31-July-2023
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited has reported subdued results due to the sluggishness in the dry cargo markets. The chartering market’s delayed recovery in 2023 has not met the expectations of Pacific Basin Shipping Limited. The weak bulker markets in H1 2023 have significantly impacted CEO Martin Fruergaard-led Hong Kong-based shipowner and operator Pacific Basin Shipping Limited’s financial performance and dividends distributed to its shareholders. However, in its interim report, the Hong Kong-listed shipowner and operator Pacific Basin Shipping Limited adopted an optimistic tone, expressing the company’s anticipation for the freight markets to gradually recover by the year’s end, driven by improvements in supply and demand fundamentals.
29-July-2023
Greek Konstantinos Konstantakopoulos-led New York-listed shipowner and operator Costamare Inc. (CMRE) has officially announced its acquisition of capesize bulk carrier, demonstrating a firm commitment to expanding Costamare Inc.’s (CMRE) presence in the bulker sector. This strategic move comes as the Athens-based New York-listed shipowner and operator Costamare Inc. (CMRE) endeavors to diversify its portfolio, even amidst the challenges posed by the dry bulk carrier market, which had a marginal impact on an otherwise profitable second quarter. As a prominent player in the maritime industry, Costamare Inc. (CMRE) operates a sizable fleet of approximately 170 bulk carriers and container ships. In light of its recent success, the company reported a commendable net income of $63.2 million. With this acquisition and the company’s resolute focus on diversification, Costamare Inc. (CMRE) aims to bolster its position and chart a steady course in the ever-evolving shipping landscape.
29-July-2023
Singapore-based shipowner and operator Grindrod Shipping (GRIN) has unveiled several transactions for the company’s fleet, encompassing both sales and purchases, as well as time charter agreements. Ed Buttery-led New York-listed shipowner and operator Grindrod Shipping (GRIN) exercised the company’s purchase option on Meiji Shipping’s chartered-in 2016 built supramax bulk carrier MV IVS Hayakita. In July, Grindrod’s parent company, Taylor Maritime Investments (TMI), also led by Buttery, made two sales to Grindrod Shipping (GRIN). One was the 2011 built bulk carrier MV Steady Sarah, sold for around $15 million, and the other was a new building, scheduled for delivery by March 31, 2024, which was sold for around $33 million. Additionally, Singapore-based shipowner and operator Grindrod Shipping (GRIN) sold another 2011 built handysize bulk carrier MV IVS Orchard for $10.8 million. Furthermore, Grindrod Shipping (GRIN) completed the previously announced sale of the 2014 built bulk carrier MV IVS Kestrel for around $17.3 million, resulting in net proceeds of $10.3 million. Subsequently, MV IVS Kestrel was chartered-in for a period of 11 to 13 months, with two one-year extension options attached. Moreover, Singapore-based shipowner and operator Grindrod Shipping (GRIN) exercised the company’s option to extend the charters of 2016 built supramax bulk carrier MV IVS Windsor, and 2014 built supramax bulk carrier MV IVS Naruo, securing the bulk carriers for an additional 12 months. Additionally, Grindrod Shipping (GRIN) chartered out 2017 built supramax bulk carrier MV IVS Swinley for a year. London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, also recently fixed the charter of one of its bulk carriers to a blue-chip charterer for a duration of 20 to 24 months at a rate of $12,000 per day. Taylor Maritime Investments (TMI) stated that this rate significantly exceeds the current index, reflecting positive forward market sentiment. After London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, acquired Grindrod Shipping (GRIN) in 2022, the combined owned fleet now comprises nearly 60 bulk carriers. As of the end of the Q2 the fleet’s value stood at approximately $880 million, excluding chartered-in ships without purchase options. Despite prevailing pressure on rates, London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, continues to outperform its benchmark index due to its well-balanced chartering strategy. Asset values remain above historical averages, and the foundations for an improved earnings environment over the next two years are evident. Taylor Maritime Investments (TMI) remains committed to debt reduction and achieving synergies by integrating the management of the Taylor Maritime Investments (TMI) and Grindrod Shipping (GRIN) fleets. With enhanced scale, Taylor Maritime Investments (TMI) and Grindrod Shipping (GRIN) are in a robust position to capitalize on market improvements when they arise.
29-July-2023
Two conglomerates with maritime subsidiaries are assembling to vie for dominion over South Korean shipowner and operator Hyundai Merchant Marine (HMM). Government-backed entities proclaimed their intention to divest their majority stake in South Korean shipowner and operator Hyundai Merchant Marine (HMM) last week, extending an invitation to interested parties to submit bids until 21 August 2023. Two conglomerates with maritime subsidiaries have expressed their eagerness to assume control of Hyundai Merchant Marine (HMM): Harim Group, the shipowner and operator of Pan Ocean, and SM Group, the proprietor of SM Line. LX Holdings and Dongwon Group, Korean enterprises with interests in logistics, have also entered the fray for Hyundai Merchant Marine (HMM). State-run banks, who have been overseeing Hyundai Merchant Marine (HMM) since 2016, aspire to finalize the sale of this renowned shipping line by the end of 2023.
28-July-2023
George Economou-led shipowner and operator TMS Dry Ltd has inked an agreement for a duo of kamsarmax bulk carrier new buildings at Chengxi Shipyard in China. Athens-based shipowner and operator TMS Dry Ltd has engaged Chengxi Shipyard to construct and deliver two (2) 82k DWT kamsarmax bulk carrier new buildings. TMS Dry Ltd will take the delivery of two (2) kamsarmax bulk carrier new buildings in 2026. Currently, George Economou-led shipowner and operator TMS Dry Ltd has eight (8) ultramax bulk carriers and four (4) capesize bulk carriers on order in China, demonstrating TMS Dry Ltd’s substantial presence. To acquire these bulk carrier new buildings, TMS Dry Ltd is willing to pay Chengxi Shipyard around $35 million per ship. The CSSC-affiliated Chengxi Shipyard has successfully secured a total of 25 shipbuilding contracts so far. The allure of kamsarmax bulk carriers has also captivated various Chinese shipowners recently.
27-July-2023
Greek shipowner and operator Chartworld Shipping Corporation acquired 2015 built capesize bulk carrier 179K DWT MV HL Passion from Korean shipowner and operator H-Line. Capesize bulk carrier 179K DWT MV HL Passion was built at Dalian Shipyard. Athens-based shipowner and operator Chartworld Shipping Corporation has been creating a significant impact in the realm of sales and acquisitions, acquiring one contemporary capesize bulk carriers after another. Lou and George Kollakis-led Chartworld Shipping Corporation was successfully procured for a remarkable sum of $36.5 million after attracting several competitive bids. Currently, Athens-based shipowner and operator Chartworld Shipping Corporation has a fleet of 31 bulk carriers.
26-July-2023
Riyadh-based tanker and dry bulk shipowner and operator Bahri’s (Bahri, formerly known as the National Shipping Company of Saudi Arabia) subsidiary Bahri Dry Bulk Co LLC turns attention to modern ultramax bulk carriers. Saudi Arabian shipping player is increasingly enticed by the dry cargo business. At the same time Riyadh-based tanker and dry bulk shipowner and operator Bahr was conspicuously selling tankers, major Saudi shipowner Bahri has been quietly adding dry bulk tonnage from Norden. In this process, Bahri Dry Bulk Co LLC is displaying a clear preference for modern, scrubber-fitted ultramaxes built in Japan.
26-July-2023
Athens-based shipowner and operator Byzantine Maritime Corporation (BMC) has augmented its order book in China with another handysize bulk carrier. Marios Stafilopatis-led Greek shipowner and operator Byzantine Maritime Corporation (BMC) is reported to have exercised an option for a fourth 41K DWT (deadweight tonnage) handysize bulk carrier at New Dayang Shipbuilding. Earlier 2023, Byzantine Maritime Corporation (BMC) placed an order for a trio of handysize bulk carriers at the state-owned New Dayang Shipbuilding for around $30 million each, scheduled for delivery in 2024 and 2025, marking its inaugural new buildg agreement in China. Having observed a resurgence in dry bulk carrier new building orders placed by Greeks since the commencement of 2023, spearheaded by shipowners such as Dynacom, Danaos, TMS, Sea Traders, Safe Bulkers, Meadway, Byzantine Maritime Corporation (BMC), Neda, Century Bulk Carrier, etc., it is unsurprising that the Greek shipowners are extending their vote of confidence in the thus far languishing dry bulk freight market. Currently, Athens-based shipowner and operator Byzantine Maritime Corporation (BMC) has a fleet of nine (9) bulk carriers.
26-July-2023
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has once again intensified its share buybacks, showcasing the shipowner’s commitment to its $100 million share repurchase program. In a significant move, Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL) invested just over $333,000 to repurchase an additional 45,000 of its outstanding shares, reinforcing the value of the company’s buyback initiative. Last week alone, Golden Ocean Group (GOGL) allocated approximately NOK 2.2 million towards this endeavor, signaling a strong and optimistic outlook on its own financial future.
