31-October-2023
Greek shipping is currently navigating through challenging and uncharted waters. With new challenges emerging in global trade and an uncertain path towards green shipping, Greek shipowners are actively exploring solutions to adapt to changing circumstances. One recent piece of news that caught the attention of the Greek shipping community was the suggestion that Chinese shipping companies had overtaken them as the leading players in international shipping. While this news may have stirred some emotions and impacted Greek national pride, it’s important to note that this data doesn’t necessarily indicate a crisis. One factor to consider is that measuring fleet sizes in terms of GT (GrossTonnage), as done in London-based the world’s biggest shipbroker Clarksons’ World Fleet Monitor data, can be an imprecise tool for assessing a ship’s actual cargo-carrying capacity. Other metrics and factors may provide a more accurate picture of a shipping company’s performance and capabilities. In any case, Greek shipping remains a significant and influential part of the global maritime industry, and its stakeholders are actively addressing the evolving landscape and challenges to ensure continued success in the future.
31-October-2023
Tensions are intensifying at Performance Shipping, as Greek shipowner George Economou escalates his efforts to gain control of the US-listed tanker company by taking his legal battle to the New York State Supreme Court. George Economou, who holds approximately 9% of Performance Shipping’s shares through his investment entity Sphinx, initiated a hostile tender offer in October to purchase all outstanding common stock of Performance Shipping at $3.00 per share in cash. This offer is viewed as highly conditional, with most conditions under the control of the company and its board. These conditions include the cancellation of the company’s Series C convertible preferred stock, which is held by chairwoman Aliki Paliou and her husband, CEO Andreas Michalopoulos. George Economou has chosen to sue insiders and directors of Performance Shipping, alleging a breach of fiduciary duties to shareholders. He claims they improperly established a dual-class capital structure that granted control of Performance Shipping to the family of its former leader, Simeon Palios. Paliou Palios, Simeon Palios’ daughter, controls roughly 90% of Performance Shipping through her investment vehicle Mango, along with Michalopoulos and his firm Mitzela. Sphinx alleges that four directors—Giannakis Evangelou, Antonios Karavias, Christos Glavanis, and Reidar Brekke—conspired to secure control of Performance Shipping for Mango, Mitzela, and the “Paliou family insiders,” thus strengthening chair Paliou and her family’s position at the expense of public shareholders. The lawsuit specifically contends that the insiders and directors devised an exchange offer that allowed holders of tradable stocks to exchange them for nonvoting Series B preferred shares, which they could not sell but could later convert to Series C preferred shares with ten times the voting power of common stock and other rights, including dividend receipt. According to Sphinx, the Performance Shipping board permitted Paliou Palios to use a private placement to expedite her exchange of Series B preferred shares for Series C preferred shares several months ahead of other public shareholders who accepted the exchange offer. George Economou, represented by lawyers from Cadwalader, Wickersham & Taft, argues that “under this scheme, the Paliou family insiders effectively issued to themselves a new class of super-voting shares,” alleging that the directors breached their duties and disenfranchised common stockholders. Sphinx also noted in a filing with the US Securities and Exchange Commission (SEC) that New York-based investment bank Maxim facilitated multiple stock issuances between May 2022 and March 2023 that significantly diluted the value and voting power of the remaining common shares, while safeguarding the Paliou family insiders from typical costs borne by shareholders during a capital raise. George Economou, the Greek shipping magnate who owns over 100 ships, is seeking court intervention to cancel the Series C preferred shares issued to Paliou and Michalopoulos and a declaration that these shares should not have voting rights at Performance Shipping’s 2024 AGM, scheduled for February. Additionally, he is requesting the reinstatement of common shares for public shareholders who participated in the exchange offer. In the meantime, George Economou has extended his cash offer for all outstanding shares of common stock in Performance Shipping until November 15, 2023. George Economou has also acquired a significant stake in OceanPal, another shipping company controlled by the Palios family that was spun off from Diana Shipping in 2022. However, George Economou’s intentions regarding this investment in OceanPal remain undisclosed.
31-October-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has reported its third-quarter earnings in the context of a seasonally weaker market for tankers and bulk carriers. Despite this challenging environment, Oslo-listed CEO Engebret Dahm-led shipowner and operator Klaveness Combination Carriers (KCC) achieved record rates for its CABU-type Combination Carriers that can carry caustic soda and bulk cargo. While Klaveness Combination Carriers (KCC) described the company’s net earnings of $16.3 million as “strong,” they were lower than the $22 million recorded in Q3 2022. Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers’ (KCC) revenue also experienced a decline, dropping from $48.8 million to $43.8 million. This reduction in earnings and revenue was primarily attributed to a decrease in rates for the CLEANBU-type Combination Carriers. The average TCE (time charter equivalent) earnings for the Klaveness Combination Carriers’ (KCC) fleet reached $32,214 per day. Despite the dip in earnings, Klaveness Combination Carriers remains a significant player in the maritime industry, focusing on the transportation of various cargoes, including caustic soda and bulk materials. Klaveness Ship Management A/S is responsible for the management of the entire fleet owned by Klaveness Combination Carriers (KCC). At present, Oslo-based Klaveness Combination Carriers (KCC) possesses and operates a fleet comprising nine (9) CABU-type Combination Carriers and eight (8) CLEANBU-type Combination Carriers. These vessels are designed to transport a variety of cargoes, including both dry bulk and liquid cargoes, making them versatile and capable of handling different types of shipments. Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has a long history as an owner and operator of combination carriers, dating back to the early 1950s. Throughout this extensive period, Klaveness Combination Carriers (KCC) has continually worked on improving various aspects of its operations. This includes the development and enhancement of vessel design, equipment, operational procedures, and crew training. The goal of these efforts is to offer customers the most efficient, environmentally friendly, and high-quality shipping services possible. As of now, this diverse fleet allows Klaveness Combination Carriers (KCC) to provide versatile and adaptable shipping solutions to meet a wide range of cargo transportation needs.
31-October-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has welcomed Anne Jensen as the new Chief Operating Officer (COO) for its assets and logistics business unit. This division manages Dampskibsselskabet DS Norden A/S’s owned fleet and various other activities. Anne Jensen, with a background at companies like TotalEnergies, Maersk Oil, and Shell, will play a key role in expanding the Dampskibsselskabet DS Norden A/S’s assets and logistics business unit’s service offerings to customers. Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S’s focus on developing “integrated freight solutions” includes services related to port logistics and lower emission options. The assets and logistics unit encompasses CEO Jan Rindbo-led Dampskibsselskabet DS Norden A/S’s asset management, which oversees the company’s owned ships, as well as logistics and climate solutions, through which the company handles its lower-carbon freight services. Anne Jensen’s appointment reflects Dampskibsselskabet DS Norden A/S’s commitment to enhancing and diversifying the company’s services within the maritime industry.
31-October-2023
Wind propulsion expert Norsepower has partnered with Japanese shipowner Iino Kaiun Kaisha and Mizuho Leasing to introduce a leasing program for Norsepower’s increasingly popular Rotor Sail technology. The primary goal of this initiative is to offer shipowners and operators leasing options for the Norsepower Rotor Sail, with a minimum lease term of five years and a fixed monthly fee. Rotor sails have already been successfully installed on two vessels owned by Japanese shipowner Iino Kaiun Kaisha. The adoption of established and commercially proven energy efficiency solutions like the Norsepower Rotor Sail is often impeded by the traditional requirement for upfront investment. This initial financial commitment can pose a significant obstacle for small to medium-sized shipowners and operators, despite the tangible benefits of reduced fuel consumption, greenhouse gas (GHG) emissions, and other pollutants. Norsepower has highlighted this challenge in a recent statement. The Norsepower Rotor Sail represents a modernized version of the Flettner rotor. It utilizes a small portion of the ship’s electrical power to rotate cylinder-shaped rotors, generating powerful thrust that not only saves fuel but also reduces emissions.
31-October-2023
Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has repurchased an additional 10 million shares from its largest investor, Oaktree Capital Management. The agreement between the Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK), which manages approximately 127 bulk carriers, and the US private equity firm Oaktree Capital Management involved a price of $19.50 per share. Over the past 15 days, New York-listed shipowner and operator Star Bulk Carriers’ (SBLK) stock has been on a decline, closing at $18.55 on 30 October 2023. The transaction is being financed through new debt financing, with the intention of repaying it primarily through the proceeds generated from future bulk carrier sales. Following the completion of the sale, expected to occur in December 2023, New York-based Oaktree Capital Management and its affiliated funds will possess approximately 7.2% of Star Bulk Carriers’ (SBLK) stock, and their representation on the board will be reduced to a single seat. Earlier this year, Oaktree Capital Management divested its entire stake in the New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE), and Oaktree Capital Management has also been reducing its holdings in the BW Group-backed product tanker company, Hafnia Tankers.
30-October-2023
Despite a sharp decline in the capesize bulker market, the world’s biggest shipbroker Clarksons’ arm Clarksons Securities sees a potential bright spot. The recent 37% drop in the market is in line with seasonal trends. While the Baltic Exchange’s Capesize 5TC Index fell by 6.1% to approximately $17,300 on Monday, hitting its lowest point since late September 2023, there remains optimism in the often volatile dry bulk sector. One reason for this optimism is the tight supply situation in the Atlantic basin, which could potentially boost the capesize bulker market. While recent market fluctuations have been significant, London-based the world’s biggest shipbroker Clarksons remains positive about the capesize bulker sector’s prospects.
30-October-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS), led by CEO Cyril Ducau and owned by Idan Ofer, has intensified its commitment to ammonia dual-fuel bulk newcastlemax carriers in China. Eastern Pacific Shipping (EPS) has expanded its order for ammonia-powered newcastlemax bulk carriers at Qingdao Beihai Shipbuilding Heavy Industry. Originally, Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) had placed an order for three 210K DWT ammonia dual-fuel bulk newcastlemax carriers in August 2023. However, Eastern Pacific Shipping (EPS) has now exercised options to add three (3) more ammonia-powered newcastlemax bulk carriers to their order, bringing the total to six (6) ammonia dual-fuel newbuildings at Qingdao Beihai Shipbuilding. This expansion demonstrates Singapore-based shipowner and operator Eastern Pacific Shipping’s strong interest in this sustainable and innovative shipping technology.
30-October-2023
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has reported a decrease in profit due to declining rates in the bulker and product tanker sectors. Nonetheless, Great Eastern Shipping anticipates improved earnings from its crude tankers division. In the second quarter of the fiscal year ending on September 30th, Great Eastern Shipping recorded a net profit of $71.5 million. While this remains a substantial profit, it falls short of the figures achieved during the same period in the previous year. Great Eastern Shipping reported revenue of $175 million in the second quarter of 2023. The weaker performance in the bulker and product tanker markets has impacted Great Eastern Shipping’s overall profitability, but it is optimistic about the prospects in the crude tanker sector.
30-October-2023
Danish maritime investment firm J. Lauritzen, which also owns Copenhagen-based shipowner and operator Lauritzen Bulkers, has divested its shares in Hafnia, a product tanker unit of Singapore-based BW Group. The sale was conducted through a block sale managed by Pareto Securities. J. Lauritzen’s history with Hafnia dates back to 2010 when it was one of the founding partners of Hafnia Management. In 2013, J. Lauritzen sold its fleet of product tankers to Hafnia Tankers and acquired a minority stake in the company. In 2019, Hafnia was created through a merger between Hafnia Tankers and Singapore-based BW Tankers. Today, Hafnia is a major player in the industry, listed on the Oslo Stock Exchange, with offices in Singapore, Copenhagen, Houston, and Dubai, and a fleet of over 200 ships. Under the leadership of Kristian Mørch, Danish maritime investment firm J. Lauritzen decided to capitalize on this opportunity by selling all its shares in Hafnia for around $29 million. The Hellerup-based J. Lauritzen also holds interests in other companies, including dry bulk owner and operator Lauritzen Bulkers, BW Epic Kosan, and offshore wind vessel players Eneti and Cadeler.
30-October-2023
Lomar Shipping, a company under Greek control and part of the Libra Group, has entered into a new loan agreement with Macquarie Group, an Australian financier. This latest deal has increased Lomar Shipping’s total commitments to Macquarie Group to a total of $151 million. The agreement involves a $37.5 million credit facility, which will be used to refinance up to six (6) ships in London-headquartered Lomar Shipping’s diverse fleet. Although the specific vessel names were not disclosed, it’s worth noting that this marks the third transaction between Lomar Shipping and Macquarie Group , indicating a continuing partnership between the two entities. Nicholas Georgiou, the CEO of Lomar Shipping, is overseeing these financial transactions.
30-October-2023
S’hail Shipping, a Qatar-based shipowner and operator, has seen a notable boost of $1 million in the earnings of their bulker fleet thanks to their participation in the Baumarine Panamax Pool managed by MaruKlav Management Inc. This collaboration between Torvald Klaveness and Marubeni has been quite successful for Qatar-based S’hail Shipping, with their panamax bulk carriers achieving an 8% increase in earnings in 2023. The Baumarine Panamax Pool reported an 8% rise in earnings for S’hail Shipping’s fleet. This improvement in performance can be attributed to the four (4) panamax bulk carriers that were included in the panamax operation, which experienced a significant increase of 31.9 Vessel Earnings Points (VEP) during the first half of 2023. These Vessel Earnings Points (VEP) are calculated by Baumarine Panamax Pool based on the actual performance of the bulk carriers compared to their initial descriptions. In 2020, Norwegian shipowner and operator Torvald Klaveness, in collaboration with Japanese trading giant Marubeni, has established the world’s largest panamax pool within the shipping industry. This panamax pool goes by the name “Baumarine Panamax Pool” and is managed by MaruKlav Management Inc. Baumarine Panamax Pool is set to have offices located in Oslo, Dubai, and Singapore, making it a significant player in the global shipping market.
