31-January-2023
Switzerland-based Cargill Ocean Transportation expressed that the panamax and kamsarmax bulk carrier market looks pretty solid amid low commodities stocks and the potential for stimulus measures in China. Jan Dieleman-led Cargill Ocean Transportation stated that midsize bulk carriers are chartered out for year-plus fixtures at a premium to the spot market. According to Baltic Exchange, three (3) panamax bulk carriers were chartered out for a year time charters on Friday.
31-January-2023
Athens-based shipowner and operator Maran Dry Management (MDM) will take the delivery of two (2) LNG dual-fuelled capesize bulk carrier newbuildings from Waigaoqiao Shipbuilding (SWS). Angelicoussis-family-led shipowner and operator Maran Dry Management (MDM) will charter out LNG dual-fuelled capesize bulk carrier newbuildings newbuildings to mining giant Anglo American. Maria Angelicoussis-led shipowner and operator Maran Dry Management (MDM) ordered six (6) LNG dual-fuelled capesize bulk carrier newbuildings that were initially chartered by mining giant Anglo American in 2020. Mining giant Anglo American aims to decrease the company’s carbon footprint. Currently, Angelicoussis-family-led Maran Dry Management (MDM) owns 53 capesize bulk carriers and newcastlemax bulk carriers.
31-January-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has agreed to sell the 2003 built supramax bulk carrier 52K DWT MV Newport Bulk. Mark Filanowski-led Pangaea Logistics Solutions (PANL) tentatively agreed to sell supramax bulk carrier MV Newport Bulk for around $9.5 million. 2003 built supramax bulk carrier 52K DWT MV Newport Bulk is the oldest bulk carrier in Pangaea Logistics Solutions’ (PANL) fleet. Pangaea Logistics Solutions (PANL) has signed an MOA (Memorandum of Agreement) to sell MV Newport Bulk. After the deal, Pangaea Logistics Solutions (PANL) will own and operate around 24 bulk carriers.
30-January-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) chartered out 2014 built panamax bulk carrier 77K DWT MV Atalandi to Aquavita International for between 13 months and 15 months at $13,250 per day. Furthermore, Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) chartered out 2010 built kamsarmax bulk carrier 81K DWT MV Atalandi to Cargill International. Nasdaq Stock Market (Nasdaq)-listed shipowner and operator Diana Shipping (DSX) will earn about $11 million from the charter deals. Diana Shipping (DSX) will be earning much lower charter rates in the sluggish shipping market. Currently, Athens-based shipowner and operator Diana Shipping (DSX) owns and operates 35 bulk carriers.
30-January-2023
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has added a second Very Large LPG/Liquefied Ammonia Gas Carrier (VLGC) to its orderbook at Japanese shipbuilder Kawasaki Heavy Industries (KHI) by exercising its option for an additional LPG-fuelled 86,700 cu m VLGC following its initial order placed in June 2022, and similar to the previous contract, the price for the newbuild has not been disclosed, but the vessel is scheduled for delivery in 2025 and will be capable of transporting both LPG and liquefied ammonia gas in separate cargo tanks simultaneously; Singapore-based Kumiai Navigation Pte Ltd currently operates a fleet of 11 bulk carriers and 9 gas carriers, and continues to strengthen its position in the gas shipping sector through investments in modern, fuel-efficient tonnage aligned with environmental regulations and long-term charter commitments; established to serve as the international commercial and technical arm of its parent company, Kumiai Navigation Pte Ltd has built a strong reputation for reliable operations, high-quality fleet management, and long-standing relationships with global charterers, particularly in the energy and commodities sectors; its parent, Kumiai Senpaku Co Ltd, founded in 1929 and headquartered in Tokyo, Japan, is a privately held shipowner with a legacy of more than 90 years in Japanese maritime shipping, and is known for its conservative and long-term investment approach, maintaining a balanced portfolio of LPG carriers and bulk carriers, with a strategic focus on safety, operational efficiency, and compliance with evolving global maritime standards.
28-January-2023
Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) secured approval in principle for the design of an ammonia-powered newcastlemax bulk carrier from classification society ClassNK. Japanese shipowner and operator MOL (Mitsui O.S.K. Lines) prefers an ammonia-fuelled newcastlemax bulk carrier. Japanese classification society ClassNK has issued approval in principle for the design of an ammonia-powered newcastlemax bulk carrier. MOL (Mitsui O.S.K. Lines) anticipates investing in 90 LNG-fuelled and 110 next-generation fuel-powered ships by 2030. Like many other shipowners, Japanese shipping giant MOL (Mitsui O.S.K. Lines) prefers ammonia as a next-generation clean energy source. The shipping industry is accelerating its steps to strategically use ammonia as a bunker.
