30-November-2023
Andreas Sohmen-Pao’s BW Group is indeed positioned to potentially delist another one of its companies in Oslo. This follows the parent company’s recent move to launch a mandatory offer for its oil subsidiary, BW Energy, after acquiring a significant shareholding in the company. A recent stock exchange filing disclosed that BW Group purchased 250,000 shares in BW Energy, an oil exploration and production company, for approximately $558,000 on Wednesday. This acquisition has brought BW Group’s ownership in BW Energy to the 40% threshold, a level at which Norwegian regulations require a mandatory takeover offer to be made. Given this development, there is a rising possibility that BW Energy might be the next BW Group company to be delisted from the Oslo stock exchange. This scenario aligns with BW Group’s strategy and its history of similar corporate actions. Andreas Sohmen-Pao’s leadership in these strategic maneuvers highlights the group’s ongoing efforts to consolidate its investments and streamline its portfolio.
30-November-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is optimistic about a successful sale of its 2005 built panamax bulk carrier 76K DWT MV Magic Moon, following an earlier deal that fell through. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) has managed to secure a new buyer for the MV Magic Moon, two months after the initial sale did not materialize. The Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has confirmed that 2005 built panamax bulk carrier 76K DWT MV Magic Moon has been sold for around $11.8 million. The delivery of the MV Magic Moon to the new, yet undisclosed, shipowner is anticipated by the Q4 2023. This recent development represents a second attempt by Castor Maritime (CTRM) to offload the MV Magic Moon, with the hope that this transaction will be completed successfully, albeit at a lower profit than initially expected. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is looking forward to finalizing this sale, marking a significant transaction in their fleet management and business operations.
30-November-2023
Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited, a company listed in Oslo and Hong Kong, is actively upgrading its fleet by offloading older supramax bulk carriers. This move comes as part of the Jinhui Shipping and Transportation Limited’s strategy to manage the impact of weak market conditions on its financial performance, particularly noted in the Q3 2023. Hong Kong-based shipowner and operator Jinhui Shipping and Transportation Limited is focused on finding the right balance between the additional maintenance costs associated with aging vessels and their potential for revenue generation. In line with this approach, Jinhui Shipping and Transportation Limited has recently completed the sale of another one of its older supramax bulk carriers, as part of its efforts to rejuvenate the age profile of its fleet. 2006 built supramax bulk carrier 52K DWT MV Jin Quan has been sold to another shipowner based in Hong Kong for approximately $9.5 million. The Hong Kong-flagged MV Jin Quan is scheduled for handover to its new owner by the end of January 2024. This sale is a clear indication of Jinhui Shipping and Transportation Limited’s commitment to optimizing its fleet amid changing market dynamics.
30-November-2023
Lomar Shipping, a subsidiary of the Libra Group and a diversified UK-based shipowner, has recently boosted its fleet expansion efforts by securing capital with Neptune Maritime Leasing. This collaboration, involving Jersey-based Neptune Maritime Leasing, covers five ships, although the financial specifics of the deal remain undisclosed. Under the leadership of Nicholas Georgiou, Lomar Shipping is actively diversifying its portfolio, increasingly focusing on the dry bulk and chemical tanker sectors, moving away from its traditional emphasis on containerships. A recent addition to Lomar’s fleet through this partnership is the 2010-built supramax MV Manila Trader. Lomar Shipping and Neptune Maritime Leasing has been active throughout 2023, encompassing transactions involving several vessels, including MV Athens Trader, MV Oslo Trader, MV Rome Trader, and MV Lima Trader. Neptune Maritime Leasing, established in 2021 by experienced financier Harris Antoniou and supported by the Lastis family as a primary investor, has been growing its presence in the maritime leasing sector. In March of this year, Greek container ship and bulk carrier owner Costamare joined as a significant investor, contributing up to $200 million. Neptune Maritime Leasing also benefits from the expertise of Lars Solbakken, the former CEO of sale and leaseback specialist Ocean Yield, who serves as an advisor. This growing network and influx of capital signify Neptune Maritime Leasing’s increasing influence and capability in the maritime finance landscape.
29-November-2023
Tor Olav Troim-backed 2020 Bulkers has recently shifted four (4) of its newcastlemax bulk carriers from index-linked charters to fixed-rate hires. This Oslo-listed 2020 Bulkers has set fixed rates for the 2019 built newcastlemax bulk carrier MV Bulk Sandefjord and the 2020 built newcastlemax bulk carrier MV Bulk Shenzhen, MV Bulk Sydney, and MV Bulk Santos, covering the period from December 2023 to the end of March 2024, including the benefits from their equipped scrubbers. In detail, three (3) of these newcastlemax bulk carriers have been fixed for the period between December 2023 and March 2024 at daily rates of $20,841 and $19,177, respectively. Additionally, all four (4) newcastlemax bulk carriers will earn a fixed daily rate of $19,831 in January and February. Magnus Halvorsen, the chairman of Norwegian shipowner and operator 2020 Bulkers, stated that 2020 Bulkers has successfully secured 45% of its available ship days for the first quarter of 2024 at an average rate of $19,650 per day. This rate includes the additional earnings from scrubber benefits and is notably higher than 2020 Bulkers’ current cash breakeven point, estimated at $16,400 per day. Magnus Halvorsen highlighted that the Q1 2023 is usually a slower season in the capesize market. Given the positive supply and demand outlook for the remainder of 2024, 2020 Bulkers plans to maintain a substantial exposure to the spot market for the rest of the year. Tor Olav Troim-backed 2020 Bulkers owns a fleet of eight (8) scrubber-fitted newcastlemax bulk carriers. Notably, three (3) of the newcastlemax bulk carriers involved in these fixed-rate deals are under charter with Koch Shipping, a Singapore-based firm, until the end of 2026, with options to extend for an additional 12 months.
29-November-2023
London-listed shipbroker Braemar Shipping Services, under the leadership of CEO James Gundy, is maintaining its goal to double its profit by 2025, even after experiencing a decline in profits over a six-month period. Despite a decrease in freight rates in certain sectors, the UK-based shipbroker states that its 2022 acquisitions have significantly compensated for these dips. London-listed shipbroker Braemar Shipping Services, which is listed on the London Stock Exchange, reports that it is still on track to meet its profit objectives, despite a drop in its interim earnings. For the six-month period ending on August 31, Braemar Shipping Services’ net profit fell to $1.99 million, based on the current exchange rate), down from $10.71 million in the previous year. However, Braemar Shipping Services has also reported an increase in revenue, which reached $93.25 million.
29-November-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has finalized the sale of its 2005-built panamax bulk carrier 76K DWT MV Magic Moon. This Nasdaq-listed Castor Maritime (CTRM) disclosed that the agreement for the sale was made earlier this month with an unrelated third party, at a price of $11.8 million. The transfer of MV Magic Moon to its new shipowner is scheduled to occur by the end of the Q4 2023. From this transaction, Petros Panagiotidis-led shipowner Castor Maritime (CTRM) anticipates a net gain of around $3 million in the Q4 2023, which excludes any costs related to the transaction. This sale marks the second attempt this year to offload MV Magic Moon. Initially, in April 2023, Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) had agreed to sell the MV Magic Moon for around $13.9 million, with delivery planned during the Q3 2023. However, this deal was canceled in late September 2023 due to the buyer’s failure to take delivery. Additionally, Castor Maritime (CTRM) has successfully completed the sale of another bulk carrier, the 2008-built panamax bulk carrier MV Magic Phoenix, for around $14 million. MV Magic Phoenix has already been delivered to its new owner. Despite the successful transaction, Castor Maritime (CTRM) is expecting to record a net loss of approximately $2.6 million from the sale of MV Magic Phoenix, also excluding transaction-related expenses.
29-November-2023
Clarksons, a leading UK shipbroking firm, has recently expanded its global presence by establishing a new dry bulk operation in Brazil. This strategic move involved recruiting a team of four experienced shipbrokers from Leme Chartering, a domestic brokerage firm. The team, led by Manoel Soares, has joined London-based the world’s biggest shipbroker Clarksons in Rio de Janeiro, signaling a significant step in the Clarksons’ efforts to broaden its international reach. The London-listed Clarksons highlighted the significance of this acquisition, emphasizing the experience and expertise brought by Manoel Soares and his team. This expansion into Brazil aligns with Clarksons’ objective to enhance the scope of its dry cargo division, demonstrating a commitment to increasing its influence and capabilities in key maritime markets around the world.
29-November-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) is actively advancing its fleet renewal strategy. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) recently confirmed the acquisition of two (2) modern capesize bulk carriers and the sale of an older capesize bulk carrier. Genco Shipping & Trading (GNK) has acquired the 2016 built capesize bulk carrier MV Genco Reliance and the 2016 built capesize bulk carrier MV Genco Ranger, investing approximately $86 million for the pair. MV Genco Reliance, equipped with a scrubber, was constructed by Shanghai Waigaoqiao Shipbuilding and was previously associated with ArcelorMittal’s shipping division. New York-listed shipowner and operator Genco Shipping & Trading (GNK) emphasized that these new capesize bulk carriers will integrate smoothly into the company’s existing commercial operations. Genco Shipping & Trading (GNK) noted that these acquisitions not only rejuvenate the fleet’s average age but also boost the firm’s earning potential in line with positive long-term market forecasts. Genco Shipping & Trading (GNK) highlighted the high specifications of these capesize bulk carriers, which align with the company’s goal to enhance operational efficiency and reduce its carbon footprint. In parallel, Genco Shipping & Trading (GNK) has also arranged to sell its 2009-built capesize carrier 169K DWT MV Genco Commodus for around $19.5 million. MV Genco Commodus is scheduled for delivery to an undisclosed buyer in January 2024. MV Genco Commodus’ sale is expected to result in savings on drydocking expenses. Looking ahead, Manhattan-based shipowner and operator Genco Shipping & Trading (GNK) plans to continue exploring market opportunities for buying and selling bulk carriers. Genco Shipping & Trading (GNK) aims to maintain a focus on rewarding shareholders, reducing debt, and pursuing further growth opportunities. Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, has its fleet managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading’s (GNK) fleet comprises a total of 45 bulk carriers, including supramax, ultramax, and capesize bulk carriers.
29-November-2023
Reports from South Korea indicate that the competition to acquire Hyundai Merchant Marine (HMM), the nation’s premier shipping line, has narrowed down to two contenders, following the withdrawal of LX Group from the bidding process. The sale orchestrated by South Korean shipowner and operator Hyundai Merchant Marine’s (HMM) creditors, including the Korea Development Bank and Korea Ocean Business Corp, involves a substantial 58% stake in the company. However, concerns are rising due to the steep asking price, potentially up to $6.2 billion, which could jeopardize the sale’s success. Competing for the acquisition are Harim Group, which oversees Korean Line Pan Ocean, in partnership with a local private equity firm, and Dongwon Group, a conglomerate with interests in seafood and logistics. An announcement of the preferred bidder is expected within this month, as the state creditors are eager to finalize the sale by 2023’s end. Hyundai Merchant Marine (HMM), South Korea’s largest shipping company, boasts a diverse fleet that includes 88 container ships, five (5) bulk carriers, ten (10) tankers, and four (4) heavy lift ships, with three PCTCs currently under construction. South Korean shipowner and operator Hyundai Merchant Marine (HMM) has been under state management since 2016, following severe financial challenges similar to those that led to the bankruptcy of Hanjin Shipping. This sale of South Korean shipowner and operator is part of a larger trend, with several Korean shipping companies being put on the market this year.
29-November-2023
Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited, a company listed in Oslo and Hong Kong, has recently agreed to sell another one of its older supramax bulk carriers. The Chinese Jinhui Shipping and Transportation is in the process of selling the 2006 built supramax bulk carrier 52K DWT MV Jin Quan to King Lucky Ocean, a Hong Kong-based firm, for approximately $9.6 million. MV Jin Quan, constructed by Tsuneishi Cebu, was acquired by Jinhui Shipping and Transportation in 2021 for $9.3 million from the Atehns-based shipowner and operator Unisea Shipping, where it was previously named MV Makiki. The transfer of ownership is scheduled for December 2023. Earlier, in September 2023, Jinhui Shipping and Transportation sold their 2004-built supramax bulk carrier MV Jin Feng to ETL Shipping, a Singaporean shipowner and operator, for about $8.1 million. Simultaneously, Jinhui Shipping and Transportation Limited acquired the 2014-built ultramax bulk carrier MV Hanton Trader III for around $20.4 million. Following these transactions, Jinhui Shipping and Transportation Limited’s fleet now comprises 25 bulk carriers, with 24 owned outright and one chartered.
29-November-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently signed a time charter agreement with Tokyo Stock Exchange-listed Yukikazu Myochin-led shipowner and operator K Line (Kawasaki Kisen Kaisha) subsidiary K Line Bulk for one of its capesize bulk carriers. Under this contract, Japanese shipowner and operator K Line Bulk will charter the 2015 built capesize bulk carrier 180K DWT MV New Orleans. K Line (Kawasaki Kisen Kaisha) subsidiary K Line Bulk will pay a gross charter rate $20,000 per day, and the charter period extends from a minimum of August 15, 2025, to a maximum of October 31, 2025. The charter for the 2015 built capesize bulk carrier 180K DWT MV New Orleans is set to commence on December 7, 2023. During the minimum scheduled period of the time charter, K Line’s (Kawasaki Kisen Kaisha) subsidiary K Line Bulk is expected to pay roughly $12.16 million. Following the finalized sale of the 2007-built MV Boston, Diana Shipping’s (DSX) fleet will encompass 40 dry bulk bulk carriers. This diverse fleet includes four (4) newcastlemax bulk carriers, nine (9) capesize bulk carriers, five (5) post-panamax bulk carriers, six (6) kamsarmax bulk carriers, seven (7) panamax bulk carriers, and nine (9) ultramax bulk carriers.
29-November-2023
The Swedish handysize bulk carrier MV Barbro G has been successfully refloated in the Detroit River in Michigan, as confirmed by the U.S. Coast Guard. 2010 built handysize bulk carrier 30K DWT MV Barbro G had previously run aground outside the Belle Isle Anchorage on Monday. Currently, the MV Barbro G is set to undergo an inspection by its classification society to determine whether it is in a suitable condition to continue its voyage to Italy. MV Barbro G, which is managed by Sweden’s Olof Brodin Chartering, was carrying a substantial cargo of 21,000 tons of wheat at the time of the incident. The successful refloating of MV Barbro G marks an important step in addressing this maritime incident and ensuring the MV Barbro G’s safety for its onward journey. The outcome of the upcoming inspection will be crucial in deciding the next steps for the MV Barbro G and its cargo.