30-October-2023
Tensions are intensifying at Performance Shipping (PSHG), as Greek shipowner George Economou escalates his efforts to gain control of the US-listed tanker company by taking his legal battle to the New York State Supreme Court. George Economou, who holds approximately 9% of Performance Shipping’s (PSHG) shares through his investment entity Sphinx, initiated a hostile tender offer in October to purchase all outstanding common stock of Performance Shipping (PSHG) at $3.00 per share in cash. This offer is viewed as highly conditional, with most conditions under the control of the company and its board. These conditions include the cancellation of the company’s Series C convertible preferred stock, which is held by chairwoman Aliki Paliou and her husband, CEO Andreas Michalopoulos. George Economou has chosen to sue insiders and directors of Performance Shipping (PSHG), alleging a breach of fiduciary duties to shareholders. He claims they improperly established a dual-class capital structure that granted control of Performance Shipping (PSHG) to the family of its former leader, Simeon Palios. Paliou Palios, Simeon Palios’ daughter, controls roughly 90% of Performance Shipping (PSHG) through her investment vehicle Mango, along with Michalopoulos and his firm Mitzela. Sphinx alleges that four directors—Giannakis Evangelou, Antonios Karavias, Christos Glavanis, and Reidar Brekke—conspired to secure control of Performance Shipping (PSHG) for Mango, Mitzela, and the “Paliou family insiders,” thus strengthening chair Paliou and her family’s position at the expense of public shareholders. The lawsuit specifically contends that the insiders and directors devised an exchange offer that allowed holders of tradable stocks to exchange them for nonvoting Series B preferred shares, which they could not sell but could later convert to Series C preferred shares with ten times the voting power of common stock and other rights, including dividend receipt. According to Sphinx, the Performance Shipping (PSHG) board permitted Paliou Palios to use a private placement to expedite her exchange of Series B preferred shares for Series C preferred shares several months ahead of other public shareholders who accepted the exchange offer. George Economou, represented by lawyers from Cadwalader, Wickersham & Taft, argues that “under this scheme, the Paliou family insiders effectively issued to themselves a new class of super-voting shares,” alleging that the directors breached their duties and disenfranchised common stockholders. Sphinx also noted in a filing with the US Securities and Exchange Commission (SEC) that New York-based investment bank Maxim facilitated multiple stock issuances between May 2022 and March 2023 that significantly diluted the value and voting power of the remaining common shares, while safeguarding the Paliou family insiders from typical costs borne by shareholders during a capital raise. George Economou, the Greek shipping magnate who owns over 100 ships, is seeking court intervention to cancel the Series C preferred shares issued to Paliou and Michalopoulos and a declaration that these shares should not have voting rights at Performance Shipping’s (PSHG) 2024 AGM, scheduled for February. Additionally, he is requesting the reinstatement of common shares for public shareholders who participated in the exchange offer. In the meantime, George Economou has extended his cash offer for all outstanding shares of common stock in Performance Shipping (PSHG) until November 15, 2023. George Economou has also acquired a significant stake in OceanPal, another shipping company controlled by the Palios family that was spun off from Diana Shipping (DSX) in 2022. However, George Economou’s intentions regarding this investment in OceanPal remain undisclosed.
30-October-2023
Ships are set to resume their operations along the St. Lawrence Seaway today, marking the end of an eight-day strike. The strike was brought to a close after a deal was reached on Sunday with approximately 360 workers who are members of Unifor, Canada’s largest private-sector union. The dispute primarily revolved around wage issues with the St. Lawrence Seaway Management Corp. According to a statement from the union, the specifics of the tentative agreement will be shared with its members first and will be made public once the agreement is formally ratified. This strike had led to the closure of 13 locks on the St. Lawrence Seaway, affecting approximately 150 ships.
29-October-2023
Methanol propulsion specialist Green Marine Copenhagen and Singapore-based Stamford Ship Management have joined forces to establish a joint venture in Singapore. Their mission is to develop and manage methanol dual fuel propulsion ships across various market segments, both from a commercial and technical standpoint. Morten Jacobsen, the founder of Green Marine, expressed that Singapore was chosen as the ideal location to establish their platform for methanol ship ownership and ship management. The partnership with Singapore-based Stamford Ship Management has already led to the initiation of several newbuilding projects, showcasing Green Marine Copenhagen’s commitment to diversifying its presence across the marine methanol sector. In recent times, methanol has emerged as the second most popular alternative fuel in global ship orders, following LNG. Several local companies in Singapore are investing in methanol bunkering ships, further emphasizing the region’s commitment to this environmentally friendly fuel.
28-October-2023
Athens-based New York-listed shipowner and operator EuroDry (EDRY) has entered into a joint venture with a group of investors represented by NRP Project Finance to jointly own two recently acquired ultramax bulk carriers. The vessels in question are the 2015 built ultramax bulk carrier 63K DWT MV Christos K (ex MV Giants Causeway), and 2015 built ultramax bulk carrier 63K DWT MV Maria (ex MV Sadlers Wells). MV Christos K (ex MV Giants Causeway) and MV Maria (ex MV Sadlers Wells) were purchased from the London-based marine asset manager firm Marine Capital. It’s worth noting that a third ultramax bulk carrier, 2014 built ultramax bulk carrier 63K DWT MV Yannis Pittas (ex MV Gallileo), also acquired from London-based marine asset manager firm Marine Capital, is not part of this particular joint venture with NRP Project Finance. The total acquisition cost for these three ultramax bulk carriers amounted to approximately $65 million. In this joint venture, Athens-based New York-listed shipowner and operator EuroDry (EDRY) has announced that NRP Investors will secure a 39% ownership stake in each of the two ultramax bulk carriers. Additionally, CEO Aristides Pittas-led shipowner and operator EuroDry (EDRY) disclosed that it has taken delivery of the MV Christos K (ex MV Giants Causeway) and has arranged a sustainability-linked loan of $11 million with Eurobank to partially finance this acquisition. Once the remaining two ultramax bulk carriers from Marine Capital are delivered, EuroDry’s (EDRY) fleet will expand from 11 to 13 bulk carriers. New York-listed shipowner and operator EuroDry (EDRY) CEO Aristides Pittas emphasized that this joint venture transaction is a non-dilutive means of funding their fleet growth strategy while also broadening their investor base.
28-October-2023
The German shipmanagement sector is currently experiencing significant changes, including upcoming mergers and the emergence of a new brand. Bremen-based shipowner and operator Harren Group has recently introduced Harren Ship Management, a new entity that offers comprehensive shipmanagement services. These services encompass both technical and crew management and are available for a wide range of ship types, including heavylift and multipurpose ships, tankers, bulk carriers, container vessels, and offshore wind installations. Bremen-based shipowner and operator Harren Group emphasized the importance of providing customized and proactive management services for multi-million-dollar assets. Harren Group highlighted the need to continually adapt to various factors such as market cycles, charterer requirements, and asset strategies. Harren Group expressed the view that a shipowner’s success is closely tied to the ability of their management team to navigate and address these dynamic challenges effectively.
27-October-2023
Copenhagen-based shipowner and operator Clipper Group subsidiary Clipper Bulk is poised to return to its previous levels of success. Clipper Group, led by CEO Amrit Peter Kalsi, has revealed plans to expand its fleet by adding 100 more ships. This ambitious move comes after successfully resolving the debt challenges that plagued the Clipper Bulk for years in the aftermath of the global financial crisis. Clipper Group CEO Amrit Peter Kalsi’s vision is to substantially increase the fleet size from its current 80 to 90 bulk carriers to approximately 200 bulk carriers. Notably, Clipper Group CEO Amrit Peter Kalsi mentioned that about one-third of these 200 ships will be owned outright, indicating a vibrant period ahead in the ship S&P (Sale and Purchase) market. One of Denmark’s most renowned shipowning company Clipper Group subsidiary Clipper Bulk has dedicated considerable effort to refocusing on its core business in recent years, and this strategic shift has instilled confidence that the Clipper Bulk can grow without assuming undue risks. The company maintains a strong belief in the long-term potential of the dry bulk market and intends to stay true to its expertise. Therefore, Clipper Bulk believes it has the financial strength to support this expansion. In 2022, Clipper Group’s decision to sell Seatruck Ferries to roro operator CLdN allowed the company to concentrate exclusively on the dry bulk sector. Established in 1991 by Torben Jensen, Clipper Group originated as a spin-off from Armada Shipping. At its peak, Clipper Group held the position of being Denmark’s second-largest shipowner after Maersk, but it faced significant challenges during the challenging decade following the global financial crisis of 2008.
27-October-2023
The traditional capesize cargo routes are undergoing transformation due to the steel industry’s efforts to reduce emissions. The evolving requirements of steel manufacturers in China, India, and Europe are influencing trade patterns. These changes in capesize trade routes are already underway and are expected to continue as steel producers worldwide seek to lower their carbon footprints. Interestingly, new areas of demand are emerging to counterbalance these shifts. Currently, approximately 75% of steel production relies heavily on coal-fired blast furnaces, which are significant sources of CO2 emissions. The International Energy Agency has set an ambitious goal for the global steel industry to achieve a minimum 50% reduction in emissions by the year 2050.
26-October-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has successfully secured employment for its entire fleet of LNG-fuelled newcastlemax dry bulk carriers. They recently finalized a new charter agreement for one of their LNG-fuelled newcastlemax dry bulk carriers, which is currently under construction in China. This newcastlemax dry bulk carrier, one of 12 LNG dual-fuel newcastlemax dry bulk carriers has been chartered to a major Japanese shipping and logistics company for two years. The charter is expected to commence in the Q2 2024, following the LNG-fuelled newcastlemax dry bulk carrier’s delivery from New Times Shipyard. Under this charter, the LNG-fuelled newcastlemax dry bulk carrier will earn an index-linked rate, with a significant premium over the Baltic 5TC index. There is also an option to convert the charter to a fixed-rate agreement. Additionally, the time charters include a profit-sharing arrangement related to the economic benefits derived from operating the LNG-fuelled newcastlemax dry bulk carrier’s scrubber or utilizing LNG as a fuel source. Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has also extended the charters for an additional six (6) LNG-fuelled newcastlemax dry bulk carriers with a major commodity trader, securing their employment until the Q4 2026. With this latest agreement, Himalaya Shipping’s fleet comprises one newcastlemax dry bulk carrier under a fixed-time charter and the rest under index-linked charters. So far, six (6) LNG-fuelled newcastlemax dry bulk carriers have been delivered, and the remaining six (6) are expected to join the fleet by the Q3 2024. Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping is pleased with the market-leading premiums its LNG-fuelled newcastlemax dry bulk carriers are achieving and the continued commitment of its counterparts, which reflects the quality of its fleet and the experience gained from trading these newcastlemax dry bulk carriers. Himalaya Shipping’s straightforward structure, featuring index-linked charters with substantial premiums and low general and administrative costs, along with financing with seven-year fixed bareboat rates, positions the Himalaya Shipping well to deliver strong returns to its shareholders.
26-October-2023
Research conducted by Clarksons, London-based the world’s biggest shipbroker, suggests that the outlook for 2024 is anticipated to be ‘moderate.’ Bulk carriers are expected to benefit from the passage of time as the fleet decelerates and undergoes retrofits. In addition, adherence to emissions regulations is projected to reduce the bulk carrier supply to the market by up to 2% annually over the next two years. This reduction is expected to help balance out the net fleet growth as demand also decreases, as noted by Clarksons Research, the research division of the world’s largest shipbroker Clarksons. Slower sailing speeds and the time required for retrofitting energy-saving technology on bulk carriers are expected to absorb tonnage from the trading fleet as shipowners take measures to comply with environmental regulations such as the Energy Efficiency Existing Ship Index and Carbon Intensity Indicator.
26-October-2023
Singapore-based New York-listed shipowner and operator Grindrod Shipping (GRIN) has continued its campaign to sell bulk carriers and has announced the departure of two (2) ultramax bulk carriers, as well as the sale of two (2) handysize bulk carriers. Ed Buttery-led New York-listed shipowner and operator Grindrod Shipping (GRIN) recently finalized the sale of 2016 built ultramax bulk carrier 60K DWT MV IVS Hayakita and 2015 built ultramax bulk carrier 60K DWT MV IVS Bosch Hoek, as part of an en-bloc deal for a combined total of $46.5 million. MV IVS Hayakita and MV IVS Bosch Hoek were delivered in Septermber 2023, and approximately $10 million of debt was repaid from the Grindrod Shipping’s (GRIN) $114.1 million senior secured loan. Singapore-based shipowner and operator Grindrod Shipping (GRIN), which underwent a takeover by London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, in 2022, has also confirmed the sale of the 2013 built handysize bulk carrier 32K DWT MV IVS Merlion for around $11.6 million. Furthermore, 2013 built handysize bulk carrier 32K DWT MV IVS Raffles is scheduled to leave the Grindrod Shipping’s (GRIN) fleet by the end of November 2023 for a sum of $11.6 million. Earlier in October 2023, Grindrod Shipping (GRIN) completed the acquisition of two ship management companies, Taylor Maritime Management and Tamar Ship Management, from Taylor Maritime Group in a deal valued at $11.75 million in cash and shares. Temeraire Holdings was also involved in the sale of Tamar Ship Management. Currently, New York-listed shipowner and operator Grindrod Shipping’s (GRIN) fleet comprises 27 bulk carriers.
26-October-2023
Italian shipowner and operator Manisa Bulk is embarking on a fleet expansion initiative through a shipbuilding contract with CSSC Guangxi yard, which involves the construction of up to eight (8) general cargo ships. This contract specifically encompasses six confirmed orders for 8.5K DWT gearless, open-hatch ships scheduled for delivery in 2025 and 2026. Additionally, there is an option for two (2) more general cargo ships to be added to the order. These general cargo ships are classified by RINA (Registro Italiano Navale), have been designed by Marine Design & Consulting of Norway. Importantly, Italian shipowner and operator Manisa Bulk’s new general cargo ships are expected to achieve a notable 40% reduction in bunker consumption compared to similar general cargo ships. Italian shipowner and operator Manisa Bulk’s order represents a significant milestone for Guangxi Shipbuilding’s Qinzhou shipyard, marking the largest export deal it has secured since it entered the shipbuilding business in 2020. Currently, Naples-based shipowner and operator Manisa Bulk has a fleet of 14 general cargo ships.
25-October-2023
New York-listed Florida-based Seacor Holdings has announced the sale of Inland River Transport Holdings (SCF) to Ingram Barge Company, a division of Ingram Marine Group, headquartered in Nashville, Tennessee. Inland River Transport Holdings (SCF), a part of Seacor Holdings for over two decades, operates a fleet comprising more than 1,000 covered dry cargo hopper barges, eight towboats, and a network of terminal and fleeting infrastructure along the Mississippi River. Nashville-based Ingram Barge Company, on the other hand, manages a fleet of approximately 150 towboats and 4,000 barges. Nashville-based Ingram Barge Company’s operations encompass the transportation of various goods, including aggregates, grain, fertilizer, coal, ores, alloys, steel products, chemicals, and more, spanning over 4,500 miles of US inland waterways. Eric Fabrikant, Chief Executive Officer of Seacor Holdings, expressed satisfaction with the transaction, highlighting Ingram Barge Company’s reputation as one of the most respected river transportation providers. Eric Fabrikant emphasized the alignment of corporate culture and values between the two companies, anticipating a smooth transition for employees and customers, along with opportunities for future growth. Tim Power, President and CEO of Inland River Transport Holdings (SCF), noted that access to Nashville-based Ingram Barge Company’s towing fleet and other efficiencies will enhance customer service, particularly in the competitive global agricultural export market. Additionally, the expanded platform resulting from the acquisition positions them well to develop innovative technologies and sustainable solutions to meet the evolving needs of the industry. The deal is subject to regulatory approval and customary closing conditions. In recent developments, Seacor Holdings had also agreed to sell its harbor towing operations and assets from its Seabulk Towing subsidiary to separate buyers, E.N. Bisso & Son and Bay-Houston Towing. The US inland river system is a vital commercial waterway network, covering 12,000 miles and transporting approximately 630 million tons of staple agricultural goods, industrial products like steel and cement, and bulk liquids annually.
