30-June-2023
Croatian shipowner and operator Atlantska Plovidba seeks to replenish its financial resources following a significantly less lucrative period in the dry cargo markets. Atlantska Plovidba, a shipping company specializing in bulk carriers, has announced its intention to issue new shares worth a minimum of €13.9 million and a maximum of €27.8 million. Only shareholders registered by 28 July 2023 will have the opportunity to subscribe to the stock offering, as stated by Atlantska Plovidba. The exact allocation of the funds was not disclosed in the submission to the Zagreb Stock Exchange. Currently, Atlantska Plovidba owns and operates four (4) handysize bulk carriers and five (5) panamax bulk carriers.
30-June-2023
DNB and Nordea have emerged as the financiers behind Athens-based New York-listed shipowner and operator Diana Shipping’s (DSX) substantial refinancing of $123 million. Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has stated that the loans from ABN Amro and Nordea themselves will be replaced by cash. Diana Shipping (DSX) has disclosed that DNB and Nordea are the financial institutions providing the substantial amount of nearly $123 million in fresh funding. In May 2023, Diana Shipping (DSX)had previously announced two agreements to refinance its existing debt but had not revealed the lenders involved. Now, Diana Shipping (DSX) has confirmed the completion of both transactions and has fully utilized the borrowed sums. The initial loan, amounting to $100 million, has been secured from DNB. Curretly, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 42 bulk carriers, including four newcastlemax bulk carriers, ten capesize bulk carriers, five post-panamax bulk carriers, six kamsarmax bulk carriers, seven panamax bulk carriers, and ten ultramax bulk carriers.
30-June-2023
Equity analyst Poe Fratt from Alliance Global Partners delineates a set of guideposts, while retail investors respond to the recent strategy implemented by both Eagle Bulk Shipping (EGLE) and Danaos Corporation (DAC). Amidst the turbulence, a moment of tranquility emerges between New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) and its new shareholder, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC). However, the path ahead for these two New York-listed companies remains uncertain. With careful scrutiny, Poe Fratt, an equity analyst, has been closely monitoring Danaos Corporation’s (DAC) substantial investment of $75 million, as well as two crucial decisions made by Eagle Bulk Shipping (EGLE). These decisions include the acquisition of Oaktree Capital Management’s 28% stake and the implementation of a defensive measure known as a “poison pill,” which restricts Greek John Coustas-led Danaos Corporation (DAC) from further increasing its ownership stake. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers.
30-June-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has unveiled the company’s emission reduction targets in conjunction with sustainable financing. The Oslo-listed CEO Engebret Dahm-led shipowner and operator KCC (Klaveness Combination Carriers) aims to achieve a remarkable 46% reduction in carbon intensity by 2030, supported by a $190 million debt agreement. In its pursuit of this ambitious goal, KCC (Klaveness Combination Carriers) has taken concrete steps. The publicly listed shipowner KCC (Klaveness Combination Carriers) introduced a 5-year sustainability-linked debt facility worth $190 million, outlining the operational framework that will guide the company’s efforts. Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers’ (KCC) ultimate objective is to minimize its CO2 emissions per metric ton of cargo transported per nautical mile. By the conclusion of 2026, the target is to achieve 5.3 emissions per metric ton, which will further be reduced to 4.1 emissions per metric ton by the end of 2030. 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.
29-June-2023
Tokyo-based trading giant Marubeni Corporation acquires a stake in the Norwegian Torvald Klavenes Group’s dry bulk arm Klaveness Dry Bulk. This equity transaction encompasses the esteemed Baumarine pool, Klaveness Chartering, and the remarkable freight-data technology offered by the Norwegian Torvald Klaveness Group known as Market Manager. In 2020, Norwegian shipowner and operator Torvald Klaveness merged with Japanese trader Marubeni to establish Baumarine Panamax Pool by MaruKlav Management Inc. The esteemed Japanese trading house, Marubeni Corporation, is elevating its collaboration with Norway’s Torvald Klaveness Group to new heights by purchasing a 25% stake in the prominent dry cargo operator, Klaveness Dry Bulk. For the past three years, these two companies have been valuable partners in Baumarine by MaruKlav, which stands as the world’s largest panamax pool. This agreement includes the operational entity Klaveness Chartering, the renowned Baumarine pool, and the technological platform known as Market Manager. This data-driven offering aims to empower chartering personnel in making well-informed decisions. 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.
29-June-2023
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime has expanded its dry bulk fleet by acquiring an additional panamax bulk carrier. Greek shipowner Stamatis Tsantanis-led United Maritime has purchased a 2011 built panamax bulk carrier 76K DWT MV Exelixsea for around $17.8 million. United Maritime will take the delivery of MV Exelixsea in August 2023 for around 37.5 million. Simultaneously, United Maritime sold 2008 built LR2 tanker MT Epanastasea for around $37.5 million. In July 2022, United Maritime acquired 2008 built LR2 tanker MT Epanastasea for around $20 million. United Maritime will generate a huge profit. New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime will deliver MT Epanastasea in August 2023. United Maritime stated that the return on equity from the sale of MT Epanastasea should be around 400% since the MT Epanastasea’s delivery, spanning a period of 10 months. Entering the tanker sector in July 2022, United Maritime acquired two (2) aframax tankers built in 2006, as well as two (2) LR2 tankers built in 2008, for a total of $80 million. Subsequently, Greek shipowner Stamatis Tsantanis-led United Maritime sold the aframax tankers in October 2022 for around $62 million and one of the LR2 tankers in December 2022 for around $39 million. The total value of this four-ship transaction amounted to approximately $139 million, resulting in a profit of $59.5 million. The proceeds from the recent sale of MT Epanastasea will be utilized to finance the 2011 built panamax bulk carrier 76K DWT MV Exelixsea acquisition, and United Maritime is currently in discussions with the lender regarding the rollover of a $15 million loan secured by the sold LR2 tanker to the newly acquired MV Exelixsea. Once all transactions have been finalized, Athens-based United Maritime will possess a fleet of eight (8) bulk carriers, consisting of three (3) capesize bulk carriers, two (2) kamsarmax bulk carriers, and three (3) panamax bulk carriers. Since United Maritime’s IPO (initial public offering) in 2022, United Maritime has successfully executed a series of profitable transactions, totaling almost one million DWT, while maintaining the value of the shares.
28-June-2023
Athens-based Vafias family-controlled Vafias Group’s bulker spin-off, C3is, experiences a tumultuous Nasdaq debut. During its initial trading day on the Nasdaq, C3is exhibited substantial volatility. Harry Vafias, the Vafias Group’s tanker arm, Imperial Petroleum, is establishing a new company named “C3is” to concentrate on dry bulk cargo. The Athens-based Greek shipowner Vafias Group separated two handysize bulk carriers from the Nasdaq-listed Imperial Petroleum, establishing this new company on 21 June 2023. Although the stock closed at $3.70 in New York, experiencing a decline of 22.6% throughout the day, it later rebounded during after-hours trading, soaring by 26.8% to reach $4.69. C3is, with a market capitalization of $15 million, is now officially listed on Nasdaq.
28-June-2023
Istanbul-based shipowner and operator Ciner Shipping Industry & Trading has elevated its Jiangmen order book to include 10 handysize bulk carriers, demonstrating the significant expansion of the shipowner. Currently, the Ciner Shipping Industry & Trading has a remarkable total of 17 bulk carriers under construction in China, amounting to a value exceeding half a billion dollars. In 2022, Turgay Ciner-led Turkish shipowner and operator Ciner Shipping Industry & Trading ordered four (4) 40K DWT open-hatch bulk carriers from Jiangmen Nanyang Ship Engineering. However, it seems that Ciner Shipping Industry & Trading has developed an even greater appetite for growth. Ciner Shipping Industry & Trading had now commissioned an additional six (6) bulk carriers of the same kind at the same shipyard, resulting in a substantial increase in their order book to a total of 10 bulk carriers.