28-January-2023
Luxembourg-headquartered BRS Shipbrokers appointed Gilbert Walter as the new CEO (Chief Executive Officer). Gilbert Walter will replace Francois Cadiou who remains chairman of holding company BRS International, as well as chartering solutions company AXSMarine. BRS Shipbrokers has been serving more than 150 years in the shipping market.
28-January-2023
London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, has contracted a 40K DWT handysize bulk carrier at a Japanese shipyard. Edward Buttery-led Taylor Maritime Investments (TMI) is taking advantage of an occasional early delivery window. Taylor Maritime Investments (TMI) will take the delivery of the 40K DWT handysize bulk carrier in Q1 2024. Currently, Japanese bulk carriers ordered can now only be delivered in Q2 2025. Previously, Taylor Maritime Investments (TMI) has declared the completion of the deal to acquire the remaining shares in Grindrod Shipping. Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, was publicly listed on 24 May 2021 at London Stock Exchange.
28-January-2023
Trafigura Maritime Logistics Pte Ltd, a major player in commodity trading and ship chartering, is demonstrating its commitment to reducing shipping emissions by focusing on ammonia-powered vessels. The company has set ambitious goals to integrate zero-emission ammonia-powered ships into its fleet, with the aim of having six such vessels by the year 2030. In its 2023 sustainability report, Trafigura reported a significant achievement—a 19% reduction in greenhouse gas emissions from its fleet of tankers, bulk carriers, and gas carriers when compared to the 2019 baseline set by the International Maritime Organization (IMO). This reduction reflects the company’s dedication to mitigating the environmental impact of its shipping operations. Ammonia is being considered as a clean fuel option in the maritime industry to reduce carbon emissions, and Trafigura’s commitment to this technology aligns with its efforts to address sustainability and environmental concerns in the shipping sector. Jeremy Weir serves as the CEO of Trafigura, and under his leadership, the company is actively pursuing solutions to reduce its carbon footprint and contribute to a more sustainable future in shipping.
26-January-2023
Japanese shipowner Nissen Kaiun controlled 2012 built capesize bulk carrier 181K DWT MV Frontier Unity reported seven meters of sea water in its engine room. Nissen Kaiun controlled 2012 built capesize bulk carrier 181K DWT MV Frontier Unity sent a distress signal off Hay Point near Mackay in Queensland. Imabari-based shipowner Nissen Kaiun controlled MV Frontier Unity has been stabilized after taking on sea water off Australia after the engine room flooded. MV Frontier Unity’s 24 crew members are safe. MV Frontier Unity was not carrying cargo at the time of the incident.
25-January-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has successfully secured employment for two of its vessels at reduced rates that are expected to generate no less than $10.68 million. Diana Shipping (DSX) has extended its time charter agreement with Athens-based ship operator Aquavita International S.A. for the 2014 built panamax bulk carrier MV Atalandi. Ukrainian-Greek ship operator Aquavita International S.A. will now pay $13,250 per day for MV Atalandi. This represents a significant decrease of 85% from the previous dayrate of $24,500. The new charter is scheduled to commence on 15 February 2023 and continue until at least 5 March 2024, with options for an additional two-month extension. Furthermore, 2010 built panamax bulk carrier 81K DWT MV Leto which was previously chartered by Athens-based ship operator Aquavita International S.A. for $25,500 per day in October 2021, will initiate a new contract with Cargill in late January at a rate of $14,500 per day.
25-January-2023
Koch Supply and Trading’s ship chartering arm Koch Shipping Pte Ltd. extends chartering deal for Tor Olav Troim-backed 2020 Bulkers-controlled 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Sydney for up to 18 months. Singapore-based Koch Shipping Pte Ltd. will be paying $19,000 per day for the first 100 days from 19 February 2023. Afterward, Koch Shipping Pte Ltd. will be paying an index-linked charter rate. Previously, Singapore-based Koch Shipping Pte Ltd. chartered in many newcastlemax bulk carriers from Oslo OTC Market-listed (Over the Counter) 2020 Bulkers. Currently, newcastlemax bulk carriers have a substantial premium charter rates to capesize bulk carriers. Tor Olav Troim-backed 2020 Bulkers has a sister-company Himalaya Shipping which is also Oslo OTC Market-listed (Over the Counter). Himalaya Shipping’s twelve (12) LNG dual-fuel newcastlemax bulk carriers now have long-term employment lined up for when the newcastlemax bulk carriers are delivered.
