31-August-2023
ADS Maritime, a shipping investment firm listed on the Oslo Stock Exchange, has recently acquired a stake in Golden Ocean Group (GOGL), the global bulker behemoth controlled by John Fredriksen. Terje Bodin Larsen, who helms ADS Maritime, confirmed the purchase of 130,000 shares in Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) at an estimated value of $1 million. This acquisition strengthens ADS Maritime’s portfolio, demonstrating its strategic vision in the shipping sector. Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL), recognized as the world’s largest listed owner of expansive dry bulk carriers, boasts an impressive fleet of 97 bulk carriers. This number includes four state-of-the-art newbuildings. Their combined capacity reaches a staggering 14.3 million DWT (deadweight tonnage). For Q2 2023, Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) announced a net income of $34.9 million, with earnings per share standing at $0.17. Unlike many other firms in the industry, Oslo Stock Exchange-listed ADS Maritime’s primary revenue stream is drawn from dividends and various management fees. Terje Bodin Larsen-led ADS Maritime does not hold a majority stake or controlling interest in any shipowner it invests in. Reflecting this business model, Golden Ocean Group (GOGL) has declared a cash dividend payment of $0.10 per share for Q2 2023, expected to be disbursed around September 19th. In a related development, Oslo Stock Exchange-listed ADS Maritime also shared its decision to liquidate its entire stake in Gram Car Carriers, an investment made earlier in March 2023. This divestment proved profitable for ADS Maritime, contributing nearly $1 million to its net profit for the Q2 2023. This strategic move by Terje Bodin Larsen-led ADS Maritime underscores ithe company’s commitment to diversifying its portfolio and ensuring sustainable growth in the ever-evolving shipping industry.
31-August-2023
China’s property market undeniably stands as a cardinal linchpin influencing the trajectory of seaborne iron ore commerce. The International Monetary Fund’s current prognostications peg the growth of the Chinese economy at a modest 4% spanning 2022 to 2027. The prevailing ambivalence surrounding China’s economic vigor and the rehabilitation of its property sector for the remaining annum signifies that any attenuation in its commodity in-take may be detrimental to the prospects of a sequential resurgence in dry bulk revenues. The pernicious specter of contagion looms ever larger within the malignant realm of China’s real estate sector, an instrumental pillar of the globe’s second most prodigious economy, representing a substantive portion, ranging from a fourth to a third, of China’s total GDP. Country Garden, a behemoth in the realty domain once esteemed for its financial resilience, recently divulged a staggering loss of nearly $7 billion in the first half, coupled with an ominous forewarning of potential debt default. Over the forthcoming quarter, Chinese property magnates confront imminent bond dues amounting to a colossal $38 billion. This comes in the backdrop of mounting apprehensions regarding liquidity and the looming shadow of potential insolvencies. China’s real estate tableau merely epitomizes a fragment of the broader economic challenges besieging the nation this year.
30-August-2023
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired 2006 built capesize bulk carrier 176K DWT MV Santa Lucia for around $16 million. Turkish shipowner and operator Beks Shipping’s (Beks Ship Management and Trading) diverse fleet now boasts 17 bulk carriers and an impressive 25 tankers. Beks Shipping (Beks Ship Management and Trading) has further enhanced its esteemed stature as one of Europe’s most swiftly proliferating maritime enterprises through another esteemed secondhand procurement. Beks Shipping (Beks Ship Management and Trading) gracefully secures another Japanese-built capesize bulk carrier in its strategic expansion quest. Established in 2011 by the Turkish magnate Ali Bekmezci, Beks Shipping (Beks Ship Management and Trading) embarked on its foray into the cape trades in 2021.
30-August-2023
South Korean shipowner and operator Polaris Shipping Co. Ltd. has been gracefully presented to the market as the esteemed shipowner contemplate a departure from the sector. Having invested profoundly in the transition of VLOCs (Very Large Ore Carriers), a queue of prospective purchasers emerges with the unveiling of the prominent VLOC enterprise, Polaris Shipping. Chinese shipping giant Cosco Shipping Bulk has manifested a keen inclination to acquire the South Korean shipowner and operator Polaris Shipping Co. Ltd.’s fleet, aiming to augment its bulk trade. Polaris Shipping, a paragon in the shipping world, boasts ownership of an impressive 15 VLOCs (Very Large Ore Carriers) accompanied by 4 newcastlemax bulk carriers in its distinguished fleet.
30-August-2023
Maritime activities to and from Gabon have been indefinitely suspended in light of allegations regarding a coup. The esteemed security consultancy has divulged that all naval transit within the West African nation has come to a standstill, subsequent to a proclamation by the military brass in the wee hours of Wednesday. This faction made a dramatic appearance on state television, pronouncing their usurpation of power, following the controversial third-term election of President Ali Bongo. It is of utmost importance that all maritime vessels in proximity to the region maintain heightened vigilance and readiness. Operations at the Libreville port are at a complete impasse. In light of these events, the Libreville port administration has counseled a ship, scheduled for docking this morn, to hold position in the anchorage, awaiting further directives. Concurrently, another commercial vessel, preparing for departure, was denied egress authorization. Since this unsettling proclamation of the coup, not a single ship has either embarked or disembarked from the port. The Gabonese officials have pronounced the election results null and void, with a strict sealing of all national boundaries until an undetermined time.
29-August-2023
London-based the world’s biggest shipbroker Clarksons’ investment arm Clarksons Securities proclaims that capesize bulk carriers stand to reap an augmentation of $10,000 daily, given the surge in Brazilian ore exports to China. Should Vale augment its production by an additional 15 million tonnes, the fleet’s utilization could ascend by 2%, as suggested by the investment branch of Clarksons Securities. The hitherto uninspiring capesize bulk carrier market might soon bask in the glory of enhanced iron ore shipments from Brazil to Asia, as inferred by CEO Andi Case-led Clarksons’ investment arm Clarksons Securities. The prevalent spot rates for capesize bulk carriers have languished below $20,000 per day since mid-May 2023 and have witnessed a precipitous decline since mid-August 2023, yet these rates are poised to benefit from a $10,000 daily surge, courtesy of increased iron ore exports from Brazil.
29-August-2023
Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, is gracefully venturing into the chemical tanker sphere through a strategic alliance with the Norwegian RFSea Infrastructure II. Norwegian RFSea Infrastructure II has commissioned the construction of two exquisite 6K DWT methanol-ready stainless steel tankers at the Wuhu Shipyard. Robert Perri-led shipowner and operator OceanPal boasts of two (2) capesize bulk carriers along with three (3) panamax bulk carriers within its armada, has collaborated with the esteemed UK-based alternative investment and commercial administration enterprise, RFOcean. RFOcean and OceanPal collaboration is further enriched with the participation of other sophisticated partners and investors. Nasdaq Stock Market (Nasdaq)-listed shipowner and operator OceanPal, remains reticent regarding the magnitude of their monetary involvement. However, OceanPal anticipatea the grand arrival of these vessels during the Q4 2025 and Q1 2026. OceanPal’s genesis can be traced back to the waning moments of 2021, when the visionary Semiramis Paliou of Diana Shipping (DSX), with a stroke of strategic genius, segregated three of their bulk carriers, bestowing them upon a freshly minted OceanPal. In Q2 2023, Athens-based shipowner and operator OceanPal celebrated a commendable net profit, approximating $1.26 million. Nasdaq Stock Market (Nasdaq)-listed OceanPal CEO Robert Perri eloquently expressed, “It is with immense pride and optimism that we channel our investments into these avant-garde, methanol-prepared chemical tankers. We are poised at the cusp of a chemical tanker market that, we fervently believe, will witness an upswing in the forthcoming years. Beyond the financial ramifications, this investment stands as a testament to our commitment towards a greener future. These nascent vessels are projected to showcase a fuel efficiency surpassing their conventional counterparts by a remarkable 20-25%.”
29-August-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) controlled 2023 built dual-fueled newcastlemax bulk carrier 209K DWT MV Mount Cook’s LNG bunkering in Zhoushan garnered television spotlight. Featured prominently on China Central Television, Idan Ofer-led shipowner and operator Eastern Pacific Shipping’s pioneering LNG refuelling in Zhoushan marked a noteworthy first for the port. This avant-garde LNG replenishment venture has catapulted Eastern Pacific Shipping (EPS) to national prominence in China. The fuelling of the Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) controlled 2023 built dual-fueled newcastlemax bulk carrier 209K DWT MV Mount Cook was unprecedented at the anchorage just beyond Zhoushan port. MV Mount Cook is chartered by Anglo-Australian minerals and mining giant Rio Tinto.
29-August-2023
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has gracefully returned to profitability as the bulker markets find equilibrium. Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL) has generously announced a dividend of 10 cents. After a temporary setback in the initial months of 2023, Golden Ocean Group (GOGL) has triumphantly registered a prosperous Q2 2023, even though revenues from capesize and panamax bulk carriers witnessed a notable decline compared to the previous year.
29-August-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) and Copenhagen-based shipowner and operator Lauritzen Bulkers collaboratively venture to assess the efficacy of the Market Manager data instrument. Michael Jorgensen presides as the chief of dry bulk for Torvald Klaveness. The eminent Norwegian shipowner, Torvald Klaveness, has disclosed the esteemed Danish ship operator, Lauritzen Bulkers, as the inaugural named beneficiary of their sophisticated decision-making application, Market Manager. Furthermore, CEO Engebret Dahm-led shipowner and operator Torvald Klaveness has announced their undertaking in appraising their Market Manager instrument in conjunction with Lauritzen Bulkers, who emerges as the first publicized client of this data-centric decision-making software. Klaveness Ship Management A/S manages all the fleet of Klaveness Combination Carriers (KCC). Currently, 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.
29-August-2023
London-based shipbroker Affinity Shipping’s esteemed Managing Partner, Richard Fulford-Smith, garners a remuneration surpassing £1 million as the Affinity Shipping’s profits magnify threefold. Affinity Shipping’s Chief Executive Officer Richard Fulford-Smith witnesses his comprehensive compensation augmented by escalated revenues from tankers, bulk carriers, LNG, and sale-and-purchase departments. London-based shipbroker Affinity Shipping unveiled an impressive surge in its annual profit for 2022, thereby elevating the compensation structures for its affiliates. The year unfolded as tremendously prosperous, with the tanker, dry cargo, LNG, and sale-and-purchase sectors all reaping the rewards of robust markets coupled with a stalwart US dollar, enhancing earnings, as articulated by the partnership’s secretary, Christopher Chasty.
28-August-2023
Singapore-based shipowner and operator Grindrod Shipping (GRIN) divests two additional bulk carriers following a monetary disbursement. Ed Buttery-led New York-listed shipowner and operator Grindrod Shipping (GRIN) is parting with two bulk carriers, transferring ownership to the esteemed Greek ship magnate, Thanassis Martinos. Singapore-based shipowner and operator Grindrod Shipping (GRIN) sold 2015 built ultramax bulk carrier 60K DWT MV IVS Bosch Hoek and 2016 built ultramax bulk carrier 60K DWT MV IVS Hayakita.
28-August-2023
Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited records a downturn in the Q2 2023 amid a waning supramax dry bulk market. Jinhui Shipping and Transportation Limited reported a loss of $6.5 million. The shipping market is influenced downwardly by the surge in inflation, augmented interest rates, and alleviating port congestion, as per the statements from Jinhui Shipping and Transportation Limited. Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping and Transportation Limited registered a significant dip during the Q2 2023, noting that the fervor that once propelled the supramax sector a year prior has considerably diminished. The time charter equivalent rates for Jinhui Shipping and Transportation Limited’s fleet of 25 bulk carriers observed a decline. Currently, Jinhui Shipping and Transportation Limited holding ownership of 24 supramaxes and a singular ultramax.
28-August-2023
The venerable Panama Canal boasts man-made Miraflores and Gatun lakes, complemented by a three-lock, dual-lane mechanism—the panamax locks—that elevate and descend ships by 26 meters. This allows an 80-kilometer journey within eight to ten hours for vessels with a draft of up to 12.5 meters. The modern iteration of the Panama Canal, while part of the identical system, introduces a two-lock, single-lane mechanism—the neopanamax locks—catering to vessels with up to a 15.2-meter draft. Remarkably, both systems utilize freshwater, though only the contemporary system has the prowess to recycle some of the water expended for vessel transition. Presently, the Panama Canal faces dual constraints. Within the panamax locks, transits are predicted to decline to 22 daily, with a mere 14 available for advance booking. Within the initial ten months of its ongoing fiscal cycle, the Panama Canal accommodated 7,632 ships in the panamax locks, averaging slightly over 25 daily. This infers that around three smaller vessels daily may face transit denial. Regarding the neopanamax locks, only 10 daily bookings are permissible, juxtaposed with fiscal data indicating 3,019 transitions, averaging slightly below 10 daily. Absent service enhancements, transit numbers should remain unaffected. However, the maximum vessel draft has plunged from an intended 15.2 meters to 13.41 meters—a significant 1.79-meter decrement, profoundly impacting the cargo volume on neopanamax vessels. The container segment singularly contributes to 11.5% of panamax and 47.8% of neopanamax transitions, with precedence likely diverting dry bulk vessels, such as those carrying coal and grain, towards alternative paths. These constraints are anticipated to persist for a minimum of 10 months, extending beyond the imminent dry season and into the subsequent rainy season. Alas, there remains uncertainty about the potential extension of these restrictions. It’s worth noting that Panama also serves as a strategic hiatus for vessels amid assignments. Authentically, as of August 26, 124 vessels awaited transit, comprising 20 neopanamax and 104 panamax. Water scarcity is undeniably the crux of the dilemma. The Panama Canal acquires its freshwater from the expansive 2,982 square kilometer Panama Canal Water Shed. Notably, the canal isn’t the sole consumer of this water. Alas, the current rainfall deficit is unparalleled this century, but variability is nothing novel. The neopanamax locks were ceremonially launched in June 2016. However, even then, due to the 2015-16 El Nino event, there was a 0.3-meter water shortfall from the planned draft. This challenge, albeit not as pronounced as now, has been recognized for years. For the container sector, immediate concerns regarding transit capabilities might be unwarranted, courtesy of their premium tariffs. Yet, the economic feasibility of operating certain neopanamax routes via the Panama Canal could shift if cargo volumes are curtailed for the ensuing 10 months or more. Though the Suez Canal route extends by 1,800 nautical miles from Shanghai to New York. Given the availability of vessels, it’s plausible that we might soon observe liner services gravitating towards the slightly more languid, yet potentially more cost-effective Suez Canal route.
