30-September-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has secured a charter agreement for one of its capsize bulk carriers with Solebay Shipping. Diana Shipping (DSX) chartered out 2011 built capesize bulk carrier 179K DWT MV Seattle at a gross charter rate of $17,500 daily to Beijing-based ship operator Solebay Shipping. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) mentioned that this contract is a direct extension of a charter that began in February 2022, which had a daily rate of $26,500. The upcoming contract is set to commence on 1 October 2023, and will run at least until 15 July 2025, with a potential extension to 30 September 2025. Diana Shipping (DSX) estimates that the 2011 built capesize bulk carrier 179K DWT MV Seattle’s employment will bring in around $11.2 million in gross revenue for the minimum duration of the charter. Earlier this week, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) placed orders for two (2) methanol dual-fuel kamsarmax bulk carriers from the Tsuneishi Zhoushan for around $46 million each.
30-September-2023
India’s biggest private dry bulk and tanker shipowner and operator Great Eastern Shipping (GES) has agreed to sell its 2006 built supramax bulk carrier 54K DWT MV Jag Rohan (ex MV Tenshou Maru). In March 2017, Great Eastern Shipping (GES) acquired MV Jag Rohan (ex MV Tenshou Maru) for around $9 million. MV Jag Rohan (ex MV Tenshou Maru) constructed at the Tsuneishi Cebu shipyard. MV Jag Rohan (ex MV Tenshou Maru) is scheduled to transfer ownership in the Q3 2023. Mumbai-based shipowner and operator Great Eastern Shipping (GES) has a diverse fleet of over 40 vessels, recently added the MR tanker MT Grand Ace8 to its fleet for approximately $23.8 million. Additionally, Mumbai-listed shipowner and operator Great Eastern Shipping (GES) is rumored to be involved in a deal for the panamax bulk carrier MV Port Star, valued at around $20.2 million.
29-September-2023
Athens-based shipowner and operator Meadway Shipping & Trading (MST) has acquired 2020 built ultramax bulk carrier 64K DWT MV Utopia (ex MV Nord Amazon). MV Utopia (ex MV Nord Amazon) was constructed by Oshima Shipbuilding Co., Ltd. 2020 built ultramax bulk carrier 64K DWT MV Utopia (ex MV Nord Amazon) purchase price remains undisclosed. Athens-based shipowner and operator Meadway Shipping & Trading (MST) has shown a preference for Oshima-built ships. Just earlier this month, Meadway Shipping & Trading (MST) commissioned the Japanese shipyard Oshima to construct a 42K DWT bulk carrier, marking their second order with Oshima Shipbuilding Co., Ltd. Currently, Meadway Shipping & Trading (MST) anticipates the delivery of nine (9) new bulk carriers between the years 2024 and 2026. In April 2021, Dionysios Dellaportas’ sons have split the company’s assets between George Dellaportas and Costas Dellaportas. Costas Dellaportas controls Meadway Shipping & Trading (MST) and his brother George Dellaportas established Meadway Bulkers and Delaway Maritime.
29-September-2023
George Economou, a Greek shipowner, has disclosed a notable investment in another Nasdaq-listed shipowner OceanPal. This recent action involves the Nasdaq-listed OceanPal, as indicated in a document submitted to the US Securities and Exchange Commission. George Economou’s investment entity, Sphinx, which is a branch of Maryport Navigation, has acquired over 324K shares at an approximate cost of $563K. This represents a 9.1% ownership in Nasdaq-listed shipowner OceanPal, considering the company’s 3.55 million outstanding shares as of 30 June 2023. Nasdaq Stock Market (Nasdaq)-listed OceanPal’s, Diana Shipping’s (DSX) new separate sister company, fleet consists of three (3) panamax bulk carriers and two (2) capesize bulk carriers, overseen by both Diana Wilhelmsen Management and Steamship Shipbroking Enterprises. The fleet, averaging 18 years in age, is valued at nearly $61.5 million. This acquisition marks George Economou’s second investment in shipowners associated with the Palios family this year. Earlier in August 2023, George Economou, who owns more than 100 ships across dry bulk, tanker, and LNG categories, invested in the Nasdaq-listed aframax tanker expert, Performance Shipping. Performance Shipping, previously known as Diana Containerships, and OceanPal, an offshoot of Diana Shipping, are led by Aliki Paliou and Semiramis Paliou. With this stake in Nasdaq-listed shipowner OceanPal, George Economou gains the authority to engage in discussions about various company facets, including board structure, management, operations, strategy, and future prospects. Sphinx’s document also mentions the possibility of George Economou considering increasing his stake either through open market acquisitions or by purchasing from other shareholders. George Economou’s recent involvement with Nasdaq-listed shipowner OceanPal has sparked fresh conjecture about his objectives. A statement from Performance Shipping earlier this month mentioned that George Economou has been taking progressively assertive steps against the company. While Performance Shipping is open to dialogue with George Economou, Performance Shipping also expressed concerns about George Economou’s intentions.
28-September-2023
Athens-based shipowner and operator Meadway Shipping & Trading (MST) has acquired the 2020 built ultramax bulk carrier 64K DWT MV Utopia (formerly MV Nord Amazon), which was constructed by Oshima Shipbuilding Co., Ltd., although the purchase price has not been disclosed; this acquisition further reflects Meadway Shipping & Trading’s (MST) clear preference for Oshima-built vessels, as earlier this month the company also placed an order with Japanese shipyard Oshima for the construction of a 42K DWT bulk carrier, marking their second order with Oshima Shipbuilding Co., Ltd. Currently, Meadway Shipping & Trading (MST) is expecting the delivery of nine (9) new bulk carriers scheduled between 2024 and 2026. In April 2021, the company’s assets were amicably split between Dionysios Dellaportas’ sons, with Costas Dellaportas assuming control of Meadway Shipping & Trading (MST) and George Dellaportas founding Meadway Bulkers and Delaway Maritime.
28-September-2023
Greek shipowner George Economou has made a significant investment in another Nasdaq-listed shipowner, OceanPal, according to a filing with the US Securities and Exchange Commission. Economou’s investment entity, Sphinx, which operates under Maryport Navigation, has acquired more than 324,000 shares at an approximate cost of $563,000. This purchase represents a 9.1% ownership stake in Nasdaq-listed shipowner OceanPal, based on the company’s 3.55 million outstanding shares as of June 30, 2023. OceanPal is listed on the Nasdaq Stock Market and is a sister company to Diana Shipping (DSX). It operates a fleet of three panamax bulk carriers and two capesize bulk carriers, managed by Diana Wilhelmsen Management and Steamship Shipbroking Enterprises. The fleet has an average age of 18 years and is valued at nearly $61.5 million. This investment marks George Economou’s second foray into shipowners associated with the Palios family in 2023. In August, Economou, who owns a diverse fleet of over 100 ships in dry bulk, tanker, and LNG categories, invested in the Nasdaq-listed aframax tanker specialist, Performance Shipping (PSHG). Performance Shipping, formerly known as Diana Containerships, and OceanPal are both led by Aliki Paliou and Semiramis Paliou. With this ownership stake in Nasdaq-listed shipowner OceanPal, George Economou gains the ability to participate in discussions regarding various aspects of the company, including its board structure, management, operations, strategy, and future prospects. Sphinx’s disclosure also mentions the possibility of Economou considering further increases in his stake, either through open market acquisitions or by purchasing shares from other shareholders. George Economou’s recent involvement with Nasdaq-listed shipowner OceanPal has raised questions about his intentions. Earlier this month, Performance Shipping stated that Economou had been taking increasingly assertive actions against the company. While Performance Shipping is open to dialogue with Economou, the company has also expressed concerns about his intentions.
27-September-2023
Electronic Bills of Lading (eBL) are now being utilized for energy transportation and bulk shipments, with Chinese shipping giant Cosco Shipping Bulk integrating with the blockchain platform Global Shipping Business Network (GSBN), headquartered in Hong Kong. Historically, bulk and energy shipments have predominantly depended on LOIs (Letters of Indemnity) to verify shipment ownership. These LOIs (Letters of Indemnity) authorized the release of cargo to the consignee when the Original Bill of Lading was not available. Chinese shipping giant Cosco Shipping Bulk has demonstrated that this outdated system can be modernized for today’s digital age. Recently, Cosco Shipping Bulk issued its inaugural Electronic Bills of Lading (eBL) for Yancoal, an Australian coal producer. This Electronic Bills of Lading (eBL) connected the entire business chain, encompassing banks, traders, miners, and end-users. Additionally, COSCO Energy released its first Electronic Bills of Lading (eBL) for a 30K mtons domestic marine oil shipment for the China National Offshore Oil Corporation this month. This Electronic Bills of Lading (eBL) received confirmation from both upstream and downstream entities and was returned to the COSCO Energy to finalize the release. This announcement marks a pivotal step for the consortium and the shipping industry’s digitization process. The successful creation of Electronic Bills of Ladings (eBLs) for bulk cargo and energy shipments will also pave the way for enhanced trade financing in the sector. Banks are keen on a unified platform to interact with all forms of Electronic Bills of Ladings (eBLs) and reliable shipping data.
27-September-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has resumed ship ordering with a contract for two (2) methanol dual-fuel kamsarmax bulk carriers. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has entered into a LOI (letter of intent) to commission, either through the Japanese trading company Marubeni Corporation or its independent guaranteed nominee, two (2) 81K DWT methanol dual-fuel kamsarmax bulk carriers at the Tsuneishi Zhoushan Shipyard. Two (2) 81K DWT methanol dual-fuel kamsarmax bulk carriers are slated for delivery in the Q2 2027 and the Q2 2028, with each methanol dual-fuel kamsarmax bulk carrier priced at $46 million. Diana Shipping (DSX) remarked on the company’s commitment to sustainable shipping, emphasizing their continuous efforts to improve the fleet and operations for the benefit of stakeholders and the environment. Currently, Athens-based New York-listed shipowner and operator Diana Shipping (DSX) operates a fleet of 41 bulk carriers. Diana Shipping (DSX) last placed an order for bulk carriers in 2014 with Yangzhou Dayang Shipbuilding. However, following the Yangzhou Dayang Shipbuilding’s financial collapse in 2016 and subsequent delivery delays, the order was canceled that same year. Tsuneishi Zhoushan Shipyard has emerged as a preferred choice for methanol-powered bulk carriers.