29-November-2023
Michael Tusiani, the Chairman Emeritus of Poten & Partners, has been honored with the Connecticut Maritime Association’s (CMA) prestigious Commodore Award. Recognized for Michael Tusian’s influential role in leading the brokerage firm into new business areas, Michael Tusian will be officially receiving the award’s symbolic bicorn hat in March 2024, presented by the current co-commodores Paolo and Cesare d’Amico of d’Amico Societa di Navigazione. This recognition by the Connecticut Maritime Association (CMA) is notable, as the award is typically given to shipowners, with few recipients being primarily known for their work in shipbroking. Michael Tusiani’s selection underscores his significant contributions to the New York maritime industry. Michael Tusian is celebrated for expanding Poten & Partners beyond its traditional tanker operations, building robust relationships with major shipowners, and his notable input in industry thought leadership. Michael Tusian began his maritime career as an economist for Naess Shipping and joined Poten & Partners in 1973. Over the years, Michael Tusian played a pivotal role in diversifying the Poten & Partners’ operations. By 1983, Tusiani not only became the owner of Poten & Partners but also took on the roles of Chairman and Chief Executive. Michael Tusian sold Poten & Partners to its employees in 2007 but continued leading it until 2016.
29-November-2023
Nasdaq-listed Athens-based shipowner and operator Pyxis Tankers (PXS) has recently finalized an agreement to acquire a 2015 built kamsarmax bulk carrier 82K DWT from an independent third party. The kamsarmax bulk carrier was constructed by Jiangsu New Yangzi Shipbuilding, is equipped with both a BWTS (ballast water treatment system) and a scrubber, and has been priced at $26.6 million. The specific details about the seller and the vessel itself were not disclosed by Valentios Valentis-led shipowner and operator Pyxis Tankers (PXS). Pyxis Tankers (PXS) plans to finance this acquisition through a combination of bank debt and cash. The completion of this purchase, which is contingent on standard closing conditions, is expected by Q1 2024. Previously focused solely on product tankers, Athens-based shipowner and operator Pyxis Tankers (PXS) expanded into the dry bulk sector in a joint venture with its chairman and chief executive, Valentios Valentis. This strategic shift occurred over the summer and marked a new direction for the Pyxis Tankers (PXS). Following this, Pyxis Tankers (PXS) procured a 2016 built ultramax bulk carrier 63K DWT, fitted with a scrubber, for approximately $28.5 million. In this joint venture, Pyxis Tankers (PXS) holds a majority stake of 60%, with Valentios Valentis owning the remaining 40%.
28-November-2023
London-listed shipbroker Braemar Shipping Services, under the guidance of Tris Simmonds, is employing a strategic profit-focused approach for its future acquisitions. Braemar Shipping Services emphasizes the importance of how swiftly new acquisitions can enhance its bottom line. This strategy has proved successful, as recent acquisitions have not only met but also exceeded Braemar Shipping Services’ highest expectations. As a London-listed shipbroker, Braemar Shipping Services adheres to a rigorous process when evaluating potential acquisition opportunities. This methodical approach has been validated in the past year, demonstrated by the company’s successful integration of new businesses. These include the acquisition of the Florida-based tanker brokerage Southport Maritime and the addition of two new operational desks. One notable expansion is the establishment of a new Madrid tanker operation, which involves collaboration with Medco Brokers. Braemar Shipping Services’ focused and calculated strategy in selecting and integrating new businesses has contributed significantly to its growth and performance, showcasing its commitment to enhancing shareholder value and strengthening its market position.
28-November-2023
Hong Kong Maritime Week is set to host one of its most anticipated social events at the Four Seasons Hotel, celebrating the annual cocktails of The Caravel Group. This year’s event is particularly special as it marks the tenth anniversary of the company, founded by Harry Banga, a renowned figure in Hong Kong’s shipping and commodities sector. Harry Banga, who previously worked alongside Richard Elman at Noble Group, ventured into his own business in late 2013, establishing Caravel Group initially as a commodities group. He also brought Fleet Management from Noble Group into his new venture. Now, a decade later, Harry Banga, at 73, leads a multi-billion dollar conglomerate, navigating through a global economy that has shifted dramatically from globalization to more protectionist tendencies in major economies. In a recent exclusive interview with Maritime CEO, a publication Banga supported from its inception, he acknowledged the challenges posed by these global economic shifts. Despite the geopolitical uncertainties, he remains optimistic about the economic growth and sustained demand for commodities in the coming year. This optimism is also shared for Fleet Management, the ship management arm of the group, which is set to celebrate its 30th anniversary under the leadership of Kishore Rajvanshy, a long-term colleague and friend of Banga. Adding to the list of achievements, Harry Banga’s son, Angad, was recently elected as the new chairman of the Hong Kong Shipowners Association (HKSOA). Harry Banga, a veteran in the shipping industry with a Master Mariner certification since 1976, remains steadfast in his belief in Hong Kong’s future as a significant maritime hub. He emphasizes the need for an adaptive approach in the maritime industry, especially in preparing seafarers for future challenges, acknowledging the inherent uncertainties and risks of the sector.
27-November-2023
London-based the world’s biggest shipbroker Clarksons’ research arm Clarksons Research has observed that Chinese shipyards are currently leading in securing the most orders, a trend that is contributing to the maintenance of high newbuilding prices. This situation is largely attributed to the increasing size of orderbooks and the ongoing consolidation of shipyards. According to Clarksons Research, the concept of “forward cover” at shipyards, which refers to the extent of future capacity already booked, has reached its highest point since August 2009. This was a period when shipowners were placing significant orders for new ships prior to the financial crash. The current level of forward cover is only surpassed by the boom experienced in 2009, indicating a robust demand and a healthy backlog for shipbuilders, particularly in China. This high demand, coupled with the consolidation in the shipbuilding industry, is a key factor in keeping the prices of new shipbuilding projects elevated.
27-November-2023
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has announced in its Q3 2023 financial report the sale of its sole supramax bulk carrier. Interim CEO Lars-Christian Svensen-led John Fredriksen-backed Golden Ocean Group (GOGL) disclosed that it initially acquired a supramax bulk carrier on charter, and then proceeded to sell it for around $21.5 million. The 2015-built supramax bulk carrier 58K DWT MV Golden Hawk was chartered long-term from Doun Kisen of Japan. Oslo and Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL) exercised a purchase option on MV Golden Hawk, paying $15.3 million for full ownership before selling it, expected to yield about $6 million in cash after its transfer to an unnamed new owner in the Q4 2023. With over 90 ships in its fleet, Golden Ocean Group (GOGL) reported a net profit of $27.8 million in Q3 2023, a decrease from $34.9 million in Q2 2023. Additionally, Golden Ocean Group (GOGL) completed the sale of a panamax bulk carrier, likely the 2011-built MV Polar Lady (ex MV Golden Suek), realizing a profit of approximately $0.8 million and net cash proceeds of $7.2 million. Reports from shipbrokers also indicate that Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) recently sold the 2012-built panamax bulk carrier MV Golden Bull for about $16 million.
27-November-2023
ICBC Financial Leasing, a Chinese leasing company, has commissioned the construction of a kamsarmax bulk carrier from Chengxi Shipyard, also based in China. The vessel, with a deadweight tonnage (DWT) of 82,000, is scheduled for delivery in 2026 from the yard affiliated with China State Shipbuilding Corporation (CSSC). Chengxi Shipyard has recently been quite active, securing over 30 contracts for newbuilds. These contracts include multiple kamsarmax bulk carriers, attracting interest from several Chinese entities like Agricore Shipping and Huaxia Financial Leasing. While the exact cost of ICBC Financial Leasing’s latest order remains undisclosed, shipbrokers are currently estimating a value of over $35 million for similar newbuild tonnage in China. In addition to this new order, ICBC Financial Leasing is managing nine other shipbuilding projects across domestic yards. This includes a significant focus on kamsarmax vessels, with five such carriers being constructed at COSCO Shipping Heavy Industry’s yard in Yangzhou. This flurry of activity underscores ICBC Financial Leasing’s substantial investment in expanding and modernizing its fleet, particularly in the kamsarmax segment.
27-November-2023
New York-listed shipowner and operator Safe Bulkers (SB) has finalized the sale of an eight-year-old kamsarmax bulker. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) disposed of the 2015-built kamsarmax bulk carrier 82K DWT MV Pedhoulas Cherry for around $26.5 million, with an anticipated handover in Q1 2024. According to Loukas Barmparis, president of Safe Bulkers (SB), this profitable sale coincides with the reception of their phase 3 newbuilds. Limassol and Athens-based shipowner and operator Safe Bulkers’ (SB) future plans include the addition of seven (7) more phase 3 newbuilds to its fleet. Notably, two (2) of these upcoming bulk carriers are equipped with methanol dual fuel capabilities. The delivery schedule for these bulk carriers is spread across the next few years, with three arriving in 2024, two in 2025, one in 2026, and the last one in 2027. Loukas Barmparis highlighted that this expansion aims to create one of the most environmentally efficient dry bulk fleets in the industry. Currently, New York-listed shipowner and operator Safe Bulkers (SB) has a fleet of 44 large bulk carriers.
27-November-2023
GC Rieber Shipping, an offshore wind vessel operation, is set to go private and will be delisted from the Oslo Stock Exchange. This move comes as the Rieber family of Norway successfully attained 98% ownership of the company, paving the way for the delisting. The transition to private ownership for GC Rieber Shipping marks the latest in a series of maritime operations withdrawing from the Oslo bourse. The Rieber family, through their holding company GC Rieber, initiated an offer earlier in November 2023 to acquire the remaining shares of the company. At the time, their stake was already significant at 77%. This successful acquisition by the Rieber family will lead to the company’s transition into a privately held entity, indicating a strategic shift in its operational and financial management. The delisting of GC Rieber Shipping from the Oslo Stock Exchange signifies a notable change in the landscape of publicly traded maritime companies in Norway.
27-November-2023
Over the weekend, an extensive search and rescue mission was initiated following the sinking of the MV Raptor, a Comoros-flagged cargo ship, amidst turbulent waters near Lesbos island, Greece. MV Raptor, carrying 14 crew members, went down 4.5 nautical miles southwest of Lesbos early Sunday. In response, a large-scale operation involving five cargo ships, three Greek coast guard vessels, along with air force and navy helicopters, and a navy frigate, was mobilized. Tragically, one crew member has been confirmed dead, twelve are missing, and one has been found alive. MV Raptor, a coaster bulk carrier built in 1984 and operated by Lebanon-based shipowner and operator Cedar Marine Services, encountered mechanical issues at 07:00 hrs local time. Shortly thereafter, a distress call was issued as the ship began to list and subsequently disappeared from radar. MV Raptor, which had left Egypt carrying a salt shipment bound for Istanbul, had a diverse crew from Egypt, Syria, and India. Meanwhile, many ships in various Greek regions were anchored due to strong winds reaching 9-10 on the Beaufort scale, equating to strong gale or storm force. The Hellenic National Meteorological Service escalated its weather alert from emergency to dangerous weather phenomena on Saturday, as Storm Oliver moved from the Adriatic Sea towards Greece.
24-November-2023
The Egypt-based National Navigation Company (NNC) has been identified as the buyer of a new ship sold earlier this month by Atlantska Plovidba, a shipowner and operator based in Croatia. Documents reveal that Atlantska Plovidba disposed of a kamsarmax newbuild set for delivery in early 2024. The 82K DWT kamsarmax bulk carrier, named MV Aplovrijenac, is among four bulk carriers Atlantska Plovidba has commissioned in China. The Zagreb-listed Atlantska Plovidba completed the sale of the MV Aplovrijenac, constructed by Jiangsu Hantong Ship Heavy Industry, for $37 million. National Navigation Company (NNC), headquartered in Cairo, maintains a fleet comprising 13 bulk carriers under the Egyptian flag and one containership. This acquisition marks National Navigation Company’s (NNC) first in several years.
22-November-2023
Italian shipowner and operator d’Amico International Shipping (DIS) has commenced trading on the OTCQX Best Market, the highest tier among the three over-the-counter trading platforms managed by OTC Markets Group. This marks an upgrade from its previous listing on the OTC Pink market. d’Amico International Shipping (DIS) stated that OTCQX offers U.S. investors a more transparent, liquid, and efficient trading option compared to the Pink market. By achieving Blue Sky compliance in 37 U.S. territories, it enables reverse solicitation and facilitates research distribution by brokers to U.S. investors in these states. This strategic move aims to enhance the company’s visibility among U.S. investors and provides them with a transparent and efficient platform for trading its stock. Paolo d’Amico, Chairman of d’Amico International Shipping (DIS), noted that U.S. investors will now have access to the same level of information and data as provided in European markets. As of September 30, d’Amico International Shipping (DIS) controlled a fleet of 36 product tankers ranging in size from about 36,000 to 75,000 deadweight tons (dwt). This development is considered a significant step forward for d’Amico International Shipping (DIS), as it is expected to help expand the company’s shareholder base within the world’s largest investment community. Increased liquidity of d’Amico International’s (DIS) stock is anticipated, which should, in turn, support the company’s share price and create value for its shareholders.
22-November-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) has reentered the secondhand ship market with its first purchase in several years. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) has acquired the 2016-built capesize bulk carrier, named MV Chow, which is equipped with scrubbers, from the South Korean company Sinokor for approximately $43 million. Additionally, there are reports linking Genco Shipping & Trading to the purchase of a sister ship named MV Comanche, also at a similar price point. Both MV Chow and MV Comanche were constructed at the Shanghai Waigaoqiao Shipbuilding yard. Genco Shipping & Trading is expected to divest a significant portion of its fleet in the upcoming months. This divestment strategy will involve selling their older capesize bulk carriers and a series of supramax bulk carriers. Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, has its fleet managed by Genco Ship Management LLC. Currently, Genco Shipping & Trading’s (GNK) fleet comprises a total of 44 bulk carriers, including supramax, ultramax, and capesize bulk carriers.
22-November-2023
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group’s (GOGL) interim chief executive, Lars-Christian Svensen is receptive to acquiring bulk carriers but has decided against further investments in new ship constructions. After selling their supramax bulk carrier, Oslo and Nasdaq-listed John Fredriksen-backed dry bulk shipping company Golden Ocean Group (GOGL) is directing its attention toward larger bulk carriers. The interim leader, Lars-Christian Svensen, has demonstrated a knack for arranging successful deals. This is evident in various intriguing transactions that have tapped into emerging demand areas, like transporting logs on a newcastlemax bulk carrier for the first time last year. Furthermore, Golden Ocean Group (GOGL) has proven its capability to not only profit from market conditions but also generate substantial gains through well-timed business agreements, which is highlighted in their recent performance.