25-January-2023
Hamburg-based shipowner and operator NSC Shipping GmbH & Cie. KG controlled 2012 built handysize bulk carrier 31K DWT MV GMB Eternity (ex MV Almirante Storni) was on fire off Gothenburg in 2021. The Swedish Accident Investigation Authority (SHK) probe has revealed a worn extension cable caused a devastating fire on board MV GMB Eternity (ex MV Almirante Storni). The fire broke out on the anchored MV GMB Eternity (ex MV Almirante Storni) on 4 December when a spark from the cable ignited timber on the deck. MV GMB Eternity (ex MV Almirante Storni) was required to be taken to a shipyard for repairs. No injuries were reported. The Swedish Accident Investigation Authority (SHK) report stated that an extension cable that had been plugged in during loading was left behind when the MV GMB Eternity (ex MV Almirante Storni) departed. The Swedish Accident Investigation Authority (SHK) report stated that the way the timber cargo was loaded pointed out that the fire quickly boosted in intensity and spread elsewhere. The blaze could not be extinguished without moving the MV GMB Eternity (ex MV Almirante Storni) into port and unloading some of the cargo. The Swedish Accident Investigation Authority (SHK) report stated that there are outstanding lessons to be learned from one of the most comprehensive salvage operations in Sweden’s modern history. The Swedish Accident Investigation Authority (SHK) report stated that guidelines for the handling of vessels in need of assistance should be strengthened. Sweden’s coast guard has been commissioned with evaluating its firefighting procedures.
24-January-2023
According to a research report commissioned by the Baltic Exchange and authored by Urs Dur, increasing international demand for recycled steel could boost bulk carrier asset prices. Urs Dur states that the increasing appetite for recycled steel is probably to make investing in bulk carriers increasingly less risky if demand for the steel scrap continues to rise over the long term.
23-January-2023
Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited, two affiliated firms headquartered in Athens, received sentencing in the United States last week for deliberately and knowingly breaching the Act to Prevent Pollution from Ships (APPS) and the Ports and Waterways Safety Act in connection to their roles as the operator and shipowner of 2010 built handysize bulk carrier 33K DWT MV Joanna. The legal action originates from an inspection conducted in March 2022 on the 2010 built handysize bulk carrier 33K DWT MV Joanna in New Orleans, which revealed that the required pollution-prevention equipment had been tampered with to enable the manipulation of the sensor intended to detect the oil content of bilge waste being discharged overboard. Additionally, MV Joanna’s oil record book, a mandatory log presented to the US Coast Guard, had been falsified to conceal these improper discharges. Furthermore, the US Coast Guard also uncovered an unreported safety hazard. Inspectors discovered an active fuel oil leak in Athens-based shipowner and operator Empire Bulkers Ltd controlled MV Joanna’s engine room, where the pressure relief valves on the fuel oil heaters, a critical safety device necessary to prevent explosions, had been rendered inoperative. In admitting guilt, the defendants Empire Bulkers Ltd and Joanna Maritime Limited conceded that the plugging of the relief valves in the fuel oil purifier room and the significant volume of oil leaking from the pressure relief valve posed hazardous conditions that had not been promptly reported to the US Coast Guard, thus violating the Ports and Waterways Safety Act. US District Court Judge Mary Ann Vial Lemmon ordered the two affiliated companies, Molaris Stamatis-led shipowner and operator Empire Bulkers Ltd and Joanna Maritime Limited, to each pay a $1 million fine and serve four years of probation, subject to the conditions of a government-approved environmental compliance plan.
22-January-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) owned post-panamax container ship MV Europe has inadvertently discharged a quantity of 60 to 100 liters of fuel into Vancouver’s picturesque English Bay. The Canadian Coast Guard was promptly notified about the spill on Saturday morning and has taken swift action by deploying a specialized barrier to curtail the spread of the oil. Furthermore, on Sunday, the Coast Guard assured that no additional fuel had been released from the MV Europe, with the spokesperson affirming, “We have every confidence that the situation will remain stable.” To address the incident, New York-listed shipowner and operator Danaos Corporation (DAC) is cooperating and acting under the guidance and supervision of the Canadian Coast Guard.