28-August-2023
The global rice market is undergoing tumultuous shifts as floods decimate harvests in northern China, and leading exporters enforce de facto restrictions on shipments. India, the paramount rice exporting nation, has imposed prohibitions and levies on all rice variants, invoking concerns of food sovereignty. Concurrently, Myanmar, ranked seventh in global rice exports by the Global Trade Tracker, has recently announced a 45-day suspension on exports to curtail escalating food costs. In the shadow of the impending adversities of this year’s El Niño climatic pattern, the Thai government, presiding over the world’s second-largest rice exports, has advised cultivators to reduce their sowing expanse this year. Across the board, rice valuations have reached their zenith, the highest in the past twelve years. Exacerbating this scenario are the unparalleled, catastrophic inundations in China’s agrarian heartland, the Heilongjiang province in the country’s remote northeast, obliterating 40% of the region’s harvest this month. China’s rice consumption dwarfs all, surpassing the combined appetite of India and Bangladesh, who are respectively positioned second and third in the global rice consumption hierarchy curated by Statista. India seems predisposed to maintain these constraints, operating akin to a regulator, overseeing export fluxes.
28-August-2023
The maritime sector has gracefully advanced towards the dawn of autonomous vessels, with the inauguration of an LNG-fueled capesize bulk carrier in South Korea, endowed with cutting-edge artificial intelligence (AI) machinery surveillance and safety protocols. The distinguished LNG-fueled capesize bulk carrier 180K DWT MV HL Nambu 2, masterfully constructed by Hyundai Samho Heavy Industries for its national counterpart, H-Line, proudly stands as the inaugural vessel to integrate the avant-garde AI professionals – HiCBM, an integrated ship status monitoring solution, and HiCAMS, an integrated safety control solution. The HiCBM diligently oversees primary engines, compressors, and pumps, employing artificial intelligence to ascertain and avert potential breakdowns preemptively. Concurrently, HiCAMS capitalizes on onboard CCTV streams, utilizing AI to pinpoint and dissect safety incidents as they transpire. This progressive milestone in HD Hyundai’s voyage towards autonomy reflects the cumulative efforts and groundbreaking accomplishments of its affiliates. Notably, the showcase of avant-garde technology by Avikus enabled the capacious 180K cubic meter LNG carrier MT Prism Courage, to navigate autonomously, albeit under vigilant supervision, for approximately half its trans-Pacific trajectory. In a pertinent development, Korea Line Corporation, the maritime branch of SM Group, unveiled that its offshoot, Korealine LNG, has achieved the esteemed green light for autonomous navigation from Panama for its LNG refueling vessel, incorporating the state-of-the-art Samsung Autonomous Ship (SAS) technology, a brainchild of Samsung Heavy Industries.
27-August-2023
Courage Investment Group, based in Hong Kong and previously known as Courage Marine, is actively seeking opportunities in the secondhand dry bulk market. The company has noted that the market conditions have recently become more favorable, presenting attractive buying opportunities due to a softening in the second-hand dry bulk market. Despite being in an expansion phase and showing interest in secondhand tonnage, Courage Investment Group has reported that it has not yet made any acquisitions of supramax or panamax bulk carriers. This is attributed to the significant increase in the prices of these types of vessels since 2021, which has presumably made it challenging to find deals that align with the Courage Investment Group’s investment criteria. Currently, the Hong Kong-listed Courage Investment Group operates a fleet comprising three supramax bulk carriers: the MV Heroic (built in 2012), and the MV Polyworld and MV Zorina (both built in 2011), each with a deadweight tonnage (DWT) of 57K. This fleet forms the core of Courage Investment Group’s operational assets in the dry bulk shipping sector, and the company’s ongoing interest in expanding its fleet reflects its strategic intentions to capitalize on market dynamics and grow its presence in the industry.
25-August-2023
Copenhagen-based shipowner and operator Lauritzen Bulkers has magnanimously expanded its fleet, asserting absolute proprietorship of a triad of bulk carriers. Niels Josefsen-led shipowner and operator Lauritzen Bulkers acquired 2017 built handysize bulk carrier MV Asian Bulker, 2017 built handysize bulk carrier MV Australian Bulker, and 2015 built handysize bulk carrier MV Iceland Bulker. In the month of August, these trio of crane-equipped bulk carriers were seamlessly assimilated into Danish shipowner and operator Lauritzen Bulkers’ prestigious flotilla. Intriguingly, Lauritzen Bulkers presently presides over eight (8) handysize bulk carriers, each boasting an average lineage of six years; intriguingly, a pair from this fleet have found new custodians, their identities veiled in mystery. 2017 built handysize bulk carrier 36K DWT MV Asian Bulker, which currently commands a valuation approximating $22 million, transitioned into Lauritzen Bulkers’ guardianship from Singapore-based shipowner and operator Grace Ocean, though the financial intricacies of this transaction remain shrouded. 2017 built handysize bulk carrier MV Australian Bulker was previously chartered out to Lauritzen Bulkers by Grace Ocean. 2015 built handysize bulk carrier 37K DWT MV Iceland Bulker (ex MV Glorious Mahuta) was acquired for an approximate sum of $20.5 million from Singapore-based shipowner and operator Pacific Carriers.
25-August-2023
Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) has conventionally procured bulker tonnage via enduring bareboat charters with Japanese mercantile establishments. However, there’s been a notable transition towards outright ship possession. PCL (Pacific Carriers Ltd) CEO Hor Weng Yew posits that direct ownership enhances capital returns for shareholders. Singapore-based shipowner and operator PCL (Pacific Carriers Ltd) boasts an impressive fleet, inclusive of geared bulk carriers and versatile general cargo vessels. PCL (Pacific Carriers Ltd) CEO Hor Weng Yew articulates that a robust asset foundation yields superior investment returns for the esteemed stakeholder, the Kuok Group.
25-August-2023
Prominent maritime organizations are implored to unify and disclose their voyage strategies, particularly at pivotal global maritime junctions. Authorities of the Panama Canal have recently cautioned that water conservation protocols will persist for an impending ten months, at the very least. In light of an unparalleled drought this annum, coupled with the manifestation of the El Niño climatic anomaly, the stewards of the Panama Canal have decremented the permissible draft for vessels navigating its expansive neopanamax locks by two meters. Concurrently, there has been a 20% reduction in daily traversals, limiting them to merely 32 ships. Such stringent policies have culminated in considerable ship accumulations at the canal’s dual extremities. The current official tally stands at 129 vessels, a slight decline from the zenith of 165 earlier, yet a substantial 43% above the norm. The Panama Canal’s esteemed deputy chief, Ilya Espino, conveyed to Reuters that such limitations are poised to endure for the imminent ten months, extending well into the subsequent year’s midsection. While container services and leisure cruise routes typically plan their canal journeys considerably ahead of time, bulk sectors tend to be more spontaneous and truncated in their scheduling. This spontaneous nature has been particularly affected this month, with some vessels unable to secure advanced reservations, thereby compelling them to join the ever-growing queue. For colossal container ships, these draft limitations signify that approximately 2,500 teu of space remains unexploited, yielding a peak headhaul efficiency of 84%. For ships exceeding 12,000 teu, an alternative passage via the Suez Canal becomes an increasingly attractive proposition, especially in light of Panama Canal’s unwavering stance on maintaining these restrictions. Conversely, for smaller container vessels capable of navigating whilst fully loaded, a return journey to Asia via the Suez Canal or Cape of Good Hope (COGH), albeit lengthier, emerges as a viable alternative. This route not only diminishes the demand on the Panama Canal but also capitalizes on the perceived dwindling fortune of containers in the forthcoming year. There has been a reported cancellation of a cruise ship’s winter voyage through Panama Canal. Such pivotal shifts in navigation routes by container carriers will undoubtedly capture the keen attention of other sectors, all vying for the coveted canal slots in the subsequent months. The prolonged status quo in Panama Canal amplifies the prospects of escalating freight rates, potentially diverting cargo back to the US western seaboard, utilizing railways for the concluding leg. Panama Canal won’t severely disrupt global supply chains, given the ongoing surplus in ship capacity.
24-August-2023
Hong Kong-based and South Korean shipowner and operator Cido Shipping has resumed its venture into the construction of bulk carriers, placing a substantial order for a dozen bulk carriers across Jiangsu New Hantong and New Dayang Shipbuilding. Cido Shipping engaged Jiangsu New Hantong for the crafting of an exquisite series of kamsarmax and ultramax bulk carriers. Concurrently, New Dayang Shipbuilding has been chosen to manufacture an additional quartet of kamsarmax entities. Currently, kamsarmax bulk carriers have been appraised at $35 million, whereas ultramax bulk carrier bear a valuation of $33 million. Predominantly recognized for their automobile carriers and tankers, Hong Kong-based and South Korean shipowner and operator Cido Shipping’s antecedent bulk carrier commission was with Japan’s distinguished Shin Kurushima Onishi in 2015 for the 61K DWT ultramax bulk carrier MV Fortune Bell. Cido Shipping’s last collaboration with a Chinese yard dates back to 2008, for a supramax bulk carrier. This recent endeavor will enhance the Cido Shipping’s collection, elevating the company’s bulk carrier fleet to over 15 esteemed ships by their projected delivery in 2025 and 2026. In addition, Cido Shipping is currently overseeing the creation of four (4) neo-panamax containerships and two (2) VLGCs in South Korea.
24-August-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) stands on the cusp of commissioning the world’s inaugural ammonia-fueled bulk carriers. Esteemed companies like BHP and Rio Tinto might engage these ammonia-fueled bulk carriers, propelled by the sophisticated MAN ES engines. Idan Ofer-led Eastern Pacific Chartering (EPC) is on the brink of sealing an agreement for the globe’s pioneering ammonia-fueled bulk carrier constructions in China. The imminent accord for these six (6) ammonia dual-fueled 210K DWT newcastlemax bulk carriers, which is nearing its culmination, carries an estimated worth of approximately $480 million in its entirety. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) CEO Cyril Ducau proclaimed his firm’s unwavering dedication to the advancement of alternative fuel sources.
24-August-2023
Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) has formalized two agreements for the fabrication and acquisition of two (2) 64K DWT ultramax bulk carriers. Athanasios Feidakis-led bulk carrier owner Globus Maritime (GLBS) eloquently conveyed that these ships would be forged at a distinguished shipyard in Japan, with the anticipated delivery slated for the latter half of 2026. The comprehensive outlay for the two (2) 64K DWT ultramax bulk carriers’ construction stands at an estimated $75.5 million, encompassing various supplementary costs. Globus Maritime (GLBS) envisages financing this venture through a judicious blend of debt and equity. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) declares the commissioning of our fourth and fifth ultramax new buildings from a distinguished shipbuilder. Globus Maritime (GLBS) possess and manage eight (8) bulk carriers with a cumulative carrying potential of 567K DWT. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) recently divested two of its ultramax bulk carriers for an aggregate sum of $21.9 million. 2009-built ultramax bulk carrier MV Sky Globe and 2010-built ultramax bulk carrier MV Star Globe were relinquished to anonymous third-party shipowners for $10.7 million and $11.2 million respectively. In 2010, Athens-based New York-listed shipowner and operator Globus Maritime (GLBS) acquired 2009-built ultramax bulk carrier MV Sky Globe and 2010-built ultramax bulk carrier MV Star Globe for 32.8 million each from Wilmar Ship Holdings. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) controlled bulk carriers are managed by Athens-based Globus Shipmanagement.
24-August-2023
Capesize bulk carrier S&P (Sale and Purchase) transactions gain momentum, spurred on by speculative acquisitions. Anticipation of a resurgence in the Chinese economy persistently enthralls maritime investors. Amidst the tumultuous landscape of the dry bulk domain, the trading of secondhand capesize bulk carriers remains vibrantly active. Over 60 capesize bulk carriers have exchanged ownership this year, spanning various vintages, highlighting the capesize sector’s remarkable tenacity in both asset value retention and trading frequency.
24-August-2023
The augmentation of tariffs on imported steel by Brazil might curtail the allure for ultramax bulk carriers. Such a fiscal maneuver could lead to diminished imports from nations such as China and South Korea. Shipbrokers opine that this surge in steel duties might adversely affect the demand for ultramax bulk carriers. The steel commerce emanating from Asia stands at risk following Brazil’s decision to escalate import charges. This elevated duty on foreign steel might dissuade China and South Korea from dispatching said material to Brazil.