22-November-2023
Mats Berglund, the former CEO of Hong Kong-based shipowner and operator Pacific Basin Shipping Limited, has reentered the company he previously led for a nine-year tenure. The current CEO, Martin Fruergaard, disclosed yesterday that Mats Berglund will assume a role as a non-executive director. Additionally, Alexandre Emery will be joining as an independent non-executive director. Mats Berglund served as the head of Pacific Basin from 2012 to 2021. Mats Berglund’s career history encompasses positions at Stena, Overseas Shipholding Group (OSG), and Chemoil Energy prior to his leadership at Hong Kong-based shipowner and operator Pacific Basin Shipping Limited.
22-November-2023
This weekend, a protest group known as Rising Tide is planning to orchestrate the largest peaceful civil disobedience demonstration for climate action ever seen in Australia, taking place at the world’s largest coal port in Newcastle. Thousands of individuals are expected to unite to blockade ships for a duration of 30 hours. The group’s statement emphasizes their demand for governments to cease permitting new coal projects and instead impose a 75% tax on profits from fossil fuel exports. The revenue generated from this tax would be allocated to support community and industrial transitions and address the impacts of climate change. In related news, Australian authorities reported on Wednesday that 23 individuals had been arrested during an unauthorized pro-Palestine protest targeting the Israeli liner company ZIM at Port Botany.
21-November-2023
London-listed shipbroker Braemar Shipping Services has resumed trading on the London Stock Exchange after a suspension that lasted over four months. The suspension was initiated on 3 July 2023 due to the Braemar Shipping Services missing a financial reporting deadline amid an internal investigation into legacy shipbroking deals. The investigation, which involved transactions from 2006 to 2013, resulted in Braemar Shipping Services recognizing a £2 million provision in its accounts, primarily related to unpaid legacy commissions from 2013 contracts. Additionally, non-recurring costs of around £2.5 million will be incurred in the current financial year related to the investigation. Despite the suspension, Braemar Shipping Services reported a significant increase in revenue and underlying operating profit for the financial year ending February 28.
21-November-2023
Commodity trading giant Bunge chartered in 2016 built ultramax bulk carrier 60K DWT MV DSI Andromeda from Athens-based New York-listed shipowner and operator Diana Shipping (DSX). Switzerland-incorporated the USA-headquartered Bunge will pay a gross charter rate of $13,500 per day for MV DSI Andromeda. The charter period is set to run from November 24, 2023, until at least February 20, 2025, with the possibility of an extension up to April 20, 2025. This charter agreement is expected to generate approximately $6.03 million in gross revenue for the minimum scheduled period. Following the completion of the previously announced sale of the MV Boston, Diana Shipping’s fleet will consist of 40 dry bulk carriers. Bunge is a global agribusiness and food company that is incorporated in Switzerland and headquartered in St. Louis, Missouri, United States. Bunge company has a diverse range of operations, including soybean exporting, food processing, grain trading, and fertilizer production. Bunge plays a significant role in the international agricultural and food industry, with a focus on various aspects of the agribusiness supply chain.
21-November-2023
Abu Dhabi Ports appears to be exploring a substantial acquisition worth $2 billion, involving the acquisition of PT Meratus Line, a shipowner and operator based in Surabaya. The expansion plan includes bolstering Abu Dhabi’s terminals and shipping capabilities. Reports suggest that Abu Dhabi Ports is currently engaged in significant takeover negotiations with PT Meratus Line, which operates bulk carriers and container ships. It’s been noted that Abu Dhabi Ports is the preferred buyer as the Menaro family, who owns PT Meratus Line, contemplates selling the company. Abu Dhabi Ports, a state-owned entity, operates both terminals and a fleet of ships, and it seems they are actively pursuing this deal as part of their expansion strategy in the maritime sector.
21-November-2023
Leading shipbroker company Simpson Spence Young’s (SSY) commodities arm, SSY Futures, has facilitated the largest-ever trade in iron ore futures. The transaction involved rolling a 5 million tonne position from a 2023 prompt date to 2024, resulting in a total futures volume of 10 million tonnes. The trade included counterparties from both the physical and financial markets and was cleared by the Singapore Exchange. This significant trade is seen as an important milestone in the evolving iron ore futures market, reflecting increased activity and interest among clients in trading large blocks of futures contracts. Jamie Pearce, global head of derivatives at Simpson Spence Young (SSY), emphasized the market’s ongoing development.
20-November-2023
The maritime industry’s attention is shifting towards ports as it seeks ways to reduce emissions through optimization. Eman Abdalla, Global Operations Director at dry bulk shipping behemoth Cargill Ocean Transportation, emphasizes the importance of data transparency and standardization in achieving these emission reductions. Geneva-based dry bulk shipping behemoth Cargill Ocean Transportation compares the situation to using Google Maps: just as the app uses data to find the most efficient route for a driver, shipping companies are using similar optimization software to run their vessels more efficiently. However, the analogy highlights a significant issue - the equivalent of traffic congestion at the ports. If ships could avoid delays at ports, like drivers avoiding traffic jams, they would have more opportunities to choose fuel-efficient routes and maintain timely arrivals. This comparison underlines the critical role of ports in the broader effort to cut operational emissions in the shipping industry.
20-November-2023
Ecochlor, a Ballast Water Management System expert, has agreed in principle with Greek shipping company Diana Shipping and CCS (Carbon Capture and Storage) expert Sinotech to install a scrubber and CCS (Carbon Capture and Storage) system on Athens-based New York-listed shipowner and operator Diana Shipping (DSX)’s 2014 built capesize bulk carrier 179K DWT MV G.P. Zafirakis. The planned system aims to capture and liquefy 25% of CO2 emissions from the ship’s exhaust. Sinotech will conduct a comprehensive feasibility study, provide engineering services, and oversee the installation, including crew training and assistance in obtaining type approval certification from the ship’s governing body. They will also manage the sustainable removal and disposal of the captured CO2 in China. The installation is slated to occur at a shipyard in China, likely in Zhoushan province. Additionally, the Letter of Intent (LOI) will investigate further business prospects and set the stage for ongoing collaboration beyond this project. Sinotech had previously secured approval in principle for its marine CCS (Carbon Capture and Storage) products from maritime classification societies Lloyd’s Register, Class NK, and Bureau Veritas in early 2022.
20-November-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) offshot Performance Shipping (PSHG) is rumored to be making a significant move into the dry bulk sector. While the New York-listed Andreas Michalopoulos-led shipowner and operator has not officially confirmed the reports, several shipbrokers in Greece, London, and the US have indicated that Performance Shipping (PSHG) is in the process of placing an order for two (2) 64K DWT ultramax bulk carrier newbuildings. These two (2) 64K DWT ultramax bulk carrier newbuildings are said to be contracted with Sumec Marine’s New Dayang Shipbuilding at a total cost of $32.5 million. This potential expansion into the dry bulk market marks a notable shift for Performance Shipping (PSHG), which transitioned from container ships to tankers three years ago. The move suggests the Performance Shipping’s (PSHG) willingness to diversify its operations and explore new opportunities within the shipping industry. However, until the Performance Shipping (PSHG) officially confirms the order, these reports remain speculative.
20-November-2023
Marfin Management, headquartered in Monaco, is expanding its trial of fuel additives associated with Constantine Logothetis. These additives have demonstrated a significant reduction in fuel consumption during the trial phase, prompting plans to implement them across the entire fleet. Following the successful initial tests, Marfin Management will now conduct trials of fuel additives on an additional six bulk carriers in their fleet. The company had been experimenting with the SulNOxEco fuel conditioner, developed by the UK’s SulNOx Group, in which shipowner Constantine Logothetis holds a 23% stake. The initial trial, conducted on the 59,900-dwt vessel named Paolo Topic, which was built in 2016, resulted in fuel savings of up to 6.4%.
19-November-2023
Athens-based shipowner and operator Transmed Maritime Ltd sold the 2023 built capesize bulk carrier 182K DWT MV Agis for around $67.5 million. ArcelorMittal Shipping has been identified as the purchaser of the newly delivered capesize bulk carrier, MV Agis. ArcelorMittal Shipping is reported to have engaged in a $67.5 million resale transaction with Greece-based Transmed Maritime Ltd. 2023 built capesize bulk carrier 182K DWT MV Agis was constructed by Namura Shipbuilding and officially named on 13 September 2023. It is the first in a series of three capesize bulk carriers commissioned for Transmed Maritime Ltd at the Japanese shipyard. ArcelorMittal Shipping, traditionally known for acquiring post-panamax bulk carriers, has expanded its fleet with three capesize bulk carriersthis year. The other two additions are the 2016-built scrubber-equipped MV Chow and MV Comanche, previously owned by Sinokor.
18-November-2023
China Merchants Energy Shipping (CMES), a major player in the Shanghai-listed shipping sector, has recently announced a significant investment in its fleet with the order of eight new vessels. This expansion includes a diverse range of ship types, highlighting the China Merchants Energy Shipping’s (CMES) strategic growth and diversification in maritime transportation. The order comprises four (4) methanol dual-fuel PCTCs ( pure car/truck carriers) with a capacity of 7,800 car equivalent units (CEU) each. These PCTCs ( pure car/truck carriers) represent an environmentally friendly approach in maritime transport, with their dual-fuel capabilities allowing for reduced emissions. Additionally, China Merchants Energy Shipping (CMES) has ordered two (2) kamsarmax bulk carriers, each with 82K DWT, and two general cargo ships with heavy lift capabilities, each having a deadweight of 62K DWT. These vessels are set to be constructed at China Merchants Heavy Industry, reflecting China Merchants Energy Shipping’s (CMES) commitment to enhancing its fleet with modern and versatile ships. The contracts for both the kamsarmax bulk carriers and the heavy lift general cargo ships include options for two (2) additional ships each. This provision demonstrates China Merchants Energy Shipping’s (CMES) forward-thinking approach and readiness to further expand its fleet based on market conditions and operational needs.
17-November-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has announced that the entire fleet of the company has been chartered out to four different parties. In a notable development, Himalaya Shipping, Herman Billung-led Norwegian shipowner, has finalized leaseback agreements for its latest newcastlemax bulk carriers, marking a strategic move away from acquiring new bulk carriers. Himalaya Shippingreported a loss but also revealed that it has secured Chinese lease financing deals for two of its newest newcastlemax bulk carriers. These newcastlemax bulk carriers, the 208K deadweight tonnage (DWT) MV Mount Matterhorn and MV Mount Neblina, were recently delivered from New Times Shipyard in China. Their addition has expanded Himalaya Shipping’s fleet to six (6) newcastlemax bulk carriers. Looking ahead, Himalaya Shipping anticipates the delivery of six more newcastlemax bulk carriers in 2024. This expansion reflects the Himalaya Shipping’s continued investment in growing and updating its fleet to meet the demands of the global shipping market.
17-November-2023
Braemar Securities, a subsidiary of the London-listed shipbroking group Braemar Shipping Services, has faced a significant penalty for breaching regulations related to communications and disclosures. This action comes after a review by the regulator revealed that its derivatives desk had been operating without any compliance supervision since 2019. The National Futures Association (NFA), a US-based regulatory body, imposed a fine of $140,000 on Braemar Securities’ freight derivatives desk. This decision followed a complaint filed in August by the NFA’s Business Conduct Committee. The shipbroker was found to have violated compliance rules in two key areas: failing to meet its obligations for record-keeping of communications and unauthorized disclosure of customers’ confidential and nonpublic information. The National Futures Association (NFA) hearing panel issued its decision on Wednesday, highlighting the seriousness of Braemar Securities’ regulatory infractions. This situation underscores the importance of adherence to regulatory standards and the potential consequences of non-compliance in the financial and shipping industries.
17-November-2023
In Panama, there was a recent clash involving fishermen and police during a protest against mining activities. The conflict occurred as the Montreal-based CSL Group’s bulk carrier, MV CSL Tarantau, attempted to dock at the Caribbean port of Punta Rincon. Montreal-based Canada Steamship Lines (CSL) controlled 2013 built 71K DWT MV CSL Tarantau found itself amidst heightened tensions due to ongoing anti-mining demonstrations. The focal point of these protests has been Minera Panama, a subsidiary of Canada’s First Quantum Minerals (FQM), which has been in the spotlight for the past two weeks over a contentious new contract with the Panamanian government. Local fishermen, who have been actively blockading the terminal, were involved in the disturbance. During the incident, they called for a restrained use of force by authorities. The situation escalated when authorities attempted to provide an emergency escort for the Montreal-based Canada Steamship Lines (CSL) controlled 2013 built 71K DWT MV CSL Tarantau, which was carrying a coal load. There was concern over the spontaneous combustion risk of the cargo if it overheated. The protesters responded by throwing stones and blunt homemade objects, leading to the cancellation of the docking operation. The MV CSL Tarantau had departed from Colombia at the end of October, arriving during a period of heightened local unrest. These protests were triggered following the signing of a 20-year contract renewal by Panama President Laurentino Cortizo. On the same day as the incident, the mine’s union announced that it had reached an agreement with the company to ensure salaries, as the ongoing protests and blockades had prevented workers from carrying out their duties.
17-November-2023
Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) is exploring sale and leaseback financing options for one of its ultramax bulk carriers, which is presently under construction in China. Athanasios Feidakis-led bulk carrier owner Globus Maritime’s (GLBS) subsidiary, Daxos Maritime, is in discussions regarding this 64K DWT ultramax bulk carrier, anticipated to be delivered in 2024 from Nantong Cosco KHI Ship Engineering. The proposed arrangement involves selling the ultramax bulk carrier to an independent third party for $28 million around 30 September 2024, coupled with a 10-year bareboat charter agreement for Daxos Maritime. During this charter period, Daxos Maritime would retain the option to purchase the 64K DWT ultramax bulk carrier and would be obligated to buy it at the end of the term for around $15.8 million. Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime (GLBS) has indicated that this transaction is contingent on various factors, including successful negotiations, agreement finalization, and approvals from all involved parties. In addition to this deal, Globus Maritime’s (GLBS) subsidiaries currently possess and manage six bulk carriers, with five (5) more ultramax bulk carriers on order. Two (2) of these ultramax bulk carriers are expected to be delivered from Nantong COSCO in the upcoming year.
