31-January-2024
Limassol-based shipowner and operator Castor Maritime (CTRM), under the leadership of its Chairman and CEO Petros Panagiotidis, has finalized the sale of two panamax bulk carriers from its fleet to entities linked with his family members. The company, listed on Nasdaq, has agreed to sell the MV Magic Nova, a 78K DWT panamax bulk carrier, for $16.1 million and the MV Magic Horizon, with a capacity of 76K DWT panamax bulk carrier, for $15.8 million. These sales come after Castor Maritime (CTRM) acquired these panamax bulk carriers in 2020 for $13.86 million and $12.75 million, respectively, indicating a significant return on investment. The transactions are expected to conclude by the end of the first quarter of 2024, resulting in an approximate profit of $9 million for Castor Maritime (CTRM). The purchasing party includes Pavimar, a shipping company controlled by Petros Panagiotidis’ sister, Ismini Panayotides, which boasts a fleet of 10 bulk carriers. This deal follows a previous engagement where Castor Maritime (CTRM) and Pavimar traded two containerships for $50.75 million, marking Castor Maritime’s entry into the container sector. Additionally, earlier this year, a kamsarmax bulk carrier, the 2010-built Magic Venus, was sold to a Panagiotidis family member after its purchase from Pavimar in January 2021 for $15.85 million. Despite these sales, Castor Maritime (CTRM) maintains a diverse fleet, including a 2005-built container ship with a capacity of 2,700 teu and 14 bulk carriers, though four are slated for departure. This strategic reshuffling underscores the company’s dynamic approach to fleet management and investment within the maritime sector.
31-January-2024
The Limassol-based shipping company, Castor Maritime Inc. (CTRM), led by Chairman and CEO Petros Panagiotidis, has successfully arranged the sale of two of its panamax bulk carriers to parties related to his family. The transactions involve the MV Magic Nova and the MV Magic Horizon, panamax bulk carriers with deadweight tonnages of 78,000 and 76,000, respectively. The MV Magic Nova is being sold for $16.1 million, and the MV Magic Horizon for $15.8 million. These vessels were originally acquired by Castor Maritime in 2020 for $13.86 million and $12.75 million, signifying a profitable investment with an expected combined profit of approximately $9 million from these sales by the end of Q1 2024. The buyer includes Pavimar, the ship management company overseen by Panagiotidis’ sister, Ismini Panayotides, which operates a fleet of 10 bulk carriers. This transaction follows a prior deal between Castor Maritime and Pavimar involving two containerships, valued at $50.75 million, which facilitated Castor Maritime’s foray into the container shipping industry. Furthermore, this year saw the sale of the 2010-built kamsarmax bulk carrier Magic Venus to a member of the Panagiotidis family, a vessel that was acquired from Pavimar in January 2021 for $15.85 million. Despite these divestments, Castor Maritime maintains a versatile fleet, inclusive of a 2005-built container ship with a 2,700 TEU capacity and 14 bulk carriers, with plans to offload four more. This strategic maneuvering highlights Castor Maritime’s proactive and strategic fleet management practices, aiming to optimize its investment and operational portfolio in the shipping industry.
31-January-2024
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) has become a participant in a European Union-supported project, Safecraft, which aims to explore the application of hydrogen as an alternative energy source for both electricity generation and partial propulsion on ships. This initiative, endorsed by the European Commission in December with a funding allocation of around $10 million and a total budget of approximately $13.5 million, is supported by 11 consortium members, including classification societies, engineering firms, industrial entities, and academic institutions. As part of Safecraft, Stamatis Tsantanis-led shipowner and operator Seanergy Maritime (SHIP) has pledged to retrofit one of its traditional fuel-powered ships with a hydrogen-based system to power a generator set. This setup will work alongside the main engine to drive a shaft motor, highlighting a significant step towards achieving global environmental, social, and governance (ESG) goals. Atehs-based Nasdaq-listed shipowner and operator Seanergy Maritime (SHIP) emphasized the partnership’s importance in aligning with the company’s ESG objectives and noted Seanergy Maritime’s role as the first Greek shipowner to contribute to the project. The project’s aim is to foster the adoption of sustainable alternative fuels (SAFs) in maritime transport by demonstrating their safety and effectiveness across various shipping segments, including oceangoing and short sea shipping, for both new constructions and retrofit operations. Safecraft will focus on four technologies that enable the use of SAFs, involving liquid and compressed green hydrogen and two carriers of green hydrogen, namely Liquid Organic Hydrogen Carriers (LOHCs) and ammonia, to potentially revolutionize efficiency and significantly cut greenhouse gas emissions in the maritime industry.
30-January-2024
James Chao-controlled New York-based Foremost Group’s kamsarmax bulk carrier, the Liberian-flagged MV En May, experienced a collision with a bridge in Argentina due to a rudder failure. The 85K DWT kamsarmax bulk carrier MV En May struck the Bartolomé Miter Bridge of the Zárate Brazo Largo Complex sideways, briefly halting navigation along the Paraná River. The incident occurred on a Sunday afternoon, prompting local authorities to deploy tugs to relocate the damaged, 2017-built kamsarmax bulk carrier MV En May to a safe location and reopen the critical grain shipping route in South America. Despite the collision leaving a breach in the MV En May’s hull, it was not at risk of sinking, and no crew members were injured. Furthermore, the bridge’s road traffic remained unaffected. The James Chao-led Foremost Group, based in New York, confirmed that the MV En May was not carrying any cargo at the time of the incident and was en route to the Santa Fe port of San Lorenzo for its next load.
28-January-2024
Croatian shipowner and operator Tankerska Plovidba has ambitious intentions regarding the acquisition of Atlantska Plovidba. Croatia-based Tankerska Plovidba is set to initiate a takeover bid for its compatriot bulker owner and operator, Atlantska Plovidba. The management of the Croatian shipowner is firmly supporting the offer made by their domestic competitor. Atlantska Plovidba’s CEO, Marko Domijan, is also in favor of the deal. Tankerska Plovidba is making a bid of $75 million to acquire the remaining 60.9% stake in the bulk shipping company Atlantska Plovidba that it does not already own. Atlantska Plovidba’s management has expressed their alignment with the strategic plans outlined by Tankerska in a stock exchange filing.
28-January-2024
Braemar Shipping Services, a shipbroker listed on the London Stock Exchange, has observed significant changes in the bulker market, particularly concerning supply dynamics in the Atlantic. The firm’s research indicates that vessels are increasingly bypassing the Suez Canal, opting instead to reroute their journeys to avoid the Red Sea. This shift in trading patterns is notably affecting the transportation of Canadian iron ore and US coal destined for Asian markets. According to Braemar Shipping Services’ analysis, over the past four weeks, there has been a marked preference among ships carrying these commodities from the North Atlantic to navigate via the Cape of Good Hope, rather than taking the traditional route through the Suez Canal and Red Sea. This change in navigation patterns could have far-reaching implications for bulker supply, potentially influencing shipping costs, transit times, and the global supply chain.
28-January-2024
Essar Shipping Ltd., now rebranded as Essar Shipping Ports & Logistics Limited, is a significant player in the global energy shipping industry, originating from India. Established in 1945 and formally incorporated in 2010, this corporation has a history deeply rooted in the shipping sector. The company is listed on the Bombay Stock Exchange, reflecting its prominent business status in India. With its headquarters located in Mumbai, Essar Shipping Ports & Logistics Limited continues to be a key entity in maritime transportation. Recently, there has been notable activity involving the company in the shipbroking market. European shipbrokers have reported the sale of a veteran Indian supramax vessel by Essar Shipping Ltd. The vessel in question is the Japanese-built MV Amarnath, a supramax bulk carrier with a deadweight tonnage (DWT) of 53,200, constructed in 2004. The sale price of MV Amarnath is reported to be $7.75 million. However, there seems to be some divergence in opinions among shipbrokers regarding the seller’s identity. Despite this, there is a consensus that the MV Amarnath has been acquired by an undisclosed European shipowner. This transaction indicates Essar Shipping’s ongoing engagement in the global shipping market and its influence in the maritime trading domain.
28-January-2024
Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has appointed Cato Stonex as a director, expanding its board. Cato Stonex was also elected as a director of John Fredriksen’s Frontline in December. This move follows John Fredriksen’s previous selection of Cato Stonex to join Euronav’s board as part of a strategic effort to gain control of the Belgian shipowner. Cato Stonex brings a wealth of experience in fund management, with his career starting at J Rothschild Investment Management. Notably, Cato Stonex founded investment firms such as Taube Hodson Stonex (THS) and Partners Investment Co, which later became Stonex Capital Partners in 2021. In the same year, Cato Stonex established WMC Capital, an investment company dedicated to the recovery of the global shipping industry. Additionally, he served as a governor of the London School of Economics & Political Science for a decade and currently holds the title of emeritus governor. Furthermore, Cato Stonex serves as an advisor to the London School of Economics & Political Science’s endowment investment committee.
