructed ships fueled by methanol have been ordered with expected delivery dates extending up to 2028, according to data compiled by the classification society DNV. Recently, new orders have been placed for the first-ever methanol-capable car carriers, methanol bunkering tankers, and chemical tankers that are methanol-ready. The rising trend in methanol-fueled shipping is being led by several companies, including AP Moller-Maersk, a Danish container shipping giant.

4-April-2023

Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Specialised Carriers ordered twenty (20) wood-pulp carrier new buildings at three Chinese shipyards. Cosco Shipping Specialised Carriers will pay around $1 billion total for twenty (20) 85K DWT wood-pulp carrier new buildings. In Q1 2023, Cosco Shipping Specialised Carriers ordered twenty-four (24) PCTC (Pure Car Truck Carrier) new buildings at Chinese shipyards. Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Specialised Carriers will start taking delivery of twenty (20) wood-pulp carrier new buildings in H1 2026.

4-April-2023

Copenhagen-based shipowner and operator Lauritzen Bulkers signed an LOI (letter of intent) to construct two (2) methanol dual-fuelled kamsarmax bulk carriers at Tsuneishi Shipbuilding, backed by long-term time charters to Geneva-based Cargill Ocean Transportation. Niels Josefsen-led shipowner and operator Lauritzen Bulkers will take the delivery of two (2) 81K DWT methanol dual-fuelled kamsarmax bulk carriers in 2026. Lauritzen Bulkers is owned by J Lauritzen. Lauritzen Bulkers chartered two (2) methanol dual-fuelled kamsarmax bulk carriers to Cargill Ocean Transportation for around seven (7) years. Lauritzen Bulkers is actively engaged in the decarbonization of the shipping sector, and Lauritzen Bulkers take great pride in participating in a forward-thinking collaboration with Cargill Ocean Transportation, who share Lauritzen Bulkers’ aspirations to bring about substantial change in the shipping industry. The methanol dual-fuelled kamsarmax bulk carriers will have the capability to engage in trade with zero carbon emissions, courtesy of green methanol and biodiesel propellant. Danish shipowner and operator Lauritzen Bulker is eager to collaborate with Cargill Ocean Transportation in pursuit to propel the shipping industry forward in the realm of zero-carbon fuels. J. Lauritzen and Lauritzen Bulkers have announced the creation of a new firm called Lauritzen NexGen Shipping, which will possess two (2) kamsarmax bulk carriers that operate on methanol dual-fuel. This enterprise will serve as a launchpad for further investment in zero-carbon and sustainable shipping assets. The joint venture between Copenhagen-based shipowner and operator J Lauritzen and Cargill Ocean Transportation has been facilitated by Copenhagen Commercial Platform (CCP). The Copenhagen Commercial Platform (CCP) will play a crucial role in the operation and future expansion of this joint venture. Earlier this year, Cargill Ocean Transportation and Mitsui & Co. placed an unprecedented order for the first two methanol dual-fuelled bulk carriers. A rising number of shipping enterprises, spearheaded by the Danish container shipping behemoth, AP Moller-Maersk, have commenced placing orders for newly built ships fueled by methanol. According to data compiled by DNV, a classification society, 80 newly constructed ships fueled by methanol have been ordered, with expected delivery dates extending up to 2028. Recent developments include the placement of orders for the first-ever car carriers equipped to handle methanol, in addition to a string of methanol bunkering tankers and four chemical tankers that are methanol-ready. Previously, the Danish shipowner and operator, Lauritzen Bulkers, transitioned to an asset-light model for operating ships.

