30-June-2024
Shanghai-listed China Merchants Energy Shipping (CMES) continues to aggressively expand its fleet, marking its second newbuilding contract in just two weeks. This time, CMES, through its subsidiary Ming Wah Shipping, has contracted Qingdao Yangfan Shipbuilding to construct two newcastlemax bulk carriers, each with a capacity of 210K DWT. These vessels are scheduled for delivery starting in the second quarter of 2027. The latest orders underscore China Merchants Energy Shipping’s (CMES’s) strategic commitment to enhancing its bulk carrier capabilities, with the total expenditure for this ship type now reaching an impressive $752.5 million. This move is indicative of China Merchants Energy Shipping’s (CMES’s) intention to capitalize on the growing demand in the bulk shipping sector, possibly driven by increasing global commodity flows and the company’s plans to modernize its fleet with more efficient and larger capacity vessels. These acquisitions by one of China’s top-tier shipowners highlight the continued confidence in the bulk shipping market and align with China Merchants Energy Shipping’s (CMES’s) long-term growth and expansion strategy. The investment in newcastlemax vessels, known for their large size and efficiency in transporting coal and iron ore, positions China Merchants Energy Shipping (CMES) to better serve major trade routes and clients in the commodities sector. This strategic expansion also reflects the broader trends in the maritime industry, where significant investments are being made in newbuilds to comply with newer environmental regulations and to take advantage of technological advancements in shipbuilding. By updating its fleet with these large, efficient vessels, Shanghai-listed shipowner China Merchants Energy Shipping (CMES) is set to enhance its competitive edge in the international shipping market.
30-June-2024
Hong Kong-based, Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited is making a significant return to the shipbuilding market with the placement of an order for two new 63K DWT ultramax bulk carriers. These vessels, contracted from Jiangsu Hantong Ship Heavy Industry, mark a strategic pivot in Jinhui Shipping and Transportation Limited’s approach to expanding and modernizing its fleet. Each ultramax bulk carrier is priced at approximately $34 million, signaling a substantial investment by Jinhui Shipping and Transportation Limited into enhancing its operational capabilities and fleet efficiency. This move comes after a period during which Jinhui Shipping had focused on chartering and acquiring secondhand vessels. The decision to order newbuilds reflects a renewed commitment to fleet growth and rejuvenation, ensuring the company remains competitive in the global shipping industry. By choosing Jiangsu Hantong Ship Heavy Industry for this endeavor, Jinhui Shipping leverages the shipbuilder’s renowned expertise and technological advancements, promising a significant upgrade in vessel performance and efficiency. This investment not only supports Jinhui Shipping’s growth objectives but also aligns with broader industry trends towards newer, more environmentally friendly ships amid increasing regulatory demands. This strategic order will likely enhance Jinhui Shipping and Transportation Limited’s service offerings, improve its market positioning, and strengthen its ability to meet the evolving demands of international maritime commerce.
30-June-2024
Varna-based shipowner and operator Industrial Holding Bulgaria Shipping (IHB Shipping) has made a strategic move in the shipping industry by ordering three ultramax bulk carrier newbuildings from New Dayang Shipbuilding Co. Ltd, a prominent shipbuilding arm of the state-run machinery manufacturer Sumec Group. This order marks a significant expansion for Industrial Holding Bulgaria Shipping (IHB Shipping) as it diversifies and grows its fleet. The three ultramax bulk carriers, designed under the Crown 63 Plus specification, represent an investment of approximately $104 million by Industrial Holding Bulgaria Shipping (IHB Shipping). These bulk carriers are scheduled for delivery in the fourth quarter of 2027 and the first quarter of 2028. This acquisition is a part of IHB Shipping’s ongoing efforts to modernize and expand its operational capabilities in the maritime sector. Currently, Industrial Holding Bulgaria Shipping (IHB Shipping) maintains a fleet consisting of two supramax bulk carriers and one handysize bulk carrier, all of which were constructed at Industrial Holding Bulgaria Shipping’s (IHB Shipping’s) own Bulyard shipbuilding facility. This new order signifies IHB Shipping’s commitment to strengthening its fleet with larger, more efficient vessels, likely to enhance their competitive edge in the global shipping market. The addition of the ultramax bulk carriers will not only augment Industrial Holding Bulgaria Shipping’s (IHB Shipping’s) capacity but also align with the company’s strategic goals of fleet renewal and improvement in operational efficiency. This move also underscores the growing relationship between Bulgarian shipping interests and prominent Asian shipbuilders, paving the way for future collaborations in maritime industry endeavors.
30-June-2024
India-based Delta Corp Holdings Limited, a prominent dry bulk operator and logistics group, is steadfast in its pursuit of going public despite the recent setback from a failed merger attempt. The company had previously planned a reverse merger with Coffee Holding, a Nasdaq-listed coffee roasting company, but the agreement, signed almost two years ago, fell through. The breakdown of the merger was attributed to a lack of sufficient support from Coffee Holding’s shareholders during a vote conducted in April, as explained by Delta Corp Holdings Limited’s CEO, Mudit Paliwal. In light of the unsuccessful merger, Delta Corp Holdings Limited remains determined to explore other avenues to achieve its goal of becoming a publicly traded entity. Although specific strategies have not been detailed, the company’s leadership emphasizes that they will “leave no stone unturned” in their efforts to go public. This commitment underscores Delta Corp’s resilience and adaptability in pursuing growth opportunities and enhancing its visibility and appeal to a broader investor base. The move towards an initial public offering (IPO) or finding another merger candidate could potentially open new financial channels and strategic partnerships for Delta Corp, facilitating further expansion and strengthening its position in the global logistics and dry bulk shipping sectors.
29-June-2024
The London-based hedge fund Albemarle Shipping Fund, under the leadership of founders Will Homan-Russell, Magnus Halvorsen, and Cato Stonex, has witnessed remarkable success, capitalizing on the recovery in the shipping industry. Since beginning its investments in January 2019, the fund has achieved a stunning 499% return, underscoring the efficacy of its strategic focus on the maritime sector. The substantial returns reflect the cyclical nature of the shipping industry, which has been experiencing a significant upswing in recent years. As Chief Investment Officer Will Homan-Russell remarked, “Shipping cycles like this come along infrequently. When they do you have to grab the opportunity by the horns.” This approach has evidently paid off, propelling the Albemarle Shipping Fund to achieve returns that are sixfold their initial levels, translating to approximately $200 million. The London-based hedge fund Albemarle Shipping Fund’s success story is particularly notable given the volatile nature of global shipping markets, which are influenced by a myriad of factors including geopolitical tensions, global trade flows, and economic cycles. The strategic decisions made by Albemarle Shipping Fund to invest during a period of recovery have allowed it to maximize gains during this upward trend in the shipping industry. The performance of Albemarle Shipping Fund not only highlights the potential for significant gains in niche markets like shipping but also underscores the importance of timing and expertise in hedge fund management. This achievement is likely to solidify the fund’s reputation and attract further interest from investors looking to capitalize on similar market dynamics.
28-June-2024
François Cadiou has stepped down as chairman of the Luxembourg-headquartered shipbroker Barry Rogliano Salles (BRS), concluding his tenure in the role he assumed four years ago. François Cadiou will be succeeded by Gilbert Walter, the current CEO of Barry Rogliano Salles (BRS). Walter, who has a background as a seafarer spanning 14 years, joined BRS in 1997 and ascended to the position of CEO in 2022. François Cadiou’s distinguished career with Barry Rogliano Salles (BRS) spans 34 years, during which he has played pivotal roles, including taking over the chairmanship after Tim Jones departed from the company. Although stepping down from the chairman position, Cadiou will continue to contribute to the Barry Rogliano Salles (BRS) group, particularly maintaining his involvement as a newbuilding shipbroker. This transition marks a significant leadership shift within Barry Rogliano Salles (BRS), positioning Gilbert Walter to steer the company forward, building on his extensive experience within the maritime sector and his deep understanding of the company’s operations and strategic direction.
28-June-2024
The Saverys family-led Belgian shipowner Bocimar is strategically capitalizing on the high demand in the bulk carrier market, particularly for large vessels. Recently, the company, a subsidiary of Compagnie Maritime Belge (CMB), successfully sold two 2012-built newcastlemax bulk carriers, MV Mineral Charlie and MV Mineral Maureen, for approximately $81.5 million combined. This sale marks the highest price achieved this year for newcastlemax bulk carriers of this age, indicating a robust market for large-sized ships among cash-rich owners. The vessels, each with a deadweight of 205K DWT, were constructed at the Agila Subic Shipyard. They have been a part of a strategic move by Bocimar to refresh its fleet with more advanced and environmentally friendly ships. As part of its ongoing fleet renewal program, Bocimar is preparing to integrate ammonia-fueled newcastlemax bulk carriers, each with a capacity of 210,000 DWT. These newbuildings are expected to enhance Bocimar’s operational efficiency and reduce its environmental footprint, aligning with global sustainability trends in maritime operations. Earlier in Q1 2024, Bocimar had also sold the 2021-built newcastlemax bulk carrier MV Mineral Qingdao, with a deadweight of 206K DWT, to Winning Shipping for around $55 million. This series of transactions underscores Bocimar’s proactive strategy in fleet management and its commitment to modernizing its operations to meet future market demands and regulatory standards.
28-June-2024
Beijing-based China Energy Shipping is gearing up for a substantial expansion in its fleet with plans to order up to 30 new bulk carriers. This move comes on the heels of acquiring 10 resale ultramax and secondhand supramax bulk carriers, indicating a significant strategic investment in bulk transport capabilities by one of China’s major shipowners. The decision to pursue such a large-scale order has reportedly received approval from its parent company, China Energy Investment Group, underscoring a robust commitment to capitalize on the current dynamics of the shipping industry. This development is particularly notable as it aligns with the broader trend of Chinese shipping giants aggressively entering the newbuilding market, a strategic shift aimed at renewing and expanding their fleets to meet global shipping demands and possibly to enhance their operational efficiency and environmental compliance. China Energy Shipping’s decision to invest heavily in newbuilds could be driven by several factors, including the need to replace older vessels with more technologically advanced and environmentally friendly ships, and to expand its capacity in anticipation of future growth in maritime trade. This planned investment not only highlights the company’s ambitious growth strategy but also signals confidence in the continued buoyancy of the global shipping market.
27-June-2024
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is significantly expanding its fleet with new orders for bulk carriers. Known primarily for its Sale and Purchase (S&P) activities in the secondhand market, Agricore Shipping ASL has contracted Jiangsu New Hantong Ship Heavy Industry for the construction of four 63K DWT ultramax bulk carriers. This move marks a strategic extension of their operational capabilities beyond their usual market engagements. Founded in 2016, Agricore Shipping ASL entered the shipowning sector when it purchased its first bulk carrier at an auction in October 2018. Since then, the company has actively participated in the market, with several notable acquisitions, including plans linked to the purchase of capesize bulk carriers in 2024. In addition to these endeavors, Agricore Shipping ASL has already made significant investments in new builds with two 82K DWT kamsarmax bulk carriers, which were ordered from the CSSC-affiliated Chengxi Shipyard in July 2023 for a total of $69 million. These vessels are scheduled for delivery in the first quarter of 2026. The latest deal with Jiangsu New Hantong Ship Heavy Industry involves an investment of approximately $34.5 million per ship, totaling around $138 million. The four new ultramax bulk carriers are expected to be delivered in the fourth quarter of 2026 and the first quarter of 2027, bolstering Agricore Shipping ASL’s fleet and enhancing its capacity to meet growing global shipping demands.
27-June-2024
Oslo Stock Exchange-listed Norwegian shipowner and operator Belships is significantly expanding its fleet with multiple acquisitions and new orders. The company, led by Lars Christian Skarsgård, has recently purchased a modern 64K DWT ultramax bulk carrier, constructed in Japan in 2024, for approximately $41 million. This vessel is scheduled for delivery in the first quarter of 2025. Further bolstering its growth strategy, Belships has added two more bulk carriers to its ongoing shipbuilding campaign at Japanese shipyards, bringing the total number of new building bulk carriers to 12. These latest vessels are expected to be delivered in the fourth quarter of 2027 and the first quarter of 2028, respectively. The financing structure for these 12 newbuildings mirrors that of previous vessels, utilizing time charter lease agreements lasting seven to ten years, coupled with purchase options during the charter period. Additionally, Belships has exercised a purchase option for the 2021 Imabari-built ultramax bulk carrier MV Belmar, planning to acquire it for around $25.5 million with ownership transfer expected in Q4 2024. In a move to streamline its fleet, Belships sold two 2016-built supramax bulk carriers to Pangaea Logistics Solutions for approximately $56.5 million in Q1 2024. Once all the new and existing orders are fulfilled, Belships's fleet is projected to comprise 41 ultramax bulk carriers, positioning it as a formidable player in the shipping industry with a significantly enhanced capacity to manage global bulk cargo operations.
27-June-2024
China Development Bank Financial Leasing has opted to sell the 2019 built kamsarmax bulk carrier 81K DWT MV BBG Qinzhou through an online auction instead of proceeding with its first SS (Special Survey). BBG Qinzhou was previously under a bareboat charter with Hong Kong-based shipowner and operator BG Shipping. The sale culminated with the kamsarmax bulk carrier MV BBG Qinzhou being acquired by undisclosed Chinese buyers for around $30 million. BG Shipping has confirmed that the MV BBG Qinzhou is leaving its fleet but has refuted reports suggesting the sale of any of its kamsarmax bulk carriers. The online auction started with a base bid of around $28 million, highlighting the use of digital platforms by Chinese leasing companies to efficiently manage and liquidate their maritime assets. This method is becoming increasingly popular among such entities as a way to streamline asset disposition and capitalize on market conditions.
27-June-2024
Cosco Shipping Bulk, the dry bulk arm of the Chinese shipping behemoth Cosco Shipping Lines, is making strategic moves by exploring its first newbuilding order in Japan in two decades. The company is actively seeking to contract a series of capesize bulk carriers, marking a significant shift in its procurement strategy, traditionally focused on domestic shipyards. Cosco Shipping Bulk has reached out to several Japanese shipyards, signaling a renewed interest in the Japanese maritime construction market. The company is enquiring about the availability of at least 10 shipbuilding slots specifically for 180K DWT capesize bulk carriers. This exploration has come as a surprise to the Japanese shipbuilding industry, which has grown accustomed to seeing Cosco favoring domestic options for its expansive fleet requirements. This strategic pivot towards Japanese shipyards could be indicative of Cosco Shipping Bulk’s broader objectives, possibly driven by technological advancements, competitive pricing, or specific capabilities offered by Japanese shipbuilders that align with Cosco’s operational needs and sustainability goals. This development is being closely watched by industry observers as it could herald a new era of Sino-Japanese cooperation in the maritime sector and influence future trends in global shipbuilding.