28-June-2023
George Economou-led shipowner and operator DryShips and TMS Dry Ltd joins the race to commission bulk carriers in China as shipyard vacancies diminish. Urgently seize the limited berths as shipowners anticipate a potential shortage in the supply of dry bulk tonnage in the forthcoming years. Athens-based shipowner George Economou has included two (2) additional substantial bulk carriers in his expanding order book. These supplementary orders coincide with a surge in dry bulk procurement, as shipowners endeavor to secure the remaining delivery slots in 2025 and 2026.
28-June-2023
Paris-based shipowner and operator Louis-Dreyfus Armateurs’ (LDA) has implemented measures to reduce shipping emissions while aiming for a 15% reduction in tonne-mile. Giant trader, Louis Dreyfus Co (LDC), has established a close collaboration with shipowners. The agricultural trading group, Philippe Louis-Dreyfus-led Louis Dreyfus Co (LDC), affirms that it has successfully decreased emissions generated by its shipping operations over the previous year, striving for a 15% reduction per tonne-mile. In its 2022 sustainability report, Louis Dreyfus Co (LDC) CEO Michael Gelchie emphasizes the Dreyfus’ commitment to meeting consumer expectations by making environmentally conscious and socioeconomically beneficial decisions that safeguard both people and the planet. Louis Dreyfus Co (LDC) CEO Michael Gelchie, highlighting the organization’s influential position, states, “We have the ability to shape our value chains in a positive and sustainable manner.” Michael Gelchie further mentions various initiatives, such as conducting trials with freight biofuels and enhancing supply chain traceability. These actions primarily focus on cultivating a more sustainable food and agricultural system to contribute towards global climate objectives. In August 2022, French shipowner and operator Louis-Dreyfus Armateurs (LDA) sold thirteen (13) handysize bulk carriers in an en-bloc deal valued at over $304 million to a joint venture between JP Morgan and MUR Shipping. Louis-Dreyfus Armateurs (LDA) supervisory board is chaired by Philippe Louis-Dreyfus. Louis Dreyfus Armateurs (LDA) is no longer a bulk carrier owner.
28-June-2023
Marubeni collaborates with Bound4blue to globally market suction sails Partnership expands on an existing project with a Spanish manufacturer to install eSAIL on a panamax bulk carrier. Marubeni, a Japanese trading company and shipowner, is intensifying its support for Bound4blue, a Spanish manufacturer, by endorsing their innovative wind power technology called eSAIL. Under a recently signed agreement, Marubeni will facilitate the distribution of the eSAIL system in the Japanese and international markets. Leveraging its extensive network in the shipping industry, Marubeni will serve as the exclusive business partner for Bound4blue in Japan. 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.
28-June-2023
Ukrainian authorities will closely monitor the water levels along the Danube River this summer, as it appears that an increased amount of grain exports will be redirected through Europe’s longest river due to the obstruction of Black Sea shipments by Russia. According to the director of the Ukraine Sea Ports Authority, the Danube River will become the primary channel for Ukrainian exports in light of Russia’s hindrance of Black Sea transportation. The Black Sea Grain Initiative, which was established in 2022 by Turkey, the UN (United Nations), Russia, and Ukraine, is set to be reviewed on 18 July 2023. There is widespread speculation that Russia will choose not to renew its participation. In recent weeks, Ukraine has encountered difficulties in moving numerous cargoes from its three designated Black Sea ports, attributing the challenges to Russian interference. Ukraine is eager to deepen the Bystre Canal on the Danube, enabling the passage of larger vessels.
28-June-2023
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) insiders seize additional stock in the publicly traded company based in London. Principals, employees, and previous investors obtained over 1 million shares in the shipping investment fund Tufton Oceanic Assets Limited (TOAL) during the previous week. Shareholders of Tufton Group consistently increase their ownership in Tufton Oceanic Assets Limited (TOAL), a shipping fund listed on the London stock exchange. According to a disclosure filed with the London stock exchange, unidentified principals of Tufton Investment Management (TIM), the investment manager, procured 593,136 ordinary shares on 22 June 2023. These particular Tufton shareholders currently possess 6.97 million shares, which represents more than 2% of the Tufton Oceanic Assets Limited’s (TOAL) total. Furthermore, individuals employed by Tufton Group, directors of Tufton Group, and former shareholders of Tufton Group purchased an additional 509,052 shares on the same date. London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) is predicting better bulk carrier freight rates from the H2 2023, assisted by the easing of pandemic related restrictions in China and low ship supply.
27-June-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC), the primary shareholder of New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), has raised concerns about the company’s decision to implement a poison pill strategy. In a letter addressed to Eagle Bulk Shipping’s (EGLE) BOD (board of directors), Danaos Corporation (DAC) questions the rationale behind the adoption of this defensive measure. Recently, New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) acquired Oaktree’s 28% stake in the company for around $219 million through a repurchasing program, concurrently implementing a shareholder rights plan to prevent a potential takeover. This move followed Danaos Corporation’s (DAC) discreet accumulation of a 10% stake in Gary Vogel-led Eagle Bulk Shipping (EGLE) over the past few months, bringing its total ownership in the US firm to 11.3%. John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) expressed its intention to work collaboratively and constructively with Eagle Bulk Shipping’s (EGLE) BOD (board of directors), believing that its approach would be reciprocated. However, the Athens-based Danaos Corporation (DAC) criticized the acquisition of Oaktree’s entire 28% stake by Eagle Bulk Shipping’s (EGLE), which was executed at a 35% premium without prior shareholder approval. These transactions have also impacted the Eagle Bulk Shipping’s (EGLE) composition. Consequently, there are now 9,283,499 common shares outstanding, with Danaos Corporation (DAC) holding 16.7% of Eagle Bulk Shipping (EGLE), representing an increase from the approximately 11.3% obtained through open market transactions. A major point of contention for Danaos Corporation (DAC) is that Eagle Bulk Shipping (EGLE) is now restricted from purchasing any additional shares without triggering the recently implemented poison pill provision. Danaos Corporation (DAC) pointed out that since the board took these actions, Eagle Bulk Shipping (EGLE) shares have declined by nearly 6%, suggesting a preliminary market response. Furthermore, Danaos Corporation (DAC) questioned the safeguarding of all shareholders from potential disruption and the benefits to Eagle Bulk Shipping (EGLE) shareholders resulting from the $219 million repurchase of Oaktree’s stake, as stated by the US company. John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) argued that this move introduces risk to shareholders, given that the repurchase was financed with debt. Danaos Corporation (DAC) argued that it is effectively the only shareholder prohibited from acquiring additional shares and sought an explanation of how an open market purchase followed by a prompt 13G filing constitutes an abusive tactic, especially considering the Eagle Bulk Shipping (EGLE) board’s preferential deal with Oaktree. Moreover, the Danaos Corporation (DAC) raised concerns about the timing of the poison pill, as Oaktree held its 28% stake without a similar response from the Eagle Bulk Shipping (EGLE) board. It is worth clarifying that Oaktree, a $164 billion company, has the capacity to acquire Eagle Bulk Shipping (EGLE) at any time, yet no poison pill was implemented to prevent such an occurrence. Another adverse consequence of the poison pill is the limitation it places on the rights of remaining Eagle Bulk Shipping (EGLE) shareholders to openly discuss their investments in the company. The adoption of the poison pill without prior shareholder approval raises doubts about whether the Eagle Bulk Shipping (EGLE) board is genuinely acting in the best interests of stockholders. Furthermore, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) expressed frustration over the inability to purchase more stock and the company’s efforts to restrict the sharing of opinions in the absence of a public forum.