21-January-2023
Athens-based shipowner and operator Empire Bulkers Ltd was fined over knowing and wilful pollution violations in the United States of America (USA). Department of Justice expresses Stamatis Molaris-led Empire Bulkers Ltd will pay $2 million for tampering with pollution prevention equipment on 2010 built handysize bulk carrier 33K DWT MV Joanna. 2010 built handysize bulk carrier 33K DWT MV Joanna is owned by Joanna Maritime which is affiliated to Stamatis Molaris-led Empire Bulkers Ltd. Joanna Maritime has been fined $2 million for committing knowing and wilful violations of the Act to Prevent Pollution from Ships (APPS) and the Ports and Waterways Safety Act. Empire Bulkers Ltd and Joanna Maritime admitted tampering with pollution prevention equipment and failing to immediately report hazardous conditions on the Mississippi River in a case concerning 2010 built handysize bulk carrier 33K DWT MV Joanna. Currently, Empire Bulkers Ltd controls eleven (11) bulk carriers. Furthermore, Greek Stamatis Molaris-led Empire Navigation (Empire Group of Companies) controls twelve (12) tankers.
20-January-2023
Tor Olav Troim-backed 2020 Bulkers chartered out 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Santos and 2020 built newcastlemax bulk carrier 208K DWT MV Bulk Sao Paulo on index-linked charterparties. Oslo OTC Market-listed (Over the Counter) 2020 Bulkers chartered out MV Bulk Sao Paulo and MV Bulk Santos for around two (2) years. Norwegian shipowner 2020 Bulkers is a pure newcastlemax shipowner. 2020 Bulkers will deliver MV Bulk Sao Paulo and MV Bulk Santos in April 2023 to a European charterer and will collect index-linked hire payments until June 2025. Tor Olav Troim-backed 2020 Bulkers has a sister-company Himalaya Shipping which is also Oslo OTC Market-listed (Over the Counter).
20-January-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) appointed Kate Blankenship as a BOD (Board of Directors) member. Kate Blankenship has a background in shipping companies with ties to John Fredriksen. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) seven (7) members as BOD (Board of Directors. Kate Blankenship becomes the second woman on the Eagle Bulk Shipping (EGLE) BOD (Board of Directors), joining Randee Day. Kate Blankenship served as a manager of several companies affiliated with John Fredriksen, including Frontline, Golden Ocean, Seadrill and Golar LNG. Currently, New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 54 bulk carriers.
19-January-2023
Norway-headquartered shipbroker Fearnleys reported that dry bulk market upturn should begin later in 2023 and continue in 2025 onwards. Oslo-based shipbroker Fearnleys believes that cyclical bottom of the dry bulk market will come earlier in 2023 than Fearnleys had previously expected. Norway-headquartered shipbroker Fearnleys noted that ry bulk market will bounce later in 2023. Fearnleys has an extremely bullish outlook from 2025 onwards for dry bulk market. Fearnleys anticipates a broad-based upcycle in dry bulk shipping markets will start sometime between the Q3 2023 and the Q2 2024. At the Astrup Fearnley Shipping and Energy Conference in Oslo, analyst Bernhard Andres Baardson expressed that it could be a good idea to position for bullish dry bulk market during the coming months and quarters. According to Norway-headquartered shipbroker Fearnleys, demand for coal will growth in 2023 due to logistical problems in major exporting nations.
19-January-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) increases tanker exposure as caustic soda freight rates skyrocket. CEO Engebret Dahm-led Oslo-based Klaveness Combined Carriers (KCC) is fixing more capacity in tanker rather than dry bulk businesses. Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) is expecting a big jump in tanker businesses in 2023 for the company’s versatile ships. Klaveness Combination Carriers (KCC) owns and operates CABU-type and CLEANBU-type Combination Carriers that can carry both dry bulk and liquid cargo. Klaveness Combination Carriers (KCC) is taking advantage of strong tankers markets as freights increase. In Q4 2022, TCE (Time Charter Equivalent) earnings for Klaveness Combination Carriers’ (KCC) Cabu caustic soda and dry bulk vessels were $25,800 per day. In Q4 2022, TCE (Time Charter Equivalent) earnings for Klaveness Combination Carriers’ (KCC) Cleanbu oil product/dry cargo ships were $36,800 per day. Currently, Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU-type and eight (8) CLEANBU-type Combination Carriers, which can carry both dry bulk and liquid cargoes.