27-June-2024
Athens-based, Oslo over-the-counter (OTC) listed shipowner and operator Pioneer Marine has further expanded its fleet with the acquisition of the 2014-built supramax bulk carrier 56K DWT MV Myra Bay for approximately $19 million. MV Myra Bay, constructed by Jiangsu Hantong, was purchased from Weiye Shipping, marking another strategic addition to Pioneer Marine’s portfolio. Under the leadership of CEO Jim Papoulis and CFO Korinna Tapaktsoglou, the company now operates a fleet of 10 geared bulk carriers. Pioneer Marine was established in 2013 by Pankaj Khanna, the former CEO of DryShips Inc., with financial backing from a New York-based investment fund. Pioneer Marine was listed on the Norwegian OTC market a year later in 2014. In 2017, a shift in leadership saw Jim Papoulis and Korinna Tapaktsoglou taking the helm after replacing Pankaj Khanna. They have since propelled the Pioneer Marine’s growth, notably with the acquisition of eight additional bulk carriers from the existing fleet in 2021, supported by affiliated investors. This strategic expansion underlines Pioneer Marine’s commitment to strengthening its market position in the maritime industry.
27-June-2024
The Panama Canal Authority (ACP) has recently announced increases in both the maximum authorized draft and the number of daily transits through the canal. As of yesterday, the draft limit has been elevated by an additional 30 cm, reaching 14.3 meters, with plans to further increase it to 14.63 meters by July 11, 2024. Additionally, starting August 5, 2024, a new booking slot will be introduced for the neo-panamax locks, increasing the total daily transits to 35 ships per day. This expansion in capacity is largely driven by improved water levels in Gatun Lake, fueled by the onset of the rainy season in the Panama Canal watershed. However, despite these positive changes, water management continues to be a critical issue for both Panama and the canal’s operations. The country and the ACP are exploring potential solutions to enhance water sustainability. These include investigating alternative water sources among Panama’s 51 watersheds and lakes and initiating projects aimed at increasing water storage capacity. Such efforts are crucial not only for the canal’s functionality but also for ensuring water availability for Panama’s population. The focus on water resources management has become a national priority, especially following a severe drought since May 2023, which was recorded as the worst in Panama’s history. This drought forced the ACP to reduce the number of daily transits, highlighting the vulnerability of the canal to environmental changes. The importance of addressing water issues is also reflected in the political agenda of the incoming president, Jose Raul Mulino, who assumes office in July 2024 for a five-year term. One of his key initiatives is to propose legislation that would enable the construction of large water reservoirs to mitigate the impact of future droughts, ensuring the long-term operational sustainability of the Panama Canal.
26-June-2024
The robust profitability in the shipping sector is prompting shipowners to increasingly invest in newbuildings, despite facing rising ship construction costs. Strong cash flows from healthy shipping markets are fueling this trend, as companies look to capitalize on favorable market conditions by expanding and modernizing their fleets. The need for fleet renewal is a significant factor driving shipowners to the negotiating table with shipyards. As fleets age and new environmental regulations come into effect, there is a growing imperative to replace older vessels with newer, more efficient, and environmentally friendly models. This transition is essential not only for operational efficiency but also for compliance with international maritime regulations, which are becoming stricter in terms of emissions and environmental impact. Shipbrokers have observed an increase in the order book across all four primary vessel categories—bulk carriers, tankers, container ships, and gas carriers. This uptick indicates a widespread and strategic response from the shipping industry to renew fleets despite the financial burden of higher prices for new ships. The surge in new building orders is a testament to the industry’s resilience and its proactive stance in navigating global trade dynamics and regulatory challenges. In summary, while rising ship prices pose challenges, the compelling need for fleet modernization and strong market performance is driving a wave of new building orders across the maritime industry.
25-June-2024
Shanghai-listed China Merchants Energy Shipping (CMES) is bolstering its dry bulk fleet with the addition of eight newcastlemax bulk carriers from New Times Shipbuilding. Ming Wah Shipping, a Hong Kong-based subsidiary of China Merchants Energy Shipping (CMES), has finalized a contract with New Times Shipbuilding for the construction of eight 210K DWT newcastlemax bulk carriers equipped with scrubbers, totaling $606 million in costs. This initiative to build a new generation of large, environmentally-friendly bulk carriers aligns with China Merchants Energy Shipping’s (CMES) strategic objectives to enhance fleet optimization and advance green operational practices. Last year, China Merchants Energy Shipping (CMES) placed orders for new bulk carriers, with deliveries commencing from the first quarter of 2025, aimed at significantly upgrading the type and age profile of its fleet.
25-June-2024
The Athens-based shipping company Drydel Shipping, formerly known as Meadway Shipping and Trading (MST), has completed the sale of the 2018-built scrubber-fitted ultramax bulk carrier, 62K DWT MV Velvet. Led by Costas Dellaportas, Drydel Shipping will receive approximately $36 million from the sale of the MV Velvet. In 2022, Drydel Shipping acquired the Liberia-flagged MV Velvet (previously named MV Nord Baltic) from the Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S for about $36.8 million. Rebranded in February 2024, Drydel Shipping currently operates a fleet of 11 bulk carriers, including the ultramax bulk carrier MV Velvet, alongside 18 chartered-in bulk carriers and 10 newbuilds scheduled for delivery between the fourth quarter of 2024 and the first quarter of 2026. Recently, Drydel Shipping took delivery of one of the 40K DWT handysize bulk carriers, MV Warrior, from Namura Shipbuilding Co Ltd, marking the first of four vessels that Drydel Shipping has under construction at Namura Shipbuilding Co Ltd as of 25 June 2024.
25-June-2024
Japan’s premier shipowner, the maritime giant MOL (Mitsui O.S.K. Lines) listed on the Tokyo Stock Exchange, is set to complete the acquisition of the Bergen-based shipowner and operator Gearbulk from Kristian Jebsen, with the deal anticipated to be finalized in the first quarter of 2025. MOL (Mitsui O.S.K. Lines) initially bought a 40% interest in Gearbulk back in 1991, and over time increased its share to 49%, while Kristian Jebsen held onto a 51% majority. Gearbulk, established in 1968, is the world’s leading operator of open-hatch bulk carriers. MOL (Mitsui O.S.K. Lines) has now revealed plans to expand its stake to 72% by Q1 2025. Based in Bergen, Gearbulk operates a fleet of 60 bulk carriers and has additional vessels under construction in China. The terms of the acquisition have yet to be disclosed. MOL (Mitsui O.S.K. Lines), a subsidiary of the Mitsui Group, has a history of investments in Norwegian maritime enterprises such as Odfjell Oceanwind, Larvik Shipping, and AKOFS Offshore.
25-June-2024
The New York-listed shipowner and operator Genco Shipping & Trading (GNK), led by John Wobensmith, has sold the 2005-built supramax bulk carrier, 55K DWT MV Genco Warrior, to a Chinese shipowner and operator for approximately $12 million. This sale is part of Genco Shipping & Trading (GNK)’s strategy to divest one of its older vessels as the S&P (Sale and Purchase) market remains robust. The transaction reflects the ongoing trend where aging bulk carriers are fetching premium prices in the market. Genco Shipping & Trading (GNK) is enhancing its operational efficiencies and maintaining high industry standards through a strategic partnership with Genco Ship Management LLC. Based in Manhattan, Genco Shipping & Trading (GNK) manages a diverse fleet of 44 bulk carriers, comprising capesize, ultramax, and supramax bulk carriers, highlighting its prominent position in the global shipping industry.
25-June-2024
Japan’s largest shipowner, the Tokyo Stock Exchange-listed maritime conglomerate MOL (Mitsui O.S.K. Lines), is finalizing its acquisition of the Bergen-based shipowner and operator Gearbulk from Kristian Jebsen, with the transaction expected to close in the first quarter of 2025. MOL (Mitsui O.S.K. Lines), which first acquired a 40% stake in Gearbulk in 1991, increased its ownership to 49% over the years while Kristian Jebsen maintained a 51% majority. Founded in 1968, Gearbulk is recognized as the world’s largest open-hatch operator. MOL (Mitsui O.S.K. Lines) has now announced plans to increase its stake to 72% by early 2025. Gearbulk, headquartered in Bergen, manages a fleet of 60 bulk carriers, with additional ships currently on order in China. The financial details of the acquisition have not been disclosed. MOL (Mitsui O.S.K. Lines), a part of the Mitsui Group, has a strong track record of investing in Norwegian maritime assets, including companies like Odfjell Oceanwind, Larvik Shipping, and AKOFS Offshore.
25-June-2024
Buyers interested in bulk carriers from the fleet of the Lubeck-based shipowner and operator Oldendorff Carriers are facing high prices as Oldendorff Carriers actively engages in the S&P (Sale and Purchase) market, methodically selling bulk carriers one after another. The sale included two 60K DWT scrubber-fitted ultramax bulk carriers, MV Alwine Oldendorff (built in 2014) and MV August Oldendorff (built in 2015), which were purchased by undisclosed Asian buyers for a total of $61 million. More recently, Oldendorff Carriers completed the sale of a 63K DWT ultramax bulk carrier, MV Beate Oldendorff, built in 2014, for approximately $38 million. There are also discussions about the sale of two kamsarmax bulk carriers, the 82K DWT MV Klarissa Oldendorff and MV Kamilla Oldendorff, with S&P (Sale and Purchase) shipbrokers indicating that each was sold for $40 million. Over the past few weeks, the CEO Henrik Christiansen-led Oldendorff Carriers, based in Germany, has reportedly completed sales of one newcastlemax bulk carrier, three ultramax bulk carriers, and two kamsarmax bulk carriers.
25-June-2024
The Thai-listed shipowner and operator Precious Shipping, under the leadership of Managing Director Khalid M Hashim, is advancing its fleet modernization strategy by selling another older bulk carrier. Precious Shipping has disposed of the 2005-built handysize bulk carrier, 33K DWT MV Charana Naree, to an undisclosed buyer for approximately $10.5 million. The Thailand-based company is set to hand over the MV Charana Naree by July 15, 2024. Earlier this year, Precious Shipping sold two additional aging bulk carriers and acquired a 2015-built handysize bulk carrier, reinforcing its strategy to upgrade its fleet. The Bangkok-based shipowner and operator has also placed an order for four 63K DWT ultramax bulk carriers at Taizhou Sanfu Ship Engineering in China, scheduled for delivery in the fourth quarter of 2026 and the first quarter of 2027. Once all vessels are delivered, Precious Shipping’s fleet will total 41 bulk carriers.
25-June-2024
Hamburg-based shipowner and operator Reederei H Vogemann has doubled its order for capesize bulk carriers with an additional quartet, bringing the total to eight newbuildings at Chinese shipyard Hengli Heavy Industries in Dalian. The German shipowner and operator, Reederei H Vogemann, returned to Hengli Heavy Industry to expand its series of capesize bulk carrier newbuildings. Initially ordering four capesize bulk carriers in 2023, Reederei H Vogemann has now increased the order to eight 180K DWT capesize bulk carriers at Chengli Heavy Industries. The delivery of these capesize bulk carrier newbuildings is scheduled for the first quarter of 2026 and the second quarter of 2027.
25-June-2024
The shipowner and operator based in Athens, Alassia Newships Management Inc., along with the Japanese trading company Itochu Corp, have entered into a partnership for a newbuilding contract of a 40K DWT handysize bulk carrier at Nakanishi Shipbuilding. Alassia Newships Management Inc and Itochu Corp are scheduled to receive this handysize bulk carrier newbuilding in the second quarter of 2026. Earlier in 2024, Itochu Corp gained attention for contracting two ultramax bulk carriers at the Chinese New Dayang Shipyard, and it has also collaborated with the Taipei-based dry bulk shipowner U-Ming Marine Transport for the joint ownership and operation of ammonia dual-fuel ultramax bulk carriers. Alassia Newships Management Inc., a Greek shipowner and operator, currently has eight bulkers in its ownership and three more under construction, with expected deliveries in the fourth quarter of 2024 and the first quarter of 2025 from Oshima Shipbuilding Co. Ltd.
25-June-2024
Oslo-based dry bulk operator Western Bulk Chartering (WBC) has appointed Joachim Frantsen as head of the North Atlantic desk, with the change set to take effect in September 2024, as Western Bulk Chartering (WBC) continues to refresh key commercial roles across its global desk structure. Joachim Frantsen will replace Torbjorn Gjervik, who was elevated to Chief Executive Officer (CEO) of Western Bulk Chartering (WBC) earlier in June 2024, and the transition highlights how Western Bulk Chartering (WBC) is drawing on internal capability to maintain continuity in market coverage and trading execution. Western Bulk Chartering (WBC) said it is pleased with the depth of internal talent stepping up to take on expanded responsibility as Western Bulk Chartering (WBC) grows, a message that aligns with Western Bulk Chartering (WBC)’s asset-light operating model where desk leadership, market intelligence, and fast commercial decision-making are central to performance. Western Bulk Chartering (WBC) operates across the handysize, supramax, and ultramax bulk carrier segments and runs a high-activity chartering platform that sources ships from a wide pool of shipowners, then matches those ships with cargo demand across multiple basins, meaning regional desks such as North Atlantic are critical for pricing, positioning, counterparty management, and supporting customer programmes. Within that framework, leadership changes at desk level can directly influence how Western Bulk Chartering (WBC) manages exposure, captures freight opportunities, and responds to volatility, because trading decisions in the North Atlantic often involve rapid shifts in cargo flows, seasonal demand swings, and repositioning dynamics across the Atlantic basin. By promoting from within and reassigning responsibilities as Torbjorn Gjervik moves into the Chief Executive Officer role, Western Bulk Chartering (WBC) is signalling a focus on stability, organisational continuity, and execution discipline, while also reinforcing that Western Bulk Chartering (WBC) intends to keep building its platform and strengthening its commercial reach through experienced internal leadership.
25-June-2024
The Athens-based shipowner and operator Cape Shipping SA is further enlarging its tanker orderbook after committing to two LR2 tanker newbuildings at CSSC Tianjin Shipbuilding. The Andrianopoulos family, which controls Cape Shipping SA and maintains a diversified fleet spanning bulkers and container ships, has selected CSSC Tianjin Shipbuilding—managed by Dalian Shipbuilding Industry Co.—to construct the 115K DWT scrubber-equipped LR2 tankers, with handover planned for the first quarter of 2026. Cape Shipping SA has been steadily deepening its involvement in China’s tanker newbuilding arena since 2023. The full company began its expansion with an LR2 tanker order, followed by a suezmax tanker placed at Shanghai Waigaoqiao Shipbuilding, and later added two 74K DWT LR1 product carriers at Yangzijiang Shipbuilding, reinforcing its long-term commitment to modern, fuel-efficient tanker tonnage.
