29-May-2024
Croatia’s financial watchdog has approved Zagreb Stock Exchange-listed tanker and bulker company Tankerska Plovidba’s move to acquire full ownership of its former rival, Atlantska Plovidba. Tankerska Plovidba, based in Zadar, which already holds a 64.51% stake in Atlantska Plovidba, acquired earlier in 2024, has now been cleared to mop up the remaining shares. In early May, Tankerska Plovidba initiated a tender offer to purchase the outstanding shares of Atlantska Plovidba, aiming to consolidate 100% control of the company.
29-May-2024
Harry Vafias, a notable Greek shipping magnate leading Brave Maritime, is poised to utilize a $40m reserve to expand the fleet of Imperial Petroleum’s spin-off, shipowner and operator C3is. This Greek tanker and bulker company C3is is well-positioned to leverage fleet expansion opportunities. Controlled by Harry Vafias, bulker and tanker owner C3is is eyeing acquisitions to branch into new market segments. Athens-based shipowner and operator C3is reported a significant profit increase in the first quarter, positioning it to capitalize on secondhand vessel opportunities. Currently, C3is’s fleet, which includes two handysize bulk carriers and one aframax tanker, recorded net earnings of $3.8m.
29-May-2024
Lars-Christian Svensen has announced his resignation as chief executive of John Fredriksen-backed Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL). After initially serving as interim head from June 2023 and becoming permanent in January 2024, Lars-Christian Svensen will depart to pursue new opportunities, according to a Security Exchange Commission (SEC) filing by Golden Ocean Group (GOGL) on Wednesday. Lars-Christian Svensen will continue his role until September 2024. Before his role as CEO, Lars-Christian Svensen served as the chief commercial officer (CCO) of Golden Ocean Group (GOGL) starting in December 2020. His previous positions include senior vice president in Norway and president of US trading activities in Seattle for Western Bulk Chartering (WBC), as well as a downstream analyst for Petredec and a tanker shipbroker for Cmarine Services in Singapore. Following his departure, Peder Simonsen, the chief of finance, will assume the role of interim CEO at the Nasdaq- and Oslo-listed Golden Ocean Group (GOGL), which reported a Q1 2024 profit of $65.4m and operates a fleet of 94 large bulk carriers, including three newbuildings.
29-May-2024
Houthi rebels launched five missiles at the MV Laax, a kamsarmax bulk carrier controlled by Athens-based Grehel Shipmanagement Co, marking a significant escalation in their aggression towards commercial vessels in the southern Red Sea. This attack on Tuesday was part of what is described as the ‘fourth phase’ of their campaign targeting maritime assets. Initially, it was reported that the 2012-built, 82K DWT MV Laax was struck by three missiles, but the actual number has been updated to five. Despite the intense assault, MV Laax sustained material damage but remains seaworthy, confirmed by an official from the maritime security firm LSS-SAPU, which is currently providing protection for the vessel.
29-May-2024
Norwegian shipowner and operator JJ Ugland has increased its profits due to new partnerships with external vessel co-owners. The Grimstad-based JB Ugland Group’s subsidiary, JJ Ugland, has seen beneficial outcomes from these collaborations, even amidst declining ship charter rates. For 2023, JJ Ugland Group reported a significant increase in profits due to these strategic investor partnerships. According to the annual report from Uglands Rederi, the Grimstad-headquartered holding company, net earnings reached $31 million in 2023. Norwegian shipowner and operator JJ Ugland saw a decrease in revenue to approximately $56.1 million from $80.7 million the previous year, but financial expenses were also lowered to about $1.3 million.
28-May-2024
Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL sold kamsarmax bulk carrier 82K DWT MV ASL Uranus to Apeejay Shipping, one of India’s most venerable privately owned shipping entities. Apeejay Shipping has recently re-entered the S&P (Sale and Purchase) sector. This move marks a significant shift for Apeejay Shipping, which has maintained a conservative stance on ship ownership for over 75 years. The company, part of the multi-faceted Apeejay Group of Companies, had abstained from active participation in the sales and purchase market until 2023 but has since taken a more dynamic approach. Apeejay Shipping is part of the larger Apeejay Group, a well-established Indian conglomerate with diverse interests across shipping, hospitality, real estate, tea plantations, retail, and logistics. The group’s extensive business operations underscore its significant role in India’s economic landscape. In another transaction last week, Agricore Shipping ASL expanded its fleet with the acquisition of the 2012-built capesize bulk carrier 181K DWT MV El Grasso from Belgium-based Ebe Shipping for approximately $35 million, further indicating an active period in the global shipping industry. Apeejay Shipping’s fleet now includes seven bulk carriers, signaling a rejuvenated focus on expanding and modernizing its maritime assets.