24-October-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) is in the process of selling two (2) of its panamax bulk carriers for a combined total of $20.5 million. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) currently operates a fleet of 20 vessels, is divesting itself of two bulk carriers: the 2001 built MV Magic Sun for around $6.5 million, and the 2008 built MV Magic Phoenix for around $14 million. Both 2001 built MV Magic Sun and 2008 built MV Magic Phoenix are expected to be transferred to undisclosed shipowners during the Q4 2023. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) anticipates a net gain of $1 million from the sale of the MV Magic Sun. However, the MV Magic Phoenix, which Castor Maritime (CTRM) acquired in August 2021 for roughly $17.8 million, will be sold at a loss of $2.6 million. In September 2023, Castor Maritime (CTRM) sold one of its kamsarmax bulk carriers, the 2009 built kamsarmax bulk carrier MV Magic Argo for around $15.7 million, resulting in a net gain of approximately $3 million. Currently, Nasdaq-listed shipowner and operator Castor Maritime (CTRM) owns and operates fifteen (15) bulk carriers and two (2) container ships.
24-October-2023
Rapidly growing Dubai-based Turkish shipowner and operator Densay Shipping has returned to China and recently confirmed an order for a new ultramax bulk carrier. Tayfun Gunerhan-led Turkish shipowner and operator Densay Shipping has secured a deal for a 63K DWT (deadweight ton) ultramax bulk carrier at Sumec New Dayang Shipyard, with the purchase price estimated at approximately $32.5 million. The ultramax bulk carrier is scheduled for delivery in the Q2 2026. Back in May 2023, Dubai-based shipowner and operator Densay Shipping had already placed orders for four (4) ultramax bulk carriers at two different Chinese shipyards. Turkish shipowner and operator Densay Shipping was founded in 1992 by Tayfun Gunerhan, who began his shipping career as a deck officer in 1985. Currently, Densay Shipping has a fleet of 38 bulk carriers, and an additional 12 new building bulk carriers are on order.
24-October-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has signed a term sheet to participate in a joint venture focused on owning and operating offshore wind ships. In the initial phase of this collaboration, the joint venture entity has placed orders for two (2) CSOVs (Commissioning Service Operation Vessels) from the Norwegian shipbuilder VARD, with an option for an additional two (2) offshore wind service ships. Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has formed this partnership with Hamburg-based Blue Star Group, SeaRenergy Offshore Holding, and SeraVerse under the consortium named Windward Offshore. Diana Shipping (DSX) view this investment as another attestation to the company’s commitment for a greener and more sustainable future. Together with Diana Shipping’s (DSX) esteemed partners, Diana Shipping (DSX) embark on an exciting journey that should contribute to a cleaner and more eco-friendly world. However, the completion of this deal is contingent upon the negotiation of definitive documentation related to Athens-based New York-listed shipowner and operator Diana Shipping’s (DSX) involvement in the joint venture and the fulfillment of customary closing conditions. The consortium, led by SeaRenergy owned by Clasen Rickmers, anticipates the delivery of the first CSOV (Commissioning Service Operation Vessel) in the Q2 2025. Battery hybrid CSOV (Commissioning Service Operation Vessel) will be constructed at one of Vard’s shipyards in Romania, with final outfitting, commissioning, and delivery taking place in Norway. Curretly, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 40 bulk carriers, including 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.
24-October-2023
A general cargo ship has tragically sunk following a collision between two bulk carriers approximately 22 kilometers southwest of the island Heligoland in the German North Sea. According to Germany’s Central Command for Maritime Emergencies, the incident involved the 2001 built coaster ship 3K DWT MV Verity, which sank as a result of the collision with the Polish state-owned bulker giant Polish Steamship Polsteam controlled 2009 built handysize bulk carrier 38K DWT MV Polesie. Polish Steamship Polsteam controlled 2009 built handysize bulk carrier 38K DWT MV Polesie remains afloat and has 22 people on board. The collision occurred around 5 am local time. The German Command conducted a rescue operation, successfully saving two individuals from the water and providing them with medical care. Unfortunately, one fatality has been confirmed, and four of the seven seafarers who were on board 2001 built coaster ship 3K DWT MV Verit are still missing. Search efforts for the shipwreck are currently underway, involving several vessels and aircraft, including sea rescue cruisers Hermann Marwede and Bernhard Gruben of the German Society for the Rescue of Shipwrecked Persons, the emergency tug Nordic, the pilot tender Wangerooge, the water police boat Sylt, and a SAR helicopter Sea King of the German Navy. Additionally, the sea rescue cruiser Anneliese Kramer is en route to the accident scene, along with the Atair of the Federal Maritime and Hydrographic Agency, the multi-purpose ship Mellum of the Waterways and Shipping Administration, and the water police boat W3. A DO228 sensor aircraft conducted aerial surveillance of the area to gather more information. The cruise ship Iona, owned by P&O Cruises, a subsidiary of Carnival Corporation, is also present in the vicinity and is assisting in the search and rescue operation, providing a platform for medical care to any individuals rescued. The Command is dispatching additional medical personnel to the accident scene by helicopter. It’s important to note that 2001 built coaster ship 3K DWT MV Verity was en route from Bremen to Immingham in Great Britain, while Polish Steamship Polsteam controlled 2009 built handysize bulk carrier 38K DWT MV Polesie was traveling from Hamburg to La Coruña in Spain.
22-October-2023
A labor union representing workers on the Canadian side of the St. Lawrence Seaway has issued a strike threat if an agreement is not reached by October 22, 2023. Should the strike proceed, it would result in the closure of locks that connect the Great Lakes to the Atlantic, affecting ships utilizing this St. Lawrence Seaway. Most of the 15 locks in question are under the management of Canada’s St. Lawrence Seaway Management Corp. Unifor, the union representing the workers, issued a 72-hour strike notice on Wednesday and has expressed its willingness to continue negotiations even after the originally scheduled bargaining dates have passed. Lana Payne, the national president of Unifor, has emphasized the union’s commitment to reaching a collective agreement, urging the St. Lawrence Seaway to take the negotiations seriously. St. Lawrence Seaway Management, a nonprofit organization established by the Canadian government, has also expressed its commitment to the negotiation process. However, the St. Lawrence Seaway Managemen has raised concerns that the union’s wage demands, given its nonprofit status, could potentially lead to toll increases that may not be competitive and could result in higher prices for goods transported via the waterway. Any shutdown, even if brief, would have adverse effects on the Canadian side of the St. Lawrence Seaway , especially as it enters the busiest part of the navigation season.
22-October-2023
Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has agreed to acquire two (2) new kamsarmax bulk carriers in China. The order, placed at Qingdao Yangfan, is expected to be delivered in 2026. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) operating a fleet of approximately 120 bulk carriers, had previously ordered six (6) new buildings in 2021, set for delivery in 2024. While the specific price of the two (2) new kamsarmax bulk carriers hasn’t been disclosed, shipbrokers estimate it to be in the range of $33 million to $35 million, considering similar tonnage prices in China. Recent trends in the kamsarmax market have shown increased contracting activity, with reports indicating that shipyards have added ten such kamsarmax bulk carriers to their order books. This surge in orders marks one of the busiest periods since July 2023, when George Procopiou-led Athens-based shipowner and operator Sea Traders SA alone placed orders for a significant number of bulk carriers. Apart from Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK), other Greek shipping companies like New York-listed shipowner and operator Safe Bulkers (SB) and Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd have also recently secured orders for new buildings, with Safe Bulkers (SB) ordering two (2) bulk carriers in Japan and Lavinia Bulk Ltd booking six (6) bulk carriers in China.
18-October-2023
According to information from various shipbroking sources, Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd. has initiated orders in China for a total of six (6) kamsarmax bulk carriers with a capacity of 82K DWT (deadweight tons). These orders represent Lavinia Bulk Ltd’s first newbuild orders in quite a while. Four (4) of these kamsarmax bulk carriers will be constructed at Qingdao Yangfan, while the remaining two (2) will be built at COSCO Heavy Industries Yangzhou. Anticipated delivery dates for all six (6) kamsarmax bulk carriers are set between 2025 and 2026, and the specific prices for these orders have not been revealed. Laskaridis Shipping Ltd group of companies, its subsidiary, Lavinia Corp, oversees a fleet consisting of 43 bulk carriers. Furthermore, Laskaridis Shipping Ltd extends its operations to include chemical tankers, product tankers, and reefer ships.
18-October-2023
The strong demand for capesize bulkers continued to rise steadily on Wednesday, reaching a 17-month high. Analysts attribute this surge to the limited availability of vessels in the Atlantic basin. According to the Baltic Exchange, the Capesize 5TC increased by 2.4% on 17 October 2023, reaching $31,100 per day. This marks the second consecutive day above $30,000 per day and is a significant increase from the low of $8,266 observed in September. The last time the 5TC exceeded $30,000 per day was in late May 2022. This trend is particularly pronounced in the Atlantic basin, where rates have surged to nearly $42,000 per day, while the Pacific basin lags behind at $26,000 per day. Despite robust shipping volumes, shipbrokers attribute the rate surge in the Atlantic to a constrained fleet capacity. For instance, the average spot rate for the transatlantic roundtrip C8 voyage between Brazil and Europe has increased by 700% since early September 2023, reaching nearly $41,800 per day on Wednesday. The transatlantic roundtrip C14 voyage between Brazil and China has also improved by 146% in the same period, reaching almost $23,300 per day on Wednesday. Even the average spot rate for the transatlantic roundtrip C10 voyage between Australia and China, though just above $26,000 per day, has increased by 143% since early September 2023, reaching $26,200 per day on Wednesday. On 17 October 2023, Anglo-Australian minerals and mining giant Rio Tinto contracted a capesize bulk carrier at $11.15 per tonne to transport 170K metric tonnes of iron ore from Dampier to Qingdao, with loading scheduled from 1-3 November 2023. The Atlantic basin’s share of the global capesize fleet stood at 21% as of last week, down from 24% in late September 2023. This reduced availability has led charterers to pay higher rates to attract ballasting ships from the Far East. Additionally, rising port congestion has tied up an additional 1% of the capesize and panamax bulk carriers in the past week, and Brazilian iron ore giant Vale reported a 6.6% increase in Q3 2023 sales compared to Q3 2022.
18-October-2023
The decision to host the annual meeting of the sustainability-focused Global Maritime Forum (GMF) in Athens, a traditionally conservative shipping hub, has elicited a mixed response from local Greek shipowners. While leaders of the Global Maritime Forum (GMF) were pleased to see the participation of influential local figures in the opening debate, there were whispers of an informal boycott by some prominent individuals behind closed doors. This marks the sixth annual Global Maritime Forum (GMF) meeting, with previous events held in Hong Kong, Singapore, online, London, and New York, evolving from the Danish Maritime Forum in Copenhagen. The Global Maritime Forum (GMF), a not-for-profit organization dedicated to sustainable economic development and human well-being, brings together leading stakeholders in the shipping industry, including shipowners, charterers, energy companies, equipment manufacturers, academics, and other influential figures throughout the supply chain to discuss ways to enhance industry standards. Among the Greek shipowner representatives present at the event were Ioanna Procopiou, John Coustas, Semiramis Paliou, Polys Hajioannou, John Platsidakis, Charis Plakantonaki, and Paolo Enoizi, although this represented only a fraction of the local community. During the opening plenary session, participants from the Global Maritime Forum (GMF) raised crucial issues, focusing on topics such as the supply of low-carbon fuels, funding the transition to sustainability, and the recruitment and retention of skilled personnel. Hing Chao, Chairman of Wah Kwong Maritime Transport Holdings, emphasized the urgency of shipping’s decarbonization, underscoring that our current practices are unsustainable. Hing Chao urged for a fresh perspective on the questions posed, suggesting that reframing them is essential to finding solutions. John Coustas, CEO of Danaos Corp, called upon the forum to aspire to shape the evolution of regulations rather than passively observe it. He emphasized the need for the industry to proactively engage in determining its future. Ioanna Procopiou, owner of Sea Traders, expressed concerns about competition from other industries for low-carbon fuels. Sea Traders CEO Ioanna Procopiou pointed out that the shipping sector is not the only one striving for decarbonization, resulting in heightened competition for the same alternative fuels. Sea Traders CEO Ioanna Procopiou stressed the critical need for green fuels and emphasized the importance of collaboration among all industry stakeholders. Sea Traders CEO Ioanna Procopiou further highlighted the necessity of securing a fair distribution of the financial burden associated with the transition to sustainability. Additionally, Sea Traders CEO Ioanna Procopiou emphasized the need for skilled staff within the industry to drive these changes effectively.
18-October-2023
The fleet sale by Hong Kong-based Parakou Group is gaining momentum, capitalizing on the rising prices in the dry cargo market. According to S&P (Sale and Purchase) shipbrokers, Parakou Group has recently sold 2015 built ultramax bulk carrier 63K DWT MV CP Shanghai for around $23.5 million. Additionally, it’s worth noting that Parakou Group’s affiliate, Pretty Sea Ship Management, has also sold a second-handysize bulk carrier in the span of a few weeks. Pretty Sea Ship Management sold 2011 built handysize bulk carrier 35K DWT MV Red Sea for around $11 million. In September 2023, its sister ship, 35K DWT MV Purple Sea, was sold for less than $11 million. Parakou Group has a preference for ordering new ships, and over the past three decades, the company has placed orders for more than 100 vessels at shipyards in Japan, South Korea, Taiwan, and China. In May 2017, CC Liu, the esteemed founder and chairman of Parakou Shipping and the honorary consul for Norway in Hong Kong, has passed away. The Hong Kong Shipowners Association expressed their condolences and acknowledged CC Liu’s significant support for the Association and the Hong Kong Maritime community. Parakou Shipping CEO CC Liu was known for maintaining a low profile as a ship owner. CC Liu embarked on his entrepreneurial journey in the mid-1980s when he acquired a bankrupt company and established Parakou Shipping Ltd. Over the years, CC Liu successfully developed a substantial fleet specializing in dry bulk and tanker ships, although Parakou Shipping Ltd. faced financial challenges in recent times. Parakou Shipping CEO CC Liu had an extraordinary connection to the maritime world, with shipping in his very blood. Parakou Shipping CEO CC Liu commenced his career as a seaman with the newly formed Cosco Group in 1964. During his time at Cosco Group, CC Liu met Chik Sau Kam, who would later become his wife. In 1971, the couple immigrated to Hong Kong, where CC Liu initially worked for Ocean Tramping. After diligently saving funds, CC Liu took the courageous step of founding Parakou Shipping. Under his leadership, Parakou Shipping grew from its humble origins into a major player, owing much of its success to CC Liu’s adept leveraging of his mainland connections, particularly within Sinotrans. Remarkably, CC Liu remained actively involved in the day-to-day operations of Parakou Group until his passing, working alongside his two sons. Parakou Shipping CEO CC Liu’s legacy and contributions to the maritime industry and the transformation of Parakou Shipping from a small venture into a significant player will be remembered and respected.
18-October-2023
The Bangladesh-based bulk carrier company SR Shipping, a division of Kabir Steel, is upgrading its fleet by acquiring newer and larger vessels. Specifically, they are phasing out older handymax ships, such as the MV Khadeejah Jahan, built in 1997, in favor of more modern bulk carriers. A notable addition to their fleet is a 2015-built ultramax bulk carrier, the 66K DWT MV Bulk Electra, which they purchased from Genyo Kaiun. This ship, recently off a long-term charter with Gearbulk, was taken over by SR Shipping in early October and renamed Fatema Jahan I. Karim Uddin, the deputy managing director of Kabir Steel Rolling Mills, which is SR Shipping’s parent company, confirmed the acquisition. However, the financial details of the purchase have not been revealed. The transaction was finalized just as the ship completed its charter.