24-June-2024
Dubai-based Adhira Shipping and Logistics (ASL), under the dynamic leadership of Captain Pappu Sastry, has secured a significant contract with Moonbound Mining for their Norrabees lithium project in South Africa. This breakthrough comes after a management buyout in March 2024, positioning Adhira Shipping and Logistics (ASL) as a pivotal player in the logistics and shipping industry. The contract, which spans a decade, solidifies Adhira Shipping and Logistics (ASL) role in supporting and expanding the lithium mining operations at Moonbound Mining, though the financial details of the deal remain undisclosed. Adhira Shipping and Logistics (ASL) is committed to fostering growth within Africa’s shipping and logistics sectors. The company aims to develop inter-Africa distribution hubs for specific commodities and construct supportive ecosystems for various African regions. This strategic approach is designed to enhance the success and sustainability of the industry across the continent. Founded in 2022, Adhira Shipping and Logistics (ASL) was established to serve as the international arm of the Adhira transportation network, linking the vibrant and diverse markets of Africa with the global economy. Based in Dubai with a back office in India, Adhira Shipping and Logistics (ASL) has shown remarkable growth through its focus on custom-tailored, long-term logistics projects that cater to the unique needs of each client. Captain Pappu Sastry’s leadership philosophy emphasizes providing only the necessary services to each customer, avoiding the imposition of unnecessary offerings. This customer-centric approach has become a hallmark of Adhira Shipping and Logistics (ASL), greatly enhancing customer satisfaction and loyalty. As Adhira Shipping and Logistics (ASL) continues to expand its operations through long-term contracts and robust partnerships, it aims to offer transformative solutions that will invigorate the industry and workforce throughout Africa.
21-June-2024
Last week, the Houthi rebels successfully used boats laden with explosives to target the Athens-based Evalend Shipping Co SA’s 2022-built kamsarmax bulk carrier MV Tutor, which has a capacity of 82K DWT. This attack, unprecedented in the Houthis’ seven-month offensive against commercial shipping, resulted in the death of one crew member and the sinking of the vessel. The assault began with a small boat striking the stern of the MV Tutor, followed by a larger explosion caused by a separate projectile hitting the midsection of the ship. Surveillance footage from the vessel shows armed security personnel on the bridge observing as the explosives-laden boat approached. The MV Tutor, owned and managed by the shipping firm led by Greek tycoon Kriton Lentoudis, is the second vessel from Evalend Shipping Co SA to be sunk by the Houthis. In response to this escalation, fourteen of the world’s leading shipping associations released a statement yesterday, calling for intervention from influential states to halt these attacks immediately. The ongoing deterioration of security in the Red Sea highlights not only the Houthi’s growing boldness but also a general increase in regional aggression, posing significant concerns for maritime safety. The impact of such attacks extends beyond immediate damage, affecting the morale and safety perceptions of crew members across the maritime sector. The profound fear generated by these incidents has led to a consensus among the crew of MV Tutor to avoid future risks in the volatile Gulf of Aden, with many preferring to sign off rather than navigate through the dangerous waters again. This heightened sense of danger has exacerbated the shortage of officers, which has reached a critical level, thereby inflating manning costs and complicating the recruitment and retention of seafarers.
21-June-2024
Grindrod Ships Agency has recently secured a contract from Transnet National Ports Authority (TNPA) to develop and operate a new container terminal at Richards Bay, which is primarily known as South Africa’s leading coal export port. This development is part of South Africa’s push to enhance its port facilities and expand container handling capabilities at Richards Bay from 50,000 to 200,000 TEUs annually. This initiative is a component of the country’s broader port privatization program, which is moving forward despite some challenges encountered with initial tenders. In a related development, Transnet earlier awarded a 25-year contract to International Container Terminal Services Inc (ICTSI) to manage the Durban Container Terminal (DCT) Pier 2, the largest container facility in the country. However, this decision has sparked legal challenges, with APM Terminals taking legal action to contest the tender process. This situation underscores some of the complexities involved in South Africa’s port privatization efforts. Meanwhile, operational efficiency at South African ports has been under scrutiny, as delays have become more frequent, and ship queues have lengthened. These issues have been highlighted in several World Bank surveys, where South Africa’s terminals have consistently ranked low in terms of productivity. Apart from its role in port operations, Grindrod Ships Agency is associated with Grindrod Shipping (GRIN), a significant player in the global shipping industry, based in Singapore and listed on the New York Stock Exchange. Recently, in April 2024, Taylor Maritime Investments (TMI), a spin-off from the Hong Kong-based Taylor Maritime, successfully acquired full ownership of Grindrod Shipping. This acquisition by Taylor Maritime Investments, which is listed on the London Stock Exchange, represents a strategic expansion in its shipping operations, further consolidating its presence in the global maritime sector.
21-June-2024
Lubeck-based shipowner and operator Oldendorff Carriers has completed the sale of two Japanese-built ultramax bulk carriers, the MV Alwine Oldendorff (built in 2014) and the MV August Oldendorff (built in 2015), to an undisclosed Asian shipowner. The transaction totaled approximately $61 million, marking a significant event as these were the first modern Japanese ultramax bulk carriers to be sold in over a month. Notably, the sale price for these 60K DWT scrubber-fitted vessels is considerably higher than the previous transactions in this category, indicating a possibly increasing market valuation for this type of vessel.
21-June-2024
Heidmar Inc. has arranged a merger with lifestyle brand portfolio company MGO Global, signifying Heidmar Inc.’s second bid for a stock market listing. Led by Pankaj Khanna, Heidmar Inc., managing over 60 tankers and bulk carriers, initially sought to go public through a merger with Home Plate Acquisition Corporation but abandoned these plans in October 2023. The newly announced agreement will result in the combined entity operating under the Heidmar Inc. brand and listing on the Nasdaq Stock Exchange (NSE). The boards of directors of both Heidmar Inc. and MGO Global have unanimously supported the merger, slated to be finalized toward the end of Q3 2024. MGO Global’s current shareholders will hold about 5.6% of the merged company. Pankaj Khanna highlighted that this agreement represents a crucial turning point for Athens-based pool operator and ship manager Heidmar Inc. in its progression as a worldwide leader in marine transportation services. Heidmar Inc. maintains offices in London, Athens, Singapore, and Dubai. According to the terms of the merger, MGO Global shareholders will receive one share of the new company for each of their existing shares, with the new entity having an implied fully diluted equity value of $18 million. Shareholders of Heidmar Inc. will swap their shares for $300 million in registered common shares of Heidmar Inc. Additionally, the agreement includes an earnout of $30 million in registered common shares payable to Heidmar Inc.’s current shareholders if the company achieves or surpasses $45 million in revenue or $25 million in net income for the fiscal year ending 2024. Heidmar Inc. is poised for significant future growth through the careful implementation of its business expansion strategies.
21-June-2024
China continues to face significant challenges in its real estate sector, a crucial component of the economy that heavily influences the dry bulk shipping industry. Despite China’s introduction of property-focused stimulus measures in May 2024, the troubles show few signs of abating. Last month, the country experienced the largest decline in new home prices in nearly a decade. In response, Beijing has implemented comprehensive strategies to support the faltering property market, which include directives for local governments to purchase unsold homes from struggling developers and the relaxation of purchasing regulations. Currently, there are 60 million unsold apartments in China, reflecting the scale of the issue. The real estate sector accounts for about 25-30% of China’s GDP and approximately one-third of its domestic steel demand. Over the past four years, the property market has been contracting, reducing its proportion of domestic steel demand from about 40% in 2020 to an estimated 33% in 2023. However, other industrial sectors such as automobile manufacturing, shipbuilding, infrastructure, and manufacturing have demonstrated robust growth throughout 2023 and continue to receive strong governmental support in 2024. This economic activity has significant implications for companies like Trafigura Maritime Logistics, a subsidiary of Trafigura Group, which specializes in the shipping and logistics of commodities. The firm’s operations are intricately linked to global commodity flows, and the health of China’s major industrial sectors can influence shipping routes, freight volumes, and logistical strategies. Saad Rahim, Chief Economist at Trafigura Group, has criticized the excessive focus on China’s real estate issues in the media. He emphasized that despite the gloomy narrative surrounding the property sector, China’s record demand for copper, aluminum, oil, and gas last year suggests a broader economic resilience. According to Rahim, infrastructure investments and manufacturing sectors remain exceptionally strong, underscoring the complexity and robustness of China’s economy beyond the property market concerns. The success of these sectors contributes directly to the operational dynamics of Trafigura Maritime Logistics, as they ensure a steady demand for the logistical services the company provides, highlighting the interconnected nature of global trade and industry.
19-June-2024
Executives from BHP Mining, previously known as BHP Billiton (NYSE: BHP), are reportedly nearing a settlement regarding reparations for the 2015 Mariana tailings dam disaster. The collapse at the Samarco iron ore mine, situated near Mariana in Brazil’s Minas Gerais state, triggered a massive mudslide and mining waste spill that devastated a nearby village, resulting in 19 deaths and leaving hundreds homeless. BHP Mining executives are optimistic that the conclusion of these negotiations is imminent. They have noted that recent negotiation rounds with Brazilian authorities have significantly narrowed the differences between the proposals from both sides, leading to more points of agreement than disagreements. Last week, BHP Mining and Vale (NYSE: VALE), along with their joint venture Samarco, submitted a new $26.1 billion settlement offer to the Brazilian authorities. BHP Mining emphasized that the negotiation process is complex and extends beyond just financial terms. The Renova Foundation, established to oversee the reparation efforts, is currently managing 42 programs aimed at aiding the recovery of the affected regions.
19-June-2024
It is believed that the MV Tutor has sunk. The kamsarmax bulk carrier, MV Tutor, which was built in 2022 and has a capacity of 82K DWT, is owned and managed by Evalend Shipping Co SA, based in Athens and led by the Greek shipowner Kriton Lentoudis. MV Tutor has become the second constructive total loss (CTL) attributed to the Houthis, marking a significant disruption in merchant shipping. On 12 June 2024, the kamsarmax bulk carrier MV Tutor suffered damage and water ingress in the engine room after being struck by a sea drone, resulting in the death of one seafarer. The MV Tutor sank in the Red Sea, according to a warning issued by the British military’s UKMTO (United Kingdom Maritime Trade Operations) Center to sailors in the area. The UKMTO (United Kingdom Maritime Trade Operations) reported seeing maritime debris and oil at the last known location of the MV Tutor. This recent incident indicates a noticeable escalation by the Houthis, both in the frequency of their attacks and their growing precision.
19-June-2024
Serbian President Aleksandar Vucic is reportedly set to allow Anglo-Australian mining and minerals company Rio Tinto to start Europe’s largest lithium mine, which Serbia had previously halted two years ago, according to the Financial Times. President Vucic mentioned that “new guarantees” from Rio Tinto and the European Union are likely to meet Serbia’s environmental standards at the Jadar site in the country’s west. Rio Tinto, the world’s largest iron ore producer, stated, “We believe the Jadar project can become a top-tier asset that could help establish an electric vehicle (EV) value chain in Serbia.” Lithium, considered a vital material by the EU and the United States for its use in EV and mobile device batteries, plays a significant role. President Vucic noted, “If we meet all commitments, the mine could open by 2028,” projecting an annual output of 58,000 tons of lithium, which would cover “17% of EV production in Europe — roughly 1.1 million vehicles.” In 2022, after significant environmental protests, Serbia revoked Rio Tinto’s permit for the $2.4 billion Jadar project. If completed, the project could meet 90% of Europe’s current lithium demands, positioning the company as a top lithium supplier. In response to environmental concerns, Serbian activists gathered 30,000 signatures in 2021 and 2022, petitioning for legislation to stop lithium exploration in Serbia.
18-June-2024
The crew of the kamsarmax bulk carrier MV Tutor, a 2022-built ship owned by Athens-based Evalend Shipping Co SA, have safely returned to their countries after surviving a dramatic bomb-boat attack by Houthi forces off Yemen last week. The incident unfolded last Wednesday while the MV Tutor, under the direction of Greek shipowner Kriton Lentoudis and operated by Evalend Shipping Co SA, was navigating the Red Sea on its way to India. The situation escalated when the crew spotted a seemingly innocuous fishing boat approaching their vessel. Initially appearing non-threatening with just two figures aboard, the boat came alarmingly close to revealing its true nature as a remotely-controlled explosive device. It targeted the MV Tutor’s stern near the engine room, detonating on impact. This resulted in immediate flooding and substantial damage, rendering the vessel inoperable. Tragically, the explosion led to the disappearance of one engineering crew member, who remains unaccounted for. In the harrowing hours that followed, the ship’s crew endured a second attack—a missile strike—compelling them to seek refuge deep within the ship’s hull. They set up a makeshift operational hub powered by a portable generator, maintaining essential light, power, and communications while awaiting rescue. Rescue came about 10 hours later when a U.S. Navy helicopter from the USS Dwight D. Eisenhower efficiently evacuated the crew from the beleaguered MV Tutor. The survivors received initial medical evaluations and sustenance aboard the Eisenhower before being flown to safety for repatriation. Interestingly, footage from the incident revealed the presence of armed individuals on the MV Tutor’s bridge, which contrasts with the typical practice on the vessel. Normally, the crew does not carry firearms; instead, the ship is briefly protected by private maritime security contractors who are armed for the duration of passage through high-risk areas and disembark thereafter. This ordeal underscores the persistent risks faced by maritime crews in conflict-prone regions and highlights the critical importance of robust emergency procedures and international rescue operations. The safe return of the MV Tutor’s crew is a testament to their resilience and the effectiveness of coordinated international response efforts.
18-June-2024
Lübeck-based shipping powerhouse Oldendorff Carriers, steered by Henning Oldendorff, has engaged in significant ship sales totaling approximately $160 million, responding to the high market prices for bulk carriers. The company, a major player in the global shipping industry, has successfully negotiated the sale of one newcastlemax and three Ultramax bulk carriers across three separate transactions. Oldendorff Carriers, a German shipowner and operator, has strategically decided to sell four of its bulk carriers to various shipowners in Europe and China. This decision to divest aligns with the current market conditions where the demand for bulk carriers has pushed prices upward, making it a favorable time for selling assets. The vessels involved in these transactions are equipped with scrubbers, enhancing their appeal in a market increasingly focused on environmental compliance. Oldendorff Carriers’ reputation for maintaining a modern and efficient fleet has likely facilitated these high-value deals, allowing them to capitalize on their investment in these state-of-the-art ships.
