29-May-2023
Athens-based shipowner and operator Laskaridis Shipping ordered four (4) kamsarmax bulk carrier newbuildings at Hengli Heavy Industry (formerly known as STX Dalian Shipbuilding). Laskaridis family-controlled Athens-based Laskaridis Shipping reached the twenty-vessel mark with a spate of new buildings and secondhand investments. Resurrected Chinese shipyard Hengli Heavy Industry (formerly known as STX Dalian Shipbuilding) made a comeback to the shipbuilding market at the end of 2022. Thanassis Laskaridis-controlled Laskaridis Shipping confirmed the order of the 82K DWT kamsarmax bulk carrier newbuildings. Hengli Heavy Industry (formerly known as STX Dalian Shipbuilding) has inked its first new building contract with a company outside its home country China.
29-May-2023
Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has expanded its order book by securing a new building bulk carrier at Murakami Hide Shipbuilding in Japan, showcasing its continuous growth. Seacon Shipping Group Ltd has selected Murakami Hide Shipbuilding to construct a general cargo vessel with a capacity of 13,500 DWT (deadweight tons). Murakami Hide Shipbuilding will deliver the ship by June 2026, and the total cost amounts to nearly $16.8 million. In a previous deal, Seacon Shipping Group Ltd signed a contract with Tsuneishi Shipbuilding to commission the construction of two (2) handysize bulk carriers. The estimated price for each handysize bulk carrier was approximately $31.7 million. Notably, this recent order represents the Seacon Shipping Group Ltd’s fifth newbuilding project since the company’s listing in March 2023. Among these projects is the construction of two MPP (multipurpose) dry cargo vessels at Huanghai Shipbuilding. Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages all the fleet and offers management services to third party shipowners.
26-May-2023
Apostolos Zafolias is departing as the CFO (chief financial officer) of New York-listed shipowner and operator Genco Shipping & Trading (GNK), bidding farewell to a journey that began in a flourishing market just a few months before the company’s IPO (initial public offering) in July 2005. Now, after 18 years, CFO Apostolos Zafolias leaves Genco Shipping & Trading (GNK) behind, venturing into a world and industry that has significantly transformed public shipowners in the dry bulk sector. However, it seems that the current freight market, which has been generally profitable since the fall of 2020, may continue to flourish. Throughout the years, CFO Apostolos Zafolias has weathered various market cycles, including a global financial crisis, a pre-packaged bankruptcy reorganization, a major recapitalization, and the disruptive impact of the pandemic. New York-listed shipowner and operator Genco Shipping & Trading’s (GNK) CEO, John Wobensmith, pondered the unique opportunities within the shipping industry for individuals to join with minimal knowledge and rise to such high positions. Like other participants in the dry bulk IPO (initial public offering) class of 2005, Genco Shipping & Trading (GNK) experienced initial success and rapid growth, only to face a downturn during the spring of 2008 due to the global financial meltdown. Eventually, Genco Shipping & Trading (GNK) underwent a pre-packaged Chapter 11 reorganization from April to July 2014, reemerging with new shareholders and board members from the private-equity sector. After fulfilling roles such as financial analyst, financial associate, and assistant vice president, Apostolos Zafolias assumed the position of CFO (chief financial officer) in December 2014. Apostolos Zafolias, along with Allen and John Wobensmith, possesses the prestigious designation of the chartered financial analyst (CFA). John Wobensmith, a career banker before joining Genco, acknowledged the challenging circumstances during that time, characterized by a dynamic board and an intense workload involving extensive reports and analysis. Despite the fresh start, the market experienced another downturn, compelling New York-listed shipowner and operator Genco Shipping & Trading (GNK) to pursue a recapitalization in 2016. John Wobensmith credited the strong relationships the Genco Shipping & Trading (GNK) had cultivated with its lenders for successfully navigating this difficult period. These relationships proved invaluable in restructuring credit facilities and achieving the desired recapitalization outcome. The market gradually improved after this setback, and 2018 emerged as a significant year for Genco Shipping & Trading (GNK). Genco Shipping & Trading (GNK) completed a debt refinancing, conducted an equity raise, and acquired six new ships. Nevertheless, additional challenges emerged, such as the Vale dam collapse at the beginning of what was expected to be a strong 2019, followed by the unprecedented shock of the pandemic in H1 2020. Uncertainty loomed throughout the pandemic’s impact on global demand. Nevertheless, New York-listed shipowner and operator Genco Shipping & Trading (GNK) swiftly established a $25 million revolving credit facility, despite possessing a relatively robust balance sheet. CFO Apostolos Zafolias reflected on the difficulties encountered during this process, highlighting the banks’ exposure to industries severely affected by the pandemic, such as airlines and cruise lines. Nevertheless, Genco Shipping & Trading’s (GNK) reputation and relationships played a pivotal role in securing the necessary financing. Genco Shipping & Trading (GNK) has experienced a period of prosperity, utilizing its strong cash flow from operations to reduce debt, lower operating break-even points, and reward shareholders with an enhanced dividend, all in accordance with its strategic plan. CFO Apostolos Zafolias emphasized that Genco Shipping & Trading (GNK) has delivered on its commitments to investors, building credibility in the market and fostering positive relationships with equity analysts and shareholders alike. This position of strength has made CFO Apostolos Zafolias’ departure from Genco Shipping & Trading (GNK) a more opportune time, although he remains discreet about the specifics of his new venture. CFO Apostolos Zafolias bids farewell to New York-listed shipowner and operator Genco Shipping & Trading (GNK), he carries with him a wealth of experiences, both rewarding and challenging. 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.