24-August-2023
Amidst a plethora of inaccurate narratives, the Panama Canal Authority (ACP) wishes to elucidate the authentic congestion metrics on either terminus of the waterway. Contrary to recent insinuations positing a backlog of 200 vessels, the Panama Canal Authority’s (ACP) updated data reveals that, as of the present moment, 131 ships linger in waiting. This figure, while surpassing the norm by approximately 45%, is notably less than the 165 vessels documented earlier in the month. Furthermore, the Panama Canal Authority (ACP) declared that the median hiatus for unreserved transits presently ranges from nine to eleven days—a dramatic 50% reduction from reports merely a fortnight prior. Notably, dry bulk carriers poised at the Panama Canal’s junctures have witnessed the most significant diminution in delay. Priding itself on transparency and incessant dialogue, the Panama Canal proactively disseminates information on potential alterations that could impact stakeholders’ undertakings, thereby facilitating informed business judgments that bolster global trade’s resilience and perpetuity. This was conveyed in the Panama Canal Authority’s (ACP) recent proclamation. Last month, in an endeavor to preserve freshwater following a year marked by unparalleled droughts in the Central American nation, the Panama Canal Authority (ACP) curtailed daily transits by a fifth and truncated the maximum draft for its neo-panamax locks by roughly 2 meters. Despite the return of precipitation to Panama, it is improbable that the authorities will imminently augment drafts or transit counts, particularly given the looming impacts of this year’s El Niño—a meteorological event predisposed to induce arid conditions in the region later in the year. In acknowledgment of these environmental nuances, the canal’s governing body anticipates a potential decline in revenues, possibly amounting to a staggering $200 million in the upcoming fiscal year, should these circumstances endure.
24-August-2023
The Australian Maritime Safety Authority (AMSA) has decreed a one-year prohibition on the Liberian-flagged China Minsheng Trust Co Ltd controlled MV MSXT Emily, from gracing Australian waters, consequent to discerning grave transgressions pertaining to wage misappropriation and maltreatment of seafarers aboard. Upon an illuminating revelation from the International Transport Workers’ Federation (ITF), Australian Maritime Safety Authority (AMSA) undertook a meticulous inspection of the ship whilst it was anchored at the esteemed Port of Hay Point. The scrutiny unveiled numerous infractions in alignment with the Maritime Labour Convention of 2006. It became manifest that the seafarers aboard the Liberian-flagged China Minsheng Trust Co Ltd controlled MV MSXT Emily were remunerated in stark contravention to their maritime employment accords. Four such accords bore seemingly counterfeit endorsements of the employees, and an additional five seafarers seemed to have been unduly pressured into endorsing newly drafted agreements bearing diminished remunerations. In a particularly egregious instance, a seafarer acquiesced to a new accord, notwithstanding the existence of a still-active contract, which was poised to endure for an ensuing four months, only to receive a wage reduced by a staggering 50%. The examination brought to light a staggering arrear of over $77,000 in wages, owed to the diligent seafarers of the Liberian-flagged China Minsheng Trust Co Ltd controlled MV MSXT Emily. In a desperate bid to reconcile this mounting debt, the ship’s governing entity, MSM Ship Management Pte Ltd China, endeavored to remit the owed sum, especially when confronted with the looming presence of Australian Maritime Safety Authority (AMSA) inspectors aboard.
23-August-2023
Australian mining giant BHP (formerly known as BHP Billiton) anticipates a gradual decline in China’s demand for iron ore over the ensuing periods. The preeminent mining conglomerate BHP (formerly known as BHP Billiton) believes the imminent forecast hinges on the efficacy of China’s latest policy interventions. At the helm of Australian mining giant BHP stands Mike Henry, the Chief Executive Officer. BHP (formerly known as BHP Billiton) ranks among the globe’s paramount iron ore excavators. While China’s commodity appetite has sustained its vigor despite an ailing economy, the distant horizon appears more nebulous, observes the preeminent mining titan. BHP underscored that the iron ore sector exhibited enhanced conditions during the latter segment of the 2023 fiscal year compared to its inception.
23-August-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime’s (CTRM) financial gains were augmented by their interest in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), even as they continue their pursuit of expansive growth. The diminishing bulker markets culminated in reduced earnings for the Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime (CTRM). Nevertheless, Castor Maritime (CTRM) reported a net profit of $8.2 million in the Q2 2023, in contrast to $27.8 million in the Q2 2022.
23-August-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) CEO Ole Hjertaker elucidates that their enterprise’s scope extends beyond mere scrutiny of fleeting market trends. John Fredriksen’s esteemed leaseback entity, SFL Corporation Ltd (SFL), underscores the vitality of a decade-long perspective in delineating its financial allocations. During a symposium dialogue, SFL Corporation Ltd (SFL) CEO Ole Hjertaker conveyed his persistent impartiality regarding the acquisition of new maritime assets.
23-August-2023
Zeaborn Ship Management GmbH & Co. KG unit Zeaborn Ship Management (Singapore) agrees to pay $2 million fine for dumping oily bilge and garbage at sea. Zeaborn Ship Management (Singapore) has pleaded guilty to recordkeeping violations associated with dumping oily bilge water and garbage at sea. Zeaborn Ship Management (Singapore) agreed to pay of $2 million for maintaining false and incomplete records on the 1998 built open hatch carrier 50K DWT MV Star Maia, the United States Justice Department said.
22-August-2023
Athens-based shipowner and operator Maran Dry Management (MDM), a subsidiary of the esteemed Angelicoussis Shipping Group, has divested its nearly two-decade-old capesize bulk carrier. Angelicoussis-family-led shipowner and operator Maran Dry Management (MDM) sold 2005 built capesize bulk carrier 174K DWT MV Maran Fortune (ex MV Anangel Fortune). Capesize bulk carrier 174K DWT MV Maran Fortune (ex MV Anangel Fortune) was built at Shanghai Waigaoqiao Shipbuilding. This past spring, Athens-based shipowner and operator Maran Dry Management (MDM) 2004 built capesize bulk carrier 171K DWT MV Maran Innovation for around $18.5 million. Currently, Angelicoussis-family-led Maran Dry Management (MDM) owns 44 capesize bulk carriers and newcastlemax bulk carriers.
22-August-2023
Italian shipowner and operator Michele Bottiglieri Armatore (MBA) contemplates divesting several bulk carriers, though Michele Bottiglieri firmly denies any sales to Samudera Indonesia. The financially unburdened Italian shipowner and operator Michele Bottiglieri Armatore (MBA), is exploring avenues to rejuvenate his current fleet, potentially considering more compact bulk carriers. Recent rumors propagated by shipbrokers suggesting the transfer of two post-panamax bulk carriers to Samudera Indonesia from the Michele Bottiglieri Armatore (MBA) have been firmly refuted by Michele Bottiglieri. Currently, Michele Bottiglieri Armatore’s (MBA) notable bulk carriers, the 93K DWT MV MBA Giovanni (built-in 2010) and 93K DWT MV MBA Rosaria (built-in 2011) are on the market, although no definitive sales agreements have been inked. In line with a fleet-refreshing strategy, Michele Bottiglieri Armatore (MBA) contemplates offloading select bulk carriers. Michele Bottiglieri Armatore (MBA) S.p.A., conceived by Michele Bottiglieri in 2008, stands as a testament to the legacy of the Bottiglieri lineage, a maritime dynasty dating back to the 1850s. Upholding the traditions of his forebears, Michele Bottiglieri chose to perpetuate the family’s maritime endeavors. In the nascent stages of his illustrious career, Michele Bottiglieri devoted a decade and a half in Greece, astutely overseeing a septet of bulk carriers. By 1993, Michele Bottiglieri became a pivotal founder of the eminent Italian maritime firm, Bottiglieri di Navigazione S.p.A., which subsequently underwent a rebranding as Rizzo Bottiglieri De Carlini S.p.A (RBD S.p.A). In 2008, Michele Bottiglieri sought autonomy, parting ways with Rizzo Bottiglieri De Carlini S.p.A (RBD S.p.A). Concurrently, Michele Bottiglieri birthed his brainchild, Michele Bottiglieri Armatore S.p.A (MBA S.p.A), headquartered in the picturesque city of Naples, Italy. A year later, under the aegis of Michele Bottiglieri Armatore S.p.A (MBA S.p.A), several bulk carriers were chartered, and a quintet of state-of-the-art bulk carriers were acquired. At present, the fleet under Michele Bottiglieri Armatore boasts three kamsarmax bulk carriers (MV MBA Future, MV MBA Liberty, and MV MBA Giuseppe) accompanied by a pair of post-panamax bulk carriers (MV MBA Giovanni and MV MBA Rosaria).
22-August-2023
The esteemed Norway-based OSM Thome has inked a letter of intent (LOI) with its fellow Norwegian entity, Pherousa Green Shipping, concerning the stewardship of a fleet of 63K DWT zero-emission ultramax bulk carriers. With its headquarters nestled in the heart of Oslo and inception in 2023, Pherousa Green Shipping is on the cusp of commissioning an order for a series of contemporary, zero-emission ultramax bulk carriers, envisaged by Deltamarin. While the foundational design springs from a pre-existing Deltamarin ultramax prototype, it has undergone enhancements to integrate the pioneering ammonia cracking methodology formulated by Pherousa Green Technologies. This avant-garde technology leverages ammonia as a conduit for hydrogen, ushering in authentic zero-emission propulsion. Regarding the alliance between Pherousa Green Shipping and OSM Thome, it is slated to span the spectrum from blueprint approval and project genesis to on-site oversight for the sextet of bulkers. Additionally, the mantle of crew and technical oversight of these finished vessels will rest with OSM Thome. Six (6) 63K DWT zero-emission ultramax bulk carriers are tailored with a discerning eye towards catering to the global copper consortium. Considering copper’s linchpin status in global decarbonization initiatives, the copper sector has unfurled lofty emission diminution aspirations, encapsulating Scope 3 emissions that pertain to the conveyance to terminal consumers. Pherousa Green Shipping’s precocious accord with OSM Thome guarantees that Pherousa Green Shipping’s crew will be primed and adeptly trained well ahead of the zero-emission ultramax bulk carriers’ inauguration.
22-August-2023
The Singaporean branch of Zeaborn Ship Management GmbH & Co. KG has been mandated to remit $2 million as recompense subsequent to the illicit discharge of oily bilge water into the seas proximate to California’s shoreline. Zeaborn Ship Management GmbH & Co. KG unit Zeaborn Ship Management (Singapore) conceded to ejecting in excess of 7,500 gallons of such water from their bulk carrier, MV Star Maia, on a minimum of four distinct occasions spanning June to October 2022. Furthermore, Singaporean branch of Zeaborn Ship Management GmbH & Co. KG acknowledged incinerating waste in drums upon the Star Maia’s deck, comprising paper, synthetic materials, and grease-laden cloths, prior to casting these drums into the abyss. Regrettably, Zeaborn Ship Management (Singapore) neglected to chronicle this combustion or the subsequent disposal in the ship’s official waste ledger, a mandate by law. “Erroneous oil expulsions have the potency to wreak havoc upon our marine biosphere,” articulated acting US prosecutor Andrew Haden of the Southern District of California. “Our unwavering resolve remains to shield our marine expanses through the rigorous execution of pertinent ecological statutes. The present litigation epitomizes this dedication. “In a formal proclamation, Singaporean branch of Zeaborn Ship Management GmbH & Co. KG elucidated, “The mariners implicated in these infractions operated outside the purview of the company’s cognizance or endorsement, flagrantly flouting the firm’s protocols. They will undergo suitable retributions in line with their native workforce stipulations.” The statement further elaborated, “Subsequent to bolstering its eco-centric administrative frameworks, the Singaporean branch of Zeaborn Ship Management GmbH & Co. KG asserts a comprehensive enhancement in crew edification, supervision, and directive undertakings to ascertain such an episode remains an isolated incident.”
21-August-2023
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has acquired an additional duo of ultramax bulk carriers presently being built in Japan while concurrently elevating its shipbuilding agenda to an ambitious six (6) bulk carriers. Lars Christian Skarsgard-led Norwegian shipowner and operator Belships will take the delivery of the pair of 64K DWT ultramax bulk carrier new buildings in H1 2026. Two (2) ultramax bulk carrier new buildings are bankrolled through a financial blueprint akin to the four procured bulk carrier new buildings earlier within the annum, facilitated via time charter lease agreements, spanning a duration ranging between seven to a decade, encompassing acquisition options. Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has been clarified that there exists no imperative to proffer initial remunerations nor a mandate to purchase the bulk carrier new buildings. Recently, V.Group Technical Ship Management is fulfilling its commitment to expanding company's operations by acquiring Lars Christian Skarsgard-led Norwegian shipowner and operator Belships' internal venture Belships Management. Currently, Oslo-listed shipowner and operator Belships owns 36 supramax and ultramax bulkers, including newbuildings.
21-August-2023
According to London-listed shipbroker Braemar Shipping Services, China’s escalating importation of petcoke augments the prospects for smaller bulk carriers. London-based shipbroking and services firm Braemar Shipping Services underscores that China’s import figures have surged, nearly doubling within the last three years. This burgeoning desire for imported petroleum coke (petcoke) has revitalized the niche of smaller bulker dimensions, articulated by Braemar Shipping Services. London-listed shipbroker Braemar Shipping Services accentuates that China and India have emerged as the paramount drivers of petcoke demand during 2022-2023. Braemar has delineated petcoke as a boon for the supramax and ultramax bulk carrier segment, especially post the downturn of late 2020.