18-June-2024
Rio Tinto (ASX: RIO), the world’s largest iron ore producer, announced a $165 million investment in the Grande-Baie smelter in Quebec, Canada. This funding will refurbish two anode baking furnaces that have reached the end of their service life. The Anglo-Australian mining and minerals giant will also conduct feasibility studies for replacing the scrubbers and overhead bridge cranes at the anode production center. The reconstruction of the concrete shell and refractory lining of these furnaces is scheduled for 2025 and 2026. Rio Tinto emphasized that this upgrade will secure a competitive supply of anodes to the Grande-Baie and Laterrière plants for many years ahead. Additionally, Rio Tinto plans to neutralize carbon emissions from the construction activities through initiatives like tree planting near the aluminum smelter. Martin Lavoie, the operations director for Grande-Baie and Laterrière, stated, “The refurbishment of the Grande-Baie smelter’s anode baking furnaces is a crucial investment that will sustain the responsible production of aluminum in the region, ensuring its competitiveness and generating substantial economic benefits for decades.” Rio Tinto expressed enthusiasm about progressing with this project in the upcoming years, working closely with employees and local business partners. The company had previously completed a similar furnace replacement at its Alma aluminium smelter in 2021.
18-June-2024
Yasa Shipping, an Istanbul-based shipowner and operator linked to the prestigious Sabanci Family—one of Turkey’s wealthiest conglomerates—has recently leveraged the rising market for handysize bulk carriers through strategic asset flips. The company has gained significant profits by reselling newly built handysize bulk carriers to other global operators shortly after their delivery. Recently, Yasa Shipping completed the sale of two of its handysize bulk carrier newbuildings. This savvy maneuver capitalized on the increasing values of bulk carriers, enhancing the company’s revenue. The vessels were sold to South Korea’s Pan Ocean and a Dubai-based shipowner, demonstrating Yasa Shipping’s active engagement in international markets. One notable transaction was the sale of the 2024-built, 40 K DWT handysize bulk carrier MV Pan Ruby (formerly MV Yasa Violet) to Pan Ocean, a prominent shipowner and operator based in South Korea. This vessel was initially launched in March 2024 and is the sixth in a series of 10 handy bulk carriers that Yasa Shipping commissioned from Jiangmen Nanyang Ship Engineering. Pan Ocean, managed by the Harim Group, has a substantial fleet of over 100 vessels and has been particularly active in both the wet and dry shipping sectors this year. Yasa Shipping, founded in the early 2000s, has grown into a significant entity in the maritime industry under the guidance of the Sabanci family. The company operates a diverse fleet that includes bulk carriers, tankers, and container ships, serving various global trading routes. With a strategic focus on expanding its fleet and optimizing operational efficiency, Yasa Shipping has established a strong reputation for reliability and strategic market maneuvers. This strategy not only enhances its competitiveness but also aligns with the broader business interests of the Sabanci conglomerate in leveraging maritime assets to maximize returns.
17-June-2024
Cobelfret Bulk Carriers CLdN, based in Antwerp, has entered into a charter agreement with Athens-based, New York-listed shipowner and operator Diana Shipping (DSX) for the kamsarmax bulk carrier MV Myrsini, built in 2010 with a deadweight of 82K. This charter, effective until February 2025 with options extending to March 25, will see Cobelfret Bulk Carriers CLdN paying an increased rate of $17,100 per day. Previously, the MV Myrsini was chartered to Singapore-based ship operator Salanc Pte Ltd at a rate of $15,000 per day, a contract that will conclude on June 25. Diana Shipping, under the leadership of Semiramis Paliou, currently manages a fleet of 39 bulk carriers.
17-June-2024
New York-listed shipowner and operator Costamare Inc. (CMRE) is allocating $114 million to repurchase preferred shares that carry a dividend rate of nearly 9%. This redemption initiative targets perpetual preferred stock initially issued in 2018, for which Costamare Inc. (CMRE) has had a redemption option since January 2023. The company plans to redeem all 4.57 million shares of its Series E stock at $25 per share, inclusive of accrued and unpaid dividends. This repurchase is set at a price established under the terms of the repurchase option available since January 2023.
17-June-2024
Recently, the crews of MV Tutor and MV Verbena had to abandon their vessels over the weekend due to relentless attacks by Yemeni militants, the Houthis. Reports indicate that both the MV Tutor and the MV Verbena are in danger of sinking. The first successful attack using a sea drone by the Houthis targeted the MV Tutor, a kamsarmax bulk carrier with a capacity of 82K DWT, owned by Athens-based Evalend Shipping Co SA. This attack occurred last Wednesday, resulting in damage and water entering the engine room of the vessel. Unfortunately, it was reported that one crew member lost their life in this incident. The following day, the MV Verbena, a general cargo ship owned by Ukraine-based shipowner and operator Donbasstransitservice Ltd. (DTS), was struck by three projectiles, causing a severe fire onboard. One severely injured crew member was evacuated to a hospital by nearby US military personnel. All personnel aboard the MV Tutor, managed by Greek shipping magnate Kriton Lentoudis’s Evalend Shipping Co SA, were evacuated on Saturday. To attempt a rescue of the MV Tutor, Evalend Shipping Co SA dispatched salvage teams to the damaged 2022-built kamsarmax bulk carrier.
17-June-2024
Lomar Shipping, a UK-based subsidiary of the Libra Group, has finalized a new $30 million loan agreement with the Macquarie Group. This transaction marks the fourth collaboration between Lomar Shipping and the Australian financial service provider, focusing on the refinancing of three bulk carriers. Under the leadership of Nicholas Georgiou, Lomar Shipping previously secured $37.5 million for refinancing up to six bulk carriers and an additional $86 million for refinancing various ships within its tanker fleet. Another component of Lomar’s financing strategy included a $27.5 million loan from Macquarie Group, aimed at refinancing two bulk carriers from its extensive $1 billion newbuilding investment program, which commenced over a decade ago and involved the acquisition of more than 40 ships. Since May 2023, Lomar Shipping has invested approximately $130 million in nine bulk carriers, expanding its fleet to 14 vessels and generating over $2 billion from exiting the container shipping sector.
17-June-2024
Cobelfret Bulk Carriers CLdN, headquartered in Antwerp, has secured a charter contract for the kamsarmax bulk carrier MV Myrsini from Diana Shipping (DSX), an Athens-based, New York-listed shipowner and operator. The MV Myrsini, constructed in 2010 with a deadweight of 82K, will be chartered by Cobelfret Bulk Carriers CLdN until February 2025, with an option to extend until March 25, at a daily rate of $17,100—an increase from its previous charter. The carrier was formerly leased to Salanc Pte Ltd, a Singapore-based ship operator, for $15,000 per day, a contract set to expire on June 25. Diana Shipping, led by Semiramis Paliou, manages a diverse fleet of 39 bulk carriers. Additionally, earlier in June 2024, Diana Shipping secured another charter agreement with Singapore-based Reachy Shipping (SGP) Pte Ltd for the 2012-built post-panamax bulk carrier MV Polymnia, at a rate of $17,500 per day until at least August 2025.
17-June-2024
A group led by STAR Capital, a UK-based investment firm, has acquired V.Group Holdings Limited, a major ship management conglomerate located in London. The new ownership includes Ackermans & van Haaren (AvH), a Dutch holding entity and the principal owner of dredging leader DEME. The consortium took over V.Group Holdings Limited from Advent International, a private equity firm based in the U.S., which has held ownership since 2016. Pending regulatory approvals, the transaction is expected to be finalized by this fall. As the foremost third-party ship management company, V.Group Holdings Limited offers comprehensive services including technical management, crewing, catering, agency services, and marine insurance. Clients of V.Group Holdings Limited benefit from its extensive network, spanning 60 offices in 30 countries globally. Subsidiaries of V.Group Holdings Limited include V Ships Shanghai Ltd., V Ships Greece Ltd., V Ships Ship Management India, V Ships Asia Group Pte Ltd., V Ships Ltd., V Ships UK Ltd., and V.Group Limited. V.Group Holdings Limited aligns well with STAR’s investment approach, characterized by a strong brand and a leading market position in a highly segmented industry. This makes it a prominent provider of technical management and marine services to fleet owners and operators, including newcomers to outsourced services. Last year, V.Group Holdings Limited managed 3,500 ships and continues to grow. In 2023, it expanded by acquiring the ship management division of Belships, adding 30 bulk carriers to its portfolio.
17-June-2024
Torbjørn Gjervik has been appointed as the new Chief Executive Officer (CEO) of Oslo-based dry bulk operator Western Bulk Chartering (WBC), with Torbjørn Gjervik due to take up the position on September 1, 2024. Torbjørn Gjervik will succeed Ørjan Svanevik, who has served as interim Chief Executive Officer since March 2024. Ørjan Svanevik, previously director and Chief Operating Officer at John Fredriksen’s Setankers Management, joined the board of Western Bulk Chartering (WBC) in August 2023, and Ørjan Svanevik will remain on the Board of Directors at Western Bulk Chartering (WBC) after the Chief Executive Officer transition. Torbjørn Gjervik is moving from his role as head of North Atlantic and has held a series of management positions across Western Bulk Chartering (WBC)’s global network, including a seven-year period as managing director in Singapore. Torbjørn Gjervik joined Western Bulk Chartering (WBC) as a trainee in 2011 and has advanced steadily through the organisation, and Torbjørn Gjervik has signalled an ambition to further strengthen Western Bulk Chartering (WBC)’s asset-light trading model. Western Bulk Chartering (WBC) operates across the handysize, supramax, and ultramax bulk carrier segments and is known for strategic commercial operations across these divisions.
16-June-2024
The 2022-built kamsarmax bulk carrier MV Tutor, owned by Athens-based Evalend Shipping Co SA and flying the Liberian flag, has been abandoned following a naval operation to evacuate its crew. This incident occurred after an attack by Houthi militants on Wednesday, which resulted in the death of a seafarer and left the vessel taking on water. This marks the second time a bulk carrier has been abandoned due to threats from the Yemen-based group, and it is also the second incident involving a crew fatality from a Houthi strike. The Royal Navy’s UK Maritime Trade Operations reported on Friday that a military operation successfully evacuated the crew of the MV Tutor near the Eritrean coast in the southern Red Sea. The vessel is now unlit and drifting in the vicinity. Following the explosion, which caused the engine room to flood, a salvage operation was initiated as the MV Tutor was at risk of sinking and unresponsive to commands. At the time of the sea drone attack, the MV Tutor was located southwest of the Yemeni port of Hodeidah with its location transponder turned off. The Houthis have demonstrated their ability to operate sea drones using video feeds and GPS, and have increasingly targeted Greek ships in recent weeks. This escalation is part of the Houthis’ campaign against shipping, particularly targeting companies they believe have engaged in trading with Israel. Currently, Evalend Shipping Co SA manages a fleet of 51 tankers, bulk carriers, and gas carriers. The MV Tutor is classed by Lloyd’s Register (LR) and insured by Norway’s Gard. The attack drew strong condemnation from Arsenio Dominguez, secretary-general of the International Maritime Organization (IMO). Dominguez denounced any attacks on international shipping, stressing the IMO’s commitment to the safety of all seafarers and urging all governments and relevant organizations to assist affected crew members and work towards resolving the crisis. He highlighted the broader implications of such attacks, noting the potential negative impact on international shipping and regional stability.
16-June-2024
Hayfin Capital Management LLP, one of Europe’s major alternative asset management firms, has widened its maritime investment footprint by acquiring the 2009-built capesize bulk carrier MV Nymphe, a 180K-DWT ship bought from Athens-based shipowner and operator Neda Maritime Agency Co. Ltd. The acquisition underlines Hayfin Capital Management LLP’s continuing interest in large bulk carrier tonnage during a period of firm capesize bulk carrier demand and rising secondhand ship prices. The purchase also reflects the growing appetite among financially driven investors for established dry bulk assets, particularly in the capesize bulk carrier segment, where employment is closely tied to iron ore, coal, bauxite, and other long-haul raw materials movements. Led by Andreas Povlsen, Hayfin Capital Management LLP has been steadily increasing its presence in shipping, with large bulk carriers forming an important part of Hayfin Capital Management LLP’s maritime strategy. The London-based investment firm has added MV Nymphe to its expanding capesize bulk carrier portfolio, with the ship understood to be Hayfin Capital Management LLP’s fourth capesize bulker acquisition in 2024 and fifth capesize bulker acquisition since August 2023. This buying activity shows Hayfin Capital Management LLP’s intention to deploy capital into shipping assets where market fundamentals, asset values, and freight prospects support a long-term investment case. Established in 2009, Hayfin Capital Management LLP focuses on credit solutions and investment strategies across several industries, including direct lending, high-yield credit, and special situations. Hayfin Capital Management LLP’s investment approach is based on thorough asset evaluation, controlled risk analysis, and the identification of opportunities that can produce returns through different market conditions. The acquisition of MV Nymphe supports Hayfin Capital Management LLP’s broader plan to diversify into physical maritime assets and participate in the earnings potential of the global dry bulk sector. Neda Maritime Agency Co. Ltd., the seller of MV Nymphe, is one of Greece’s long-standing shipowner and operator names, with a deep history in international shipping and a reputation shaped by traditional Greek ship ownership, careful fleet management, and sustained involvement in deepsea trades. Neda Maritime Agency Co. Ltd. is closely linked with the Lykiardopulo shipping family, and Michael Lykiardopulo is the principal of Neda Maritime Agency Co. Ltd. The background of Neda Maritime Agency Co. Ltd. stretches back to the older foundations of Greek merchant shipping, connecting Neda Maritime Agency Co. Ltd. with family-controlled ownership, disciplined asset stewardship, and gradual fleet development across changing freight cycles. Neda Maritime Agency Co. Ltd. has maintained interests in both dry bulk and tanker shipping, giving Neda Maritime Agency Co. Ltd. a diversified operating base rather than exposure to only one cargo market. In the dry bulk sector, Neda Maritime Agency Co. Ltd. has been associated with large bulk carriers employed on major industrial commodity routes, while in tanker shipping Neda Maritime Agency Co. Ltd. has also participated in liquid cargo transportation. This balanced fleet background has enabled Neda Maritime Agency Co. Ltd. to spread market risk across separate shipping segments, benefiting from dry bulk strength when demand for industrial raw materials is high and from tanker opportunities when crude oil, refined products, and energy trades offer stronger earnings. The sale of MV Nymphe by Neda Maritime Agency Co. Ltd. can be seen as part of the disciplined asset management style commonly followed by established Greek shipowners, where mature tonnage may be sold when secondhand values are attractive and capital can be redirected toward newer ships, replacement projects, or future fleet renewal. Neda Maritime Agency Co. Ltd. has generally followed a measured approach to fleet expansion and ship disposals, favouring selective transactions over aggressive speculative moves. The sale of the 2009-built capesize bulk carrier MV Nymphe to Hayfin Capital Management LLP therefore fits a careful ownership strategy, particularly in a market where stronger capesize bulk carrier values can create favourable opportunities for experienced shipowners to realise asset gains. Neda Maritime Agency Co. Ltd. remains a significant Greek shipping name because Neda Maritime Agency Co. Ltd. combines historical continuity with active participation in modern deepsea shipping. The Athens-based shipowner and operator Neda Maritime Agency Co. Ltd. has developed its standing through conservative fleet control, professional technical management, and long-term commercial relationships. Neda Maritime Agency Co. Ltd.’s presence in both bulk carrier and tanker markets reflects the wider Greek shipping tradition of adjusting to changing cargo flows, ship finance conditions, freight cycles, and asset values while maintaining a clear focus on ship quality, operational reliability, and disciplined ownership. For Hayfin Capital Management LLP, the acquisition of MV Nymphe increases exposure to the capesize bulk carrier market and adds another large dry bulk ship to Hayfin Capital Management LLP’s maritime investment portfolio. For Neda Maritime Agency Co. Ltd., the sale represents a well-timed asset transaction in a strong secondhand capesize bulk carrier market, while Neda Maritime Agency Co. Ltd. continues to shape its fleet strategy across dry bulk and tanker shipping. The transaction therefore connects two different forces in the maritime sector: Neda Maritime Agency Co. Ltd., a traditional Greek shipowner and operator with long operational experience and a strong shipping heritage, and Hayfin Capital Management LLP, a financially powerful investment firm using disciplined capital allocation to expand further into maritime assets.