17-October-2023
Singapore-based shipowner and operator Berge Bulk CEO James Marshall has unveiled the Marshall Plan to transition their bulk carrier fleet towards decarbonization. In outlining this strategy, Berge Bulk CEO James Marshall has identified four key components. Climate advocate CEO James Marshall has employed his own name to characterize the Singapore-based shipowner and operator Berge Bulk’s approach to reducing emissions. CEO James Marshall has detailed the four fundamental principles of what he terms the Marshall Plan. These principles encompass enhancing fleet efficiency, harnessing cutting-edge maritime technologies, conducting trials with alternative fuels, and committing to investments in carbon capture technology. This partnership between Singapore-based shipowner and operator Berge Bulk, BAR Technologies, and Yara Marine soars the wind propulsion. Currently, Singapore-based shipowner and operator Berge Bulk operates around 80 bulk carriers.
17-October-2023
A US investment bank B Riley Securities has predicted that New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) is likely to report a larger-than-expected loss for the Q3 2023, with the performance of its exhaust-gas scrubbers being a contributing factor. A US investment bank B Riley Securities is forecasting a loss of $1.17 per share for the publicly-listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) due to the lower-than-anticipated scrubber premium. To comply with the International Maritime Organization’s (IMO) emissions regulations for 2020, shipowners installed scrubbers, allowing them to use cheaper high-sulfur fuel. In contrast, those without scrubbers had to opt for more expensive low-sulfur bunkers. However, the difference in fuel prices fluctuates, and this year’s narrowing of the spread is impacting New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping (EGLE), which has scrubbers installed on nearly all of its 52 supramax and ultramax bulk carriers. For instance, in the Q2 2023, Eagle Bulk Shipping’s (EGLE) bulk carriers saw an average spread of $117 per tonne, resulting in premium earnings of $1,602 per day per bulk carrier. In the Q3 2023, the spread averaged $86, reducing the estimated premium to $1,178 per day. The impact on Eagle Bulk Shipping’s (EGLE) earnings per share may appear more severe than the actual reduction caused by fuel spread changes. The complication arises from New York Stock Exchange (NYSE) listed shipowner and operator Eagle Bulk Shipping’s (EGLE) outstanding convertible notes, which can be converted into ordinary shares. In certain accounting scenarios, Eagle Bulk Shipping (EGLE) must include these potential shares in its overall measure of outstanding stock but not in others. Additionally, the market for midsize bulk carriers is still favorable, with longer ton-mile routes due to bulk carriers avoiding the congested Panama Canal. The growing demand for imported coal in China and India, as well as a healthy grain trade, should support demand for Eagle Bulk Shipping’s (EGLE) medium-sized bulk carriers.
17-October-2023
Helsinki-based Aspo Group’s shipping arm ESL Shipping is strategically expanding its presence in the renewable energy and project cargo sector by appointing Juha Ylitalo, a seasoned industry executive. Currently serving as the Head of Sales & Project Shipment Engineering at Rauma Cata, a domestic shipping firm, Juha Ylitalo will assume responsibilities for renewable energy and project transportation at Finnish shipowner and operator ESL Shipping starting from November 1st. With extensive expertise in the shipping industry and a background as a former master mariner, Juha Ylitalo brings a wealth of experience to his new role at ESL Shipping. CEO Mikki Koskinen-led ESL Shipping has made significant progress in the technical development of the next generation of handy-size and coastal dry cargo vessels. Currrently, Helsinki-based shipowner and operator ESL Shipping has a fleet of 26 owned ships and 22 chartered-in ships.
17-October-2023
China’s Qingdao Yangfan Shipbuilding is witnessing a fresh wave of orders for Greek kamsarmax bulk carriers. Athens-based companies Lavinia Bulk and Star Bulk are actively placing orders for newbuildings in China as part of their efforts to modernize their fleets with cutting-edge kamsarmax bulk carriers that adhere to the International Maritime Organization’s Tier III and Energy Efficiency Existing Ship Index Phase 3 requirements. Notably, these orders mark a return to newbuilding orders for both Greek Laskaridis family-controlled Athens-based Lavinia Bulk Ltd. Lavinia Bulk and Athens-based New York-listed Star Bulk Carriers after a significant period of inactivity in this regard. Lavinia Bulk Ltd is a privately owned company that entrusts the management of its bulk carriers to Laskaridis Shipping Co. Ltd. Lavinia Bulk Ltd plays a key role in the commercial management of a substantial and contemporary fleet of mid- to large-sized dry bulk carriers. Additionally, within the Laskaridis Shipping Ltd group of companies, its subsidiary, Lavinia Corp, oversees a fleet consisting of 43 bulk carriers. Furthermore, Laskaridis Shipping Ltd extends its operations to include chemical tankers, product tankers, and reefer ships.
17-October-2023
On Wednesday, October 17, 2023, the strong demand for capesize bulkers continued to rise steadily, reaching its highest level in 17 months. Analysts attribute this surge to the limited availability of vessels in the Atlantic basin. According to data from the Baltic Exchange, the Capesize 5TC index increased by 2.4% on that day, reaching a daily rate of $31,100. This marks the second consecutive day above the $30,000-per-day threshold and represents a significant increase from the low point of $8,266 observed in September. The last time the 5TC surpassed $30,000 per day was in late May 2022. This trend is particularly evident in the Atlantic basin, where rates have soared to nearly $42,000 per day, while the Pacific basin lags behind at $26,000 per day. Despite robust shipping volumes, shipbrokers attribute the rate surge in the Atlantic to constrained fleet capacity. For example, the average spot rate for the transatlantic roundtrip C8 voyage between Brazil and Europe has surged by 700% since early September 2023, reaching nearly $41,800 per day on Wednesday. Similarly, the transatlantic roundtrip C14 voyage between Brazil and China has seen a 146% improvement in the same period, reaching almost $23,300 per day on Wednesday. Even the average spot rate for the transatlantic roundtrip C10 voyage between Australia and China, though slightly above $26,000 per day, has climbed by 143% since early September 2023, reaching $26,200 per day on that Wednesday. On October 17, 2023, Rio Tinto, the Anglo-Australian minerals and mining giant, secured a capesize bulk carrier at a rate of $11.15 per tonne to transport 170,000 metric tonnes of iron ore from Dampier to Qingdao. Loading for this shipment is scheduled to take place from November 1st to 3rd, 2023. The Atlantic basin’s share of the global capesize fleet stood at 21% as of the last week, down from 24% in late September 2023. This limited availability has compelled charterers to pay higher rates to attract ballasting ships from the Far East. Additionally, increasing port congestion has resulted in an additional 1% of the capesize and panamax bulk carriers being tied up in the past week. Furthermore, Brazilian iron ore giant Vale reported a 6.6% increase in sales for the third quarter of 2023 compared to the same period in 2022.
17-October-2023
The choice to host the annual meeting of the Global Maritime Forum (GMF), a sustainability-focused organization, in Athens, a historically conservative maritime hub, has garnered a mixed response from local Greek shipowners. While GMF leaders were pleased with the participation of influential local figures in the opening debate, there were discreet murmurs of an informal boycott by some prominent individuals. This event marked the sixth annual GMF meeting, with previous gatherings held in Hong Kong, Singapore, online, London, and New York, evolving from the original Danish Maritime Forum in Copenhagen. GMF, a nonprofit organization committed to sustainable economic development and human well-being, brings together key players in the maritime industry, including shipowners, charterers, energy companies, equipment manufacturers, academics, and other influential figures from across the supply chain to discuss ways to enhance industry standards. Among the Greek shipowner representatives in attendance were Ioanna Procopiou, John Coustas, Semiramis Paliou, Polys Hajioannou, John Platsidakis, Charis Plakantonaki, and Paolo Enoizi, though they represented only a portion of the local maritime community. During the opening plenary session, participants at GMF raised critical issues, with a focus on topics like the supply of low-carbon fuels, funding the transition to sustainability, and the recruitment and retention of skilled personnel. Hing Chao, Chairman of Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited, stressed the urgency of decarbonizing the shipping industry, highlighting the unsustainability of current practices. Wah Kwong Maritime Transport Holdings Limited chairman Hing Chao advocated for a fresh perspective on the questions posed, emphasizing the need to reframe them to find effective solutions.
16-October-2023
This week’s significant deal involves Athens-based shipowner and operator Alberta Shipmanagement Ltd and its Greek counterpart Naftomar. These two entities have been prominently featured in shipping news for their active deal-making over the last month. Naftomar has successfully negotiated with Alberta Shipmanagement Ltd, proposing around $83 million for the purchase of two Hyundai Mipo-built, 75K DWT long-range (LR) tankers named MT Aesop and MT Siena. Each vessel’s acquisition cost, approximately $41.5 million, has caught the attention of seasoned S&P (Sale and Purchase) shipbrokers for being more than $5 million above the current market evaluations. This transaction marks another strategic expansion for Alberta Shipmanagement Ltd under the leadership of Nicholas Inglessis. Earlier this month, Alberta Shipmanagement Ltd secured a 2011-built Mitsui Ichihara-constructed capesize bulk carrier MV AM Gijon for $26 million from a Japanese shipowner. Earlier in the year, Alberta Shipmanagement Ltd continued its pattern of robust fleet enhancement by placing orders for suezmax tankers in Japan. The firm’s approach reflects a deliberate strategy to diversify and modernize its fleet to better serve global shipping demands. On the other side, Naftomar has also been active in fleet expansions, having invested approximately $74 million in an eight-year-old Hyundai Heavy-built VLGC (Very Large Gas Carrier) named MT Saltram, acquired from Petredec Global. Additionally, in a notable transaction in April, Naftomar achieved a significant financial gain by doubling its investment on the 26-year-old, 79K cbm MT Gaz Liberty. Alberta Shipmanagement Ltd maintains a diverse and sophisticated fleet, adhering to the highest standards of operational excellence and environmental responsibility. This recent purchase is consistent with Alberta Shipmanagement Ltd’s long-term strategy to enhance its service offerings and effectively respond to the ever-evolving demands of the maritime trade industry.
16-October-2023
Singapore-based shipowner and operator Berge Bulk has introduced the most potent wind-assisted bulk carrier globally, anticipating substantial bunker savings and emission reductions for their newcastlemax bulk carrier. CEO James Marshall-led Berge Bulk successfully retrofitted the 2018 built newcastlemax bulk carrier 210K DWT MV Berge Olympus. The retrofit involved the installation of four (4) massive WindWings, engineered by the United Kingdom company BAR Technologies and manufactured by Yara Marine Technologies. These imposing structures, towering higher than a ten-story building, are projected to deliver impressive results: a daily fuel saving of six tonnes and a reduction in CO2 emissions by 19.5%. Berge Bulk, a prominent player in the global dry bulk shipping industry, is renowned for its exceptional track record in the secure, efficient, and sustainable transportation of commodities worldwide. This dynamic and youthful company is deeply committed to fostering innovative growth and development. Singapore-based shipowner and operator boasts ownership and management of an extensive fleet, comprising more than 80 vessels, totaling over 14 million deadweight tons (DWT). This diverse fleet encompasses vessels ranging from handy-size to cape-size, including some of the largest ships ever constructed. These vessels cater to the needs of major mining companies, steel mills, and charterers across the globe. In 2022, Berge Bulk successfully transported an impressive cargo volume exceeding 70 million tonnes. With its current fleet and future expansion plans on the horizon, Berge Bulk anticipates an exciting and promising future.
16-October-2023
Mitsubishi Ore Transport has entered into a five-year charter agreement with Anglo-Australian mining giant Rio Tinto. The Japanese bulk carrier owner will provide a newly built post-panamax bulk carrier for this arrangement. This 87,000-dwt vessel, set to be delivered from Oshima Shipyard in March of the upcoming year, will be tasked with transporting bauxite between Queensland, Australia, and China on behalf of Rio Tinto. It’s worth noting that in March 2023, NYK Line acquired control of Mitsubishi Ore Transport Co., Ltd. (MOT). NYK obtained all the shares of MOT from Mitsubishi Corp. (MC), Tokio Marine & Nichido Fire Insurance Co., Ltd. (Tokio Marine & Nichido), and Mitsubishi Heavy Industries, Ltd. (MHI), effectively making MOT its wholly-owned subsidiary. MOT is a joint venture involving NYK (with a 40.28% stake), MC, Tokio Marine & Nichido, and MHI. It primarily engages in vessel management and ship-owning activities, maintaining a fleet of 17 ships including bulkers, pure car and truck carriers, and wood-chip carriers. Furthermore, MOT possesses valuable expertise in vessel management and ship ownership. This acquisition of MOT as a wholly-owned subsidiary is expected to bolster NYK’s group-wide ship management capabilities, particularly in addressing issues related to the adoption of next-generation fuel vessels for decarbonization efforts. NYK also aims to achieve synergy in its dry bulk business and facilitate flexible, value-added business development.
16-October-2023
Singapore-based shipowner and operator SwissMarine Pte Ltd has joined the expanding roster of maritime firms investing in publicly traded dry bulk entities, signifying a trend in the shipping industry. Helmed by Peter Weernink, the dry bulk behemoth SwissMarine Pte Ltd has recently procured nearly 2.5 million shares in Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL). These shares, currently circulating at roughly $6 apiece, constitute a 5.34% ownership stake in Pangaea Logistics Solutions (PANL). SwissMarine Pte Ltd CEO Peter Weernink’s journey began with the founding of SwissMarine in 2001, initially envisioned as a freight operator catering primarily to coal-powered stations and steel producers in Europe, utilizing capesize and panamax bulk carriers. SwissMarine’s journey began in 2001, positioning itself as a freight operator primarily serving European coal power stations and steel mills, as well as providing transportation solutions for raw materials needed by various industries. Initially focusing on capesize and panamax vessels, the company carved a niche for itself in the maritime industry. Over time, SwissMarine didn’t just grow in terms of scale; it also diversified its services, steadily transforming into a brand that’s well-recognized within the shipping industry. The company’s expansion wasn’t just about increasing the number of ships in its fleet, but also about broadening its service offerings to cater to a more diverse clientele. As of now, SwissMarine Pte Ltd operates under the leadership of its Singapore headquarters, with a global presence marked by offices in diverse locales such as Geneva, Copenhagen, and Verbier, and a representative branch in Tokyo. The company’s human resource strength stands at over 50 professionals. Its operational fleet comprises around 160 dry bulk vessels, including major capesize, babycape, panamax, and supramax bulk carriers. Annually, SwissMarine oversees the transportation of approximately 120 million metric tons of cargo on a global scale, a testament to its substantial role in the industry. A significant shift occurred on September 13, 2019, when Singapore Marine Pte. Ltd., a venture initiated by Peter Weernink, SwissMarine’s former Managing Director and founder, acquired SwissMarine and its subsidiaries. This strategic move wasn’t just a change in ownership; it was backed by influential investors from the maritime sphere. These included notable names like Golden Ocean, Ionic Shipping, the Martinos family through Thenamaris, individuals such as Angus Paul and Will Snellings of the Marianas fund, and the Veniamis family, known for Golden Union Shipping. This consortium of high-profile stakeholders highlights the confidence and interest vested in SwissMarine’s potential and strategic direction in the shipping industry. At present, the Singapore-based shipowner and operator SwissMarine Pte Ltd oversees operations for approximately 150 bulk carriers. Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) maintains a fleet of around 50 bulk carriers, encompassing both owned assets and those chartered in the short term. This development underscores the ongoing pattern in 2023 of investments within the dry bulk sector. Notable transactions include John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) and Petros Panagiotidis-led Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) securing a stake in Eagle Bulk Shipping (EGLE); Greek Konstantinos Konstantakopoulos-led New York-listed shipowner and operator Costamare Inc. (CMRE) acquiring a significant share in fellow Stamatis Tsantanis-led pure capesize shipowner and operator Seanergy Maritime (SHIP); and Greek shipping tycoon George Economou, apart from his endeavors with Performance Shipping in the tanker segment, initiating a strategic investment in the Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company. These movements highlight the dynamic capital reallocation and strategic partnerships unfolding in the shipping industry.