28-January-2024
Singapore-based New York-listed shipowner and operator Grindrod Shipping (GRIN) has recently announced the sale of the handysize bulk carrier MV IVS Kingbird, built in 2007 with a deadweight of 32K DWT, for $10.4 million. This sale price represents a 1.5% premium over the MV IVS Kingbird’s carrying value. The delivery of MV IVS Kingbird to the new shipowner is scheduled for on or before February 29, 2024, and the MV IVS Kingbird is currently unencumbered. In addition to this sale, Singapore-based New York-listed shipowner and operator Grindrod Shipping (GRIN) has disclosed several charter agreements. The company has chartered in two ultramax bulk carriers for a minimum period of one year, with delivery expected in the first and second quarters of 2024. Furthermore, Grindrod Shipping has extended the charter-in period for the 2014-built supramax MV IVS Crimson Creek by approximately 12 months. Grindrod Shipping has also recently opted to purchase the 2014-built supramax bulk carrier MV IVS Naruo for around $12 million. Owned by Sun Ocean Corporation, MV IVS Naruo is expected to be delivered by the end of June. The announcement of MV IVS Kingbird’s sale follows Grindrod Shipping’s confirmation of selling two ultramax bulk carriers, MV IVS Hayakita and MV IVS Bosch Hoek, for a combined total of $46.5 million. Additionally, Singapore-based New York-listed shipowner and operator Grindrod Shipping (GRIN) sold the 2013-built MV IVS Raffles and MV IVS Merlion for $11.6 million each, with MV IVS Merlion already delivered to its new shipowners.
28-January-2024
In the wake of an exceptionally turbulent 2023, Norwegian shipowner Torvald Klaveness and Japanese trader Marubeni Corporation have announced plans for significant expansion in the bulk carrier sector. Following Marubeni’s acquisition of a 25% stake in Klaveness Dry Bulk in June 2023, the partners are poised for growth in ship investment and earnings management throughout 2024. This collaboration aims to capitalize on the sustained strong performance of the ship operating business and to strategically enhance the MaruKlav pool operation. Additionally, they plan to leverage digital tools to optimize their operations further. This partnership marks a commitment to growth and innovation in the face of the shipping industry’s challenges, indicating a robust response to the extreme volatility experienced in the previous year.
28-January-2024
Lomar Shipping, a UK-based shipowner and part of the Libra Group, recently completed the sale of the supramax bulk carrier MV Porto Leone to a new owner in Singapore for $22 million. This transaction, finalized in the last days of 2023, marked the culmination of a significant year for the London-based shipowner and operator, with sales and purchase (S&P) activities totaling $500 million. The Singapore-registered Delong Zhenxing has been identified as the purchaser of the ultramax bulk carrier MV Porto Leone, a deal that was discreetly conducted at the end of December. The sale of the 63K DWT ultramax, built in 2014, was disclosed last week by the US-based Libra Group, the parent company of Lomar Shipping.
28-January-2024
Tokyo Stock Exchange-listed Japanese shipping giant MOL (Mitsui O.S.K. Lines), under the leadership of Chief Executive Takeshi Hashimoto, has successfully secured financing for six new vessels through the adoption of a sustainable finance framework. This framework is particularly notable for its emphasis on transition loans that are directly tied to achieving specific greenhouse gas reduction targets, reflecting MOL’s (Mitsui O.S.K. Lines) commitment to sustainability in its operations. In December, the Japanese shipping giant MOL (Mitsui O.S.K. Lines) finalized agreements for three transition loans and one transition-linked loan. An additional transition-linked loan is anticipated to be finalized either in January or February. These financial arrangements are earmarked for the construction of a diverse array of vessels designed with environmental sustainability in mind. The fleet expansion includes two LNG (Liquefied Natural Gas) dual-fuel ferries and a bulk carrier outfitted with MOL’s (Mitsui O.S.K. Lines) innovative Wind Challenger sail, which is intended to significantly reduce fuel consumption and emissions. Additionally, the financing will support the construction of an LNG dual-fuel pure car/truck carrier (PCTC), an LNG dual-fuel Very Large Crude Carrier (VLCC), and a Very Large Gas Carrier (VLGC). This strategic move not only underscores MOL’s (Mitsui O.S.K. Lines) dedication to integrating sustainable practices into its business model but also aligns with global efforts to reduce the maritime industry’s carbon footprint and transition towards greener energy sources.
28-January-2024
Kobe-based tonnage provider, San-E Maritime Corporation, is down to just one ship after selling its supramax bulk carrier, MV Queen Kobe, to undisclosed Indonesian interests. The MV Queen Kobe, built in 2009 by Kawasaki Heavy Industries, has a deadweight tonnage of 55,000. The sale of this vessel is taking place as it comes off charter from South Korea’s TS Maritime, which had employed the MV Queen Kobe throughout its 15-year career. Following this sale, San-E Maritime Corporation’s fleet will consist of only one ship, the MV Queen Busan, which has a deadweight tonnage of 55,500 and was built in 2021. San-E Maritime Corporation, initially established in 1969 with a focus on tugboat operations, shifted its business scope to foreign trade in 1993 and ventured into ship chartering. The company is committed to offering dependable and durable ships to its charterers, with a primary focus on ensuring their profitability.
28-January-2024
The handymax bulk carrier MV Prosperity 102, owned by the Chinese trading company Wanpeng International, experienced a brief period of arrest in Singapore this week due to a dispute with a timber company. The arrest followed a legal action taken by Zhangjiagang Heyixing Timber Co, which led to the High Court of Singapore issuing an arrest warrant for the vessel. The timber company filed a claim for $212,740, alleging damages to the timber cargo transported by the MV Prosperity 102, which has a deadweight of 47K and was built in 1997. Although the MV Prosperity 102 was quickly released from arrest, the incident underscores the legal complexities and challenges that can arise in international shipping and trade.
28-January-2024
Taiwan Navigation Company (TNC) is intensifying its efforts to renew its fleet by placing an order for two handysize bulk carriers with the Japanese shipyard Namura Shipbuilding. These new vessels are expected to be delivered in the second quarter of 2026. This move is in line with Taiwan Navigation Company’s (TNC) ongoing fleet renewal program, which aims to modernize and upgrade its shipping assets. Since its establishment in 1946, Taiwan Navigation Company (TNC) has maintained a commitment to safety and prioritizing customer satisfaction, striving to provide top-notch shipping services. Thanks to the dedication of its team members and the continuous support of its customers, Taiwan Navigation Company (TNC) has not only achieved consistent business growth but has also earned a strong reputation and trust within the shipping industry.
27-January-2024
In the strategic maritime corridor of the Bab-el-Mandeb strait, a discernible pattern has emerged regarding the types of dry-cargo vessels navigating the area. Shipowners are increasingly hesitant to risk their newer bulk carriers through these waters due to concerns over potential attacks by Yemen’s Houthi rebels in the Red Sea. Consequently, data indicates that older dry cargo vessels continue to traverse the Bab-el-Mandeb strait, while their newer counterparts are rerouting to avoid the region. One of the primary factors influencing this shift is the significant increase in insurance costs, making the passage through the strait less economically viable for newer, more valuable ships. This strategic decision by shipowners reflects the ongoing security concerns in the area and the financial implications of insuring vessels against potential risks.
26-January-2024
After facing a year of significant market fluctuations in 2023, Norwegian shipping entity Torvald Klaveness and the Japanese trading conglomerate Marubeni Corporation are setting their sights on expansion within the bulk shipping sector for the upcoming year. The partnership, solidified by Marubeni’s acquisition of a 25% interest in Klaveness Dry Bulk in mid-2023, signals a forward-looking strategy aimed at bolstering ship investment and refining earnings management strategies in 2024. The alliance is set to build upon the already strong results of the ship operating business, with plans to further develop the MaruKlav pool operation and employ advanced digital tools to enhance operational efficiency. This collaborative effort underscores both companies’ dedication to navigating the complexities of the shipping industry and their proactive approach to leveraging opportunities for growth and technological advancement amidst ongoing market volatility.
26-January-2024
Lugano-based shipowner and operator Nova Marine Carriers continues to actively engage in the ship sale and purchase (S&P) market with its third acquisition of a handymax bulk carrier. This latest purchase follows closely on the heels of its first bulk carrier acquisitions in nearly two years, signaling a renewed and robust interest in expanding its fleet. The newly acquired handymax bulk carrier, the MV Sider Harmony, is a modern handymax bulker with a deadweight tonnage (DWT) of 38K and was built in 2019. This addition not only enhances Nova Marine Carriers’ fleet but also stands as the youngest vessel of its kind in their current lineup. The seller of the MV Sider Harmony is Orix Corp, a Japanese conglomerate. Orix Corp has been gradually reducing its involvement in the shipping sector by selling off several of its modern bulk carriers. This strategy aligns with the conglomerate’s broader efforts to minimize its shipping exposure. Nova Marine Carriers’ acquisition of the MV Sider Harmony marks its third bulk carrier purchase in a span of just a few months, demonstrating the Nova Marine Carriers’ strategic focus on fleet expansion and modernization in the competitive maritime shipping industry.