27-June-2023
Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, has successfully met the minimum bid price requirement of $1 set by the Nasdaq stock market. Robert Perri-led OceanPal achieved this by consolidating shares for the second time since their separation from Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) in late 2021. Diana Shipping’s (DSX) spun off OceanPal, which owns two (2) capesize bulk carriers and three (3) panamax bulk carriers, received a compliance notice on Friday following a 1-for-20 reverse stock split that took effect on June 8, 2023. Since June 8, 2023, Nasdaq Stock Market (Nasdaq)-listed OceanPal’s stock price has remained above $1 because the combined shares were valued at $3.81 per share at that time. However, as of midday trading on Tuesday in New York, the stock price has fallen to $1.71. Athens-based OceanPal stated that The Nasdaq Stock Market’s Listing Qualifications department notified the OceanPal that the company has rectified the minimum bid price deficiency and regained compliance. This matter is now closed. This marks the second instance in which OceanPal has met Nasdaq’s $1 minimum bid requirement through a reverse stock split. To raise the share price above $1 after Nasdaq issued a notice in March 2022 due to a drop below $1, OceanPal initially implemented a 1-for-10 reverse stock split in December 2022. As a result of these two reverse stock splits, the OceanPal’s share count has significantly decreased.
27-June-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has elegantly seized upon Elantra’s contemporary suezmax tanker, committing a substantial sum of approximately $76 million. Idan Ofer-led Eastern Pacific Chartering (EPC) has acquired the 2018 built MT Elandra Osprey (ex MT Energy Trophy) from the Vitol-endorsed consortium. MT Elandra Osprey (ex MT Energy Trophy), in its earlier venture, procured this tanker from the Restis family’s tanker entity, Golden Energy Management for a sum of $62 million back in 2019. The valuation of pre-owned crude carriers has escalated, touching a pinnacle unseen in a decade and a half, propelled by the reshaped international oil commerce in the aftermath of Russia’s encroachment upon Ukraine. In this fervent marketplace, where the quest for obtainable tonnage has secondhand vessels nearing the price tags of newly minted ones, BIMCO’s (Baltic and International Maritime Council) premier shipping connoisseur, Niels Rasmussen, earlier this annum, highlighted a surge in the worth of suezmax tankers with five years under their belt, at a staggering 85% of freshly commissioned tankers. This transaction, a premiere of its nature this year, has already sculpted a standard for recently constructed South Korean suezmax tankers.
27-June-2023
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) sold another capesize bulk carrier, finalizing the company’s eighth ship sale of the year. Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) sold 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. 2011 built capesize bulk carrier 175K DWT MV Aquaenna was built at Jinhai Heavy Industry Co. Ltd. Lately, prices for secondhand dry bulk carriers have experienced a slight decline. 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).
27-June-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has finalized a contract for the construction of three (3) CABU-type vessels in China. The Oslo-listed CEO Engebret Dahm-led shipowner and operator KCC (Klaveness Combination Carriers), boasting eight (8) CABU-type and eight (8) CLEANBU-type combination carriers, has reached a shipbuilding agreement with Jiangsu New Yangzi Shipbuilding. Klaveness Combination Carriers (KCC) will pay around $60 million per vessel. Delivery is scheduled for 2026, and the equity portion of the investment is entirely funded. Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) stated that these vessels will position the company to accommodate the anticipated surge in caustic soda import volumes to Australia, while also attaining its goal of reducing carbon intensity by 45% by 2030 in comparison to its 2018 performance. When compared to the earlier CABU-type vessels constructed in 2001 and 2002, the newbuild replacements are projected to achieve a 25 to 30% higher earnings capacity and approximately 35% reduced CO2 emissions due to enhanced cargo carrying capacity and reduced fuel consumption.
27-June-2023
Oslo-based sale-and-purchase shipbroker Lorentzen & Co recently declared bankruptcy after a century of operation. Richard Fulford-Smith, the head of Affinity, a brokerage firm, has successfully recruited six (6) former employees of Lorentzen & Co, a company that recently declared bankruptcy after a century of operation. Affinity, particularly its bulker-oriented division known as Affinity Dry Bulk, has welcomed these former Lorentzen staff members, who will establish the company’s new New York headquarters. Hans Bredrup, the director of Affinity Dry Bulk, it was announced that the company has appointed Nick Tangney as the managing director, John Geoghegan as the director of business development, and Bob Tangney. Hans Bredrup stated that they will collaborate with a new operations team in Greece, with whom they have already been working, ensuring a seamless transition and continuation of their business. Hans Bredrup also mentioned that the trio (Nick Tangney, ohn Geoghegan, Bob Tangney) would be working closely with Affinity Dry Bulk’s existing operations and research personnel in Greece. Regarding Lorentzen, the firm based in Oslo, they recently rebranded as Lilleaker Shipping Advisors and submitted a tender request following years of significant losses. Oslo-based sale-and-purchase shipbroker Lorentzen & Co’s debt stands at approximately $9.3 million, with a substantial portion owed to the parent company Tidships.
27-June-2023
Hamburg-based shipowner and operator Reederei H Vogemann ordered four (4) capesize bulk carrier newbuildings and four (4) kamsarmax bulk carrier newbuildings in Hengli Shipbuilding (formerly STX Dalian). Capesize bulk carrier newbuildings are scheduled for delivery in 2025 and 2026, estimated to cost around $64 million each. These capesize bulk carrier newbuilding orders signify the resurgence of substantial ship fabrication for Hengli Shipbuilding (formerly STX Dalian). Hengli Shipbuilding’s (formerly STX Dalian) orderbook, primarily focused on bulk carriers, is now nearing 30 ships. Hengli Heavy Industry Group, a subsidiary of the immense petrochemical enterprise Hengli Group, disbursed $257 million to acquire all the assets of STX Dalian in 2022. When STX Dalian was established in 2006, STX Dalian ranked among the world’s largest shipyards in terms of physical space. However, STX Dalian faced insolvency in 2014 due to a financial crisis within its South Korean parent company, leaving more than 20K employees unemployed.
26-June-2023
Limassol-based alternative investment fund Pelagic Partners (Pelagic Yield Fund) has expanded its handysize bulk carrier portfolio by acquiring the 2015 built handysize bulk carrier 38K DWT MV UBC Houston (ex MV True Love). Niels Hartmann and Atef Abou Merhi-led investment fund Pelagic Partners (Pelagic Yield Fund), established by the Hartmann and Abou Merhi families, has successfully taken delivery of this Chinese-built MV UBC Houston (ex MV True Love), which has been reflagged to Cyprus and will now operate under the United Bulk Carriers (UBC) USA Pool. With the addition of the 2015 built handysize bulk carrier 38K DWT MV UBC Houston (ex MV True Love), Pelagic Partners’ fleet has grown to a total of 18 ships since its establishment. In late March 2023, Pelagic Partners (Pelagic Yield Fund) announced its strategic focus on handy bulkers, starting with the purchase of the 2011 built handysize bulk carrier 35K DWT MV UBC Hamburg from Hamburg-based shipowner and operator Carrier 53 for approximately $14 million. Shortly after, Pelagic Partners (Pelagic Yield Fund) expanded their fleet further with the acquisition of the 2013 built handysize bulk carrier 38K DWT MV UBC Halifax for around $20 million.