27-September-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) is embracing air lubrication retrofits as a step towards its decarbonization goals. The Oslo-listed CEO Engebret Dahm-led shipowner and operator Torvald Klaveness has recently retrofitted its newest CABU-type caustic soda and dry cargo vessel with a system from Silverstream Technologies, in addition to other energy-saving enhancements. 20017 built CABU-type bulk carrier 80K DWT MV Ballard has successfully undergone dry dock and sea trials following these installations. This move makes Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) one of the pioneering tanker or bulker owners to adopt the Silverstream system. 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.
27-September-2023
Japanese shipowner Nisshin Shipping sold 2014 built ultramax bulk carrier 63K DWT MV Hanton Trader III to Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited for around $20.5 million. Jinhui Shipping and Transportation Limited has resumed its purchasing activities shortly after selling its oldest bulk carrier 2004 built supramax bulk carrier 52K DWT MV Jin Feng (ex MV Tai Hawk) to Singapore-based ETL Shipping around $8.1 million. In the previous year, Jinhui Shipping and Transportation Limited had acquired Japanese shipowner Nisshin Shipping’s 2014 built ultramax bulk carrier 63K DWT MV Jin Ping (ex MV Hanton Trader II). Japanese shipowner Nisshin Shipping will deliver 2014 built ultramax bulk carrier 63K DWT MV Hanton Trader III without any existing charter by 10 November 2023. Jinhui Shipping and Transportation Limited mentioned that the company plans to fund approximately 60% of the transaction through bank financing, with the remaining amount covered by available cash.
27-September-2023
Maritime insurance broker Miller has introduced a marine insurance solution for Ukrainian grain exports, with support from the Ukrain government. In response to Russia’s withdrawal from a United Nations-mediated grain shipping agreement in July 2023, Ukraine has adopted a new southern corridor. This route closely follows its coastline, enabling grain exports from three Black Sea ports. London-based maritime insurance Miller announced its collaboration with British maritime tech firm Clearwater Dynamics (CWD) to establish a war risks insurance facility. This facility will cover both cargo and hull insurance for grain shipments from three ports: Chornomorsk, Odesa, and Pivdennyi. Another insurance company, Marsh, is also in the process of crafting its own insurance solution for Ukrainian grain shipping, with more details anticipated soon.
26-September-2023
Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) has finalized the sale of one of its kamsarmax bulk carrier. However, a previously announced sale of another bulk carrie has fallen through. Petros Panagiotidis-led shipowner Castor Maritime (CTRM) is set to sell its 2009 built kamsarmax bulk carrier 82K DWT MV Magic Argo for around $15.7 million. This transaction is expected to result in a net profit of around $3 million. Conversely, the planned $13.9 million sale of the 2005 built panamax bulk carrier 76K DWT MV Magic Moon has been canceled due to the buyer’s inability to take delivery. Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) will retain 2005 built panamax bulk carrier 76K DWT MV Magic Moon. While Castor Maritime (CTRM) won’t realize a projected net gain of $5.3 million in the Q3 2023 from this sale, Castor Maritime (CTRM) intends to pursue compensation based on the terms of the initial agreement. Currently, Nasdaq-listed shipowner and operator Castor Maritime owns and operates eighteen (18) bulk carriers and two (2) container ships.
26-September-2023
John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) is further investing in the dry bulk market by acquiring more secondhand capesize bulk carriers. Athens-based New York-listed shipowner and operator Danaos Corporation (DAC) has recently purchased Sinokor Merchant Marine Co., Ltd.’s 2009 built capesize bulk carrier 175K DWT MV West Trader for approximately $18.8 million. Earlier this year, New York-listed shipowner and operator Danaos Corporation (DAC) had acquired five capesize bulk carriers. In July 2023, Danaos Corporation (DAC) finalized a preliminary agreement with China Development Bank Financial Leasing. This agreement was to purchase five (5) capesize bulk carriers built between 2010 and 2012, with a combined value of $103 million. The delivery of these five (5) capesize bulk carriers is expected between September and October. This acquisition came after New York-listed shipowner and operator Danaos Corporation (DAC) strategically invested in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) stock in June 2023, securing about 16.7% ownership, valued then at roughly $68.2 million. Petros Panagiotidis-led Limassol-based Nasdaq-listed shipowner and operator Castor Maritime (CTRM) were also among those who invested in the shipowner and operator Eagle Bulk Shipping (EGLE). In its Q2 2023 earnings report, John Coustas-led New York-listed shipowner and operator Danaos Corporation (DAC) expressed confidence in the dry bulk sector. Danaos Corporation (DAC) cited the historically low orderbook and anticipated that the growth of the fleet supply would decrease considerably in the coming years, especially with the increasing demand. Currently, Danaos Corporation (DAC) portfolio includes nearly 70 containerships, five (5) confirmed capesize bulk carriers.
26-September-2023
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has secured time charter contracts for two of its dry bulk carriers with ASL Bulk Marine and ST Shipping and Transport. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has chartered its ultramax bulk carrier, MV DSI Pyxis, to Bulk Marine. The gross charter rate for MV DSI Pyxis is set at $14,250 daily. Diana Shipping (DSX) chartered out 2018 built ultramax bulk carrier 60K DWT MV DSI Pyxis from at least 10 October 2024, to a possible end date of 10 December 2024. In a separate agreement, ST Shipping and Transport will charter Athens-based New York-listed shipowner and operator Diana Shipping’s (DSX) 2009 built kamsarmax bulk carrier 82K DWT MV Maia for around $13,500 daily. The charter period is set to last from at least June 15, 2024, to a potential end date of August 20, 2024. Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) estimates that MV DSI Pyxis and MV Maia charters will produce around $8.9 million in gross revenue for the minimum scheduled charter durations. Curretly, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 41 bulk carriers, including four (4) newcastlemax bulk carriers, ten (10) 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.
26-September-2023
Singapore-based shipowner and operator Grindrod Shipping (GRIN) has agreed to purchase two shipmanagement firms from Taylor Maritime Group. Ed Buttery-led New York-listed shipowner and operator Grindrod Shipping (GRIN) will acquire Taylor Maritime Management and Tamar Ship Management for a deal valued at $11.75 million, comprising both cash and shares. The acquisition is set to be finalized by mid-October this year, after which both companies will operate as fully-owned subsidiaries of Grindrod Shipping (GRIN). Besides Taylor Maritime Group, Temeraire Holdings is participating in the sale of Tamar Ship Management. The purchase will be funded using a mix of cash reserves and the issuance of new Grindrod Shipping (GRIN) shares over a two-year span post-completion. The total value of the deal will not surpass $13.5 million. Singapore-based shipowner and operator Grindrod Shipping’s (GRIN) BOD (Board of Directors) retains the option to use an alternate payment method. Instead of issuing new shares, Grindrod Shipping (GRIN) might opt to pay in cash for any part of the first and second year’s consideration, although this would come with a higher premium. Last year, Taylor Maritime Investments (TMI), which is listed in London and led by Buttery, acquired Singapore-based shipowner and operator Grindrod Shipping (GRIN), resulting in a combined fleet of nearly 60 bulk carriers. Dr. Kurt Klemme, Grindrod Shipping’s (GRIN) chairman, stated that the operations of Tamar Ship Management and Taylor Maritime Management align with Grindrod Shipping’s (GRIN) technical ship management approach and commercial objectives.
26-September-2023
Tokyo Stock Exchange-listed shipowner and operator K Line (Kawasaki Kisen Kaisha), in collaboration with Miotsukushi Analytics and TIS, has pioneered a Draft Survey Application. This innovative Draft Survey Application integrates artificial intelligence (AI) capabilities to identify the water’s surface and the draft mark from images taken with a smartphone. The Draft Survey Application then processes the image to present the accurate draft level on the screen, effectively eliminating the distortions caused by wave movements. This innovative Draft Survey Application aims to enhance the accuracy of measuring the draft, a critical parameter used to compute the weight of the cargo loaded on dry bulk carriers. Traditional draft surveys have primarily been a manual process, with crew members and surveyors gauging the draft using their unaided eyesight. While human observation is feasible, it is typically done at anchorage. This becomes a challenge in ports where the anchorage areas are more exposed to wave actions, potentially affecting the accuracy of the draft readings. The introduction of this innovative Draft Survey Application provides a technological solution to mitigate such challenges and ensure more precise cargo weight calculations.
26-September-2023
Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has garnered additional funds through the sale and leaseback of one of its newly constructed bulk carriers. Seacon Shipping Group Ltd has finalized an agreement with Bank of Beijing Financial Leasing. This deal involves selling the 13K DWT general cargo ship, MV Seacon Yokohama, for around $21 million. MV Seacon Yokohama is set to be delivered this month and will be leased back to Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd for a decade. There’s an option for Seacon Shipping Group Ltd to purchase the MV Seacon Yokohama after the fourth year, and a commitment to buy MV Seacon Yokohama at the charter’s conclusion. Seacon Shipping Group Ltd mentioned in a stock exchange filing that the net earnings from this transaction will be allocated towards potential ship acquisitions and will also serve as the Seacon Shipping Group Ltd’s general working capital. Earlier in June 2023, Seacon Shipping Group Ltd entered into a $27 million sale and leaseback agreement with a Singaporean subsidiary of China’s Bocomm. This deal pertained to one of its kamsarmax bulk carriers, which is scheduled for delivery from Guangzhou Wenchong by the end of October 2023. Since its Initial Public Offering (IPO) in March 2023, Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd has been strategizing to enhance its fleet. The company aims to phase out older bulk carriers under its control and replace them with newer bulk carriers. With ongoing shipbuilding projects in China and Japan, Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd anticipates its fleet to grow from 24 vessels as of June’s end to 35 by the close of 2025. Currently, Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages all the fleet.
26-September-2023
Ukraine’s newly established shipping corridor is gaining momentum. After last week’s departure of two vessels from Black Sea ports, transporting grain to global markets, three more bulk carriers have now docked in Ukraine. These ships are set to load a total of 130,000 tons of grain and iron ore. Additional vessels are prepared to journey to the northwest region of the Black Sea. The dry bulk sector is keenly observing for indications of a new insurance plan to cover voyages to the conflict-affected country. Insurance company Marsh is anticipated to announce a new insurance scheme, supported by the Ukrainian government, possibly this week. This comes as the conflict with Russia approaches its 20th month, and there’s no indication of the revival of a United Nations-endorsed shipping agreement. Elaborating on the new shipping route, the law firm Campbell Johnston Clark (CJC) mentioned in a recent update: “On this new path, vessels navigate close to the coasts of Romania and Ukraine, passing Chornomorsk and rendezvousing with a Ukrainian pilot boat near Odesa.” Since August 2023, Ukrain has utilized this corridor to free five ships that were stranded in Ukraine at the onset of the war, which included one containership and four bulk carriers. After Russia withdrew from the UN-supported Black Sea Grain Initiative in mid-July 2023, Ukraine had to redirect a significant portion of its exports through the Danube, routing shipments through the heavily trafficked Romanian port of Constanta, which is now operating beyond its intended capacity.