28-May-2024
Egyptian shipowner and operator National Navigation Company (NNC) has recently completed its second transaction within the last month, acquiring the 2022-built kamsarmax bulk carrier 85K DWT MV Gia Ambition for approximately $39 million. The Cairo-based National Navigation Company (NNC) is actively expanding its fleet, having also commissioned Jiangsu Hantong Ship Heavy Industry to build two kamsarmax bulk carriers set for delivery in 2026. In November 2023, the National Navigation Company (NNC) made a significant investment in a newbuild from the Croatia-based shipowner and operator Atlantska Plovidba, paying $35 million for the vessel currently under construction and named MV Wadi Alarish. This vessel is being constructed at the same shipyard tasked with building the newly ordered bulk carriers. Atlantska Plovidba, established in Dubrovnik, Croatia, is known for its robust involvement in international shipping, especially in the dry bulk sector. The company has a history of strategic fleet management, focusing on versatile vessels that cater to global trade demands. Atlantska Plovidba operates a fleet that frequently navigates through diverse international routes, capitalizing on their strategic geographical location and extensive maritime expertise. This acquisition by the National Navigation Company (NNC) from Atlantska Plovidba is a part of their broader strategy to modernize and expand their fleet, underscoring their commitment to enhancing their operational capacity. The National Navigation Company (NNC) maintains a fleet of 14 bulk carriers, all flying the Egyptian flag, emphasizing its role as a key player in the maritime transport sector in the region.
28-May-2024
Egyptian shipowner and operator National Navigation Company (NNC) has secured its second transaction within a month. Based in Cairo, the National Navigation Company (NNC) recently acquired the 2022-built kamsarmax bulk carrier 85K DWT MV Gia Ambition for approximately $39 million. This acquisition follows shortly after National Navigation Company (NNC) contracted Jiangsu Hantong Ship Heavy Industry for the construction of two kamsarmax bulk carriers slated for delivery in 2026. The previous engagement of the National Navigation Company (NNC) in the Sale and Purchase market occurred in November 2023, when it purchased a newbuild from Croatia-based shipowner and operator Atlantska Plovidba. This vessel is currently under construction and has been named MV Wadi Alarish. The National Navigation Company (NNC) invested $35 million in MV Wadi Alarish, which is being built at the same shipyard as its recently ordered bulk carriers. The fleet of the National Navigation Company (NNC), which consists of 14 bulk carriers, operates under the Egyptian flag.
27-May-2024
Kristian Gerhard Jebsen Skipsrederi AS (KGJS), a prominent shipowner and operator based in Bergen, Norway, has announced the appointment of Petter Mowinckel as the new head of its dry bulk division, signaling a strategic push to expand this sector of its operations. Petter Mowinckel, who will join the company in August 2024, brings over 20 years of experience in commercial and operational shipping, particularly in the dry bulk market. His previous roles at G2 Ocean and Grieg Star Bulk have equipped him with significant industry expertise, which Kristian Gerhard Jebsen Skipsrederi AS (KGJS) plans to capitalize on. Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) operates a diverse fleet that includes bulk carriers, tankers, and specialized vessels that cater to various markets globally. The company is known for its strong commitment to safety, environmental sustainability, and the efficient management of its fleet. Founded in the 1960s by Kristian Gerhard Jebsen, the company has grown from a regional shipping business into a significant player in the international maritime industry. The strategic recruitment of Petter Mowinckel underscores Kristian Gerhard Jebsen Skipsrederi AS (KGJS)’s intent to reinforce and expand its footprint in the dry bulk market, leveraging its extensive industry knowledge and operational expertise to enhance profitability and service delivery.