23-June-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) has acquired Oaktree’s 28% stake in the company for $219.3 million through a repurchasing initiative and implemented a shareholder rights plan to safeguard against a takeover. CEO Gary Vogel-led Eagle Bulk Shipping (EGLE) has disclosed that the company purchased roughly 3.8 million shares of Eagle Bulk Shipping (EGLE) common stock for $58 per share through a repurchasing. Furthermore, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) has declared the implementation of a temporary shareholder rights plan. As per Eagle Bulk Shipping’s (EGLE) statement, this plan aims to decrease the probability of any individual or group attaining control over the company through open market accumulation or other exploitative strategies that could potentially harm the interests of all shareholders. The plan took effect immediately and is set to last for one year, expiring on June 22, 2024, unless extended by shareholders. The repurchase of shares occurred after Greek shipowner and operator John Coustas-led Danaos Corporation quietly accumulating nearly a 10% stake in Eagle Bulk Shipping (EGLE) over the past few months. Athens-based New York-listed Danaos Corporation acquired approximately 1.37 million shares, equivalent to around 10% of the stake in Eagle Bulk Shipping (EGLE), following a decline of approximately 20% in Eagle Bulk Shipping (EGLE) shares since March 2023 due to weaker Q1 2023 earnings and a significant drop in charter rates. According to New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) chairman Paul Leand, “The current transaction serves the best interests of our shareholders, both in terms of financial gains and strategic advantage. It ensures that shareholders retain the opportunity to realize the value of their investment in Eagle Bulk and eliminates any potential disruptions resulting from the sale of a substantial interest in the company,”. Eagle Bulk Shipping (EGLE) will persistently execute the company’s growth and renewal strategy, building upon 33 previous ship acquisitions. Eagle Bulk Shipping (EGLE) remains dedicated to seizing opportunistic prospects that generate value for all shareholders. Consequently, the outstanding New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping’s (EGLE) common stocks will be reduced to approximately 9.3 million shares as a result of this transaction. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers.
23-June-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has reserved six (6) ultramax bulk carrier new buildings 64K DWT for construction at Dalian COSCO KHI Ship Engineering (DACKS) to be delivered within 2025 and 2026. The monetary value for the ultramax bulk carrier new buildings, which will operate on both conventional marine oil and biofuel, remains undisclosed. These six (6) ultramax bulk carrier new buildings will be added to Dampskibsselskabet DS Norden A/S’s collection of owned and leased bulkers and product tankers, overseen by the company’s Assets & Logistics division. Since 2020, the division has executed over 135 asset plays. In 2023, Copenhagen-based CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S held approximately six bulkers, having considerably downscaled its dry cargo fleet in 2022. Nonetheless, Dampskibsselskabet DS Norden A/S has gradually augmented its involvement in this sector. In March 2023, Dampskibsselskabet DS Norden A/S indicated its venture into the capesize bulk carrier segment through the acquisition of four (4) capesize bulk carriers in two separate transactions. Placing six (6) ultramax bulk carrier order is an integral component of Dampskibsselskabet DS Norden A/S’s asset trading strategy, enabling the company to enhance dry cargo capacity with forthcoming delivery. Dampskibsselskabet DS Norden A/S believe this will be compelling both in terms of freight and asset value.
23-June-2023
The MV Nyon, a Marshall Islands-flagged ultramax bulk carrier owned by Swiss shipowner Suisse Atlantique, was robbed while anchored in Conakry, Guinea, 16 nautical miles south of Conakry. The Maritime Domain Awareness for Trade Gulf of Guinea (MDAT GoG), a piracy reporting organization, conveyed that a quartet of armed individuals illicitly boarded the MV Nyon, an ultramax bulk carrier controlled by Suisse Atlantique and constructed in 2021. During the course of the robbery, the crew members were subjected to assault, resulting in minor injuries. Despite the presence of three other vessels within a three-nautical mile radius, they remained unaffected. At approximately 03:30 hours local time in Guinea, a group of armed perpetrators boarded the 2021-built ultramax bulk carrier MV Nyon. They absconded with some of the vessel’s property and belongings, but assured the safety of all crew members, with no reports of injuries. The operational capabilities of the 2021-built ultramax bulk carrier MV Nyon, under the control of Suisse Atlantique, remain intact. In the Gulf of Guinea, there were a total of 19 pirate attacks last year, a decrease from the 35 incidents reported in 2021. According to the annual piracy report by the International Maritime Organization, there were 131 recorded global incidents last year, marking the lowest number of reported occurrences since 1995. Nevertheless, the ICC International Maritime Bureau (IMB), an anti-piracy organization, has been advocating for a consistent, robust, and coordinated naval presence in the region, particularly after two tanker hijackings earlier this year. On the 10th of July 1941, Mr. Georges Alfred André, the esteemed CEO (Chief Executive Officer) and President of André & Cie, established Suisse-Atlantique. Suisse-Atlantique’s inaugural vessel is the MV St-Cergue, meticulously overseen under their management. This remarkable ship proudly carries the name of the ancestral village from which the Mr. Georges Alfred André family originates. In the year 2017, Mr. Eric André gracefully concludes his remarkable half-century of dedicated service with Suisse-Atlantique, including an impressive 36-year tenure as the esteemed presidency. On the auspicious date of July 1st, 2017, the baton of leadership is seamlessly passed on to the capable hands of the newly appointed CEO and President, Mr. Jean-Noel André, assuming the mantle of authority. Currently, Switzerland-based shipowner and operator Suisse-Atlantique owns and operates 14 bulk carriers.
21-June-2023
According to London-listed shipbroker Braemar Shipping Services, the capesize bulker market has been adversely affected by a decrease in long-haul coal shipments to Asia. Indonesia has emerged as Vietnam’s primary source of this commodity. London-listed shipbroker Braemar Shipping Services’ recent report reveals that over the past two months, there has been a decline in coal shipments to Asia, impacting the capesize bulk carrier market significantly. As of now, capesize bulk carriers have transported 46% of Vietnam’s coal imports in 2023. However, in May, Indonesia surpassed Australia as Vietnam’s leading supplier of coal. Although this percentage tripled from 15% in the H1 2020, causing a decline in geared bulk carriers, the capesize bulk carrier sector was still negatively affected because Indonesia is geographically closer to Vietnam compared to Australia.
21-June-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has engaged in a time charter agreement with Western Bulk Carriers (WBC) for one of its ultramax dry bulk carrier. Semiramis Paliou-led shipowner and operator Diana Shipping’s (DSX) stated that the specific ultramax dry bulk carrier involved is the MV DSI Altair. The gross charter rate amounts to $13,800 per day. The MV DSI Altair charter will be in effect from June 25, 2023, until a minimum of August 10, 2024, with the possibility of extending it until October 10, 2024. The charter of the 2016 built ultramax bulk carrier 60K DWT MV DSI Altair is expected to commence on June 25, 2023. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) anticipates that the deployment of the MV DSI Altair will generate approximately $5.6 million in gross revenue during the minimum scheduled period of the time charter. In recent months, Diana Shipping (DSX) has successfully secured employment for several of its vessels. In April, the company obtained charters for the MV DSI Drammen and MV Electra. In May, Diana Shipping (DSX) finalized agreements for the MV Santa Barbara and MV Phaidra. In June, Diana Shipping (DSX) inked a charter for the capesize MV New York. Curretly, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 42 bulk carriers, including four newcastlemax, ten capesize bulk carriers, five post-panamax bulk carriers, six kamsarmax bulk carriers, seven panamax bulk carriers, and ten ultramax bulk carriers. The combined carrying capacity of the Diana Shipping’s (DSX) fleet amounts to approximately 4.7 million deadweight tons (dwt), with an average age of 10 years.