13-October-2023
Athens-based George Economou-led shipowner and operator TMS Dry Ltd initiates a proposal to acquire Performance Shipping and oust its board, following a dispute with the leadership since acquiring a share in the company in August 2023. Greek shipping magnate George Economou has put forward a bid to take over Performance Shipping, a Greek-based tanker company, subsequent to obtaining a stake earlier in August 2023. Upon investing, the head of TMS Group voiced significant disapproval of the management practices at the New York-listed organization. According to a filing with the SEC (Securities and Exchange Commission), this aggressive acquisition strategy could lead to George Economou taking comprehensive control, altering the executive team, dismissing the current board, and potentially divesting entirely or partially from the company’s fleet.
13-October-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) reports increased earnings from CABU-type Combination Carriers amid a decline in CLEANBU-type Combination Carriers rates due to faltering tanker markets. The Q3 2023 saw a diverse performance for Klaveness Combination Carriers (KCC) of Norway, particularly concerning rates, as a result of weaker tanker markets. Oslo-listed CEO Engebret Dahm-led shipowner and operator Klaveness Combination Carriers (KCC) indicated in its preliminary earnings report that the daily average earnings for its CABU-type Combination Carriers, which transport caustic soda and dry bulk, stood at $37,134. This figure marks an increase of $2,630 from the Q2 2023, a rise attributed primarily to improved earnings in the caustic soda and dry bulk sectors. Klaveness Ship Management A/S manages all the fleet of Klaveness Combination Carriers (KCC). Currently, Klaveness Combination Carriers (KCC) owns and operates nine (9) CABU-type and eight (8) CLEANBU-type Combination Carriers, which can carry both dry bulk and liquid cargoes.
13-October-2023
The inaugural LNG-powered panamax bulk carrier has commenced operations, marking a milestone in eco-friendly shipping. Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) controlled 2023 built LNG-powered post-panamax bulk carrier 95K DWT MV Shoyo operates under a charter for Kyushu Electric Power (Kyuden). 2023 built LNG-powered post-panamax bulk carrier 95K DWT MV Shoyo, constructed at the Oshima Shipyard, recently underwent its initial LNG bunkering. Currently, LNG stands as the leading alternative bunker in the maritime sector, with methanol swiftly gaining ground as another preferable option. Peter Keller, the chairman of SEA-LNG, a prominent organization advocating for gas fuel, recently shared insights on the transition to environmentally sustainable bunkers. Peter Keller highlighted that the shift towards green bunker solutions wouldn’t be instantaneous. Rather, the industry will witness a gradual decarbonization of existing resources. This progressive change depends on the evolution of various factors including fuel production methods, transportation logistics, storage facilities, bunkering infrastructure, and advancements in engine technologies.
13-October-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) has become the latest public shipping firm to attract investment from another maritime entity, marking a new instance in the ongoing trend of shipping businesses investing in their counterparts. SwissMarine, a private dry bulk operator, has disclosed a 5.3% stake in the New York-listed Pangaea Logistics Solutions (PANL), as per recent documents submitted to the U.S. Securities and Exchange Commission. The founder and current leader of the Geneva-based SwissMarine is Peter Weernink. Given the recent closing stock price of Pangaea Logistics Solutions (PANL) at $6 per share, SwissMarine’s approximately 2.5 million shares represent a significant investment in the Pangaea Logistics Solutions (PANL). This move underscores the growing trend within the shipping industry of cross-investments among companies, highlighting confidence and strategic interests within the sector. Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) places great importance on sustainability and environmental responsibility in its Arctic operations. Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers.
13-October-2023
Ukrainian crew members are confronted with the possibility of being prohibited from serving on vessels entering Russian territorial waters due to a new law. This regulation, effective from Monday, mandates that Ukrainian nationals can only enter Russia through two designated checkpoints: Sheremetievo airport in Moscow and Ludonka at the Latvian border. For Ukrainian seafarers, the situation becomes more complex. As per P&I (Protection and Indemnity) correspondents in communication with InterManager, the international ship management association, every Ukrainian crew member will undergo an interview conducted by the Russian officials as part of the entry clearance process. This additional scrutiny could potentially lead to delayed vessel schedules. Furthermore, agents operating at Ust-Luga, a significant Russian Baltic seaport, have indicated that ships with Ukrainian crew members on board will be denied entry for cargo operations. This development poses serious operational challenges and uncertainties for shipping lines employing Ukrainian seafarers and requiring access to Russian ports.
13-October-2023
One of the world’s largest supramax bulk carrier operators Oslo-based Western Bulk Chartering (WBC) warned that Q3 2023 is likely to be disappointing after Western Bulk Chartering (WBC) failed to capture the upside from the dry bulk market recovery, despite a rate rebound that rewarded operators with the right exposure at the right time. Chief Executive Officer Hans Aasnaes leads Western Bulk Chartering (WBC), a global dry bulk operator focused on trading and operating supramax, ultramax, and handysize bulk carriers, and Western Bulk Chartering (WBC) acknowledged that Western Bulk Chartering (WBC) did not succeed in extracting the volatility-driven earnings that typically support its model. Western Bulk Chartering (WBC) attributed a significant part of the underperformance to Western Bulk Chartering (WBC) maintaining a short position through the sharp market rise in August 2023, meaning Western Bulk Chartering (WBC) was positioned defensively while rates moved strongly upward, a mismatch that limited participation in the recovery and reduced the benefit of improved spot earnings. The outcome was further weakened by the financial effect of exploring new trading routes, as Western Bulk Chartering (WBC) incurred costs and inefficiencies associated with testing fresh lanes, establishing cargo relationships, and refining execution in unfamiliar patterns, all while the broader market was moving quickly. With profitability hit by both positioning and development costs, Western Bulk Chartering (WBC) indicated that no dividends would be distributed for Q3 2023, and the setback is expected to steer the Oslo-listed shipowner and operator Western Bulk Chartering (WBC) toward an annual loss. Western Bulk Chartering (WBC) operates globally as a dry bulk operator that specialises in matching cargo with bulk carriers across changing market environments, and Western Bulk Chartering (WBC) charters bulk carriers from a broad pool of shipowners to transport commodities for customers around the world, allowing Western Bulk Chartering (WBC) to scale exposure up or down without being constrained by a fixed owned fleet. Western Bulk Chartering (WBC) is built around an asset-light strategy that depends on continuous market coverage, fast fixture execution, and disciplined risk control, using structured risk management practices, extensive market data, and analytics to enhance fleet utilisation and to optimise the pairing of bulk carriers and cargo, route by route and cargo by cargo. That operating model is designed to generate value through commercial execution rather than balance-sheet-heavy ownership, but the Q3 2023 warning underlines how outcomes can swing when market moves are abrupt and the trading book is positioned on the wrong side of the rate shift, particularly for a platform such as Western Bulk Chartering (WBC) that aims to use volatility as an advantage. Even so, Western Bulk Chartering (WBC) has continued to position itself as a high-activity trading house with the capability to operate bulk carriers across multiple basins, adapt quickly to new cargo flows, and deploy analytical tools and operational support to navigate complex global shipping conditions while working to restore performance following a quarter in which the market recovery did not translate into earnings.
13-October-2023
The U.S. imposes sanctions on two tankers, including one whose owner claims unjust targeting, accusing them of breaching the cap on Russian oil prices. The Joe Biden Administration has enforced sanctions on certain tankers and their official owners for contravening restrictions related to the pricing of oil. However, Emirhan Sabanci, the chief representative of Istanbul-based shipowner and operator Yasa Shipping, communicated that their ship was mistakenly implicated in the recent sanctions enforcement. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has included the MT SCF Primorye, a 157,000-dwt suezmax tanker constructed in 2009, and its Dubai-based registered owner, Luber Marine, in its sanctions list, alleging violations in the trade of Russian oil. Currently, one of the richest Turkish conglomerates Sabanci Family’s Istanbul-based Yasa Shipping has a fleet of 14 tankers and 38 bulk carriers.
12-October-2023
George Economou intensifies efforts to acquire Performance Shipping, initiating a tender offer for all its remaining common shares. Greek shipping tycoon George Economou has set in motion a tender offer to acquire all the remaining shares of the tanker company Performance Shipping, which is listed in New York, proposing a cash transaction of $3 per share. The company, under the leadership of Andreas Michalopoulos, disclosed in a U.S. Securities and Exchange Commission (SEC) filing that Economou currently holds an 8.8% share, calculated from the company’s 11.7 million outstanding shares as of 29 September 2023. Economou possesses approximately 1.03 million shares, acquired for $1.48 million. The offer, extended through his investment arm Sphinx, a Maryport Navigation subsidiary, is set to expire on November 8, 2023, subject to any extensions. This bid presents a significant 78.6% premium on the closing price of Performance Shipping’s shares, which was $1.68 on 10 October 2023. Following this announcement, the company’s stock price surged, closing at $2.15 in the latest trading session on Wednesday. George Economou, who owns a fleet of over 100 ships, is vying for a position on the board of Performance Shipping, which has a fleet of eight aframax tankers. He is also demanding the resignation of four current directors, including CEO Andreas Nikolaos Michalopoulos. He has proposed that John Liveris, a former chairman of OceanFreight and former board member of Ocean Rig, be elected at the forthcoming annual shareholders’ meeting. Should John Liveris be elected, he would replace the incumbent chairperson and major shareholder of Performance Shipping, Aliki Paliou, whose tenure on the board concludes next year. Sphinx, George Economou’s investment firm, clarified in a regulatory disclosure that, should the offer be successful, it would result in them nominating the majority of the board members and acquiring at least half of the issued shares on a fully diluted basis. This would correspond to at least the majority of the company securities’ voting power, making these shares the only ones with the right to vote on director elections. Performance Shipping, once known as Diana Containerships, has previously charged George Economou with covertly amassing a significant portion of its shares and adopting an increasingly confrontational stance. While open to dialogue, the company expressed concerns about his intentions. In addition, George Economou has taken a strategic position in another venture connected to the Palios family, OceanPal, an offshoot of the bulk carrier company Diana Shipping, overseen by Semiramis Paliou. Holding roughly a 9% stake in OceanPal, which owns three panamax bulk carriers and two capesize bulk carriers valued at around $61.5 million, George Economou reserves the right to engage in discussions concerning various elements of OceanPal’s business, including its board structure, management, operations, and strategic directions. George Economou may also consider augmenting his stake through additional open market acquisitions or transactions with other shareholders.
12-October-2023
Japanese shipowner Nissen Kaiun sold 2013 built scrubber-fitted kamsarmax bulk carrier 82K DWT MV Lord Star to German shipowner and operator Blumenthal JMK (Bluships) for around $23.8 million. MV Lord Star constructed in 2013 by Sanoyas. MV Lord Star is expected to augment Hamburg-based shipowner and operator Blumenthal JMK’s (Bluships) existing fleet of 32 bulk carriers, primarily composed of bulk carriers. In 2021, Blumenthal JMK (Bluships) acquired 2016 built scrubber-fitted kamsarmax bulk carrier 81K DWT MV Bulldog (ex MV Lowlands Comfort) from Japanese shipowner Doun Kisen for around $26.5 million. MV Bulldog (ex MV Lowlands Comfort) was built in 2016 by Tsuneishi Cebu. MV Lord Star purchase came after Blumenthal JMK (Bluships) had bought two additional kamsarmax bulk carriers from Japanese shipowners in 2021. In the current S&P (Sale and Purchase) market, similar bulk carriers, though nearly a decade newer, are speculated to command prices nearly $10 million higher. For instance, Lubeck-based shipowner and operator Oldendorff Carriers is believed to have sold its 2022-built, Jiangsu New Hantong-constructed MV Kuno Oldendorff for around $33 million.
12-October-2023
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited is closely monitoring the positive developments in asset values and freight rates. CEO Martin Fruergaard-led shipowner and operator Pacific Basin Shipping Limited is considering the possibility of repurchasing its shares from investors and has expressed optimism about the prospects of handysize and supramax bulker markets in the coming years. Martin Fruergaard, the CEO of Pacific Basin Shipping, noted that spot rates in the market are currently showing robust growth. While the Pacific Basin Shipping Limited intends to allocate more funds to shareholders in the future, the specific method, whether through share buybacks or dividends, has not been finalized yet. This demonstrates Pacific Basin Shipping Limited’s commitment to enhancing shareholder value while keeping an eye on market conditions. Currently, Hong Kong-based shipowner and operator Pacific Basin Shipping Limited owns 120 bulk carriers and operates 170 chartered bulk carriers.
12-October-2023
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL), a dry bulk shipping company heavily involved in Arctic ice trade, has achieved a significant milestone. One of Pangaea Logistics Solutions’ (PANL) ice-class bulk carriers, 2021 built post-panamax bulk carrier 95K DWT MV Nordic Nuluujaak has become the first bulk carrier to receive the prestigious “Class Silent (E) Notation” from DNV, a renowned classification society. This designation underscores the 2021 built post-panamax bulk carrier 95K DWT MV Nordic Nuluujaak’s demonstrated capability to reduce environmental noise emissions, aligning with a commitment to safeguard sensitive marine ecosystems. Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) places great importance on sustainability and environmental responsibility in its Arctic operations. Currently, Pangaea Logistics Solutions (PANL) owns 25 bulk carriers.
12-October-2023
Athens-based shipowner and operator TMS Dry Ltd, led by George Economou, has initiated a proposal to acquire Performance Shipping (PSHG) and replace its board. This move comes after a dispute with the leadership following George Economou’s acquisition of a stake in the company in August 2023. The Greek shipping magnate, George Economou, has presented a bid to take control of Performance Shipping (PSHG), a Greek-based tanker company, following his stake acquisition in August 2023. Upon making this investment, the head of TMS Group expressed strong dissatisfaction with the management practices within the New York-listed organization. As per a filing with the SEC (Securities and Exchange Commission), this aggressive acquisition strategy could result in George Economou gaining full control, making changes to the executive team, ousting the current board, and potentially selling all or part of the company’s fleet.