26-September-2023
Oaktree Capital Management, a US private equity firm, has sold approximately an 8% stake in the Athens-based New York-listed shipowner and operator Star Bulk Carriers (SBLK). Petros Pappas-led shipowner and operator Star Bulk Carriers (SBLK) is repurchasing 10 million shares from its principal investor Oaktree Capital Management at $18.50 per share. The acquisition is financed by the Petros Pappas-led company using the proceeds from the sale of bulk carriers at favorable market rates over the past six months. The deal is anticipated to be finalized in October 2023. Post-sale, Oaktree Capital Management and its associated funds will retain approximately 17.2% of Star Bulk Carriers’ (SBLK) shares, maintaining their position as the largest shareholder. However, Oaktree Capital Management’s representation on the board will decrease from three to two seats. This decision comes after Oaktree Capital Management’s divestment of its entire 28% stake in New York Stock Exchange (NYSE) listed Connecticut-based shipowner and operator Eagle Bulk Shipping (EGLE) in June 2023. Additionally, Oaktree Capital Management has been reducing its investment in the BW Group-supported product tanker behemoth, Hafnia.
26-September-2023
Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd has reduced its involvement in the large bulk carrier sector. The Taiwanese shipping giant Wisdom Marine Lines Co Ltd had been testing the shipping market for some time with 2012 built newcastlemax bulk carrier MV Blue Horizon and 2012 built newcastlemax bulk carrier MV Clear Horizon. Lan Chun Sheng-led shipowner and operator Wisdom Marine Lines Co Ltd has now finalized a sale, with Hamburg-based shipowner and operator Neu Seeschiffahrt agreeing to pay $61 million for both newcastlemax bulk carriers. Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd has been actively streamlining its fleet, selling several ships every month since March 2023. This has resulted in a reduction of the average age of Wisdom Marine Lines Co Ltd’s fleet to a mere six years.
26-September-2023
Zeaborn Ship Management GmbH & Co. KG controlled bulk carrier was involved in a collision with a vessel under Genco Shipping & Trading control while anchored off Romania. 2016 built ultramax bulk carrier 60K DWT MV Genco Columbia was in motion when it collided with the anchored 2012 built handysize bulk carrier 36K DWT MV R Skywalker near Constanta on the morning of 22 September 2023. MV Genco Columbia had reached the vicinity the previous day, while the Zeaborn Ship Management GmbH & Co. KG operated handysize MV R Skywalker had been anchored since 16 September 2023. MV Genco Columbia hit the forward port side of the MV R Skywalker at a sharp angle. As the MV Genco Columbia was adjusting its anchorage, it made contact with anchored MV R Skywalker, resulting in some denting on its starboard side. Crucially, there have been no reports of pollution or injuries, and the MV Genco Columbia remains fit for sailing. All necessary notifications were made to local authorities, including the classification society and flag state of Genco Shipping & Trading. The MV Genco Columbia is insured through Gard in Norway, while the Zeaborn Ship Management GmbH & Co. KG operated MV R Skywalker is covered by Steamship Mutual in the UK.
25-September-2023
Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, has secured a time charter agreement with Seoul-based shipowner and operator Five Ocean Corporation for one of its capesize bulk carriers. Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping’s (DSX) sister company OceanPal chartered out 2005 built capesize bulk carrier 171K DWT MV Salt Lake City at a gross charter rate of $14,500 per day to Five Ocean Corporation. OceanPal announced that the 2005 built capesize bulk carrier 171K DWT MV Salt Lake City would be chartered for a duration ranging from 120 to 180 days. OceanPal is expected to yield roughly $1.52 million in gross revenue for the minimum scheduled charter period. Currently, Nasdaq Stock Market (Nasdaq)-listed OceanPal’s fleet comprises five (5) dry bulk carriers: two (2) capesize bulk carriers and three (3) panamax bulk carriers. In late August 2023, Robert Perri-led OceanPal ventured into the chemical tanker sector. OceanPal invested in the Norwegian firm, RFSea Infrastructure II, which has ordered two 6,600 DWT methanol-ready stainless steel chemical tankers from Wuhu Shipyard.
24-September-2023
New York-listed Florida-based Seacor Holdings has divested its harbor towing operations and assets from its Seabulk Towing subsidiary to two separate buyers: E.N. Bisso & Son and Bay-Houston Towing. In the E.N. Bisso transaction, New York-listed Florida-based Seacor Holdings is selling twelve (12) harbor tugs located in ports in Florida and Alabama. Meanwhile, Bay-Houston Towing is acquiring eight (8) vessels that operate in Texas, specifically along the Sabine Neches Navigation District and in the port of Lake Charles. Following this transaction, Seacor Holdings will retain ownership and operation of a fleet of tugs and barges that support its Caribbean terminal and bunkering operations, including the KSM joint venture with Kotug. New York-listed Florida-based Seacor Holdings CEO Eric Fabrikant emphasized that both E.N. Bisso and Bay-Houston are well-established harbor towing providers known for their safe and reliable operations. This move not only secures long-term homes for Seacor Holdings’ assets and personnel but also ensures the continued delivery of high-quality service to their customers.
21-September-2023
Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited has sold 2004 built supramax bulk carrier 52K DWT MV Jin Feng (ex MV Tai Hawk) to Singapore-based ETL Shipping around $8.1 million. In 2021, Oshima-constructed 2004 built supramax bulk carrier 52K DWT MV Jin Feng (ex MV Tai Hawk) acquired by Hong Kong and Oslo-listed shipowner and operator Jinhui Shipping and Transportation Limited for $10.8 million. Jinhui Shipping and Transportation Limited plans to allocate the entire net proceeds from this sale towards its general working capital. Currently, Jinhui Shipping and Transportation Limited holding ownership of 23 supramaxes and a singular ultramax.
21-September-2023
One of the globe’s leading operators of large bulk carriers, South Korean shipowner and operator Polaris Shipping Co. Ltd., is set to continue its operations under Korean ownership. Recent reports from various media outlets in South Korea confirm that Woori Private Equity Asset Management Co has emerged as the preferred bidder to acquire Polaris Shipping Co. Ltd. The deal, which is valued at approximately $447.5 million, also brings in HMM – South Korea’s flagship carrier – and the state-operated Korea Ocean Business Corporation (KOBC) as minority stakeholders. The management at Polaris Shipping Co. Ltd. had been considering as many as 20 potential takeover proposals. Polaris Shipping Co. Ltd. began soliciting preliminary bids in May 2023 and engaged Lazard Asset Management to explore potential sales options. With a fleet primarily comprised of newcastlemax bulk carriers and VLOCs (very large ore carriers), South Korean shipowner and operator Polaris Shipping Co. Ltd. stands as one of the world’s predominant large bulker operators. The sale of Polaris Shipping Co. Ltd. is part of a broader trend in the Korean shipping industry this year. Several other major Korean shipowners have also been listed for sale.
20-September-2023
Athens-based shipowner and operator Latsco Shipping Limited has placed an order for three 64K DWT ultramax bulk carriers at Oshima Shipbuilding, the most prominent shipyard in Japan in terms of the orderbook. Having initially ventured into the dry cargo sector in 2016 with the acquisition of four secondhand supramax bulk carriers, Latsco Shipping Limited’s diverse fleet now includes LNG, LPG, tankers, bulk carriers, and containers. The recent orders are notable as they mark Latsco Shipping Limited’s maiden order in Japan in its seven-decade history. Latsco Shipping Limited highlighted the quality, culture, and expertise of Oshima Shipbuilding as influential factors in their decision to place the order. Latsco Shipping Limited traces its origins to the 1940s, founded by Captain John S. Latsis. Latsco Shipping Limited initially engaged in passenger and commercial deep-sea shipping. With a legacy stretching over 70 years, Latsco Shipping Limited initially operated as “Petrola International S.A.” Over the years, the Group has managed an extensive fleet of more than 100 vessels, spanning from Ultra Large Crude Carriers (ULCCs) to dry bulk carriers. Presently operating under the name Latsco Shipping Limited, the company boasts a fleet of 41 vessels, including 16 product tankers, 9 gas carriers, 4 VLCC (Very Large Crude Carriers), 2 container ship, 2 LNG carriers, 2 supramax bulk carriers, 2 aframax tankers, and has a future order of 4 VLGC (Very Large Gas Carriers) slated for delivery in 2025 and 2026. Latsco Shipping Limited’s operations are globally coordinated with its headquarters in Monaco and additional offices in London, Athens, and Dubai.
18-September-2023
Over the weekend, two bulk carriers arrived at the Ukrainian seaport of Chornomorsk to load grain. Additionally, a bulk carrier that had been marooned in Odesa since February 2022 managed to depart. These movements indicate a possible easing of Russia’s blockade in parts of the Black Sea. Bulk carriers, MV Aroyat and MV Resilient Africa, docked on Saturday at Chornomorsk. MV Aroyat and MV Resilient Africa became the inaugural civilian bulk carriers to access a Ukrainian Black Sea port after Russia withdrew from a UN-mediated grain shipping agreement in July 2023. MV Aroyat and MV Resilient Africa are set to transport around 20,000 tons of wheat to destinations in Africa and Asia. On another note, German shipowner and operator Blumenthal JMK (Bluships) controlled 2017 built handysize bulk carrier 35K DWT MV Puma marked the fifth vessel to leave the Ukrainian waters over the weekend. This departure comes after Ukraine established a shipping lane five weeks prior. German shipowner and operator Blumenthal JMK (Bluships) controlled 2017 built handysize bulk carrier 35K DWT MV Puma traveled close to the Romanian and Bulgarian shores before setting its course towards an anchorage near Istanbul.
18-September-2023
New York-listed shipowner and operator Genco Shipping & Trading (GNK) has reported a decline in bulker rates for the Q3 2023. According to a recent filing, the US shipowner’s time charter equivalent earnings have witnessed a drop since the presentation of its interim financial report. John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) revealed that the rates they secured for the Q3 2023 have reduced since the beginning of August. Genco Shipping & Trading (GNK) mentioned in its documentation that the estimated TCE (time charter equivalent) earnings up to 30 September 2023 stand at $11,200 per day when considering the entire fleet. Genco Shipping & Trading’s (GNK) fleet is managed by Genco Ship Management LLC. Currently, New York-listed shipowner and operator Genco Shipping & Trading (GNK) owns and operates a total of 46 supramax, ultramax, and capesize bulk carriers.