21-June-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping is getting closer to taking delivery of the first in a pioneering series of hybrid electric bulk carrier from Chowgule & Company Shipyard. Chowgule & Company Shipyard in India launched the 5K DWT MV Electramar this week, the first of 12 energy-efficient plug-in cargo ships. ESL Shipping managing director Mikki Koskinen expressed that the launching of MV Electramar is always a special moment in shipbuilding and the company is excited to see the hybrid electric bulk carrier in its real element for the first time. The parent company of ESL Shipping, Aspo Group, has also stated that they will be investing in environmentally friendly industrial and green energy projects in the Baltic Sea region, which they estimate to be worth tens of billions of dollars over the coming years. In August 2022, Finnish shipowner and operator ESL Shipping’s subsidiary AtoB@C Shipping ordered total twelve (12) coaster size electric hybrid bulk carriers at Chowgule & Company Shipyard.
21-June-2023
Ship operator Norvic Shipping has successfully acquired the MT Norvic Monia (ex MT Pro Alliance), an LR2 aframax tanker weighing 105,348 DWT (deadweight tons), from SK Energy in South Korea. With this acquisition, MT Norvic Monia (ex MT Pro Alliance), becomes Norvic Shipping’s inaugural fully-owned ship, representing a strategic transition from an operator-based model to an owner-operator approach. The precise value of the MT Norvic Monia (ex MT Pro Alliance) acquisition remains undisclosed. Simultaneously, the Chairman AJ Rahman-led dry bulk ship operator Norvic Shipping is forging ahead with its plans to take delivery of three newly constructed dry bulk carriers from esteemed Japanese shipyards, all of which have been secured through long-term charters. These vessels comprise two handymax bulk carriers from Onomichi Yard and one ultramax bulk carrier from Imabari Yard. Anticipated delivery dates for all three bulk carriers are slated between Q3 and Q4 2023. Additionally, Dry bulk ship operator Norvic Shipping is currently engaged in negotiations to secure further newbuild dry bulk carriers on long-term charters. The procurement of MT Norvic Monia (ex MT Pro Alliance) signifies a return to Norvic Shipping’s roots, as the company initially emerged as a tanker operator in Canada back in 2006 before venturing into the dry bulk sector in 2012. Norvic Shipping CEO AJ Rahman expressed his perspective on this strategic decision, stating, “Revisiting our origins and fostering the growth of the tanker division aligns with our long-term vision. The combination of the persistent global demand for crude oil and refined products, along with the scarcity of available tonnage in the tanker industry, makes this move a sensible one.” According to BIMCO(Baltic and International Maritime Council), the demand for crude tankers in 2024 is estimated to rise by 4.5% to 6.5% compared to 2022, while the supply is predicted to decline by 0.6%. Given the dearth of new orders in the tanker sector, Norvic Shipping firmly believe that the opportune moment has arrived for us to enter into ownership.
21-June-2023
Frustration is intensifying concerning the impasse over the grain trade in the Black Sea region during the onset of the harvest season. The prospects for the United Nations’ delicate maritime route for Ukrainian grain are deteriorating rapidly. In another indication that the Ukrainian grain trade route is likely to collapse upon its expiration next month, Antonio Guterres, the head of the United Nations, expressed his exasperation with its underperformance. Additionally, certain ship managers have announced their decision to cease sending their vessels there. The United Nations-led initiative for food exports experienced a significant slowdown, reaching a mere 1.3 million tons.
21-June-2023
The Panama Ship Registry (PSR) intends to purify its fleet in order to adhere to international regulatory standards. Panama is preparing to eliminate substandard vessels as part of its commitment to compliance. The Panama Ship Registry (PSR), the largest ship registry in the world, will take stringent action against ships with inadequate safety records or a questionable history. The Panama Maritime Authority (PMA), responsible for the world’s largest flag, considers this matter of utmost significance. Approximately 14K inspections are conducted each year on the fleet, which presents a considerable challenge in maintaining compliance across various regions, as stated by the Panama Ship Registry (PSR). Currently, an integrated review is underway to ensure the verification and control of the extensive fleet of over 8,500 vessels listed under the Panama Ship Registry
21-June-2023
A recent study conducted by CCS reveals that older bulk carriers owned by Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited can achieve compliance with the Carbon Intensity Indicator (CII) until 2030. The study, in collaboration with BV (Bureau Veritas) and Qiyao Environmental Technology, suggests that the implementation of onboard carbon capture and storage (CCS) technology could potentially extend the lifespan of these ships by five years. By employing custom-designed CCS units, developed by Qiyao Environ Tec, a subsidiary of the Shanghai Marine Diesel Engine Research Institute, the two bulk carriers, namely the 2009 built supramax bulk carrier 53K DWT MV MV Tianjin Venture and the 2012 built capesize bulk carrier 176K DWT MV CSSC Wan Mei could enhance their Carbon Intensity Indicator (CII) ratings from D to C. This joint feasibility study aimed to explore the extraction of CO2 from exhaust gas.
20-June-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has discreetly amassed nearly a 10% interest in Eagle Bulk Shipping over recent months. A recent disclosure to the US Securities and Exchange Commission (SEC) unveiled that the container ship tonnage provider Danaos Corporation (DAC), led by John Coustas, acquired approximately 1.37 million shares, equivalent to 9.99% of Eagle Bulk Shipping’s stake. Danaos Corporation’s (DAC) move to acquire Eagle Bulk Shipping shares, which have experienced a decline of around 20% since March due to weaker first-quarter earnings and a rapid decrease in charter rates in recent weeks, follows their divestment of shares in Israeli liner ZIM last year. Seizing the opportune moment, the Greek company, which operates approximately 70 container ships, entered the dry bulk market where limited global fleet growth and forecasts of increased demand are expected to contribute to future rate recovery. Based in Stamford, Connecticut, Eagle Bulk Shipping boasts a contemporary fleet of over 50 predominantly scrubber-fitted bulk carriers, with an average age of less than 10 years. As per the company’s dividend policy, a minimum of 30% of the net income will be distributed to shareholders in the second quarter (Q2). Considering the $17 million profit from the sale of three vessels, it is likely that the net income for Q2 will surpass $20 million, or at least $0.50 per share for the second quarter.
20-June-2023
Copenhagen-based shipowner and operator Lauritzen Bulkers has commissioned a third kamsarmax bulk carrier fueled by methanol and equipped with dual-fuel capabilities from Tsuneishi Shipbuilding. Niels Josefsen-led shipowner and operator Lauritzen Bulkers has announced that the newly ordered vessel will be an 81,200 deadweight tonnage (dwt) kamsarmax bulk carrier, which will supplement the company’s previous procurement of two bulk carriers. According to the Lauritzen Bulkers, this kamsarmax bulk carrier will have the ability to operate with zero carbon emissions when powered by environmentally friendly methanol and biodiesel. Tsuneishi Shipbuilding will construct all three bulk carriers. Similar to the first two bulk carriers, the third bulk carrier will be exclusively owned by Lauritzen NexGen Shipping and operated by Cargill Ocean Transportation, a renowned commodities giant, for a minimum period of seven years. Cargill Ocean Transportation CEO Jan Dieleman stated that the company is delighted to witness J. Lauritzen’s commitment to advancing the ecological agenda, and Cargill Ocean Transportation is thrilled to incorporate another dual-fuel bulk carrier into the company’s fleet. The first two bulk carriers were placed on order in April 2023. Comparable to the third bulk carrie, no details regarding the pricing or delivery dates of the ships have been disclosed. Danish shipowner and operator Lauritzen Bulkers previously stated that the partnership with Cargill Ocean Transportation was facilitated by the Copenhagen Commercial Platform, which will also play a role in the vessel’s operation and further partnership development. Tsuneishi Shipbuilding is steadily establishing itself as the preferred shipyard for constructing methanol-powered dry bulk carriers. In January 2023, Cargill Ocean Transportation collaborated with Mitsui & Co to procure a pair of kamsarmax bulk carriers from the Tsuneishi Shipbuilding, scheduled for delivery in Q1 2026.