17-November-2023
Paris-based shipowner and operator Louis-Dreyfus Armateurs (LDA) is diversifying into the realm of air transportation by investing in airships, specifically for the purpose of delivering freight to remote locations. Philippe Louis-Dreyfus-led Louis Dreyfus Co’s (LDC) subsidiary Louis-Dreyfus Armateurs (LDA) has established a partnership with Franco-Canadian company Flying Whales to bring this innovative air cargo solution to the market. The core of this service is the LCA60T airship, capable of carrying a payload of 60 tonnes. This airship stands out for its ability to operate in areas without road access, thanks to its hovering capabilities. It presents a particularly effective solution for transporting oversized cargoes, which are often challenging to move via traditional road or rail methods. For larger items, the LCA60T can carry cargoes beneath the craft using slings. Flying Whales is also advancing its technology with the development of an all-electric propulsion system. This system will utilize green hydrogen, potentially in the form of fuel cells or helium-injected turbines, aligning with the industry’s move towards sustainable energy sources. This collaboration aligns with Paris-based shipowner and operator Louis-Dreyfus Armateurs’ (LDA) goal of decarbonizing transport and logistics. The partnership aims to leverage Louis-Dreyfus Armateurs’ (LDA) expertise to offer an innovative solution for the unique challenges associated with transporting oversized cargoes, particularly addressing the difficulties faced in the initial and final stages of their journey. Originally, the LCA60T airship was designed by Flying Whales to support the extraction of renewable wood resources in areas that are difficult to access, showcasing its potential for diverse and challenging applications.
17-November-2023
Greek shipowner and operator Sea Gate Navigation Ltd controlled ship, which was chartered to the US commodities corporation Cargill, has suffered damage due to a mine explosion in the Black Sea. The incident involved the 2011 built panamax bulk carrier 75K DWT MV Georgia S. The ship was navigating away from a Ukrainian port when it encountered the mine. Fortunately, the crew members aboard the MV Georgia S were unharmed in the explosion and managed to navigate the vessel to Romania using its own power. Athens-based Dimitris and George Stefanou-led shipowner and operator Sea Gate Navigation Ltd controlled 2011 built panamax bulk carrier 75K DWT MV Georgia S is now facing the consequences of this unexpected maritime hazard. This incident was reported by Ukrainian news outlet Dumska. The event underscores the heightened risks of maritime navigation in conflict zones, particularly in the currently volatile Black Sea region.
17-November-2023
MV Antoine, the world’s first newly built hydrogen-powered inland shipping vessel, has recently been launched into operation. This innovative vessel, ordered by Dutch shipowner Lenten Scheepvaart from Concordia Damen, successfully completed its sea trials and is now operational, awaiting the installation of a distribution panel to work alongside its installed hydrogen fuel cell. Designed as a dry cargo ship, MV Antoine will primarily transport salt for Nobian, a leading European producer of essential chemicals for various industries. Lenten Scheepvaart has a longstanding history of transporting salt from Delfzijl to Nobian’s plant in Botlek, where the salt is converted into chlor-alkali and other products, with hydrogen as a by-product. This hydrogen, once a waste product, will soon be repurposed as the clean fuel powering MV Antonie, exemplifying a circular approach to energy use. To facilitate this innovative use of hydrogen, a hydrogen bunker station has been established in Delfzijl, supported by subsidies. MV Antoine’s launch marks a pivotal moment in the Dutch maritime industry’s exploration of hydrogen as a sustainable fuel source.
16-November-2023
The Turkish government has issued a stern warning against drug smuggling following the discovery of cocaine on Singapore-based shipowner and operator Berge Bulk capesize bulk carrier. The Interior Minister, Ali Yerlikaya, announced the retrieval of approximately 52kg of cocaine attached to the anchor chain of the 2011 built capesize bulk carrier 176K DWT MV Berge Torre. At the time of this operation, the MV Berge Torre, flying the Liberian flag, was anchored off Iskenderun Bay. 2011 built capesize bulk carrier 176K DWT MV Berge Torre had previously departed from Puerto Bolivar in Colombia on October 19, 2023. Turkish authorities are currently questioning 26 individuals, including the ship’s captain, chief officers, and other crew members, who are under suspicion. The narcotics were found packed in 45 parcels inside two robust plastic bags by Turkey’s General Directorate of Security’s anti-narcotics division. Since Ali Yerlikaya took office as Interior Minister in June 2023, there has been a noticeable intensification in the Turkish police’s efforts against drug trafficking. CEO James Marshall-led Singapore-based shipowner and operator Berge Bulk has stated its cooperation with local authorities and law enforcement in Turkey regarding the suspected contraband found in the chain locker of MV Berge Torre. This seizure occurred during discharge operations on November 12, 2023, at Iskenderun port. Singapore-based shipowner and operator Berge Bulk is actively collaborating with all concerned parties, including the MV Berge Torre’s third-party manager, to support the crew, who are fully cooperating with the ongoing investigations by Turkish authorities.
16-November-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has taken a significant step towards reducing its environmental footprint by deciding to equip four (4) more of its ships with air lubrication systems from Silverstream Technologies. This initiative is part of Engebret Dahm-led shipowner and operator Klaveness Combination Carriers’ (KCC) broader commitment to decreasing emissions across its fleet. The Oslo-listed Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has not only confirmed the retrofitting of these four ships but also retains the option for additional retrofits in the future. The first two vessels scheduled for this upgrade are the CLEANBU-type Combination Carriers (oil product and dry bulk carriers), the 84K DWT MV Barracuda and the 82K DWT MV Barramundi, both constructed in 2019. This agreement with Silverstream Technologies is a testament to Klaveness Combination Carriers’ (KCC) proactive approach in adopting innovative technologies for environmental sustainability. By integrating air lubrication systems, Klaveness Combination Carriers (KCC) aims to significantly reduce fuel consumption and emissions, aligning with global efforts to make shipping more eco-friendly. Klaveness Combination Carriers ASA, based in Norway, operates a unique and versatile fleet of combination carriers. These specialized vessels are designed to switch seamlessly between transporting dry and wet cargoes, offering a high degree of operational flexibility. The company’s fleet comprises 16 ships, split evenly with eight CABU (Caustic Soda-bulk) vessels and eight CLEANBU (Clean Petroleum Product-bulk) vessels. These combination carriers primarily engage in the transportation of Clean Petroleum Products (CPP) or Caustic Soda Solution (CSS). They frequently operate routes from refineries and production facilities in key regions such as the Middle East, India, and the Far East, as well as the United States Gulf, transporting to destinations like Australia and South America. These areas are recognized as major global hubs for the export of dry bulk commodities. On their return voyages, the Klaveness Combination Carriers’ fleet typically carries a variety of dry bulk goods. This cargo can include alumina, bauxite, grains, salt, iron ore, and coal, thus making the most of the vessels’ dual cargo capabilities. Established in March 2018, Klaveness Combination Carriers (KCC) ASA maintains a presence with offices in Oslo, Norway, and Singapore. This strategic setup allows the company to efficiently manage its operations and maintain a strong position in the global shipping market. Klaveness Ship Management A/S is responsible for the comprehensive management of the entire fleet belonging to Klaveness Combination Carriers (KCC). Klaveness Ship Management A/S encompasses overseeing the operational, technical, and crewing aspects of Klaveness Combination Carriers’ (KCC) specialized fleet of combination carriers, ensuring efficient and effective maritime operations. Klaveness Ship Management A/S plays a crucial role in maintaining the high standards of safety, reliability, and environmental compliance for which Klaveness Combination Carriers (KCC) is known.
16-November-2023
The United States has imposed sanctions on three shipping companies based in Dubai, as well as three tankers, for their involvement in transporting Russian oil sold at prices exceeding the G7’s $60 per barrel cap. The UAE-based companies affected by these sanctions include Kazan Shipping, Progress Shipping, and Gallion Navigation. These firms are believed to have connections with Sovcomflot, which is Russia’s largest shipping line. The sanctions specifically target three Liberian-flagged aframax tankers: MT Kazan, MT Ligovsky Prospect, and MT NS Century. These tankers have been actively engaged in shipping Russian oil to India in recent months. This move by the US is part of a broader effort to enforce the price cap agreed upon by the G7 nations, aimed at limiting Russia’s oil revenue while mitigating global energy supply disruptions. The sanctions highlight the ongoing international efforts to respond to the economic dimensions of the geopolitical tensions involving Russia.
15-November-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has experienced a decline in its quarterly profits during the Q3 2023, primarily due to a reduction in charter revenue. Despite this setback, Semiramis Paliou-led shipowner and operator Diana Shipping’s (DSX) financial results aligned with the expectations of analysts. Diana Shipping (DSX) reported a net income of $7.4 million for the Q3 2023, which is a significant decrease from the $31.7 million recorded in the Q3 2022. Notably, the portion of this income attributable to common shareholders was even lower, amounting to $5.9 million. This decline in profit reflects the challenges faced by Athens-based New York-listed shipowner and operator Diana Shipping (DSX) in the current market environment, characterized by fluctuations in charter rates and operational costs. Nonetheless, the consistency of the Diana Shipping’s (DSX) performance with market forecasts suggests a level of resilience and adaptability in its business operations. At present, Diana Shipping (DSX), a shipowning and operating company headquartered in Athens and led by Semiramis Paliou, possesses and manages a fleet of 40 bulk carriers. This fleet is composed of a diverse range of vessels, including four Newcastlemax bulk carriers, nine Capesize bulk carriers, five Post-Panamax bulk carriers, six Kamsarmax bulk carriers, seven Panamax bulk carriers, and nine Ultramax bulk carriers.
15-November-2023
Koch Shipping Pte Ltd, the shipping division of commodities powerhouse Koch Supply and Trading, has announced the extension of its charters on four (4) newcastlemax bulk carriers belonging to 2020 Bulkers. This extension ensures that Koch Shipping Pte Ltd will maintain control of these newcastlemax bulk carriers for an additional two years at least. The specific ships in question are the 2019 built newcastlemax bulk carrier 208 K DWT MV Bulk Santiago, 2019 built newcastlemax bulk carrier 208 K DWT MV Bulk Sandefjord, as well as the 2020 built newcastlemax bulk carrier 208 K DWT MV MV Bulk Shenzhen and 2020 built newcastlemax bulk carrier 208 K DWT MV Bulk Sydney. Under the terms of the extended agreement, these newcastlemax bulk carriers will continue to be chartered to Singapore-based Koch Shipping Pte Ltd until the end of 2026. Moreover, there is an option in place for a further 12-month extension of the charter period. This decision underscores the strategic importance of these newcastlemax bulk carriers for Koch Supply and Trading’s ship chartering arm Koch Shipping Pte Ltd’s operations, allowing the company to maintain a robust presence in the bulk carrier market. The extension of these index-linked charters reflects the ongoing demand and reliance on large capacity bulk carriers in the global commodities trading space.
15-November-2023
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime has successfully executed a triple capesize sale-and-leaseback transaction worth $30 million, in preparation for impending loan deadlines and to bolster its financial liquidity. This strategic move comes after a profitable Q3 2023 for the United Maritime, partly attributed to the sale of its last tanker. Stamatis Tsantanis, who serves as the CEO of both United Maritime and Seanergy Maritime (SHIP), pure capesize shipowner, has overseen this financial maneuver. The deal involves separate yet identical sale-and-leaseback agreements, each valued at $10 million, for three of its capesize bulk carriers: 2004 built capesize bulk carrier 171K DWT MV Gloriuship, 2005 built capesize bulk carrier 177K DWT MV Goodship, 2006 built capesize bulk carrier 176K DWT MV Tradership (built in 2006). The counterpart in these transactions is an undisclosed Chinese lessor. These agreements are particularly significant as New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime aim to refinance the remaining debt on these three capesize bulk carriers under United Maritime’s loan facility with EnTrust, a facility that underwent amendment in August 2023. This financial restructuring reflects United Maritime’s proactive approach in managing its capital requirements and ensuring long-term operational stability.
15-November-2023
Ukraine has launched a substantial $100 million insurance initiative aimed at significantly reducing the costs linked to marine war risk insurance. This unique program, a collaboration between public and private sectors, is tailored to insure agricultural exports departing from Ukraine. Endorsed by a leading German bank, this state-supported ship insurance scheme was initially thought to have a broader scope. However, as clarified on November 14, 2023, its primary focus is on insuring Ukraine’s maritime exports. The package is divided into two separate $50 million segments, each catering to different aspects of maritime insurance: one for hull insurance and the other for liability insurance. This agreement, which was finalized with the London insurance market, highlights the Ukrainian government’s commitment to bolstering and safeguarding its crucial agricultural export industry, especially in the face of ongoing geopolitical and economic challenges.
14-November-2023
New York-listed shipowner and operator Safe Bulkers (SB) has recently agreed to sell the oldest bulk carrier in its fleet, the MV Katerina. 2004 built panamax bulk carrier 76K DWT MV Katerina was sold for around $10 million. The identity of the buyer has not been disclosed by Polys Hajioannou-led shipowner and operator Safe Bulkers (SB), but the company did confirm that the MV Katerina is scheduled for delivery within December 2023. The sale of the MV Katerina is part of Safe Bulkers’ (SB) strategy to renew and update its fleet. As part of this initiative, Safe Bulkers (SB) has an orderbook that includes eight (8) Phase 3 dry bulk carrier new buildings, two (2) of which are equipped for methanol dual fuel. These new bulk carriers are expected to be delivered by the Q1 2027. This move is aimed at creating one of the most environmentally efficient dry bulk fleets in the shipping market. The delivery schedule for these new buildings is staggered, with one arriving this year, three (3) in 2024, two (2) in 2025, one (1) in 2026, and the final one in the Q1 2027. Currently, New York-listed shipowner and operator Safe Bulkers (SB) has a fleet of 45 large bulk carriers.
14-November-2023
Platts, a division of S&P Global Commodity Insights, has recently introduced a groundbreaking dry bulk composite index, the first of its kind in over thirty years, priced in dollars per day. This index offers a comprehensive reflection of the freight costs associated with transporting various commodities across 35 key routes. It encompasses the activities of different ship types including capesize, panamax, kamsarmax, ultramax, and supramax bulk carriers. The Platts Dry Index provides market participants and financial investors, who are sensitive to daily fluctuations in dry bulk shipping rates, an opportunity to engage in trading that covers a broad spectrum of vessel segments. This diversification is facilitated by a basket of routes included in the index. The methodology for weighting the individual indexes within the Platts Dry Index is based on the volume of ship movements – specifically capesize, kamsarmax, ultramax, and supramax bulk carriers – observed over the past three years in various trading regions. This data is sourced from Platts’ Commodities At Sea (CAS) trade flow system. The Platts Dry Index’s calculation is conducted in ton-miles. This is achieved by multiplying the volume of cargo moved (measured in metric tons) by the distance traveled (in miles). This innovative index offers a more nuanced and comprehensive view of the dry bulk shipping market, providing valuable insights for market participants.