26-January-2024
The capesize bulk carrier market is currently experiencing an unusual trend, defying the typical seasonal patterns, which is having a notable impact on the dry freight derivatives market. Despite January traditionally being a period where the capesize market begins to cool off in anticipation of the Lunar New Year holidays in Asia, there has been an unexpected surge in activity, particularly in Forward Freight Agreements (FFAs). On Wednesday, the market witnessed what’s colloquially known as a ‘roofer’ in FFAs – a significant and somewhat unexpected increase. This rise in FFAs was observed across all segments of the market. Such a trend, especially at this time of the year, has raised questions and curiosity among market participants. Many are left pondering the reasons behind this surge in bidding for freight derivatives, with few having a clear understanding of the factors driving this newfound optimism. This scenario is somewhat atypical, as market behavior usually aligns with seasonal trends and historical patterns. The current situation in the capesize bulk carrier market, where there is an increase in FFAs despite the approaching Lunar New Year, indicates a divergence from the norm and suggests that other, less obvious market forces may be at play.
25-January-2024
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has recently entered into an agreement to sell one of its older panamax vessels to an undisclosed buyer. The ship in question, the MV Artemis, built in 2006 with a carrying capacity of 76K DWT, is set to be delivered to the new shipowner by no later than March 8, 2024. Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) announced that the transaction price for the MV Artemis is approximately $13 million. Following the completion of this sale, the fleet of Diana Shipping (DSX), will comprise 39 dry bulk carriers. This fleet includes four newcastlemax bulk carriers, nine capesize bulk carriers, five post-panamax bulk carriers, six kamsarmax bulk carriers, six panamax bulk carriers, and nine ultramax bulk carriers. Diana Shipping has been notably active in early 2024. The company has secured several charter contracts, including for the 2013-built, 75K DWT panamax bulk carrier MV Maera with Glencore’s ST Shipping and Transport based in Singapore, and for the 2016-built, 60K DWT ultramax bulk carrier MV DSI Aquarius with Stone Shipping. Additionally, Diana Shipping has successfully extended its contract for the 2012-built, 98K DWT post-panamax bulk carrier MV Amphitrite with Cobelfret. These activities reflect the Diana Shipping’s ongoing strategic operations and its efforts to optimize its fleet utilization and revenue.
25-January-2024
James Chao-controlled Foremost Group, headquartered in New York, has re-engaged with the Chinese shipbuilding market after almost five years, signing a contract for new kamsarmax vessels. Led by Angela Chao, the company is reportedly behind an order for up to four kamsarmax bulk carriers, each with a capacity of 82K DWT, to be built at the Chengxi Shipyard. While the price remains undisclosed, the ships are expected to be delivered in 2027 and 2028. Currently, Foremost Group’s fleet includes about 30 bulk carriers constructed in Chinese and Japanese shipyards. The company’s most recent kamsarmax orders were placed at the CSSC-linked Chengxi Shipyard in February 2019. Additionally, Foremost Group has two capesize vessels under construction at Japan’s Namura Shipyard, scheduled for delivery this year.
25-January-2024
The Hartmann Group, based in Germany, has recently undertaken a significant business transaction by selling the technical management division of Intership Navigation, part of its Cyprus operations. This sale was executed through a management buy-out led by Dieter Rohdenburg, who has been the long-serving chief executive of Intership Navigation. Intership Navigation, initially established in 1988 by Alfred Hartmann, began as a shipowning company. Over time, it expanded its operations to include third-party management, broadening its scope in the maritime industry. It’s important to note that the deal orchestrated by Dieter Rohdenburg did not include the Hartmann Group’s owned fleet but was specific to the managed tankers, bulkers, and gas carriers under Intership Navigation. This spin-off marks a significant shift in the structure and ownership of Intership Navigation, reflecting a strategic move by the Hartmann Group and an entrepreneurial step by Dieter Rohdenburg in his long-standing maritime career.
25-January-2024
The Suez Canal Authority (SCA) is facing a decline in its core transit income due to ships rerouting to avoid the threat posed by Houthi rebels in the Red Sea. To counter this loss of revenue, the SCA is actively promoting its ship repair capabilities as a means to diversify its income streams. It has positioned itself as a repair base for vessels that may suffer damage while crossing the Bab el-Mandeb strait. The Suez Canal Authority’s (SCA) shipyards and affiliated companies are prepared to handle breakdowns and emergencies that ships transiting the Suez Canal may encounter. This strategic move is aimed at not only plugging the hole in transit income but also positioning the Suez Canal as a reliable destination for ship repairs and maintenance, further leveraging its strategic location as a maritime hub. The Suez Canal Authority’s (SCA) chairman and managing director, Admiral Osama Rabie, emphasized these capabilities in a promotional video released on the Suez Canal Authority’s (SCA) website and social media platforms.
24-January-2024
Greek shipping tycoon George Economou has significantly increased his stake in OceanPal, an Athens-based and New York-listed shipowning and operating company connected to the Palios family. According to a recent filing with the US Securities and Exchange Commission (SEC), Economou, through his investment entity Sphinx, has purchased an additional 1% of OceanPal, a spinoff from Diana Shipping (DSX). This acquisition boosts Economou’s total ownership in OceanPal to 11.1%. The company is currently chaired by Semiramis Paliou, daughter of the esteemed shipowner Simeon Palios. Economou’s latest move is in line with his previously announced strategy for 2024 to restructure the majority of OceanPal’s board. He has urged the company’s shareholders to seek the resignation of most board members, while also nominating John Liveris, former chairman of OceanFreight, and Georgios Kokkodis, ex-board member of Ocean Rig, for the upcoming annual stockholders’ meeting. Since September 2023, when he began implementing his plan with OceanPal, Economou has invested approximately $1 million in the company. OceanPal, listed on the Nasdaq, owns a fleet comprising three panamax bulk carriers and two capesize bulk carriers, with an estimated collective value of around $60 million. The board of OceanPal consists of seven members, and Economou is looking to replace five of them. In addition to Economou’s efforts, Chair Semiramis Paliou is also solidifying her position, having increased her stake in OceanPal to 27.34%. Ioannis Zafirakis, another director not in Economou’s crosshairs, has upped his ownership to about 4.1%. Concurrently, Anastasios Margaronis, president and board member of Diana Shipping (DSX), has also invested in OceanPal, securing a 6.39% stake in the company.
24-January-2024
Greek shipping magnate George Economou has intensified his involvement in Athens-based New York-listed shipowner and operator OceanPal, a company linked to the Palios family, by increasing his shareholding ahead of a significant boardroom confrontation. A recent filing with the US Securities and Exchange Commission (SEC) reveals that Greek shipping magnate George Economou, through his investment firm Sphinx, has acquired an additional 1% of the Diana Shipping (DSX) spinoff OceanPal. This purchase raises George Economou’s ownership to 11.1% in OceanPal, a company chaired by Semiramis Paliou, the daughter of renowned shipowner Simeon Palios. George Economou’s move aligns with his earlier announcement in 2024, where he disclosed plans to overhaul the majority of OceanPal’s board. George Economou has proposed to the stockholders that they request the resignation of most directors, while he has nominated John Liveris, former chairman of OceanFreight, and Georgios Kokkodis, a former board member of Ocean Rig, for election at OceanPal’s next annual stockholders’ meeting. Since initiating his strategy with OceanPal in September 2023, George Economou has invested close to $1 million in the Nasdaq-listed OceanPal, which owns three panamax bulk carriers and two capesize bulk carriers, collectively valued at around $60 million. OceanPal’s board consists of seven members, and Greek shipping magnate George Economou aims to replace five of them. Chair Semiramis Paliou is also strengthening her position, having increased her stake in OceanPal to 27.34%. Additionally, Ioannis Zafirakis, one of the directors not targeted by George Economou, has expanded his shareholding to about 4.1%. In a related development, Anastasios Margaronis, president and board member at Diana Shipping (DSX), has also acquired shares in OceanPal, amounting to a 6.39% stake in the company.
24-January-2024
In a maritime incident on the Yangtze River in China, two bulk carriers collided early on a Tuesday morning. The collision involved the 1997-built, 46K DWT MV Mirabella, managed by Safe Sea Services, and the 2004-built, 48K DWT MV Omega, managed by Gamma Shipping. The incident occurred approximately 15 nautical miles north of the Yangtze River Estuary. As a result of the collision, MV Omega experienced water ingress due to a breach in one of its cargo holds, putting the vessel at risk of sinking. At the time of the accident, MV Mirabella was transporting 45,000 tons of iron ore with 24 crew members on board. MV Omega, managed by Turkish shipowner and operator Gamma Shipping, was carrying about 47,000 tons of steel billets. Reports indicate that MV Omega was adrift in strong winds and waves when the collision occurred. MV Mirabella also sustained damage and partial flooding but managed to anchor in safe waters following the incident. Fortunately, all 21 crew members on board MV Omega were safely rescued after they abandoned the ship. Authorities are likely to be investigating the circumstances surrounding the collision and assessing the next steps to mitigate the impact of this maritime accident.