26-July-2023
A conflagration erupted on Shoei Kisen-owned K Line (Kawasaki Kisen Kaisha) operated 2013 built car carrier 6,210 CEU MV Fremantle Highway off the coast of the Netherlands, tragically claiming the life of a seafarer. A crew of twenty-three individuals has now been safely evacuated from Tokyo Stock Exchange-listed shipowner and operator K Line (Kawasaki Kisen Kaisha) operated car carrier MV Fremantle Highway after their valiant efforts to extinguish the fire proved futile. At the time of the evacuation, Fremantle Highway was located approximately 27 km north of the picturesque island of Ameland. Subsequently, the 2013 built car carrier 6,210 CEU MV Fremantle Highway has been towed away from the main shipping lanes to mitigate potential hazards. 2013 built car carrier 6,210 CEU MV Fremantle Highway is listed under the ownership of Japan’s esteemed shipowner Shoei Kisen and operated by K Line (Kawasaki Kisen Kaisha). MV Fremantle Highway is registered in Panama and associated with the Japan P&I (Protection and Indemnity) Club, the MV Fremantle Highway carried a cargo of around 3,000 vehicles, among which were 25 electric cars destined for Port Said, Egypt, having been loaded in Bremen, Germany. Reports indicate that there is a looming threat of the MV Fremantle Highway sinking.
26-July-2023
Amidst sluggish dry bulk markets and the necessity for fleet upgrades, New York-listed shipowner and operator Safe Bulkers’ (SB) net profit experiences a decline. Limassol and Athens-based Safe Bulkers (SB) is facing elevated expenses as it dry-docks its older bulk carriers to enhance their efficiency. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB), which possesses a fleet of 44 large bulk carriers, witnessed a third consecutive quarter of reduced profits. The reasons behind this decline are attributed to the slow markets, mounting financial costs, and the increased expenditures incurred to revitalize Safe Bulkers’ (SB) fleet in preparation for the new IMO’s (International Maritime Organization’s) ship efficiency regulations.
26-July-2023
Keith Denholm departs from IMC Shipping Singapore and charts his course towards Europe. Yearning to be closer to his roots, the Scottish gentleman Keith Denholm expressed his sentiments after spending a combined span of 17 years immersed in the vibrant tapestry of Singapore’s allure. A seasoned expert in dry bulk affairs, Keith Denholm bid farewell to IMC Shipping in Singapore, where he served as the commercial director of IMC Shipping’s esteemed bulker division for a fruitful two years. In a heartfelt post, Keith Denholm revealed that his two-year tenure dedicated to establishing the asset-light facet of the dry bulk business has gracefully reached its conclusion.
25-July-2023
Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) controlled the supramax pool Supramax Revenue Sharing Agreement (RSA) accepted Idan Ofer and Udi Angel-led XT Shipping controlled 2017 built ultramax bulk carrier 61K DWT MV Victoria. 2017 built ultramax bulk carrier 61K DWT MV Victoria was built at Toyohashi Shipyard in Japan. This Israeli-based XT Shipping proudly stands as the second bulk carrier to join the exclusive pool Supramax Revenue Sharing Agreement (RSA) this year, following MV Forra Ultramax, which was welcomed in May 2023. C Transport Maritime S.A.M. (CTM) controlled the supramax pool Supramax Revenue Sharing Agreement (RSA) operates as an exclusive supramax pool, encompassing a fleet of approximately 50-60 bulk carriers, each exuding timeless splendor. These bulk carriers, with an average age of merely seven years, boast an average deadweight tonnage of around 60K. Over the past quinquennial, the upramax Revenue Sharing Agreement’s (RSA) ingenious creators boldly assert to have outshone the market by an impressive margin of 5%.
25-July-2023
Norway-headquartered shipbroker Fearnleys makes a significant move by acquiring Braemar ACM Shipbroking dry cargo shipbrokers to establish a strong foothold in Brazil, marking its first venture into South America. This strategic decision complements the Fearnleys’ existing office in Dubai, enhancing Fearnleys’ global presence. Having appointed three dry cargo shipbrokers from Braemar ACM Shipbroking, CEO Marius Hermansen-led Fearnleys secures a fresh stronghold in Brazil, bolstering its capesize bulk carrier chartering operations in the South Atlantic region.
25-July-2023
Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) shall implement a wind-assisted ship-propulsion apparatus on a bulk carrier engaged in a long-term charter contract with dry bulk shipping behemoth Cargill Ocean Transportation. Belgium-based Japanese shipowner and operator NYK Bulk (Tokyo Stock Exchange-listed Nippon Yusen Kabushiki Kaisha’s subsidiary) has opted for the VentoFoil wind-assisted propulsion system, manufactured by Econowind in the Netherlands. VentoFoil boasts a soaring 16-meter vertical wing, akin to a majestic sail. Much like the aerodynamic principle of an airplane wing, VentoFoil harnesses the pressure difference on both sides of the wing to generate its propulsion. The ingenious apparatus welcomes the wind through its suction port, skillfully amplifying the pressure difference to achieve greater impetus. Despite its efficacy, VentoFoil wind-assisted propulsion system maintains a compact design, distinguishing it from similar equipment, thus minimizing interference with cargo handling. Furthermore, VentoFoil wind-assisted propulsion system’s installation and relocation process are remarkably uncomplicated.
25-July-2023
Lubeck-based shipowner and operator Oldendorff Carriers sets its sights on expansion in the flourishing South American market, where cargo volumes have been steadily on the rise. German Henning Oldendorff-led Oldendorff Carriers is strategically directing its attention towards South America, recognizing the promising potential in the burgeoning dry-cargo sector on both the eastern and western shores of the continent. With a recent addition to Oldendorff Carriers’ team, Oldendorff Carriers is actively engaging in parceling operations from the eastern coast of South America and, concurrently, endeavors to foster further growth from the western coast.
25-July-2023
China intends to promptly adjust and optimize property policies in response to significant shifts in the supply and demand dynamics within the property market, as emphasized in the National Development and Reform Commission (NDRC) meeting. The Chinese authorities are determined to elevate the consumption of automobiles, electronic products, and home furnishings, while also promoting the growth of services such as sports, leisure, and cultural tourism. According to analysts, the meeting’s outcome suggests that further policy support will be unveiled in the coming months. Nevertheless, the absence of major announcements pertaining to policy specifics implies either a lack of urgency or policymakers grappling to devise suitable measures to bolster growth. China’s economy witnessed slower-than-expected growth in the Q2, with youth unemployment reaching a record high. This has added to the growing sense of despondency among dry bulk owners, who have had little to celebrate in 2023 so far. During April-June, Gross Domestic Product (GDP) expanded by a mere 0.8% compared to the previous quarter. Previous stimulus measures, particularly those implemented after the global financial crisis, have been a significant boon for the global dry bulk community.
24-July-2023
Ships are queuing along the western fringes of the Black Sea, at the entrance to the Danube and beyond Romania’s Constanta port, amidst grave uncertainty regarding the next steps for exporting goods from Ukraine after multiple Russian attacks on port locations. Furthermore, the recent decision to terminate the Black Sea Grain Initiative has added to the predicament. The tension surrounding Black Sea shipping has escalated due to both Ukraine and Russia stating their intent to treat commercial ships heading to enemy ports as potentially carrying military cargo. Insurers have warned that the previously available Black Sea war risk cover will no longer be provided as the situation continues to deteriorate. As part of Russia’s strategy to hit Ukraine’s grain export infrastructure, another Danube port, Izmail, has also faced attacks. Consequently, many ships along the river have opted to drop anchor while awaiting clarification on the best course of action. Before the war, the Black Sea represented 3.4% of total tanker loadings and 4% of total dry bulk loadings, these numbers have now declined to 2.3% and 2.8%, respectively. This conflict puts additional strain on the global fleet.
23-July-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has inked a Framework Cooperation Agreement (FCA) to forge a partnership focused on the creation of renewable energy and eco-friendly fuel solutions with China Power International Development Limited. Per this accord, both Idan Ofer-led shipowner and operator Eastern Pacific Chartering (EPC) and China Power International Development Limited will jointly endeavor to pioneer and promulgate sustainable energy resolutions for the maritime sector, notably including green ammonia and verdant methanol. Eastern Pacific Chartering (EPC) and China Power International Development Limited acutely acknowledge the urgent imperative to shift to low-emission alternatives. Eastern Pacific Chartering (EPC) and China Power International Development Limited alliance will permit them to harness their mutual expertise and thus hasten advancements in this crucial domain. The initiation of this Framework Cooperation Agreement (FCA) coincides with a period wherein the momentum for alternative marine fuels and innovative power methodologies has reached unprecedented levels. A plethora of governmental edicts and lofty corporate environmental pledges underscore the unequivocal consensus that sustainability initiatives require expedited momentum. This concord will equip both sectors with pragmatic and expansive solutions conducive to worldwide decarbonization and the conservation of our environment. In the preceding months, Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has secured several distinguished contracts. In May, Eastern Pacific Shipping (EPS) formalized an agreement for the procurement of four (4) expansive ammonia bulk carriers from China’s esteemed Jiangnan Shipbuilding. A mere few days subsequent to this, Eastern Pacific Shipping (EPS) committed to two (2) 115K DWT tanker new buildings from CSSC Guangzhou Shipyard International, retaining an option for an additional pair.