21-August-2023
Geneva-based dry bulk shipping behemoth Cargill Ocean Transportation which has commissioned the vessel, envisions this innovation as a beacon guiding the maritime domain towards an eco-conscious horizon. The WindWings sails, exquisitely crafted, are geared towards diminishing fuel reliance and consequently attenuating the carbon imprint of maritime transport. The shipping industry’s carbon footprint ostensibly accounts for approximately 2.1% of the planet’s CO2 emissions. The inaugural voyage of the Pyxis Ocean, a voyage spanning from China to Brazil, stands as a litmus test for the efficacy of the WindWings. It presents a pivotal moment to evaluate if reverting to time-honoured propulsion methods could revolutionize marine freight logistics. These sails, towering at an impressive 37.5 meters, remain folded during port stays but majestically spread out on the high seas. Crafted from the resilient materials akin to wind turbines, they epitomize durability. By harnessing the sheer power of the winds, instead of an exclusive reliance on conventional engines, there’s an aspiration to curtail a vessel’s cumulative emissions by up to 30%. Jan Dieleman, the esteemed president of Cargill Ocean Transportation, eloquently expressed the sector’s resolute “odyssey towards decarbonization.” While conceding the absence of a “miraculous panacea,” he underscored the rapid advancements manifesting in this sphere. Not long ago, the maritime community harboured scepticism regarding the feasibility of decarbonization. With conglomerates like Geneva-based dry bulk shipping behemoth Cargill Ocean Transportation taking the helm, the shipping industry is steering towards an eco-friendlier future. Pyxis Ocean’s impending voyage is anticipated to span six weeks, but the technology’s genesis can be traced back to the rapid-paced world of yacht racing. Conceived by the United Kingdom’s BAR Technologies, it’s an offshoot of Sir Ben Ainslie’s formidable 2017 America’s Cup team. John Cooper envisages this sojourn as a watershed moment for the maritime sector. With potential fuel savings of up to six tonnes daily, the ecological and economical implications are staggering. While the concept germinated in the United Kingdom, manufacturing takes place in China, primarily due to fiscal challenges tied to imported steel in Britain. Dr Simon Bullock, a maritime scholar from the University of Manchester’s Tyndall Centre, opines that harnessing the winds is a promising venture. In a world awaiting greener fuels, retrofitting vessels with sails and other eco-friendly apparatus becomes paramount. Corroborating this sentiment, Stephen Gordon, at Clarksons Research, acknowledged the burgeoning interest in wind-propulsion technologies. Albeit the numbers remain modest, the momentum is palpable. However, Stephen Gordon also offers a note of caution, highlighting the heterogeneity of the global fleet and potential limitations of wind technology, particularly when vessel functionalities might be compromised. Nevertheless, John Cooper remains sanguine about the future of WindWings. John Cooper finds poetic justice in the maritime world potentially gravitating back to its wind-driven roots. A sentiment he whimsically describes as “back to the future.”
21-August-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) sold 2012 built capesize bulk carrier 175K DWT MV Mount Apo to Hamburg-based shipowner and operator Peter Döhle for around $24.7 million. Hamburg-based shipowner and operator Peter Döhle has gracefully expanded its collection of dry bulk carriers by acquiring the company’s grandest bulk carrier yet. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) is led by Idan Ofer. 2012 built capesize bulk carrier 175K DWT MV Mount Apo was constructed at Jiangsu Rongsheng and outfitted with a scrubber. Hamburg-based shipowner and operator Peter Döhle’s dry bulk division commands and oversees around 30 bulk carriers.
21-August-2023
Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) sold two (2) supramax bulk carriers for an aggregate of $21.9 million. CEO Athanasios Feidakis-led bulk carrier owner Globus Maritime (GLBS) is orchestrating the dispatch of 2009 built supramax bulk carrier 56K DWT MV Sky Globe and 2010 built supramax bulk carrier 56K DWT MV Star Globe. MV Sky Globe and MV Star Globe have been procured by unidentified third-party aficionados for $10.7 million and $11.2 respectively. In 2010, Nasdaq-listed shipowner and operator Globus Maritime (GLBS) acquired MV Sky Globe and MV Star Globe as a resale at 32.8 million apiece from the renowned Singaporean establishment, Wilmar Ship Holdings. At this juncture, Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) boasts ownership and operation of eight (8) bulk carriers, cumulatively encompassing a staggering carrying capacity of 567K DWT, with an additional three (3) ultramax bulk carriers in the throes of construction. Earlier in March 2023, Globus Maritime (GLBS) judiciously sold 2007 built supramax bulk carrier 56K MV Sun Globe, for around $14 million. This move underscored Globus Maritime’s (GLBS) strategic intent to rejuvenate its fleet with contemporary and fuel-optimized maritime bulk carriers. Augmenting these transactions, Globus Maritime (GLBS) has fortified its fiscal standing post-forging a pact with First Citizens Bank & Trust Company. This arrangement facilitated an additional credit influx of $25 million, safeguarded by two paramount bulk carriers, the MV Diamond Globe and MV Power Globe. This maneuver amplified the credit portfolio to a resounding $77 million. Moreover, the interest burden on this financial obligation experienced a revision to the term SOFR, complemented by a trifling 0.1% annual adjustment, atop a margin of 2.70%.
21-August-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) inaugurates its office in Dubai, aiming to further penetrate the Asian and African markets. Klaveness Combination Carriers (KCC) emphasizes the significance of a commercial foothold in this pivotal regional nexus. The Norway-based, Oslo-listed Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC), which operates versatile CABU-type and CLEANBU-type Combination Carriers which are designed for both oil and dry bulk transport. Klaveness Ship Management A/S manages all the fleet of Klaveness Combination Carriers (KCC). CEO Engebret Dahm-led shipowner and operator KCC (Klaveness Combination Carriers) believes that a strategic presence in the Middle East underpins KCC’s unwavering dedication to offering unparalleled services to its clientele across variegated global markets and temporal dimensions. Currently, 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.
21-August-2023
The eminent Japanese maritime firms, Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), have been subjected to a substantial penalty of approximately C$2 million by the Ontario Superior Court due to their complicity in a global conspiracy, which detrimentally impacted competitive shipping of vehicles to Canada. The automobile transporters, Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), confessed to a singular charge of conspiracy under the Canadian Competition Act and were thus mandated to remit C$1.5 million and C$460,000, in that order. Stemming from an incident in 2008, both Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line) conceded to colluding with specific suppliers to escalate the foundational freight rates they presented to select automakers in Japan, pertaining to the provision of roro services destined for Canada. Additionally, Kawasaki Kisen Kaisha (K Line) accepted guilt for a single act of bid-rigging, acknowledging their involvement in a scheme regarding a General Motors Company (GMC) tender for roro transportation services, which encompassed voyages from South Korea to Canada during 2011-2012. Given their past entanglements, Nippon Yusen Kaisha (NYK) and Kawasaki Kisen Kaisha (K Line), in vehicle carrier cartel probes across numerous territories, both entities were granted a degree of leniency in their judicial outcomes due to their collaboration with the Competition Bureau’s inquiries. Matthew Boswell, the Commissioner of Competition, articulated, “Our meticulous scrutiny into global shipping stratagems proclaims an unequivocal decree to the international business sphere: any commerce conducted within Canada’s borders mandates strict adherence to our laws. Eradicating illicit collaborations remains paramount for the Bureau.”
21-August-2023
In a marked decline from the previous year, China’s procurement of soybeans from the United States plummeted by 62% in July. In stark contrast, purchases from Brazil, its principal provider, soared by 32% during the same period. This surge was catalyzed by an abundant harvest coupled with diminished rates in the South American nation. China, the globe’s predominant consumer of soybeans, procured a mere 142,129 metric tons from the United States in July, a significant reduction from the 377,192 tons procured the preceding year. Nonetheless, the United States preserved its position as China’s secondary soybean supplier, constituting 31.9% of China’s cumulative soybean procurements from January through July. During this seven-month interval, there was a 13.9% annual augmentation in soybean consignments from the U.S., totaling 19.85 million tons. Chinese acquisitions of Brazilian soybeans experienced a 32.4% escalation in July from the prior year, culminating in 9.23 million tons, as Chinese connoisseurs capitalized on the more favorable pricing. Between January and July, China’s importations from Brazil aggregated to 38.9 million metric tons, marking a 12.2% annual rise. Brazil’s contributions constituted a noteworthy 63.5% of China’s soybean procurements to date. As for maize, July saw a 15.2% annual surge in imports from the U.S. amounting to 1.74 million metric tons, whilst Ukraine, the secondary supplier, dispatched 1.1 million metric tons. July’s corn consignments from Bulgaria tallied at 393,655 metric tons, elevating the nation to the third-highest supplier. Brazilian maize shipments for July stood at 115,500 million metric tons, ranking fourth. In light of Ukraine’s market hiatus, Brazil’s maize exports via its southern ports witnessed a staggering 221% upsurge in the year’s initial half.
21-August-2023
Capesize Market: As the week evolved, the Capesize market experienced an amalgamation of constancy, resilience, and alterations in mood across both Pacific and Atlantic terrains. The Pacific realm initiated the week maintaining a consistent, yet measured tempo. The participation of two out of the principal triad, supplemented by operator cargoes and a smattering of tender cargoes, conveyed a narrative of unwavering regularity. Nevertheless, the influx of available tonnage persisted, exerting downward force on rates. Notwithstanding the copious cargo volume, this tonnage surplus ensured that rates remained static in the week’s initial phase. By midweek, proprietors showcased some tenacity, leading to a fortuitous upturn, with C5 rates augmenting by an approximate 0.60 cents. However, this ephemeral surge was rapidly overshadowed by the expansive tonnage inventory, effectively curbing any further potential augmentation. The Atlantic domain commenced the week with an optimistic resonance that endured. Invigorating accounts of significant fixtures from South Brazil and West Africa to China invigorated owners’ assurance. This buoyant mood fostered elevated activity, culminating in a significant surge in rates. Still, anticipations for the market’s future turned circumspect, pivoting towards a strategic posture, wherein index dates began demanding a premium. A rising belief suggests that rates might experience a downturn as shipments abate and dates progress.
21-August-2023
Ultramax/Supramax Market: The sector celebrated an auspicious week, characterized by tonnage scarcity complemented by hearty demand in pivotal regions like the US Gulf and South America, resulting in enhanced rates. A 64K DWT in East Coast South America settled a trip redelivery from the US Gulf to the East Coast of Mexico between $18,000 ranges. From Asia, even with regional holidays, the ambiance remained propitious. With shrinking tonnage availability, charterers escalated their bids. A 61K DWT in Southeast Asia was reportedly settled for an Australian circuit close to $14,000. A 63K DWT in South China cemented a trip via Indonesia with redelivery to West Coast India at $12,000. Heightened inquiries from the Indian Ocean led to Ultramax bulk carriers finalizing above $15,000 plus a $150,000 ballast bonus for South Africa delivery and redelivery to China. The periodic demand remained stable, with a 63K DWT in China sealing a deal at $13,750 for a year’s global redelivery at the same rate.
21-August-2023
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited’s (TOAL) recent experiment attests that the rotor sail can diminish fuel consumption by 10% on a kamsarmax bulk carrier. Tufton Oceanic Assets Limited (TOAL) is a United Kingdom-based shipping fund that owns a mixed fleet of vessels. Tufton Oceanic Assets Limited (TOAL) is poised to curtail fuel usage by a tenth on one of its distinguished bulk carriers, harnessing the force of the wind. The installation of the innovative rotor sails on the 2017 built kamsarmax bulk carrier 82K DWT MV TR Lady reached fruition at Chengxi Shipyard in China this past June.
21-August-2023
Three shipowners have acquiesced to embrace the formidable challenge of achieving absolute zero emissions, a challenge set forth by the Zero Emissions Ship Technology Association (ZESTA). This esteemed global consortium represents avant-garde technologies and fuel purveyors steadfastly dedicated to the pinnacle of environmental commitment: absolute zero emissions. The triumvirate of shipowners comprises the Hong Kong-domiciled tanker and bulker conglomerate Wah Kwong, the illustrious containerline Veer Voyage headquartered in the Bahamas, and the offshore support vessel operator, North Star Shipping. While numerous maritime enterprises have articulated robust carbon neutral aspirations – for instance, Berge Bulk’s ambitious plan to achieve carbon neutrality by 2025, and Maersk’s envisioned 2040 net zero target – the proposition of realizing absolute zero by 2043 is a quantum leap in commitment. “We summon those imbued with resolve, dedication, fortitude, and audacity to stand alongside us in this pivotal endeavor,” declared Madadh MacLaine, the distinguished Secretary-General of ZESTA. These three maritime luminaries will elucidate the complexities of their verdant objectives at ShipZERO28, a marquee event amidst the tapestry of happenings during the upcoming London International Shipping Week. “The salient distinction is our unwavering focus on absolute zero,” MacLaine asserted, “The ambiguities in ’net zero’ are sufficiently vast to navigate the entire global fleet.” The concept of net zero or carbon neutrality, albeit commendable, presupposes the existence of residual carbon/GHG emissions, but compensates with mechanisms like carbon sequestration or other negative emission technologies. The annals of human history reveal a disheartening neglect of our symbiotic relationship with nature, particularly post-industrialization. As we stand at yet another historical juncture, recalibrating global progress is imperative. “Inextricably woven into the global logistical fabric, the maritime sector must spearhead the decarbonisation discourse. In concert with our associates on both ends of the supply spectrum, we must chart the way forward,” opined Hing Chao, the eminent Executive Chairman of Wah Kwong. Gone is the era of interim solutions and carbon offsets. “With the palpable exacerbation of the climate cataclysm – rampant wildfires, widespread flooding, extensive coral decimation, alarming species extinction, and vast glacial erosion, delusion is no longer tenable. The singular path is an unwavering pivot towards absolute zero,” asserted Danielle Southcott, the visionary founder of Veer Voyage.