25-May-2023
Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) reported a net loss of $4.19 million for Q1 2023 which is fuelled by seasonal weakness in the capesize market. Stamatis Tsantanis-led pure capesize shipowner and operator Seanergy Maritime (SHIP) is still optimistic about what the company views as a strengthening sector. The capesize bulk carrier spot market has fallen by a third in the past two weeks, nevertheless, to under $15,000 per day. Recently, Seanergy Maritime (SHIP) found $15 million in new liquidity by refinancing three (3) capesize bulk carriers. Seanergy Maritime (SHIP) reported a net loss of $3.67 million for Q1 2022. Currently, Seanergy Maritime (SHIP) owns and operates 16 capesize bulk carriers.
25-May-2023
Clarksons Securities acknowledges Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) shares could spike as the stage is set for a dry cargo market to upcycle. Clarksons Securities expressed bulk carrier shipowners’ stocks resume to have a challenging time, with the dry bulk sector now trading at a 30% discount to net asset value (NAV) on average. The significant ship supply problem drives New York-listed shipowner and operator Star Bulk Carriers (SBLK) a substantial investment case. Currently, Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 129 vessels.
25-May-2023
Singapore-based shipowner and operator Swire Bulk Pte. Ltd. prepares to close London office. Swire Bulk Pte. Ltd. looks to consolidate the company’s European operations. Swire Bulk Pte. Ltd. is considering the future of the company’s European and Australian headquarters. CEO Peter Norberg-led shipowner and operator Swire Bulk Pte. Ltd. is shutting the company’s London office and driving staff there redundant. Swire Bulk Pte. Ltd. has approximately fourteen chartering employees in London concentrating on handysize and supramax bulk carriers in the Atlantic basin. These operations will be conducted in future from Hamburg and Miami offices. Swire Bulk was established in 2012 as the dry bulk trading division of China Navigation (CNCo). Swire Shipping is the wholly owned, deep-sea ship-owning and operating arm of John Swire & Sons Limited and is the oldest ship-operating entity of the Swire Group. Swire Shipping was established as The China Navigation Company (CNCo) in 1872.
10-May-2023
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime took a Japanese-built panamax on a bareboat charter with a purchase option attached. Stamatis Tsantanis-led Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) spin-off United Maritime bareboat chartered 78K DWT panamax bulk carrier with a purchase option. This is the second bareboat deal in three months. Stamatis Tsantanis-led United Maritime was established in July 2022 after spinning off from Seanergy Maritime. United Maritime is cultivating a keen interest in broadening its bulker footprint through an innovative approach. This strategic shift underscores the company’s transition towards bulker vessels and departure from tankers. In fact, United Maritime made a highly profitable sale of three tankers last year, taking advantage of the soaring secondhand prices for such vessels. Prior to this, United Maritime secured a trio of bulker vessels through transactions worth a staggering $60 million.