14-June-2024
Iron ore futures increased for the second consecutive day on Friday, buoyed by a higher-than-expected output of hot metal. However, persistent concerns over demand and substantial portside inventories in China, the leading consumer, led to a price decline for the third week in a row. The most actively traded September iron ore contract on the Dalian Commodity Exchange (DCE) in China concluded the day up 1.97% at 827.50 yuan ($114.05) per metric ton. Yet, the contract has fallen 1.7% over the week. On the Singapore Exchange, the benchmark July iron ore contract rose 0.23% to $107.1 a ton as of 0718 GMT. According to data from consultancy Mysteel, the average daily output of hot metal from surveyed steelmakers increased by 1.5% from the previous week to 2.39 million tons as of June 14, marking the highest level since November 2023 and surpassing expectations. Hot metal, a product of blast furnaces, serves as a crucial gauge for ore demand. In other developments, China’s central bank convened a meeting on Wednesday to enhance its financial support for affordable housing, aiming to boost sales of unsold homes and rejuvenate the struggling property sector. Moreover, a significant accumulation of iron ore stockpiles at ports across Mainland China, which reached 147.3 million metric tons as of June 7, could limit price increases in the upcoming months. Other raw materials for steelmaking traded on the Dalian Commodity Exchange (DCE), including coking coal and coke, also saw increases, rising 2.41% and 3.92%, respectively.
13-June-2024
The New York-listed shipowner and operator Costamare Inc. (CMRE), via its dry bulk shipping division Costamare Bulkers Services, has successfully chartered in two capesize bulk carriers from the New York Stock Exchange-listed, pure-play capesize owner Seanergy Maritime (SHIP). This strategic move enhances Costamare Bulkers Services’ capabilities in the bulk shipping sector. The first vessel, the 2013-built capesize bulk carrier 181K DWT MV Iconship, has been chartered for approximately two years. The daily hire for this vessel is indexed to the Baltic Capesize Index with a premium, and the charter is expected to commence shortly. Seanergy Maritime (SHIP), led by Stamatis Tsantanis, offers a flexible arrangement whereby the daily hire can be switched from index-linked to a fixed rate for a duration of 2 to 12 months, depending on the capesize Forward Freight Agreement (FFA) curve. Additionally, Costamare Bulkers Services has chartered the 2010-built capesize bulk carrier 178K DWT MV Lordship, also for around two years. The MV Lordship’s charter is slated to begin at the end of July following its scheduled drydocking. The terms for the daily hire of the MV Lordship mirror those established for the MV Iconship, with similar options for converting the hire from index-linked to fixed based on the capesize FFA curve. Furthermore, Seanergy Maritime (SHIP) will retain the majority of earnings from the scrubber profit-sharing arrangement, which capitalizes on the price differential between high-sulfur and low-sulfur fuel, underlining the financial benefits of eco-friendly technologies in maritime operations. This deal not only reinforces Costamare Bulkers Services’ presence in the dry bulk sector but also highlights the ongoing strategic interactions between major players in the maritime industry.
13-June-2024
The Houthis’ aggressive maritime strategy tragically escalated on Wednesday when their combined sea drone and missile attack on the 2022-built kamsarmax bulk carrier 82K DWT MV Tutor resulted in the death of a seafarer. The MV Tutor, owned and operated by Athens-based Evalend Shipping Co SA under the leadership of Greek shipping tycoon Kriton Lentoudis, is now the second commercial bulk carrier to record a fatality due to the Houthis’ actions in the Red Sea. The incident, which saw the seafarer’s body trapped in the flooded engine room, raises questions about the cause of death—whether it was the direct impact of the projectile or drowning caused by the subsequent flooding. The MV Tutor was notably the first ship to be struck by a Houthi sea drone and also suffered at least one missile strike, causing severe flooding and substantial damage to its engine room. Following the attack, Houthi spokesman Yahya Saree warned that the 2022-built kamsarmax bulk carrier 82K DWT MV Tutor was at risk of sinking, with its engine room reported to be completely submerged. In response, a salvage operation was quickly organized. Tsavliris Salvage Group has dispatched two oceangoing tug boats to aid the stricken MV Tutor. However, the rescue efforts are complicated by safety concerns from traditional tug operators and the restrictive effects of sanctions, which limit the available options for MV Tutor rescues in this volatile region.
13-June-2024
The Houthi forces have acknowledged their first successful strike using an unmanned surface vessel (USV) on a commercial ship in the Red Sea and the Gulf of Aden, marking a significant escalation in maritime threats since their campaign began in November 2023. The target of this attack was the 2022-built kamsarmax bulk carrier, the 82K DWT MV Tutor, controlled by Athens-based shipowner and operator Evalend Shipping Co SA and led by Greek shipowner Kriton Lentoudis. On Wednesday, the kamsarmax bulk carrier, MV Tutor was struck twice while approximately 67.7 nautical miles southwest of Yemen’s port city of Hodeidah. Athens-based shipowner and operator Evalend Shipping Co SA controlled kamsarmax bulk carrier MV Tutor suffered impacts on its stern from a small craft, measured between five to seven meters in length, followed by an unknown airborne projectile. A Houthi military spokesman elaborated that the attack involved “an unmanned surface boat, several drones, and ballistic missiles,” resulting in serious damage to the MV Tutor, leaving it vulnerable to sinking. The US Central Command reported that the strike caused severe flooding and substantial damage to the engine room. Notably, the MV Tutor, which had recently docked in Russia and was en route to India, was no longer under the command of its crew following the attack, as stated by the UK Navy. Consequently, the kamsarmax bulk carrier MV Tutor will likely require towing to a safe location. This incident underscores a significant increase in the level of threat in the region, as the Houthis have previously utilized anti-ship cruise and ballistic missiles against vessels they claim are linked to Israel. However, this marks their first successful employment of an unmanned surface vessel (USV) in such attacks, posing a new set of challenges for commercial shipping navigating through the Red Sea, now vulnerable to threats from both air and sea.
13-June-2024
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has placed an order for its fourth liquefied petroleum gas (LPG)-fuelled 86,700 cu m Very Large Gas Carrier (VLGC) at Japanese shipbuilder Kawasaki Heavy Industries (KHI), with the new vessel scheduled for delivery from KHI’s Sakaide Works in Q4 2026 and designed to simultaneously carry LPG and liquefied ammonia gas in separate cargo tanks, although the contract price has not been disclosed; Kumiai Navigation Pte Ltd currently operates a fleet comprising seven Very Large Gas Carriers (VLGCs), two small LPG carriers, and 10 bulk carriers, and all of its Very Large Gas Carrier (VLGC) newbuildings have been secured under long-term contracts supported by Canadian utility company AltaGas; headquartered in Singapore, Kumiai Navigation Pte Ltd serves as the international commercial and technical management arm of Kumiai Senpaku Co Ltd, with operations focused on LPG, ammonia, and dry bulk segments, and is known for its disciplined fleet strategy, long-term partnerships with energy majors and commodity traders, and strong commitment to safety, environmental compliance, and high operational standards across its gas and dry bulk shipping operations.
13-June-2024
Japanese shipowner Nisshin Shipping Co Ltd has recently completed the sale of the 2015-built handysize bulk carrier, 39K DWT MV Western Panama, to Precious Marigold Pte Ltd, a Singapore-based subsidiary of Thai-listed shipowner and operator Precious Shipping. The Tokyo-based Nisshin Shipping Co Ltd finalized the sale for approximately $18.5 million. The handover of MV Western Panama from Nisshin Shipping Co Ltd to Precious Marigold Pte Ltd is scheduled for August 2024. Upon delivery, the vessel will be registered under the Singapore flag. Precious Marigold Pte Ltd plans to finance the acquisition using internal cash reserves and/or debt financing secured through credit facilities. Following the transfer of MV Western Panama and the delivery of four additional bulk carriers currently under construction, the fleet of Precious Shipping, led by Khalid Hashim, will expand to consist of 42 vessels. This acquisition is part of Precious Shipping’s ongoing strategy to enhance its operational capabilities and strengthen its position in the global shipping industry.
13-June-2024
Oslo, Norway-headquartered Western Bulk Chartering (WBC) is a major global shipping operator with deep roots in the supramax bulk carrier segment, operating as a commercially driven platform that aligns bulk cargo demand with bulk carrier capacity across a wide range of international trades. Western Bulk Chartering (WBC) has built its profile in maritime logistics by managing a diversified fleet deployment strategy that supports global commodity flows and keeps bulk carriers trading across multiple basins, routinely handling bulk commodities such as grains, coal, and minerals while emphasising execution efficiency, schedule reliability, and consistent service standards for customers. Western Bulk Chartering (WBC) is recognised for structured operating routines and commercially focused fleet management that allow Western Bulk Chartering (WBC) to adjust trading exposure quickly as market conditions shift, using market intelligence, regional desk expertise, and operational coordination to manage performance through both strong and weak freight cycles. Effective September 1, 2024, Western Bulk Chartering (WBC) has appointed Amit Jakhmola as the new head of the Indian Ocean desk, a role that sits at the centre of regional market coverage and is closely linked to Western Bulk Chartering (WBC)’s ambition to broaden activity and strengthen capability in the panamax bulk carrier market. Western Bulk Chartering (WBC) said Amit Jakhmola brings extensive experience and a fresh commercial perspective that is expected to support growth, sharpen execution, and improve operational efficiency across a region where cargo flows, positioning decisions, and port dynamics can heavily influence earnings and ship utilisation. Western Bulk Chartering (WBC)’s heightened focus on the Indian Ocean signals a deliberate move to deepen service offerings, expand market reach, and strengthen customer proximity in a region that connects Middle East loading areas, Indian subcontinent imports, Southeast Asian trade lanes, and broader long-haul demand patterns. Western Bulk Chartering (WBC) leadership has expressed confidence in Amit Jakhmola’s ability to drive this initiative, expecting his direction to strengthen Western Bulk Chartering (WBC)’s competitive edge by improving regional coverage, enhancing cargo access, and supporting more efficient matching between bulk carriers and cargo programs. The appointment also aligns with Western Bulk Chartering (WBC)’s wider effort to adapt to a dynamic shipping environment where freight volatility, evolving trade flows, and customer requirements demand fast decision-making, strong risk discipline, and high-quality operational support, ensuring Western Bulk Chartering (WBC) remains positioned as a leading participant in global dry bulk shipping while meeting the changing needs of Western Bulk Chartering (WBC)’s worldwide clientele.
12-June-2024
John Fredriksen-backed, Bermuda-registered, and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) is experiencing a significant change in leadership. The company’s outgoing CEO, Lars-Christian Svensen, has been appointed to lead Tor Olav Troim-backed, Oslo and NYSE-listed companies Himalaya Shipping and 2020 Bulkers. Lars-Christian Svensen is set to join Himalaya Shipping and 2020 Bulkers initially as the Chief Commercial Officer this coming September. His journey will then elevate him to the position of CEO for 2020 Bulkers and functioning CEO of Himalaya Shipping in April 2024, succeeding Herman Billung, who is retiring but will continue to serve as a special advisor for both companies. Prior to this new role, Svensen held the position of Chief Commercial Officer at Golden Ocean Group (GOGL) and has a robust background in the shipping industry. His experience includes roles such as Senior Vice President in Norway and President of US trading activities in Seattle for one of the largest supramax bulk carrier operators, Oslo-headquartered Western Bulk Chartering (WBC). Before that, Svensen was a downstream analyst for Petredec and a tanker shipbroker for Cmarine Services in Singapore. Commenting on his new appointments, Lars-Christian Svensen expressed enthusiasm, stating, “I am very pleased to join 2020 Bulkers and Himalaya Shipping, two of the most modern Newcastlemax shipowners in the world. With the most efficient fleet in this segment, Himalaya Shipping and 2020 Bulkers hold a strategic advantage that I hope to further develop in my new role.” Herman Billung, the outgoing CEO, also commented on Svensen’s capabilities, noting, “I am happy that Lars-Christian Svensen has decided to join what I firmly believe will be a very interesting journey in the years to come. I have learned to know him as an energetic and knowledgeable person, who I believe is the right person for the job at Himalaya Shipping and 2020 Bulkers.” This leadership transition marks a pivotal moment for both companies as they continue to navigate and expand in the global shipping market.