20-June-2023
Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has engaged in a sale and leaseback agreement with a Singapore-based subsidiary of China’s BOCOM for one of its kamsarmax bulk carriers currently under construction. Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd is divesting the 85,000 DWT (deadweight tonnage) kamsarmax bulk carrier, scheduled to be delivered from Guangzhou Wenchong Shipyard by October 31, 2023, for around $27 million. 85,000 DWT (deadweight tonnage) kamsarmax bulk carrier will be provisionally chartered to Seacon Shipping Group Ltd’s Liberia-incorporated subsidiary for a duration of 120 months, during which the company will have the opportunity to repurchase the kamsarmax bulk carrier after three (3) years. Upon delivery, the Guangzhou Wenchong Shipyard will receive approximately $18 million from the transaction, with the remaining balance disbursed to Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd. These funds will be utilized for potential vessel acquisitions and general working capital purposes. Currently, Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages around 115 ships.
20-June-2023
New draft limitations imposed by the drought-plagued Panama Canal will necessitate a reduction in the Panama Canal’s water level by over 2 meters starting in July 2023. Panama Canal Authorities have cautioned that daily transits may need to be curtailed by up to 25% to conserve water. Panama has experienced one of the most severe dry periods in its history in 2023, prompting repeated announcements of draft restrictions on the Panama Canal. This situation is likely to worsen with the arrival of El Niño, a weather phenomenon that typically brings dry conditions to Central America. Currently, vessels passing through the newer Neo-Panama Canal, neopanamax locks, must adhere to a maximum draft of 13.41 meters. However, this limit will decrease to 13.26 meters next week and a mere 13.11 meters by July 19. Such a significant reduction from the previous maximum draft of 15.24 meters will result in the old panamax locks accommodating ships with drafts of just 11.73 meters by July 19. Meteorologists have issued warnings that Lake Gatun, situated at the heart of the Panama Canal, could reach historically low water depths by July. Consequently, additional restrictions may be imposed. The Panama Canal Authority has stated that it will diligently monitor the water level of Gatun Lake and promptly announce any future adjustments to the draft.
20-June-2023
Dubai-based shipowner and operator Tristar Eships aspires to expand while minimizing the detrimental erosion of value. The newly appointed leader unveils his aspirations for the shipowning enterprise, which rests upon enduring investments supported by long-range agreements. Tim Coffin, a seasoned professional with a background in shipping investments and private equity, assumed the position previously held by Chris Peters, who departed the Dubai-based company to join Montfort Trading. The foremost priority was to establish a singular brand identity for Dubai-based shipowner and operator Tristar Eships that had hitherto operated under the dual monikers of Tristar Maritime and Eships in the market.
20-June-2023
Singapore-based Chinese-backed shipowner and operator Winning Shipping (Winning International Group) has successfully finalized its third ship transaction in 2023. Winning Shipping (Winning International Group) emerged as the highest bidder for the MV Atlantic Tiger, a 16-year-old capesize bulk carrier under Japanese control. 2007 built capesize bulk carrier 180K DWT MV Atlantic Tiger was built by Imabari Shipyard, was acquired for around $16.5 million. During the Ebola epidemic of 2014, Singapore-based Chinese capesize bulk carrier specialist Winning Shipping (Winning International Group) defied the prevailing currents and ventured into Guinea, West Africa. There, the Winning Shipping (Winning International Group) initiated bauxite projects, developed ports in Guinea, and established maritime logistics channels, cementing the company’s position as the most active player in the capesize sector within the region. This significant endeavor led Guinea to become the world’s foremost exporter of bauxite and China’s primary bauxite supplier. Additionally, in 2019, Sun Xiushun-led Winning Shipping (Winning International Group) spearheaded the construction of Guinea’s first modern railway in nearly half a century. Currently, Winning Shipping (Winning International Group) is one of the largest capesize shipowners with a fleet of 40 large dry bulk carriers.
20-June-2023
Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd is expanding its orderbook by acquiring additional handysize bulk carriers. According to an official filing, Wisdom Marine Lines Co Ltd, headquartered in Taipei, announced its intention to invest $34 million in a 42,200 deadweight tonnage (dwt) bulk carrier, which will be constructed at Tsuneishi Shipbuilding. This acquisition is in addition to the three (3) 82,300 deadweight tonnage (dwt) kamsarmax bulk carriers currently under construction at the same shipyard. Chun-Sheng Lan-led shipowner and operator Wisdom Marine Lines Co Ltd, the largest dry bulk shipowner in the country, already possesses more than 130 vessels, with 16 more on order, not including this latest agreement. In a recent transaction, Wisdom Marine Lines Co Ltd secured three (3) 40,000 dwt handysize bulk carriers for a total of $96 million. Three (3) 40,000 dwt handysize bulk carriers will be built by Saiki Heavy Industries of the Onomichi Dockyard. Furthermore, the company has also placed orders for two (2) 40,000 dwt handysize bulk carriers at Namura Shipbuilding, with a price tag of $66 million and expected delivery in 2026. Additionally, two more bulk carriers have been ordered from Nihon Shipyard, a joint venture between Imabari Shipbuilding and Japan Marine United.
19-June-2023
Toronto Stock Exchange-listed shipowner and operator Algoma Central has entrusted Hyundai Mipo Shipyard in South Korea with the fabrication of two 37K DWT ice-class product tankers, a transaction approximated at a grand $96 million. Two 37K DWT ice-class product tankers are slated for debut in the initial quarter of 2025, subsequently entering an extensive charter with Irving Oil under the emblematic Canadian ensign. Two 37K DWT ice-class product tankers’ primary duty will be to facilitate the energy conglomerate Irving Oil’s refinery in the quaint city of Saint John, New Brunswick, ensuring punctual consignments to harbours spanning Atlantic Canada and the US Eastern seaboard. Innovatively crafted to be compatible with methanol and shore power, Algoma Central Corporation’s esteemed president and CEO, Mr. Gregg Ruhl, articulates that this substantial venture will enrich their naval repertoire, broaden the horizons of their product tanker division, and introduce a fresh Canadian patronage. Headquartered in the picturesque Ontario, Algoma Central Corporation proudly commands a fleet of bulk carriers and tankers navigating the expansive Great Lakes and the St. Lawrence Seaway. St. Catharines-based shipowner and operator Algoma Central has set its gaze upon a commendable reduction in carbon footprints, aiming for a 40% diminution by 2030, and envisioning a pristine net zero by the midpoint of the century, 2050. In harmonious collaboration with their Canadian counterpart, CSL, Algoma Central Corporation, in the brisk month of February, commissioned four methanol-accommodating self-discharging 72K DWT bulk carriers at Jiangsu Yangzi-Mitsui Shipbuilding (YAMIC), with the inaugural bulk carriers’ christening anticipated in July 2025.