21-July-2023
Beijing Stock Exchange-listed shipowner and operator Fujian Guohang Ocean Shipping Group Co Ltd has enriched its order book by securing two additional panamax bulk carrier new buildings at Jiangsu Haitong Offshore Engineering Equipment. Fujian Guohang Ocean Shipping Group Co Ltd has commissioned two panamax bulk carrier new buildings, each weighing 76,000 DWT. Chinese shipowner and operator Fujian Guohang Ocean Shipping Group Co Ltd will pay approximately $64 million. The scheduled deliveries for these panamax bulk carrier new buildings are set for March 31, 2024, and July 20, 2024, respectively. In December 2022, Fujian Guohang Ocean Shipping Group Co Ltd made its debut on the Beijing Stock Exchange, successfully raising $83 million, albeit falling short of its IPO (initial public offering) target. The primary purpose of this capital was to support the expansion of Fujian Guohang Ocean Shipping Group Co Ltd’s fleet. In January 2023, Beijing Stock Exchange-listed shipowner and operator Fujian Guohang Ocean Shipping Group Co Ltd inked an agreement for four firm 73,800 DWT bulk carriers from Jiangsu Haitong, with an option to obtain two more bulk carriers in the future. Currently, Fujian Guohang Ocean Shipping Group Co Ltd has a fleet of 19 bulk carriers.
21-July-2023
Dry bulk rates may currently be languishing, but their condition would have been far worse had it not been for the remarkable influx of coal China has been importing in recent times. China is now poised to import an astounding 400 million tonnes of coal this year, surpassing last year’s total by an impressive 100 million tonnes and even surpassing the record set back in 2013, which stood at 327 million tonnes. The ambitious target of 400 million tonnes for the entire year was disclosed by China’s National Coal Association. This surge in coal purchases is driven by more affordable international thermal coal prices. During the H1 2023, China’s total coal imports reached a staggering 221.93 million tonnes, twice the amount compared to the same period in 2022. Chinese seaborne coal imports have risen by an impressive 66% compared to the same period in 2022. Imports tend to surge when imported coal is more cost-effective than domestically produced coal. Indonesia continues to dominate as China’s primary coal supplier, accounting for 54% of the total supply this year.
20-July-2023
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is expanding its fleet of bulk carriers through a new building agreement at the domestic shipyard. Qingdao-headquartered Agricore Group (Agricore Shipping ASL) has chosen CSSC-affiliated Chengxi Shipyard as the designated facility for its initial pair of kamsarmax new building bulk carriers 82K DWT, set to be delivered in 2026. Agricore Group (Agricore Shipping ASL) ventured into ship owning with the acquisition of its first bulk carrier through an auction in October 2018. Currently, Agricore Group (Agricore Shipping ASL) has a fleet of ten (10) large bulk carriers. Agricore Shipping Limited ASL controlled bulk carriers are managed by Agricore Group’s subsidiary Agricore Ship Management Co Ltd.
20-July-2023
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) finalizes disposal of capesize fleet with latest transactions to Greek shipowners. Through the divestment of GoodBulk Ltd’s (GBLK) legacy bulk carriers, Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) appears poised to embark on a new chapter. GoodBulk Ltd’s (GBLK) extensive campaign to sell the company’s capesize bulk carriers is nearing completion. It is understood that GoodBulk Ltd (GBLK) is currently in the process of selling its remaining capesize bulk carriers. Currently, GoodBulk Ltd (GBLK) has five capesize bulk carriers left in its fleet.
20-July-2023
London-headquartered Lomar Shipping continues to expand its fleet of bulk carriers through the acquisition of two additional vessels manufactured in China. Nicholas Georgiou-led Lomar Shipping, a subsidiary of the esteemed Libra Group, has acquired 2010 built supramax bulk carrier 56K DWT MV Rome Trader (ex MV Chris) for around $12.5 million from Athens-based shipowner and operator Seadar Shipmanagement. MV Rome Trader (ex MV Chris) was built by Cosco Guangdong in China. Additionally, the Libra Group has acquired 2011 built kamsarmax bulk carrier 79K DWT MV Athens Trader (ex MV Joy) for around $14 million. Libra Group will take the delivery of 2011 built kamsarmax bulk carrier 79K DWT MV Athens Trader (ex MV Joy) in September. These recent transactions follow a series of notable bulk carrier purchases made by Lomar Shipping throughout this year. In May 2023, London-headquartered Lomar Shipping revealed the acquisition of a trio of supramax bulk carriers valued at nearly $43 million. Furthermore, in June 2023, Lomar Shipping acquired three panamax bulk carriers constructed in China, amounting to a total sum close to $50 million.
20-July-2023
Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio grounded off Mauritius. MOL (Mitsui O.S.K. Lines) chartered-in MV Wakashio from Japanese shipowner Nagashiki Shipping. Nagashiki Shipping is a low-profile family-owned shipping company that owns a large fleet of state-of-the-art vessels and charters out to blue-chip operators like MOL (Mitsui O.S.K. Lines). The incident occurred on July 25, 2020. Although an incident report had been lodged with the International Maritime Organization (IMO) by the ship’s registry, Panama, a couple of years ago, it has only recently been made public. According to the report, the crew was commemorating a crewmember’s birthday on the day of the incident. They decided to approach the shore to find a Wi-Fi signal so that he could contact his family. The officer on duty, however, was likely distracted by his mobile phone when the ship veered towards a reef off Mauritius, failing to maintain the required five-mile distance from the shore, as stipulated by the captain. The report also indicates that it took the crew approximately 30 minutes after the grounding to notify local authorities in Mauritius. The human factors identified as contributing to the subsequent environmental disaster include a lack of vigilance, inadequate support in the bridge, overconfidence, lack of personal competence, and insufficient ISM procedures. It took 18 months to remove the remains of the colossal Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio, which split in two on reefs near a protected UNESCO World Heritage site. The Nagashiki Shipping newcastlemax leaked over 1,000 tonnes of bunker fuel. MV Wakashio was operated by Mitsui OSK Lines (MOL) and managed by Anglo-Eastern. In their announcement of measures to prevent a recurrence of a MV Wakashio-like catastrophe, Mitsui OSK Lines (MOL) attributed the change in the MV Wakashio’s passage plan from maintaining a 22 nautical mile distance from the island of Mauritius to just two nautical miles. Furthermore, Mitsui OSK Lines (MOL) revealed that the crew was using a nautical chart with an insufficient scale to accurately determine the distance from the coast and water depth. Additionally, Mitsui OSK Lines (MOL) stated that a crewmember neglected proper visual and radar watch-keeping. Tokyo-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines) chartered 2007 built newcastlemax bulk carrier 203K DWT MV Wakashio incident is the second-most prominent commercial ship accident of the 2020s to date.
20-July-2023
The judgment delivered in London explicitly establishes the responsibility of charterers to bear the duration required for eliminating any fouling accumulated during a charter, regardless of when the vessel is returned. A legal decision has been made by the London High Court, holding the charterer accountable for the expenses related to hull cleaning after the ship has been redelivered. This dispute involved a Greek bulk carrier, which is under the control of Sea Globe Management & Trading, the bulker division of Greece’s Laliotis Group. Legal experts affirm that this ruling, favoring the shipowner connected to Laliotis, eliminates any ambiguity concerning the interpretation of the NYPE (New York Produce Exchage) Hull-Fouling Clause. In a recent case, a London High Court judge has ruled in favor of a shipowning client associated with Sea Globe Management & Trading, the bulker division of Greece’s Laliotis Group. The ruling pertains to a situation in which a charterer attempted to challenge an arbitration award that held them accountable for the costs of cleaning the hull after the voyage.
20-July-2023
Russia has issued a warning, stating that as of today, vessels en route to Ukraine’s Black Sea ports will be regarded as potential military targets. This comes as Ukraine announced its intention to establish a temporary shipping route in order to continue grain exports following Russia’s withdrawal from an agreement that allowed food shipments from Ukraine’s ports. According to Russia’s defense ministry, all ships heading towards Ukraine will be presumed to be carrying military cargo on behalf of Ukraine, and the flag countries of these vessels will be considered parties involved in the Ukrainian conflict. In response to the termination of the Black Sea Grain Initiative, Ukraine has declared the creation of a temporary shipping route via Romania. Vasyl Shkurakov, Ukraine’s acting minister for communities, territories, and infrastructure development, explained that the aim is to facilitate the unblocking of international shipping in the northwestern part of the Black Sea. This was conveyed in a letter to the International Maritime Organization (IMO). Furthermore, Ukraine mentioned in the letter to the International Maritime Organization (IMO) that it has established a mechanism to offer compensation guarantees for damage incurred by charterers, ship operators, and vessel owners due to the armed aggression of the Russian Federation. However, global insurers remain cautious about providing coverage for ships traveling to this hazardous region. While the loss of the Ukrainian grain trade represents only a small portion of the overall dry bulk demand picture, it is likely to be particularly felt in the Panamax segment. Nonetheless, with other exporters ramping up production, global corn and wheat exports are expected to increase next year, offsetting any potential loss from Ukraine. Depending on the development of logistics networks, Romania may be able to expand its handling of Ukrainian cargo, offering a deep-sea route to the market. Since the war began, Romania has been responsible for approximately one-third of Ukraine’s grain exports. Yesterday, Russia stated that the United Nations has a three-month deadline to implement the terms of a memorandum enabling Russian agricultural exports if they wish to resume discussions concerning the resumption of Ukrainian grain exports. In the past week, the Russian military has launched significant attacks on Odesa, Ukraine’s primary port, surpassing the scale seen during the initial stages of the conflict 17 months ago. The Ukrainian military reported damage to port facilities, including a grain terminal, a cooking oil terminal, storage tanks, and ship loading facilities.