22-January-2024
The Parakou Group and CSSC Leasing partnership based in Hong Kong have capitalized on the increasing prices of secondhand ships by selling two ultramax bulk carriers for $47.6 million through their joint venture, CP Worldwide. According to reports from European shipbrokers, CP Worldwide has successfully completed the sale of MV CP Guangzhou (built in 2015) and MV CP Tianjin (built in 2016) with a capacity of 63K deadweight tons (DWT) at $23.8 million each to undisclosed shipowners. Sources in the bulk carrier market related to the Chinese industry have confirmed the sale of these ultramax bulk carriers, which were constructed by Chengxi shipyards, namely MV CP Guangzhou and MV CP Tianjin.
21-January-2024
Greek shipping magnate George Economou, holding a 5.4% stake in New York-listed Genco Shipping & Trading (GNK) through his affiliate GK Investor, has proposed two candidates for the company’s board of directors at the upcoming annual general meeting. The nominees are Randee Day, President and CEO of maritime consultancy Day & Partners, and Robert Pons, President and Chief Executive of telecom and technology management consulting firm Spartan Advisors. Randee Day brings a wealth of experience from the maritime sector, having served as the interim CEO of DHT Maritime and as a managing director at the Seabury Group. She currently holds director positions at US tanker owner International Seaways and fellow bulker owner Eagle Bulk Shipping. Robert Pons has an extensive background in corporate governance, having been on the boards of 16 publicly traded companies. His current directorships include Marpai, and he has previously held board roles at Seachange International, CCUR Holdings, Alaska Communications, and Inseego Corp., among others. George Economou emphasized his belief in Genco Shipping & Trading’s potential to enhance shareholder value and expressed confidence that Day and Pons, with their relevant expertise in maritime, technology, finance, corporate strategy, and governance, would bring valuable perspectives and knowledge to the board. This move comes as part of George Economou’s broader investment strategy in the shipping industry, which includes significant positions in companies like Performance Shipping, OceanPal, and Seanergy Maritime, along with his involvement in Genco Shipping & Trading. Genco Shipping & Trading itself boasts a sizeable fleet of over 40 bulk carriers across the capesize, ultramax, and supramax segments.
21-January-2024
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) has significantly expanded its portfolio of newcastlemax bulk carriers with ammonia dual-fuel capabilities. Eastern Pacific Shipping (EPS) has confirmed orders for four additional vessels, each with a capacity of 210K DWT, at CSSC Qingdao Beihai Shipbuilding in China. This latest order brings Eastern Pacific Shipping’s (EPS) total number of such ships at the yard to ten. These newly ordered ships follow the initial six ships booked last year, which are scheduled for delivery between 2026 and 2027. Singapore-based shipowner and operator Eastern Pacific Shipping’s (EPS) current order book is quite diverse, featuring over 70 new ships. The cost for each ammonia dual-fuel newcastlemax bulk carrier is believed to be around $80 million, amounting to a total of $800 million for all ten ships. In 2023, methanol emerged as the preferred fuel choice for newbuild projects, with approximately 138 ships recorded. However, last year also marked a significant shift towards ammonia as a marine fuel, evidenced by 11 new orders for ammonia-powered ships, with more expected in the future. This trend aligns with the data from the class society DNV, highlighting the growing interest in ammonia as a sustainable fuel alternative in the maritime industry.
21-January-2024
Tokyo Stock Exchange-listed shipowner and operator K Line’s (Kawasaki Kisen Kaisha) subsidiary K Line Bulk has entered into an agreement with its fellow Japanese company, Nihon Shipyard, for the construction of three innovative wide-beam, shallow draft post-panamax coal carriers. These post-panamax coal carriers, each with a capacity of 92K DWT, are designed to be methanol-ready, indicating a step towards more environmentally friendly fuel options. This new trio of ships is an adaptation of K Line Bulk’s existing Corona class of post-panamax bulk carriers, tailored specifically for the transportation of coal to power stations in Japan. The financial details of this newbuilding contract, including the cost of each post-panamax coal carrier, have not been disclosed.
21-January-2024
New York-listed shipowner and operator Safe Bulkers (SB) continues to expand its fleet with a new order for an additional kamsarmax bulk carrier in Japan. This kamsarmax bulk carrier, with a capacity of 82K DWT, is a sister ship to several other newbuilds in Safe Bulkers’ fleet. It is designed to meet Phase 3 of the Energy Efficiency Design Index (EEDI) and also complies with NOx-Tier III regulations. Loukas Barmparis, president of New York-listed shipowner and operator Safe Bulkers (SB) , highlighted the company’s commitment to environmental, social, and governance (ESG) principles, stating that this new order is in line with their strategy for gradual fleet renewal. This strategy aims to leverage the operational and financial benefits of a more modern and efficient fleet. In December 2023, Polys Hajioannou-led shipowner and operator Safe Bulkers (SB) placed an order for a kamsarmax bulk carrier, scheduled for delivery in the first half of 2026 from an unspecified Japanese shipyard. The most recent order is expected to be delivered in the third quarter of 2026. With this latest acquisition, Limassol and Athens-based shipowner and operator Safe Bulkers’ newbuilding program now includes nine bulk carriers slated for delivery between 2024 and 2027. Notably, two of these are methanol dual-fuel ships, ordered in October. Safe Bulkers (SB) currently operates a diverse fleet of 46 bulk carriers. This includes 11 panamax bulk carriers, 9 kamsarmax bulk carriers, 18 post-panamax bulk carriers, and 8 capesize bulk carriers, reflecting the company’s strong presence in various segments of the bulk carrier market.
21-January-2024
As the Lunar New Year approaches, beginning on February 10, 2024, there’s been a noticeable surge in capesize spot rates, particularly in the bulk carrier segment. This uptick is occurring just ahead of what is typically a slower period for the industry due to China’s Year of the Dragon celebrations. Charterers are proactively offering freight premiums to secure capesize bulk carriers for loading in the Atlantic, aiming to get ahead of the holiday period in Asia. This demand spike has led to a significant revision in capesize spot rates towards the end of the week, especially in the Atlantic basin, which has experienced the most substantial increases. A crucial benchmark in this context is the weighted average of spot rates across five key capesize routes (5TC), which serves as a primary indicator of the overall strength of the spot market. On Friday, this average was assessed at $18,608 per day, marking an increase of $3,243 from earlier assessments. This rise in rates reflects the heightened activity and demand in the sector, influenced by the upcoming Lunar New Year.
20-January-2024
George Economou, a prominent Greek shipping tycoon with a 5.4% stake in the New York-listed Genco Shipping & Trading (GNK) through GK Investor, has put forward two individuals for election to the board of directors at the company’s forthcoming annual general meeting. The proposed candidates are Randee Day, the President and CEO of Day & Partners, a maritime consultancy, and Robert Pons, the President and CEO of Spartan Advisors, a firm specializing in telecom and technology management consulting. Randee Day’s extensive experience in the maritime industry includes roles such as interim CEO of DHT Maritime and managing director at the Seabury Group. She is currently a board member of US tanker owner International Seaways and Eagle Bulk Shipping, another bulker operator. Robert Pons, on the other hand, is known for his broad experience in corporate governance, having served on the boards of 16 publicly traded companies. He is currently a director at Marpai and has previously held board positions at companies like Seachange International, CCUR Holdings, Alaska Communications, and Inseego Corp. George Economou, underscoring his belief in the potential of Genco Shipping & Trading to deliver increased value to its shareholders, expressed his conviction that Day and Pons would contribute significantly to the board with their expertise in the maritime sector, technology, finance, strategy, and governance. This nomination is part of Economou’s wider investment strategy within the shipping sector, which includes substantial investments in other companies such as Performance Shipping, OceanPal, and Seanergy Maritime, in addition to Genco Shipping & Trading (GNK). Genco Shipping & Trading itself operates a substantial fleet, consisting of over 40 bulk carriers that include capesize, ultramax, and supramax vessels. Genco Shipping & Trading (GNK), a shipowner and operator listed on the New York Stock Exchange, is committed to a strategic approach that prioritizes rewarding its shareholders, reducing its debt levels, and actively seeking additional growth opportunities. This focus is part of the company’s broader business strategy to enhance its financial health and market position. Additionally, the management of Genco Shipping & Trading’s fleet is handled by Genco Ship Management LLC, ensuring professional and efficient operation of their vessels. This alignment of fleet management with overall business objectives is integral to Manhattan-based shipowner and operator Genco Shipping & Trading’s (GNK) aim of maintaining its status as a leading player in the shipping industry.
20-January-2024
The Polish Shipping Association has recently become the 21st full member of the European Community Shipowners’ Associations (ECSA). This association is a merger of two prominent Polish maritime organizations: the Polish Shipowners’ Association (ZAP) and the Polish Shipping Companies Association (PZPŻ). Marcin Talwik, representing the Polish Shipping Association, emphasized the significance of this membership, noting that it provides an opportunity for Polish shipping interests to have a stronger influence on EU policymakers. Marcin Talwik highlighted the membership as a testament to European Community Shipowners’ Associations’ (ECSA) role as a central figure representing the European shipping industry in Brussels. Meanwhile, Sotiris Raptis, the European Community Shipowners’ Associations (ECSA) secretary-general, welcomed the addition of the Polish Shipping Association. He noted that this expansion not only broadens the geographical reach of European Community Shipowners’ Associations’ (ECSA) membership but also brings in valuable expertise and knowledge. This inclusion, according to Raptis, further consolidates the standing of European shipowners in Brussels, enhancing their collective voice and influence within the European Union’s policy-making process.