12-October-2023
Hamburg-based shipowner and operator Neu Seeschiffahrt has plans to upgrade its entire fleet of eight bulk carriers with systems for optimizing propulsion by 2024. The fleet, comprising six (6) VLOCs (Very Large Ore Carriers) and two (2) newcastlemax bulk carriers, will be equipped with the FuelOpt system from Norway’s Yara Marine Technologies (YMT). This versatile system is suitable for all engine or propeller types and is prepared for the adoption of future fuels, as highlighted by Neu Seeschiffahrt. The primary goal is to decrease both fuel usage and emissions by having the system automatically adjust the ship’s propulsive force based on current environmental conditions. This approach maintains consistent power and speed, preventing expensive fluctuations, and does not require additional crew members. Hamburg-based shipowner and operator Neu Seeschiffahrt emphasized that the easiest way to ensure economical and sustainable operations for the future is by cutting fuel consumption without compromising efficiency. Recently, Neu Seeschiffahrt, which is owned by the American Neu family, expanded its fleet with the acquisition of two newcastlemax sister bulk carriers, the 2012 built MV Clear Horizon and 2012 built MV Blue Horizon from Taiwan’s Wisdom Marine. The partnership with Yara Marine Technologies (YMT) aligns with the new management at Neu Seeschiffahrt’s strategy to build a fleet that’s both fuel-efficient and competitive. The move towards more environmentally friendly practices within the shipping sector is advantageous for everyone involved.
12-October-2023
Copenhagen-based shipowner and operator Ultrabulk, a bulker operator with deep-rooted business connections in Japan, has demonstrated its commitment to the Japanese market by establishing a permanent office in Tokyo. CEO Hans-Christian Olesen-led Ultrabulk’s new office in Tokyo will serve as the central hub for Ultrabulk’s chartering activities. Danish dry bulk shipowner and operator Ultrabulk has maintained enduring relationships with Japanese shipowners and cargo stakeholders for a quarter-century. To solidify its presence in Japan, Ultrabulk initially set up a temporary office in Tokyo at the beginning of 2023. This temporary arrangement has now been made permanent with the establishment of Ultrabulk Japan KK. The new office will have a Japanese chartering executive onboard, equipped with a thorough understanding of the local market, further enhancing Ultrabulk’s operations in Japan.
11-October-2023
The German shipowner and operator Blumenthal JMK (Bluships) is reportedly involved in acquiring a kamsarmax bulk carrier from Japan’s Nissen Kaiun. The MV Lord Star, an 82K DWT kamsarmax bulk carrier equipped with a scrubber and previously under Greek ownership as noted by shipbrokers earlier this year, is said to have been purchased by Hamburg-based Blumenthal JMK (Bluships) for about $23.8 million. This vessel, constructed by Sanoyas in 2013, now forms part of Blumenthal JMK’s (Bluships’) fleet, which predominantly includes bulk carriers and totals 32 vessels. Last November, Blumenthal JMK (Bluships) invested $26.5 million in acquiring the 81K DWT 2016 Tsuneishi Cebu-built kamsarmax bulk carrier MV Bulldog (formerly known as MV Lowlands Comfort) from Doun Kisen, adding to two other kamsarmax bulk carriers they had purchased from Japanese owners the previous year. Vessels of this type but nearly a decade newer are speculated to command prices nearing $10 million more. Additionally, Oldendorff Carriers has recently divested its 2022-built Jiangsu New Hantong MV Kuno Oldendorff for approximately $33 million. In other developments within the bulker market, Japanese shipowner and operator Meji Shipping has sold the 2011-built capesize bulk carrier 178K DWT MV AM Gijon to the Nicholas Inglessis-led Athens-based shipowner and operator Alberta Shipmanagement Ltd for around $25.8 million. Alberta Shipmanagement Ltd, established under the leadership of Nicholas Inglessis, has been a significant presence in the global shipping industry. Based in Athens, Greece, the company specializes in the management and operation of a diverse fleet that includes bulk carriers, tankers, and container ships. Alberta Shipmanagement Ltd has built a reputation for its strategic fleet management and innovative business practices. The company has a particular focus on enhancing operational efficiency and environmental sustainability across its operations. This includes investing in the latest technologies to reduce emissions and improve the fuel efficiency of its fleet, aligning with global efforts to combat climate change. Alberta Shipmanagement Ltd’s strategic approach extends to its fleet composition and investment strategies. The company regularly evaluates its fleet to optimize its performance and adapt to market trends, which involves both acquisitions and sales of vessels. The purchase of the MV AM Gijon is part of Alberta Shipmanagement Ltd’s broader strategy to modernize its fleet with vessels that can offer better economic and environmental performance. The leadership of Nicholas Inglessis has been pivotal in steering Alberta Shipmanagement Ltd through various phases of growth and market fluctuations. Under his direction, the company has not only expanded its operational scope but also strengthened its market position by focusing on reliability, customer service, and sustainable practices. Alberta Shipmanagement Ltd continues to be an influential player in the maritime industry, committed to upholding high standards of safety and environmental responsibility while pursuing its business objectives.
11-October-2023
German shipowner and operator Blumenthal JMK (Bluships) is reported to have acquired a kamsarmax bulk carrier from Japan’s Nissen Kaiun. The MV Lord Star, an 82K DWT kamsarmax bulk carrier equipped with a scrubber and previously under Greek ownership, has now been confirmed as sold to Hamburg-based Blumenthal JMK (Bluships) for approximately $23.8 million. Built by Sanoyas in 2013, the scrubber-fitted MV Lord Star has been integrated into Blumenthal JMK’s (Bluships’) fleet, which primarily consists of 32 bulk carriers. Blumenthal JMK (Bluships), established and headquartered in Hamburg, Germany, is a significant player in the international shipping industry, known for its diversified and robust fleet of bulk carriers, container ships, and multi-purpose vessels. The company’s strategic operations focus on the acquisition, management, and operation of a fleet that aligns with the highest standards of environmental sustainability and efficiency. This approach reflects Blumenthal JMK’s (Bluships’) commitment to providing dependable and eco-friendly maritime transport solutions. The history of Blumenthal JMK (Bluships) traces back several decades, with the company evolving through strategic growth and modernization to meet the dynamic demands of global trade. Blumenthal JMK (Bluships) is recognized for its prudent management practices and its ability to adapt quickly to the changing market conditions, which has enabled it to maintain a competitive edge in the shipping industry. Blumenthal JMK (Bluships)’s management team consists of seasoned professionals with deep expertise in maritime operations, global commerce, and environmental stewardship. This expertise ensures that Blumenthal JMK (Bluships) not only meets but often exceeds, the regulatory standards required in the areas they operate. Blumenthal JMK’s (Bluships) focus on sustainability is evident in its investments in new technologies and practices that reduce the environmental impact of its operations. In a previous acquisition last November, Blumenthal JMK (Bluships) purchased the 81K DWT 2016-built Tsuneishi Cebu kamsarmax bulk carrier MV Bulldog (previously known as MV Lowlands Comfort) from Doun Kisen for $26.5 million, following the purchase of two additional kamsarmax bulk carriers from Japanese owners the year before. Vessels of similar size but nearly a decade younger are speculated to command almost $10 million more in the current market. Moreover, Oldendorff Carriers has recently sold its 2022-built Jiangsu New Hantong MV Kuno Oldendorff for about $33 million. Meanwhile, in the capesize bulk carrier segment, Japanese shipowner and operator Meji Shipping has sold the 2011-built capesize bulk carrier 178K DWT MV AM Gijon to Nicholas Inglessis-led Athens-based shipowner and operator Alberta Shipmanagement for approximately $25.8 million. Through its dynamic approach to fleet management and its focus on advanced maritime technologies, Blumenthal JMK (Bluships) continues to play a significant role in the global shipping industry, demonstrating a commitment to operational excellence and environmental stewardship. This recent purchase of the MV Lord Star is another step towards enhancing Blumenthal JMK (Bluships)’s fleet capabilities and service offerings in the competitive shipping sector.
11-October-2023
London-based the world’s biggest shipbroker Clarksons is drawing attention to the challenges faced by cargo owners amidst the turbulent freight markets of this decade. Clarksons’ research arm Clarksons Research emphasizes that shippers have been grappling with highly unpredictable markets and escalating costs. While Clarksons Research consistently updates shipping firms about fluctuations in vessel rates, they believe that understanding the situation from the shippers’ viewpoint is equally crucial. The 2020s have witnessed significant volatility in the shipping industry, with freight rates experiencing dramatic shifts due to major global events. Clarksons urges shipowners to consider the difficulties cargo owners are facing in these unpredictable times.
11-October-2023
German shipowner and operator Blumenthal JMK (Bluships) has reportedly acquired a kamsarmax bulk carrier from Japan’s Nissen Kaiun. The 82K DWT kamsarmax bulk carrier MV Lord Star, previously thought to be owned by Greek interests as reported earlier this year by shipbrokers, has been sold to Hamburg-based Blumenthal JMK (Bluships) for approximately $23.8m. This 2013-built vessel by Sanoyas, equipped with a scrubber, is the latest addition to Blumenthal JMK’s (Bluships’) existing fleet of 32 vessels, primarily consisting of bulk carriers. In a separate transaction last November, Blumenthal JMK (Bluships) purchased the 81K DWT 2016-built Tsuneishi Cebu kamsarmax bulk carrier MV Bulldog (formerly MV Lowlands Comfort) from Japanese shipowner Doun Kisen KK (also known as Doun Kisen Co. Ltd) for $26.5m, adding to two other kamsarmax purchases from Japanese owners the previous year. Doun Kisen KK, headquartered in Imabari, Ehime, Japan, has a storied history and reputation for quality in the maritime industry. Established in the early 20th century, Doun Kisen has grown from a regional shipping company to an international shipowning and operating firm, managing a diverse fleet that includes bulk carriers, tankers, and container ships. Doun Kisen KK (aka Doun Kisen Co. Ltd) is renowned for its commitment to safety, environmental responsibility, and the maintenance of a young, modern fleet. Doun Kisen KK (aka Doun Kisen Co. Ltd) often invests in the latest maritime technology to ensure its vessels meet the highest standards of operational efficiency and eco-friendliness. This approach not only reflects the Doun Kisen KK’s (aka Doun Kisen Co. Ltd’s)dedication to global environmental standards but also enhances its competitiveness in the global shipping market. Notably, Doun Kisen KK’s business strategy includes regular fleet renewal, which involves selling older vessels to invest in newer, more technologically advanced ships. This strategy ensures that Doun Kisen KK (aka Doun Kisen Co. Ltd) maintains one of the younger fleets in the industry, which is crucial for minimizing environmental impact and optimizing operational efficiency. The sale of the MV Bulldog to Blumenthal JMK (Bluships) is part of this strategic fleet management process, demonstrating Doun Kisen KK’s proactive approach in the highly competitive and ever-evolving maritime sector. Furthermore, Doun Kisen KK (aka Doun Kisen Co. Ltd) has a robust presence in various shipping markets, actively participating in the chartering, sale and purchase, and management sectors of the industry. This broad involvement allows Doun Kisen KK (aka Doun Kisen Co. Ltd) to stay abreast of market trends and adjust its operations accordingly. In other news from the bulker market, the robust activity in the capesize segment has seen Japanese shipowner and operator Meji Shipping transfer the 2011-built capesize bulk carrier 178K DWT MV AM Gijon to Nicholas Inglessis-led Athens-based shipowner and operator Alberta Shipmanagement for approximately $25.8m. Notably, similar ships, albeit nearly a decade newer, are currently fetching prices nearly $10m higher. For instance, Oldendorff Carriers recently sold its 2022-built Jiangsu New Hantong MV Kuno Oldendorff for about $33m.
11-October-2023
Leading figures in the dry bulk sector shared their perspectives on the repercussions of the ongoing conflict between Israel and Hamas, especially in light of the recent attacks over the weekend. The dry bulk industry, which has become accustomed to unexpected black swan events, is now grappling with the implications of another significant disturbance. While the top executives from the sector recognized the profound human cost of the Middle East conflict, they also discussed its potential impact on their business. New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) CEO Gary Vogel anticipates that the warfare between Israel and Hamas will have a limited effect on the dry bulk sector. Currently, New York-listed shipowner and operator Eagle Bulk Shipping (EGLE) owns and operates 52 bulk carriers.
11-October-2023
German shipowner and operator Blumenthal JMK (Bluships) has reportedly acquired a kamsarmax bulk carrier from Japan’s Nissen Kaiun. The 82K DWT kamsarmax bulk carrier MV Lord Star, previously reported to be under Greek ownership earlier this year by shipbrokers, has been sold to Hamburg-based Blumenthal JMK (Bluships) in a transaction valued at approximately $23.8m. Constructed by Sanoyas in 2013 and equipped with a scrubber, the MV Lord Star has joined Blumenthal JMK’s (Bluships’) diverse fleet of 32 vessels, predominantly consisting of bulk carriers. Nissen Kaiun, the seller in this transaction, is a prominent Japanese shipowning and ship management firm headquartered in Imabari, Ehime Prefecture. Founded in 1960, Nissen Kaiun has established itself as one of the largest owners and operators of bulk carriers in Japan and is well-known globally in the maritime industry. The company’s extensive fleet includes a wide range of vessel types, such as bulk carriers, tankers, and container ships, with a strong focus on the dry bulk sector. Japanese shipowner Nissen Kaiun is renowned for its strategic approach to fleet management, which involves continuously updating and optimizing its fleet to meet the latest technological and environmental standards. This strategy not only ensures operational efficiency but also aligns with international shipping regulations and environmental protection measures. Nissen Kaiun’s commitment to sustainability is evident in its investment in modern vessels equipped with the latest pollution-reducing technology, such as scrubbers and ballast water treatment systems. Japanese shipowner Nissen Kaiun has a significant presence in international shipping markets, participating in numerous global trade routes and servicing a diverse client base. Japanese shipowner Nissen Kaiun’s operational philosophy emphasizes safety, reliability, and customer satisfaction, which has helped it maintain long-standing relationships with major industry players worldwide. In recent years, Japanese shipowner Nissen Kaiun has also been active in the second-hand vessel market, buying and selling ships to balance its portfolio and adapt to changing market conditions. This includes engaging in strategic sales such as the recent transaction with Blumenthal JMK (Bluships), which reflects the company’s proactive approach in managing its fleet size and composition. Last November, Blumenthal JMK (Bluships) paid $26.5m to Doun Kisen for the 81K DWT 2016-built Tsuneishi Cebu kamsarmax bulk carrier MV Bulldog (previously known as MV Lowlands Comfort), following the acquisition of two additional kamsarmax bulk carriers from Japanese owners the prior year. Vessels of similar age but nearly a decade newer are speculated to command prices close to $10m higher. Additionally, Oldendorff Carriers has recently sold the 2022-built Jiangsu New Hantong MV Kuno Oldendorff for about $33m. In the active capesize bulk carrier market, Japanese shipowner and operator Meji Shipping has sold the 2011-built capesize bulk carrier 178K DWT MV AM Gijon to the Nicholas Inglessis-led Athens-based shipowner and operator Alberta Shipmanagement for approximately $25.8m. Through its dynamic approach to fleet management and its focus on advanced maritime technologies, Japanese shipowner Nissen Kaiun continues to play a significant role in the global shipping industry, demonstrating a commitment to both operational excellence and environmental stewardship.