14-November-2023
Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has announced the sale of several older bulk carriers from its fleet of approximately 120 bulk carriers. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) has agreed to sell five (5) bulk carriers built between 2003 and 2012 for a total of $72 million. Among the sales, the 2003-built supramax vessel MV Star Zeta has already been transferred to an undisclosed shipowner for around $8 million. Additionally, Star Bulk Carriers (SBLK has finalized agreements to sell four other bulk carriers: the 2012-built supramax bulk carrier MV Star Athena and MV Star Glory, the 2003-built MV Star Theta, and the 2006-built kamsarmax bulk carrier MV Star Jennifer. These bulk carriers are slated for delivery to their new shipowners in November and December of 2023. Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) anticipates that the disposal of these five (5) bulk carriers will result in a gain of $15.6 million, which is expected to be reflected in Q4 2023 earnings. As part of their fleet renewal strategy, Star Bulk Carriers (SBLK) has also confirmed orders for two (2) new kamsarmax bulk carriers, with an option for two (2) additional kamsarmax bulk carriers. These new kamsarmax bulk carriers are being constructed at Qingdao Shipyard in China, with the firm units scheduled for delivery in November 2025 and June 2026. Should the optional shipbuilding contracts be exercised, their deliveries are expected in December 2025 and August 2026. This move signifies Petros Pappas-led shipowner and operator Star Bulk Carriers’ (SBLK) commitment to modernizing its fleet and maintaining its position as a leading player in the global dry bulk shipping market.
13-November-2023
Fujian Shipping Group recently commissioned the construction of two ultramax bulk carriers, entrusting the project to Nantong Xiangyu Shipbuilding & Offshore Engineering, a fellow Chinese shipbuilder. These carriers, each with a deadweight of 64,000 tons, are scheduled for completion in 2025, as per data from Clarksons Research. While the exact cost remains undisclosed, market estimates suggest a price tag of around $33 million for vessels of this type. Over the past year, Nantong Xiangyu Shipbuilding & Offshore Engineering has successfully promoted its proprietary designs for 63,500 dwt and 79,900 dwt bulk carriers, attracting both domestic and international buyers to its shipyard in eastern China. Established in 2016 through the acquisition of Minde Shipyard, this shipbuilder also specializes in constructing chemical tankers, in addition to bulk carriers. Fujian Shipping Group’s current fleet comprises 10 vessels: three (3) bulk carriers, five (5) general cargo ships, and two (2) multi-purpose vessels (MPP).
13-November-2023
The United States, through its Treasury Department’s Office of Foreign Asset Control (OfAC), has sent letters to more than 30 shipowners and managers in the tanker industry. This action is interpreted by industry insiders as a move to exert pressure on the sector regarding the price cap on Russian oil. The companies targeted by these letters are predominantly Greek, involved in trades of crude and fuel oil which are directly affected by the price cap. This initiative by the US authorities is a clear indication of their commitment to enforcing western sanctions against Russia, particularly in the realm of energy trade. This development highlights the increasing role of governmental agencies in regulating international trade, especially in sectors that are crucial for global economic stability and security.
13-November-2023
Singapore-based shipowner and operator Winning Shipping (Winning International Group), a Chinese company specializing in capesize bulk carriers, has expanded its fleet with the addition of another newcastlemax bulk carrier. Sun Xiushun-led bulk carrier behemoth Winning Shipping (Winning International Group) recently acquired 2005 built newcastlemax bulk carrier MV Sunny Mamou (ex MV Star Venture) from Lou and George Kollakis-led Chartworld Shipping. MV Sunny Mamou (ex MV Star Venture) is set to join Winning Shipping’s (Winning International Group’s) fleet, transporting bauxite from West Africa (WAFR) to China. In a recent expansion move in August 2023, Singapore-based Chinese-backed shipowner and operator Winning Shipping (Winning International Group) also acquired the 229K DWT newcastlemax bulk carrier Imabari-built MV Winning Wealth (ex MV Bao) An from Imabari-based shipowner Seno Kisen. These acquisitions have increased the Winning Shipping’s (Winning International Group’s) newcastlemax fleet to 15 vessels. Singapore-based shipowner and operator Winning Shipping (Winning International Group) last made news in September 2023 for placing an order at the CSSC yard Qingdao Beihai. This order was for a pair of large bulk carriers, each with a capacity of 325K DWT, known as WinningMax VLOCs (very large ore carriers). These WinningMax VLOCs (very large ore carriers) are intended to enhance the Winning Shipping’s (Winning International Group’s) maritime trade route from West Africa to China.
12-November-2023
George and Dimitris Stefanou, Greek shipowning brothers, are intensifying their presence in the bulk carrier market with a series of recent secondhand vessel acquisitions. Operating through their companies, Bright Navigation Inc. and Sea Gate Navigation Ltd, the Stefanou siblings have significantly expanded their fleet, focusing on bulker vessels. Bright Navigation and Sea Gate Navigation Ltd’s latest acquisitions include two panamax and two handysize bulk carriers, showcasing their active involvement and strategic growth in this sector. Hailing from the Aegean island of Andros, traditional shipowners Bright Navigation and Sea Gate Navigation Ltd have become prominent figures in the Greek bulk carrier market. Since 2021, Bright Navigation and Sea Gate Navigation Ltd have impressively added 10 vessels to their fleet, without any reported sales or demolitions. This buying spree positions the Dimitris and George Stefanou-led Sea Gate Navigation Ltd as key players in the Greek shipping industry, particularly in the bulker segment. Greek shipowning brothers George and Dimitris Stefanou’s assertive expansion strategy over the past two years reflects a strong confidence in the market and a commitment to growing their maritime business.
10-November-2023
Despite experiencing softer financial results, Oslo Stock Exchange-listed Norwegian shipowner and operator Belships maintains its commitment to rewarding shareholders with dividends. CEO Lars Christian Skarsgard-led Belships, which specializes in operating supramax and ultramax bulk carriers, has managed to support its average freight earnings through advantageous time charter agreements. Even though the low freight market has led to a weaker performance in Q3 2023 Belships has continued its practice of distributing a substantial portion of its net income as dividends. In Q3 2023, Belships reported a pre-tax net profit of $15.3 million, a decrease from the previous year's $49.8 million. This downturn was also reflected in earnings per share, which dropped to $0.06 from $0.20 on a year-to-year basis, while revenue contracted to $89.8 million. V.Group Technical Ship Management is actively pursuing its expansion plans through the acquisition of Belships Management, an in-house ship managent venture of the Norwegian shipowner and operator Belships. This move is set to enhance V.Group's operational capacity. Presently, Belships possesses a fleet of 36 supramax and ultramax bulk carriers, which includes bulk carriers that are newly built.
10-November-2023
CEO Petros Panagiotidis has expressed concern over the subdued bulk carrier market, which has impacted Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM), leading the company to register a loss. Despite the challenging conditions in the dry bulk market during the Q3 2023, the Limassol-based shipowner Castor Maritime (CTRM) remains dedicated to updating its fleet, following the disposal of older bulk carriers earlier in the year. The Nasdaq-listed shipowner and operator Castor Maritime (CTRM), specializing in bulk carriers and container ships, reported a net loss of $5.4 million. This loss underscores the broader market challenges yet also reflects Castor Maritime’s (CTRM) ongoing strategy to rejuvenate its fleet amidst fluctuating market conditions. As of now, Castor Maritime (CTRM) has ownership and operational control of a fleet consisting of fifteen bulk carriers and two container ships.
10-November-2023
London-based the world’s biggest shipbroker Clarksons recently hosted an innovative ‘Dragons’ Den’ challenge as part of its week-long dry cargo shipping diploma event, aimed at nurturing young brokers in the industry. Participants, primarily early-career professionals from Clarksons and its client companies, engaged in a unique exercise where they had to present a business proposal in a Dragons’ Den-style format. The challenge for this year involved groups of participants pitching a deployment strategy for six ships, based on their analysis of the physical and forward freight agreement (FFA) markets. The winning team, named Rhino Bulk, stood out with a compelling and well-justified business strategy, supported by thorough financial analysis, earning accolades from London-based the world’s biggest shipbroker Clarksons. The event, also known as the Jon Marshall Lectures, was held at Commodity Quay in London, attracting a record 29 participants, including 11 from Clarksons and others from various global locations. The program, highly esteemed in the shipping industry, offers comprehensive coverage of various aspects of global dry cargo shipping, ranging from commercial to technical topics. Alex Gray, who began his career as a dry cargo chartering broker with London-based the world’s biggest shipbroker Clarksons before pioneering the company’s forward freight agreement (FFA) market presence, led the course.
10-November-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS), led by CEO Cyril Ducau and owned by Idan Ofer, has committed to expanding its fleet with additional ammonia dual-fuel newcastlemax bulk carrier newbuildings in China. Diversified shipowner Eastern Pacific Shipping (EPS) has confirmed orders for three (3) more 210K DWT units at CSSC Qingdao Beihai Shipbuilding, scheduled for delivery in 2027. Additionally, Eastern Pacific Shipping (EPS) has placed four (4) more ammonia dual-fuel newcastlemax bulk carrier newbuildings as optional orders, potentially increasing its total orders at the yard to ten (10) bulk carriers. This recent order follows an earlier booking of three (3) ships this year, which are expected to be delivered between the third and fourth quarters of 2026, along with options for three (3) additional ships. It is believed that Eastern Pacific Shipping (EPS) is paying approximately $80 million per ship, amounting to a total of $480 million for six (6) ships, and potentially reaching $800 million if all the optional orders are exercised. This significant investment underscores Eastern Pacific Shipping’s (EPS) commitment to incorporating environmentally friendly technology in its fleet expansion strategy.
10-November-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) has recently executed a substantial $500 million refinancing deal and expanded its fleet with the acquisition of a 2016-built capesize bulk carrier. Despite these significant moves, John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) reported a loss during a busy but lukewarm Q3 2023. Genco Shipping & Trading (GNK) rolled out the new credit facility and added the secondhand capesize vessel to its fleet. However, Genco Shipping & Trading’s (GNK) financial performance in the Q3 2023 was not as robust, resulting in a loss. Despite this, Genco Shipping & Trading (GNK) maintained its dividend at $0.15 per share, defying some analysts’ expectations of a lower payout. Additionally, Genco Shipping & Trading (GNK) is anticipating a near 40% increase in hire rates for bookings in the current quarter, indicating a positive outlook moving forward. Genco Shipping & Trading (GNK), a New York-listed shipowner and operator, has its fleet managed by Genco Ship Management LLC. Currently, the company’s fleet comprises a total of 47 vessels, including supramax, ultramax, and capesize bulk carriers.
10-November-2023
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) is anticipated to increase its stake in Torm as it shifts its business focus toward bulk carriers. This strategic pivot was underscored by the sale of the majority of its tanker fleet to the Danish shipowner and operator Torm, marking a significant change in direction for the Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS). Earlier on Thursday, Kristian Gerhard Jebsen Skipsrederi AS (KGJS) announced the $399 million transaction that involved the sale of eight LR2 tankers, constructed between 2010 and 2012, out of a total of ten (10) tankers. Since the close of 2021, Kristian Gerhard Jebsen Skipsrederi AS’s (KGJS) tanker fleet, valued at $501 million, has been held in a 50/50 joint venture with entities managed by London-based Hayfin Capital. This divestment from tankers suggests that Kristian Gerhard Jebsen Skipsrederi AS (KGJS) is now positioning itself to concentrate on the bulk carrier segment of the maritime industry.
10-November-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), under the leadership of Chief Executive Mark Filanowski, continues to demonstrate profitability even in a challenging market environment. Despite facing a significant one-third drop in rates compared to the previous year, Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has outperformed expectations. Pangaea Logistics Solutions (PANL), specializes in niche dry cargo, reported another profitable quarter. For the Q3 2023, despite a nearly 35% decrease in rates from the Q3 2022, Pangaea Logistics Solutions (PANL) managed to surpass market trends. The company achieved a remarkable 49% premium over the relevant indices of the Baltic Exchange during Q3 2023, which is typically the peak season for its primary market which is the ice-class trade in the Arctic. This performance underscores Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions’ (PANL) resilience and strategic prowess in navigating a weakened market.
10-November-2023
Thai-listed shipowner and operator Precious Shipping, under the leadership of Managing Director Khalid M Hashim, has successfully obtained funding from the International Finance Corporation (IFC), Export-Import Bank of Thailand, and Credit Agricole Corporate and Investment Bank. This financing arrangement has provided Precious Shipping with fresh sale and purchase (S&P) cash, yet the company is not in a hurry to deploy these funds. The Thailand-based shipowner and operator Precious Shipping has secured a sustainability-linked loan of $105 million, earmarked for the acquisition of up to six (6)bulk carriers. Despite this significant financial infusion, Bangkok-based shipowner and operator Precious Shipping is taking a cautious approach. Precious Shippinghas indicated that there’s no immediate urgency to expend this new capital. The loan’s terms include a two-year period during which the funds can be drawn down, affording Precious Shipping the flexibility and time to wait for the most opportune moment to invest in new bulk carriers.
10-November-2023
Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has recently acquired two chemical and product tankers for a total of $28 million. Chinese shipowner and operator Seacon Shipping Group Ltd is spending $14 million each on the MT Kenrick and MT Enford, both 2012-built tankers from Taizhou Sanfu and previously linked to London-based Union Maritime. In an interesting arrangement, London-based Union Maritime will charter back these MT Kenrick and MT Enford for two years at a daily rate of $16,250, with an option to extend for another year at $16,500 per day. Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has been active in other transactions as well. Seacon Shipping Group Ltd completed a sale and leaseback agreement with Bank of Beijing Financial Leasing for the 13K DWT general cargo ship MV Seacon Yokohama. MV Seacon Yokohama deal, valued approximately $21 million, involves a 10-year bareboat charter. Furthermore, Seacon Shipping exercised a purchase option with Bank of Communications Financial Leasing (BoCom Leasing) for the 2010-built supramax bulker MV Seacon Dalian. The vessel was then sold to PT Cakra Buana Resources Energi, an Indonesian firm, for $12.8 million. Additionally, Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd expanded its fleet with the 2009-built 17K DWT chemical tanker MT Chem Lyra. This acquisition was made through a 60-month bareboat deal, which includes a mandatory purchase at the end and an early purchase option, amounting to approximately $14.6 million in total. Currently, the entire fleet of Seacon Shipping Group Ltd is managed by its subsidiary, Seacon Ship Management Company.