27-May-2024
New York-listed pure-play capesize owner Seanergy Maritime (SHIP) spin-off United Maritime Corp has continued paying dividends despite posting a loss for the first quarter. Athens-based New York-listed shipowner United Maritime Corp faced increased expenses due to dry-docking and hedging against a market downturn that did not materialize, impacting its financial performance negatively. For the second quarter in a row, United Maritime Corp recorded a net loss, this time amounting to $1.3 million in Q1 2024, yet it has opted to keep its dividend distribution steady, reflecting a positive future outlook. Stamatis Tsantanis, CEO of United Maritime Corp, noted, “Our quarterly results were influenced by our hedging strategies, where we secured about half of our operating days in anticipation of a market uplift that did not occur, aiming to safeguard against potential downturns.”
27-May-2024
State-backed CHN Energy has made a significant entry into the ship leasing sector, acquiring 11 bulk carriers from Citic Financial Leasing. As China’s premier coal mining and utility company, CHN Energy was established seven years ago following the merger of Guodian Corporation and Shenhua Group. This acquisition includes ten 65K DWT ultramax bulk carriers currently under construction at CSSC Shanhaiguan Shipyard and one 57K DWT secondhand supramax bulk carrier. The move comes at a time when Beijing is intensifying its anti-corruption efforts, which have impacted many prominent figures in the Chinese ship leasing industry. Despite these challenges, the resurgence of Chinese ship leasing highlights its robust influence in the global maritime sector. The strategic involvement of Chinese financial institutions in ship leasing has played a pivotal role in expanding the Chinese-owned fleet, underscoring the country’s growing influence in international shipping.
26-May-2024
Veritas Shipmanagement Ltd, an Athens-based shipowner and operator, has solidified its commitment to fleet expansion and renewal by ordering two kamsarmax bulk carriers from Hengli Heavy Industry Shipyard. The contract, valued at $38 million each, marks a significant investment in new tonnage by the Greek shipping company. This move to secure two 82K DWT kamsarmax bulk carrier newbuilds underscores Veritas Shipmanagement Ltd’s strategy to modernize its fleet with more efficient and capable vessels. This acquisition from Hengli Heavy Industry Shipyard is part of Veritas Shipmanagement Ltd’s ongoing efforts to enhance its operational capabilities and maintain its competitive edge in the global shipping market.
24-May-2024
Greek shipowner and operator M/Maritime, backed by Greek entrepreneur John Mytilineos, has completed the acquisition of the last ship that M/Maritime had previously operated under charter, bringing the entire fleet of M/Maritime under full ownership. Athens-based M/Maritime purchased the 2017-built 37K DWT handysize bulk carrier MV Amber Star, meaning all 18 bulk carriers operated by M/Maritime are now directly owned by M/Maritime, with no remaining chartered-in ship in the fleet structure. The deal further strengthens the standing of M/Maritime in the dry bulk market, as M/Maritime now owns every bulk carrier it trades and operates. The acquisition followed the conclusion of a five-year charter-in arrangement with the ship’s former Japanese owners, after which M/Maritime secured MV Amber Star as a permanent fleet asset. MV Amber Star is currently trading within Hamburg-based TMA Bulk Pool Inc., giving the ship access to a commercial pool structure that can support employment, cargo coverage, voyage planning, market access, and scheduling efficiency in the handysize bulk carrier sector. The transaction marks a major step for Athens-based M/Maritime, which continues to develop its dry bulk platform with the backing and direction of Greek entrepreneur John Mytilineos. The purchase of MV Amber Star gives M/Maritime a more straightforward and fully unified fleet profile. By converting chartered-in control into outright ownership, M/Maritime gains stronger long-term authority over asset deployment, maintenance planning, commercial decisions, financing strategy, resale timing, and future fleet renewal. For a dry bulk shipowner and operator, complete ownership can create closer alignment between technical management and commercial employment because the ship is no longer subject to the restrictions of a charter-in arrangement. M/Maritime can now manage MV Amber Star with a longer-term investment perspective, covering dry-docking plans, energy-efficiency improvements, regulatory compliance, chartering strategy, emissions performance, and future repositioning. M/Maritime has grown into a modern Athens-based shipowner and operator with a strong dry bulk focus. Established in 2016 by John Mytilineos, M/Maritime has developed into an 18-ship dry bulk platform operating across the handysize, ultramax, and kamsarmax bulk carrier segments. This fleet spread gives