19-January-2023
Torvald Klaveness and Marubeni joint venture Baumarine Panamax Pool by MaruKlav Management Inc reported earnings in December averaged a net $13,943 per day, or $14,677 gross. Baumarine Panamax Pool by MaruKlav Management Inc.’s reported earnings are above the Baltic Exchange’s P5TC index for December. Baumarine Panamax Pool by MaruKlav Management Inc moved panamax bulk carriers from Pacific to Indian Ocean in December. By redeploying the panamax bulk carriers from Pacific to Indian Ocean, aumarine Panamax Pool by MaruKlav Management Inc beated the Baltic Exchange’s P5TC index for December. Norwegian shipowner and operator Torvald Klaveness and Japanese trading giant Marubeni Group co-operated panamax pool Baumarine Panamax Pool by MaruKlav Management Inc. Currently, Baumarine Panamax Pool by MaruKlav Management Inc has a fleet of about 30 panamax bulk carriers.
19-January-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) reported that the company placed a $150 million sustainability-linked unsecured bond due in 2027. $150 million is anticipated to refinance existing debt or general corporate purposes. Bermuda-registered New York-listed SFL Corporation Ltd (SFL) declared the arrangement just days after commencing talks with fixed-income investors. CEO Ole Hjertaker-led Bermuda-registered New York-listed SFL Corporation Ltd (SFL) approved bond comes with a coupon of 8.875% and will be issued at a price of 99.58%. Lately, John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) arranged series of conferences with investors.
19-January-2023
The Indian government is going to ban 25-year-old tankers and bulkers from its ports. Furthermore, the Indian government is also set to bar the secondhand purchase of ships of more than 20 years from registration with the Indian flag. This will increase charter costs and poses the question of vessel values. The Indian government’s new age limits for port calls and ship purchases are set to shake up shipping in India. Gas carriers, container ships, other offshore vessels, and tugs will be allowed to operate up to 30 years of age. If the draft is enacted, no foreign tanker or bulker shipowner can compete for Indian cargo with a ship older than 20 years. The Indian government aims to lower emissions and combat pollution, as well as increase the quality of the Indian flag.
19-January-2023
Istanbul-based shipowner and operator Yasa Shipping ordered four (4) ultramax bulk carrier newbuildings 63K DWT at Cosco Heavy Industry Zhoushan Shipyard. One of the richest Turkish conglomerates Sabanci Family’s Istanbul-based Yasa Shipping will pay $31 million each. Sabanci Family-controlled Yasa Shipping will start taking delivery of ultramax bulk carrier newbuildings in Q1 2025. Yalcin Sabanci-led shipowner and operator Yasa Shipping expanding the company’s bulker newbuilding order book with bulk carrier newbuildings.
18-January-2023
Anglo-Australian minerals and mining giant Rio Tinto expressed that the end of China’s Covid controls may cause supply chain disruptions and restrictions in December presumably to bring high volatility in Q2 2023. The world’s largest iron ore producer Rio Tinto miner stated steel demand recovery hinges on China’s ability to control the coronavirus outbreak. According to Rio Tinto, the end of China’s zero-Covid policy in December could increase the risk of supply chain disruptions and labor shortages.
17-January-2023
Geneva-based Chinese grain trader COFCO International’s global head of freight Alessio La Rosa has left his position. Geneva-based Chinese grain trader COFCO International is one of the world’s biggest charterers. COFCO International hauls around 50 million tonnes of cargo per year. Chinese grain trader COFCO International’s global head of freight Alessio La Rosa will join fertilizer producer EuroChem. COFCO International’s global head of freight Alessio La Rosa has worked in shipping for nearly 24 years. EuroChem is one of the biggest suppliers of chemical fertilizers. COFCO International’s global head of freight Alessio La Rosa will join EuroChem’s Dubai office on 1 March 2023. Alessio La Rosa worked at COFCO International for seven (7) years. Geneva-based Chinese grain trader COFCO International is the Chinese state-owned food giant Cofco Corporation’s trading arm.