12-June-2024
Athens-based shipowner and operator Evalend Shipping Co SA, led by Greek shipowner Kriton Lentoudis, has reported that its 2022-built kamsarmax bulk carrier, the 82K DWT MV Tutor, sustained significant damage following an incident in the Red Sea near Yemen. According to the United Kingdom Maritime Trade Operations (UKMTO), the Liberian-flagged MV Tutor was struck on the stern by an uncrewed surface vessel, measuring between five to seven meters in length. Subsequently, the vessel was also hit by an “unknown airborne projectile.” This maritime security incident occurred approximately 68 nautical miles southwest of Hodeidah, a port city in Yemen. Security consultancy Ambrey indicated that the Houthis were likely responsible for the attack. At the time of these strikes, the MV Tutor was not transmitting an Automatic Identification System (AIS) signal, which further complicated the situation. The United Kingdom Maritime Trade Operations (UKMTO) has confirmed that as a result of the damage, the MV Tutor lost its maneuvering capabilities. Fortunately, no injuries have been reported among the crew. Evalend Shipping Co SA is currently handling the situation, and further updates are awaited as they assess and respond to the damage sustained by the MV Tutor.
12-June-2024
Japanese shipowner Kasuga Kaiun KK, based in Imabari, has expanded its fleet by adding more 41K DWT handysize bulk carriers to its order book at Jiangmen Nanyang Ship Engineering. The company has contracted for two new handysize bulk carriers from this shipyard, with deliveries scheduled for the first quarter of 2026. Each vessel is priced at approximately $30 million. Currently, Kasuga Kaiun KK’s fleet includes 13 owned vessels, primarily bulk carriers. In a significant boost to its expansion efforts, Kasuga Kaiun KK placed orders for five bulk carriers at Chinese shipyards in the first quarter of 2024. This includes three ultramax bulk carriers booked at New Dayang Shipyard, which is part of the state-run Sumec Group, with expected deliveries in the fourth quarter of 2026. This strategic move underscores Kasuga Kaiun KK’s commitment to enhancing its capacity and presence in the global shipping market.
11-June-2024
Nasdaq-listed Greek shipowner and operator Euroseas (ESEA), led by Aristides Pittas, has successfully secured a time charter contract for a newly built feeder container ship, currently under construction. The contract involves the 1,800 TEU MV Stephania K, which Euroseas (ESEA) will charter for approximately two years at a daily rate of $22,000. This charter deal is set to commence on June 28, 2024, immediately following the vessel’s delivery from the shipyard. Euroseas (ESEA) anticipates this agreement to generate roughly $11 million in EBITDA, significantly enhancing the company’s financial performance. Furthermore, this agreement elevates Euroseas’ (ESEA) 2024 charter coverage to about 90%. Aristides Pittas, Chairman and CEO of Euroseas (ESEA), expressed enthusiasm about the charter, noting, “We are pleased to announce that we have chartered our upcoming new building vessel, the sixth in a series of nine and the second of our three 1,800 TEU units, with one of the largest liner companies.” This statement underscores the strategic importance of this new addition to their fleet. Currently, Euroseas (ESEA) operates a diverse fleet of 22 vessels and has an additional four under construction, with the final vessel expected to be delivered in the fourth quarter of 2024. Euroseas (ESEA), along with its affiliates EuroDry (EDRY) and EuroBulk Ltd, remains under the adept management of shipping magnate Aristides Pittas, reflecting a strong leadership and strategic vision in the maritime industry.
11-June-2024
Athens-based shipowner and operator Fafalios Shipping SA, led by Dimitrios Fafalios, recently made a significant acquisition, purchasing the 2010-built kamsarmax bulk carrier 82K DWT MV Oasea from Stamatis Tsantanis’s Nasdaq-listed United Maritime Corporation, a spinoff of Seanergy Maritime Holdings Corp (SHIP). Fafalios Shipping SA acquired the vessel, which was constructed by Tsuneishi Zhoushan, for approximately $20 million. This purchase marks a pivotal moment for Fafalios Shipping SA, which has largely remained inactive in fleet expansions for several years. The activity resumed in February 2024 when the company sold two of its bulk carriers. Today’s acquisition of MV Oasea represents Fafalios Shipping SA’s second most modern addition to its fleet, following the sales of the supramax bulk carrier MV Nueva Fortuna and the panamax bulk carrier MV Amazon. Dimitrios Fafalios, who also serves as the chairman of Intercargo since 2019, is steering the company through a phase of rejuvenation and strategic growth. This move not only revitalizes Fafalios Shipping SA’s operational capabilities but also enhances its competitive stance in the global shipping market. The Fafalios family’s maritime lineage began in the mid-19th century as Master Mariners and Owners of sailing vessels, establishing a strong foundation in the shipping industry. Their expertise has been honed over several generations, leading up to the formation of Fafalios Shipping SA in 1968. Before establishing this flagship company, the family owned and operated several other maritime enterprises, including Nea Tyhi Maritime in Piraeus, Fafalios Ltd. in London, Meandros Ship Stores Ltd. in Cardiff, and Homeric Maritime in New York. The extensive experience garnered from these diverse maritime ventures has been seamlessly integrated into the current operations of Fafalios Shipping SA. Today, the company leverages this rich heritage to offer sophisticated ship management services, reflecting its deep-rooted history and sustained expertise in the global shipping sector.
11-June-2024
Nasdaq-listed shipowner and operator Globus Maritime (GLBS), backed by Greek George Feidakis, has sold its oldest panamax bulk carrier to make space for new tonnage in its fleet. The Athens-based Globus Maritime (GLBS) completed the sale of the 2005-built panamax bulk carrier, 74K DWT MV Moon Globe, for approximately $11.5 million. The MV Moon Globe is scheduled for delivery to the new owners in June. Currently, Globus Maritime (GLBS) operates seven bulk carriers. In January 2024, Globus Maritime (GLBS) received the first of six ultramax bulk carrier new builds, with three additional ships expected to join the fleet in the fourth quarter of 2024. Globus Maritime (GLBS) is dedicated to upgrading its fleet with only fuel-efficient, modern bulk carriers—a strategic move initiated several years ago that has significantly revamped the fleet’s profile. The bulk carriers under the control of Globus Maritime (GLBS) are managed by Athens-based Globus Shipmanagement.
11-June-2024
Tokyo Stock Exchange-listed shipowner and operator K Line (Kawasaki Kisen Kaisha KK), a major player in the global shipping industry, has recently sold the 2011-built capesize bulk carrier, 179K DWT MV Cape Keystone, for approximately $32.5 million through its subsidiary, K Line Bulk. Since its establishment, K Line (Kawasaki Kisen Kaisha KK) has expanded its fleet to include a diverse range of vessels, solidifying its reputation in maritime logistics and environmental stewardship. K Line Bulk first acquired the MV Cape Keystone in 2011 from Hyundai Heavy in Korea, marking a significant addition to their expanding fleet. This sale is part of K Line’s strategy to modernize its fleet by replacing older vessels with newer, more efficient ones, demonstrating its commitment to sustainable maritime transport. The transaction reflects current market trends, as evidenced by the recent sales of comparable vessels. For instance, in early May 2024, Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S sold a 2011-built capesize bulk carrier, 179K DWT MV Nord Ferrum, built by Hyundai Heavy Industries for around $34 million. Additionally, in April 2024, the 2019-built sister ship, 179K DWT MV Corinthian Phoenix, was sold for approximately $29 million. These transactions underscore the vibrant activity in the bulk carrier market and K Line’s (Kawasaki Kisen Kaisha KK) proactive management of its fleet to enhance operational efficiency and reduce environmental impact, aligning with global shipping industry trends towards sustainability.
11-June-2024
Istanbul-based shipowner and operator Yasa Shipping, affiliated with one of Turkey’s wealthiest conglomerates, the Sabanci Family, has recently completed the sale of the newly built handysize bulk carrier, 40K DWT MV St Michale (formerly MV Yasa Daisy). The vessel was sold to the Dubai and Athens-based shipowner and operator TMC Ship Management DMCC for approximately $34 million. This transaction is part of a larger series, as MV St Michale was the sixth in a set of 10 handysize bulk carriers commissioned from Jiangmen Nanyang Shipyard. Yasa Shipping initially received the MV St Michale in January 2024. Its sale marks a significant step in Yasa Shipping’s fleet management strategy. Meanwhile, TMC Ship Management DMCC, the new owner, currently operates a fleet that includes 12 ships of a similar size, indicating a strategic expansion in their handysize segment. In a related development, Yasa Shipping also completed the delivery of another sister ship, MV Yasa Violet, in March 2024. Although the buyer for this vessel has not yet been disclosed, its sale underscores Yasa Shipping’s active role in the maritime trading and transportation sectors, reflecting the dynamic nature of the global shipping industry.
8-June-2024
Athens-based, New York-listed shipowner and operator OceanPal Inc. reported time charter revenues of $5.7 million, a net loss of $1.3 million, and a net loss attributed to common stockholders of $1.7 million for Q1 2024. OceanPal, a spinoff from Diana Shipping (DSX) led by Semiramis Paliou, is a global provider of shipping transportation services through its ownership of vessels. OceanPal Inc.’s ships currently transport a variety of dry bulk cargoes, including commodities such as iron ore, coal, grain, and other materials along worldwide shipping routes. It is expected that OceanPal Inc.’s ships will be primarily employed on short-term time and voyage charters following the completion of their current employments.
8-June-2024
Panamax bulk carrier freight rates dipped slightly this week, reaching two-month lows due to tepid demand for grains and oilseeds in South America and declining crude oil prices. Rates for the Brazil-China route fell to $45 per tonne, while the US Gulf-China route dropped to $58 per tonne. A surplus of bulk carriers in the Atlantic basin, combined with subdued demand in South America, pressured panamax freight rates downward. Excess tonnage and lower rates were also observed in Europe and the US. The decline in crude oil prices contributed to the overall decrease. Capesize bulk carrier rates in the Atlantic basin remained largely stable due to ample tonnage availability, but rates improved in the Pacific basin due to strong demand for coal and iron ore shipments. Handysize bulk carrier demand increased in both the Atlantic and Pacific basins, while the container market faced challenges. Freight rates rose as diversions from the Red Sea extended voyage times, disrupted shipping schedules, and created bottlenecks in both Europe and Asia. In the Black Sea region, dry bulk carrier freight rates declined this week, with fewer cargoes available for loading as the marketing year concluded. Panamax bulk carrier freight rates from Novorossiysk port to Egypt slightly decreased, with current rates at $17 per tonne. Handysize bulk carrier rates from the Ukrainian Black Sea to the West Mediterranean fell to $19 per tonne for spot loading. Similarly, rates from the Constanta port to the West Mediterranean dropped to $14.50 per tonne. There were no new indications for Asian destinations from the Black Sea region, leaving rates for shipments from Ukraine to China nominally around $54 per tonne.
7-June-2024
Tor Olav Troim-backed Oslo and NYSE-listed Himalaya Shipping plans to boost dividend payments as the last new building newcastlemax bulk carrier joins the fleet. Currently, Norwegian shipowner Himalaya Shipping operates 11 LNG dual-fuel newcastlemax dry bulk carriers on the water. Himalaya Shipping intends to distribute more cash to shareholders as it takes delivery of its final newcastlemax bulk carrier new building. Himalaya Shipping announced that it has taken over the operation of the 11th in a series of 12 LNG dual-fuel newcastlemax dry bulk carriers from New Times Shipyard. The final 210K DWT LNG dual-fuel newcastlemax dry bulk carrier will be delivered at the beginning of July 2024.
7-June-2024
Athens-based Vafias family-controlled shipowner and operator Brave Maritime Corporation Inc. has acquired two bulk carriers to extend its dry cargo investment drive. Harry Vafias-led shipowner and operator Brave Maritime Corporation Inc. has added two Japanese-built bulk carriers to its growing fleet. Brave Maritime Corporation Inc. has continued its active investment in the dry cargo market with a $40 million-plus move for two secondhand bulk carriers. Brave Maritime Corporation Inc. purchased a supramax bulk carrier and a post-panamax bulk carrier in these deals. The company acquired the post-panamax bulk carrier MV Van Gogh (95K DWT, built in 2013) for around $25 million.
7-June-2024
Caroussis family-controlled shipowner and operator Chios Navigation (Hellas) Ltd is expanding its fleet with new tanker and bulk carrier newbuildings. Dinos Caroussis-led shipowner and operator Chios Navigation (Hellas) Ltd has doubled its order book to six ships with deals at Hyundai Vietnam and Imabari Shipyards. Athens-based shipowner and operator Chios Navigation (Hellas) Ltd has signed agreements for three newbuildings, effectively doubling its orderbook of modern eco ships. Chios Navigation (Hellas) Ltd has ordered a pair of 50K DWT MR tankers from HD Korea Shipbuilding & Offshore Engineering for approximately $105.7 million.
7-June-2024
Laskaridis Shipping Co. Ltd has sold three panamax bulk carrier sisterships, the 2012-built MV Thisseas, MV Atlas, and MV Icarus, for around $52.5 million to Greek shipowner and operator Sea Gate Navigation Ltd, which is controlled by George Stefanou and Dimitris Stefanou. Operating through their companies, Bright Navigation and Sea Gate Navigation Ltd, the Stefanou brothers have increased their fleet to 30 vessels. Sea Gate Navigation Ltd is acquiring more bulk carriers, with a significant purchase of this panamax trio from fellow Greek shipping magnate Panos Laskaridis, who controls Laskaridis Shipping Co. Ltd. MV Thisseas, MV Atlas, and MV Icarus were built at Penglai Zhongbai Jinglu Ship Industry, Laskaridis’s favored shipyard in China.
7-June-2024
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S confirms newcastlemax bulk carrier purchases and charters in another MR tanker. Danish shipowner and operator Dampskibsselskabet DS Norden A/S states that these deals enhance its strategic position. Dampskibsselskabet DS Norden A/S has boosted its bulk carrier and tanker fleets through four Sale and Purchase (S&P) and charter deals so far in Q2 2024. The transactions focus on expanding its strategic position and enhancing its climate commitment, according to Dampskibsselskabet DS Norden A/S. The company has acquired two modern capesize bulk carriers while capitalizing on strong market conditions to offload an older capesize bulk carrier.