17-August-2023
London-listed shipbroker Braemar Shipping Services Chairman, Nigel Payne, vehemently criticizes unregulated proxy establishments subsequent to another director being singled out during the Annual General Meeting (AGM). Nigel Payne expresses profound gratitude as Joanne Lake, along with auditor BDO, garners the endorsement of a predominant share of stakeholders. Nigel Payne, London-listed shipbroker Braemar Shipping Services’ esteemed chairman, has vociferously voiced his reservations concerning the so-called “unregulated” proxy shareholder advisory entities in the wake of the recent Annual General Meeting (AGM). While all resolutions proposed by the prominent London-based shipbroker Braemar Shipping Services were ratified, there was an unusually elevated dissent towards Director Joanne Lake. Additionally, the pervasive discontent towards auditor BDO persisted, especially following the firm’s failure to meet the annual results timeframe for a consecutive year.
17-August-2023
After a hiatus of 15 years, the Hong Kong-established maritime shipowner and operator, Cido Shipping, has once again graced the Chinese shipyards for the construction of bulk carrier vessels. Cido Shipping has commissioned bulk carriers valued nearly half a billion dollars, encompassing both kamsarmax and ultramax bulk carriers. It is whispered among industry insiders that this South Korean maritime entity ventured back to Chinese shipyards for dry bulk tonnage after over a decade. Reliable shipbuilding informants have conveyed that Cido Shipping has engaged with two esteemed shipyards in Jiangsu, aiming to construct a dozen midsize bulk carriers with an approximate value of $412 million.
17-August-2023
In the vibrant landscape of South Korea, a novel maritime establishment emerges, albeit bearing a time-honored appellation. The illustrious trading house, STX, has chosen to inaugurate a distinct arm dedicated to shipping and logistics, christened STX Green Logis. Subsequent to this division, STX shall pivot its attention towards the trading of elemental commodities, emphasizing secondary battery constituents such as nickel. In contrast, the freshly-formed STX Green Logis will immerse itself in the intricate realms of shipping and logistics, encompassing its venerable ship chartering ventures. The name STX resonates with historical grandeur, once a colossal maritime dynasty, only to see its zenith succumb to profound fiscal adversities a mere decade prior. At the pinnacle of its reign, the ancestral STX conglomerate boasted shipyards and prestigious shipping conduits, with names such as Pan Ocean in its repertoire, a lineage presently overseen by the Harim Group.
17-August-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has meticulously refurbished its drilling rig in anticipation of a promising contract, thus registering a profit for the second quarter. For the 78th successive quarter, Bermuda-registered New York-listed SFL Corporation Ltd (SFL) remains a stalwart in the maritime leasing domain. The resurgence of offshore exploration coupled with heightened production activities has infused CEO Ole Hjertaker-led Bermuda-registered SFL Corporation Ltd (SFL) with renewed optimism, fortifying its cash influx commencing this quarter. While the second quarter witnessed standard operations for the Fredriksen-endorsed leasing firm, recent agreements inked for its drilling apparatuses have augmented its contract backlog by an impressive $200 million.
17-August-2023
As tensions rise in the Black Sea, Russia intensifies its focus on maritime movements. The aftermath of Russia’s interception of a Turkish bulk carrier, coupled with the detonation of a mine and drone assaults on the Danube, has exacerbated the congestion. The accumulation of vessels awaiting entry near Ukraine’s Danube ports has swelled, a direct consequence of the Russian military’s recent maneuvers in the vicinity. AIS data indicates that approximately 70 vessels, predominantly general cargo ships, handysize bulk carriers, petite tankers, and feeder container vessels, languish at anchor near Musura Bay, on the gateway to the Danube.
17-August-2023
One of the world’s largest supramax bulk carrier operators Oslo-based Western Bulk Chartering (WBC) posted a deficit after a sudden and unexpected change in the freight market, with bulker operator Western Bulk Chartering (WBC) acknowledging that the speed and direction of market moves in Q2 2023 outpaced the adjustments made to Western Bulk Chartering (WBC)’s trading stance. Western Bulk Chartering (WBC) misinterpreted critical market signals during Q2 2023, and the rapid swings seen across the first half of the year meant that Western Bulk Chartering (WBC)’s positioning and exposure were not recalibrated quickly enough, leading to a recorded loss for the period despite the organisation’s scale and operational reach. The episode underlines the sensitivity of an asset-light chartering platform such as Western Bulk Chartering (WBC) to abrupt changes in freight rates, congestion patterns, commodity flow shifts, and regional dislocations, where timing, coverage structure, and the balance between Voyage Charter (VC) and Time Charter (TC) exposure can materially influence financial outcomes over a short window. Oslo-based Western Bulk Chartering (WBC) remains a major dry bulk shipping enterprise that commercially manages a fleet typically ranging from 100 to 150 bulk carriers, giving Western Bulk Chartering (WBC) a large operating footprint across the supramax and wider bulk carrier segments and allowing Western Bulk Chartering (WBC) to serve a diversified global customer base across multiple cargo types and trade routes. Western Bulk Chartering (WBC) operates through a platform model in which value is created through chartering execution, voyage planning, market coverage, and counterparty management rather than through owning every ship it trades, and that structure provides flexibility but also requires tight risk governance and fast reaction when freight markets turn. Western Bulk Chartering (WBC)’s deep regional expertise is positioned as a core strength, because local market knowledge supports better routing, more accurate pricing, and stronger counterparty selection, which in turn helps Western Bulk Chartering (WBC) deliver dependable service levels and consistent execution for global clients even during volatile periods. Western Bulk Chartering (WBC) emphasises that regional capability, together with structured trading processes and operational coordination, is central to providing a safe and reliable service for Western Bulk Chartering (WBC)’s global clientele, while also enabling Western Bulk Chartering (WBC) to reposition exposure quickly and pursue opportunities when volatility creates pricing gaps and arbitrage possibilities.
16-August-2023
Norwegian shipowner 2020 Bulkers witnessed a dip in profits during Q2 2023, attributing the decline to an underwhelming freight market. Although Tor Olav Troim-backed 2020 Bulkers posted profits for the quarter, the results are notably subdued compared to the same period last year, particularly for capesize and newcastlemax bulk carriers. During this period, six out of the eight newcastlemax bulk carriers under the 2020 Bulkers’ fleet were operating on index-linked contracts.
16-August-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has teamed up with Canadian mining firm Teck Resources to cut down CO2 emissions in Teck’s steelmaking coal distribution chain. Dampskibsselskabet DS Norden A/S and Teck Resources collaboration is set to decrease yearly emissions from Teck Resources consignments overseen by Dampskibsselskabet DS Norden A/S by 25%, which amounts to a potential reduction of 6,700 tonnes of CO2. To achieve this, CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S plans to utilize bulk carriers that are fuel-efficient and to integrate alternative fuels like biofuel. Dampskibsselskabet DS Norden A/S will also leverage advanced data analytics to refine bulk carriers’ speed and routes. Jonathan Price, Teck’s CEO, mentioned that Teck Resources collaboration with Dampskibsselskabet DS Norden A/S aims to lower the Scope 3 emissions related to transporting our steelmaking coal, thus diminishing our environmental impact and propelling our efforts to establish eco-friendly transport routes. Jan Rindbo, CEO of Dampskibsselskabet DS Norden A/S, added that Dampskibsselskabet DS Norden A/S’s approach involves assisting charterers in making their supply chains greener. Apart from Dampskibsselskabet DS Norden A/S’s long-term pledge to achieve carbon neutrality by 2050, Dampskibsselskabet DS Norden A/S has set interim targets to reduce carbon emissions by 2030.
15-August-2023
Athens-based shipowner and operator Laskaridis Shipping ventures into the tanker domain with a fresh order for new construction. Thanassis Laskaridis-led shipowner and operator Laskaridis Shipping has engaged with China’s distinguished Yangzijiang Shipbuilding to commission an LR2 product tanker. Laskaridis Maritime is rumored to have sanctioned the LR2 tanker’s new construction at Yangzijiang Shipbuilding. Athens-based shipowner and operator Laskaridis Maritime is speculated to have expanded into the tanker realm with a commission for an aframax product tanker’s construction. Insiders within the shipbuilding industry divulge that the prominent shipowner Laskaridis Maritime has liaised with Yangzijiang Shipbuilding, directing the fabrication of a 115,000 DWT LR2 product tanker, slated for its maiden voyage in the initial half of 2026.
15-August-2023
Singapore-listed shipowner and operator Uni-Asia Group observed a 74% diminution in semi-annual earnings. The SGX-registered Japanese shipowner and operator Uni-Asia Group has also ushered in a forthcoming chief executive slated for assumption next annum. Japan’s esteemed maritime firm, Uni-Asia Group, divulged a disconcerting 74% nosedive in their semi-annual profit margins, as per the recent data disclosed. Uni-Asia Group amassed a mere $4.2 million during the H1 2023, in stark contrast to the preceding $16.5 million.
15-August-2023
UAE-based Shaikh family-controlled shipowner and operator Tomini Shipping has widened its dry bulk carrier platform again by adding its first capesize bulk carrier, a milestone that underlines how CEO Numair Shaikh-led shipowner and operator Tomini Shipping continues to scale across multiple size segments while keeping flexibility in fleet deployment and commercial coverage. CEO Numair Shaikh-led shipowner and operator Tomini Shipping has recently taken delivery of the 2014-built capesize bulk carrier 179K DWT MV Tomini K2 (ex MV Thalassini Astrid), with the acquisition from Valhal Shipping GmbH reported at $34 million, and the deal also highlights the price trajectory on this asset because Hamburg-based Valhal Shipping GmbH, exclusive agent for Greece’s Enesel Group’s dry bulk operations, acquired MV Thalassini Astrid in April 2021 for around $28.5 million before selling into a stronger market. The capesize entry is significant for UAE-based Shaikh family-controlled shipowner and operator Tomini Shipping because capesize bulk carriers typically expose owners and operators to larger trade routes and different freight volatility than smaller bulk carrier classes, and the addition gives Dubai-based shipowner and operator Tomini Shipping a broader toolkit for positioning cargo solutions across the cycle. Looking ahead, Tomini Shipping is also expected to take delivery of the 2020-built newcastlemax bulk carrier MV MP The Bruschi and the 2021-built newcastlemax bulk carrier MV MP The Vrabel, which would further increase Tomini Shipping’s large bulk carrier presence and deepen the fleet mix beyond handysize, ultramax, kamsarmax, and capesize bulk carriers. The expansion comes as Tomini Shipping has been reshaping how it runs commercial activity, having initiated the move to internalize the management of its operations by ending its long-standing commercial management agreement with Denmark’s Alpina Chartering and planning a bulk carrier transition into a new management setup over the next year, a strategic shift that follows a roughly 40-year relationship where Tomini Shipping handled ownership and technical operations while Alpina Chartering managed commercial functions. By taking direct responsibility for chartering, freight operations, and client relations, Tomini Shipping is aiming to tighten control over employment decisions, improve responsiveness to market changes, and align commercial execution more closely with long-term goals, while continuing to support its operational footprint through crew management centers in Mumbai and Karachi. Listed on the Norwegian OTC market and privately owned, UAE-based shipowner and operator Tomini Shipping currently owns and operates 27 bulk carriers, and the purchase of MV Tomini K2 (ex MV Thalassini Astrid) alongside the expected arrivals of MV MP The Bruschi and MV MP The Vrabel reinforces that Tomini Shipping is building a larger, more diversified dry bulk carrier portfolio with an emphasis on modern tonnage and an increasingly integrated commercial approach.
14-August-2023
China proudly claims the title of possessing the globe’s most expansive merchant fleet in terms of gross tonnage (GT), narrowly surpassing Greece as reflected in the findings from London-based the world’s biggest shipbroker Clarksons Research. Notwithstanding, Greece maintains a slight superiority when evaluated by deadweight (DWT). Japan steadfastly holds its third position on the esteemed Clarksons Research’s shipowning hierarchy. Throughout the 2000s, the dynamics fluctuated until Greek maritime enterprises ascended beyond their Japanese peers in 2013. Chinese-held tonnage surpassed Japan in 2018, gradually approaching the benchmarks set by Greece. The recent evaluations by CEO Andi Case-led world’s largest shipbroker Clarksons place China at a valuation of 249.2 million gross tonnage (GT), followed closely by Greece at 249 million gross tonnage (GT). Subsequently, Japan stands at 181 million gross tonnage (GT), and South Korea stands at 66million gross tonnage (GT). London-listed shipbroker Clarksons highlighted China’s heightened activity in the new building market, which now surpasses the Greek-owned order book by nearly twofold. China boasts the predominant fleet share in bulk carriers at 24% and container ships at 16%. From a modest fraction equivalent to one-twentieth of the global total in the early 2000s, the merchant ships under Chinese ownership now represent over one-seventh, a testament to the astonishing expansion over the past two decades. Within the last ten years, the capacity of the merchant fleet owned by China has seen an impressive augmentation, more than doubling its former size.
14-August-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has consummated a time charter agreement with Solebay Shipping concerning its 2007 built capesize bulk carrier 174K DWT MV Semirio. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) chartered out MV Semirio to Solebay Shipping with a stipulated gross charter rate stands at $14,150 daily, with a deduction of a 5% commission allocated to shipbrokers. 2007 built capesize bulk carrier 174K DWT MV Semirio charter arrangement spans from no earlier than 20 November 2024, and may extend until 30 January 2025, at the latest. Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) purports that the commencement of the charter for the MV Semirio is slated for 30 August 2023. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) will earn approximately $6.38 million in gross earnings throughout the minimum designated duration of the time charter of 2007 built capesize bulk carrier 174K DWT MV Semirio. Curretly, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 41 bulk carriers, including four (4) newcastlemax bulk carriers, ten (10) capesize bulk carriers, five (5) post-panamax bulk carriers, six (6) kamsarmax bulk carriers, seven (7) panamax bulk carriers, and nine (9) ultramax bulk carriers.