17-January-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently secured a time charter agreement with Stone Shipping for one of its ultramax bulk carriers. The deal involves the chartering of the 2016-built, 60K DWT MV DSI Aquarius (ex MV STH Kure). The agreed charter rate is $14,500 per day for a period starting from at least December 1, 2024, to a maximum of February 1, 2025. The charter is set to commence on January 19, 2024, and is expected to generate approximately $4.52 million in gross revenue for the minimum duration of the charter. Earlier in January, Diana Shipping had also secured a contract extension for its post-panamax bulker, MV Amphitrite, with Cobelfret. Under the leadership of Semiramis Paliou, Diana Shipping’s fleet currently comprises 40 dry bulk carriers. This includes four newcastlemax, nine capesize, five post-panamax, six kamsarmax, seven panamax, and nine ultramax bulk carriers.
17-January-2023
Beijing Stock Exchange-listed shipowner and operator Fujian Guohang Ocean Shipping Group Co Ltd ordered six (6) panamax bulk carrier newbuildings at Jiangsu Haitong Offshore Engineering Equipment. Six (6) panamax bulk carrier newbuildings will boost Fujian Guohang Ocean Shipping Group Co Ltd’s competitiveness and decrease operating costs. Lately, Fujian Guohang Ocean Shipping Group Co Ltd was listed on Beijing Stock Exchange. Fujian Guohang Ocean Shipping Group Co Ltd will pay around $128 million total for six (6) panamax bulk carrier newbuildings at Jiangsu Haitong Offshore Engineering Equipment. Fujian Guohang Ocean Shipping Group Co Ltd’s deal includes an option for two (2) additional panamax bulk carrier newbuildings. Fujian Guohang Ocean Shipping Group Co Ltd expressed the new bulk carriers comprised part of the company’s fleet expansion programme.
17-January-2023
Dry bulk ship operator Norvic Shipping chartered in an ultramax on a long-term basis. Chairman AJ Rahman-led dry bulk ship operator Norvic Shipping chartered in and renamed 2023 built ultramax bulk carrier 64K DWT MV Norvic Copenhagen from Fujimaru Kaiun. Japanese shipowner Fujimaru Kaiun ordered the ultramax bulk carrier at Imabari Shipyard. Dry bulk ship operator Norvic Shipping has determined to take newbuildings into the fleet of 125 ships in response to extending business and to meet the commitment to new environmental regulations such as the Carbon Intensity Indicator (CII). Norvic Shipping moves approximately 45 million tonnes of cargo every year. Currently, Norvic Shipping employs approximately 170 people across the company’s network of 11 offices worldwide. Currently, Norvic Shipping has offices in Copenhagen, Toronto, New York, Houston, Dubai, Singapore, New Delhi, and Dubai.
17-January-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) strengthens its team with former KPMG asset expert, Michalis Vasiliou. Pelagic Partners (Pelagic Yield Fund) expands the company’s fleet of tankers and offshore wind vessels while welcoming a seasoned finance professional on board. Cyprus-based shipping fund Pelagic Partners (Pelagic Yield Fund), has augmented the company’s core team by appointing Michalis Vasiliou, a highly experienced finance specialist, as an executive director. Pelagic Partners (Pelagic Yield Fund), which owns a fleet of tankers and offshore wind vessels, highlighted that Michalis Vasiliou, a certified accountant, served at KPMG in Cyprus between 2007 and 2022. During his tenure, Michalis Vasiliou held positions as a board member and headed the asset management services division. Furthermore, Michalis Vasiliou assumed the role of chairman for the investment funds committee at the Institute of Certified Public Accountants of Cyprus, as well as chairman for the alternative investment funds committee at the Cyprus Investment Funds Association (CIFA).
16-January-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has successfully secured employment for two of its bulk carriers, which are expected to generate approximately $15 million during the minimum scheduled duration of their contracts. Diana Shipping (DSX) has reached an agreement with Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN for a charter extension of 2012 built post-panamax bulk carrier 98K DWT MV Polymnia. The charter, which commenced on January 14, fixed MV Polymnia between April 1, 2024, and May 31, 2024. The agreed daily rate for the charter is $10,000 for the initial 30 days and $15,000 for the remaining period. Belgian bulk carrier and ro-ro operator Cobelfret Bulk Carriers CLdN had previously been paying $24,750 per day for 2012 built post-panamax bulk carrier 98K DWT MV Polymnia.