18-September-2023
Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) is embarking on an exploration of advanced shipboard internet connectivity, testing out Elon Musk’s Starlink system. This venture into the next-generation low-earth orbit satellite service is in partnership with network provider Marlink. Klaveness Combination Carriers’ (KCC) objective behind this initiative is to bolster digital interactions and data sharing between the ship and the shore. This aims to address the Klaveness Combination Carriers’ (KCC) strategic goals concerning the safety and well-being of its crew as well as minimizing carbon emissions. Although the maritime industry has seen notable advancements in ship technology and navigation systems, connectivity remains a consistent challenge. This lack of stable connection compromises the seamless interaction between ships and their onshore counterparts. Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) has emphasized this persisting issue. Klaveness Combination Carriers (KCC) foresees this technology as a monumental shift from conventional satellite internet services, bridging the gap between ships and their home bases. Such advancements are projected to heighten crew safety and welfare, optimize operational efficiency, and reduce the environmental impact. Klaveness Combination Carriers (KCC) has already implemented the Starlink system on the CLEANBU-type Combination Carriers, MV Baru and MV Ballard, is in the process of being equipped with Starlink. This upgrade in connectivity is not just about improving operations. It will also support Klaveness Combination Carriers’ (KCC) efforts to expand on their remote inspection initiatives, first launched in 2021. This includes boosting real-time sensor data, analytics, and digital capabilities. Furthermore, this improved connectivity ensures that seafarers can maintain secure communications with their loved ones, fostering their well-being during long voyages. 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.
18-September-2023
Athens-based Oslo over-the-counter (OTC) listed shipowner and operator Pioneer Marine has reported a surge in profits following a management buyout and a fleet sale. CEO Jim Papoulis and CFO Korinna Tapaktsoglou-led Greek bulker manager Pioneer Marine’s financial records indicate an uptick from a tumultuous 2021. Key figures like Pioneer Marine’s CEO, Jim Papoulis, and CFO, Korinna Tapaktsoglou, played pivotal roles in the management buy-out of the Greek bulker entity. Pioneer Marine declared net earnings of $7.12 million for the year 2022. This represents a significant financial improvement for the company post its internal transitions and strategic sales. Currently, Athens-based shipowner and operator Pioneer Marine owns and operates 16 handysize bulk carriers.
18-September-2023
The Court of King’s Bench in Saskatchewan has set a new precedent in the realm of digital communication and legal contracts. In what many might have seen as the legal system lagging behind today’s fast-paced technological advances, this landmark Canadian ruling signifies the opposite. The court decreed that a simple thumbs-up emoji, often used in casual text message exchanges, is adequate to validate a cargo contract. This decision raises concerns for the shipping industry, particularly regarding the weight given to seemingly informal digital communications in contractual matters. WFW legal experts have underscored the risks linked with such casual text exchanges, implying that what many consider as fleeting or informal gestures can now carry significant legal ramifications. As a result, businesses and individuals alike might need to exercise increased caution when conveying intentions through emojis or casual messages in professional contexts.
18-September-2023
Nasdaq-listed Athens-based shipowner and operator Pyxis Tankers (PXS) has set his sights on additional ship deals after concluding the Pyxis Tankers’ maiden bulker purchase. Valentios Valentis-led shipowner and operator Pyxis Tankers (PXS) is in a favorable position with a substantial cash reserve and is actively seeking opportunities to augment the fleet. Athens-based shipowner and operator Pyxis Tankers (PXS) is strategizing its expansion post its recent venture into the bulker market. Pyxis Tankers (PXS) acquired a 63K DWT ultramax bulk carrier constructed in Japan in 2016.
18-September-2023
After several months of monotonous insights from global shipping experts, many shipbrokers now observe a surge in activity. For the first time in a long while, there’s a solidification of prices in the dry cargo sector across most categories. Multiple shipbrokers have confirmed the sale of Singapore-based Yong Sheng Shipping Pte Ltd controlled 2015 built kamsarmax bulk carrier 81K DWT MV Geneva Star. Singapore-based Yong Sheng Shipping Pte Ltd controlled kamsarmax bulk carrier 81K DWT MV Geneva Star has been reported that Chinese parties paid a substantial $26.9 million for this vessel. This sale significantly contrasts with the recent transactions of bulk carriers of a similar size, but slightly older in age, which were acquired for just a bit above $20 million. The rates for dry bulk are on the rise, especially in the mid-sized bulk carrier category, largely due to heightened grain activities in the Atlantic region. The bustling trade from the US Gulf during peak season and from South America is pushing rates for kamsarmax and ultramax bulk carriers to reach their annual highs.
17-September-2023
Despite recent voyages to Chornomorsk, there has been no insurance coverage arranged for Ukraine grain shipments. Frederic Denefle, the president of the International Union of Marine Insurance (IUMI), stated that a state-endorsed insurance system for these shipments is still in the works. This information comes to light as two vessels, with ties to Turkey, docked in the Ukrainian port of Chornomorsk. This marks Ukraine’s inaugural grain exports since the Black Sea Grain Initiative’s disbandment. The evolving situation underscores the complexities and challenges surrounding the protection of grain shipments in the region.
17-September-2023
The London-based Union Maritime Limited (UML), a prominent shipowner and operator, has reportedly netted $36 million from selling assets, while concurrently investing $65.5 million in two new LR2 tankers at Jiangsu Hantong, scheduled for delivery in 2025. This UK firm, specializing in both bulk and tanker sectors, has successfully sold two aframax tankers, each 14 years old and 116K DWT. Acquired in late 2019 for about $21 million apiece, the Hanjin-manufactured sister vessels, MT Fulmar and MT Anavatos II, were recently sold for a commendable $39 million. Union Maritime Limited (UML), based in London, has been in the spotlight for its strategic sales, having disposed of around 40 older tankers since 2020, marking significant transactions and earnings in recent years.
16-September-2023
Despite outpacing the Baltic Exchange Index, Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping finds itself hemorrhaging funds amidst bulker rates. CEO Herman Billung-led shipowner and operator Himalaya Shipping’s fleet average for August languishes beneath the break-even threshold. Norway’s maritime entity, Himalaya Shipping, might surpass rate benchmarks, yet it lingered beneath profitability in the recent month. The enterprise, bolstered by Tor Olav Troim, and renowned for its state-of-the-art dual-fuel newcastlemax bulk carriers, reported an average TCE (time charter equivalen) for August at a sum of $20,800 daily, a decline from July’s $22,300. Currently, Himalaya Shipping has 12 LNG-fuelled newcastlemax bulk carriers.
16-September-2023
Ukraine has once more dispatched German shipowner and operator Blumenthal JMK (Bluships) controlled 2017 built handysize bulk carrier 35K DWT MV Puma through a novel maritime passage, meticulously crafted to aid marooned vessels, a repercussion of the ongoing conflict. Late on a recent Friday, an authoritative figure within the Ukrainian government verified that German shipowner and operator Blumenthal JMK (Bluships) controlled 2017 built handysize bulk carrier 35K DWT MV Puma embarked from Odesa in the early hours. Managed by Blumenthal Asia, MV Puma coursed through the Black Sea. German shipowner and operator Blumenthal JMK (Bluships) controlled 2017 built handysize bulk carrier 35K DWT MV Puma began its loading operations on a Tuesday, culminating just after the first light on Friday. MV Puma proudly stands as the quintessential vessel to navigate away from the Ukrainian harbors of Odesa and Pivdennyi under Ukraine’s avant-garde, International Maritime Organization (IMO)-sanctioned maritime passageway since August 2023. MV Puma holds the distinction of being the maiden vessel transporting food commodities. Germany’s one of the oldest shipping company Blumenthal JMK (Bluships) controlled MV Puma hauls an impressive 30K tonnes of rapeseed and metal. Vessels that previously embarked had their hulls filled with iron commodities. The departure of MV Puma is emblematic of Ukraine’s triumph in their quest to overturn a maritime embargo, a Russian imposition on Ukraine’s majestic ports lining the Black Sea’s northern coastline. Ukraine contemplates utilizing this corridor primarily for vessels laden with non-military goods, predominantly agricultural produce destined for African and Asian shores. Nonetheless, skepticism looms over the feasibility of mirroring this initiative on a grand scale for incoming vessels. Presently, no insurance mechanism encompasses such ventures. Russia’s disposition has been rather apathetic towards the endeavor of freeing entrapped vessels from Ukrainian waters. Instead, Russia’s vigor seems channeled towards besieging Ukraine’s unconstrained harbors and imposing challenges for vessels, devoid of cargo, nearing Ukraine’s Danube ports. These ships often undergo rigorous scrutiny due to apprehensions of arms smuggling. The Black Sea’s geopolitical currents intensified post Russia’s withdrawal on 17 July 2023 from a United Nations (UN)-orchestrated sanctuary corridor tailored for grain-laden vessels in the Black Sea’s northwestern quadrant. The Russian incursion into Ukraine in February 2022 left approximately 60 commercial vessels stranded. Among them were modest-sized vessels marooned in Kherson.
16-September-2023
Athens-based shipowner and operator Meadway Shipping & Trading (MST) has once again engaged the services of Oshima Shipbuilding, commissioning a sophisticated 42K handymax bulk carrier. This marks the second bulk carrier. Costas Dellaportas-led shipowner and operator Meadway Shipping & Trading (MST) has placed an order for with the esteemed Oshima Shipbuilding. The anticipated delivery period for this 42K handymax bulk carrier is slated for the Q1 2026. Presently, Meadway Shipping & Trading (MST) is anticipating the arrival of nine (9) state-of-the-art newbuildings, strategically staggered between 2024 and 2026. This deliberate endeavor reiterates Meadway Shipping & Trading’s (MST) unwavering dedication to remaining a pioneer in the maritime domain, offering avant-garde shipping alternatives, and championing sustainable transit methodologies. In April 2021, Dionysios Dellaportas’ sons have split the company’s assets between George Dellaportas and Costas Dellaportas. Costas Dellaportas controls Meadway Shipping & Trading (MST) and his brother George Dellaportas established Meadway Bulkers and Delaway Maritime.
16-September-2023
A languid market has nudged Nasdaq-listed Greek George Feidakis-backed shipowner and operator Globus Maritime’s (GLBS) earnings into a deficit. Globus Maritime (GLBS) witnessed a precipitous 64.5% drop in its TCE (time charter equivalent) rates over the quarter. In the Q2 2023, financial results for Globus Maritime (GLBS), proprietor of the 2007 built supramax bulk carrier 53K DWT River Globe among six (6) other midsize bulk carriers, slipped into the negative realm. Globus Maritime (GLBS) reported a quarterly loss, with its fleet of seven (7) bulk carriers experiencing substantially diminished rates in contrast to the previous year. Currently, Nasdaq-listed shipowner and operator Globus Maritime (GLBS), which possesses two (2) supramax bulk carriers, one (1) panamax bulk carrier, and four (4) kamsarmax bulk carriers, registered a loss of $1.16 million in the Q2 2023. Nasdaq-listed shipowner and operator Globus Maritime (GLBS) controlled bulk carriers are managed by Athens-based Globus Shipmanagement.