10-November-2023
John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has recently secured significant charter agreements and vessel upgrades with major shipping lines Maersk and Hapag-Lloyd. CEO Ole Hjertaker-led SFL Corporation Ltd (SFL) has extended the charter for the 9,500-TEU Maersk Sarat, built in 2013, until mid-2025. In a notable deal with Hapag-Lloyd, a leading German liner operator, Bermuda-registered SFL Corporation Ltd (SFL) has arranged a $60 million upgrade for six 14,000-TEU container ships. The first of these vessels, the 14,372-TEU MV Thalassa Partis, also built in 2013, is set to commence its charter with Hapag-Lloyd later this month, under the new name MV Savannah Express. These six vessels, including the newly renamed MV Savannah Express, were previously under charter with Taiwan’s Evergreen Marine. Following the expiration of their contracts with Evergreen, John Fredriksen-backed New York-listed tonnage provider SFL Corporation Ltd (SFL) has successfully fixed them with Hapag-Lloyd for a five-year period, marking a strategic shift and a significant engagement for SFL Corporation Ltd (SFL) in the container shipping sector.
10-November-2023
The shipping industry is currently grappling with macroeconomic uncertainty, a theme that has become increasingly prevalent in recent third-quarter earnings reports and conference calls. This uncertainty is largely influenced by US monetary policy and economic indicators from China, leading to varying reactions among industry players. While some in the shipping sector are apprehensive about the looming economic challenges, not everyone is equally concerned. Different segments of the industry are experiencing varying impacts. For certain sectors, the inefficiencies that have echoed through supply chains since Russia’s invasion of Ukraine have actually been advantageous. These disruptions have led to longer tonne-miles, which can benefit shipowners in specific market segments. Thus, while the macroeconomic environment poses challenges, it also presents opportunities for some players in the shipping industry.
10-November-2023
Varamar, a shipping company specializing in dry bulk and container shipping, led by Alexander Varvarenko, has entered into a strategic cooperation agreement with the Chinese state-owned giant, Cosco. Based in Belgium, Varamar will collaborate with Cosco’s ASL Shipping & Logistics in a commercial partnership designed to bolster the trading capabilities of both companies. Varamar, known for its operations as a liner and tramp carrier, is primarily focused on handling breakbulk, dry bulk, oversized, and containerized cargo. This partnership with Cosco represents a significant step for Varamar in expanding its global trade reach and enhancing its service offerings in these specialized shipping areas.
10-November-2023
The Panama Canal, a crucial maritime route accounting for 3% of global maritime trade, is facing significant challenges due to severe drought conditions. This has led to a 13% increase in the number of ships waiting to transit the canal in just 24 hours, as the Panama Canal Authority (ACP) implements drastic measures, including reducing daily transit volumes and imposing draft restrictions. The Panama Canal, which typically requires 52 million gallons of freshwater per ship transit, has been experiencing its driest year on record. As a result, the Panama Canal Authority (ACP) announced further significant transit cuts last week, planning to reduce the number of voyages to just 18 per day by February 2024, a sharp decrease from the usual maximum of 40. As of today, 112 ships were queued for transit. The situation was at its most critical in August 2023 of this drought-affected year, with over 160 ships waiting at one point. The constrained capacity has led many shippers and shipowners to opt for alternative routes. Panama Canal Authority’s (ACP) slot booking process, which tends to favor larger shipowners, potentially leading to inflationary pressures, especially in the Americas.
10-November-2023
Bangkok-listed Thoresen Thai Agencies (TTA), primarily recognized for its operations in the dry bulk sector as Thoresen Shipping, has recently taken a strategic step towards diversifying its investment portfolio. CEO Chalermchai Mahagitsiri-led Thoresen Thai Agencies (TTA) has acquired a 10.14% stake in Valeura Energy and this move marks Thoresen Thai Agencies’ (TTA) expansion into the upstream oil production business. Toronto Stock Exchange-listed Valeura Energy, an upstream company incorporated in Canada, holds the distinction of being Thailand’s largest independent offshore crude oil producer. This acquisition by Bangkok-listed shipowner and operator Thoresen Thai Agencies (TTA) is a significant foray into the energy sector. Thoresen Thai Agencies (TTA) noted the high potential and significant growth opportunities presented by Toronto Stock Exchange-listed Valeura Energy. Thoresen Thai Agencies’ (TTA) involvement in the oil and gas industry is not new. Thoresen Thai Agencies (TTA) has a history of investment in the oil and gas industry, starting with Mermaid Maritime.
9-November-2023
Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha), Oshima Shipbuilding, and Sumitomo have entered into a MoU (Memorandum of Understanding) to embark on a pioneering initiative to design and build the world’s inaugural ammonia dual fuel handymax bulk carrier, with the ambitious goal of achieving zero CO2 emissions. This collaborative MoU follows another significant agreement from the previous year between the Chilean national copper company, CODELCO (Corporación Nacional del Cobre de Chile), and Japanese shipowner and operator NYK Bulk (Tokyo Stock Exchange-listed Nippon Yusen Kabushiki Kaisha’s subsidiary) to examine ways to transport copper products with minimal carbon footprint. The planned vessel is set to spearhead a dedicated fleet of 10 to 15 ammonia dual fuel handymax bulk carriers, managed by Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha), for the purpose of shipping copper from Chile to Asian destinations. Oshima Shipbuilding will be responsible for the development and construction of these innovative ammonia dual fuel handymax bulk carriers. CODELCO (Corporación Nacional del Cobre de Chile) expressed the company’s commitment to leading the way in sustainable mining practices in Chile. CODELCO (Corporación Nacional del Cobre de Chile) views this project as a significant step towards demonstrating how energy transition and the reduction of GHG (greenhouse gas) emissions can be realized, setting an example for other industry players.
9-November-2023
The Qingdao-based and Hong Kong-listed Seacon Shipping Group Ltd has acquired two chemical and product tankers for a total of $28 million. Seacon Shipping Group Ltd is allocating $14 million each for the 2012-built vessels, MT Kenrick and MT Enford, constructed at Taizhou Sanfu, and currently affiliated with the London-based Union Maritime Limited (UML). The delivery of both vessels is scheduled for the fourth quarter of 2023. In conjunction with the acquisition, Union Maritime Limited (UML) has agreed to a charter arrangement for the 16K DWT pair of chemical and product tankers, securing them for two years at a daily rate of $16,250, with the option to extend for an additional year at $16,500 per day. Seacon Shipping Group Ltd has also recently engaged in a sale and leaseback transaction with Bank of Beijing Financial Leasing involving the 13K DWT general cargo vessel MV Seacon Yokohama, valued at $21.25 million, under a 10-year bareboat charter. Furthermore, Seacon Shipping Group Ltd exercised a purchase option for the 2010-built supramax bulk carrier MV Seacon Dalian with Bank of Communications Financial Leasing (BoCom Leasing), proceeding to sell it to PT Cakra Buana Resources Energi of Indonesia for $12.8 million. Additionally, Seacon Shipping Group Ltd has expanded its fleet with the acquisition of the 2009-built 17K DWT chemical tanker MT Chem Lyra on a 60-month bareboat contract that concludes with a mandatory purchase, alongside an early purchase option, totaling approximately $14.5 million.
9-November-2023
A Russian missile strike targeting a bulk carrier nearing the Ukrainian port of Yuzhny resulted in the death of a pilot, with injuries inflicted on three Filipino crew members and one dockworker. The missile, identified as a Soviet-style air-to-surface type, struck 2009 built post-panamax bulk carrier 91K DWT MV Kmax Ruler flagged under Liberia. MV Kmax Ruler is owned by Venus Mare of the Philippines, was set to transport a shipment of iron ore from Ukraine to China. The incident underscores the heightened risk for maritime operations in the region following Russia’s withdrawal from the Black Sea Grain Initiative, which was orchestrated by the United Nations in July 2023. The conflict has escalated tensions, with both Ukraine and Russia targeting each other’s ports, leading to soaring insurance premiums for vessels entering Ukrainian ports. The ongoing war, which has lasted 21 months, has seen various merchant vessels caught in the crossfire.
9-November-2023
Based in Qingdao and listed in Hong Kong, Seacon Shipping Group Ltd has recently purchased two chemical and product tankers at a combined price of $28 million. For the vessels Kenrick and Enford, built in 2012 by Taizhou Sanfu and previously associated with Union Maritime Limited (UML) based in London, Seacon Shipping Group Ltd is disbursing $14 million for each. The handover of these ships is anticipated in the last quarter of 2023. As a component of this transaction, London-based shipowner and operator Union Maritime Limited (UML) will engage in a charter-back agreement for these two 16K DWT chemical and product tankers for a duration of two years, at a daily charter rate of $16,250, with an option to extend for a third year at $16,500 daily. Moreover, Seacon Shipping Group Ltd has completed a sale and leaseback deal with Bank of Beijing Financial Leasing for the 13K DWT general cargo ship, MV Seacon Yokohama, in a contract valued at $21.25 million, featuring a 10-year bareboat charter. Additionally, Seacon Shipping Group Ltd executed a purchase option for the 2010-constructed supramax bulk carrier MV Seacon Dalian from Bank of Communications Financial Leasing (BoCom Leasing), and subsequently sold it to PT Cakra Buana Resources Energi in Indonesia for $12.8 million. Seacon Shipping Group Ltd also enhanced its fleet by securing the 2009-built 17K DWT chemical tanker MT Chem Lyra under a 60-month bareboat charter that includes a buyout clause at the charter’s conclusion and an option to purchase earlier, with the overall deal valued around $14.5 million.
8-November-2023
Norwegian shipowner 2020 Bulkers, a newcastlemax shipping company backed by Tor Olav Troim, continues its winning streak by posting a profit for every quarter since its inception in 2019. Despite a slight dip in profitability, the Oslo-listed 2020 Bulkers remains consistent in its earnings performance. In the Q3 2023, 2020 Bulkers reported a net profit of $5.2 million, compared to $7.3 million during the Q3 2022. This decline in earnings can be attributed to a decrease in revenue, which amounted to $17 million, down from $18.7 million in previous year.
8-November-2023
Atlantska Plovidba, a Croatian shipowner that is currently a takeover target, has completed the sale of one of the four bulk carriers it had on order in China. The specific vessel is an 82K DWT (deadweight ton) kamsarmax bulk carrier new building with the Hull No 278, and it was sold for a total of $37 million. The identity of the buyer has not been disclosed. Additionally, Dubrovnik-based and Zagreb Stock Exchange-listed shipowner Atlantska Plovidba has disclosed new financing arrangements involving Hudson Structured Capital Management.
8-November-2023
Croatia-based Tankerska Plovidba is set to initiate a takeover bid for its compatriot bulker owner and operator, Atlantska Plovidba. Mario Pavic-led Tankerska Plovidba has disclosed its intention to launch a takeover offer to acquire the remaining 60.9% stake in Croatian shipowner and operator Atlantska Plovidba that it does not already own, as required by local takeover regulations. Tankerska Plovidba’s move follows a recent capital increase by Atlantska Plovidba, during which Tankerska Plovidba purchased approximately 32.7% of Atlantska Plovidba’s capital, increasing Tankerska Plovidba’s ownership stake in the Dubrovnik-based Atlantska Plovidba to 39.1%. Tankerska Plovidba needs to acquire an additional 11% to obtain a majority interest, and it is expected to make an offer for the remaining Atlantska Plovidba shares within the legal timeframe, possibly tendering around €53.5 per share, the price at which Tankerska Plovidba acquired shares during Atlantska Plovidba’s recapitalization. Currently, Tankerska Plovidba manages a diverse fleet comprising ten (10) tankers, three (3) bulk carriers, and six (6) ferries. In contrast, Atlantska Plovidba operates a fleet of ten (10) bulk carriers, with ownership confirmed for two, and four additional panamax bulk carrier newbuildings slated to join the fleet from Jiangsu Hantong in China.
8-November-2023
Ukraine’s one of the most significant achievements is the establishment of a new grain corridor, protected by Ukraine’s own forces, to replace a UN (United Nations) led scheme that Russia had boycotted in July 2023. Despite initial skepticism, Ukraine is on track to complete 100 voyages from previously blocked ports in Odesa, Chornomorsk, and Yuzhny, transporting around 2.5 million tonnes of mainly grain. This achievement is remarkable considering the grain trade’s challenging circumstances, including the lack of available commercial insurance due to ongoing threats of mines and Russian attacks on ports. German shipowner and operator Blumenthal JMK (Bluships) has been the most active in this grain trade, using the corridor to release two (2) trapped bulk carriers from Ukraine and send in ten (10) more from outside. However, this grain trade remains fragile, with insurers, charterers, and cargo shippers playing a significant role. Insurers, due to high premiums, have a considerable influence on the size and value of ships entering the Ukraine corridor. The average age of ships involved in this grain trade is 20 years, indicating that shipowners and insurers are hesitant to send in younger, more valuable ships. Insurance remains costly by war risk standards. While higher-than-average freight rates initially attracted shipowners to Ukraine’s Black Sea corridor, earnings have gradually decreased. The premium over non-Ukraine business has narrowed, possibly falling to between 20% and 50% above standard rates. Greek-based companies, particularly those with Middle Eastern interests, have a significant presence in this trade, including Kriton Lendoudis-led Evalend Shipping and the Greek brothers Dimitris and George Stefanou-led Bright Navigation. Despite its success, trust in the corridor remains limited due to the ongoing threat of floating mines in the Black Sea and continued aerial attacks on Ukrainian port infrastructure. Publicly held shipping firms and top-tier companies still tend to avoid the Ukrainian trade.
8-November-2023
Shanghai-listed China Merchants Energy Shipping (CMES) is on the verge of placing orders for new kamsarmax bulk carriers and multipurpose ships. The ships, which will be powered by conventional fuel, are set to be constructed by China Merchants Heavy Industry Jinling (CMHI Jinling) with an expected delivery in 2026. Progressing with its plans for expanding its dry bulk carrier fleet, China Merchants Energy Shipping (CMES), under the leadership of Chairman Feng Boming, had disclosed intentions to acquire bulkers last month. China Merchants Energy Shipping (CMES) is preparing to finalize contracts for two (2) kamsarmax bulk carriers and two (2) 62K DWT heavy-lift general cargo ships with China Merchants Heavy Industry Jinling (CMHI Jinling). According to a source tracking China Merchants Energy Shipping (CMES) newbuilding ventures, the official contract signing is anticipated to occur very soon.