11-October-2023
Digital maritime training firm MTR has secured a significant contract with Lubeck-based shipowner and operator Oldendorff Carriers, Germany’s leading bulker company. Under the agreement, MTR will offer online training packages tailored for seafarers aboard 90 bulk carriers owned by Oldendorff Carriers. Ozgur Alemdag, the CEO of MTR, highlighted that this multi-year deal underscores the growing demand for interactive training content in the maritime sector. Currently, German shipowner and operator Oldendorff Carriers owns 180 bulk carriers and operates 750 bulk carriers.
11-October-2023
George Economou is intensifying his efforts to acquire Performance Shipping (PSHG), launching a tender offer for all of its remaining common shares. The Greek shipping mogul has initiated a cash transaction at $3 per share, aiming to purchase the outstanding shares of the New York-listed tanker company. According to a U.S. Securities and Exchange Commission (SEC) filing by Performance Shipping (PSHG), Economou currently holds an 8.8% stake, which translates to approximately 1.03 million shares acquired for $1.48 million out of the company’s 11.7 million outstanding shares as of September 29, 2023. The tender offer, extended through his investment entity Sphinx, a subsidiary of Maryport Navigation, is set to expire on November 8, 2023, with the possibility of extensions. Economou’s bid offers a substantial 78.6% premium over Performance Shipping’s (PSHG) closing share price of $1.68 on October 10, 2023. Following this announcement, the company’s stock price surged, closing at $2.15 in the latest trading session. In addition to seeking a position on Performance Shipping’s (PSHG) board, George Economou is calling for the resignation of four current directors, including CEO Andreas Nikolaos Michalopoulos. He has proposed the election of John Liveris, a former chairman of OceanFreight and former board member of Ocean Rig, at the upcoming annual shareholders’ meeting. Should Liveris be elected, he would replace the current chairperson and major shareholder of Performance Shipping (PSHG), Aliki Paliou. Sphinx, George Economou’s investment firm, has made it clear that if the offer succeeds, they intend to nominate the majority of the board members and acquire at least half of the fully diluted issued shares of Performance Shipping (PSHG). This would give them the majority of the company’s voting power on director elections. Performance Shipping (PSHG), formerly known as Diana Containerships, has previously raised concerns about Economou’s intentions, although they are open to dialogue. Furthermore, George Economou has taken a strategic position in OceanPal, a company related to the Palios family and a spin-off of Diana Shipping (DSX). Holding a approximately 9% stake in OceanPal, which owns several bulk carriers, he has the right to engage in discussions regarding various aspects of OceanPal’s business, including its board structure, management, operations, and strategic direction. Economou may also consider increasing his stake through open market acquisitions or transactions with other shareholders.
11-October-2023
During a recent conference, shipowners and charterers engaged in a heated debate over the division of costs associated with enhancing a ship’s fuel efficiency. One of the points of contention was the financial responsibility for applying low-friction paint to a ship’s hull, a measure that reduces fuel consumption. New York-listed shipowner and operator Safe Bulkers (SB) CEO Polys Hajioannou contends that charterers currently do not shoulder a fair share of these costs. Safe Bulkers (SB) CEO Polys Hajioannou pointed out that many second-tier charterers are reluctant to invest in ship improvements or contribute to the development of more fuel-efficient bulk carriers. This reluctance persists despite the fact that these charterers would also reap financial benefits from such enhancements. Limassol and Athens-based shipowner and operator Safe Bulkers (SB) expressed these concerns, emphasizing the need for a more equitable distribution of expenses between shipowners and charterers when it comes to fuel efficiency measures. Currently, New York-listed shipowner and operator Safe Bulkers (SB) has a fleet of 44 large bulk carriers, consisting of 11 panamax bulk carriers, 7 kamsarmax bulk carriers, 18 post-panamax bulk carriers and 8 capesize bulk carriers.
11-October-2023
At the Maritime Cyprus conference held in Limassol on Monday, shipowners from Greece, Italy, and Cyprus voiced strong criticism of European policymaking. The overarching sentiment was that Europe often adopts introspective and counterproductive strategies. One of the most vocal critics, Greek shipowner George Procopiou, expressed strong disapproval of the European Union’s approach to sanctions and environmental policies. George Procopiou-led Athens-based shipowner and operator Sea Traders SA argued that sanctions rarely achieve their intended outcomes. Instead, they often lead to the targeted countries becoming more resilient and self-reliant, making the situation even more challenging. George Procopiou pointed to Iran as a case in point. George Procopiou, the founder of Dynacom Tankers, Sea Traders, and Dynagas, emphasized during a panel discussion that while dictatorial regimes tend to weather sanctions comfortably, it’s the ordinary citizens who bear the brunt of the hardships. Sea Traders SA CEO George Procopiou remarked, “The dictators always have a good time, it’s only poor people who are suffering.” This perspective underscores the broader concerns raised by southern European shipowners about the EU’s policies. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers.
11-October-2023
October has seen a surge in bulk carrier sales, driven by strengthening capesize rates. Following the conclusion of the Golden Week in China, the dry bulk market anticipates more transaction announcements in the upcoming days. Recently, capesize spot earnings reached their peak for the year, nearing $30,000 per day. The subdued rainy season has positively impacted the maritime transport of iron ore. Coupled with the unexpected rise in China’s Manufacturing Purchasing Managers’ Index and a constrained bulk carrier supply, these factors are driving the dry bulk shipping market’s strong upward trajectory. Over the past weekend, two sales captured significant attention, underscoring the premium consistently associated with Japanese-built capesize bulk carriers. 2010 built capesize bulk carrier 175K DWT MV Cape Star was reportedly sold for around $21 million. In contrast, 2011 built capesize bulk carrier 178K DWT MV AM Gijon sold for around $26 million.
11-October-2023
Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has announced enhanced environmental performance for 2022. Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) revealed that it had made significant strides in its environmental efforts over the past year. According to its environmental, social, and governance report, Star Bulk Carriers (SBLK) managed to decrease its average fleet annual efficiency ratio — a metric that quantifies CO2 emissions per dwt-mile. The ratio was reduced to 3.29, down from 3.43 the year before. This improvement was achieved through the implementation of various technical and operational measures. Additionally, Star Bulk Carriers (SBLK) has set a precedent by becoming the first Greek-based bulker owner to calculate and publicly disclose its Scope 3 emissions. Currently, Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK) has a fleet of 127 bulk carriers.
11-October-2023
Singapore-based shipowner and operator Swire Bulk Pte. Ltd. is determined to lead the transition and decarbonization efforts in the maritime sector. However, Peter Norborg-led Swire Bulk Pte. Ltd. highlighted a significant challenge: the uncertainty surrounding the selection of an alternative green fuel. While decarbonization presents both challenges and opportunities, the current landscape does not offer a clear green fuel solution for handysize and ultramax bulk carriers. Swire Bulk Pte. Ltd. primarily operates handysize and ultramax bulk carriers. Handysize and ultramax bulk carriers are anticipated to be among the last to undergo the transition. One primary reason is their operational nature; handysize and ultramax bulk carriers traverse globally to various locations. The availability of green fuels in many of these places in the foreseeable future remains uncertain, adding to the complexity of the transition. Swire Shipping is the wholly owned, deep-sea ship-owning and operating arm of John Swire & Sons Limited and is the oldest ship-operating entity of the Swire Group. Swire Shipping was established as The China Navigation Company (CNCo) in 1872.
11-October-2023
The commodities trading giant Trafigura Group has acquired H2 Energy Europe and is advancing its plans to significantly increase hydrogen production across Europe. This initiative includes the development of a substantial green hydrogen facility in Denmark. Specifically, Trafigura Group is progressing with plans to construct a 1 GW green hydrogen production plant at the port of Esbjerg, with a final investment decision projected for 2024. Additionally, in South Wales, H2 Energy Europe, under the umbrella of Trafigura Group, has recently taken a concrete step forward by submitting a formal planning application to build a 20 MW green hydrogen production facility within the port of Milford Haven. These developments are part of Trafigura Group’s broader strategy to expand its footprint in the renewable energy sector, particularly in green hydrogen production, across strategic locations in Europe.
9-October-2023
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping has secured time charter agreements for two (2) of its LNG-fuelled newcastlemax bulk carriers with an undisclosed major commodity trading company. Two LNG-fuelled newcastlemax bulk carriers are set to commence a two year time charter with an evergreen structure once they are delivered from the New Times Shipyard in the Q1 2024. The charter rate will be index-linked, earning a rate that reflects a significant premium over the Baltic Exchage 5TC index. Additionally, there will be a profit-sharing arrangement for any economic benefits derived from the operation of the LNG-fuelled newcastlemax bulk carriers’ scrubber or its use of LNG. The charterer also has certain rights to convert the time charters to fixed rates based on the prevailing FFA curve periodically. While Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping did not specify which newcastlemax bulk carriers were included in this charter agreement, based on the company’s delivery schedule, the most probable candidates are the 210K DWT MV Mount Hua and MV Mount Elbrus, expected to be delivered in Q1 2024. Himalaya Shipping’s other three (3) LNG-fuelled newcastlemax bulk carrier new buildings are slated for delivery in Q1 2024. Furthermore, Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping mentioned that one of its newcastlemax bulk carriers has been fixed on a fixed time charter. The ten LNG-fuelled newcastlemax bulk carriers that are fixed on index-linked charters are projected to earn an average premium of 42% over the Baltic Exchage 5TC index.
9-October-2023
Hong Kong-based bulker owner and operator, Cetus Maritime, has successfully finalized a new refinancing agreement with BNP Paribas for four of its eco-friendly handysize bulk carriers. SBI Leasing Services played a pivotal role as the equity arranger in this deal, which transitioned the financing of the Marshall Islands-flagged eco-friendly handysize bulk carriers from a term loan to JOLCOs (Japanese Operating Lease with Call Option). These four eco-friendly handysize bulk carriers will continue to operate internationally under the Cetus Maritime banner. This marks the second time this year that Cetus Maritime has utilized a JOLCO (Japanese Operating Lease with Call Option) facility. Cetus Maritime’s CEO, Mark Young, expressed enthusiasm about further expanding their presence in the Japanese financing market. Cetus Maritime, a product of the merger between Hamburg-based shipowner and operator Hamburg Bulk Carriers GmbH & Co. KG and Hong Kong-based shipowner and operator Asia Maritime Pacific (AMP), boasts ownership and operation of a fleet exceeding 50 bulk carriers. Cetus Maritime primarily focuses on larger handysize bulk carriers but also has operations extending to ultramax bulk carriers. Cetus Maritime emphasized its commitment to expanding its fleet with larger, eco-friendly bulk carriers that not only adhere to current environmental standards but also anticipate future fuel solutions.
9-October-2023
Cargo owners are currently facing significantly higher shipping costs in the 2020s compared to the previous decade, as highlighted by a recent analysis from London-based the world’s biggest shipbroker Clarksons’ research arm Clarksons Research. The 2020s have witnessed considerable fluctuations in freight markets, primarily attributed to consecutive disruption events like the COVID-19 pandemic and the Ukraine conflict. Clarksons Research’s latest weekly report reveals that the average freight cost in the 2020s has surpassed that of the 2010s. Specifically, shipping costs for various cargoes have increased: iron ore by 18%, grain by 27%, LPG by 34%, aframax crude oil by 32%. London-based the world’s biggest shipbroker Clarksons’ research arm Clarksons Research also emphasized other factors contributing to the rise in costs. The transition to low sulphur fuel, for instance, has led to an approximate 20% increase in bunker costs for most vessels compared to the 2010s, due to underlying cost hikes and inflation. Clarksons Research remarked that while shipping markets continue to exhibit cyclical patterns, the 2020s have undeniably influenced transportation costs. Clarksons Research concluded by advising cargo owners to closely monitor upcoming challenges in the shipping industry, such as decarbonization, fleet rental, and geopolitical concerns.
9-October-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has entered into a MOA (memorandum of agreement) to sell one of its bulk carriers. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has agreed to sell its 2007 built built capesize bulk carrier 177K DWT MV Boston for approximately $18 million to an undisclosed third party that is not affiliated with Diana Shipping (DSX). Diana Shipping (DSX) has stated that the delivery of the 2007 built built capesize bulk carrier 177K DWT MV Boston to the buyer will be completed by 20 December 2023, at the latest. Curretly, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 40 bulk carriers, including 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.
9-October-2023
Oshima Shipbuilding has recently clinched a contract from restructured South Korean shipowner and operator Pan Ocean (previously STX Pan Ocean) for two (2) 64K DWT ultramax bulk carrier new buildings, set for delivery in 2026. Additionally, Greek shipowner and operator Alassia NewShips Management lnc has ordered two (2) 64K DWT ultramax bulk carrier new buildings and one (1) 82K DWT kamsarmax bulk carrier new building from Oshima Shipbuilding. The two (2) 64K DWT ultramax bulk carrier new buildings are scheduled for delivery in the Q4 2024, while the one (1) 82K DWT kamsarmax bulk carrier new building is expected in 2025. Amidst its booming orderbook, Oshima Shipbuilding has expanded its operations by taking over Mitsubishi Heavy Industries’s Nagasaki Shipyard & Machinery Works (Koyagi). Oshima Shipbuilding commenced the construction of its first bulk carrier at this new location in April 2023.
9-October-2023
New York-listed shipowner and operator Safe Bulkers (SB) has announced contracts for the acquisition of two (2) dual-fuel kamsarmax bulk carriers. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) mentioned that the two (2) 81K DWT dual-fuel kamsarmax bulk carriers were acquired at attractive prices. The delivery dates for these two (2) 81K DWT dual-fuel kamsarmax bulk carriers are set for the Q4 2026 and the Q1 2027, respectively. These dual-fuel kamsarmax bulk carrier new buildings are designed to operate using both methanol and fuel. When powered by green methanol, these dual-fuel kamsarmax bulk carriers can achieve near-zero GHG (Greenhouse Gas Emissions) emissions based on the well-to-propeller life cycle assessment methodology. Furthermore, these dual-fuel kamsarmax bulk carriers are designed to meet the requirements of the Energy Efficiency Design Index (EEDI) Phase 3 concerning GHG (Greenhouse Gas Emissions) and to comply with the NOx-Tier III regulation. Limassol and Athens-based Safe Bulkers (SB) highlighted that it has already received five (5) bulk carriersthat meet the International Maritime Organization (IMO) GHG Phase 3 – NOx Tier III standards. New York-listed shipowner and operator Safe Bulkers (SB) is also set to receive nine (9) more new building bulk carriers, with two being dual-fueled. The delivery schedule for these ew building bulk carriers spans from 2023 to the Q1 2027. Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) emphasized the company’s commitment to environmental advancements, stating that the new contracts align with their fleet renewal strategy developed after 2019, which includes twelve (12) new buildings. Safe Bulkers (SB) added that the company has extensively evaluated technologies that lead to net-zero GHG (Greenhouse Gas Emissions) and that the new contracts reflect their ambition to be leaders in environmental developments.
9-October-2023
Amid the escalating Israeli-Palestinian conflict, which has seen unprecedented levels of violence following an armed raid by Palestinians from Gaza resulting in thousands of deaths, shipowners operating in Israel and Lebanon are being advised to exercise extreme caution. A prominent shipowners’ association has raised its warning to “Security Level 3” for vessels navigating the region, indicating the highest level of security concern. The cruise industry has been particularly responsive, with many operators rerouting their ships away from Israeli ports, especially Ashdod, which is in close proximity to the Gaza Strip. Given Ashdod’s proximity to the Gaza Strip and the reported clashes in and around the town, there are significant safety concerns. Rockets launched by Hamas have reached areas even beyond Ashdod, including cities like Tel Aviv.