7-June-2024
Commodity trading giant Trafigura Group has settled a London lawsuit brought by Hyphen Trading Ltd after selling them a cargo of nickel ore that was part of a high-profile fraud. Commodity trader Trafigura Group is still dealing with the fallout of a massive alleged nickel ore scam that rocked global metal markets in 2023 when Trafigura Group revealed it had paid nearly $600 million for nickel only to discover that the cargoes actually contained worthless rubble. Reuben brothers brought the case through their company Hyphen Trading Ltd, claiming that commodity trader Trafigura Group had delivered fraudulent shipping documents when it sold them a cargo of nickel ore. Hyphen Trading Ltd was seeking the $8.4 million it paid for the metal, plus costs and interest. Commodity trader Trafigura Group has now settled the case and paid Hyphen Trading Ltd. A court order dated May 20, 2024, shows that the case has been dismissed “by consent.” Commodity trader Trafigura Group confirmed the case had been settled. The case centered on 404 tons of nickel ore that Hyphen Trading Ltd bought from Trafigura Group in September 2022. After struggling to locate the cargo to take delivery, Hyphen Trading Ltd alleged that the Bill of Lading (B/L) it had received from Trafigura Group was “likely to be a fraudulent document.” Commodity trader Trafigura Group denied that the document was fraudulent, but in an amended defense in January 2024 admitted that the goods it sold to Hyphen Trading Ltd were “part of the Gupta Fraud and are therefore likely not to be LME grade nickel ore but are likely instead to be some other cheaper material.” In 2023, Hyphen Trading Ltd brought another legal action against Trafigura Group in Singapore over a different cargo of nickel ore, which both companies claimed to own. That case is ongoing. Meanwhile, commodity trader Trafigura Group is continuing its legal battle against Prateek Gupta, the man it accuses of perpetrating the fraud against it. In December 2023, a judge dismissed Prateek Gupta’s attempt to lift a freezing order against him, finding he had not provided evidence to support his claim that Trafigura Group traders knew of the alleged fraud.
7-June-2024
Singapore-based equity investment company Alpha Omega Marine Pte Ltd has deepened its cooperation with Yangzijiang Financial Holding and expanded its fleet with the acquisition of another bulk carrier. Singapore-based ship-focused investment platform Alpha Omega Marine Pte Ltd is accelerating its growth trajectory through a newly structured joint venture and has completed the purchase of its second bulk carrier. Alpha Omega Marine Pte Ltd is collaborating with Singapore-listed equity fund Yangzijiang Financial Holding, and together the two organisations have jointly secured ownership of this second bulk carrier. Alpha Omega Marine Pte Ltd and Yangzijiang Financial Holding have now formalised a strategic joint venture that encompasses shared stakes in the bulk carrier initially acquired by Alpha Omega Marine Pte Ltd in January 2024, as well as the newly purchased bulk carrier. Singapore-based equity investment company Alpha Omega Marine Pte Ltd managing partners Vasileios Pateras and Thanos Pasialis noted that the enhanced joint venture structure, coupled with the latest acquisition, marks a major step forward for the full company and reinforces its long-term maritime investment ambitions. Alpha Omega Marine Pte Ltd operates as an equity investment vehicle dedicated to maritime assets that offer strong cash generation, downside protection, and measurable capital appreciation. The full company concentrates on high-quality ships in specific market environments where double-digit annualised returns can be achieved with limited residual value exposure. Yangzijiang Financial Holding, Alpha Omega Marine Pte Ltd’s joint venture partner, is emerging as one of Singapore’s most influential listed investment institutions, with a growing footprint in maritime finance, private credit, structured leasing, and alternative asset management. Yangzijiang Financial Holding was created in 2022 following its demerger from the shipbuilding and shipowning activities of Yangzijiang Shipbuilding, China’s largest privately owned shipyard. Since its establishment as a standalone entity, Yangzijiang Financial Holding has built a diversified investment platform spanning fixed-income strategies, private debt portfolios, equity-linked structures, and specialised maritime investments supported by long-term industrial expertise. Yangzijiang Financial Holding has rapidly become a leading player in maritime capital deployment, leveraging its strong balance sheet, access to institutional capital, and extensive relationships with Chinese shipyards, financial institutions, and charterers. The full company has been active across both wet and dry bulk markets, structuring financing deals, participating in ship leasebacks, supporting newbuilding projects, and forming joint ventures similar to the one created with Alpha Omega Marine Pte Ltd. One of Yangzijiang Financial Holding’s strengths lies in its ability to align competitive shipbuilding pricing with financial instruments—allowing shipping investors to secure modern tonnage through efficient capital structures. This makes Yangzijiang Financial Holding an attractive partner for emerging and established shipowners seeking alternative financing and co-investment opportunities. Yangzijiang Financial Holding’s broader mandate includes a diversified portfolio focused on capital preservation, stable yield generation, and long-term value creation. In addition to its maritime ventures, it manages investments across credit markets, real estate-linked opportunities, and structured income products. As the firm progresses with the planned spin-off of its maritime investment arm—set to be listed separately on the Singapore Stock Exchange—Yangzijiang Financial Holding is expected to intensify its engagement with shipowners, maritime funds, and institutional investors pursuing exposure to high-quality shipping assets. With this latest partnership, Alpha Omega Marine Pte Ltd gains access to a powerful financial and strategic partner, while Yangzijiang Financial Holding reinforces its position as a rising force in global maritime investment. Through their joint venture, both organisations are positioning themselves for continued expansion, further acquisitions, and a more prominent role in the next wave of shipping-focused investment activity.
6-June-2024
Beijing-based shipowner and operator EGPN Bulk Carrier Co. Ltd (EGPN) has pocketed around $8 million on a bulk carrier transaction sealed six months ago. In Q4 2023, Chinese shipowner and operator EGPN Bulk Carrier Co. Ltd (EGPN) expanded its capesize bulk carrier arm by adding a trio of New Times Shipbuilding-built capesize bulk carriers built between 2010 and 2011 from Saverys family-led Belgian shipowner Bocimar, namely MV Mineral Destelbergen, MV Mineral Temse, and MV Mineral Brugge, spending just under $60 million for the trio. One of these capesize bulk carriers, the 2010-built capesize bulk carrier MV Eastern Windflower (ex MV Mineral Destelbergen), is now reported sold for around $28 million. In the last couple of years, Beijing-based shipowner and operator EGPN Bulk Carrier Co. Ltd (EGPN) has pocketed around $14 million by flipping two tankers and one bulk carrier. Each individual sale follows a similar pattern: after buying the ships, EGPN Bulk Carrier Co. Ltd (EGPN) held onto them for about six months before selling them. EGPN Bulk Carrier Co. Ltd (EGPN) first became a shipowner in 2017, initially focusing on bulk carriers before entering the tanker trades. EGPN Bulk Carrier Co. Ltd (EGPN) is a professional shipping company reorganized in Hong Kong in December 2014 by Eastern Ocean Transportation (Hong Kong) and Great Pacific Navigation. EGPN Bulk Carrier Co. Ltd (EGPN) is a comprehensive shipping company integrating international shipping, ship transactions, mining trade, and fleet operations. Relying on its bulk carrier fleet and tanker fleet, EGPN Bulk Carrier Co. Ltd (EGPN) provides customers with quality and professional shipping services and maritime logistics solutions. EGPN Bulk Carrier Co. Ltd’s (EGPN) business covers various vessel types and deadweights, various cargo types including bulk and petroleum products, and worldwide international routes. EGPN Bulk Carrier Co. Ltd (EGPN) operates more than 30 various types of vessels such as capesize bulk carriers, panamax bulk carriers, handysize bulk carriers, product tankers, and multi-purpose chemical tankers. EGPN Bulk Carrier Co. Ltd (EGPN) is one of the most specialized ocean shipping fleets in China. EGPN Bulk Carrier Co. Ltd (EGPN) transports grain, ore, coal, and other bulk cargo commodities around the world and has established a presence in the field of liquid cargo transportation, including crude oil, CPP/DPP, and chemicals.
6-June-2024
Dubai-based Lila Global, a shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has sealed its third consecutive deal by selling the 2003-built capesize bulk carrier MV Zhi Da 88 (175K DWT, ex MV Lila Singapore) to Chinese buyers. The 2003-built capesize bulk carrier MV Zhi Da 88 (ex MV Lila Singapore) will be managed by Hong Kong-based Junwell Shipping Co Ltd. MV Zhi Da 88 (ex MV Lila Singapore) has been transferred from the American Bureau of Shipping (IACS) to a non-IACS society and will be sailing under the flag of Saint Kitts and Nevis. Dubai-based Lila Global, a shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, sold MV Zhi Da 88 (ex MV Lila Singapore) for around $14 million, pocketing millions in the year it has been traded. Additionally, Lila Global sold the 2003-built capesize bulk carrier MV MELI III (171K DWT, ex MV P Melis) for around $16 million to YKJ Shipping Co Ltd. Dubai-based shipowner and operator Lila Global acquired MV P Melis from Golden Union in 2023.
6-June-2024
UK-based shipowner and operator Lomar Shipping, a subsidiary of the Libra Group, has sold its last containership. Lomar Shipping has sold more than 90 boxships this decade. CEO Nicholas Georgiou-led shipowner and operator Lomar Shipping is now focusing on innovation and sustainability while maintaining some shipowner exposure through its fleet of dry bulk carriers and tankers, which currently number around 30 ships. Lomar Shipping’s exit from the container sector was part of a decade-long strategic asset play. The Libra Group, controlled by the Logothetis family, has 20 subsidiaries and is active in maritime, aerospace, renewable energy, real estate, hospitality, and diversified industries.
6-June-2024
Japanese shipowner Kasuga Kaiun K.K. has placed orders for ultramax and handysize bulk carriers in China at New Dayang Shipyard and Jiangmen Nanyang. Hakata-based shipowner Kasuga Kaiun K.K. has added another ultramax bulk carrier new building to its existing tally at New Dayang Shipbuilding. Kasuga Kaiun K.K. has expanded its order book in China with three bulk carrier newbuildings. Kasuga Kaiun K.K. has added a 64K DWT ultramax bulk carrier at New Dayang Shipbuilding, bringing its total to three at this shipyard. New Dayang Shipbuilding is scheduled to deliver two previously ordered newbuildings for Kasuga Kaiun K.K. in Q4 2026 and Q1 2027.
6-June-2024
Hong Kong-based shipowner and operator Wah Kwong Maritime Transport Holdings Limited has ordered two additional Crown 63 Plus design ultramax bulk carrier newbuildings from New Dayang Shipbuilding, a subsidiary of Sumec Group. In April 2024, Wah Kwong Maritime Transport Holdings Limited ordered the first pair of ultramax bulk carrier newbuildings from the same shipyard. Currently, the Crown 63 Plus design ultramax bulk carrier newbuilding costs around $34 million each in Chinese shipyards. New Dayang Shipbuilding, which Sumec took over in 2018, has already built four ultramax bulk carriers for Wah Kwong Maritime Transport Holdings Limited between Q3 2023 and Q1 2024. The first batch of Crown 63 Plus ultramax bulk carriers built for Wah Kwong Maritime Transport Holdings Limited included the MV Eastern Venture, which is said to be the world’s first newbuild to be certified with Bureau Veritas’ (BV) Smart EnE1 notation recognizing intelligent energy efficiency. Currently, Wah Kwong Maritime Transport Holdings Limited, led by Captain Zhou Jianfeng, owns and operates more than 30 ships, with over 70 other ships under management.
5-June-2024
Alpha Adriatic Ship Management Pte Ltd, a subsidiary of Alpha Adriatic d.d. (originally named Uljanik Plovidba), has sold the 2016-built supramax bulk carrier MV Valovine (51K DWT). Alpha DCM Investments, a 50/50 joint venture between Croatian shipowner and operator Alpha Adriatic d.d. and Dutch financial adviser DC Maritime Partners, sold the supramax bulk carrier MV Valovine to Marshall Islands-registered Stem Marine. According to a Zagreb Stock Exchange filing, the vessel has already been handed over to Stem Marine. The supramax bulk carrier MV Valovine, built by Croatian shipbuilder Uljanik in 2016, was bought by Alpha DCM Investments in August 2021. MV Valovine will now change its name to MV Serenity, and a new contract has been put in place to keep Alpha Adriatic Ship Management Pte Ltd as the operator of the vessel. The only remaining supramax bulk carrier in Alpha DCM Investments’ fleet is the 2013-built supramax bulk carrier MV Punta (51K DWT). Currently, Alpha Adriatic Ship Management Pte Ltd, a subsidiary of Alpha Adriatic d.d. (originally named Uljanik Plovidba), manages 4 supramax bulk carriers and 4 tankers.
5-June-2024
The Australian Maritime Safety Authority (AMSA) has banned the Cypriot-flagged 2010-built post-panamax bulk carrier MV Peace (91K DWT), owned by John Coustas-led New York-listed shipowner and operator Danaos Corporation’s (DAC) subsidiary Danaos Shipping Co Ltd, from entering Australian ports for three months for being ‘unseaworthy’. Danaos Corporation’s (DAC) subsidiary Danaos Shipping Co Ltd also operates the 2002-built container ship MV Suez Canal (71K DWT), which was detained by the Australian Maritime Safety Authority (AMSA) in January 2024. Australian Maritime Safety Authority (AMSA) acting executive director of operations, Greg Witherall, stated that the failures with the MV Suez Canal gave the Australian Maritime Safety Authority (AMSA) serious cause for concern about other ships operated by Danaos Shipping Co Ltd, leading to an increase in inspections. The Australian Maritime Safety Authority (AMSA) issued Danaos Shipping Co Ltd a formal letter of warning, urging the company to rectify the systemic issues on the detained vessel. “That letter of warning fell on deaf ears. Fast forward five months, and we have had yet another one of Danaos Shipping Co Ltd’s vessels, MV Peace, detained in an Australian port for a lack of maintenance and serious deterioration of fixtures and fittings such as hatches,” said Greg Witherall. According to Greg Witherall, the state of the MV Peace was so poor that it represented a very real and unacceptable risk to the safety of seafarers onboard and Australia’s marine environment, adding that ships cannot be operated in this unseaworthy state. Greg Witherall claimed that watertight and weathertight failures on the MV Peace had ‘catastrophic potential’. MV Peace was detained in Australia on May 31, 2024, and was released on Monday after the deficiencies were rectified. Therefore, the Australian Maritime Safety Authority (AMSA) has taken the next step of banning the MV Peace from entering an Australian port again for three months. Further action may be taken against Danaos Shipping Co Ltd should Danaos Shipping continue operating unseaworthy ships, the Australian Maritime Safety Authority (AMSA) concluded.
5-June-2024
Lauritzen Bulkers A/S has named the founder and CEO of Integrity Bulk, Martin Egvang, as its new CEO. Martin Egvang will become the CEO of Danish shipowner and operator Lauritzen Bulkers A/S on September 1, 2024. Martin Egvang will be taking over the role from Niels Josefsen, who announced in April 2024 that he would be retiring to spend time with family and friends and on personal interests. The departing Niels Josefsen will continue in his role until Martin Egvang is in place, and a handover has been completed. Lauritzen Bulkers A/S is very grateful for the way that Niels Josefsen has made himself available for this transition of leadership, and Danish shipowner and operator Lauritzen Bulkers A/S wishes Niels Josefsen all the best in the future. Copenhagen-based shipowner and operator Lauritzen Bulkers A/S, which operates within the handysize bulk carrier segment, has appointed Martin Egvang, who has almost a decade of experience as the head of Integrity Bulk, within the same segment. Before establishing Integrity Bulk, Martin Egvang gained dry bulk and management experience in Clipper, Armada Bulk, and A.P. Moller-Maersk. Martin Egvang has vast experience in all parts of dry bulk shipping.