8-November-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping is making significant strides in its efforts to expand its eco-friendly bulk carrier fleet with the help of a new investor. CEO Mikki Koskinen-led shipowner and operator ESL Shipping has entered into an agreement with OP Finland Infrastructure, where the investor will inject €30 million into ESL Shipping in exchange for new ESL Shipping shares. This investment is based on a pre-money equity valuation of €165 million, giving OP Finland Infrastructure a 15.38% stake in ESL Shipping. It also implies an enterprise value of €300 million for Finish shipowner and operator ESL Shipping. This move reflects ESL Shipping’s commitment to advancing its zero-emission bulk carrier initiatives. Currently headquartered in Helsinki, ESL Shipping maintains a fleet comprising 26 owned ships and an additional 22 chartered-in vessels. This extensive fleet enables ESL Shipping to engage in diverse shipping operations and efficiently meet the transportation requirements of its charterers.
8-November-2023
Athens-based New York-listed shipowner and operator EuroDry (EDRY) has reported its third consecutive quarter of losses, primarily due to the relatively weak bulker markets between June and September 2023. CEO Aristides Pittas-led shipowner and operator EuroDry (EDRY) recorded a net loss of approximately $532,000 in the Q3 2023, a significant decline from the $6.2 million net profit it had reported in the Q3 2022. This decline in profitability was mainly attributed to a 41% year-on-year decrease in TCE (time charter equivalent) earnings, which amounted to $12,126 per day. Despite these challenges, Athens-based New York-listed shipowner and operator EuroDry (EDRY) remains committed to seeking acquisition opportunities and implementing share buyback initiatives.
8-November-2023
Lomar Shipping, a London-based diversified shipowner within the Libra Group, has continued its active involvement in selling container ships as Lomar Shipping shifts its focus towards bulk carriers and chemical tankers. Over the recent period, Lomar Shipping has parted ways with four (4) container ships, generating nearly $39 million in revenue. Among the container ships sold are the 2002-built panamax container ships MV Velika Express and MV Mirador Express, estimated to be valued at approximately $9.5 million each. Additionally, the 2005 container ship MV built OOCL St. Lawrence was sold for approximately $15.8 million. These container ships have been delivered to clients of Conbulk Shipmanagement, a Greek company. Furthermore, Lomar Shipping also disposed of the 2005 built feeder container MV Hamburg Trader, valued at around $7 million. Under the leadership of Nicholas Georgiou, Lomar Shipping has been expanding its presence in the chemical tanker sector, including the acquisition of Bremen-based MT Carl Büttner, and has made several additions to its fleet of secondhand bulk carriers. Earlier in the year, Lomar Shipping purchased three (3) supramax bulk carriers, marking its first such acquisitions since early 2022. These transactions coincided with the sale of five feeder container ships to German tonnage provider MPC Container Ships, which were collectively sold for a price close to $137 million. Lomar Shipping is a prominent ship-owning and ship-management group with a global presence. The company operates worldwide and maintains its primary offices in the United Kingdom, Germany, Croatia, and Singapore. Lomar Shipping conducts its activities on a global scale and collaborates closely with the Libra Group network.
8-November-2023
A study commissioned by Lubeck-based shipowner and operator Oldendorff Carriers has raised concerns regarding the stability and degradation of biofuel blends when stored in ships’ bunker tanks. German Henning Oldendorff-led Oldendorff Carriers enlisted the Massachusetts Institute of Technology (MIT) to investigate the long-term stability and degradation of the B20 blend, a lower-carbon biofuel. The study involved bunkering the B20 blend in January 2022 on the 2016 built handysize bulk carrier 38K DWT MVMV Edwine Oldendorff. The results of the study have highlighted potential issues with biofuel blends in terms of storage and stability, suggesting that the use of biocides and antioxidants may be necessary to address these challenges effectively. At present, Oldendorff Carriers possesses 180 bulk carriers and manages the operations of 750 bulk carriers.
8-November-2023
New York-listed shipowner and operator Safe Bulkers (SB) is maintaining its strategy and dividend payments despite experiencing a decline in net income for the third consecutive quarter, which has reached its lowest level in nearly three years. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) has remained profitable for the 13th consecutive quarter and has retained its dividend at $0.05 per share. In the Q3 2023, Safe Bulkers (SB) reported a net income of $15 million, representing a 71% decrease compared to the Q3 2022. Despite these challenges, Safe Bulkers (SB) remains committed to its established approach and maintaining shareholder payouts. Currently, New York-listed shipowner and operator Safe Bulkers (SB) has a fleet of 46 large bulk carriers.
8-November-2023
Astatine Investment Partners (AIP), a private equity firm based in Connecticut (USA), has acquired McKeil Marine, a shipping company located in Ontario (Canada), from TorQuest Partners, a Canadian investment firm. McKeil Marine’s long-term inflation-linked contracts offer significant protection against downside risks. McKeil Marine has the potential for expansion of the company’s services and fleet diversification. Astatine Investment Partners (AIP) is eager to collaborate with the management and skilled crew of McKeil Marine to enhance its leading position in the market and continue its historical growth trajectory. McKeil Marine boasts a fleet comprising 13 vessels for dry and liquid bulk, along with the largest category-specific collection of tugs and barges on the Great Lakes.
8-November-2023
The Far Eastern Shipping Company (FESCO), a prominent name in Russian container shipping, has changed hands. President Vladimir Putin directed the transfer of a 92% state-owned stake in Far Eastern Shipping Company (FESCO) to the state-controlled nuclear power giant Rosatom. This move comes after the government assumed control of Far Eastern Shipping Company (FESCO) following the arrest of its head, Ziyavudin Magomedov, who was sentenced to 19 years in prison December 2022 on corruption charges. Despite his incarceration, Ziyavudin Magomedov remains combative, initiating a massive $14 billion lawsuit at the High Court in London in July 2022. Far Eastern Shipping Company’s (FESCO) current fleet consists of 25 vessels, which includes nineteen (19) container ships, three (3) small bulk carriers, and three (3) heavy-lift ships. Additionally, Far Eastern Shipping Company (FESCO) has vested interests in port, rail, and logistics infrastructure.
8-November-2023
Brazilian mining giant Vale has made a significant move towards reducing emissions in its shipping operations by securing the world’s largest ore carrier for wind-assisted propulsion. 2012-built valemax bulk carrier 400K DWT MV Sohar Max owned by Oman-based shipowner and operator Asyad and under a long-term charter with Vale, will be equipped with five 35-meter-tall rotor sails provided by British supplier Anemoi Marine Technologies. These cylindrical sails will be installed using Anemoi Marine Technologies’ folding deployment system, allowing them to be folded vertically when not in use to minimize interference with air draught and cargo handling operations. This retrofit project, certified by LR (Lloyd Register), is expected to be completed in the Q2 2024. It is anticipated to result in fuel savings of 6% and a reduction of up to 3,000 tons of CO2 equivalent emissions per ship per year. Anemoi Marine Technologies has been collaborating with Brazilian mining giant Vale on solutions for its bulk carriers for several years. This initiative follows similar efforts within the industry, such as Berge Bulk retrofitting its MV Berge Neblina with four folding rotor sails and Brazilian mining giant Vale working with Mitsui OSK Lines (MOL) to add Norsepower rotor sails to two bulk carriers. Wind energy is becoming increasingly central to Brazilian mining giant Vale’s strategy for decarbonizing the maritime transportation of iron ore.
6-November-2023
Starting from the beginning of 2024, there is a significant possibility that no large tankers will be able to traverse the Panama Canal. Additionally, VLGCs (Very Large Gas Carriers) are likely to face challenges in using the canal, resulting in substantial changes to global seaborne gas and oil trade routes. These changes will have ripple effects on the tonne/mile calculations used in the industry. The Panama Canal has a maximum capacity of handling 40 ship transits per day. However, this capacity has been decreasing due to an extended period of severe drought this year. Simultaneously, Panama Canal authorities have had to reduce the maximum draft limits for vessels passing through the larger neopanamax locks by nearly 2 meters. In 2023, there has been a 41% reduction in rainfall compared to the usual levels, causing Gatun Lake to reach historically low levels for this time of year. Over the next quarter, the number of Panama Canal transits allowed will be reduced from 31 to only 18, a restriction that will remain in place until further notice. Consequently, available slots for the newer, larger Panama Canal neopanamax locks will be reduced to just 8 (eight) per day, mostly taken by container ships with the occasional gas carrier. Large oil tankers will no longer be a part of this trade route. Large oil tankers won’t be able to schedule in advance like container ships and may not be competitive for the limited auction slots. VLGCs (Very Large Gas Carriers) are also expected to face challenges. This reduction in slots is likely to divert many tramp ships, including tankers and dry cargo ships, away from the Panama Canal. This could lead to increased demand for ton-miles and potential changes in segment utilization, favoring the use of larger ships for longer hauls. London-based the world’s biggest shipbroker Clarksons’ research arm Clarksons Research forecasts that, given the current booking system, there’s a possibility that no VLGCs (Very Large Gas Carriers) will be able to transit through the new Panama Canal neopanamax locks early next year, and transits through the old Panama Canal locks will be significantly reduced. As a result, ships may choose to sail around the Cape of Good Hope (COGH) or via the Suez Canal, leading to additional tonne-miles.
6-November-2023
Rapidly growing Dubai-based Turkish shipowner and operator Densay Shipping acquired 2007 built capesize bulk carrier 177K DWT MV Satori for around $18.5 million from Athens-based Pappadakis family-controlled Kassian Maritime. Notably, this potential acquisition would mark Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping’s second capesize bulk carrier. The sale price is considered firm because it is contingent on the MV Satori undergoing a drydock in January 2024. This transaction represents Densay Shipping’s first venture into the secondhand market, as the company, which currently owns a fleet of 39 bulk carriers, has been primarily focusing on investing in newbuildings. Just a few weeks ago, Dubai-based Turkish shipowner and operator Densay Shipping placed an order for a single 63K DWT (deadweight ton( ultramax bulk carrier at Sumec New Dayang for approximately $32.5 million, with delivery scheduled for the Q2 2026. In May 2023, Densay Shipping placed orders for four (4) additional ultramax bulk carriers at two different Chinese shipyards. In addition to these acquisitions, Densay Shipping has 12 more bulk carriers on order.
6-November-2023
Greek shipping magnate George Economou has increased his order for newcastlemax bulk carriers to a total of eight (8) newbuildings. George Economou boasts a diverse newbuilding fleet comprising more than 30 vessels, valued at over $3 billion. Surprisingly, George Economou’s commitment to newcastlemax bulkers in China turns out to be twice as substantial as previously believed. In June 2023, George Economou placed orders for a quartet of 210K DWT newcastlemax bulk carriers at Yangzhou Cosco Shipping Heavy Industry. However, recent reports from shipbrokers indicate that George Economou has extended his contract, securing an additional four identical newcastlemax bulk carriers at the state-owned yard.
6-November-2023
South Korean shipowner and operator Hyundai Merchant Marine (HMM) is looking to bolster its various fleet segments in response to declining profits in its primary business, container shipping. Seoul-based shipowner and operator Hyundai Merchant Marine (HMM) has outlined plans to expand its dry bulk fleet from the current 35 ships to 55 by 2026. Recently, Hyundai Merchant Marine (HMM) secured long-term charter contracts worth nearly $1 billion with an undisclosed charterer for four new buildings, covering the period from 2026 to 2042, with a total contract value of $954 million. In addition to its dry bulk expansion, Hyundai Merchant Marine (HMM) has diversified its operations this year by ordering four multipurpose ships and reentering the car carrier market with a triple order in China. Furthermore, Hyundai Merchant Marine (HMM) added its tenth tanker to its fleet, and Hyundai Merchant Marine (HMM) previously expressed interest in acquiring Hyundai LNG Shipping. Hyundai Merchant Marine (HMM) is currently in the second round of bidding to be taken private. Harim Group, which controls Korean Line Pan Ocean, has partnered with a local private equity firm for their bid. Other contenders in this round include LX Holdings and Dongwon Group, Korean companies with logistics interests. The selection of a preferred bidder is expected to be announced in the coming days, with state creditors aiming to complete the sale by the end of 2023.
6-November-2023
Athens-based Pappadakis family-controlled Kassian Maritime has successfully completed the sale of a 2007 built capesize bulk carrier 177K DWT MV Satori to rapidly growing Dubai-based Turkish shipowner and operator Densay Shipping. Greek shipowner and operator Kassian Maritime sold MV Satori for around $18.5 million. The sale price is considered fixed due to the 2007 built capesize bulk carrier 177K DWT MV Satori ’s upcoming drydock scheduled for January 2024. This MV Satori deal signifies Densay Shipping’s entry into the secondhand ship market, as the company, which currently operates a fleet of 39 bulk carriers, has predominantly focused on investing in newbuildings. Notably, a few weeks ago, ayfun Gunerhan-led Turkish shipowner and operator Densay Shipping ordered a 63K DWT ultramax bulk carrier at Sumec New Dayang for approximately $32.5 million, with delivery expected in the Q2 2026. Additionally, in May 2023, tDensay Shipping placed orders for four (4) ultramax bulk carriers at two other Chinese shipyards. In total, Densay Shipping has 12 more bulk carriers on order, further expanding its fleet. Currently, Athens-based Pappadakis family-controlled Kassian Maritime has a fleet of eight bulk carriers.
6-November-2023
Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd is preparing to transfer ownership of 2010 built supramax bulk carrier 57K DWT MV Seacon Dalian which is currently under a bareboat charter agreement. This transfer of ownership is being facilitated through its subsidiary Golden Orchid, which will exercise a purchase option for MV Seacon Dalian from Bank of Communications Financial Leasing’s (BoCom Leasing) shipowning entity, Xiang B5 HK International Ship Lease. Following the purchase, Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd plans to sell the 2010 built supramax bulk carrier 57K DWT MV Seacon Dalian to Indonesia’s PT Cakra Buana Resources Energi for around $12.5 million. Seacon Shipping Group Ltd had chartered the MV Seacon Dalian on a bareboat basis for five years starting in November 2019. This sale of the COSCO Zhoushan-built MV Seacon Dalian is aligned with Seacon Shipping Group Ltd’s ongoing strategy to optimize its fleet by gradually phasing out older bulk carriers under its control. The proceeds from the sale will be used for potential ship acquisitions and general working capital. Since Seacon Shipping Group Ltd’s initial public offering (IPO) in March, Seacon Shipping Group Ltd has been actively seeking to add newer ships to its fleet. With bulk carriers currently under construction in China and Japan, Seacon Shipping Group Ltd anticipates increasing its controlled fleet to approximately 35 ships by the end of 2025. Additionally, Seacon Shipping Group Ltd recently acquired the 2009 built chemical tanker MT Chem Lyra through a 60-month bareboat agreement, which includes an option to purchase at the end of the charter, valued at around $14.5 million in total. At present, all the vessels within Seacon Shipping Group Ltd’s fleet are under the management of its subsidiary, Seacon Ship Management Company.