19-January-2024
The Saverys family-led Belgian shipowner Bocimar is capitalizing on the robust demand in the bulker market through a notable transaction involving the sale of a modern newcastlemax bulk carrier. Recently, Bocimar has sold its fifth cape segment bulk carrier in as many weeks. Shipbroking sources have identified the buyer as Singapore-based Winning Shipping, which has reportedly paid around $55 million for the 2021-built, 206K DWT MV Mineral Qingdao. This vessel, constructed at Yangfan Qingdao Shipbuilding, was previously part of a sale and leaseback agreement with Ocean Yield. Before finalizing its sale to Winning Shipping, Bocimar repurchased the MV Mineral Qingdao from the lease. This transaction follows Bocimar’s December sales, where it sold three capesize bulk carriers built by New Times Shipbuilding - the 175K DWT sister ships MV Mineral Destelbergen, MV Mineral Temse, and MV Mineral Brugge - to EGPN Bulk Carrier for approximately $59 million, as well as the 2009-built MV Mineral Ningbo to Agricore. In 2023, the Saverys family made a significant move in the shipping industry by commissioning a series of 210K DWT newcastlemax bulk carrier newbuilds, all equipped with ammonia-fueled engines, marking a historic development in their fleet expansion and environmental commitment. The Compagnie Maritime Belge (CMB), based in Antwerp, stands as one of the city’s most venerable shipowning entities. This esteemed company is under the control of the Saverys family, a prominent name in the maritime industry. The family’s influence extends beyond CMB, as they also hold significant stakes in other major shipping groups, namely Exmar and Euronav. This illustrates the Saverys family’s substantial presence and impact in the global shipping sector.
19-January-2024
The Panama Canal, since its expansion in 2016, has seen a significant decrease in the number of ships waiting for transit, currently standing at just half the eight-year historical average. According to the latest data from the Panama Canal Authority (ACP), the queue now comprises only 45 ships, a stark contrast to the historical norm and a substantial reduction from the peak congestion in August, when over 160 ships were waiting. This change is largely attributed to the canal administrators’ decision to reduce daily transit numbers and the maximum draft, which has been in effect for several months due to low water levels in Gatun Lake, situated in the canal’s midsection. These restrictions have led many in the shipping industry to seek alternative routes. The impact of these measures is particularly evident in the disparity in waiting times for northbound and southbound ships. Non-booked northbound vessels currently face an average wait of 15 days, while those heading southbound have a significantly shorter wait time of around 3.6 days. However, there has been a recent increase in daily transits to 24, up from the previously forecasted 20 slots in January and 18 in February, thanks to substantial rainfall in the past seven weeks. The ongoing drought has prompted the ACP to lower the maximum draft for its larger locks and cut daily transit numbers by more than 40%, leading to a diversion of maritime traffic. Many ships are now opting for longer routes, either via Cape Horn or the Suez Canal. The latter, however, has faced its own challenges in recent months due to Houthi attacks on commercial sea traffic in the southern Red Sea.
17-January-2024
Tokyo Stock Exchange-listed Japanese shipping giant MOL’s (Mitsui O.S.K. Lines) dry bulk subsidiary MOL Drybulk is currently focusing on growth opportunities in the project cargo trade after experiencing the benefits of consolidating various independent dry bulk businesses into a single entity. This consolidation effort was initiated by the Japanese shipping giant Mitsui OSK Lines (MOL), which formed MOL Drybulk in April 2021. The new entity combines Japanese shipping giant MOL’s (Mitsui O.S.K. Lines) small and medium-sized bulker business with its woodchip carrier division and its near-sea bulker operation, previously known as MOL Kinkai. As a result, MOL Drybulk is now seeking expansion in specific areas, with a particular emphasis on the project cargo trade. This strategic move reflects MOL Drybulk’s pursuit of growth opportunities and increased efficiency within the dry bulk shipping sector.
17-January-2024
Tufton Oceanic Assets is gearing up for a strategic shift in its operations by the end of the decade, but in the near term, it plans to focus on fleet renewal through the acquisition of secondhand ships. The London-listed shipowning fund, Tufton Oceanic, has experienced robust performance since its initial public offering (IPO) in 2017. This success has been achieved in line with its original objectives, even in the face of challenges such as the COVID-19 pandemic, geopolitical events, and the impact of inflation. As part of its near-term strategy, Tufton Oceanic Assets intends to acquire fuel-efficient vessels to renew its fleet. However, the company is signaling a significant shift in its strategy towards the end of the decade, reflecting its proactive response to the evolving dynamics and sustainability requirements within the maritime industry.
16-January-2024
Athens-based shipowner and operator Bulkseas Marine Management S.A., a company controlled by the Meimetis family known for its expansion efforts, has continued to grow its fleet with the acquisition of its third mid-size bulk carrier within six months. Stavros Meimetis, theBulkseas Marine Management S.A.’s principal, confirmed the purchase of the MV Kavala, an 83,000 deadweight tons (DWT) kamsarmax bulk carrier built in 2009, from Greek peer Chronos Shipping.MV Kavala, constructed by Sanoyas, is slated to undergo its special survey (SS) over the coming months and was reportedly acquired for a price in the range of $16.1 million. This acquisition aligns with Bulkseas Marine Management’s ongoing fleet expansion strategy, reflecting their active presence and investments within the maritime industry.
16-January-2024
London Stock Exchange-listed shipping fund Tufton Oceanic Assets Limited (TOAL) is exploring the possibility of selling its vessels by the end of the decade as the shipping industry shifts toward decarbonization. The London-listed fund, managed by Tufton Investment Management, has been contemplating its near-term future in light of these changes. It intends to begin divesting its portfolio of vessel assets starting in 2028, concluding towards the end of the decade. While Tufton Oceanic Assets may be dissolved, there are plans for a new Tufton-backed venture to take its place. This potential transition reflects Tufton’s strategic response to the evolving landscape of the shipping industry, which is increasingly focused on low-carbon and sustainable shipping solutions.
16-January-2024
The Red Sea has seen a recent increase in attacks, with the Athens-managed bulk carrier MV Zografia being the latest target. This Maltese-flagged supramax bulk carrier, built in 2010 with a 56K DWT capacity and carrying 24 crew members, was attacked near Yemen, approximately 122 km northwest of al-Saleef, while navigating northbound through the southern Red Sea. The United Kingdom Maritime Trade Operations (UKMTO) reported that the MV Zografia was struck in the cargo hold by an unidentified object. The vessel, owned by Vulcanus Technical Maritime Enterprises based in Athens, experienced minor damage, but thankfully, there were no injuries reported among the crew. It is noted that the Houthis have been actively targeting vessels since November, specifically those they believe are Israeli-owned, flagged, or operated, or, as in the case of the unladen MV Zografia, heading towards Israeli ports.
15-January-2024
Greek maritime tycoon George Economou is escalating his conflict with the Palios family by revealing a plan to oust most board members of the dry bulk firm OceanPal, an Athens-based, New York-listed shipowning and operating company. Holding a 10.1% share in Diana Shipping’s (DSX) offshoot OceanPal through his investment entity Sphinx, George Economou is pushing for the removal of five of the seven current board members. His proposal to the US Securities and Exchange Commission (SEC) includes the nomination of two of his own candidates for OceanPal’s forthcoming annual shareholder meeting. This strategy specifically aims at Semiramis Paliou, the daughter of esteemed shipowner Simeon Palios, among four other directors, urging shareholders to call for their resignation. Notably, Nikolaos Veraros and Ioannis Zafirakis are exempt from George Economou’s scheme. He is, however, promoting John Liveris, a former chairman of OceanFreight and ex-board member of Ocean Rig, and Georgios Kokkodis, previously associated with Ocean Rig and Economou’s DryShips, for board positions. This move is a continuation of George Economou’s August 2023 venture into Palios family-associated shipping ventures when he invested in aframax tanker company Performance Shipping. The growing conflict led George Economou to first seek a board seat at Performance Shipping with Liveris as his proposed candidate, then to call for the resignation of four directors including CEO Andreas Michalopoulos, and ultimately to make a cash tender offer to take over the US-listed tanker firm. George Economou’s stake in Athens-based New York-listed shipowner and operator OceanPal, amounting to 9.1% and valued at around $563,000, was disclosed in September 2023, but his intentions were only clarified with the recent SEC filing. As of now, George Economou has invested about $740,000 in Nasdaq Stock Market (Nasdaq)-listed OceanPal, Diana Shipping’s (DSX) new separate sister company, a company with a fleet estimated to be worth approximately $60 million.