5-June-2024
Reachy Shipping (SGP) Pte Ltd, a ship operator based in Singapore, has chartered the 2012-built post-panamax bulk carrier MV Polymnia (98K DWT) from Diana Shipping (DSX), a shipowner and operator based in Athens and listed on the New York Stock Exchange. Reachy Shipping (SGP) Pte Ltd will pay a gross charter rate of $17,500 for MV Polymnia for a period ranging from a minimum of August 1, 2025, to a maximum of September 30, 2025. The 2012-built post-panamax bulk carrier MV Polymnia is currently chartered to Cobelfret Bulk Carriers CLdN, a shipowner and operator based in Antwerp, at a gross charter rate of $15,000 per day. Reachy Shipping (SGP) Pte Ltd will take delivery of MV Polymnia on June 8, 2024, and will pay $7.25 million in gross revenue for the minimum scheduled period of the time charter. Upon completing the previously announced sale of the MV Houston bulker, Diana Shipping’s (DSX) fleet, led by Semiramis Paliou, will consist of 38 dry bulk carriers – 4 newcastlemax bulk carriers, 8 capesize bulk carriers, 5 post-panamax bulk carriers, 6 kamsarmax bulk carriers, 6 panamax bulk carriers, and 9 ultramax bulk carriers. Additionally, Diana Shipping (DSX) expects to take delivery of two methanol dual fuel new-building kamsarmax bulk carriers by Q3 2027 and Q1 2028, respectively.
5-June-2024
New York-listed shipowner and operator Safe Bulkers (SB) has ordered another kamsarmax bulk carrier new building with a capacity of 82K DWT from a Japanese shipyard, scheduled for delivery in Q1 2027. The kamsarmax bulk carrier new building is designed to meet the Phase 3 requirements of the Energy Efficiency Design Index (EEDI) for the reduction of greenhouse gas emissions as adopted by the International Maritime Organisation (IMO) and comply with the latest NOx emissions regulations. This newbuild is a sister bulk carrier to several newbuilds in the order book of Limassol and Athens-based shipowner and operator Safe Bulkers (SB), led by Polys Hajioannou. Safe Bulkers (SB) has already taken delivery of nine IMO GHG Phase 3 – NOx Tier III vessels. Including this agreement, Safe Bulkers (SB) has an outstanding order book of nine new-build bulk carriers, two of which are methanol dual fuel, with deliveries set for 2024, two for 2025, four for 2026, and two for 2027. This new build order is consistent with Safe Bulkers’ fleet renewal strategy, aiming to create a resilient company with a young and efficient fleet within the ever-developing stringent CO2 emission regulations environment. In 2024, Safe Bulkers (SB) has already ordered three kamsarmax bulk carriers. Currently, Safe Bulkers (SB) operates a fleet of 46 bulk carriers, including 11 panamax bulk carriers, 9 kamsarmax bulk carriers, 18 post-panamax bulk carriers, and 8 capesize bulk carriers.
5-June-2024
Lloyd’s Register (LR) has granted approval in principle (AiP) to the Marine Design & Research Institute of China (MARIC) for a 360K DWT ammonia-fuelled VLOC (Very Large Ore Carrier) design. 360K DWT ammonia-fuelled VLOC (Very Large Ore Carrier) is designed as an oceangoing single-screw ammonia dual-fuel ore carrier. With a larger cargo capacity, it can carry not only iron ore but also bauxite to full load, making it suitable for routes to Brazil as well as West Africa. Two type C ammonia tanks will be located in the wing tanks of the cargo hold area, with a fuel preparation room on deck in the same area. Bunker stations will be open type, with a top cover providing protection from cargo drop. All are distanced from accommodation areas, offering better segregation from toxic gas. 360K DWT ammonia-fuelled VLOC (Very Large Ore Carrier) will be ammonia dual-fuelled, with an open-loop scrubber option to reduce fuel costs.
4-June-2024
One of the most recognizable names in European tanker operations, Euronav, is poised to undergo a significant rebranding. Shareholders have recently approved a plan to change the company’s name to CMB.TECH, with the transition set to occur on October 1, 2024. This move comes after a lengthy acquisition battle involving the Saverys family, who control CMB.TECH, and maritime magnate John Fredriksen. In preparation for the rebranding, Euronav has applied to alter its ticker symbol from EURN to CMBT, which will take effect on July 15, 2024, on both Euronext and the New York stock exchanges. Concurrently, Euronav’s website has already transitioned to cmb.tech. Despite the name change, the Euronav identity will not vanish entirely; it will continue to represent the oil tanker segment within the larger group. This group maintains a diverse fleet comprising around 150 vessels, including dry bulk carriers, containerships, chemical tankers, and offshore wind vessels. Established in 1995, the Euronav brand has built a substantial legacy within the maritime industry, and its continued use ensures that this legacy will endure, even as the company broadens its focus under the CMB.TECH umbrella.
4-June-2024
Hong Kong-based Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has reported a return to profitability in the first quarter of 2024. This return to profit, with a net gain of $2.4 million, was primarily driven by an increase in tonne-mile demand due to various geopolitical events. The Oslo and Hong Kong-listed Jinhui Shipping and Transportation Limited’s revenue for Q1 2024 was $27.8 million. Jinhui Shipping and Transportation Limited indicated that it plans to expand its fleet through the acquisition of secondhand vessels or charters, rather than investing in newbuildings. Jinhui Shipping and Transportation Limited highlighted that the dry bulk market demonstrated unusual strength in Q1 2024, continuing the freight rate momentum from Q4 2023. This strength was supported by increased demand for dry bulk commodities and extended sailing distances, contributing significantly to their financial turnaround.
4-June-2024
Thai-listed shipowner and operator Precious Shipping, led by Managing Director Khalid M Hashim, has once again partnered with Taizhou Sanfu Ship Engineering in China to order four ultramax bulk carriers, each with a deadweight of 63,500 DWT. These carriers are scheduled for delivery in 2026 and 2027. This order marks the third series of ships that the Bangkok-based shipowner and operator Precious Shipping has commissioned from Taizhou Sanfu Ship Engineering. While the specific prices for these ultramax bulk carriers have not been disclosed, recent deals for similar newbuilds in China have been approximately $34 million per unit. The value of bulk carrier newbuilds is currently at a 15-year high, driven by robust market fundamentals, including increased demand, as well as rising steel prices and shipyard costs.
4-June-2024
Fomento Group, an Indian shipowner and operator that began its shipowning operations in 2016, recently sold one of its four bulk carriers. The 2016-built newcastlemax bulk carrier, MV Fomento One, which has a deadweight of 206K, was sold to a Greek shipowner for approximately $56 million. MV Fomento One was initially ordered by Fomento Group at Daehan Shipbuilding in South Korea in 2014. Following this sale, Fomento Group retains three newcastlemax bulk carriers in its fleet. The Timblos family, a prominent figure in the Goan mining sector and a significant contributor to Goa’s economy since 1957, runs Fomento Group. Newcastlemax bulk carriers, defined by a maximum beam of 50 meters and a maximum overall length of 300 meters, are the largest bulk carriers that can enter the port of Newcastle in Australia. The market for newcastlemax bulk carriers has seen record levels of transactions in 2024.
3-June-2024
The kamsarmax bulk carrier MV Electra, built in 2013 and with a capacity of 81K DWT, has been chartered by Athens-based ship operator Aquavita International S.A. from Diana Shipping (DSX), a New York-listed shipowner and operator. The agreement is at a daily gross rate of $14,000. Aquavita International S.A. will continue to charter MV Electra until at least October 15, 2025, with an option to extend up to December 31, 2025. The company anticipates paying approximately $6.89 million for the minimum duration of this time charter. Currently, the fleet of Diana Shipping (DSX), led by Semiramis Paliou, consists of 38 dry bulk carriers, including 4 newcastlemax, 8 capesize, 5 post-panamax, 6 kamsarmax, 6 panamax, and 9 ultramax vessels. Diana Shipping (DSX) is also set to enhance its fleet with the addition of two methanol dual-fuel new-building kamsarmax bulk carriers expected in the third quarter of 2027 and the first quarter of 2028, respectively.
3-June-2024
At this year’s Capital Link, the first of the major conferences held in Athens during Posidonia Week, the spotlight was on the future of shipping fuels, newbuilding strategies, and enhancements for current vessels. The event opened with remarks from Greek Shipping Minister Christos Stylianides, followed by panel discussions featuring Greek shipowners from three major shipping sectors. The consensus among the panelists was positive regarding the current market conditions, attributing stability to ongoing disruptions. Discussions largely centered on fleet developments and the challenges in securing new build slots, especially for capesize vessels. Aristides Pittas, Chairman and CEO of Euroseas and EuroDry, pointed out the shortage of shipyards, complicating efforts to expand the fleet, particularly in smaller dry bulk segments. Conversely, Stamatis Tsantanis, Chairman and CEO of Seanergy Maritime and United Maritime, highlighted the difficulties in obtaining construction slots before 2027 or 2028, indicating a potential slowdown in capesize newbuilding orders. Regarding fuel choices for new vessels, traditional fuels remain preferred by many dry bulk owners, though some are experimenting with methanol-dual fuel options. Semiramis Paliou, CEO of Diana Shipping, discussed her company’s investment in methanol-dual fuel kamsarmax bulk carriers as a commitment to sustainable shipping, despite her reservations about methanol’s viability as a long-term solution. The conference also addressed strategies for extending the service life of existing fleets, with options like biofuel and carbon capture being considered. George Karageorgiou, President and CEO of Olympic Shipping and Management, noted that while larger companies might pursue greener solutions, many private owners remain cautious, focusing on immediate financial impacts. Andreas Hadjipetrou, Chief Commercial Officer of Columbia Group and Managing Director at Columbia Shipmanagement, echoed this sentiment, explaining that the majority of shipowners continue to use conventional fuels due to the high costs and uncertainties associated with alternatives like methanol or ammonia. This situation reflects a broader industry trend of cautious investment in the face of uncertain technological advancements.
3-June-2024
Tensions are escalating again between Nasdaq-listed pure-play capesize owner Seanergy Maritime (SHIP) and shipping titan George Economou. Following George Economou’s unsuccessful pursuit for board seats at New York-listed shipowner and operator Genco Shipping & Trading (GNK) and OceanPal, he has nominated two candidates for the board of Seanergy Maritime (SHIP). Owning nearly 9% of Seanergy Maritime (SHIP) through his investment vehicle Sphinx, George Economou has initiated a proxy battle by proposing John Liveris and Georgios Kokkodis as board members, just months after suing the company. Both nominees have previously served with George Economou at other shipping companies, including OceanFreight and Ocean Rig, which are connected to the Athens-based, New York-listed shipowner and operator OceanPal, a spin-off of Diana Shipping. The conflict intensified in March 2024 when George Economou sued Seanergy Maritime (SHIP) in the Marshall Islands, targeting its chief, Stamatis Tsantanis, and other directors. The lawsuit accuses them of manipulating control through the creation of “super-voting” shares. George Economou seeks to eliminate the Series B preferred stock, which grants Stamatis Tsantanis 49.99% of the voting power over Seanergy Maritime (SHIP), and to restructure the board of directors (BOD), which he claims is unfairly entrenched. Seanergy Maritime (SHIP), which manages a fleet of 19 large bulk carriers, expressed its disappointment over the lack of constructive engagement from George Economou, who they claim has not provided any new strategies for the company. In response to the lawsuit, George Economou has initiated a costly and potentially disruptive proxy fight. The Seanergy Maritime (SHIP) board of directors (BOD), comprising five directors, four of whom are independent, plans to evaluate George Economou’s nominees and proposals. The outcome of this boardroom battle remains uncertain, but George Economou’s previous involvement with companies like Genco Shipping & Trading (GNK) and OceanPal typically resulted in increased stock values and partial liquidation of his investments, alongside a shift to advisory roles to settle disputes.
3-June-2024
Hong Kong-based shipowner and operator Vanhui Shipping Co Ltd is expanding its dry bulk fleet by acquiring a pair of ultramax bulk carriers from Jiangsu Haitong Offshore Engineering Equipment. Vanhui Shipping Co Ltd has ordered 63K DWT ultramax bulk carriers scheduled for delivery in the first quarter of 2027. The price for these vessels has not been disclosed. Currently, Vanhui Shipping Co Ltd’s fleet includes six ultramax bulk carriers. The last order for ultramax bulk carrier newbuilds was placed in June 2020, with the 63K DWT ultramax bulk carriers being delivered from Nantong Xiangyu in 2023.
2-June-2024
A UK court has issued an arrest warrant for a Syrian shipowner, handing down an 18-month sentence for lying to a court. Abdul Jalil Mallah is sanctioned for his ties to Iran and the Houthis in Yemen. Oaktree Capital Management took Abdul Jalil Mallah to court in London in a bid to recover two bulk carriers it had lent him money to buy after it ended the deal in the wake of his being placed under sanctions. Judge Sara Cockerill has now ruled Abdul Jalil Mallah “quite deliberately lied to the court” in the case and provided “multiple false statements”, which included forged documents. Judge Sara Cockerill also ordered a confiscation of all Abdul Jalil Mallah’s assets in the UK. One of the bulk carriers in the dispute, MV Amethyst, was repossessed in Sharjah but the other, MV Courage, sailed on to Syrian waters where Syrian shipowner Abdul Jalil Mallah is now residing.
1-June-2024
Veritas Shipmanagement Ltd, headquartered in Athens, has commissioned the construction of two kamsarmax bulk carriers at Hengli Heavy Industries in Dalian, formerly known as STX Dalian Shipbuilding Co Ltd. Each 82K DWT kamsarmax bulk carrier is valued at approximately $38 million. The scheduled delivery of these carriers is set for the second quarter of 2026. Currently, the fleet of Veritas Shipmanagement Ltd comprises five bulk carriers and one small tanker. Since resuming its shipbuilding operations in the fourth quarter of 2022, Hengli Heavy Industries, a subsidiary of Hengli Group, has received multiple orders from Greek shipowners. Veritas Shipmanagement Ltd is recognized for its excellence in maritime services, emphasizing safety, client satisfaction, and crew welfare with a commitment to professional integrity.