18-July-2023
Monaco-based ship manager and operator C Transport Maritime S.A.M. (CTM) controlled supramax pool continues to thrive despite challenging market conditions, boasting a remarkable $120,000 premium over the Baltic Exchange’s index. According to the Monaco-based ship operator C Transport Maritime S.A.M. (CTM), the second quarter proved to be the stronger period within the first six months. C Transport Maritime (CTM) proudly announces that its bulker pool operation has outperformed the Baltic Exchange’s index by an impressive margin of 6.5% during the initial half of 2023. John Michael Radziwill-led C Transport Maritime S.A.M. (CTM) emphasizes that the supramax revenue sharing agreement (RSA) remains resilient even amidst unfavorable market conditions.
18-July-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) acquired five (5) capesize bulk carriers from China Development Bank Financial Leasing. Athens-based Danaos Corporation (DAC) acquired capesize bulk carriers 176K DWT MV Bulk Genius, MV Bulk Ingenuity, MV Bulk Achievement, MV Bulk Integrity, and MV Bulk Peace for around $103 million total. MV Bulk Genius, MV Bulk Ingenuity, MV Bulk Achievement, MV Bulk Integrity, and MV Bulk Peace were built between 2010 and 2012.
18-July-2023
Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) sold 2008 built kamsarmax bulk carrier 206K DWT MV Benitamou for around $22 million. Kamsarmax bulk carrier is typically not the most active category in terms of sales and acquisitions. Imabari-based shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) is one of the biggest tonnage providers in Japan. Doun Kisen KK (aka Doun Kisen Co. Ltd) charters out the bulk carriers on a long-term basis to giant traders and first-class ship operators.
18-July-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) has achieved a remarkable feat by securing the top position for three consecutive years in Webber Research & Advisory’s annual assessment of environmental, social, and corporate governance (ESG). John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) stands out among 64 public shipping firms, as all but six have now begun disclosing their carbon emissions, signifying a positive trend. Genco Shipping & Trading’s (GNK) expressed the satisfaction with this accomplishment. The rankings brought contrasting results for the previous contenders, making it a noteworthy event. 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.
18-July-2023
Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) contemplates a reverse stock split following Nasdaq’s notification regarding its price. CEO Athanasios Feidakis-led bulk carrier owner Globus Maritime (GLBS) emerges as the most recent shipping company listed in the US to fall below the minimum threshold of $1. Globus Maritime (GLBS) is actively working to enhance the value of its shares following a cautionary message from the Nasdaq stock exchange in the United States. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) controlled bulk carriers are managed by Athens-based Globus Shipmanagement. Currently, Athens-based shipowner and operator Globus Maritime (GLBS) owns and operates three (3) supramax, one (1) panamax, and four (4) kamsarmax bulk carriers.
18-July-2023
Greek shipowner and ship-manager Samos Steamship Co. sold 2004 built kamsarmax bulk carrier 203K DWT MV Stamatis for around $18 million. MV Stamatis was built at Universal Shipyard Ariake in Japan. Greek shipowner and ship-manager Samos Steamship Co. has strong historic ties with Japanese shipyards. All vessels in the fleet of Samos Steamship Co. are built in Japan. Currently, Athens-based shipowner and ship-manager Samos Steamship Co. has a fleet of 15 tankers, 8 bulk carriers. Furthermore, Samos Steamship Co. has two aframax tankers and one capesize bulk carrier new building orders at Japanese shipyards.
18-July-2023
Grain exports by ship from Ukraine are compelled to take a more meandering route inland following Russia’s decision yesterday to withdraw from the United Nations-backed Black Sea Grain Initiative. Russia’s choice to suspend its participation in the agreement that permitted Ukraine to transport grain through the Black Sea via three ports has delivered another blow to global leaders’ concerns about food security. Russia officially withdrew from the agreement on Monday, insisting that a separate arrangement to facilitate its shipments of food and fertilizer had not been fulfilled. Ukraine’s ports remained closed until the agreement was reached in July 2022, and it remains uncertain whether grain will be shipped from these locations following Russia’s withdrawal. The anticipated increase in war risk insurance premiums for entering the Black Sea region is expected, and shipowners may be hesitant to permit their vessels to enter a war zone without Russia’s authorization.
18-July-2023
New shipbroker company Futureships emerges with a primary focus on the niche market of environmentally friendly vessels. Established by the skilled shipbroker and esteemed maritime executive, Ross Fothergill, this pioneering brokerage company Futureships is dedicated solely to the realm of low-carbon shipping. Ross Fothergill has successfully established registered offices in both Hong Kong and London, from which he extends chartering services for cutting-edge, high-performing vessels. This includes facilitating energy-efficient retrofits and promoting ships adorned with innovative designs.
18-July-2023
Ship recycling companies are encountering difficulties in persuading prominent ship owners to dismantle their vessels as steel prices continue to decline gradually. While larger ships remain unattainable due to the diminishing prices, there remains a consistent influx of smaller vessels. Ship recyclers in India and Bangladesh have witnessed a decline of approximately $5 to $6 per ldt in the offered prices for scrapping, and traders have advised shipbrokers to anticipate further decreases in the near future.
17-July-2023
Athens-based Vafias family-controlled Vafias Group’s bulker spin-off C3is acquired 2010-built aframax tanker 115K DWT for around $43 million from parent company Imperial Petroleum. Nasdaq-listed C3is has reached an agreement to transfer ownership of the Samsung-built vessel, with a carrying capacity of 115,800 DWT (deadweight tons) aframax tanker. C3is, which emerged as a separate entity from Imperial Petroleum earlier this year, commenced operations with two (2) bulk carriers. According to Diamantis Andriotis, the company’s Chief Financial Officer, the acquisition of the aframax tanker is expected to substantially augment C3is’s cashflow and earnings. Following the completion of this transaction, Imperial Petroleum, established in 2021, will possess a fleet comprising five MR tankers, two suezmaxes, and two handysize bulkers. 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.
17-July-2023
China’s economic growth in the Q2 fell below expectations, while youth unemployment reached a record high. This further contributes to the prevailing despair among dry bulk owners who have had little cause for celebration in 2023 thus far. Official data released on 17 July 2023 shows that the country’s Gross Domestic Product (GDP) expanded by a modest 0.8% during the April-June period, compared to the previous quarter. Lackluster domestic and international demand played a role in these figures. The data indicates that China’s post-COVID boom has come to an end. Additionally, youth unemployment has reached unprecedented levels. It now appears increasingly challenging for China to achieve its GDP target of 5% for 2023, following a lackluster 3% growth in 2022. China experienced a decline in household wealth in 2022 for the first time in two decades, primarily due to the housing downturn and stock market slump witnessed during the pandemic. In the Q2 2023, there was a glimmer of hope for dry bulk shipowners in the figures released today, particularly in industrial production output, which measures activity in the manufacturing, mining, and utilities sectors. This metric exceeded analysts’ expectations, rising by 4.4% in June compared to the same month in 2022. However, the embattled real estate sector presented even more dismal numbers. Property investment in China continued to decelerate, with a 7.9% decline in the first half of the year, compared to a 7.2% drop in the first five months. China is the destination for over 70% of global seaborne iron ore and 26% of coal shipments. Coal imports have demonstrated remarkable strength this year, with total Chinese coal imports during the first half of 2023 reaching 221.93 million tonne, double the figure for the same period in 2022. Nevertheless, despite the solid performance in commodity imports during the first half, many analysts raise concerns about the sustainability of such robust buying.
16-July-2023
In the realm of sales and purchase of maritime ships, the domain of large bulk carriers is witnessing a whirlwind of activity, and at the heart of this summer’s grandest bulk carrier deal stands the China Development Bank Financial Leasing. China Development Bank Financial Leasing is divesting itself of five capesize bulk carriers, thus joining a cohort of other shipowners parting ways with ships in the mighty bulk carrier category. These five capesize bulk carriers, bearing the names MV Bulk Genius, MV Bulk Ingenuity, MV Bulk Achievement, MV Bulk Integrity, and MV Bulk Peace have been collectively sold to Athens-based shipowner and operator Danaos for a substantial sum of $103 million. Interestingly, Athens-based shipowner and operator Danaos is renowned for its focus on container ships as opposed to bulk carriers. It is worth noting that these five capesize bulk carriers, with a deadweight tonnage of 176,000, were constructed between 2010 and 2012. The spotlight is also shining on the newcastlemax bulk carrier segment, which is not typically the most active domain for sales and purchases. This month, two (2) newcastlemax bulk carriers exceeding 200K DWT (deadweight tons) have been reported as sold. Japanese shipowner Doun Kisen KK (aka Doun Kisen Co. Ltd) has made headlines with the sale of the newcastlemax bulk carrier 206K DWT MV Benitamou, fetching a price of $22 million. Additionally, Athens-based shipowner and operator Samos Steamship parted ways with newcastlemax bulk carrier 203K DWT MV Stamatis for around $18 million.