19-June-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) sold 2010 built kamsarmax bulk carrier 80K DWT MV Magic Twilight with a net gain of approximately $4 million. Petros Panagiotidis-led tanker and bulk carrier shipowner Castor Maritime (CTRM) will transfer ownership of the 80,300 deadweight tonnage (dwt) MV Magic Twilight in the Q3 2023, at a price of $17.5 million. Castor Maritime (CTRM) acquired the MV Magic Twilight from Aegean Bulk in February 2021 for a reported price of $14.8 million. Currently, Castor Maritime (CTRM) owns a fleet of 21 vessels, primarily consisting of 19 bulk carriers. In April, Castor Maritime (CTRM) sold its panamax vessel, MV Magic Moon, constructed in 2005, for $13.95 million, with delivery scheduled in Q3 2023. Additionally, Castor Maritime (CTRM) realized a net gain of approximately $4.4 million by selling the MV Magic Rainbow, built in 2007. In April, Castor Maritime (CTRM) sold its panamax bulk carrier, MV Magic Moon, constructed in 2005, for $13.95 million, with delivery scheduled for the Q3 2023. Additionally, the company realized a net gain of approximately $4.4 million by selling the MV Magic Rainbow, built in 2007.
18-June-2023
Two large cargo vessels endured substantial devastation following a collision within the Spanish harbor of Tarragona during the early afternoon of Saturday. A 75,500 DWT (deadweight tonnage) panamax bulk carrier, belonging to Theodore Veniamis-led Greek shipowner and operator Golden Union Shipping, collided with the moored 82,100 DWT (deadweight tonnage) kamsarmax bulk carrier MV Karpaty, owned by Polsteam, while maneuvering towards the berth with the assistance of tugboats. The Polish kamsarmax bulk carrier MV Karpaty, constructed in 2013, sustained considerable impairment on its port side. The bow of the Greek panamax MV Karpaty, built in 2010, also suffered severe harm, both on its side and deck. After a 14-day journey carrying wheat from Ukraine’s Chornomorsk port, the 2010-built MV Elena VE arrived at Tarragona. The precise cause of the collision remains unknown.
16-June-2023
A conflagration erupted today aboard the Turkish-owned capesize bulk carrier MV Beks Force, approximately 85 kilometers south of the Russian Nakhodka port in the Sea of Japan. 2005 built capesize bulk carrier 177K DWT MV Beks Force belongs to Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading). MV Beks Force was en route from China to load coal at the port of Vostochny when the inferno broke out in the engine room on Friday. Two out of the 24 crewmembers sustained injuries and were promptly evacuated to the shore. Despite the situation, the remaining crew members declined evacuation. As per the latest AIS information, the MV Beks Force is presently marked as “not under command,” with two nearby vessels. MV Beks Force’s crew successfully contained the fire in the engine room, and local news sources report that the MV Beks Force remains afloat without any indications of an oil spill. Bekmezci-family controlled Beks Shipping (Beks Ship Management and Trading) entered shipping in 2008.
16-June-2023
London-headquartered Lomar Shipping directs the proceeds from the sales of container ships toward the acquisition of bulk carriers. Lomar Shipping is associated with the procurement of three panamax bulk carriers subsequent to the sale to MPC Container Ships. Lomar Shipping is allocating a portion of the funds raised from a recent series of container ship sales to expand its presence in the realm of bulk carriers. In May 2023, London-headquartered Lomar Shipping led by Nicholas Georgiou procured its initial bulk carrier since early 2022, swiftly seizing a trio of supramax bulk carriers. As per insider reports, the UK-based shipowner has now undertaken the acquisition of three panamax bulk carriers in one comprehensive move.
15-June-2023
Dry bulk shipping behemoth Cargill Ocean Transportation is currently engaged in negotiations for one or two additional bulk carriers to utilize alternative bunkers. While Cargill Ocean Transportation did not join the ranks of companies that placed orders for an additional 10 methanol-fueled bulk carriers at Tsuneishi Shipbuilding, this colossal maritime operator is delighted to witness others embracing this trend. Following the signing of a groundbreaking newbuilding deal to initiate the competition, Cargill Ocean Transportation CEO Jan Dieleman revealed that Cargill Ocean Transportation is in discussions for the acquisition of one or two more vessels, in addition to the four kamsarmax bulk carriers that are already scheduled for charter with the company.
15-June-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S initiates the capesize department with a new addition from Oldendorff, aiming to establish a capesize business with fewer assets. According to Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S CEO Jan Rindbo, the objective is to elevate Norden’s status as a prominent operator within the largest category of bulk carriers. Jesper Andersen, who previously served as the director of the supramax and handysize desk for the South Pacific at Oldendorff Carriers, will assume the role of leading Dampskibsselskabet DS Norden A/S’s capesize desk. Jesper Andersen’s tenure with Oldendorff dates back to 2009, demonstrating his extensive experience in the industry.
15-June-2023
China’s coal imports have experienced a significant upsurge due to its economic recovery, as stated by shipbrokers. Presently, China, being the largest global coal importer, has witnessed a substantial increase in volumes. However, the question remains: will this growth be sustained? The surge in China’s coal imports this year is attributed to the country’s economic rebound following China’s stringent zero-Covid measures in the previous year. Over the course of the first five months in 2023, the total seaborne coal imports into China reached a staggering 138.8 million tonnes. This marks a remarkable 93.4% increase compared to 71.8 million tonnes in 2022, a 47% rise from 94.3 million tonnes in 2021, and an impressive 22.6% increase overall.
14-June-2023
MPC Container Ships gracefully acquires Lomar Shipping’s fleet of feeder container ships. The esteemed German tonnage provider MPC Container Ships has invested a substantial sum of $136.4 million in procuring five exquisite ships, while simultaneously selling their older panamax bulk carriers for $22 million. MPC Container Ships, known for their strategic moves, has taken swift action to acquire the modern feeder container ships being offered by the UK-based Lomar Shipping. The vessels in question are the MV London Trader, MV Madrid Trader, MV Trieste Trader, MV B Trader, and MV Queen Esther. Following the acquisition, these ships have been splendidly christened as MV AS Stine, MV MV AS Silje, MV AS Simone, MV AS Sabine, and MV AS Anne. It is worth noting that all these vessels come with existing charters. MPC Container Ships is optimistic that these container ships will generate impressive EBITDA figures, estimated to range between $30 million and $41 million, depending on their respective redelivery dates.
14-June-2023
Abdulbar Kaddoura, the shipmaster of the wrecked bulk carrier MV OS 35, has been given a suspended sentence by the Supreme Court following the incident that took place in August 2022. Rather than being imprisoned, Abdulbar Kaddoura will not serve any time in custody for the grounding off Gibraltar. According to GBC’s report, the Syrian captain, aged 53, has received a four-month sentence that will be suspended for a year, as ruled by Gibraltar’s Supreme Court. The deliberate grounding of 1999 built handysize bulk carrier handysize 35K MV OS 35, occurred after a collision with the 165K-cbm gas carrier Adam LNG, constructed in 2014, which was anchored at the time.
14-June-2023
A towering crane has collapsed onto MV Osprey S in a Turkish ship-repair yard, casting a shadow of distress. The incident involving the 2007 built handysize bulk carrier 31K DWT MV Osprey S, transpired on or before the 12th of June at the Cindemir shipyard in Tuzla, as reported by TurkishStraits. The crane descended upon the fore port side of the Liberia-flagged MV Osprey S following an issue with the buoyant dock. Nonetheless, the resulting harm was deemed negligible, and fortunately, no injuries were reported. Armador Shipping is the owner and manager of 2007 built handysize bulk carrier 31K DWT MV Osprey S, which enjoys insurance coverage provided by the distinguished UK P&I Club.