16-September-2023
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S’s clarion call to maritime enterprises: Overlook not the present possibilities for decarbonisation. Dampskibsselskabet DS Norden A/S CEO Jan Rindbo posits that judicious vessel operation could garner carbon savings equivalent to 23 emission-free vessels. Should the maritime industry aspire to decarbonise, it must seize the moment; numerous measures exist today to curtail vessel emissions without the necessity of procuring new vessels. Such is the counsel of Danish shipowner and operator Dampskibsselskabet DS Norden A/S’s preeminent executive, Jan Rindbo, who desires to dispel the superfluous discourse on decarbonisation.
16-September-2023
The Panama Canal Authority has issued a cautionary notice, suggesting that the frequency of daily passages may experience a further reduction if the prevailing drought endures. In the face of an unparalleled dry spell this year, exacerbated by the onset of the El Niño climatic anomaly, the Panama Canal’s overseers have judiciously curtailed daily passages by a fifth, allowing only 32 voyages. Furthermore, Panama Canal hs reduced nearly two meters from the optimal draft for the grand neopanamax gates. These prudent actions have inevitably led to notable maritime backlogs at both extremities of the Panama Canal. Given the simultaneous temperature spikes in both the Pacific and Atlantic waters, it’s anticipated that we might grapple with these repercussions well into the forthcoming year. In a recent decree, Panama Canal Authority hs opted to reserve two berths of the panamax gates, bypassing the customary auction. These berths shall abe allocated to vessels that have endured the most prolonged waiting periods. The Panama Canal Authority’s objective is to amend a 2006 statute, paving the way for the construction of a new reservoir, dubbed Rio Indio. This endeavor aims to sustain the pivotal water levels of Gatun Lake and simultaneously cater to the escalating water demands of the burgeoning Panamanian populace. Historical data from the preceding seven years indicates an average of approximately 90 vessels idling at both canal entries. However, this metric witnessed a dramatic surge recently, culminating in a staggering 163 vessels on the 9 August 2023. As of now, 132 vessels stand in abeyance.
16-September-2023
The esteemed Norwegian fuel cell purveyor, TECO 2030, in tandem with its compatriot Pherousa Green Shipping, has ratified an agreement for the provision of hydrogen fuel cells to a maximum of six pristine zero-emission dry bulk carriers, each boasting a 63K DWT. Every ship will be adorned with 12MW fuel cells designated for primary propulsion. Each comprehensive package carries an approximate valuation $24.7 million for each ultramax bulk carrier. The sophisticated TECO system promises a resplendent 100% emission-free functionality, with the inaugural vessel slated for its debut in the early trimester of 2027. TECO 2030’s shipment encompasses an all-inclusive fuel cell system perched on a skid solution, supplemented with power and automation apparatuses. This shipment is projected to commence its journey to the shipyard at the dawn of 2026, culminating in a mid-2026 delivery. This avant-garde fuel cell system is set to embark upon its production phase as 2024 draws to a close. The fuel cell mechanism will be intricately amalgamated with an ammonia-to-hydrogen converter, a brainchild of Pherousa Green Technologies. The discerning choice of hydrogen fuel cells in conjunction with an ammonia converter provides maritime proprietors the latitude to initiate with ammonia and segue to hydrogen at their discretion, thereby curtailing investment vulnerabilities. In the preceding month, Pherousa Green Shipping etched a LOI (letter of intent) with OSM Thome, delineating the stewardship of the vessels. This comprehensive arrangement envelops the endorsement of designs, project maturation, and on-site oversight for the sextet of ultramax bulk carriers.
16-September-2023
London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, CEO Edward Buttery melds an optimistic outlook with a pragmatic demeanor. Taylor Maritime Investments and Grindrod Shipping CEO Edward Buttery glimmers of hope remain, particularly within the paramount Chinese market. Projecting into 2024, the esteemed London-listed Taylor Maritime Investments (TMI) anticipates a transitory lull during the Chinese Lunar festivities, succeeded by what he fervently aspires to be a foundational resurgence of the Chinese economic tapestry. Globally, Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, sagaciously counsels vigilance towards the macroeconomic impediments curtailing immediate demand, yet remains sanguine about a forthcoming temperate shift in interest rates, accompanied by a progressive attenuation of persistent demand challenges. Taylor Maritime Investments and Grindrod Shipping CEO Edward Buttery highlighting the precipitous ebb in dry bulk orderbooks, especially in his principal domain, the geared dry bulk arena. Moreover, given the exhaustive capacity of shipyards in the Asian expanse, a significant recalibration of this supply-demand balance appears improbable until the decade’s twilight. Taylor Maritime Investments (TMI) can foresee a surge in vessel decommissioning in the imminent future, regardless of prevailing market vicissitudes. While acknowledging elements of uncertainty, the evolving trajectories of global trade and the genesis of novel trading conglomerates might, in CEO Edward Buttery’s estimation, recalibrate effective supplies. London-listed Taylor Maritime Investments (TMI), the spin-off of Hong Kong-based shipowner Taylor Maritime, a formidable shipowner and supplier of tonnage for geared handysize, supramax and ultramax dry bulk carriers, achieved a dominant stake in Grindrod Shipping the previous annum.
15-September-2023
New York-listed shipowner and operator EuroDry (EDRY) has finalised an agreement to procure three (3) ultramax bulk carriers from the distinguished UK-based marine asset management entity, Marine Capital. CEO Aristides Pittas-led shipowner and operator EuroDry (EDRY) revealed its acquisition of the 2015 built ultramax bulk carrier 63K DWT MV Giants Causeway, 2015 built ultramax bulk carrier 63K DWT MV Sadlers Wells, and 2014 built ultramax bulk carrier 63K DWT MV Gallileo for an aggregate sum approaching $65 million. Anticipations are set for the three (3) ultramax bulk carriers to join the EuroDry’s (EDRY) fleet in the forthcoming months of October and November 2023. The procurement shall be underwritten through EuroDry’s (EDRY) intrinsic resources coupled with financial aid from banks. These newly acquired three (3) ultramax bulk carriers mirror EuroDry’s (EDRY) very own MV Alexandros P, crafted at the identical shipyard back in 2017. This venture not only augments EuroDry’s (EDRY) contemporary fleet cluster but also coincides with EuroDry’s (EDRY) assessment of the market terrain. Given the notably reduced orderbook, the prospects appear propitious for a thriving dry bulk shipping market in the ensuing two to three years. Rumours have been circulating, suggesting that New York-listed shipowner and operator EuroDry (EDRY) is on the verge of acquiring the entire fleet of UK-based marine asset management entity Marine Capital. However, confirmation is still pending regarding the sole residual ultramax bulk carrier in Marine Capital’s possession, 2014 built ultramax bulk carrier 63K DWT MV Cape Cross. With the recent integration of these three three (3) ultramax bulk carriers, Athens-based shipowner and operator EuroDry (EDRY) has commendably augmented its fleet, scaling from ten (10) to a formidable thirteen (13) bulk carriers. In 2018, EuroDry (EDRY) was established as a dry bulk spin-off of container shipowner EuroSeas. Euroseas (ESEA) mainly owns and operates container ships. On the other hand, EuroDry (EDRY) owns and operates dry bulk carriers. Both EuroDry (EDRY) and Euroseas (ESEA) are backed by Greek shipowner Aristides Pittas.
15-September-2023
Norwegian ship owner and operator Grieg Maritime Group, a privately owned company, has inked a contract for two (2) open hatch bulk carriers with CSSC-affiliated Huangpu Wenchong Longxue Shipyard, elevating Grieg Maritime Group’s new building count at the shipyard to four. Bergen-based shipowner and operator Grieg Maritime Group has capitalized on an option for two (2) additional ammonia-ready open hatch bulk carriers, each boasting a deadweight of 82K DWT, subsequent to confirming orders for two ships at Huangpu Wenchong Longxue Shipyard earlier in May 2023. The inaugural vessel from this quartet is slated for Q2 2026 launch, with its counterparts scheduled progressively throughout 2026. All open hatch bulk carriers will sail under the Norwegian flag, be classed by DNV, and comply scrupulously with BIMCO (Baltic and International Maritime Council) EEDI Phase 3 norms. These open hatch bulk carriers are christened “PulpMax”, has been meticulously crafted, drawing insights from Grieg Shipbrokers and G2 Ocean which is an alliance between Gearbulk and Grieg Star. Norwegian ship owner and operator Grieg Maritime Group announced a revamp of the new open hatch bulk carriers’ crane configuration. Each ship will now be outfitted with dual central VFD full-electric cranes, boasting a lifting prowess of 120 metric tons each. Furthermore, Grieg Maritime Group’s new open hatch bulk carriers will harness the power of MAN 10.6 engines. Last summer, Norwegian ship owner and operator Grieg Maritime Group decided to retrofit eleven (11) L-class 50K open-hatch bulk carriers to operate on ammonia bunkers. In 2021, Norwegian ship owner and operator Grieg Star Shipping changed the company name to Grieg Maritime Group. The new structure of Grieg Maritime Group comprises four (4) companies: Grieg Edge (technology), Grieg Star (ship management), Grieg Shipowning (shipowner), and Grieg Green (green recycler).
15-September-2023
Athens-based shipowner and operator Meadway Shipping & Trading (MST) has once again partnered with Oshima Shipbuilding by ordering a second advanced 42K handymax bulk carrier, with the delivery scheduled for Q1 2026, reinforcing the commitment of Costas Dellaportas-led Meadway Shipping & Trading (MST) to high-quality shipbuilding through its collaboration with the renowned Oshima Shipbuilding. At present, Meadway Shipping & Trading (MST) is expecting the arrival of nine (9) cutting-edge newbuildings, strategically distributed between 2024 and 2026, underscoring the company’s ongoing commitment to maritime innovation, sustainable transport practices, and providing forward-thinking shipping solutions. In April 2021, the assets of the original company were amicably divided between Dionysios Dellaportas’ sons, with Costas Dellaportas assuming control of Meadway Shipping & Trading (MST) and George Dellaportas founding Meadway Bulkers and Delaway Maritime.