16-July-2023
Norwegian investment bank Cleaves Securities has witnessed a substantial surge in the worth of its shipping fund during its inaugural year. The Cleaves Shipping Fund, managed by the esteemed Cleaves Asset Management (CAM) division, achieved an impressive rate of return of 28.8%. Boss Carl Synvis, the head of fund management at Cleaves Securities, anticipates a promising start to a more lucrative winter season for crude and product carriers.
16-July-2023
Russia has formally withdrawn from a United Nations-endorsed agreement permitting the export of Ukrainian grain across the Black Sea. The accord, negotiated by the United Nations (UN) and Turkey in the previous July, had undergone multiple extensions. However, Moscow has consistently expressed dissatisfaction, citing impediments to its grain and fertilizer exports and presenting a set of unfulfilled demands. Reports from Russian news sources indicate that Moscow has already notified Ukraine, Turkey, and the United Nations (UN) of its opposition to extending the grain agreement. Russia initially withdrew from the initiative in October last year following drone attacks on its naval fleet in Crimea. However, Russia re-engaged a few days later. The most recent bulk carrier to operate under the agreement, facilitating the export of nearly 33 million tonnes of food commodities, departed the war-torn country’s Black Sea port of Odesa bound for the Netherlands on Sunday. The initiative was last extended on 17 May 2023 for two months.
14-July-2023
Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN chartered in 2013 built kamsarmax bulk carrier 82K DWT MV Myrto from Athens-based New York-listed shipowner and operator Diana Shipping (DSX) for $12,650 per day. Cobelfret Bulk Carriers CLdN will take the delivery of MV Myrto on July 15, 2023. The duration of the charter will extend from a minimum of November 1, 2024, to a maximum of January 15, 2025. Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN will pay approximately $5.91 million in gross revenue for the initially scheduled period of the time charter. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) successfully secured employment for several of its bulk carriers. In April 2023, Diana Shipping (DSX) acquired charters for the bulk carriers MV DSI Drammen and MV Electra. In the subsequent month, Diana Shipping (DSX) finalized deals for MV Santa Barbara and MV Phaidra. Furthermore, in June 2023, a charter agreement was inked for the capesize bulk carrier MV New York and the ultramax bulk carrier MV DSI Altair. Athens-based New York-listed shipowner and operator Diana Shipping’s (DSX) fleet presently comprises 42 dry bulk carriers, consisting of four newcastlemax, ten capesize, five post-panamax, six kamsarmax, seven panamax, and ten ultramax vessels. The combined carrying capacity of the fleet is approximately 4.7 million deadweight tons (dwt), with a weighted average age of 10.23 years.
13-July-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping and 2020 Bulkers experienced a decline in their profits in the month of June 2023. However, Himalaya Shipping and 2020 Bulkers continue to outperform the Baltic Exchange’s standard index, while still providing commendable returns. Oslo and NYSE-listed Himalaya Shipping achieved an average daily income of $23,100 through TC (time charters), witnessing a decrease from the preceding month’s figure of $28,300. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers.
13-July-2023
Michael Webber, an equity analyst known for his expertise in governance matters, has confirmed that Connecticut-based New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is on the verge of a significant decline from its longstanding position at the pinnacle of annual ESG scorecard. Under the leadership of Gary Vogel, Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has consistently ranked among the ESG elite in the shipping industry, securing the top position on the list of 52 publicly traded shipowners from 2018 to 2022, and placing fourth and second in the past two years, respectively. But that was before the events of the past three months, which resulted in CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) attracting investor attention, and some might argue, consolidation interest, from fellow New York-listed shipowners Danaos Corporation (DAC) and Castor Maritime (CTRM). Furthermore, long-term investor Oaktree Capital Management recently made the decision to sell its 28% stake in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), a block of shares that drew interest from other strategic players before Eagle Bulk Shipping (EGLE) acquired it for $219 million. These defensive measures, coupled with Eagle Bulk Shipping’s (EGLE) implementation of anti-takeover provisions informally known as a “poison pill” in its bylaws, will undoubtedly tarnish the dry bulk owner’s reputation, marking a significant descent from Michael Webber’s top-tier recognition. Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is facing adversity on two fronts. Firstly, the poison pill, widely regarded as unfavorable to shareholders, has cast a shadow on the company. Secondly, the long-term investor Oaktree Capital Management transaction has compounded the situation. Although Michael Webber acknowledges that, if he were to set aside his ESG perspective, Michael Webber can comprehend why USA-based shipowner and operator Eagle Bulk Shipping’s (EGLE) management and board took the actions they did, he emphasizes the need for consistent and impartial analysis. New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping’s (EGLE) reputation is further undermined by the poison pill strategy. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers.
13-July-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) owned CABU-type Combination Carriers’ rates ascend while CLEANBU-type Combination Carriers’ rates plummet as tanker trades decline. The Norwegian conglomerate’s ship ownership division, Klaveness Combination Carriers (KCC), has unveiled a divergent outlook for its maritime fleet in the Q2 2023. The earnings of its CABU-type Combination Carriers, responsible for transporting dry bulk and caustic soda, showed improvement. However, the CLEANBU-type Combination Carriers, which handles dry bulk and oil products, experienced a substantial decline until the end of June 2023. Klaveness Ship Management A/S manages all the fleet of Klaveness Combination Carriers (KCC). Currently, Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU-type and eight (8) CLEANBU-type Combination Carriers, which can carry both dry bulk and liquid cargoes.
13-July-2023
Chengxi Shipyard secures a new building contract for bulk carriers from Huaxia Financial Leasing. Chengxi Shipyard has reached an agreement with the domestic leasing company, Huaxia Financial Leasing, for the construction of two (2) 82K DWT kamsarmax bulk carriers. Two (2) kamsarmax bulk carrier new buildings signifies Huaxia Financial’s foray into this particular segment.
12-July-2023
Tokyo-based trading giant Marubeni Corporation bestows a “fresh perspective” upon the MaruKlav pool, as asserted by Michael Jorgensen, the bulker chief of Norwegian Torvald Klavenes Group’s dry bulk arm Klaveness Dry Bulk. In 2020, Norwegian shipowner and operator Torvald Klaveness merged with Japanese trader Marubeni to establish Baumarine Panamax Pool by MaruKlav Management Inc. Baumarine Panamax Pool manager MaruKlav Management Inc anticipates the enduring presence of volatility in the bulker market. Data will aid the company’s partners in both capitalizing on opportunities and mitigating risks. Significant transformations are imminent for the Baumarine Panamax Pool which is currently the largest pool of panamax bulk carriers worldwide, subsequent to the acquisition of a 25% stake in Klaveness Dry Bulk by Marubeni Corp, the renowned Japanese trading house. Over the past three years, these two companies (Torvald Klaveness and Marubeni) have been collaborative partners in the Baumarine Panamax Pool. Torvald Klavenes Group’s dry bulk arm Klaveness Dry Bulk manager Michael Jorgensen held a meeting with Kobayashi Masashi, the head of business investment in the shipping department at Marubeni Corp and former deputy managing director of MaruKlav. Currently, Baumarine Panamax Pool by MaruKlav Management Inc has a fleet of about 30 panamax bulk carriers.
12-July-2023
Adam Polemis-led Athens-based shipowner and operator New Shipping Limited is associated with the first acquisition of a bulk carrier in almost four years. Greek shipowner and operator New Shipping Limited is making a move to acquire a capesize bulk carrier from Monaco-based John Michael Radziwill-led shipowner and operator GoodBulk Ltd (GBLK), a frequent seller of capesize bulk carriers. This marks Adam Polemis-led Athens-based shipowner and operator New Shipping Limited’s return to purchasing bulk carriers since November 2019, highlighting the increasing interest of Greek shipowners in capesize sector. Athens-based shipowner and operator New Shipping Limited is investing approximately $18.3 million for the capesize bulk carrier of GoodBulk Ltd (GBLK).
12-July-2023
Tugs and another cargo vessel have been dispatched to unload Japanese shipowner Nissen Kaiun controlled 2019 built handysize bulk carrier 34K DWT MV Nemrut Bay that ran aground off the coast of Vietnam on 19th June. Japanese shipowner Nissen Kaiun controlled MV Nemrut Bay became lodged ten nautical miles from the La Gi estuary, near Binh Thuan province. On Monday morning, four tugs operated by Tan Cang Marine Services Company, owned by Saigon Newport Corporation and the navy, approached the Panama-flagged 2019 built handysize bulk carrier 34K DWT MV Nemrut Bay. Imabari-based shipowner and operator Nissen Kaiun controlled MV Nemrut Bay was traveling from the Philippines to Vung Tao port in Vietnam when the bulk carrier became stranded on a bed of corals mixed with sand and limestone at Britto Shoal. Imabari-based shipowner and operator Nissen Kaiun controlled MV Nemrut Bay was carrying a cargo of 25,510 tonnes of steel, along with 853 tonnes of fuel onboard. Authorities have warned of the risk of pollution if prompt salvage operations are not undertaken. Despite several unsuccessful attempts to refloat 2019 built handysize bulk carrier 34K DWT MV Nemrut Bay, it has been determined that lightering is necessary. Booms have been deployed around the Japanese shipowner Nissen Kaiun-controlled MV Nemrut Bay to contain any potential spillage. The salvage operation is estimated to take approximately three to four days. The owner of the MV Nemrut Bay is Nikko Kisen, a part of the Japanese shipowning group Nissen Kaiun. There are no records of port state detentions associated with this vessel.