14-June-2023
Norwegian shipowner, Stove Shipping, has concluded the sale of its final vessel in a transaction with Gearbulk. Stove Shipping, a shipowning enterprise associated with the Tidemand family, is now considering the acquisition of newbuildings that employ alternative bunkers. Stove Shipping sold its last ship 2013 built supramax bulk carrier 55K DWT MV Stove Ocean. This sale was made to Gearbulk at a price of approximately $21 million. Stove Shipping, supported by the Tidemand family, has shifted its focus towards embracing a more environmentally sustainable future. Gearbulk has confirmed its purchase of the MV Stove Ocean under undisclosed terms and conditions. Norwegian shipowner Stove Shipping is controlled by Otto Gregard Tidemand who also controls Eastern Bulk and his brother Sverre Jorgen Tidemand controls Norwegian Belships.
13-June-2023
Guangdong Yudean Shipping has chosen CSSC’s Chengxi Shipyard to construct two kamsarmax bulk carriers. As the dry bulk shipping division of the state-run power conglomerate Yudean Group, Guangdong Yudean Shipping has placed an order for two new kamsarmax bulk carriers valued at approximately $71 million. China-based Guangdong Yudean Shipping is investing more than $71 million in the construction of bulker newbuildings at Chengxi Shipyard. Sources from the shipbuilding industry have revealed that the shipping arm of Guangdong Energy Group has opted for China State Shipbuilding Corp (CSSC) as the shipyard responsible for delivering the two kamsarmax bulk carriers in February and April 2027. In April, Guangdong Yudean Shipping initiated the tender process for the construction of the kamsarmax bulk carriers, stipulating that the vessels with a capacity of 82,000 deadweight tons (DWT) should be delivered within 45 months from the signing of the contract.
13-June-2023
Torvald Klaveness and Marubeni have formed a collaborative venture called Baumarine Panamax Pool by MaruKlav Management Inc, which is actively engaged in the digitalization of the shipping industry. Klaveness’ Generation Z is poised to revolutionize the field. Interns Joanna Woo and Shaun Ong eloquently elucidate the imperative for the industry to adapt and overcome its challenges. Torvald Klaveness is embracing the upcoming generation of shipping talent to effectively navigate the demands of this transformative era. An interview featured on the company’s website showcases the perspectives of two sales development interns in Singapore, Joanna Woo and Shaun Ong, highlighting the significance of collaboration and digitalization to the members of Generation Z. This demographic, born in the late 1990s, is now making its mark in the sector. Joanna Woo and Shaun Ong are actively involved in developing Torvald Klaveness’ optimization platform, Market Manager, and are dedicated to the success of the Baumarine Panamax Pool by MaruKlav. Torvald Klaveness, in collaboration with the esteemed Japanese trading conglomerate Marubeni Group, jointly operates the distinguished panamax pool known as Baumarine Panamax Pool, overseen by the esteemed entity MaruKlav Management Inc. Presently, Baumarine Panamax Pool, managed by MaruKlav Management Inc, boasts an impressive fleet of approximately 30 panamax bulk carriers.
13-June-2023
John Fredriksen’s privately held Seatankers Management Co Ltd sold 2013 built kamsarmax bulk carrier 81K DWT MV Sea Proteus, 2013 built kamsarmax bulk carrier 81K DWT MV Sea Venus, and 2013 built kamsarmax bulk carrier 81K DWT MV Sea Pluto for around $70 million en bloc. John Fredriksen controls one of the largest publicly owned fleets through the New York and London-listed Golden Ocean Group. But John Fredriksen additionally has around 40 bulk carriers owned privately and managed by Seatankers Management Co Ltd. Seatankers Management Co Ltd sells privately owned kamsarmax bulk carriers after taking a new building plunge. Seatankers Management Co Ltd pulled the trigger on up to eight (8) new vessel orders in China. Seatankers Management Co Ltd controlled MV Sea Proteus, MV Sea Venus, and MV Sea Pluto have special surveys due.
7-June-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping chartered out two (2) more LNG dual-fuel newcastlemax newbuildings bulk carriers at a record rate. Himalaya Shipping chartered out two (2) LNG dual-fuel newcastlemax newbuildings for between 22 and 26 months on delivery from New Times Shipyard in China in January and July 2024. CEO Herman Billung-led Himalaya Shipping now has covered for nine (9) of its twelve (12) newcastlemax bulk carrier newbuildings.
7-June-2023
Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, executes a 1-for-20 reverse stock split to keep the Nasdaq listing. This is OceanPaly’s second reverse stock split since its founding in October 2021. Semiramis Paliou-led shipowner and operator Diana Shipping’s (DSX) spun off OceanPal has pulled off a 1-for-20 reverse stock split to ensure that the company’s stock stays listed on the Nasdaq Stock Exchange. In October 2021, Diana Shipping (DSX) spun off three (3) of its vintage bulk carriers into a separately listed company named OceanPal. OceanPal’s shares have traded below Nasdaq Stock Exchange’s $1 minimum bid requirement since 8 February 2023, when the stock price plunged by 38% to $0.74 per share. As a consequence, Nasdaq Stock Exchange put OceanPal on notification for trading below $1 for 30 straight days, therefore mandating the OceanPal to get its share price to at least that level within six (6) months to avoid being delisted. Currently, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 43 bulk carriers.
7-June-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has solidified its commitment to additional tanker constructions with CSSC Guangzhou Shipyard International (GSI). Idan Ofer-led shipowner and operator Eastern Pacific Chartering (EPC) has secured a reservation for as many as four (4) LNG dual-fuel aframax/LR2 product tankers. The duo of resolute 115K DWT tankers, each valued at an approximate $70 million, are slated for delivery in March and December of 2026. Furthermore, the agreement presents opportunities to acquire two additional tankers, potentially elevating the entire transaction to a grand total of $280 million. Singapore-based shipowner and operator Eastern Pacific Shipping’s (EPS) renewed engagement with CSSC Guangzhou Shipyard International (GSI) is reminiscent of their groundbreaking collaboration which resulted in the world’s premiere dual-fuel LNG suezmax tanker in 2022.
1-June-2023
CEO Ulrik Andersen quits Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL). Oslo and Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL) appointed Lars-Christian Svensen as an interim CEO. John Fredriksen’s bulker company Golden Ocean Group has wasted no time in replacing the CEO, who will be available for advice until September 2023. Currently, Golden Ocean Group (GOGL) has a fleet of 96 large bulk carriers.
1-June-2023
The 900-kilogram consignment of cocaine was discovered aboard the Monaco-based Shamrock Maritime controlled 2018 built supramax bulk carrier 58K DWT MV St Pinot at the Kwinana Bulk Terminal in Western Australia (WA). This substantial seizure, possessing an estimated street value of no less than $375 million, stands as one of the largest ever recorded within the nation. The operation was conducted through a collaborative investigation involving the Australian Federal Police (AFP), Australian Border Force, and WA Police. It is suspected that the cocaine originated from South America. Visual footage depicted officers being gently lowered into the hull of the St Pinot. As part of an ongoing endeavor, the Australian Federal Police (AFP), Australian Border Force, and WA Police Force are meticulously combing through Monaco-based Shamrock Maritime controlled 2018 built supramax bulk carrier 58K DWT MV St Pinot. Departing from the port of San Lorenzo in Argentina on the 16th of April, MV St. Pinot subsequently made two other stops within the same country. Following a five-week voyage, Monaco-based Shamrock Maritime controlled 2018 built supramax bulk carrier 58K DWT MV St Pinot arrived in Fremantle, Australia, before ultimately proceeding to Kwinana. No reports have surfaced regarding any arrests made after the seizure.