15-September-2023
Japanese shipowner and operator NYK Bulk (Nippon Yusen Kabushiki Kaisha) chartered 2017 built newcastlemax bulk carrier 208K DWT MV Newport News from Athens-based New York-listed shipowner and operator Diana Shipping (DSX) for gross charter rate of $20,000 daily. This engagement spans from a minimum tenure of 10 March 2025, to a potential culmination on 10 June 2025. The charter of 2017 built newcastlemax bulk carrier 208K DWT MV Newport News is projected to commence in the latter half of September 2023. Furthermore, Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has procured a distinguished time charter accord with Paralos Shipping for the 2013 built panamax bulk carrier 77K DWT MV Ismene at a gross charter fee of $12,650 daily. This contract is stipulated to last at least until 15 April 2025, with a potential extension up to 30 June 2025. This charter is set to inaugurate on 14 September 2023. Per the Athens-based New York-listed shipowner and operator Diana Shipping’s (DSX) disclosure, the engagement of these two bulk carriers is foreseen to yield an approximate gross revenue of $17.8 million for the least scheduled duration of the charters.
15-September-2023
A contentious quarrel has erupted amongst the nations of South America, centering on the revered “grain superhighway” – the Parana River. Argentina, asserting its dominion, has commenced the collection of levies along its segment of the river, inducing consternation amongst other principal benefactors of this crucial dry bulk conduit – notably, Paraguay, Brazil, Bolivia, and Uruguay. Such was Argentina’s audacity, they detained a vessel during the weekend, property of Paraguay’s esteemed Mercurio Group, citing non-payment of the mandated dues. Stretching a majestic 4,880 km and terminating at Buenos Aires, this watercourse stands as one of the globe’s paramount channels for grain export. It is the continent’s silver medalist in size, yielding only to the formidable Amazon. In response to this affront, Paraguay has declared its intention to approach the Mercosur trade bloc’s Permanent Review Court. After all, the river holds the mantle for a staggering 80% of the overseas commerce of this landlocked nation. This newly instituted transit fee, pegged at $1.47 per metric ton, was ushered in at the dawn of this year, coinciding with Argentina’s intensifying economic tribulations.
14-September-2023
Monaco-based shipowner and operator GoodBulk Ltd (GBLK) has now divested itself of vessel ownership. Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) has consummated the sale of its entire fleet, an expedited endeavor which witnessed vessels bearing the Aqua prefix pervading broking S&P (Sale and Purchase) chronicles throughout the year. Unveiling GoodBulk Ltd’s (GBLK) Q2 2023 outcomes, Monaco-based shipowner and operator GoodBulk Ltd (GBLK) articulated the “apotheosis of its inaugural investment epoch,” an era which spanned just under seven sun cycles, culminating with the relinquishment of its residual bulk carriers. “Q2 2022 heralded the most robust asset milieu for secondhand capesize commodities since 2014, and even more so for panamax and supramax assets,” GoodBulk Ltd (GBLK) delineated in its quarterly communique. Subsequent to this zenith, John Michael Radziwill-led GoodBulk Ltd (GBLK) embarked on its bulk carrier divestiture. Throughout 2022, Monaco-based shipowner and operator GoodBulk Ltd (GBLK) auctioned off 11 vessels, bequeathing nine (9) to their new shipowners and in 2023, GoodBulk Ltd (GBLK) auctioned a dozen bulk carriers and transferred ownership of 14 bulk carriers. Nasdaq and Oslo-listed John Michael Radziwill-led GoodBulk Ltd (GBLK) aspires to retain its footprint within the dry bulk domain, envisioning forthcoming ventures on the horizon. Beyond Monaco-based shipowner and operator GoodBulk Ltd (GBLK), ohn Michael Radziwill’s dominion extends to privately owned C Transport Maritime (CTM).
14-September-2023
George Procopiou-led Athens-based shipowner and operator Sea Traders SA has augmented his burgeoning orderbook in China with an additional four new buildings. The dry bulk division of George Procopiou, Sea Traders, has elegantly committed to an acquisition of four (4) scrubber-equipped kamsarmax bulk carriers, valuing approximately $135 million, to be built by Qingdao Yangfan Shipbuilding, slated for a 2026 delivery. The esteemed George Procopiou lineage, holding dominion over Dynacom Tankers Management and Dynagas, boasts a formidable fleet exceeding 170 vessels. This year alone, George Procopiou-led companies have been fervently commissioning tankers and bulk carriers, amassing over 40 vessels in preparation at prominent Chinese shipyards. In consonance with these recent commitments, Sea Athens-based shipowner and operator Sea Traders SA has endorsed contracts for an impressive tally of 22 kamsarmax bulk carriers since July. This includes a fleet of ten (10) large bulk carriers from Hengli Heavy Industry and another eight (8) built by the renowned CSSC-affiliated Huangpu Wenchong Shipbuilding. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers.
14-September-2023
Fuzhou-based shipowner and operator Jiuzhou Shipping has successfully negotiated the sale of the 2011 built capesize bulk carrier 176K DWT MV Yuan Fu Star for a sum of $23 million. This transaction seemingly signifies Jiuzhou Shipping’s retreat from the realm of ship owning. The buyer remains cloaked in anonymity. MV Yuan Fu Star is the most recently built capesize bulk carrier that has been transacted this season. The capesize bulk carrier S&P (Sale and Purchase) market has seen sparse buyers of late, yet both Chinese entities and entities from the Middle East have been associated with acquisitions within this grand bulker domain. In light of the languishing freight rate climate, the market for capesize bulk carriers has astonishingly defied expectations. Records indicate over 60 capesize bulk carriers have been acquired this year, a figure that nearly doubles the transactions witnessed during the corresponding time frame the preceding year.
14-September-2023
Antwerp-based shipowner and operator Compagnie Maritime Belge (CMB) CEO Alexander Saverys etches a historic moment with his monumental bulk carrier venture in China. These 210K DWT newcastlemax bulk carriers be will be equipped with ammonia-propelled engines. The Belgian firm, Compagnie Maritime Belge (CMB), has augmented its substantial order backlog for newcastlemax bulkers destined for construction in China. CEO Alexander Saverys validated the Compagnie Maritime Belge’s (CMB) commitment to two additional newcastlemax bulk carriers, characterizing the undertaking as “the most grandiose in our history.”
14-September-2023
Singapore-based Chinese-backed shipowner and operator Winning Shipping (Winning International Group) has commissioned the prestigious CSSC yard Qingdao Beihai Shipbuilding to engineer two (2) VLOCs (very large ore carriers). Winning Shipping’s (Winning International Group) new VLOCs (very large ore carriers) will streamline their maritime trade route from West Africa to China. WinningMax VLOCs (very large ore carriers), with a formidable 325K DWT and endorsed by both the China Classification Society and DNV. Winning Shipping’s (Winning International Group) new WinningMax VLOCs (very large ore carriers) boast a readiness for methanol, and are crafted to comply with the stringent EEDI Phase 3 criteria. In contrast to conventional capesize bulk carriers, Winning Shipping’s (Winning International Group) new WinningMax VLOCs (very large ore carriers) is projected to curtail energy expenditure per tonne by a staggering 50%. Boasting an imposing fleet, Singapore-based Chinese-backed shipowner and operator Winning Shipping (Winning International Group) possesses one of the most expansive bulk carrier fleets in Singapore, numbering over 40 ships. Presently, Winning Shipping (Winning International Group) claims the title of the globe’s preeminent bauxite transport enterprise. Winning Shipping’s (Winning International Group) primary engagement revolves around bauxite cultivation in Guinea, with a staggering annual dispatch exceeding 50 million tons. In the initial septet of months of 2023, global seaborne minor ore exports witnessed a 7% ascendancy year-over-year, propelled by the insatiable appetite of the Chinese market. This is according to the estimations of BIMCO (Baltic and International Maritime Council) Remarkably, bauxite exports - the sole minor ore transported via capesize bulk carriers and an indispensable mineral for aluminium fabrication - contributed to this growth, showing a 9% surge. Chinese aluminium output has seen a meteoric rise. Astonishingly, nearly four-fifths of all seaborne bauxite consignments are now China-bound. With the Indonesian embargo coming into effect in June, Guinean exports have progressively taken the mantle, showing a 26% year-over-year surge in July. Additionally, Singapore-based Chinese-backed shipowner and operator Winning Shipping (Winning International Group) plays a pivotal role in the Simandou iron ore initiative, nestled in the Simandou mountainous region in southeastern Guinea, which houses one of the globe’s most prodigious untapped high-grade iron ore reserves. The northern echelon of this mining expanse is the dominion of Winning Consortium Simandou (WCS), spearheaded by Winning Shipping (Winning International Group). In contrast, the southern segment is under the stewardship of Simfer, orchestrated by the Anglo-Australian magnate Rio Tinto. In the preceding annum, Winning Consortium Simandou (WCS) alongside Rio Tinto Simfer consented to inaugurate the construction of a sprawling 650 km railway, a profound water port, coupled with ancillary infrastructure requisite for mining ventures, aiming to initiate production come 2025. Singapore-based Chinese-backed shipowner and operator Winning Shipping (Winning International Group) envisions curating fleet of VLOCs (very large ore carriers) in the imminent future, dedicated to the maritime transit of both bauxite and iron ore from Guinea. Furthermore, the Winning Shipping (Winning International Group) intends to bolster its investment in eco-friendly fleets, echoing its unwavering commitment to sustainable progress. Currently, Winning Shipping (Winning International Group) is one of the largest capesize shipowners with a fleet of 40 large dry bulk carriers.
13-September-2023
Crowley and New York-listed Florida-based Seacor Holdings, operating through its subsidiary Seabulk Tankers, have unveiled plans to establish a joint venture known as Fairwater Holdings. This venture will combine Crowley and Seabulk Tankers liquid energy and chemical transportation ships, operations, and associated services to create an independent US Jones Act service provider. The Fairwater Holdings fleet will consist of twenty (20) ocean-going articulated tug-barges and eleven (11) tankers, with many of them already under long-term charter agreements. Additionally, the joint venture will take on crewing and technical management responsibilities for third-party owned ships. Daniel Thorogood, CEO of Seabulk, will assume the role of CEO at Fairwater Holdings. The joint venture’s headquarters will be located in Florida, with additional offices in Fairfield, Houston, Jacksonville, and Seattle. The transaction for the establishment of this joint venture is anticipated to be finalized in the Q1 2024.