14-August-2023
Amidst the languorous summer rhythm in the dry bulk S&P (Sale and Purchase) landscape, one category distinctly emerges capesize, which is presently the most sought-after sales prospect. Capesize bulk carrier sales have escalated, surpassing the preceding year’s remarkable performance, and prices steadfastly hold their ground, despite anticipations of diminishing capesize bulk carrier asset values. Both modern and vintage capesize bulk carriers draw considerable attention. The most recent capesize bulk carrier transaction documented involves Athens-based Greek shipowner and operator Neda Maritime sold the 2009 built capesize bulk carrier 180K DWT MV Ariadne. 2009 built capesize bulk carrier 180K DWT MV Ariadne secured for around $21.5 million following numerous offers. Last week, Athens-based Greek shipowner and operator Capital Product Partners sold the 2009 built capesize bulk carrier MV Cape Agamemnon for around $20.85 million. Such capesize bulk carrier transactions underscore that valuations remain resilient, as both Greek and Chinese shipowners ardently negotiate with their financial institutions to allocate funds for additional bulk carrier acquisitions. Dubai-based Lila Global, the ship owning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, sold 2002 built capesize bulk carrier MV Lila Rio. Lila Global, the ship owning arm of GMS, transformed into a distinguished top-tier shipowner. Lila Global, the shipowning division of GMS (Global Marketing Systems), sold four vintage capesize bulk carriers in 2023.
14-August-2023
Ship operator Norvic Shipping is augmenting its fleet through the procurement of a state-of-the-art, energy-efficient ultramax bulk carrier 64K DWT MV Norvic Copenhagen. Chairman AJ Rahman-led dry bulk ship operator Norvic Shipping chartered in new building ultramax bulk carrier 64K DWT MV Norvic Copenhagen on long-term charter from Japanese shipowner and operator Fujimaru Kaiun. The procurement of dry-bulk bulk carriers on extended charters epitomizes Norvic Shipping’s strategic blueprint to amplify our enduring fleet, thereby satiating the escalating demand from charterers for proficient bulk carriers. In tandem with cultivating Ship operator Norvic Shipping’s contemporary fleet, Norvic Shipping’s collaboration with an extensive consortium of shipowners ensures Norvic Shipping’s charterers are presented with a myriad of options, encompassing bulk carriers with an elevated CCI/EEXI grade, or progressively, those equipped to harness alternative fuel sources. 2023 built ultramax bulk carrier 64K DWT MV Norvic Copenhagen heralds the first among three energy-optimized ships Norvic Shipping anticipates integrating into the company’s fleet this annum, with an additional duo of 40K DWT handysize bulk carriers poised for arrival from the renowned Onomichi Shipyard in Japan.
14-August-2023
Maritime surveillance data indicates that the most severe bottleneck at the Panama Canal has momentarily subsided. However, it will necessitate several weeks to alleviate the accumulated queue of ships at both extremities of the Panama Canal. The Panama Canal Authorities fervently wish for increased precipitation to preclude any further navigational or passage limitations, which have precipitated significant gridlocks in the preceding weeks. Presently, approximately 150 vessels languish in anticipation of Panama Canal passage, a statistic that has been on an inexorable rise since the Panama Canal Authority curtailed daily passages by a fifth the previous month, aiming to preserve freshwater amidst an unparalleled drought in Panama. The duration of wait to traverse the Panama Canal peaked at 21 days the past week, inaugurating August 2023 with an already protracted 15-day wait. While the spotlight has predominantly fixated on the repercussions for the container shipping industry, other maritime sectors have equally borne the brunt. The Oceanbolt commodity monitoring service reveals that dry bulk congestion at the Panama Canal in August 2023 has been the most acute in the platform’s eight-year data archive. According to Vortexa insights, the assembly of tankers lingering on Panama Canal’s west coast for transit reached a notable peak in the past two years at July’s conclusion, sustaining historically elevated levels. Records from Sea indicate an ensemble of 64 tankers poised for Panama Canal navigation today. Statistics from maritime interface Sea reveal a present count of 76 bulk carriers in the Panama Canal sequence, a decrease from previous surges surpassing 80 earlier in August 2023. Panama Canalofficials remain reticent to elevate draft benchmarks or augment transit frequencies in the near future, cognizant of the impending ramifications of this annum’s El Niño climatic anomaly, which historically heralds arid conditions to the nation later in the year.
14-August-2023
Bangkok-listed Thoresen Thai Agencies (TTA) subsidiary Thoresen Shipping remains sanguine for the latter part of 2023, even after witnessing a substantial 75% downturn in Q2 2023 earnings. CEO Chalermchai Mahagitsiri-led Thoresen Thai Agencies (TTA) concedes to the financial dip, they still discern potential surges on the horizon, driven by cyclical elements. Thoresen Shipping conveyed an unwavering hope for the dry bulk sector as the year progresses, even in the wake of a significant 75% plummet in their net gains for the second quarter. Bangkok-listed Thoresen Thai Agencies (TTA) reported a net revenue of $12.3 million. Thoresen Thai Agencies’ (TTA) subsidiary Thoresen Shipping projected that environmental mandates might curtail the bulker fleet’s availability by a speculated range of 2% to 2.5% in the upcoming years of 2023 and 2024, attributed to decelerated velocities and extended retrofit durations.
13-August-2023
A Russian naval vessel unleashed cautionary salvos and seized a coaster size bulk carrier MV Sukru Okan in international waters, alleging MV Sukru Okan was en route to Ukraine via the Black Sea on Sunday, as per the declarations of Russia’s Defense Ministry. In a departure from a pact mediated by both the UN and Turkey in July 2023, Russia permitted Ukraine to transport its grain through the Black Sea, cautioning that ships bound for Ukraine might be considered weapon-laden. Conversely, Ukraine issued a parallel admonition to ships destined for Russian docks. Russia conveyed that the naval vessel unleashed cautionary salvos when the master of the Palau-flagged coaster size bulk carrier MV Sukru Okan remained unresponsive to a halt-and-inspect directive. The ministry asserted that the Palau-flagged coaster size bulk carrier MV Sukru Okan had charted a course for the Ukrainian harbor of Izmail. Preliminary data from several maritime repositories indicate the MV Sukru Okan’s ownership to be of Turkish origin. Subsequent to radio dialogues, the ship decelerated, allowing the boarding squadron to embark upon the MV Sukru Okan.
13-August-2023
Shipping Corporation of India (SCI), based in Mumbai, has sold its older MR1 product tanker, MT Sampurna Swarajya, for an undisclosed amount. In a notification to the stock exchange, Shipping Corporation of India (SCI) revealed that the tanker, built in 1999 and with a deadweight of 30K DWT, was sold and handed over in its current condition at the Ennore anchorage in India. Prior to the sale, speculative reports from shipbrokers had suggested that the vessel might be sold to an unidentified shipowner based in the UAE for approximately $4.2 million. With this transaction, the Shipping Corporation of India’s (SCI) tanker fleet is reduced to 30 vessels, which now have an average age of 15 years.
12-August-2023
Athens-based Vafias family-controlled Vafias Group’s tanker arm Imperial Petroleum equities witnessed a precipitous decline of 35% subsequent to a substantial markdown in the Maxim Group offering. Harry Vafias expressed his disquiet regarding the languishing share value of Imperial Petroleum, even as negotiations were underway that further debilitated the stock’s stature. Harry Vafias, esteemed CEO of both StealthGas and Imperial Petroleum, saw the stocks of Imperial Petroleum plummet by over 35% on the Nasdaq during Friday’s early trading hours, consequent to the Imperial Petroleum’s decision to partake in a markedly discounted stock proposition orchestrated by the renowned investment institution, Maxim Group. In April 2023, led by Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, established a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner, Vafias-family, known for StealthGas and Imperial Petroleum.
12-August-2023
Bulk carriers profit as the Ukrainian conflict destabilizes coal commerce. The European continent increasingly sources coal from distant locales, whilst China procures it from proximate origins. Throughout the initial semester of this annum, China and India steadfastly emerged as the paramount importers of coal. However, shifting cost dynamics intertwined with logistical impediments consistently assail the trajectory of bulk carrier trades. In the context of volume, Indonesia perpetually stands as China’s preeminent coal provide. Indonesia delivered an impressive 8.1 million tonnes in July 2023, fostering tonne-mile demands predominantly for panamax bulk carriers.
11-August-2023
In the picturesque French Atlantic port of La Rochelle, a fierce inferno erupted at grain silos, paralyzing activities at one of the nation’s most eminent grain export hubs. Municipal officials disclosed that the conflagration, originating from a conveyor belt near dawn at approximately 08.00 local hours, rapidly consumed four grain silos under the purview of Sica Atlantique. A brigade of over 100 firefighters valiantly subdued the flames, preventing them from devastating compartments brimming with preserved grain. Personnel from the silo establishment, as well as adjacent enterprises within the terminal, were promptly evacuated, with fortuitously no casualties documented. France stands as the European Union’s paramount grain cultivator, with La Rochelle proudly occupying the silver podium in exportation, predominantly to regions like the Maghreb, the Middle East, and West Africa. In the year 2022, cereals and oilseeds constituted nearly 4 million tons, representing an impressive 42% of the port’s cumulative freight. This unfortunate event transpired merely days subsequent to a detonation in proximity to grain silos at the Turkish port of Derince, resulting in injuries to 12 individuals.
10-August-2023
Toronto Stock Exchange-listed shipowner and operator Algoma Central’s worldwide short-sea shipping division profits from a thriving mini-dry bulk market. Subsequent to economic predicaments, the total earnings for Q2 2023 saw a decrease, cites Chief Executive Officer, Gregg Ruhl. St. Catharines-based shipowner and operator Algoma Central’s global short-sea transportation sector experienced an augmentation in profits for Q2 2023, largely attributable to a flourishing mini-dry bulk market. The department, boasting ownership of 18 bulk carriers of under 15K DWT and joint interests in 18 cement carriers also under 15K DWT with Nova Marine Carriers, based in Luxembourg, netted a revenue of $3.8 million.
10-August-2023
New York-listed shipowner and operator EuroDry (EDRY) CEO Aristides Pittas declares that the vessel detention stands as the principal cause for EuroDry’s (EDRY) Q2 2023 deficit. The US Coast Guard held EuroDry (EDRY) controlled ultramax bulk carrier in custody for an extended period due to specific inadequacies. Were it not for the US Coast Guard’s prolonged retention of an ultramax bulk carrier, Aristides Pittas-led shipowner and operator EuroDry (EDRY) might have witnessed a prosperous Q2 2023, articulates Chief Executive Officer Aristides Pittas. New York-listed Euroseas spinoff EuroDry (EDRY) owns and operates ten (10) bulk carriers and EuroDry (EDRY) reported a quarterly loss of $1.18 million.
10-August-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S’s financial foundation is bolstered by the company’s resources and logistics, maintaining its trajectory towards the 2023 objective. CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S has initiated a stock repurchase initiative, anticipating an unparalleled year for one of the company’s business sectors. Despite facing diminished bulk carrier rates and escalating product tanker expenses, Dampskibsselskabet DS Norden A/S remains steadfast in achieving its financial objectives. Dampskibsselskabet DS Norden A/S has refined its annual profit estimate to fall between $360 million and $420 million, attributed to the robust performance of Dampskibsselskabet DS Norden A/S’s assets and logistics division.
10-August-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has once again achieved profitability amidst challenging market dynamics. Mark Filanowski-led Pangaea Logistics Solutions (PANL) anticipates an even more prosperous Q3 2023 as its Arctic ice-class fleet approaches its zenith of operation. Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solution (PANL) has consistently registered positive financial returns, even amidst the turbulent market waves for dry bulk. Pangaea Logistics Solutions (PANL) reports that their fleet has outpaced both the Baltic Panamax and Supramax indices, surging ahead by a remarkable 49% in the preceding trimester. Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers.
10-August-2023
Diminishing freight rates have spurred Japanese shipowners to escalate their disposals of vintage capesize bulk carriers. Valuations for these vintage capesize bulk carriers have descended beneath the $19 million benchmark, an occurrence not seen since July 2021. The amalgamation of tepid rates and dwindling asset worth has galvanized a significant surge in capesize bulk carrier transactions by Japanese shipowners. Within the initial septet of months in 2023, a sum of 12 such vintage capesize bulk carriers has been exchanged, denoting an annual augmentation of 20%.
10-August-2023
Naikai Zosen of Japan has once again ventured into the construction of bulk carriers. A surge in orders has steered Japanese shipyard Naikai Zosen back towards the fabrication of bulk carriers. Recent financial disclosures highlight the Japanese shipyard Naikai Zosen’s engagement in five ship contracts during the initial quarter of 2023. The esteemed Japanese shipbuilder, Naikai Zosen, has garnered a succession of commissions for handysize bulk carriers, slated for delivery commencing 2025. Japanese shipowners are believed to be the orchestrators of these agreements, signifying Naikai Zosen’s illustrious comeback to bulk carrier construction after a hiatus spanning nine years.
10-August-2023
Athens-based shipowner and operator Stam Shipping SA sold 2001 built panamax bulk carrier 74K DWT MV Alba I for recycling in Bangladesh. Prestigious cash buyer, Best Oasis, has intimated that 2001 built panamax bulk carrier 74K DWT MV Alba I (ex MV Fortune Trader) has embarked on a journey to Bangladesh, fetching an undisclosed sum. In 2018, Stamatis Sarris-led shipowner and operator Stam Shipping acquired 2001 built panamax bulk carrier 74K DWT MV Alba I (ex MV Fortune Trader) for a whispered sum of $9.3 million. Esteemed online pricing platform, VesselsValue, estimates the MV Alba I’s (ex MV Fortune Trader) scrap worth to be in the vicinity of $7.15 million. Athens-based shipowner and operator Stam Shipping SA arrived on the Greek shipping scene in 2009, spending over $60 million on three (3) handysize bulk carriers and later adding five (5) more bulk carriers, all of which have since been sold.