12-July-2023
Greek shipowner and operator Sea Traders SA has finalized an agreement for the acquisition of ten (10) kamsarmax bulk carriers at the Hengli Heavy Industry Shipyard (previously known as STX Dalian). The Procopiou family, who also oversees Dynacom Tankers Management and Dynagas, possessing a combined fleet exceeding 170 vessels, is procuring each kamsarmax bulk carrier at an approximate cost of $35 million. Upon delivery between 2025 and 2027, these 82K DWT (deadweight tonnage) units will augment George Procopiou-led Athens-based shipowner and operator Sea Traders SAs’ existing fleet of 38 bulk carriers. In addition, the Dynacom division has capitalized on its profitable tanker operations by placing orders for ten (10_ confirmed and four (4) optional LR2s, as well as two (2) Very Large Crude Carriers VLCCs in China. In the meantime, Hengli Heavy Industry Shipyard (previously known as STX Dalian) has experienced a surge in orders for new ship buildings in the bulk carrier segment throughout this year. Currently, George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers.
10-July-2023
Athens-based shipowner and operator Alberta Shipmanagement Ltd, led by Nicholas Inglessis, is broadening its maritime operations by integrating two new suezmax tankers into its fleet, currently being constructed in Japan. Alberta Shipmanagement Ltd has engaged Nihon Shipyard, a joint venture between Imabari Shipbuilding and Japan Marine United, to ensure the tankers are built and delivered by April and May 2025. The price details for these 158K DWT suezmax tankers have not been disclosed, but shipbroker estimates place similar constructions at around $85 million each, influenced by factors such as the country of build, delivery conditions, and specific vessel features. Founded in 2019 by the fifth generation of the Inglessis family, Alberta Shipmanagement Ltd has established a significant presence in the shipping industry with its diversified fleet. The fleet primarily consists of Japanese-built vessels, including tankers, chemical tankers, and bulk carriers. Currently, Alberta Shipmanagement Ltd also oversees the construction of a 42K DWT handymax bulk carrier at Oshima Shipyard, with a planned delivery in 2025, and an aframax LR2 tanker at Sumitomo, expected to be delivered in September 2024. Alberta Shipmanagement Ltd is committed to maintaining high standards of operational safety and environmental compliance. The company’s strategic expansion and modernization initiatives aim to enhance its service offerings and respond to the dynamic demands of global trade. As Alberta Shipmanagement Ltd continues to grow, it remains dedicated to upholding the legacy of the Inglessis family in the maritime industry, focusing on innovative solutions and sustainable practices.
10-July-2023
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships has divested the company's ship management division to V.Group Technical Ship Management as part of a new partnership. The Singapore-based technical and crew management entity V.Group Holdings Limited will continue to oversee the fleet of the Norwegian shipowner and operator Belships. 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. Belships has announced the complete sale of Belships Management to V.Group Technical Ship Management. Belships Management, a technical and crew management company, was established in 1983. Currently, Oslo-listed shipowner and operator Belships owns 35 supramax and ultramax bulkers, including newbuildings.
10-July-2023
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) is reportedly divesting the third capesize bulk carrier within a span of three weeks. On this occasion, Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) has announced the sale of the 2009 built capesize bulk carrier 180K DWT MV Aquamarine for a price of $18.5 million to Athens-based shipowner and operator New Shipping. In March 2023, GoodBulk Ltd (GBLK) successfully sold two sister ships of MV Aquamarine for around $26 million. Last week, Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) sold 2011 built capesize bulk carrier 175K DWT MV Aquarange for around $23 million to New York-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers. With these recent developments, GoodBulk Ltd (GBLK) has now sold a total of 10 ships in 2023. GoodBulk Ltd (GBLK) is the subsidiary of privately owned C Transport Maritime (CTM).
10-July-2023
Bunker supplier Peninsula has persisted in providing biofuel through a ship-to-ship transfer using one of its recently acquired 2021 built tanker 9K DWT MTHercules Sky to Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S controlled ultramax bulk carrier in Gibraltar. CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S controlled ultramax bulk carrier accepted a biofuel blend, B24, derived from utilized cooking oil. The increasing demand for biofuels in the Mediterranean reinforces the bunker supplier Peninsula’s decision to include biofuel within its range of marine energy solutions. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has been at the forefront of biofuel utilization for several years. Henrik Rojel, the head of decarbonization and climate solutions at Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S, emphasized the importance of cultivating a growing network of suppliers. Peninsula will concentrate its biofuel supply in pivotal ports where a sufficient critical mass exists. Gibraltar Strait provides an exceptional strategic advantage to capture the inevitable and imminent surge in biofuel demand. Peninsula has been progressively entails transitioning to offer greener marine bunkers.
10-July-2023
Japanese shipowner and operator Iino Kaiun Kaisha (Iino Lines) and J-Power have reached an agreement to incorporate Norsepower’s rotor sail onto the 2016 built coal carrier MV Yodohime. This marks the first-ever installation of a Norsepower rotor sail on a dedicated vessel for coal transportation. The Norsepower rotor sail installation is scheduled to occur in Q3 2024. The Norsepower rotor sail, an updated rendition of the Flettner rotor, utilizes the ship’s electric power to rotate the cylindrical sails on the deck. By harnessing the wind, these revolving sails generate substantial thrust, resulting in a noteworthy reduction of bunker consumption and CO2 emissions of around 6-10%, when combined with the navigation optimization system. For Japanese shipowner and operator Iino Kaiun Kaisha (Iino Lines), this will be their second vessel to be equipped with the Norsepower sail, the first being a VLGC vessel. Tokyo-based shipowner and operator Iino Kaiun Kaisha (Iino Lines) has expressed its commitment to actively promote clean marine transport initiatives as part of its journey towards carbon neutrality. J-Power, on the other hand, has now installed a wind propulsion auxiliary system on a dedicated coal carrier for the second time. The previous installation involved Seawing’s automated kite system on the coal carrier MV Corona Citrus, operated by K Line.
9-July-2023
China maintains its dominant position in newbuilding endeavors, surpassing its rivals with a series of significant deals in June 2023. Leading shipping companies such as Maersk, CMA CGM, and KCC have chosen Chinese shipbuilders as their preferred partners in the previous month. Chinese shipyards continue to maintain a substantial lead in the newbuilding competition in 2023, surpassing all other contenders. 105 vessels were ordered in June 2023, with an additional 14 already scheduled for construction in July 2023. Chinese shipbuilders secured new contracts amounting to an impressive 2.2 million deadweight tonnage (DWT).
6-July-2023
Cosco Shipping anticipates a significant decline of 74% in its earnings due to the downward trend in container rates. The prominent Chinese conglomerate, Cosco Shipping, acknowledges a shift in the balance between supply and demand within the shipping industry. Cosco Shipping Holdings foresees a substantial decrease in its interim earnings amid challenging market conditions. The publicly listed company, Cosco Shipping, based in Hong Kong and Shanghai, has stated that its net profit is projected to amount to CNY 19.66 billion.
6-July-2023
Konstantinos Konstantakopoulos, the esteemed chairman and CEO of New York-listed shipowner and operator Costamare Inc. (CMRE), has acquired a noteworthy 5.1% stake in the New York-listed pure-play capesize owner Seanergy Maritime (SHIP). In the latest development between shipowners, the CEO of Costamare Inc. (CMRE), Konstantinos Konstantakopoulos, has made a strategic investment in Stamatis Tsantanis-led pure capesize shipowner and operator Seanergy Maritime (SHIP). Costamare Inc. (CMRE), a prominent Greek company specializing in container ships and bulk carriers, had been speculated to show interest in Eagle Bulk Shipping (EGLE), but Costamare Inc. (CMRE) has allocated its investment funds in Seanergy Maritime (SHIP). The trend of notable dry bulk companies attracting investment from fellow public shipowners continues, with Greece’s renowned Costamare Inc. (CMRE) forming a new partnership with Seanergy Maritime (SHIP). Konstantinos Konstantakopoulos announced on Wednesday the company’s acquisition of 1.02 million shares in New York-listed pure-play capesize owner Seanergy Maritime (SHIP). Last year, New York-listed shipowner and operator Costamare Inc. (CMRE) established Costamare Bulkers Services Pte. Ltd. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers.
6-July-2023
Greek shipowner Victor Restis, the principal of Enterprises Shipping & Trading, is pressing claims of roughly $47 million against sports financier Amanda Staveley, with President Victor Restis of Enterprises Shipping & Trading launching legal proceedings against Amanda Staveley, the co-owner of Newcastle United Football Club, over what Victor Restis describes as an unpaid obligation linked to a 2008 payment that Victor Restis says was never repaid, and Victor Restis is reported to be pursuing about £37 million (around $47 million) relating to that long-running dispute. Alongside the court fight, Enterprises Shipping & Trading SA is widely known as an Athens-based shipowner and operator associated with Victor Restis, with Enterprises Shipping & Trading SA active across bulk carriers and tankers and structured around chartering ships on fixed periods and voyage employment with established charterers, while Enterprises Shipping & Trading SA remains responsible for ship maintenance, technical performance, crew management, and day-to-day operational reliability. Enterprises Shipping & Trading SA is also commonly linked with fleet renewal planning and an operating approach that emphasizes safety, compliance readiness, and consistent execution on international trade routes, positioning Enterprises Shipping & Trading SA as a shipowner and operator that combines commercial flexibility with operational discipline while Enterprises Shipping & Trading SA navigates the cyclical bulk carrier and tanker markets.