4-April-2023

Athens-based shipowner and operator Neda Maritime Agency Co. Ltd. has placed an order for two (2) kamsarmax bulk carrier newbuildings at Chengxi Shipyard, signalling the return of Neda Maritime Agency Co. Ltd. to bulk carrier newbuilding contracting after nearly ten years without fresh dry bulk orders. The deal is an important fleet-renewal step for Neda Maritime Agency Co. Ltd. and demonstrates the continued interest of Neda Maritime Agency Co. Ltd. in the kamsarmax bulk carrier sector, a versatile ship segment commonly employed in coal, grain, bauxite, fertilizers, minor bulk cargoes, and other long-haul raw materials trades. The latest order at Chengxi Shipyard follows the previous newbuilding programme of Neda Maritime Agency Co. Ltd. in 2014, when the Lykiardopoulo family-controlled Neda Maritime Agency Co. Ltd. contracted three (3) kamsarmax bulk carrier newbuildings at Namura Shipbuilding and Tsuneishi Group. That earlier ordering round showed the preference of Neda Maritime Agency Co. Ltd. for reputable Asian shipyards, proven ship designs, and durable dry bulk tonnage capable of serving international commodity routes over the long term. Neda Maritime Agency Co. Ltd. was founded in 1879 by Nicolaos D. Lykiardopulo and remains one of the oldest Greek shipowner and operator names still active in contemporary deepsea shipping. The long background of Neda Maritime Agency Co. Ltd. links Neda Maritime Agency Co. Ltd. to the foundations of Greek merchant shipping, where family ownership, prudent asset control, disciplined capital deployment, and sensitivity to freight cycles have shaped fleet strategy for generations. Over time, Neda Maritime Agency Co. Ltd. has evolved from its historic origins into an independent maritime management organisation overseeing a diversified fleet of bulk carriers and tankers trading internationally. Neda Maritime Agency Co. Ltd. has built a reputation for careful but purposeful fleet development, choosing selective ship investment instead of rapid speculative expansion. This restrained strategy has enabled Neda Maritime Agency Co. Ltd. to remain active through different phases of the shipping cycle, including dry bulk downturns, tanker market recoveries, changes in ship finance, and shifts in worldwide commodity demand. The order for two (2) kamsarmax bulk carrier newbuildings at Chengxi Shipyard follows this same disciplined pattern, as Neda Maritime Agency Co. Ltd. is returning to newbuilding investment with a ship type known for broad trading flexibility, useful cargo intake, and strong relevance to the movement of raw materials. Kamsarmax bulk carriers are appreciated for their ability to operate efficiently across many routes and cargo programmes, including grain, coal, bauxite, fertilizers, and other bulk commodities. For Neda Maritime Agency Co. Ltd., the addition of fresh kamsarmax bulk carrier tonnage will reinforce the dry bulk division of the fleet and support wider participation in Atlantic and Pacific trading routes. Neda Maritime Agency Co. Ltd. currently controls a diversified fleet composed of nine (9) kamsarmax bulk carriers, six (6) capesize bulk carriers, six (6) aframax tankers, and five (5) VLCCs (Very Large Crude Carriers). This fleet structure gives Neda Maritime Agency Co. Ltd. exposure to several major shipping markets, ranging from large dry bulk transportation to crude oil and liquid cargo movements. The kamsarmax bulk carriers and capesize bulk carriers allow Neda Maritime Agency Co. Ltd. to participate in industrial and agricultural commodity flows, while the aframax tankers and VLCCs (Very Large Crude Carriers) give Neda Maritime Agency Co. Ltd. access to the energy transportation sector. This combination provides Neda Maritime Agency Co. Ltd. with a wider operating base and limits dependence on one freight segment alone. As a traditional Greek shipowner and operator, Neda Maritime Agency Co. Ltd. has long followed the Greek shipping practice of combining fleet renewal, asset timing, and market discipline. Greek shipowners have historically used newbuilding contracts and secondhand acquisitions to keep fleets competitive, capture cyclical opportunities, and manage exposure to freight volatility. The decision by Neda Maritime Agency Co. Ltd. to order at Chengxi Shipyard indicates that Neda Maritime Agency Co. Ltd. sees long-term value in securing new kamsarmax bulk carrier capacity for future delivery, especially as modern bulk carriers remain important to charterers seeking efficient ships, reliable cargo capacity, and alignment with changing environmental and operational requirements. The newbuildings at Chengxi Shipyard will help Neda Maritime Agency Co. Ltd. sustain a younger and more competitive dry bulk profile, while also supporting long-term commercial relationships with charterers active in raw materials and agricultural cargoes. Neda Maritime Agency Co. Ltd. has long been associated with conservative ownership, professional technical supervision, and lasting commitment to deepsea shipping. The Lykiardopoulo family-controlled Neda Maritime Agency Co. Ltd. generally keeps a discreet public profile, yet the fleet decisions of Neda Maritime Agency Co. Ltd. have consistently shown a disciplined understanding of ship values, freight prospects, operational quality, and long-term asset performance. The latest kamsarmax bulk carrier newbuilding order strengthens that approach, showing that Neda Maritime Agency Co. Ltd. remains prepared to invest when the ship type, shipyard choice, and market outlook support the long-term strategy of Neda Maritime Agency Co. Ltd. The return to bulk carrier newbuilding investment after almost a decade is therefore more than the addition of two ships. It is a clear sign of continuing confidence in dry bulk shipping, in the kamsarmax bulk carrier segment, and in the ability of Neda Maritime Agency Co. Ltd. to stay competitive in changing market conditions. With two (2) kamsarmax bulk carrier newbuildings now ordered at Chengxi Shipyard, Neda Maritime Agency Co. Ltd. is reinforcing its dry bulk platform, refreshing part of its fleet, and carrying forward the long maritime legacy established by Nicolaos D. Lykiardopulo in 1879.