3-November-2023
Hellerup-based Union Bulk, a Danish dry bulk shipping and freight trading company primarily operating in the handysize and handymax segments, has expanded its operations to become a shipowner. Union Bulk recently acquired 2011 built handysize bulk carrier 28K DWT MV Hinase, marking its entry into shipownership. Established in March 2019 and founded by Anders Svarrer and Jens Boesen, Union Bulk initially operated as a dry bulk operator and freight trading firm, managing a fleet of approximately 25 handysize bulk carriers. However, Hellerup-based Union Bulk has now made its first move into shipowning with the purchase of the MV Hinase from Japase shipowner and operator Shinto Kisen. MV Hinasewas built by Imabari Shipbuilding. Notably, 2011 built handysize bulk carrier 28K DWT MV Hinase had previously been under charter with Union Bulk before its acquisition, marking an expansion of the company’s involvement in the maritime industry beyond ship operation and freight trading.
3-November-2023
S&P (Sale and Purchase) shipbrokers have been closely monitoring the significant decline in capesize rates, which have dropped nearly 50% from their year-highs of $30,000 in just two weeks. S&P (Sale and Purchase) shipbrokers are keen to see if this sharp decrease will lead to a corresponding drop in prices for secondhand capesize bulk carriers. In this context, the attention was on the 2009 built capesize bulk carrier 180K DWT MV Ocean Corona, built at Koyo Shipbuilding in Japan, which recently invited offers for sale. The price for this 2009 built capesize bulk carrier 180K DWT MV Ocean Corona, the first sale of its kind in November, has now been disclosed, and it confirms that price levels are indeed sliding. 2009 built capesize bulk carrier 180K DWT MV Ocean Corona was sold for $20.8 million. Just a couple of weeks ago, when capesize rates were at their peak of about $30,000 per day, 2011 built capesize bulk carrier 177K DWT MV Cymona Iron, equipped with a scrubber and built at Shanghai Waigaoqiao, was sold for $27 million. Looking at demand growth from a tonne-day perspective, analysts at the freight platform have reported a declining trend in recent days. This downward trend has now reached its lowest growth rate since the end of week 39, and it appears that November will bring further downward pressure on capesize freight rates. The China Iron and Steel Association recently stated that domestic crude steel production may decrease in Q4 2023 due to mandatory production cuts and pollution control regulations during the winter months. Combined with ongoing concerns about China’s property market, this situation may keep iron ore demand subdued shortly.
3-November-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has opted to extend its one-year charter agreement for an ultramax bulk carrier with One of the world’s largest supramax bulk carrier operators Oslo-headquartered Western Bulk Carriers (WBC) for at least another year. This extension comes at a time when the market offers very few period deals of such duration. However, it’s worth noting that Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) will be earning a slightly lower daily rate on this extended arrangement. CEO Hans Aasnaes-led Western Bulk Chartering (WBC) extended the charter of 2015 built ultramax bulk carrier 60K DWT MV DSI Aquila from November 12, 2023, until November 10, 2024, with the possibility to further extend the charter until January 10, 2025. This decision is significant as there have been very few one-year fixture contracts for bulk carriers in the past two weeks. Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has chosen to continue this period deal with Oslo-based Western Bulk Carriers (WBC) at a reduced rate. Western Bulk Carriers (WBC) is a worldwide dry bulk operator that specializes in connecting cargo with ships across a wide range of market conditions. Western Bulk Carriers (WBC) achieve this by chartering bulk carriers from various shipowners and efficiently transporting cargo for clients on a global scale. Western Bulk Carriers conducts its ship chartering operations through a division known as Western Bulk Chartering (WBC). Oslo-headquartered Western Bulk Carriers (WBC) operates with an asset-light business model, utilizing advanced risk management techniques, market data, and analytics to maximize the efficient deployment of their fleet and the matching of bulk carriers with cargo. This approach allows Western Bulk Carriers (WBC) to optimize their operations and provide effective solutions to meet the needs of their customers in the dry bulk shipping industry.
2-November-2023
New York-listed shipowner and operator Costamare Inc.’s (CMRE) dry bulk shipping arm Costamare Bulkers Services has implemented a fleet renewal strategy by selling two older supramax bulk carriers. One of these supramax bulk carriers is the 2006 built supramax bulk carrier 55K DWT MV Peace and it is expected to change ownership in the Q4 2023. 2006 built supramax bulk carrier 55K DWT MV Peace is equipped with a Ballast Water Treatment System (BWTS), is likely being sold to Vietnamese shipowner for approximately $11.6 million. Greek Konstantinos Konstantakopoulos-led New York-listed shipowner and operator Costamare Inc. (CMRE) had acquired the MV Peace from Olympic Shipping in May 2021 for a reported price of $12.9 million. Additionally, Costamare Inc. (CMRE) is also planning to divest the 2006 built supramax bulk carrier 55K DWT MV Pride, which was purchased from Olympic Shipping for $12.6 million in 2021. MV Pride is expected to exit the fleet in the Q4 2023. Costamare Inc. (CMRE) has recently confirmed several other sales and purchases within its fleet, including the acquisition of two (2) capesize bulk carriers built in 2011 named MV Enna and MV Dorado, as well as the 2013 built ultramax bulk carrier MV Arya. Athens-based shipowner and operator Costamare Inc. (CMRE) has also completed the sale of two (2) older container ships, namely the 1998 built container ship 2,472 TEU MV Monemvasia (of which Costamare owns a 49% stake) and the 2000 built container ship 4,890 TEU MV Oakland. As of Q3 2023, New York-listed shipowner and operator Costamare Inc. (CMRE) owns a total of 68 containerships and 45 bulk carriers, including those that are being sold. Konstantinos Konstantakopoulos-led shipowner and operator Costamare Inc. (CMRE) reported a Q3 2023 net profit available to common stockholders of $53.3 million, equivalent to $0.45 per share. Additionally, Costamare Inc. (CMRE) has expanded its dry bulk operating platform to include 59 ships, with the majority of the fixed fleet operating under index-linked charter-in agreements.
2-November-2023
Rapidly growing Dubai-based Turkish shipowner and operator Densay Shipping has expanded its presence in the capesize sector with the purchase of a 16-year-old capesize bulk carrier. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping acquired 2007 built capesize bulk carrier 177K DWT MV Satori for around $18.5 million. Despite the ongoing volatility and uncertainty surrounding the capesize sector’s long-term earning potential, capesize transactions in the secondhand market continue to occur. Some shipowners are taking advantage of shipping market conditions to acquire ships in this sector, indicating a continued interest in capesize bulk carriers. Currently, Dubai-based Turkish shipowner and operator Densay Shipping has a fleet of 39 bulk carriers, and an additional 12 new building bulk carriers are on order.
2-November-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping has reported a drop in profits while working to secure new investments. CEO Mikki Koskinen-led ESL Shipping, specializing in Baltic Sea bulkers, recorded operating earnings of €4 million in the Q3 2023, a decrease from €9.8 million in the Q3 2022. Additionally, revenue experienced a 34% decline in the Q3 2023 compared to the all-time high of €43 million in the Q3 2022. Finnish shipowner and operator ESL Shipping continues to face challenges, including high time-charter costs in the Baltic region. Despite these hurdles, ESL Shipping is actively pursuing new investment opportunities to strengthen its position in the shipping industry. At present, ESL Shipping, based in Helsinki, operates a fleet consisting of 26 owned ships and an additional 22 chartered-in ships. This fleet allows ESL Shipping to engage in various shipping activities and cater to the transportation needs of its clients effectively.
2-November-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) believes that the introduction of carbon levies will accelerate the payback period for a significant energy-saving device retrofit on one of its ships. Engebret Dahm-led shipowner and operator Klaveness Combination Carriers (KCC) disclosed that it had invested $4 million in retrofitting the 2017 built CABU-type Combination Carrier 80K DWT MV Ballard and transports caustic soda and dry bulk cargo. This retrofit involved the adoption of air lubrication, making it the first Klaveness Combination Carriers (KCC) ship and one of the first in the tanker and bulker sectors to utilize this technology. The introduction of carbon levies is expected to expedite the return on investment for such eco-friendly retrofit projects. Currently, Klaveness Combination Carriers (KCC), headquartered in Oslo, operates a fleet consisting of nine (9) CABU-type Combination Carriers and eight (8) CLEANBU-type Combination Carriers. These vessels are specifically designed to transport a wide range of cargoes, including both dry bulk and liquid cargoes. This versatility allows Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) to effectively handle various types of shipments, making KCC’s fleet adaptable to different cargo transportation needs.
2-November-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has initiated a new share buyback program worth $30 million. CEO Jan Rindbo-led shipowner and operator Dampskibsselskabet DS Norden A/S announced its intention to repurchase up to 1.2 million of its shares until February 2024 as part of this program, which commenced immediately. Dampskibsselskabet DS Norden A/S’s decision to embark on this share buyback initiative comes after reporting Q3 2023 results that, while profitable, reflected the impact of weaker freight markets for both bulk carriers and product tankers. Dampskibsselskabet DS Norden A/S’s goal with the share buyback program is to adjust its capital structure and hedge its obligations under employee incentive schemes. This move demonstrates Dampskibsselskabet DS Norden A/S’s proactive approach to managing its financial position and capital allocation in response to market conditions.
2-November-2023
Japanese shipowner and operator NYK (Nippon Yusen Kabushiki Kaisha) has made significant progress in its share buyback program, with the goal of repurchasing up to $1.3 billion worth of its own shares. In October 2023, NYK (Nippon Yusen Kabushiki Kaisha) bought back an additional 8.9 million shares valued at $2.3 billion through the Tokyo Stock Exchange. The share buyback program was authorized in August 2023 and is set to run until 30 April 2024. Tokyo Stock Exchange-listed NYK (Nippon Yusen Kabushiki Kaisha) aims to acquire a total of 85 million shares as part of this initiative, which represents approximately 16.7% of its outstanding shares. While Japanese shipowner and operator NYK (Nippon Yusen Kabushiki Kaisha) has made substantial progress toward its buyback goal, the company notes that its stock is relatively expensive, which may impact its ability to reach the full 85 million-share target. Nonetheless, Masahiro Takahashi-led shipowner and operator NYK’s (Nippon Yusen Kabushiki Kaisha) commitment to the buyback program reflects its efforts to enhance shareholder value and optimize its capital structure.
2-November-2023
Unity Maritime, a London-based shipowner, is embarking on a fleet expansion initiative through a crew management joint venture with Singapore-based Synergy Marine. The joint venture is operating under the name US Crewing Services and is based in Varna, Bulgaria. Danny Ungar’s Synergy Marine aims to manage up to 50 dry bulk carriers through this new venture. US Crewing Services, formed as a subsidiary of Unity Ship Management (USM) and in collaboration with Rajesh Unni’s ship-management company Synergy Marine, will initially focus on managing the existing ships within the Unity Maritime and Synergy Marine fleets. This partnership represents a step toward growth and expansion for Unity Maritime as it works with Synergy Marine to enhance its operations and services.
2-November-2023
Shipowners and charterers facing challenges in navigating a drought-affected Panama Canal have driven transit slot auction prices to an unprecedented high. The bidding for a Panama Canal crossing reached an astounding $2.85 million. This figure surpasses the usual booking fee of approximately $900,000 and exceeds the previous record of $2.6 million set in November 2022. Typically, the Panama Canal Authority (ACP) auctions one or two vacant crossing slots through the neo-panamax locks to the highest bidder each day. These auctions are typically won by LNG or LPG carriers. This year, it was anticipated that a new record fee would be established. The situation is expected to become even more challenging as the Panama Canal Authority (ACP) has announced significant reductions in daily crossing numbers due to declining water levels. Normally, 36 ships cross the canal each day, but this number has already been reduced to 32. The reduction will continue, dropping to 25, then 24 in November, 22 in December, 20 in January, and eventually reaching just 18 in February 2024. VLGCs (Very Large Gas Carriers) could face increased pressure as a result of these changes. VLGC (Very Large Gas Carrier) fleet will face further strain as Panama Canal transit numbers are reduced, especially since waiting times typically peak in November.
1-November-2023
Greek shipping industry veteran Panos Laskaridis continues to uphold the values of family as he drives the growth of his maritime businesses. Despite being less visible on the shipping conference circuit in recent years, this should not be mistaken for a slowdown in Panos Laskaridis’ core shipping operations. Following a split of family interests with his brother, Thanassis Laskaridis, two years ago, Panos Laskaridis has embarked on a path that involves the expansion of his shipping companies, including Laskaridis Shipping and Athens-based Lavinia Bulk Ltd.. This expansion includes the acquisition of new bulk carriers and the gradual addition of secondhand tankers to his fleet. Greek shipping industry veteran Panos Laskaridis remains committed to the shipping industry’s growth and sustainability, focusing on developing a “greener” fleet. While he acknowledges the importance of environmental considerations, Panos Laskaridis believes that the time is not yet ripe for the adoption of fancy future bunkers or ships, emphasizing practical and pragmatic approaches to industry challenges. Lavinia Bulk Ltd is a privately owned company that has entrusted the management of its bulk carriers to Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd plays a crucial role in the commercial management of a significant and modern fleet of mid- to large-sized dry bulk carriers. Moreover, as part of the Laskaridis Shipping Ltd group of companies, its subsidiary, Lavinia Corp, is responsible for the oversight of a fleet comprising 43 bulk carriers. Additionally, Laskaridis Shipping Ltd has expanded its operations to include chemical tankers, product tankers, and reefer ships, demonstrating the company’s diverse interests within the maritime industry.
1-November-2023
After years of negotiations and a rigorous vetting process, Istanbul-based Turkish Classification Society Turk Loydu has officially become a member of the International Association of Classification Societies (IACS). This development marks a significant milestone for Turk Loydu, and the organization plans to expand its presence on the international stage. Turk Loydu’s membership in International Association of Classification Societies (IACS) was granted with immediate effect, as announced by IACS in a statement. The application process included thorough audits carried out in the previous year by the independent accredited certification body Dekra, with the involvement of International Association of Classification Societies (IACS) observers. This recognition and membership in International Association of Classification Societies (IACS) reflect Turk Loydu’s commitment to meeting international standards and contributing to the global maritime industry.