15-January-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading), renowned as one of the most dynamic Turkish shipowners in the secondhand market during the preceding 12 months, has successfully concluded its inaugural transaction of the year. Beks Shipping (Beks Ship Management and Trading) has incorporated its initial newcastlemax vessel, MV Cape Maple, boasting a remarkable cargo capacity of 206,000 DWT (deadweight tons). 2005 built newcastlemax bulk carrier 206K DWT MV Cape Maple was relinquished by Japanese interests for an estimated sum of $15 million. The Imabari-built MV Cape Maple will join the Beks Shipping (Beks Ship Management and Trading) fleet, overseen by the esteemed Turkish magnate, Ali Bekmezci. Demonstrating its prowess, Beks Shipping (Beks Ship Management and Trading) emerged triumphant in acquiring 17 transactions in the previous year. The burgeoning fleet roster of Beks Shipping (Beks Ship Management and Trading) now proudly encompasses a total of 32 vessels.
15-January-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) continues to strengthen its fleet of tankers. Pelagic Partners (Pelagic Yield Fund) announced that its Pelagic Yield Fund had acquired the 2009 built LR1 tanker 73K DWT MT Summit Africa. Several shipbrokers have reported that the Chinese-built 2009 built LR1 tanker 73K DWT MT Summit Africa, currently operates in the Hafnia Pool and was purchased from the Hartmann Group for approximately $25 million. Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) was established by the Hartmann and Abou Merhi families, who manage one of the largest shipping portfolios in Cyprus. In February 2022, Pelagic Partners (Pelagic Yield Fund) was established, following the strategy of Pelagic Fund I, which presently manages $70 million worth of assets across eight diversified ships. With the initiation of the Pelagic Yield Fund and the acquisition of product tankers, Pelagic Partners now owns a total of 11 ships. Additionally, two offshore wind farm commissioning service operation vessels (CSOVs) are currently under construction in India and are expected to be delivered in 2025. Pelagic Partners (Pelagic Yield Fund) believes that the alterations in market fundamentals will benefit the LR segment, prompting our diversification from our existing MR fleet.
12-January-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) chartered in 2018 built kamsarmax bulk carrier 81K DWT MV Xing Shun Hai at $16,500 per day. CEO Engebret Dahm-led Oslo-based Klaveness Combined Carriers (KCC) chartered MV Xing Shun Hai from Fortune Ocean Shipping for a year. Klaveness Combination Carriers (KCC) will take delivery of the 2018 built kamsarmax bulk carrier 81K DWT MV Xing Shun Hai on Wednesday in Chiwan, China, and can redeliver MV Xing Shun Hai anywhere in the world. Currently, Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU-type and eight (8) CLEANBU-type Combination Carriers, which can carry both dry bulk and liquid cargoes.
10-January-2023
Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has become a part of the GSB J19 Pool of stainless steel chemical tankers with two chemical tankers. Lila Global, the shipowning arm of GMS, has included the 2006-built chemical tankers, namely MT Lila Ace and MT Lila Confidence, in this pool. Currently, the GSB J19 Pool comprises a total of nine chemical tankers ranging from 19,000 dwt to 22,500 dwt. Established in July 2021, the GSB J19 Pool is a collaborative effort between Golden Stena Baycrest Tankers (GSB Tankers) and Aurora Tankers, a subsidiary of IMC Industrial Group. Its purpose is to oversee and manage the operations of stainless steel tankers. GSB Tankers, headquartered in Singapore, commenced its operations in January 2019 as a partnership between Golden-Agri Stena and Bay Crest Management. Golden Stena Baycrest Tankers (GSB Tankers) anticipate welcoming additional partners to the pool in 2023.