9-August-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping unveils inaugural financial outcomes subsequent to the delivery of LNG-fuelled newcastlemax bulk carriers and the company’s New York IPO (Initial Public Offering). Oslo and NYSE-listed shipowner and operator Himalaya Shipping recently announced its maiden financial statements in its new capacity as a comprehensive maritime operator, post the procurement of four state-of-the-art LNG-fuelled newcastlemax bulk carriers in H1 2023. Himalaya Shipping reported a net deficit of $1.1 million.
9-August-2023
Hong Kong-based shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) has graciously appended another ultramax to its distinguished order book in China. CEO Vishal Khurana-led shipowner and operator Chellaram Shipping (Hong Kong) Ltd. (Chellship) ordered 63K DWT ultramax bulk carrier new-building at New Dayang Shipbuilding. Chellaram Shipping (Hong Kong) Ltd. (Chellship) will take the delivery of the ultramax bulk carriers in 2026. While the transaction remains shrouded in financial ambiguity, it mirrors the undisclosed sum of the prior two 64K DWT ultramax bulk carriers that Chellaram Shipping (Hong Kong) Ltd. (Chellship) commissioned from the same shipyard, renowned for its ultramax expertise, in the September of the preceding year. Tracing the company’s venerable lineage to Madras, India, Hong Kong-based shipowner and operator Chellaram Shipping’s (Chellship) inception can be attributed to the late Kishinchand Chellaram in 1916, where he pioneered a textile empire. The maritime venture was inaugurated by Lal Chellaram in the heart of Hong Kong in 1979. Presently, Chellaram Shipping (Chellship) boasts a fleet of 19 bulk carriers, with an additional three (3) ultramax bulk carrier new buildings at New Dayang Shipbuilding, new buildings are anticipated to augment Chellaram Shipping’s (Chellship) ranks in the imminent years.
9-August-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation’s (DAC) profits subtly decline as the allure of Zim diminishes. While revenues remain robust, there’s a significant 50% reduction in the container ship charter market. Athens-based New York-listed shipowner and operator Danaos Corporation (DAC), as the company ventures into the dry bulk sector, remains insulated from the adverse effects of the dwindling container charter marketplace. Danaos Corporation (DAC) reported earnings of $13.7 million. Lately, Danaos Corporation (DAC) has discreetly amassed nearly a 10% interest in New York-listed Eagle Bulk Shipping (EGLE).
9-August-2023
New York-listed shipowner and operator EuroDry (EDRY) returns to loss as weak dry bulk market prevails. However, Aristides Pittas-led shipowner and operator EuroDry (EDRY) stated that the trade volumes of iron ore and coal increased from a year ago. New York-listed Euroseas spinoff EuroDry’s (EDRY) Q2 2023 results have returned to loss as the dry bulk market weakened significantly during the three-month period. Athens-based New York-listed shipowner and operator EuroDry (EDRY), owner of 10 bulk carriers, reported $1.18 million in net loss for Q2 2023. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas.
8-August-2023
Hamburg-based shipowner and operator Hamburg Bulk Carriers GmbH & Co. KG and Hong Kong-based shipowner and operator Asia Maritime Pacific (AMP) merged into a new handysize giant named Cetus Maritime in 2022. Now, Hong Kong-based ship operator Cetus Maritime has forged an alliance with the esteemed Singapore-based Yangzijiang Financial, targeting the intricate nuances of the handysize realm. Together, Cetus Maritime and Yangzijiang Financial envisage the creation of an asset-holding consortium with an ambitious objective: the procurement of four (4) to eight (8) ecologically-conceived handysize bulk carriers destined for integration into Cetus Maritime’s sophisticated handysize ensemble. This collaborative venture birthed from the maritime fund under the stewardship of Yangzijiang Financial’s affiliate, GEM Asset Management, harbors aspirations of venturing into the acquisition of pre-existing seafarers. On the Cetus Maritime and Yangzijiang Financial alliance’s inception, the illustrious Yangzijiang Financial manager Vincent Toe stated that collaborating with revered counterparts like Cetus Maritime empowers Yangzijiang Financial to distill the quintessential essence of market value, encompassing asset transactions, fiscal solutions, and streamlined operations. Emerging from the strategic unification of Hong Kong’s Asia Maritime Pacific (AMP) and Hamburg Bulk Carriers (HBC) in the preceding year, Cetus Maritime boasts dominion over a grand fleet exceeding forty (40) bulk carriers, complemented by chartered tonnage. Cetus Maritime CEO Mark Young illuminated Cetus Maritime’s recent trajectory, emphasizing a rejuvenation crusade. CEO Mark Young highlighted their judicious transition from relinquishing dated handysize bulk carriers to large bulk carriers when serendipity beckoned to refine their armada. Cetus Maritime CEO Mark Young elegantly articulated that this cooperative endeavour is an organic evolution of Cetus Maritime and Yangzijiang Financial’s blueprint, and further expounded that Cetus Maritime and Yangzijiang Financial jointly contend that the imminent era will usher in a propitious supply milieu and augmented demand for tertiary bulk goods. Cetus Maritime and Yangzijiang Financial will culminate in elevated mean dry bulk carriage tariffs, notwithstanding the ephemeral challenges currently clouding the dry bulk horizon.
8-August-2023
Lubeck-based shipowner and operator Oldendorff Carriers has elevated Scott Bergeron to the esteemed position of Chief of Fleet Management. Scott Bergeron is set to grace the directorial board of the Henning Oldendorff-led Oldendorff Carriers. The eminent shipping magnate, Scott Bergeron, has ascended within Oldendorff Carriers and is poised to be an integral part of the owner-Oldendorff Carriers’ board. In the forthcoming month of September, Scott Bergeron shall assume the role, succeeding the venerable Dexter Jeremiah, at Oldendorff Carriers. Currently, German shipowner and operator Oldendorff Carriers owns 180 bulk carriers and operates 750 bulk carriers.
8-August-2023
In the initial days of August 2023, ships experienced an average delay of 15 to 19 days at the Panama Canal. The diminished water levels in Gatun Lake limited the number of fully-loaded ships capable of transiting. Due to an exceptional drought the Canal Authority referred to as unprecedented, the maximum permissible draft for its Neopanamax Locks was reduced by approximately 2 meters. Furthermore, daily transits have been curtailed by 20%, permitting only 32 trips. Though rains have reappeared in Panama, it remains doubtful that the authorities will soon revise the drafts or transit numbers, especially given the looming effects of the El Niño weather pattern, which often results in drier seasons for the nation. Panama Canal’s governing body has admitted that should these circumstances continue, Panama Canal’ might face a revenue shortfall of up to $200 million next year. Ever Green controlled 17,312 TEU container ship MV Ever Max, despite its notable size and being the largest container ship to navigate the Neo-Panama Canal, having paid a staggering $1.5 million in tolls, MV Ever Max had to offload 1,400 teu at Balboa’s port to adhere to the current 13,345 TEU draft constraints. These containers were subsequently transported by rail to Colon and reloaded for their continued journey to Savannah. Given the escalating congestion in Panama Canal, shippers would be prudent to reassess their strategies and manage impending risks.
7-August-2023
London-based the world’s biggest shipbroker Clarksons has significantly elevated Clarksons’ earnings in H1 2023. London-listed shipbroker Clarksons celebrates its 21st unbroken year of bestowing dividends upon its shareholders. Recording unparalleled outcomes for the H1 2023, CEO Andi Case-led Clarksons benefitted immensely from its robust shipbroking ventures. Clarksons disclosed a marked surge in its pre-tax net profits, amassing an impressive £52.2m. CEO Andi Case extends his profound commendation to the team, following the Clarksons’ exemplary performance in in H1 2023. Clarksons, arguably the maritime industry’s most steadfast purveyor of dividends to its investors, offers tribute to its unsung champions. CEO Andi Case emphasizes his desire for the focal point to be Clarksons’ distinguished accomplishments during the H1 2023, set against the backdrop of a maritime market that oscillates between commendable and lackluster performances.
7-August-2023
Thai-listed shipowner and operator Precious Shipping’s earnings plummet amidst diminishing rates and escalating expenses. Languid dry bulk markets combined with surging expenses tarnish the Khalid Hashim-led shipowner and operator Precious Shipping’s aspirations for another unprecedented annum. Bangkok-based shipowner and operator Precious Shipping attributes the substantial decline in their mid-year profits for 2023 to an adverse dry bulk shipping market and mounting operational expenditures. Elevated dry-docking expenses considerably eroded Precious Shipping’s profits in H1 2023. Thai-listed shipowner and operator Precious Shipping reported a $10.5 million net profit for H1 2023.
4-August-2023
Despite the significant expenditure of $219 million for Oaktree Capital Management’s buyout and the current struggle with a sluggish dry bulk market that is dawdling in its recovery, New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), remains unflustered regarding its liquidity state. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) emphasizes that factors such as the deceleration of congestion, China’s faltering economic power, and the persistent absence of ship-breaking operations are all hindering the anticipated resurgence in dry bulk activity. The unwavering assurance of Eagle Bulk Shipping (EGLE) in their financial fluidity post the depletion of Oaktree Capital Management shares highlights the company’s resilience in navigating economic uncertainty. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers.
4-August-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) unveils favorable profits amidst caution over the forthcoming quarter’s frailty. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) surpasses the Baltic Exchange Index despite a 24% plunge in booking rates in the prevailing dry bulk shipping market. Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) managed to eke out an advantageous profit margin in Q2 2023, surpassing the expectations of industry analysts. However, Eagle Bulk Shipping (EGLE) forewarn of a substantial slump in charter rates within the immediate market. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers.
4-August-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) stated that the commitment to dividends persists, though devoid of a minimum threshold. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) draws from financial reserves for a successive quarter to yield a quarterly dividend. Genco Shipping & Trading (GNK) refrains from establishing a minimum for future dividend disbursements, yet anticipates maintaining them as a pivotal consideration. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers.
4-August-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) marginally surpasses financial analyst predictions, albeit projecting a decrease in rates for the ensuing quarter. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) has reported a profit for Q2 2023, marginally exceeding financial analysts’ predictions. Simultaneously, Genco Shipping & Trading (GNK) has made a second recourse to a reserve fund to amplify the shareholders’ dividend. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers.
4-August-2023
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) is the anonymous benefactor behind the order for a new-building 174,000 cum LNG carrier, which was placed at Hanwha Ocean Shipyard. A transaction edging towards a staggering $260m represents Hanwha Ocean’s inaugural order for an LNG carrier since its rechristening from the former Daewoo Shipbuilding and Marine Engineering (DSME) and marks the fifth engagement in the LNG sector this annum. In previous years, Japanese shipping giant MOL (Mitsui O.S.K. Lines has commissioned LNG carriers from Daewoo Shipbuilding and Marine Engineering (DSME), and the latest inclusion to their growing order book is believed to be a latent option that MOL (Mitsui O.S.K. Lines) previously secured at the shipyard.
4-August-2023
Athens-based New York-listed shipowner and operator Star Bulk Carriers’ (SBLK) revenues experience a precipitous decline amidst a softer dry bulk shipping market. Despite this, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) continues to dispense a shareholder dividend of $0.40 per share. Petros Pappas-led shipowner and operator Star Bulk Carriers’ (SBLK) net gains for the Q2 2023 have undergone a substantial downturn, as a direct consequence of an exceptionally more subdued dry bulk market. Star Bulk Carriers (SBLK) reported a net income of $44.3 million for the Q2 2023, a stark contrast from the $200 million generated during the same timeframe the previous year. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 122 bulk carriers.
3-August-2023
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime trims its loss for Q2 2023. Greek shipowner Stamatis Tsantanis-led United Maritime hailed the company’s first highly profitable investment cycle but low freight market meant another quarterly loss. Seanergy Maritime (SHIP) spin-off United Maritime narrowed company’s loss during the Q2 as freight markets continued to disappoint, but said United Maritime’s lucrative S&P (Sale and Purchase) transactions should aid its bottom line in Q3 2023. Despite the loss, the Nasdaq-listed United Maritime has declared another quarterly dividend.
3-August-2023
A drone assault launched by Russian forces on the inland port of Izmail, Ukraine, situated along the Danube River, has resulted in the destruction of a seafarers’ center that was previously overseen by the International Transport Workers’ Federation Seafarers’ Trust. In an official statement, the Seafarers’ Trust acknowledged that the building suffered substantial damage, but fortunately, there were no injuries or fatalities arising from the attack. This center was dedicated to extending humanitarian assistance to seafarers and their families, who had been uprooted by the ravages of war. This senseless act of destruction adds to the already immense devastation inflicted upon the maritime cities of Mariupol, Kherson, and, more recently, Odesa. The Danube had seen a significant surge in grain shipments, serving as an alternative export route for Ukraine’s grain since the outbreak of the war, making the port an attractive target for Russia. According to Ukrainian officials, the drone attack inflicted damage on the port’s infrastructure and grain silos.
2-August-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping-controlled bulk carriers start LNG bunkering as prices fall. Himalaya Shipping invested heavily in LNG dual-fuel newcastlemax bulk carriers. The LNG price is right for Himalaya Shipping’s dual-fuel newcastlemax bulk carriers. A dramatic fall in LNG prices has meant that two of Himalaya Shipping’s dual-fuel newcastlemax bulk carriers have been able to bunker with LNG marine fuel for the first time. Himalaya Shipping-controlled 2023 built newcastlemax bulk carrier 210K DWT MV Mount Norefjell and 2023 built newcastlemax bulk carrier 210K DWT MV Mount Matterhorn have loaded LNG bunkers in Singapore within the past few days.