11-September-2023
Kuala Lumpur-based shipowner and operator Malaysian Bulk Carriers (Maybulk) sold the 2018 built kamsarmax bulk carrier 82K DWT MV Alam Kekal to Japanese financial establishment Tokyo Century Corporation for around $30.1 million. Malaysian Bulk Carriers (Maybulk)disclosed that its subsidiary, Kekal Shipping, has finalized an accord with the eminent financial establishment, Tokyo Century Corp, about the transaction of the 2018 built kamsarmax bulk carrier 82K DWT MV Alam Kekal. Prior discussions amongst maritime shipbrokers suggested that the Oshima-built MV Alam Kekal fetched a price of $31.8 million, transferring to a mysterious shipowner. In a sophisticated disclosure to the Bursa Malaysia, Kuala Lumpur-based shipowner and operator Malaysian Bulk Carriers (Maybulk) elucidated that the MV Alam Kekal. Malaysian Bulk Carriers (Maybulk) proclaimed its aspiration to relinquish the MV Alam Kekal back in June and subsequently secured the affirmation of its shareholders during a monumental general assembly in July. This strategic manoeuvre resonates with Malaysian Bulk Carriers’ (Maybulk) ambition to diversify its fiscal avenues, thus diluting the hazards tethered to excessive reliance on its foundational operations. Within its meticulous divestiture blueprint, Kuala Lumpur-based shipowner and operator Malaysian Bulk Carriers (Maybulk) delineates its intent to channel the monetary gains from the MV Alam Kekal transaction towards invigorating future entrepreneurial growth, judicious investments, and the procurement of strategic assets in the forthcoming biennium.
11-September-2023
Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd extended the charter of 2014 built ice-class panamax bulk carrier 77K DWT MV Crystalia from Athens-based New York-listed shipowner and operator Diana Shipping (DSX). Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd will pay $11,250 per day for MV Crystalia. Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) has graciously prolonged the time charter contract with Singapore-based ship operator Reachy Shipping (SGP) Pte Ltd pertaining to one of its distinguished ice-class panamaxes. The grand charter rate for this magnificent ice-class panamax bulk carrier 77K DWT MV Crystalia stands at $11,250 daily. Further elaboration from Reachy Shipping (SGP) Pte Ltd indicated that this renewed charter commenced on 6 September 2023 and is poised to persist until at least 20 February 2024, stretching potentially to 20 April 2024. Such an extension is projected to amass an approximate $1.85 million in gross revenue throughout the minimal stipulated duration of the time charter. Historically, the primary accord concerning the 2014 built ice-class panamax bulk carrier 77K DWT MV Crystalia and Reachy Shipping (SGP) Pte Ltd materialized in November 2022. This agreement was initially slated to conclude between 1 September 2023, and 15 October 2023, with a previously settled charter rate of $12,500 per day. Presently, Athens-based New York-listed shipowner and operator Diana Shipping’s (DSX) fleet encompasses 41 dry bulk carriers– a compilation of four (4) newcastlemax bulk carriers, ten (10) 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.
11-September-2023
Under the adept leadership of Christopher Fjeld, Malta-based shipowner and operator Sterling Shipping has graciously embraced James Lightbourn as a distinguished partner and esteemed CFO (chief financial officer). In his recent endeavors, James Lightbourn has lent his expertise to orchestrate capital augmentations and devise strategic pursuits during his tenure as an investment banker at Arctic Securities. In this prestigious position, James Lightbourn collaborated intimately with several transportation conglomerates, notably Malta-based shipowner and operator Sterling Shipping. Transitioning to this novel role, James Lightbourn will be pivotal in fortifying Sterling Shipping’s fiscal foundation, amplifying its naval ensemble, and broadening its horizon into multifarious maritime sectors. Currently, the Malta-based shipowner and operator Sterling Shipping boasts possession of a quartet of kamsarmax bulk carriers. “From Sterling Shipping’s inception, James Lightbourn has been instrumental, offering unwavering support. It’s unequivocally evident that there exists no other individual more suited to join forces with and elevate our esteemed establishment,” eloquently expressed Sterling Shipping CEO Christopher Fjeld.
6-September-2023
Driven by robust Chinese demand, London-based the world’s biggest shipbroker Clarksons’ research arm Clarksons Research elevates its maritime commerce prognosis. CEO Andi Case-led Clarksons anticipates sustained augmentation this annum, following its resplendent resurgence to auspicious terrain. In light of Clarksons Research’s optimistic delineation of this year’s global maritime commerce, the Chinese exigency has invigorated the marketplace. Notwithstanding the tribulations of 2022 and persistent economic adversities, the worldwide maritime trade has illustriously rebounded in 2023, progressively advancing forward.
6-September-2023
While grander and more advanced vessels are on the horizon, Klaveness Combination Carriers (KCC) seeks to prolong the tenure of their esteemed elder vessels. Norwegian shipowner and operator Torvald Klaveness’s subsidiary Klaveness Combination Carriers (KCC) is hesitant to bid adieu to its seasoned fleet. CEO Engebret Dahm-led shipowner and operator Torvald Klaveness has aspirations to maintain the CABU-type fleet’s magnitude, contemplating possible augmentations in the future. Klaveness Combination Carriers (KCC) ardently praises the merits of its avant-garde newbuildings. However, the venerable Oslo-listed Klaveness Combination Carriers (KCC) remains unwavering in its allegiance to its time-honored vessels. A whopping $180 million is being channeled by Klaveness Combination Carriers (KCC) into three (3) CABU-type new buildings at Jiangsu New Yangzi Shipyard. 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.
6-September-2023
George Procopiou-led Athens-based shipowner and operator Sea Traders SA has augmented his already extensive order book with an additional four (4) bulk carriers. The dry cargo division of the renowned Greek shipowner, Sea Traders, boasts a staggering total of 22 kamsarmax bulk carrier newbuildings awaiting completion. The ever-ambitious George Procopiou has recently sought the expertise of China’s Qingdao Yangfan Shipbuilding to craft kamsarmax bulk carriers. Sea Trader, George Procopiou’s esteemed bulker enterprise, is rumored to have enlisted the Qingdao Shipyard for the creation of four 82K DWT kamsarmax bulk carrier newbuildings, slated for delivery between June and December 2026. Notably, the Procopiou family, who also commands the realms of Dynacom Tankers Management and Dynagas, managing a grand fleet comprising over 170 ships, has demonstrated unwavering confidence in the Chinese shipbuilding prowess. Currently, maritime tycoon George Procopiou-led Athens-based shipowner and operator Sea Traders SA owns and operates 40 large bulk carriers.
6-September-2023
The supramax bulk carrier owned by Honwin Shipping has been detained in Singapore, marking a challenging phase for the vessel under its new ownership. Just a year after transitioning to Honwin Shipping, a Hong Kong-based company, the vessel has come under the custody of the Singapore Sheriff’s Office due to a controversy. The ship in question is the 2009-built MV Honwin (formerly known as MV Thunder), which has a deadweight tonnage (DWT) of 57K. This detention occurred last Saturday, initiated by Marco Polo Shipping. This incident highlights the complexities and legal challenges that can arise in the maritime industry, especially regarding ship ownership and operational disputes.
6-September-2023
BIMCO (Baltic and International Maritime Council) anticipates a surge in tanker demand, even as container vessels grapple with overwhelming capacity and China’s actions dampen the enthusiasm for bulk carriers. Projections suggest that by the close of 2024, China will be responsible for over half of the global escalation in oil consumption. This sentiment is echoed by a shipowners’ consortium BIMCO (Baltic and International Maritime Council). A burgeoning global appetite for oil propels the tanker market towards prosperity. Conversely, the container ship industry appears poised for a downturn owing to excess capacity, and the dry bulk sector faces potential turbulence from Chinese market ambiguities, as per a comprehensive maritime report.
6-September-2023
At this year’s Asia Pacific Petroleum Conference (APPEC) in Singapore, a new supply chain carbon emissions platform named “Agora for Energy” was launched. This innovative platform, a collaboration between Trafigura Maritime Logistics Pte Ltd and Palantir Technologies, is designed to facilitate the sharing and analysis of carbon emissions information and benchmarking carbon intensity within the energy sector. Key initial users of the platform include BP, Ecopetrol, and Trafigura Maritime Logistics Pte Ltd, all of whom are committed to enhancing the transparency of emissions in the energy supply chain. Agora for Energy leverages S&P Global Commodity Insights’ measures of carbon intensity across various energy sources, including oil, gas, refined products, and biofuels. It allows for the input of primary data by users, enabling a comprehensive understanding of carbon intensity variations in supply chains from the production point. This functionality aids in establishing a standardized approach to assessing assets owned and operated by different companies. The platform’s developers and users are in the process of establishing an advisory committee to focus on standardizing industry reporting of carbon intensity and developing recognized methodologies for such reporting. During its pilot phase, Palantir and Trafigura Maritime Logistics Pte Ltd tested the platform using real-world scenarios, analyzing over 10 million carbon pathways based on actual commodity shipments. This analysis integrated data and metrics from Trafigura Maritime Logistics Pte Ltd, supplemented with third-party data. Agora for Energy is not just a tool for sharing and receiving data on carbon emissions within supply chains; it also aims to reduce administrative burdens and increase transparency regarding the overall carbon intensity of supply chains. Moreover, it enables users to evaluate alternative supply chain paths and assess the commercial impacts of carbon pricing mechanisms on these choices, thereby aiding in more informed decision-making regarding supply chain management in light of carbon emissions.
6-September-2023
Brazil’s iron ore mining giant Vale has chosen four distinguished Asian maritime enterprises for its novel cadre of Guaibamax Ore Carriers. In its tender, Vale is in pursuit of as many as 12 new constructions, encompassing optional ships. Vale intends to commission up to 12 Guaibamax Ore Carriers that possess the capability to operate on either methanol or traditional marine fuel. Progressing in its quest for the next-gen ore carrier, Brazil’s iron ore mining giant Vale has handpicked four illustrious corporations from the Asian continent for collaboration. Trusted shipbuilding informants have conveyed that this mining titan has endorsed South Korea’s HMM and Pan Ocean, alongside China’s Cosco Shipping Bulk and China Merchants Energy Shipping. Vale’s Ship Chartering Department asks Guaibamax Ore Carriers to be equipped with energy-efficiency technologies. Brazil’s iron ore mining giant Vale’s Ship Chartering Department plans next generation 325K DWT Guaibamax Ore Carriers will be able to run on both methanol and conventional bunkers.