9-May-2023
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships , a company that owns a fleet of supramax and ultramax bulk carriers, has been able to maintain its financial stability in the Q1 through profitable time-charter contracts. Despite weak freight markets, the Belships' average daily vessel earnings were twice the average Baltic Supramax Index during this period. Belships has also distributed dividends to shareholders and reduced the company's debt with the help of these contracts. The company has paid out 73% of its net profits to shareholders for the first quarter, which is 3% more than the previous quarter. Oslo Stock Exchange-listed Norwegian shipowner and operator Belships' net profit for the Q1 amounted to $27.8 million, which was mainly due to the profitable forward cover for its fleet. Currently, Oslo-listed shipowner and operator Belships owns 35 supramax and ultramax bulkers, including newbuildings.
9-May-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) has emerged as the potential buyer of a pair of 5,900 TEU conatiner ships at Qingdao Yangfan Shipyard in northeast China. Currently, It is estimated that the cost of 5,900 TEU conatiner ship will range between $60 million and $65 million. In March 2022, Danaos Corporation (DAC) placed an order for two 7,100 TEU conatiner ships, which are methanol-ready, from Dalian Shipbuilding Industry Company. The deal also included options for an additional two conatiner ships. John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) currently holds the position of the sixth largest provider of container ship tonnage globally. Danaos Corporation (DAC) fleet, including ships on order, totals over 460,000 slots.
9-May-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) chartered out 2015 built capesize bulk carrier 179K DWT MV Santa Barbara to Hong Kong-based ship operator Smart Gain Shipping for $21,250 per day for at least 18 months. Hong Kong-based ship operator Smart Gain Shipping charter deal commenced on Sunday and will last until October 2024. This is the second-period employment deal for Diana Shipping (DSX) in a week. Currently, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) owns and operates 42 bulk carriers.
9-May-2023
Thai-listed shipowner and operator Precious Shipping displays a bullish stance despite witnessing a sharp decline in profits, which is primarily attributed to lower rates and increased costs. Nevertheless, Khalid Hashim-led shipowner and operator Precious Shipping remains optimistic about the supramax segment’s prospects, owing to its high versatility and low order book. Despite the Thai-listed shipowner and operator Precious Shipping’s net profit plummeting by 93.8% year on year, CEO Khalid Hashim continues to maintain a positive outlook towards this particular sector. Bangkok-based Precious Shipping recently released the company’s Q1 earnings, which amounted to $2.36 million. It is noteworthy that despite experiencing a weak fourth quarter, Precious Shipping achieved a record profit in 2022. The drop in earnings from the $38 million earned during the same quarter in 2022 is primarily attributed to the low freight rates and higher operating costs in handy and supramax sectors. Currently, Thailand-based shipowner and operator Precious Shipping has a fleet of 38 bulk carriers.
8-May-2023
New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel has noted a promising uptick in the supramax bulker sector, driven by increased demand for grain and coal. However, progress in the supramax sector is likely to be gradual and measured, as evidenced by the slow but steady pace of improvement thus far. Despite this, the shipping market’s upward trend has been supported by a very low new-building order book and limited supply. Baltic Exchange Supramax 10TC has fallen from its peak of $14,700 per day in late March to $12,500 per day as of Friday, though this is still a significant increase from the mid-February bottom of $7,000 per day. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 51 bulk carriers.
7-May-2023
Athens-based ship operator Aquavita International S.A. chartered in 2013 built post-panamax bulk carrier 87K DWT MV Phaidra from Athens-based New York-listed shipowner and operator Diana Shipping (DSX) at a daily rate of $12,250. The charter, which began on May 9, will see the 2013 built post-panamax bulk carrier 87K DWT MV Phaidra employed from September 1, 2024, to November 15, 2024. Currently, New York-listed shipowner and operator Diana Shipping (DSX) maintains a fleet of 42 bulk carriers.
7-May-2023
Istanbul-based Beks Shipping (Beks Ship Management and Trading) demonstrates an insatiable appetite for acquiring vintage tanker tonnage. Recent data has revealed that Istanbul-based Beks Shipping (Beks Ship Management and Trading) has purchased a number of older tanker vessels. The Bekmezci family has made their second consecutive acquisition, adding the exquisite LR-class vessel named MT Sauger to their fleet. This Samsung-built MT Sauger boasts a capacity of 72,000 deadweight tons (DWT) and was acquired for just under $18.5 million from Prima Marine, a shipowner based in Athens. Remarkably, this marks the second transaction within a month between Beks Shipping (Beks Ship Management and Trading) and a Greek counterpart. Continuing its impressive growth trajectory, Beks Shipping (Beks Ship Management and Trading), the fastest-growing shipowner in Turkey, recently procured the MT Energy Champion vessel. MT Energy Champion, built by STX, closely resembles the previously acquired ship in terms of age and size. The transaction, which amounted to just under $20 million, involved the sale of the MT Energy Champion by Victor Restis, another Greek shipowner, and his esteemed Enterprises Shipping and Trading. With a fleet comprising 38 remarkable vessels, Beks Shipping (Beks Ship Management and Trading), boasts a staggering valuation of $779 million.