9-October-2023
International merchant vessels are showing continued interest in Ukraine’s new shipping corridor, with 12 vessels preparing to enter and 10 set to leave, despite warnings from London about potential threats from Russia, including the laying of mines to deter ships from using the new trade lane. Russia withdrew from the Black Sea Grain Initiative, a United Nations-brokered shipping agreement, in mid-July 2023. Since then, Ukraine has been working on creating an alternative shipping route for its exports and has taken measures against Russian naval infrastructure to safeguard this new maritime corridor. The United Kingdom has raised concerns about Russia’s intentions in the Black Sea, suggesting that while Russia might avoid directly sinking civilian ships, it could attempt to falsely blame Ukraine for any attacks on civilian vessels in the region. The UK Foreign Office has also highlighted Russia’s increased aerial attacks on Ukrainian ports, which have resulted in significant damage to infrastructure and grain supplies. Ukraine’s grain exports have seen a 24% decline in the current July-June 2023 season due to blockages in major export routes. However, recent activity suggests a resurgence in exports from Ukrainian ports.
8-October-2023
One of Ukraine’s most significant accomplishments is the establishment of a new grain corridor, which is safeguarded by Ukraine’s own military forces. This corridor serves as a replacement for a United Nations-led initiative that Russia boycotted in July 2023. Despite initial doubts, Ukraine is on course to complete 100 voyages from previously blocked ports in Odesa, Chornomorsk, and Yuzhny, facilitating the transport of approximately 2.5 million tonnes of predominantly grain. This achievement is particularly impressive given the challenging circumstances surrounding the grain trade, which includes the absence of available commercial insurance due to ongoing threats such as mines and Russian attacks on ports. Blumenthal JMK, a German shipowner and operator, has been highly active in this grain trade, using the corridor to release two trapped bulk carriers from Ukraine and introduce ten more vessels from outside. Nonetheless, the grain trade remains delicate, with insurers, charterers, and cargo shippers playing pivotal roles. Insurers, because of the substantial premiums involved, wield significant influence over the size and value of ships entering the Ukrainian corridor. The fact that the average age of ships involved in this grain trade is 20 years indicates that shipowners and insurers are hesitant to dispatch younger and more valuable vessels. Insurance costs continue to be high by war risk standards. Although initially attractive due to higher-than-average freight rates, earnings in Ukraine’s Black Sea corridor have gradually diminished. The premium over non-Ukraine business has likely narrowed, potentially falling within a range of 20% to 50% above standard rates. Greek-based companies, particularly those with ties to Middle Eastern interests, have a substantial presence in this trade, with notable players like Athens-based shipowner Evalend Shipping, led by Kriton Lendoudis, and Bright Navigation, led by the Greek brothers Dimitris and George Stefanou. Despite its success, trust in the corridor remains limited due to ongoing threats such as floating mines in the Black Sea and continued aerial attacks on Ukrainian port infrastructure. Publicly held shipping firms and top-tier companies continue to steer clear of the Ukrainian trade.
8-October-2023
Japanese shipowner and operator Sanko Steamship Co Ltd (Sanko Kisen KK) has made a significant reduction in its fleet. Sanko Steamship Co Ltd (Sanko Kisen KK) recently divested its 2012 built panamax bulk carrier 74K DWT MV Sanko Fortune, for $21 million to unidentified Greek parties. This transaction leaves Sanko Steamship Co Ltd (Sanko Kisen KK) with a solitary vessel in its fleet, the newly built 2021 built kamsarmax bulk carrier 82K DWT MV Sanko Hawking bulk carrier. Established in 1934, Sanko Steamship Co Ltd (Sanko Kisen KK) faced major financial setbacks, becoming the most significant shipping bankruptcy of the 1980s. Sanko Steamship Co Ltd (Sanko Kisen KK) encountered financial turmoil again in 2012. Since then, Sanko Steamship Co Ltd (Sanko Kisen KK) has been consistently reducing its fleet size.
4-October-2023
Dry bulk shipping behemoth Cargill Ocean Transportation, Lloyd’s Register (LR), Minerva Dry, and Nantong COSCO KHI Ship Engineering Co (NACKS) have joined forces to design a kamsarmax bulk carrier equipped for methanol fuel and rotor sail propulsion. Chris Hughes, a decarbonization expert at Cargill Ocean Transportation, commended the team’s proactive approach and openness to innovative ideas and technologies. Chris Hughes highlighted that instead of merely adapting a conventionally-fueled design with minimal readiness, Cargill Ocean Transportation prioritized a methanol-fueled design from the outset. This approach ensures the design is genuinely prepared and viable for conversion to methanol fuel. Nikos Kakalis, the global bulk carriers segment director at Lloyd’s Register (LR), emphasized the importance of collaboration across the maritime sector. Nikos Kakalis stressed the need for commercially viable bulk carriers that not only meet industry demands but also adhere to increasingly stringent GHG emission standards.
4-October-2023
Panama has experienced an unprecedented drought this year, which has led to the imposition of draft and transit restrictions across the canal to save water. Currently, the reservoir is 2.1 meters below the expected level for this period. The El Niño weather phenomenon has resulted in a 25.6% reduction in average accumulated rainfall in the Panama Canal’s watershed for 2023, compared to the 73-year average. The Panama Canal’s administrators have highlighted the importance of the upcoming 80 days of the rainy season to replenish water storage in preparation for the 2024 dry season. To address the water shortage, Panama Canal authorities are collaborating with lawmakers to amend a 2006 law, allowing the construction of a new reservoir, Rio Indio. This reservoir aims to maintain adequate water levels in the crucial Gatun Lake and supply drinking water to Panama’s growing population. Considering the potential for continued drought due to El Niño, the Panama Canal Authority has decided to further reduce daily transits starting November 2023. After already reducing the maximum draft at the larger neo-panamax locks by nearly 2 meters and cutting daily transits from 40 to 32, the total will be further reduced to 31 transits per day from 1 November 2023. Despite these challenges, the Panama Canal’s administrators have effectively reduced waiting times at both canal ends over the past six weeks. From a peak of over 160 ships in early to mid-August 2023, the number has decreased to 100 ships. Given the prolonged dry conditions associated with El Niño, it’s anticipated that Panama Canal draft and transit restrictions will remain in effect for the Q2 2024.
4-October-2023
Dubai’s Transworld Holdings has successfully privatized its subsidiary, Shreyas Shipping, removing it from two Indian stock exchanges. The move was aimed at providing Transworld with enhanced operational and financial control over its Indian liner subsidiary. Sivaswamy Ramakrishnan, the chairman of Transworld, expressed that this delisting could “fundamentally reposition” the company for future endeavors. In addition to its roots in the Indian coastal container trade, Shreyas Shipping has recently ventured into the dry bulk sector.
2-October-2023
Dry bulk shipping behemoth Cargill Ocean Transportation, in collaboration with Minerva and other partners, has achieved a significant milestone in the pursuit of carbon-neutral shipping. They have designed a kamsarmax bulker that is prepared to utilize both methanol as fuel and wind for propulsion. This joint venture includes not only Cargill and Minerva but also the classification society Lloyd’s Register (LR) and shipbuilder Nantong Cosco KHI Ship Engineering (NACKS). US chartering and trading giant Cargill Ocean Transportation has been at the forefront of sustainable shipping solutions, championing the use of wind propulsion and methanol-fueled bulk carriers. Their International unit has collaborated with Minerva Dry, a Greek shipowner, to bring this design to fruition. Cargill Ocean Transportation’s commitment to sustainable shipping is further evidenced by their previous order of the first bulker powered by methanol. This development marks a significant step forward in the shipping industry’s journey towards reducing its carbon footprint and embracing more sustainable and eco-friendly solutions.
2-October-2023
Athens-based shipowner Evalend Shipping Co SA has become the first to utilize the newly reopened grain corridor in Ukraine, a route protected by Ukraine but considered perilous due to potential Russian military activities. This move comes as China places large orders for corn shipments. Ukraine recently re-established a seaborne export corridor for its agricultural products in the Black Sea. Evalend Shipping Co SA controlled 2005 built handysize bulk carrier 28K DWT MV Danny Boy is one of five bulk carriers that bravely entered Ukraine’s deep-sea ports on Sunday, even with the looming threat of Russian military intervention in the region. This marks a significant development in the shipping industry’s relationship with the Black Sea region amidst geopolitical tensions.
2-October-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) CEO John Wobensmith emphasized the increasing complexity of the shipping industry during his keynote speech at the Association of Ship Brokers & Agents (ASBA) annual cargo conference in Miami Beach. John Wobensmith, who had previously addressed the Florida conference in 2013, took the opportunity to reflect on the transformations the industry has undergone over the past decade. New York-listed shipowner and operator Genco Shipping & Trading (GNK) CEO John Wobensmith highlighted that the business of shipping has evolved and is “not just about buying right and selling right any more.” As John Wobensmith looked ahead, Wobensmith contemplated the potential challenges and changes that might shape the industry in the coming decade. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers.
2-October-2023
Pangaea Logistics Solutions has decided to streamline its branding for clarity. Over the years, customers might have interacted with various branches of the company, such as Phoenix Bulk Carriers, Nordic Bulk, or American Bulk Transport, depending on the specific business segment they were dealing with. This is somewhat perplexing, especially considering that the dry bulk company Pangaea Logistics Solutions had its public debut in New York in 2013 under the name Pangaea Logistics Solutions. Courtney Renault serves as the global chartering manager for Pangaea Logistics Solutions. Recognizing the potential confusion arising from the multiple brand names, the Pangaea Logistics Solutions’s management has now decided to unify its business lines under the Pangaea Logistics banner.
2-October-2023
In a prolonged legal battle between Norway’s Parbulk II AS and Indonesia’s Humpuss Intermoda Transportasi, the South Jakarta District Court has ruled in favor of Parbulk II AS. The Norwegian company Parbulk II AS has been in a 14-year dispute with Humpuss Intermoda Transportasi, seeking payment based on a $27 million arbitration award. Humpuss Intermoda Transportasi tried to have the case dismissed using a legal procedure known as an absolute competency exemption. However, a panel of judges in Jakarta denied this attempt, allowing the case to proceed. This decision marks a significant step for Parbulk II AS in its quest to secure the arbitration award from the Indonesian shipowner.
2-October-2023
Russia’s increasing use of non-ice class ships on the busy Northern Sea Route (NSR) poses a potential environmental disaster. Due to Western sanctions, Russia has shifted its focus towards deliveries to Asian markets, leading to a surge in ships taking the Arctic route via the Northern Sea Route (NSR) this year. The Northern Sea Route (NSR) offers a journey from the Barents Sea to Rizhao port in 35 days, a significant 10 days shorter than the southern route through the Suez Canal. This translates to considerable time and fuel savings. However, the unpredictable Arctic weather poses challenges, as seen in November 2021 when over 20 ships were trapped due to an early Arctic freeze. While Russia possesses several ice-class tankers, their numbers are insufficient to cater to both the Northern Sea Route (NSR) and the Baltic, which also demands reinforced tankers during winter. It seems Russian authorities are compromising safety by permitting non-ice-class ships on the Arctic journey. In June 2023, Russia announced a $21 billion investment in the Northern Sea Route (NSR) over the next 13 years. Freight traffic on the Northern Sea Route (NSR) has risen dramatically, from 4 million tonnes in 2014 to 34 million tonnes in 2022. Russia’s ambitious goal is to boost the Northern Sea Route (NSR) capacity to 100 million tonnes by 2026. Recently, the bulk carrier MV Gingo became the first capesize bulk carrier to navigate the Northern Sea Route (NSR) in 13 days. Another non-ice class aframax tanker also made news in September for its Northern Sea Route (NSR) journey to China. The swift growth of Arctic shipping, powered by fossil fuels and facilitating fossil fuel transport, amplifies the risk of oil spills, increases underwater noise pollution, and jeopardizes ice ecosystems. The decision to further risk the with non-ice-class tankers only exacerbates these environmental threats.
2-October-2023
Chinese shipowners AVIC Leasing and Zhejiang Jinpu have placed new orders for dry bulk carriers at local shipyards. AVIC Leasing, the leasing subsidiary of the Aviation Industry Corporation of China, has placed an order for four additional 63K DWT ultramax bulk carrier newbuildings at New Dayang Shipbuilding. This brings AVIC Leasing and Zhejiang Jinpu total order count at this yard to six (6) bulk carriers. Shipbrokers have estimated the cost of each ultramax bulk carrier newbuilding at $32 million. These ultramax bulk carrier newbuildings are scheduled for delivery in 2026, supplementing AVIC Leasing’s existing fleet of over 50 vessels, primarily in the bulker and tanker categories. On the other hand, Zhejiang Jinpu Shipping has commissioned ten (10) bulk carrier newbuildings of 59K DWT each at Taizhou Haibin. The financial details of this order remain undisclosed. These ten (10) bulk carrier newbuildings are set to be delivered in phases between 2025 and 2026.
2-October-2023
Delta Corp Holdings, a dry bulk carrier operator and logistics group, is nearing its goal of a public listing. Having announced its intention to go public last year, the Delta Corp Holdings is optimistic about being listed on Nasdaq by January 2024. The CEO of Delta Corp Holdings is Mudit Paliwal. The journey to a public listing for Delta Corp Holdings has faced delays, primarily due to extensive audits. Delta Corp Holdings initially revealed its plans in September 2022 to pursue a Nasdaq listing through a reverse merger with the Coffee Holding Co Inc. On Thursday, Delta Corp Holdings took a significant step forward by filing its F4 prospectus with the US Securities and Exchange Commission (SEC).
2-October-2023
Singapore-based shipowner and operator Swire Bulk Pte. Ltd. is looking to streamline its fleet. Peter Norborg-led Swire Bulk Pte. Ltd. which currently operates 25 bulk carriers, is reportedly in the process of selling three (3) of its open-hatch bulk carriers for an approximate total of $60 million. JP Morgan is widely speculated to be the leading bidder for these three (3) of its open-hatch bulk carriers. The three (3) of its open-hatch bulk carriers up for sale, built at the Chengxi Shipyard in 2015, are named MV Fengning, MV Funing, and MV Foochow. Interestingly, the selling price is slightly lower than a previous transaction between Singapore-based shipowner and operator Swire Bulk Pte. Ltd. and JP Morgan earlier this year. In March, JP Morgan acquired another set of three (3) bulk carriers from Swire Bulk Pte. Ltd.: the 2014-constructed MV Wulin, MV Erisort, and MV Erradale. Each of these bulk carriers fetched a price that was about $1 million higher than the current trio on offer. Swire Bulk was established in 2012 as the dry bulk trading division of China Navigation (CNCo). Swire Shipping is the wholly owned, deep-sea ship-owning and operating arm of John Swire & Sons Limited and is the oldest ship-operating entity of the Swire Group. Swire Shipping was established as The China Navigation Company (CNCo) in 1872.