6-July-2023
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) has expended approximately $1.6 million in the repurchase of its own shares as part of a buyback program, while simultaneously introducing Seanergy Maritime’s (SHIP) first newcastlemax bulk carrier on a bareboat charter, including a purchase option. Greek shipowner Stamatis Tsantanis-led New York-listed pure-play capesize owner Seanergy Maritime (SHIP) has acquired 362,161 common shares, which accounts for approximately 2% of the company’s issued and outstanding shares. The shares were acquired at an average price of around $4.35 per share, at an impressive 11.2% discount from the closing price on July 5, 2023. This news closely follows the recent disclosure by Konstantinos Konstantakopoulos, chairman and CEO of New York-listed shipowner and operator Costamare Inc. (CMRE), regarding his ownership interest of 5.1% in Seanergy Maritime (SHIP), a company listed on Nasdaq. Although Costamare Inc. (CMRE) CEO Konstantinos Konstantakopoulos’ intentions regarding Seanergy Maritime (SHIP) remain unclear, it is worth noting that Stamatis Tsantanis maintains significant control and influence through series B preferred shares and a substantial number of common shares. In the meantime, New York-listed shipowner and operator Seanergy Maritime (SHIP) has expanded its fleet with the addition of a 2011 built 207K DWT newcastlemax bulk carrier. Seanergy Maritime (SHIP) will take the delivery of newcastlemax bulk carrier in August 2023 on a one-year bareboat agreement, with Seanergy Maritime (SHIP) holding the option to purchase the newcastlemax bulk carrier for around $20 million at the conclusion of the charter. The total cost of the newcastlemax bulk carrier, including bareboat payments, amounts to approximately $30 million. Despite the recent downturn in dry bulk charter rates, New York-listed shipowner and operator Seanergy Maritime (SHIP) expressed confidence in the robust demand for seaborne transportation of commodities. Seanergy Maritime (SHIP) highlighted that dwt-miles have increased by 5.8% year-on-year, with the figures from January through May 2023 being the strongest in the last three years. Seanergy Maritime (SHIP) remain fully committed to the capesize sector, benefiting from a robust operational foundation. Currently, Seanergy Maritime (SHIP) owns and operates a fleet of 16 capesize bulk carriers and one newcastlemax bulk carriers.
5-July-2023
Greek Konstantinos Konstantakopoulos-led New York-listed shipowner and operator Costamare Inc. (CMRE), has acquired a significant portion of the New York-listed pure-play capesize owner Seanergy Maritime (SHIP), a compatriot company listed on New York Stock Exchange. As indicated in a report to the US Securities and Exchange Commission (SEC), Longshaw Maritime Investments, controlled by Konstantinos Konstantakopoulos, purchased nearly 1.02 million shares, amounting to a 5.1% stake in Seanergy Maritime (SHIP). While this is a personal investment by Konstantinos Konstantakopoulos, who previously obtained shares in Tsakos Energy Navigation in 2022, the acquisition of a substantial stake in Seanergy Maritime (SHIP). Currently, New York-listed shipowner and operator Costamare Inc. (CMRE) maintains a fleet consisting of 71 containerships and 43 bulk carriers. In addition, Costamare Inc. (CMRE) possesses an operational platform that engages in chartering activities for bulk carriers, and it is involved with Neptune, a leasing enterprise led by Harris Antoniou, which offers financing services to third-party owners.
5-July-2023
The commencement of the removal of the MV OS 35 bulker wreck has commenced with both sections of the hull being placed aboard the semi-submersible vessel MV Fjord. The extraction of MV OS 35 from Gibraltar waters occurs approximately 10 months subsequent to its collision with an LNG carrier in late August 2022. According to a statement by the Government of Gibraltar, the lifting of the two sections of MV OS 35 entirely out of the water has resulted in the anticipated release of residues, including substantial oil residues, into the protective boom that was deployed around the MV OS 35. Once the preliminary tasks of securing the hull sections and clearing the residues within the boom are accomplished, MV OS 35 will be relocated from its current position to a suitable anchorage berth. At the time of the incident, MV OS 35 was transporting 183 tonnes of HFO (heavy fuel oil) for consumption, along with 250 tonnes of diesel and 27 tonnes of lube oil. Although the captain of the wrecked MV OS 35 received only a four-month suspended sentence in June.
5 July 2023
Russia disregards entreaties regarding the alleviation of certain sanctions in order to salvage the Ukraine grain agreement. The Russian administration has dismissed reports suggesting that the European Union (EU) is contemplating the relaxation of certain financial penalties imposed on Russia, which could aid in preserving the Black Sea Grain Initiative (BSGI). Furthermore, they have reiterated that the United Nations-led endeavor is set to terminate on the 17th of July.
5-July-2023
YZJ Shipping, the shipowning division belonging to Yangzijiang Shipbuilding, has broadened its fleet investments through the acquisition of the 2020-built ultramax bulk carrier 61K DWT MV Great Spirit at an approximate price of $28.9 million. MV Great Spirit, originally constructed at the highly regarded Dalian COSCO KHI shipyard, was obtained through a competitive online auction process and is anticipated to join the YZJ Shipping fleet before the conclusion of 2023. Prior to the sale, the 2020 built ultramax bulk carrier 61K DWT MV Great Spirit had been under the ownership of Wah Kwong, a prominent Hong Kong–based maritime entity overseen by Wah Kwong Maritime Transport Holdings. Yangzijiang Shipbuilding first entered the shipowning landscape in 2012 with the establishment of Yangzijiang Shipping, a strategic initiative that enabled Yangzijiang Shipbuilding to absorb cancelled bulk carrier orders and transform them into long-term operating assets. This entry into shipowning marked the beginning of a broader diversification strategy that has since become one of the defining strengths of Yangzijiang Shipbuilding. Over the past decade, Yangzijiang Shipbuilding has evolved into one of China’s most influential privately controlled shipbuilding powerhouses, earning global recognition for constructing a wide range of vessel types—including ultramax bulk carriers, kamsarmax bulk carriers, containerships, LR1 and LR2 tankers, LNG bunkering ships, and new dual-fuel projects aligned with future environmental standards. Its shipyards in Jiangsu have gained strong international credibility for consistent delivery timelines, modern engineering capabilities, and competitive pricing backed by robust financial strength. By integrating advanced hull-form hydrodynamics, energy-saving devices, and fuel-efficient propulsion systems, Yangzijiang Shipbuilding has positioned itself as a preferred partner among international shipowners seeking reliable, technologically modern tonnage at competitive cost levels. Complementing this industrial strength is the emergence of Yangzijiang Maritime Development Ltd., an increasingly prominent maritime investment and ship-finance platform spun off from Yangzijiang Financial Holding. Listed on the Singapore Stock Exchange, Yangzijiang Maritime Development Ltd. is structured as a dedicated maritime investment, ship-leasing, and co-investment vehicle designed to support both domestic and international shipowners. Under the guidance of its leadership, Yangzijiang Maritime Development Ltd. engages in structured leasing, project financing, asset-backed maritime investments, and collaborative ownership ventures, often aligning its financing programs directly with shipbuilding activities at Yangzijiang Shipbuilding. Yangzijiang Maritime Development Ltd. has rapidly matured into a major force in maritime capital markets, providing flexible financing solutions that appeal to shipowners seeking alternatives to traditional bank lending. Its portfolio includes investments across wet and dry sectors—such as MR tankers, feeder containerships, LR1 and LR2 tankers, and kamsarmax bulk carriers—and its close integration with Yangzijiang Shipbuilding creates a vertically aligned ecosystem linking construction capability, asset financing, and long-term ownership models. Together, Yangzijiang Shipbuilding and Yangzijiang Maritime Development Ltd. form a powerful combined platform that connects advanced Chinese shipbuilding expertise with sophisticated international maritime finance. For shipowners like YZJ Shipping, this synergy enables rapid fleet expansion, access to cost-efficient newbuildings, and long-term financial stability. The acquisition of MV Great Spirit demonstrates how the broader Yangzijiang network continues to expand its footprint across global maritime markets, reinforcing its profile as one of the most dynamic and strategically integrated shipbuilding and maritime investment groups in Asia.
4-July-2023
Wealthy Greek shipowners are enthusiastically investing in dry bulk stocks, newly constructed vessels, and pre-owned ships. The increasing interest of Greek investors in acquiring stakes in the New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), is indicative of a broader trend. This trend involves Wealthy Greek shipowners flocking toward bulker assets, while other market participants express uncertainty about the sector. With significant funds acquired from recent successes in the container ship and tanker markets, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) and Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) have disclosed substantial ownership in Eagle Bulk Shipping (EGLE). In addition to this, prominent Greek figures such as George Procopiou and George Economou are actively seeking to expand their exposure to bulk carriers through a series of new building projects.