7-May-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has penned an agreement for four (4) VLACs (Very Large Ammonia Carriers) with Jiangnan Shipbuilding. These 93,000 cubic meters vessels represent the inaugural VLACs (Very Large Ammonia Carriers) commissioned in China. These 230-meter long LPG dual-fueled marvels are capable of conveying ammonia, as well as other liquefied petroleum gases, encompassing propane and butane. This recent acquisition further cements Jiangnan Shipbuilding’s predominant stature in the realm of VLACs (Very Large Ammonia Carriers), with the Jiangnan Shipbuilding boasting about a quarter of the worldwide market share for this particular vessel classification.
4-May-2023
COSCO, the Chinese state-owned behemoth, has successfully sold a distinguished vintage capesize bulk carrier to Lila Global, the shipowning division of GMS (Global Marketing Systems), a renowned recycler based in Dubai. Back in mid-March, COSCO made an initial attempt to sell 2006 built capesize bulk carrier MV CHS Splendor. At that time, the price tag stood at $17.5 million. Consequently, 2006 built capesize bulk carrier MV CHS Splendor has now been sold for $16.3 million. In another noteworthy transaction in March, COSCO parted ways with yet another similar vintage capesize bulk carrier. The fortunate buyer, Jiangsu Steamship, a prominent collector of vintage capesize bulk carriers in China, demonstrated great interest by tendering an offer of $17 million for the MV CHS Creation.
1-May-2023
Castor Maritime, a shipowner and operator based in Limassol and listed on Nasdaq, as well as Top Ships, have been warned by Nasdaq due to their low share prices. The two companies will attempt to raise their share prices in order to meet Nasdaq’s listing requirements. Both companies received notification within a day of each other stating that their stocks have been trading below the minimum requirement of $1 for 30 consecutive days. The shipowners have a 180-day grace period to rectify the situation. Top Ships, which owns a fleet of tankers, has stated that it can fix the issue if its stock trades above $1 for at least 10 consecutive days during that period. Castor Maritime, on the other hand, owns and operates 18 bulk carriers and two container ships.
1-May-2023
Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, appointed Vasiliki Plousaki as CFO (Chief Financial Officer) and Margarita Venio as corporate secretary. OceanPal has recently made two executive appointments that will result in a significant rarity in the shipping industry - a predominantly female C-suite. This is a remarkable achievement for a company chaired by the distinguished female leader of shipping, Semiramis Paliou. Vasiliki Plousaki has been appointed as the CFO (Chief Financial Officer), bringing her exceptional financial expertise to OceanPal’s executive team. Alongside Vasiliki Plousaki, Margarita Venio has been named the Company Secretary, in addition to her current role as the Chief Corporate Development and Governance Officer. These appointments are a testament to OceanPal’s commitment to gender diversity in leadership roles and serve as an inspiration for other companies to follow suit. In October 2021, Diana Shipping (DSX) spun off three (3) of its vintage bulk carriers into a separately listed company named OceanPal. Currently, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) owns and operates 42 bulk carriers.
1-May-2023
Qingdao-based shipowner and operator Seacon Shipping Group Ltd ordered two (2) handysize bulk carrier new buildings for around $63 million at Tsuneishi Shipbuilding. Hong Kong Stock Exchange-listed Chinese shipowner and operator Seacon Shipping Group Ltd will take the delivery of two (2) 42K DWT handysize bulk carrier new buildings in 2025. Seacon Shipping Group Ltd has declared through an official statement made to the Hong Kong Stock Exchange, its intention to procure vessels from a Japanese shipbuilder. The said vessels will be purchased for a grand sum of $31.6 million each. Payment will be spread over four instalments, including a final heavy payment of $19m per ship on delivery. Qingdao-based shipowner and operator Seacon Shipping Group Ltd said it would fund the investment through internal resources and external financing. Currently, Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages around 112 ships.