5-September-2023
Istanbul-based shipowner and operator Beks Shipping (Beks Ship Management and Trading) continues to advance its fleet augmentation, acquiring a sophisticated 17-year-old Japanese-constructed capesize bulk carrier. Ali Bekmezci-led Turkish shipowner and operator Beks Shipping (Beks Ship Management and Trading) acquired the 2005 built capesize bulk carrier 176K DWT MV Santa Lucia from Mitsubishi Ore Transport for a transaction surpassing $16 million. This rapidly-growing Beks Shipping (Beks Ship Management and Trading) emerges as the predominant Turkish contender in the secondhand maritime marketplace, with a remarkable procurement of 12 vessels this year. Subsequent to this recent acquisition, Beks Shipping (Beks Ship Management and Trading) boasts a diverse fleet of 42 vessels, comprising 17 bulk carriers and 25 tankers.
5-September-2023
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) is purportedly commissioning as many as six ammonia-propelled newcastlemax bulk carriers from Chinese shipyards. The procurement, entailing three (3) ammonia-propelled newcastlemax bulk carriers with an option for three (3) additional ammonia-propelled newcastlemax bulk carriers at Qingdao Beihai Shipbuilding Heavy Industry, is prevalently appraised by numerous shipbrokers to approximate $80 million for each ammonia-propelled newcastlemax bulk carrier, aggregating to $480 million in total. This contrasts with the conventionally fueled counterparts, which hold a valuation near $65 million in China. Additionally, methanol dual-fuel alternatives elevate the cost by approximately another $10 million. Idan Ofer-led shipowner and operator Eastern Pacific Shipping (EPS) will take the delivery of 210K DWT ammonia-propelled newcastlemax bulk carriers in 2026. These ammonia-propelled newcastlemax bulk carriers are equipped with the avant-garde dual-fuel engines crafted by MAN Energy Solutions. Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) had the distinction of receiving the world’s inaugural dual-fuel LNG suezmax tanker in 2022, has forged an alliance with the Dutch firms OCI and MAN. This collaboration aims to pioneer methanol and ammonia-driven engines for an array of vessels, encapsulating the ammonia dual-fuel gas carrier. Up to this juncture, orders for bulk carrier new buildings have incorporated provisions for ammonia or methanol-readiness, anticipating potential retrofits as these fuels ascend to prominence. Noteworthy deviations to this trend, beyond Eastern Pacific Shipping’s (EPS) newcastlemax bulk carriers, encompass methanol-fueled kamsarmax bulk carriers commissioned by J. Lauritzen and Cargill in the preceding months.
5-September-2023
Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd continues its progressive march towards a grander fleet, recently sealing an agreement for two (2) 40K DWT handysize bulk carrier new buildings from the renowned Japanese shipbuilder, Namura. Seacon Shipping Group Ltd has allocated an impressive sum of approximately $67 million for each 40K DWT handysize bulk carrier new building. Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd will take the delivery of the handysize bulk carrier new buildings between August 1, 2025, and October 31, 2025. This recent procurement signifies the seventh venture into newbuild undertakings since its monumental $52 million listing in March of this annum. This includes two (2) 62K DWT ultramax bulk carrier new buildings from Huanghai Shipbuilding, one (1) 13K DWT general cargo vessel from Murakami Hide Shipbuilding, and two (2) handysize bulk carrier new buildings from Tsuneishi Shipbuilding. Aligning seamlessly with the Seacon Shipping Group Ltd’s persistent strategy, the addition of these bulk carrier new buildings aims to rejuvenate its fleet, phasing out the elder vessels in a controlled manner and supplanting them with state-of-the-art ones, thus expanding the controlled vessel fleet, as articulated by Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd in an official document. Accompanied by other naval marvels presently under crafting in China and Japan, Seacon Shipping Group Ltd’s fleet is projected to burgeon from 24 vessels as of this past June to an impressive 35 by the culmination of 2025, thereby amplifying the carrying capacity to an estimated 1.8 million DWT. Currently, Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages around 117 ships.
5-September-2023
The ITC Transport and Trading Joint Stock Company, in conjunction with Viet Thuan Transport, have both ventured into the realm of acquiring vintage panamax bulk carriers. A scant number of Vietnamese shipowners have procured bulk carriers this annum. Vietnam-based shipowner and operator ITC Transport and Trading Joint Stock Company has recently acquired a two-decade-old panamax bulk carrier MV Dolphin 75 from Athens-based shipowner and operator Adelfia Navigation for around $10 million. On a parallel note, Vietnam-based shipowner and operator Viet Thuan Transport has acquired panamax bulk carrier MV Viet Thuan 80-03 (ex MV Vitaspirit from Athens-based shipowner and operator Vita Management. While Vietnam-based shipowner and operator ITC Transport and Trading Joint Stock Company has its fingers dipped in both wet and dry tonnage, Viet Thuan Transport exclusively operates in the dry bulk sector.
4-September-2023
Emerging from the shadows, a nascent Chinese shipwoner has made its presence known by procuring a former Athens-based shipowner and operator Maran Dry Management (MDM) capesize bulk carrier. The iron ore merchant, Macrock, has seized its inaugural capesize bulk carrier, underscoring China’s ambition to reinforce its supply conduits. A revelation from the previous month confirmed that the illustrious Angelicoussis-family-led shipowner and operator Maran Dry Management (MDM) divested its penultimate capesize bulk carrier. The obscured Chinese entity Macrock behind this transaction. Macrock recently took possession of the capesize freighter MV Leone Fortune (ex MV Maran Fortune) at Rizhao’s moorage. Currently, Angelicoussis-family-led Maran Dry Management (MDM) owns 43 capesize bulk carriers and newcastlemax bulk carriers.
4-September-2023
After a notable hiatus since January, Pakistan gracefully reenters the ship recycling arena. Noted ship recyclers have reportedly acquired two bulk carriers, while three other negotiations loom on the horizon. The nation’s ship recycling sector heralds its resurgence by securing two bulkers, marking the most significant demolition transactions since the dawn of the year. Recent acquisitions include the 1996 built handysize bulk carrier 48K DWT MV Yong Ning by Yongning Shipping and the 1997 built panamax bulk carrier 75K DWT MV Sotiria by Larus SA of Greece, both destined for Pakistani recycling facilities in the preceding week.
4-September-2023
Dry freight derivatives spearheaded the advancement into the Q3 2023, outpacing the languishing physical market. A nebulous yet profound hopefulness appears to have invigorated purchases within the dry freight derivatives sector this past Monday. The futures marketplace for large bulk carriers witnessed a notable surge, fueled by an overwhelming wave of confidence. However, one might be hard-pressed to pinpoint precise causations. The tangible spot market for capesize and panamax bulk carriers persisted in its tepid ascent, devoid of any marked boost in contractual commitments or pivotal shifts in the equilibrium of supply and demand.
4-September-2023
On a serene Saturday, Gabon graciously lifted its border restrictions, merely three days post its abrupt sealing amidst a tumultuous military coup that witnessed President Ali Bongo being dethroned. By the dawn of Monday, maritime tracking systems portrayed vessels gracefully navigating towards and away from this opulent West African country Gabon, renowned for its oil reserves. At present, Gabon boasts an impressive daily oil production, touching approximately 210,000 barrels. The vast majority of this precious commodity finds its way to China, an insatiable consumer of Gabon’s oil. Gabon’s financial backbone heavily leans on the revenue generated from oil exports, among other commodities. Barring the imposition of unexpected sanctions, which seems a distant possibility, the nation’s export activities are anticipated to regain their regular rhythm.
1-September-2023
Efforts to market South Korean shipowner and operator Polaris Shipping Co. Ltd. , suffered a significant setback this week, as authorities in Seoul conducted a meticulous search of the Polaris Shipping’s main office amidst allegations of embezzlement. The scrutinization transpired on a somber Monday morn, with official documents and digital storage devices seized. The Financial Crimes Investigation Unit of the Seoul Metropolitan Police Agency has professed that they are meticulously examining Mo Han and Mo Kim, the distinguished co-CEOs of Polaris Shipping, for the alleged misallocation of a staggering $37.7 million. This sum, it is purported, was bestowed upon Polar Energy & Marine, the overarching entity of South Korean shipowner and operator Polaris Shipping Co. Ltd., to fortify the Polaris Shipping’s managerial prerogatives, as per the constabulary’s assertion. Prior to this unforeseen intrusion by the law, the echelons of Polaris Shipping had been meticulously evaluating nearly two dozen acquisition proposals, having previously beckoned for preliminary offers in May, whilst engaging Lazard Asset Management to probe the feasibility of a prospective sale. South Korean shipowner and operator Polaris Shipping Co. Ltd. stands as one of the preeminent large bulker shipowner on the global stage, boasting a fleet predominantly comprised of newcastlemax bulk carriers and VLOCs (Very Large Ore Carriers). On an international scale, it has been indelibly etched into maritime history owing to the tragic submersion of the MV Stellar Daisy in 2017; a harrowing incident that ranks among the most conspicuous bulk carrier mishaps of the current century and precedes a chain of unfortunate calamities that plagued the shipping conglomerate in rapid succession. This year has witnessed Polaris Shipping Co. Ltd. as merely one among a myriad of South Korean maritime magnates being offered for acquisition, a comprehensive roster that encompasses luminaries such as HMM, Hyundai LNG Shipping, H-Line Shipping, and SK Shipping.
1-September-2023
Columbia Shipmanagement (CSM) has forged an agreement to oversee the fleet of the Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd. The vessels of the Seacon Shipping Group are poised to operate from the Hellenic bureau of Columbia Shipmanagement (CSM), as part of an endeavor to introduce managerial digital sophistication to the Chinese realm. Columbia Shipmanagement (CSM) has consummated an accord to manage the fleet of shipowner and operator Seacon Shipping Group. This symbiotic concord dictates that the Grecian establishment of Columbia Shipmanagement (CSM) will administer the vessels both owned and operated by the Qingdao-based Hong Kong-listed shipowner and operator Seacon Shipping Group Ltd. Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages all the fleet and offers management services to third party shipowners. Zhao Yong presides as the president of Seacon Ship Management. Currently, Seacon Shipping Group Ltd’s subsidiary Seacon Ship Management Company manages around 115 ships.
1-September-2023
After a two-year hiatus, Henrik Sleimann Petersen has rejoined the maritime world in Singapore, affiliating himself with Singapore-based shipowner and operator Swire Bulk Pte. Ltd. Beginning the 1st of September, 2023, Henrik Sleimann Petersen will serve as the Head of Asset Management for Swire Bulk. Moreover, Henrik Sleimann Petersen will grace the executive management committee of Swire Bulk with his esteemed presence. Prior to this, Henrik Sleimann Petersen held a distinguished position as the group director of Ultrabulk Shipping in Dubai. Most recently, Henrik Sleimann Petersen enjoyed a sabbatical, commonly referred to as “gardening leave”, which commenced earlier this year.