2-August-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) fell short of the Wall Street consensus in Q2 2023, primarily due to the subdued performance of the dry bulk market. Furthermore, Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) anticipates continued weakness in its earnings, as approximately 20% of this year’s available days for shipments remain unfixed. Despite the challenges posed by the lackluster dry bulk market, Diana Shipping (DSX) managed to maintain profitability and kept its bottom line in the black.
2-August-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has made a significant move towards decarbonization by acquiring a share in a biofuel production firm. CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S aims to embrace biofuel usage more extensively in the future but acknowledges that traditional offtake agreements alone cannot achieve the company’s decarbonization goals. Dampskibsselskabet DS Norden A/S reaffirms its commitment to incorporating bio-oil bunkers into the company’s operations. This is exemplified by Dampskibsselskabet DS Norden A/S’s recent acquisition of a minority stake in MASH Makes, a Danish-Indian company specializing in the advancement of biofuels. MASH Makes focuses on extensive research, development, and production of renewable fuels derived from biomass waste.
2-August-2023
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited controlled 2014 built supramax bulk carrier 58K DWT MV Cooper Island and its crew of twenty individuals have been apprehended in Nigeria after a significant drug seizure. 2014 built supramax bulk carrier 58K DWT MV Cooper Island was found to be carrying 24 kg of cocaine. CEO Martin Fruergaard-led shipowner and operator Pacific Basin Shipping Limited controlled MV Cooper Island was initially intercepted on the 6th of July at Tin Can Island in Lagos. On Friday, the Federal High Court ordered the MV Cooper Island’s arrest by the National Drug Law Enforcement Agency (NDLEA) until 17 August 2023. Additionally, the court mandated the arrest of the 014 built supramax bulk carrier 58K DWT MV Cooper Island’s ship master and the other nineteen crew members until a thorough investigation has been completed. There is no implication that the crew members were involved in the smuggling operation. Pacific Basin Shipping Limited controlled Hong Kong-flagged MV Cooper Island was reportedly importing sugar from Brazil. All relevant parties have been informed, and the crew of MV Cooper Island have undergone interviews as per standard procedure. MV Cooper Island’s ship master and crew members are being assisted by solicitors and surveyors, and Hong Kong-based shipowner and operator Pacific Basin Shipping Limited is working diligently with the authorities to ensure the safe onward passage for all crew members and the MV Cooper Island. Pacific Basin Shipping Limited emphasized that it takes any situation involving the illegal transportation of drugs with the utmost seriousness. Pacific Basin Shipping Limited is providing full support to the ship master and crew members while fully cooperating with the authorities and police investigations. According to Nigerian prosecutors, the case is being probed in collaboration with Interpol and other international agencies.
2-August-2023
George Procopiou-led Athens-based shipowner and operator Sea Traders SA ordered eight (8) kamsarmax bulk carrier new buildings at CSSC-affiliated Huangpu Wenchong Shipbuilding. Greek shipowner and operator Sea Traders SA continues the impressive acquisition spree with additional bulk carriers in the renowned shipyards of China. Following closely behind Sea Traders SA’ successful deal for ten (10) kamsarmax bulk carriers at Hengli Heavy Industry, George Procopiou’s esteemed bulker arm Sea Traders has now secured eight (8) kamsarmax bulk carrier new buildings at CSSC-affiliated Huangpu Wenchong Shipbuilding, marking the first collaboration between the two illustrious entities. Scheduled for delivery between 2025 and 2027, these remarkable kamsarmax bulk carrier new buildings, measuring an impressive 228.9 meters in length, will be acquired at an estimated cost of $37 million a piece, significantly enhancing Athens-based shipowner and operator Sea Traders SA’s formidable fleet. Notably, the Procopiou family, who also commands the realms of Dynacom Tankers Management and Dynagas, managing a grand fleet comprising over 170 ships, has demonstrated unwavering confidence in the Chinese shipbuilding prowess. In 2023, Sea Traders SA has commissioned the construction of nearly 40 bulk carriers at esteemed Chinese shipyards, an investment surpassing a staggering $2 billion. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers.
2-August-2023
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) persevered in its profitability and continued to pay dividends, despite the challenging capesize market conditions. Greek shipowner Stamatis Tsantanis-led New York-listed pure-play capesize owner Seanergy Maritime (SHIP) remains dedicated to distributing cash rewards to its shareholders. Despite the freight market’s lackluster performance during Q2 2023, Seanergy Maritime (SHIP) managed to stay profitable on the Nasdaq, achieving a net profit of $700,000, compared to the previous $5.9 million. Currently, Seanergy Maritime (SHIP) owns and operates a fleet of 16 capesize bulk carriers and one newcastlemax bulk carriers.
2-August-2023
Hamburg-based shipowner and operator Vega Reederei has embarked on an exciting venture by securing a remarkable order for ten (10) eco-bulk coaster ships from China’s renowned Sinomach Group. These exquisitely designed coaster bulk carriers, each boasting a capacity of 3,900 DWT (deadweight tons), will mark German shipowner and operator Vega Reederei’s triumphant reentry into the European coaster sector. Displaying astute foresight and impeccable timing, German shipowner and operator Vega Reederei has made the prudent decision to commission the construction of these 3,800 DWT eco-coaster bulk carriers from the esteemed China National Machinery Industry (Sinomach). This strategic move reflects Vega Reederei’s commitment to not only environmental consciousness but also to enhancing their maritime fleet with ships of utmost elegance and efficiency. Currently, Hamburg-based shipowner and operator Vega Reederei has five (5) container ships, one handysize bulk carrier, and one tanker.
2-August-2023
Singapore-based shipowner and operator Jaldhi Overseas Pte Ltd. has further strengthened its expansion strategy by securing additional MR tanker newbuildings at Yangzijiang Shipbuilding’s joint-venture shipyard, Jiangsu Yangzi-Mitsui Shipbuilding (Yamic). With this latest addition, Jaldhi Overseas Pte Ltd. now holds an impressive total of ten newbuilding orders at Jiangsu Yangzi-Mitsui Shipbuilding (Yamic), reflecting a deep and growing partnership with one of China’s most advanced and reliable shipbuilding facilities.In a significant strategic move, Jaldhi Overseas Pte Ltd. has acquired two elegantly specified product carriers from Jiangsu Yangzi-Mitsui Shipbuilding (Yamic). These modern MR tanker newbuildings mark yet another milestone in Jaldhi Overseas Pte Ltd.’s continuous effort to elevate the operational sophistication, technical capability, and global competitiveness of its fleet. This latest acquisition once again underscores the full company’s long-term commitment to high-quality, fuel-efficient, and regulation-compliant ships tailored for the evolving demands of international charterers.Jaldhi Overseas Pte Ltd., founded in Singapore in 2004, originally established its foundation within the ship chartering sector. Over the years, the full company has developed into a trusted global logistics and chartering provider, offering specialised freight solutions to an international base of clients. With strong expertise in disponent ownership and COA (Contract of Affreightment) operations, Jaldhi Overseas Pte Ltd. has distinguished itself by delivering seamless, end-to-end chartering and logistics services. Through more than twelve years of proven performance, Jaldhi Overseas Pte Ltd. has continually raised industry standards by deploying innovative operational models, integrating customer-oriented logistics frameworks, and offering reliable, high-quality chartering solutions tailored to the sophisticated requirements of global charterers.The rapid expansion of Jaldhi Overseas Pte Ltd.’s newbuilding commitments is closely tied to the rise of Yangzijiang Shipbuilding as one of China’s most powerful and technically capable private shipbuilding groups. Yangzijiang Shipbuilding, headquartered in Jiangsu Province, has grown into one of the world’s leading privately controlled shipbuilders, earning global recognition for its ability to construct a wide array of vessels—including containerships, product tankers, bulk carriers, LNG bunkering ships, and next-generation dual-fuel ships. Over the past decade, Yangzijiang Shipbuilding has invested heavily in digital shipyard automation, eco-design hull form optimisation, high-efficiency propulsion systems, and energy-saving technologies, positioning itself as a preferred partner for international shipowners seeking advanced and cost-competitive newbuildings.Yangzijiang Shipbuilding frequently collaborates with leading global design houses, including Mitsui E&S and major Chinese naval architecture institutes, enabling it to offer shipowners a range of sophisticated vessel types with improved fuel performance, reduced emissions, and long-term operational efficiencies. Jiangsu Yangzi-Mitsui Shipbuilding (Yamic), the joint-venture yard where Jaldhi Overseas Pte Ltd. has placed its orders, is widely regarded as one of the group’s most specialised divisions for MR tankers and high-specification commercial ships. Its reputation for consistent delivery timelines, rigorous construction standards, and strong customer support has made it a core driver of Yangzijiang Shipbuilding’s expanding export success.The financial and strategic backbone supporting this broader expansion is Yangzijiang Maritime Development Ltd., the dedicated maritime investment arm recently spun off from Yangzijiang Financial Holding. Listed on the Singapore Stock Exchange, Yangzijiang Maritime Development Ltd. serves as a specialised maritime leasing and investment platform focused on ship financing, structured ownership arrangements, and joint-venture partnerships with both emerging and established shipowners. Led by chairman Ren Yuanlin, Yangzijiang Maritime Development Ltd. integrates long-standing shipyard expertise with advanced financial engineering, creating a comprehensive ecosystem that links capital, construction capability, and shipowning demand.As Yangzijiang Maritime Development Ltd. continues to expand its presence across wet and dry shipping markets—investing in MR tankers, feeder container ships, LR1 and LR2 tankers, and kamsarmax bulk carriers—it is increasingly becoming a central player in global maritime capital deployment. The full company’s ability to combine competitive Chinese shipyard pricing with flexible financing structures has made it an attractive co-investment partner for shipowners seeking access to modern tonnage without relying solely on traditional bank lending. Through the combined industrial strength of Yangzijiang Shipbuilding and the financial innovation of Yangzijiang Maritime Development Ltd., shipowners such as Jaldhi Overseas Pte Ltd. are now able to pursue ambitious fleet-growth strategies supported by a unique integration of shipbuilding capacity, financial resources, and long-term partnership stability. This deepening cooperation signals a wider transformation in global shipping investment—one in which Singapore-based shipowners, Chinese shipyards, and capital platforms are forging increasingly influential alliances that shape the next generation of maritime growth and fleet renewal.
1-August-2023
London-based the world’s biggest shipbroker Clarksons establishes a novel leadership cadre dedicated to dry cargo broking, spanning three desks. Richard Haines, Guy Bartlett, and Tim Francis have been chosen to spearhead global expansion at CEO Andi Case-led shipbroker Clarksons. Clarksons has unveiled an innovative leadership framework for its esteemed dry cargo division to foster growth. Clarksons has proclaimed that the management of the preeminent bulker broking team worldwide shall be a collaborative endeavor, encompassing the panamax, handymax, and capesize bulk carrier desks.
1-August-2023
South Korean shipowner and operator Hyundai Merchant Marine (HMM) has emerged as the prospective purchaser of Oldendorff Carriers controlled 2016 built newcastlemax bulk carrier MV Henriette Oldendorff. Hyundai Merchant Marine (HMM) is currently engaged in takeover negotiations, orchestrating a transaction for the MV Henriette Oldendorff. South Korean shipowner and operator Hyundai Merchant Marine (HMM), renowned predominantly for its extensive containership fleet, which constitutes more than 65% of its maritime assets, possesses a pair of capesize bulk carriers and ultramax bulk carriers. Presently, Hyundai Merchant Marine (HMM) is on the market for potential buyers, with at least four suitors eagerly vying to acquire South Korea’s prestigious flagship line.
1-August-2023
NASDAQ-listed Athens-based product tanker specialist Pyxis Tankers Inc. (PXS) is gracefully venturing into the dry bulk sector. Pyxis Tankers Inc. (PXS) announced that the company has sanctioned a $6.8 million equity investment in a newly established enterprise. This newly formed entity has artfully agreed to procure a 2016 built ultramax bulk carrier 63K DWT (deadweight tonnage) built in Japan for approximately $28.5 million from an unaffiliated third party. Within this joint venture, Valentios Valentis-led shipowner and operator Pyxis Tankers Inc. (PXS) shall retain a dominant 60% ownership, while the remaining 40% will be securely held by Valentios Valentis. The unnamed 2016 built ultramax bulk carrier is equipped with a BWTS (ballast water treatment system). with a total cost amounting to approximately $28.5 million. NASDAQ-listed Athens-based product tanker specialist Pyxis Tankers Inc. (PXS) is renowned for its operation of four modern eco MR tankers, anticipates financing the deal, slated for closure by late August 2023, through a five-year $19 million loan. The management of this 2016 built ultramax bulk carrier shall be entrusted to Valentios Valentis-affiliated Konkar Shipping Services.
1-August-2023
Athens-based Evangelos Marinakis-led shipowner and operator Capital Product Partners has affirmed the company’s departure from the dry bulk sector, following the sale of Capital Product Partners’ solitary capesize bulk carrier. Nasdaq-listed Capital Product Partners reported that the company had divested 2010 built capesize bulk carrier 179K DWT MV Cape Agamemnon. In 2011, Capital Product Partners acquired MV Cape Agamemnon, which came with a 10-year time charter, for around $89 million from Cosco Shipping. The transaction led to a non-cash impairment charge of $8 million. Currently, Capital Product Partners control a fleet of 22 ships, consisting of containerships and LNG carriers.