9-January-2023
London-based Lomar Shipping bestows scholarships upon nine students in remembrance of Achim Boehme. These grants will facilitate the development of the upcoming generation of maritime leaders through their studies in Bremen. Lomar Shipping’s Achim Boehme Scholarship continues to support the future pioneers of the shipping industry by granting additional student bursaries. In honor of the late Achim Boehme, the former CEO of Lomar Shipping who succumbed to cancer in 2020, this fund is benefiting nine students at the City University of Applied Sciences in Bremen, Germany. Among the scholars are Kelly O’Grady from the United States, Gonzalo Vallejo Moller from Venezuela, Bruno Molina Stagi from Uruguay, and Surendra Solanki from India, all pursuing a BSc in International Ship Management and Nautical Sciences. Furthermore, support extends to Michael Rhenzo Pasion from the Philippines, Francisco dos Santos Portela from Portugal, Soufiane Zakri from Morocco, Hanife Ucar from Turkey, and Moritz Wottrich from Germany, who are pursuing a BA in International Shipping & Chartering. Nicholas Georgiou, the CEO of Lomar Shipping, expressed his delight, stating, “We are pleased to carry on Achim’s commitment to nurturing young talents aspiring to build careers in the shipping industry.” He further added, “Achim was an exceptional leader and mentor to many in the shipping sector. It brings us great joy to uphold his remarkable legacy through an expanded program that supports the future leaders, our beacons of tomorrow.” This initiative perpetuates the enduring contributions and unwavering dedication of this industry legend. The initial batch of students was announced in December 2021 by Lomar Shipping, a London-Greek shipping company. These grants alleviate the financial burden of education. Additionally, the program offers vocational support and internships within Lomar offices and onboard vessels, thus preparing students for their professional journey. Achim Boehme, hailing from Bremen, joined Lomar Shipping’s management team as the Chief Financial Officer in 2010. Later that year, he was promoted to the position of Chief Executive Officer, assuming overall responsibility for management, strategy, and development. He also served as the General Manager of Lomar Germany. Professor Captain Thomas Jung from the City University of Applied Sciences remarked, “Achim Boehme was a trailblazer and staunch advocate of the German shipping industry, as well as education, particularly in the City of Bremen.” He continued, “We are thrilled to collaborate once again with Lomar Shipping to enhance the support provided by this scholarship, which assists the future careers of our brightest talents. We hope that they will soon follow in the footsteps of Achim Boehme, becoming the future leaders in the global shipping arena.”
5-January-2023
Imabari-based shipowner Nissen Kaiun and Mitsui & Co established a joint venture Lepta Shipping. Japanese shipowner Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Lepta Shipping ordered four (4) neo-panamax container ships at Yangzijiang Shipbuilding. Japanese shipowner Nissen Kaiun and Mitsui & Co’s joint venture Lepta Shipping has ordered container ships despite the collapse of container market.
3-January-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading) continues to be one of the most active Turkish proprietors in the secondhand market. Turkish magnate Ali Bekmezci has almost exclusively ensured the Republic of Turkey a position on Allied Shipbroking’s S&P’s top 10 rankings, which was published in the final week of 2022, elevating the country to the third spot in the category that assesses the nationality of buyers. Turkey has ascended by six positions since 2021, claiming bronze on the top 10 list, falling short only to China and Greece. Turkey is recorded with 77 ship acquisitions in the previous year, comprising 32 bulk carriers, 34 tankers, and the remaining eight assets evenly distributed between container ships and gas carriers. Beks Shipping (Beks Ship Management and Trading) is responsible for 17 of these transactions. The Istanbul-based shipowner and operator, Beks Shipping (Beks Ship Management and Trading), has now been identified as the purchaser of two additional vessels. Beks Shipping (Beks Ship Management and Trading) has acquired the 16-year-old Daewoo-built 70K DWT MT Beks Loyal (ex MT Antikeros) LR tanker from Chinese interests for a sum of $13 million. In a separate deal, Beks Shipping (Beks Ship Management and Trading) has reached an agreement with Greece’s Stealth Maritime to obtain the 15-year-old, 50K DWT tanker MT Beks-T Rex (ex MT T Rex) for an undisclosed price. Beks Shipping (Beks Ship Management and Trading) has expanded its fleet roster throughout the course of 2022, amassing a total of 31 vessels.
3-January-2023
Steve Kunzer, the former executive of Eastern Pacific Shipping for a duration spanning five years until 2018, will assume the position of CEO at Lila Global in the near future. Consequently, Steve Kunzer will relinquish his board membership in various other shipping establishments, including Braemar. Dubai-based Lila Global’s, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, roots can be traced back to 2007, operating in conjunction with the cash buyer sector of GMS (Global Marketing Systems), a venture established by Anil Sharma 15 years prior. The current roster of Lila Global comprises 39 vessels, having doubled in size within 2022 alone.
1-January-2023
London-based Lomar Shipping’s stake in the container ship industry reaps significant rewards. Lomar Shipping has amassed a staggering $900 million in profits from the sale of container ships during the prosperous era of container shipping. The UK-based Lomar Shipping’s subsidiary, the esteemed Libra Group, has garnered approximately $1.46 billion from the sale of container ships during the remarkable two-year container rally. This momentous undertaking reached its culmination this month with the transfer of four 1,100-teu vessels to Contships Management, owned by the renowned Nikolas Pateras. This transaction marked the 49th vessel, primarily consisting of container ships, divested by Lomar Shipping since Q2 2020.