4-April-2023

Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) sold two (2) capesize bulk carriers to Jan Rindbo-led Dampskibsselskabet DS Norden A/S. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) sold 2011 built capesize bulk carrier 179K DWT MV Star Polaris and 2011 built capesize bulk carrier 179K DWT MV Star Polaris Borealis for $32.5 million each. Danish shipowner and operator Dampskibsselskabet DS Norden A/S has doubled the capesize fleet with two acquisitions. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 129 vessels.

4-April-2023

UAE-based Shaikh family-controlled shipowner and operator Tomini Shipping has highlighted the seafarer-first culture within Tomini Shipping after a life-saving rescue carried out by Tomini Shipping owned 2018 built ultramax bulk carrier 64K DWT MV Tomini Dynasty, which recovered 11 Malaysians who had been stranded for three days following a boat capsize off the Philippines. According to the survivors’ account, the rescued Malaysians were from Tawau, Malaysia, and had been traveling toward Semporna to attend a funeral, underscoring that the incident involved ordinary civilian travelers rather than a planned maritime operation. CEO Numair Shaikh-led Tomini Shipping stated that all survivors were in good health and were provided with food, lodging, and any medical assistance required, reflecting how UAE-based Shaikh family-controlled shipowner and operator Tomini Shipping treats humanitarian response as an operational priority when Tomini Shipping ships encounter distress situations at sea. UAE-based shipowner and operator Tomini Shipping also publicly commended the bravery and professionalism of its seafarers, noting that Tomini Shipping crews placed the safety and well-being of others above personal risk during the rescue, a message that reinforces Tomini Shipping’s emphasis on seamanship, duty of care, and adherence to the long-standing maritime tradition of rendering assistance to those in peril. The response from the 2018 built ultramax bulk carrier 64K DWT MV Tomini Dynasty included dispatching a rescue craft from MV Tomini Dynasty, enabling the crew to reach the capsized boat survivors and bring them safely alongside, and the detailed time sheet provided by MV Tomini Dynasty’s Ship Master recorded that one survivor was elderly and visibly fatigued, highlighting the urgency and physical condition challenges involved in the operation. After the recovery, the Philippines Coast Guard boarded the 2018 built ultramax bulk carrier 64K DWT MV Tomini Dynasty to confirm identities and complete the necessary verification procedures, after which the survivors were transferred to a coast guard boat for onward assistance while Tomini Shipping owned 2018 built ultramax bulk carrier 64K DWT MV Tomini Dynasty resumed its passage and proceeded to China. The incident also draws attention to the operational footprint of UAE-based shipowner and operator Tomini Shipping, which manages a sizable dry bulk presence and currently owns and operates 26 bulk carriers, meaning Tomini Shipping ships are regularly trading across key regional and intercontinental routes where encounters with small craft incidents and weather-related distress situations can occur. For UAE-based Shaikh family-controlled shipowner and operator Tomini Shipping, the rescue by MV Tomini Dynasty sits alongside Tomini Shipping’s broader push to strengthen operational capability and accountability, including recent moves by Tomini Shipping to deepen internal control over commercial decision-making, a strategy that can complement safety culture by tightening communication between ship operations and shore-based management. In practical terms, the MV Tomini Dynasty rescue demonstrates how Tomini Shipping integrates seamanship, rapid decision-making, and coordination with authorities into real-world outcomes, with the crew taking immediate action, documenting the timeline via the Ship Master’s records, and cooperating fully with the Philippines Coast Guard to complete the handover—an end-to-end response that reflects both professional standards and the humanitarian responsibilities that come with operating a large fleet in international waters.