15-January-2024
Greek shipping magnate George Economou is intensifying his dispute with the Palios family, recently unveiling a strategy to remove the majority of board members at the dry bulk company Athens-based New York-listed shipowner and operator OceanPal. Economou, who currently holds a 10.1% interest in Diana Shipping’s spinoff OceanPal, acquired through his investment firm Sphinx, is advocating for the replacement of five out of seven current board members. Greek shipping magnate George Economou’s proposal, submitted to the US Securities and Exchange Commission (SEC), suggests two of his nominees for the upcoming annual stockholders’ meeting. This move particularly targets Semiramis Paliou, daughter of renowned shipowner Simeon Palios, and four other directors, while suggesting the stockholders demand their resignation. However, directors Nikolaos Veraros and Ioannis Zafirakis are not included in George Economou’s plan. Instead, he is pushing for board positions for John Liveris, former chairman of OceanFreight and past board member of Ocean Rig, and Georgios Kokkodis, with past associations with Ocean Rig and George Economou’s DryShips. This action follows George Economou’s initial foray into Palios family-linked shipping companies in August 2023 with his investment in aframax tanker firm Performance Shipping. The subsequent escalating tensions led to George Economou seeking a board position at Performance Shipping, proposing Liveris as a candidate, demanding resignations from four directors including CEO Andreas Michalopoulos, and finally making a cash tender offer to gain control of the US-listed tanker company. George Economou’s involvement in OceanPal became public in September 2023 when he purchased a 9.1% stake, though his motives were not immediately clear until the recent US Securities and Exchange Commission (SEC) filing. To date, Greek shipping magnate George Economou has invested approximately $740,000 in New York-listed shipowner and operator OceanPal, whose fleet is valued at about $60 million.
15-January-2024
Alpha Omega Marine, a Singapore-based investment firm founded by prominent Greek shipping figures, has acquired its first vessel, the 2013-built ultramax bulk carrier MV As One (ex MV Marlin V), constructed in Japan. This purchase was made in partnership with Cargill Ocean Transportation. The company’s objective is to invest in high-quality assets under specific market conditions that offer the potential for double-digit returns while maintaining a low risk of residual value loss. The management team of Alpha Omega Marine includes Vasileios Pateras, representing the third generation of the Pateras family, a lineage of shipowners hailing from Oinnouses Chios, and Thanos Pasialis, who began his career with an Athens-based shipowner, later transitioning to brokerage roles at SSY and most recently at Ifchor in Singapore.
14-January-2024
The recent surge in maritime hostilities in the Red Sea has claimed another vessel, this time the 2010-built, 56K DWT supramax bulk carrier MV Zografia, owned by Athens-based Vulcanus Technical Maritime Enterprises. This Maltese-flagged vessel, carrying 24 crew members, was assaulted off the coast of Yemen while navigating northbound through the southern Red Sea, approximately 122 km northwest of al-Saleef, as reported by security consultancy Ambrey. The United Kingdom Maritime Trade Operations (UKMTO) has disclosed that an unidentified object struck the MV Zografia’s cargo hold. Despite the attack, the MV Zografia incurred only minor damages and there were no injuries reported among the crew. The Houthis have been escalating their attacks on vessels since November 2023, targeting ships they allege to be Israeli-owned, flagged, or operated, or in instances like the unladen supramax bulk carrier MV Zografia, those en route to Israeli ports. This incident follows closely on the heels of last week’s US and UK strikes against Houthi forces, after which a bulker operated by the US-based Eagle Bulk Shipping also came under missile fire in the Gulf of Aden.
10-January-2024
Athens-based New York-listed shipowner and operator Diana Shipping (DSX) has successfully negotiated an extension of its time charter contract for the 2012-built, 98K DWT post-panamax bulk carrier MV Amphitrite. The charter extension agreement is with Antwerp-based shipowner and operator Cobelfret Bulk Carriers CLdN. The original charter for the MV Amphitrite, which began on November 10, 2022, was initially set to secure the MV Amphitrite to Cobelfret Bulk Carriers CLdN until at least December 1, 2023, and at most until February 15, 2024. However, under the terms of the new agreement, the gross charter rate will be $12,250 per day for the first 30 days and then increase to $15,000 per day for the remaining duration of the charter. This extended time charter is scheduled for a period running until at least November 15, 2024, and up to a maximum of January 15, 2025. The new charter period for the 2012-built, 98K DWT post-panamax bulk carrier MV Amphitrite is expected to start on January 12, 2024. The extension is projected to generate approximately $4.46 million in gross revenue for Diana Shipping, based on the minimum scheduled period of the time charter. Currently, Athens-based Semiramis Paliou-led shipowner and operator Diana Shipping (DSX) owns and operates 40 bulk carriers, including four (4) newcastlemax bulk carriers, nine (9) capesize bulk carriers, five (5) post-panamax bulk carriers, six (6) kamsarmax bulk carriers, seven (7) panamax bulk carriers, and nine (9) ultramax bulk carriers. Collectively, these vessels have a combined carrying capacity of about 4.5 million DWT, with the fleet having a weighted average age of 10.55 years. This charter extension reflects Diana Shipping’s (DSX) ongoing commitment to maintaining and optimizing its fleet operations in the global dry bulk shipping market.
10-January-2024
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S acquired capesize bulk carrier. The Athens-based Transmed Maritime Ltd has successfully finalized the sale of a significant asset in its fleet, the 2023 built 182K DWT MV Capt Tasos, to the Copenhagen-based Dampskibsselskabet DS Norden A/S. This transaction is a notable expansion for DS Norden’s dry bulk portfolio, illustrating the company’s strategic growth in this sector. Under the leadership of Jan Rindbo, DS Norden invested over $70 million to acquire the MV Capt Tasos from Transmed Shipping Ltd. Constructed at Japan’s Namura shipyard and delivered in October, this vessel represents DS Norden’s increasing commitment to the capesize segment. The addition of MV Capt Tasos brings the company’s capesize fleet to five, since it first ventured into this segment in March 2023 with the purchase of four ships built between 2011 and 2012. Despite a significant reduction in its owned dry cargo fleet in 2022, DS Norden managed to maintain a fleet of seven bulkers by the end of the year. The company is preparing for the departure of the 2015-built kamsarmax MV Nord Beluga from its fleet. Nonetheless, DS Norden is actively reinforcing its position in the dry bulk market. In a strategic move in June 2023, the company placed an order for six ultramax bulk carriers with Dalian COSCO KHI Ship Engineering (DACKS), scheduled for delivery within the next two to three years. These decisions by DS Norden demonstrate a focused and proactive approach to enhancing and diversifying its dry bulk shipping operations, strategically positioning the company to capitalize on emerging opportunities in the global shipping market.
10-January-2024
Transmed Maritime Ltd, based in Athens, has recently completed the sale of a capesize bulk carrier, the 2023 built 182K DWT MV Capt Tasos, to Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S. This acquisition marks a significant addition to Dampskibsselskabet DS Norden A/S’s expanding dry bulk portfolio. Led by Jan Rindbo, shipowner and operator Dampskibsselskabet DS Norden A/S has invested over $70 million in purchasing the MV Capt Tasos from Transmed Shipping Ltd. MV Capt Tasos, which was delivered from Japan’s Namura shipyard in October, signifies Dampskibsselskabet DS Norden A/S’s growing commitment to the capesize segment. The MV Capt Tasos is Dampskibsselskabet DS Norden A/S’s fifth capesize bulk carrier since the company first entered this market segment in March 2023 with the acquisition of four ships built between 2011 and 2012. Despite reducing its owned dry cargo fleet significantly in 2022, Dampskibsselskabet DS Norden A/S held seven bulkers by the end of the year. Dampskibsselskabet DS Norden A/S is set to see the 2015-built kamsarmax MV Nord Beluga exit its fleet. However, Dampskibsselskabet DS Norden A/S is actively increasing its presence in the dry bulk sector. In June 2023, the company ordered six ultramax bulk carriers from Dalian COSCO KHI Ship Engineering (DACKS), with deliveries scheduled over the next two to three years. These strategic moves by Dampskibsselskabet DS Norden A/S reflect a deliberate effort to bolster and diversify its dry bulk shipping capabilities, positioning the company to take advantage of market opportunities in this sector.
6-January-2024
In a recent maritime incident, Indian Navy commandos successfully intervened and regained control of a bulker that had been hijacked by suspected pirates off the coast of Somalia. This operation resulted in the safe rescue of the crew, which included 15 Indian seafarers. The vessel, the MV Lila Norfolk, is a 170K DWT capesize bulk carrier owned by Lila Global and was built in 2006. It was targeted by a group of five or six armed individuals on Thursday while it was navigating the open Arabian Sea, approximately 450 nautical miles off the Somali coast. This incident marks a resurgence of piracy activities in the Indian Ocean, an area that had seen a decline in such incidents over the past several years. The successful intervention by the Indian Navy in this situation highlights ongoing security challenges in international waters and the need for vigilance against piracy threats in the region.