4-July-2023
Italian shipowner and operator d’Amico International Shipping (DIS) commences the share repurchase program following the stock division. In pursuit of a stock repurchase initiative, d’Amico International Shipping (DIS) has commenced the initial phase, which amounts to a potential $48.5 million. During the period between 26th June and 30th June 2023, d’Amico International Shipping (DIS) successfully reclaimed 101,000 of its own shares, equivalent to less than 0.1% of the overall equity. This strategic move amounted to a sum of $377,700. At present, Italian shipowner and operator d’Amico International Shipping (DIS) holds a total of 2 million of its own shares, representing approximately 1.62% of the company’s ownership. Italian shipowner and operator d’Amico International Shipping (DIS) owns subsidiary companies d’Amico Societa di Navigazione and d’Amico Dry Bulk. d’Amico Dry Bulk succeeded in well-timed investments. Italian dry bulk shipowner and operator d’Amico Dry Bulk is the subsidiary of Dry Bulk Rome-based holding company d’Amico Societa di Navigazione. Moreover, Cesare d’Amico is also the manager of Milan-listed product tanker company d’Amico International Shipping (DIS). Cesare d’Amico will be assisted by his son Emanuele d’Amico who is part of the third generation of the d’Amico family. Currently, d’Amico Dry Bulk owns 20 bulk carriers and operates a fleet of 50 bulk carriers.
4-July-2023
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) sold another capesize bulk carrier amidst a downturn in the dry bulk market. Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) sold 2011 built capesize bulk carrier 175K DWT MV Aquarange for around $23 million to New York-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers, in a remarkably short span of time. MV Aquarange was constructed at Hanjin Subic in the Philippines. Last week, GoodBulk Ltd (GBLK) sold the 2011 built capesize bulk carrier 175K DWT MV Aquaenna to New York-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers for around $22 million. In total, Monaco-based shipowner and operator GoodBulk Ltd (GBLK) has successfully sold nine ships in the year 2023. It becomes evident that the value of cape vessels has significantly declined over the past few months. GoodBulk Ltd (GBLK) is a publicly listed company in Oslo and New York. GoodBulk Ltd (GBLK) is the subsidiary of privately owned C Transport Maritime (CTM).
4-July-2023
Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, expanded the company’s fleet to encompass over 70 magnificent vessels. Steve Kunzer-led shipowner and operator Lila Global focuses primarily on younger, more youthful ships while ensuring investments are diversified across various sectors. Lila Global, the shipowning arm of GMS, transformed into a distinguished top-tier shipowner. During Steve Kunzer’s tenure at the helm of Idan Ofer’s Tanker Pacific, commencing in 2008, Steve Kunzer orchestrated a remarkable metamorphosis of a substantial tanker company into the illustrious Eastern Pacific Shipping, a prominent name in the multifaceted realm of maritime transportation.
4-July-2023
Argenmar-owned Argentina-flagged 2009 built handysize bulk carrier 29K DWT MV Argenmar Mistral and Japanese shipowner Toyo Kaiun-owned Panama-flagged 2011 built handysize bulk carrier 35K DWT MV ES Vanquish collided on Sunday night during their transit of the Paraná River in Argentina. The incident involved at kilometre 313 in the heart of the navigation channel in Ramallo. Argenmar-owned Argentina-flagged 2009 built handysize bulk carrier 29K DWT MV Argenmar Mistral was moving upstream on its journey from Bahía Blanca to San Lorenzo, transporting 7,500 tons of granular urea. On the other hand, Japanese shipowner Toyo Kaiun-owned Panama-flagged 2011 built handysize bulk carrier 35K DWT MV ES Vanquish was en route from San Lorenzo with 30,000 tons of corn destined for Peru. Fortunately, no injuries were reported, but both MV Argenmar Mistral and MV ES Vanquish are said to have sustained damage both above and below the waterline.
3-July-2023
Tor Olav Troim-backed Oslo-listed Himalaya Shipping CFO Vidar Hasund steps down, accountancy role moves to London. Oslo OTC (Over the Counter) Market-listed Himalaya Shipping has made some staff changes following the resignation of the company’s CFO (chief financial officer) that will see oversight of its financial affairs moved from Oslo to London. Vidar Hasund resigned as Bermuda-registered shipowner Himalaya Shipping’s contracted CFO (chief financial officer) on Saturday but Vidar Hasund will continue in the same role at 2020 Bulkers, which has a management agreement in place with Himalaya Shipping. Vidar Hasund will still be available as an advisor to Himalaya Shipping’s board and the management team. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers on order at New Times Shipbuilding.
3-July-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has entered the competition for shares in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) following the substantial investment made by Danaos Corporation (DAC). According to a filing submitted to the United States Securities and Exchange Commission (SEC), Castor Maritime (CTRM) acquired approximately 1.39 million shares in Eagle Bulk Shipping (EGLE), representing a 14.99% stake. With this development, Castor Maritime (CTRM) now stands alongside Danaos Corporation (DAC), holding a combined stake of 16.7%, which grants them control over more than 30% of Eagle Bulk Shipping (EGLE). Danaos Corporation (DAC) currently holds the largest share in Eagle Bulk Shipping (EGLE), as the American firm acquired Oaktree Capital’s stake and subsequently divested those shares. However, an anti-takeover measure caps the acquisition of outstanding shares at 15% for any party. The implementation of a poison pill strategy by Eagle Bulk Shipping (EGLE) sparked a verbal conflict, but this did not deter John Coustas-led Danaos Corporation (DAC) from discreetly leveraging recent funds obtained from the sale of older bulk carriers earlier this year. As a result, Danaos Corporation (DAC) invested in the Eagle Bulk Shipping (EGLE) owner of predominantly scrubber-fitted bulk carriers, totaling over 50 bulk carriers. Currently, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) possesses 18 bulk carriers and a pair of container ships, while Eagle Bulk Shipping (EGLE) boasts 52 ultramax and supramax bulk carriers. In terms of vessels, Castor Maritime (CTRM) now has a stake in nearly eight (8) Eagle Bulk Shipping (EGLE) ships, with Danaos Corporation (DAC) eight and a half. Together, Castor Maritime (CTRM) and Danaos Corporation (DAC) possess a combined stake that meets the threshold for triggering a mandatory takeover offer.
3-July-2023
New York-listed shipowner and operator Genco Shipping & Trading’s (GNK) performance in the Q2 was deemed ‘disappointing’ as an analyst reduced their projections. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) delivered unfavorable news on Friday. This news led one equity analyst to revise their estimates for the Genco Shipping & Trading (GNK). Genco Shipping & Trading (GNK) reported that the company’s TCE (Time Charter Equivalent) rate for the Q2 would be $15,000 per day, which represents a decrease from the previously provided guidance. Genco Shipping & Trading (GNK) had previously stated in early May 2023 that, with 68% of days booked, its TCE (Time Charter Equivalent) stood at $16,679. 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.
3-July-2023
Methanol dual-fuel new building orders top those for LNG in June 2023. More newbuildings were ordered with methanol dual-fuelled propulsion systems in June 2023 than for ships that will be able to use LNG as fuel. According to the classification society Det Norske Veritas (DNV), 55 vessels with alternative-fuelled propulsion systems were contracted in June 2023. Of the total 55 vessels, 29 were for methanol dual-fuelled vessels with this figure including retrofits. The methanol tally also boasted the first tanker orders for this fuel type.
3-July-2023
The European Union is considering modifying certain sanctions imposed on Russia in order to preserve a vital grain agreement under the auspices of the United Nations. With Russia indicating its potential withdrawal from the UN-led Black Sea corridor, Brussels is contemplating accommodating the Russian Agricultural Bank. To facilitate the renewal of a sea corridor for Ukrainian grain, set to expire on 17 July 2023, officials from the European Union are taking steps to fulfill one of Russia’s several conditions. European Union is contemplating the relaxation of financial sanctions to permit the Russian Agricultural Bank to handle payments associated with Russia’s own grain exports.
2-July-2023
Bangladeshi ship recyclers are swiftly acquiring small bulk carriers while Chinese operators dispose of outdated vessels. Amidst the Bangladesh government’s primary focus on conserving foreign exchange, Bangladeshi ship recyclers face challenges in obtaining letters of credit (L/C). However, Chinese domestic bulker operators are stepping in to provide assistance. Due to the unresolved credit issues in Bangladesh, these smaller bulk carriers are the preferred choice for most Bangladeshi ship recyclers. Their acquisition costs can be financed through internal resources rather than relying on bank loans, which are presently scarce.
1-July-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping’s (EGLE) chairman Paul Leand retaliates against John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC), asserting that a shareholder upheaval necessitated the implementation of a poison pill. Eagle Bulk Shipping’s (EGLE) chairman Paul Leand rebuts Danaos Corporation (DAC) CEO John Coustas’ letter, which complained about the actions taken to prevent a takeover, highlighting factual inaccuracies. What began as a cordial lunch conversation between Eagle Bulk Shipping’s (EGLE) chairman Paul Leand and the company’s prominent new shareholder has transformed into a public exchange of verbal blows concerning the decision to adopt a poison pill strategy to protect against a potential acquisition. Eagle Bulk Shipping’s (EGLE) chairman Paul Leand has written a letter to Danaos Corporation (DAC) CEO John Coustas in defense of the poison pill plan. This document revealed in a submission to the United States SEC (Securities and Exchange Commission) on Friday, marks the latest development in the dramatic shift in Eagle Bulk Shipping’s (EGLE) shareholder structure, where the shipowner outmaneuvered competing bidders for the shares previously held by its largest shareholder, Oaktree Capital Management.