3-April-2023

Tor Olav Troim-backed Oslo-listed Himalaya Shipping expressed investors will pay $5.80 for each of the 7.72 million shares in a deal closing on 4 April 2023. CEO Herman Billung-led Himalaya Shipping schedules for an IPO (Initial Public Offering) on New York Stock Exchange. Himalaya Shipping has priced its New York Stock Exchange IPO (Initial Public Offering) to raise at least $40.5 million. Himalaya Shipping will use cash to finance newbuildings and maintain liquidity. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding.

3-April-2023

Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has announced a new decarbonisation plan to 2030 and beyond after admitting the process invariably takes longer than expected. Covid-19 and war delays CEO Engebret Dahm-led shipowner and operator KCC’s (Klaveness Combination Carriers) emission cuts but ambitious new targets set. Furthermore, the Oslo Stock Exchange-listed Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) also recommends the IMO (International Maritime Organization) to get its act together. In February 2020, Klaveness Combination Carriers (KCC) last laid out emissions-reduction targets. Klaveness Combination Carriers (KCC) owns and operates CABU-type and CLEANBU-type Combination Carriers that can carry both dry bulk and liquid cargo. However, significant global events have since intervened, slowing progress for the Klaveness Combination Carriers (KCC). 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.

3-April-2023

Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S acquired two (2) more capesize bulk carriers. Jan Rindbo-led Dampskibsselskabet DS Norden A/S now owns a fleet of four (4) capesize bulk carriers, having bought two more in the secondhand market. In March 2023, Dampskibsselskabet DS Norden A/S acquired two (2) capesize bulk carriers from Monaco-based Michael Radziwill-led shipowner and operator GoodBulk Ltd (GBLK). Dampskibsselskabet DS Norden A/S did not give additional details about the latest capesize bulk carrier deal. With the move into capesize market, Danish shipowner and operator Dampskibsselskabet DS Norden A/S expands the company’s offering to cover all dry cargo sizes, providing added value to the charterers. Currently, Dampskibsselskabet DS Norden A/S operates around 543 bulk carriers and tankers.

3-April-2023

Hong Kong-based shipowner and operator Pacific Basin Shipping Limited controlled 2004 built handysize bulk carrier 28K DWT MV Portland Bay that sparked a prominent emergency rescue operation off Australia in 2022, had been ordered out of port in a storm, an accident report discloses. CEO Martin Fruergaard-led shipowner and operator Pacific Basin Shipping Limited controlled 2004 built handysize bulk carrier 28K DWT MV Portland Bay afterward lost power at the ocean, causing authorities to run tugs to prevent the ship from grounding. ATSB (Australian Transport Safety Bureau) issued an interim report for the MV Portland Bay incident. On 3 July 2022, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited controlled MV Portland Bay was berthed at Port Kembla’s outer harbor in Australia. MV Portland Bay was directed by the VTS (vessel traffic service) to leave and head out to a safe distance from the coast, due to serious breezes and swells in the area. On 4 July 2022, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited controlled MV Portland Bay was in bad weather off the Port Kembla coast when smoke from one of the main engine’s auxiliary blowers triggered fire detectors. MV Portland Bay’s Ship Master informed the ship’s managers of the situation as a main engine failure. MV Portland Bay’s Ship Master dropped both anchors to anchor the ship on 4 July 2022 evening and tugs assisted the vessel. On 5 July 2022, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited controlled MV Portland Bay was towed to berth in Port Botany. ATSB (Australian Transport Safety Bureau) will review MV Portland Bay’s shiftings and activities about calling at Port Kembla. Furthermore, ATSB (Australian Transport Safety Bureau) will conduct further analysis of data from the VDR (voyage data recorder) to confirm critical event times. Currently, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited owns 115 bulk carriers and operates 143 chartered bulk carriers.

2-April-2023

The Limassol-based shipping entity, Castor Maritime Inc. (CTRM), has once again successfully sold an older vessel for profit within a remarkably short span. This Nasdaq-listed company has divested its 2005-constructed panamax bulk carrier, MV Magic Moon, to an independent third party. Originally purchased from Pavimar SA in 2019 for approximately $10 million, the 76,600 dwt MV Magic Moon has been sold for $13.9 million. Last month, Castor Maritime Inc. (CTRM) also sold the 2007-built panamax bulk carrier, MV Magic Rainbow, for about $12.6 million, realizing a net profit of $4.4 million from the transaction. The company anticipates a net gain of $5.3 million from the sale of MV Magic Moon in the third quarter of 2023. After these sales, Castor Maritime Inc. (CTRM)’s fleet will consist of 18 bulk carriers and two containerships, each with a capacity of 2,700 TEU.