5-January-2024
The Indian Navy successfully thwarted an attempted hijacking of the Liberian-flagged capesize bulk carrier MV Lila Norfolk in the Arabian Sea. The incident occurred approximately 460 nautical miles off the coast of Somalia on January 4, when MV Lila Norfolk was boarded by six armed individuals. In response, the Indian Navy dispatched the warship INS Chennai and a naval aircraft to aid the 170K DWT capesize bulk carrier MV Lila Norfolk. On the morning of Friday, Indian Navy personnel established contact with MV Lila Norfolk. They reported that all 21 crew members of the MV Lila Norfolk were rescued safely. The navy found no pirates on board following their interception of the vessel. It is believed that the pirates abandoned their hijacking attempt due to the forceful warning issued by the Indian Navy and the imminent threat of interception by the naval warship. MV Lila Norfolk, which is operated by Dubai-based Lila Global, the ship owning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, was en route to Khalifa bin Salman in Bahrain at the time of the incident. Steve Kunzer, CEO of Lila Global, expressed gratitude towards the Indian Navy and other agencies involved in the rescue operation, including Capt Rohit Bajpai, director of IFC-IOR, and officials of DG Shipping. He also commended the professionalism of the crew for their safe and responsible reaction under the circumstances. Kunzer promised further updates as more information becomes available. This incident is part of a recent resurgence in piracy activities off the coast of Somalia. While piracy in the region was highly prevalent from 2008 to around 2012, it had been dormant for approximately five years. However, recent reports indicate an increase in hijacking attempts, with Somali pirates targeting various vessels, including dhows, and subsequently demanding ransoms for kidnapped crew members.
4-January-2024
Lars-Christian Svensen has been officially appointed as the permanent chief executive of Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL), following his tenure as the interim head since June of the previous year. This decision was made after Lars-Christian Svensen initially stepped in from his role as the Chief Commercial Officer (CCO). The appointment is backed by John Fredriksen, a prominent figure in the shipping industry. Ola Lorentzon, the chairman of Golden Ocean Group (GOGL), expressed the BOD’s (Board of Directors) satisfaction with Lars-Christian Svensen’s performance as interim CEO, highlighting their confidence in Lars-Christian Svensen’s ability to enhance shareholder value for the Golden Ocean Group (GOGL). Prior to his interim CEO role, Lars-Christian Svensen served as the CCO of Golden Ocean from December 2020. Lars-Christian Svensen’s extensive experience in the maritime sector includes senior positions such as the Senior Vice President in Norway and the President of US trading activities in Seattle for Western Bulk. Additionally, Lars-Christian Svensen has held roles as a downstream analyst for Petredec and a tanker shipbroker for Cmarine Services in Singapore. Upon his official appointment, Lars-Christian Svensen expressed his gratitude to the Golden Ocean Group (GOGL) BOD (Board of Directors) for their trust and support. Lars-Christian Svensen emphasized his commitment to driving Golden Ocean Group (GOGL) forward and maintaining its status as an industry leader. Golden Ocean Group (GOGL), which is listed on both the Nasdaq and Oslo stock exchanges, operates a fleet of over 90 ships.
4-January-2024
Bergen-based Grieg Green, a specialist in ship recycling within the Grieg Maritime Group, has recently acquired a majority stake in ReFlow, a Danish company known for its expertise in lifecycle emissions analysis. ReFlow has developed a notable digital platform that enables maritime businesses to document the carbon footprint of their products. This tool aids in making environmentally conscious and data-driven decisions across various stages of the maritime value chain, including raw material procurement, equipment selection, vessel design, fuel choices, operations, upgrades, retrofits, and end-of-life strategies. Looking ahead, Norwegian ship owner and operator Grieg Maritime Group’s subsidiary Grieg Green and ReFlow plan to collaborate on developing new digital services. Their joint efforts will provide shipowners with essential information and tools for sustainable decision-making. This collaboration will focus on aspects such as vessel design, decarbonization, optimization, and end-of-life planning. Grieg Green highlighted the complementary nature of the partnership in a statement. They pointed out that combining ReFlow’s lifecycle assessments, which cover the design, build, and operational stages of vessels, with Grieg Green’s recycling and site auditing expertise, along with their practical maritime experience, positions them as a leader in maritime lifecycle data and advisory services. Under the terms of the deal, Norwegian ship owner and operator Grieg Maritime Group’s subsidiary Grieg Green has taken a 51% stake in ReFlow for an undisclosed amount. Pia Meling, Managing Director of Grieg Green, will take on the role of chair, joined by Vidar Lundberg of the Grieg Maritime Group on the board. Rasmus Elsborg-Jensen, the founder of ReFlow, will continue his leadership as the CEO.
4-January-2024
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) has announced a significant shift in its executive leadership with the appointment of Ørjan Lunde as the new CEO (Chief Executive Officer). Ørjan Lunde assumed the CEO position on January 1, taking over from Geir Mjelde, who had been at the helm of the company since June 2019. Geir Mjelde will continue to serve Kristian Gerhard Jebsen Skipsrederi AS (KGJS) in a transitional capacity until the end of May 2024. Before stepping into the CEO role, Ørjan Lunde was the Chief Financial Officer of Kristian Gerhard Jebsen Skipsrederi AS (KGJS), a position he had held since August 2019. To fill the vacancy in the CFO position, Bergen-based shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) has promoted Torstein Bruvik, who has been a part of the company since 2014 as the VP of Finance and Treasury. Hans Peter Jebsen, the owner and chairman of Kristian Gerhard Jebsen Skipsrederi AS (KGJS), expressed his satisfaction with Ørjan Lunde’s appointment, citing his proven skills in change management and strategic planning from his previous role. Jebsen also conveyed his gratitude to Geir Mjelde for his contributions to Kristian Gerhard Jebsen Skipsrederi AS (KGJS) over the years and extended best wishes for his future endeavors. In his response to the appointment, Ørjan Lunde expressed excitement about his new role and conveyed his eagerness to expand the Kristian Gerhard Jebsen Skipsrederi AS’s (KGJS) dry bulk activities. Ørjan Lunde also emphasized the strength and capability of the team in Bergen, indicating a positive outlook for the company’s future under his leadership.
4-January-2024
Maersk Broker, a prominent ship brokerage based in Copenhagen and established in 1914, has recently undergone a significant transformation through a management and employee buyout, separating from its long-time owners, the Mc-Kinney Møller family. Following this buyout, the company will now operate under a new identity, MB Shipbrokers. In a statement shared on social media, Maersk Broker emphasized that this change in ownership aims to honor the company's century-old legacy and ensure its long-term position in the industry. This move also puts to rest previous speculations about a potential takeover by Clarksons. Maersk Broker assures that its operations will continue as usual, with no expected changes in its day-to-day business activities. Kristian Mørch, the chairman of Maersk Broker, commented on the buyout, noting that the owners and board of directors have been considering various ownership structures to keep the company robust for the future. Recognizing the dedication of the management and employees to uphold the legacy and values that have been key to Maersk Broker's success over generations, Mørch expressed confidence that this new ownership is well-suited to guide the company toward continued success in the coming decades. Since its inception, Maersk Broker has been privately owned by the Mc-Kinney Møller family. Today, it maintains a global presence with offices in major shipping centers and employs nearly 250 people.
4-January-2024
The Singapore High Court has directed Athens-based shipowner and operator Nicholas G Moundreas’s (NGM) subsidiary NGM Energy SA, to pursue its $112.3 million collision claim in a Chinese court. This decision confirms the jurisdiction of Chinese law for the dispute involving a suezmax tanker collision. The case, which has been ongoing in Singapore since October 2022, initially saw the arrest of the 2005 built handysize bulk carrier 35K DWT MV G Harmony and affiliated with Glory Ships’ subsidiary, Sea Justice Ltd. Symphony Shipholding, an entity connected to NGM Energy and the registered owner of the 2001 suezmax tanker 150K DWT MT A Symphony had arrested the MV G Harmony as part of its efforts to secure the $112.3 million claim. However, with this ruling, the case will no longer be heard in Singapore and must be litigated in China.
4-January-2024
Harald Solberg has announced his decision to resign as the Chief Executive Officer of the Norwegian Shipowners’ Association, a role he has held for six years. Harald Solberg is set to take on a new position at The Federation of Norwegian Industries. The Norwegian Shipowners’ Association, established in 1909 and comprising around 160 member companies, will be seeing this leadership change after Harald Solberg’s impactful tenure. The association’s board, led by Synnve Seglem, the deputy CEO of Knutsen OAS Shipping, has already initiated the search for a new chief executive. However, Harald Solberg will continue to lead the association for the next six months or until a suitable successor is appointed. Harald Solberg’s journey with the Norwegian Shipowners’ Association began in January 2018 when he became the CEO. Before this, Harald Solberg served as chief of the Royal Secretariat from June 2016 to 2017. Harald Solberg’s association with the Norwegian Shipowners’ Association dates back further, having been the deputy CEO from 2015 to 2016 and the director of Industrial Policy and Communication from 2011 to 2015. Reflecting on his tenure, Harald Solberg expressed pride in the Norwegian shipping industry’s leadership in adopting new technologies and solutions to reduce emissions. Harald Solberg highlighted the members’ commitment across various segments to invest in zero-emission solutions for the future. Under Harald Solberg’s leadership, the Norwegian Shipowners’ Association has been instrumental in advocating for favorable and competitive conditions for shipping and the maritime industry in Norway. Harald Solberg also noted the broad political consensus in Norway on maintaining the country’s status as a leading maritime nation.
4-January-2024
In a historic move, the Copenhagen-based BIMCO (Baltic and International Maritime Council) has named Stinne Taiger Ivo as its first female deputy secretary general. She officially began her role on January 1, 2024, joining the ranks of current deputy secretary generals Lars Robert Pedersen, Michael Lund, and Soren Larsen. Larsen, who currently oversees BIMCO’s (Baltic and International Maritime Council) contractual work, is set to retire in May. The BIMCO’s (Baltic and International Maritime Council) secretary general and chief executive is David Loosley. In her new position, Stinne Taiger Ivo will focus on contracts and clauses, playing a crucial role in BIMCO’s (Baltic and International Maritime Council) dealings within the shipping industry. This includes significant involvement with the BIMCO (Baltic and International Maritime Council) and the European Union. Prior to this appointment, Stinne Taiger Ivo served as Bimco’s director of contracts and support since 2022. Stinne Taiger Ivo’s extensive background in the maritime sector includes a role as the head of the claims department at marine insurer Skuld and a position at Danish Shipping, the shipowners’ association of Denmark.
3-January-2024
The mining corporation Vale is supporting the second-ever order for dual-fuel Very Large Ore Carriers (VLOCs), with indications that the methanol-powered Guaibamax bulk carriers will be used for Vale’s shipments. Cosco Shipping Bulk has placed an order for two of these methanol dual-fuel VLOCs. These carriers, each with a capacity of 325,000 DWT and fueled by methanol, will be constructed by Cosco Shipping Heavy Industry Yangzhou. This makes Chinese shipping giant Cosco Shipping’s arm Cosco Shipping Bulk the second entity to commission methanol dual-fuel VLOCs. The first company to do so was Shandong Shipping, which arranged for the construction of four new ships at Qingdao Beihai Shipbuilding Heavy Industry, backed by charter agreements with the Brazilian mining titan Vale.
3-January-2024
Singapore-based shipowner and operator Eastern Pacific Shipping (EPS) is increasing its investment in environmentally friendly shipping by ordering four more ammonia dual-fuel newcastlemax bulk carriers. This move aligns with the growing demand from companies like BHP and Rio Tinto, who are currently in the market for up to six newcastlemax bulk carriers for iron ore transportation. Idan Ofer-led shipowner and operator Eastern Pacific Shipping (EPS), known for its focus on steel transportation, is reportedly expanding its significant order book with these new dual-fuel bulk carriers. According to shipbrokers, Eastern Pacific Shipping (EPS) has revisited Qingdao Beihai Shipbuilding Heavy Industry in China to commission these 210,000 DWT ammonia dual-fuel newcastlemax bulk carriers, which are presumably optional additions to their existing orders. This latest agreement brings Eastern Pacific Shipping’s total number of similar ammonia dual-fuel ships ordered from Qingdao Beihai Shipbuilding Heavy Industry to ten.
3-January-2024
John Fredriksen has selected a new permanent leader for the bulk Bermuda-registered Norway-based dry bulk shipping company Golden Ocean Group (GOGL). Oslo and Nasdaq-listed shipowner and operator Golden Ocean Group (GOGL) has officially appointed Lars-Christian Svensen as its new CEO (Chief Executive Officer). This appointment took effect from January 1, 2024. Lars-Christian Svensen had been serving as the interim CEO since June of the previous year, following the departure of Ulrik Andersen from the position. The Board of Directors of Golden Ocean expressed their satisfaction with appointing Lars-Christian Svensen, recognizing his competencies and performance during his tenure as the interim CEO.
3-January-2024
Airbus has shown support for Paris-based shipowner and operator Louis-Dreyfus Armateurs (LDA) in their project involving new roll-on/roll-off (ro-ro) ships, which will incorporate wind assistance for transporting aircraft components from France to the United States. Philippe Louis-Dreyfus-led Louis Dreyfus Co’s (LDC) subsidiary Louis-Dreyfus Armateurs (LDA) has secured a contract with China’s Wuchang Shipbuilding Industry Group for the construction of three new ro-ro vessels. These ships were ordered by Louis-Dreyfus Armateurs’ (LDA) subsidiary, LD Seaplane, as reported by Chinese news outlets. While the specific capacity of these new ro-ro ships has not been revealed, it is understood that they will be larger than the existing ro-ro ships in Louis-Dreyfus Armateurs’ (LDA) fleet.
3-January-2024
Seacoast Shipping Services, a company based in India, has recently expanded its fleet by acquiring a multipurpose cargo vessel with a 19K DWT for around $6 million. The MPP ship, named MV Bharadwaj, is a 20-year-old ship originally constructed by Higaki Zosen Koura in Japan. Currently, the MV Bharadwaj is docked at Qatar Port, where it is undergoing inspection and the necessary processes for a change of flag. The completion of this procedure is expected by January 15, 2024. Prior to this acquisition, Seacoast Shipping Services had planned a buyback of shares. However, due to the significant financial outlay required for the purchase of MV Bharadwaj, along with the need for additional working capital, the company has decided to postpone the share buyback initiative for the time being. This decision indicates a strategic shift in the company’s focus towards expanding and updating its fleet, prioritizing investment in assets over share repurchase.
2-January-2024
Greek maritime tycoon George Economou has recently shown interest in the US dry bulk company, Genco Shipping & Trading (GNK), a New York-listed shipowner and operator. Economou, a prominent figure in the shipping industry, has acquired a 5.4% stake in Genco Shipping & Trading, known for its sizable fleet of over 40 bulk carriers, including capesize, ultramax, and supramax bulk carriers. This investment was disclosed in a filing to the US Securities and Exchange Commission (SEC), where it was revealed that George Economou’s investment entity, GK Investor, along with managing affiliates Sphinx Investment and Maryport Navigation, collectively hold about 2.3 million shares in Genco Shipping & Trading (GNK). This move is part of a series of significant investments made by George Economou this year, including stakes in Performance Shipping, OceanPal, and Seanergy Maritime, linked to the Palios family and Stamatis Tsantanis, respectively. Genco Shipping & Trading (GNK), despite reporting a $32 million loss in the Q3 2023, declared its seventeenth consecutive dividend of $0.15 per share. In December 2023, Genco Shipping & Trading (GNK) secured a substantial financial boost with a $500 million revolving credit facility. This arrangement not only increased its borrowing capacity by over $150 million but also offered reduced interest costs and an extended maturity profile. With current revolver availability of $290 million, Genco Shipping & Trading (GNK) aims to pursue growth opportunities and advance its fleet renewal strategy. The Manhattan-based Genco Shipping & Trading (GNK) has also been active in fleet expansion and renewal. It recently added two scrubber-fitted capesize bulk carriers, MV Genco Reliance and MV Genco Ranger, for approximately $86 million, and confirmed the sale of its 2009-built capesize bulk carrier, MV Genco Commodus, scheduled for delivery to an unnamed buyer in January 2024.
2-January-2024
Vitol, a prominent commodity trading company headquartered in Switzerland, has recently restructured its shipping operations by consolidating all its shipping activities under a single Singapore-based entity. The newly formed company is named Vitol International Shipping and will be headed by Kit Kernon, who currently serves as Vitol’s head of shipping. This integration involves rebranding Mansel, Vitol’s existing shipping company based in Singapore, to Vitol International Shipping. Despite this consolidation, there will be no changes to LSC, Vitol’s technical ship management company. LSC will continue its operations from Riga, Latvia, maintaining its existing structure and function. Vitol is recognized as one of the world’s largest spot charterers, managing approximately 6,000 sea voyages each year. This consolidation move is likely aimed at streamlining operations and enhancing efficiency in its vast shipping activities, reflecting Vitol’s strategic focus on optimizing its global maritime logistics.
1-January-2024
Taiwanese shipowner and operator Wisdom Marine Lines Co Ltd has partnered with the Singapore-based Synergy Marine Group, a major player in ship management, to create a joint venture named Wisdom Synergy Ship Management (WSSM). Based in Singapore, WSSM also operates key centers in Taiwan and India, reflecting the global scope of this collaboration. This venture follows Wisdom Marine’s earlier decision to entrust a portion of its fleet management to Synergy Marine Group. Founded by James Lan in 1999, Wisdom Marine, headquartered in Taipei, boasts ownership of over 100 bulk carriers. The formation of WSSM marks a significant step for Wisdom Marine, aiming to enhance the operational safety and efficiency of its fleet. This initiative also emphasizes the company’s dedication to sustainable practices and the welfare of its crew, as highlighted by Wisdom Marine’s CEO, James Lan. Synergy Marine Group, which manages an impressive fleet of over 650 ships, views the partnership with Wisdom Marine as a prestigious alliance. This strategic collaboration between Wisdom Marine Group and Synergy Marine Group is rooted in mutual respect and shared objectives, symbolizing a strong commitment to excellence and innovation in the global shipping industry.