M/Maritime exposure to different dry bulk cargoes, voyage patterns, and chartering opportunities. Handysize bulk carriers such as MV Amber Star provide adaptability for smaller ports, regional trades, and varied cargo parcels, while ultramax bulk carriers offer geared cargo-handling capability and broad commercial use. Kamsarmax bulk carriers provide larger capacity for grains, coal, minerals, raw materials, and other important dry bulk commodities. Together, these ship classes allow M/Maritime to participate in a wide section of the dry bulk market without depending on one narrow ship category. The full acquisition of MV Amber Star also demonstrates the asset discipline of M/Maritime. Instead of continuing to operate a chartered-in ship indefinitely, M/Maritime used the end of the five-year charter-in period to consolidate fleet ownership. This can be commercially advantageous because M/Maritime already had direct knowledge of the ship’s operating record, technical performance, cargo suitability, fuel consumption, maintenance needs, and chartering value. Buying a familiar ship can reduce some of the uncertainty that normally comes with secondhand acquisitions, as M/Maritime had practical experience with MV Amber Star before completing the purchase. For M/Maritime, that familiarity likely made MV Amber Star a logical addition to the owned fleet. MV Amber Star fits closely with the established dry bulk strategy of M/Maritime. A 37K DWT handysize bulk carrier is compact enough to trade into a broad range of ports while still offering meaningful cargo capacity. This makes MV Amber Star useful in trades where port restrictions, parcel sizes, draft limitations, or loading infrastructure may not favour larger bulk carriers. Handysize bulk carriers remain commercially relevant because many dry bulk cargoes are moved in smaller parcels or through regional ports that require adaptable tonnage. For M/Maritime, MV Amber Star can be employed for agricultural commodities, steel products, forest products, minerals, fertilizers, raw materials, minor bulks, and other dry cargoes where flexibility, reliability, and port access are valuable. The employment of MV Amber Star within Hamburg-based TMA Bulk Pool Inc. also gives M/Maritime access to a wider commercial platform. Pool employment can help a shipowner improve utilisation, expand cargo access, strengthen market coverage, and position ships more efficiently across regional trades. For M/Maritime, participation in TMA Bulk Pool Inc. may support steadier commercial performance for MV Amber Star by linking the ship to a broader flow of cargo opportunities. This can be particularly useful in the handysize segment, where earnings often depend on effective regional positioning, broker networks, cargo variety, and the ability to react quickly to changing market conditions. The purchase also reinforces the importance of Japanese-built tonnage within the fleet identity of M/Maritime. M/Maritime has developed its dry bulk platform around high-quality Japanese-built ships, reflecting the strong reputation of Japanese shipyards for construction quality, fuel-efficient designs, technical durability, and long-term asset value. By acquiring the 2017-built MV Amber Star from Japanese owners after years of chartered operation, M/Maritime strengthens this Japanese-built fleet profile and maintains the technical consistency that has shaped the reputation of M/Maritime. A fleet with common build quality and comparable technical standards can support easier maintenance planning, stronger charterer confidence, and more effective long-term asset management. Complete ownership of all 18 bulk carriers also gives M/Maritime greater strategic flexibility. Owned ships can be refinanced, sold, upgraded, chartered out, pooled, repositioned, or retained depending on market conditions and the wider strategy of M/Maritime. Chartered-in ships can provide flexibility in certain market conditions, but outright ownership gives M/Maritime stronger control over capital value and long-term fleet planning. In a cyclical dry bulk market, asset ownership can be especially important because ship values can rise sharply in stronger markets and decline during weaker periods. By owning all 18 bulk carriers, M/Maritime has more direct exposure to both freight earnings and asset-value movements, giving M/Maritime greater participation in dry bulk market cycles. The deal also strengthens the identity of M/Maritime as a full shipowner rather than only an operator of controlled tonnage. In shipping, there is a clear difference between operating chartered-in ships and owning ships outright. Ownership generally signals deeper long-term commitment to a segment, stronger control over technical standards, and greater exposure to asset performance. By purchasing MV Amber Star, M/Maritime has removed the last remaining chartered-in element from its fleet and created a cleaner, more coherent ownership platform. This can be helpful when dealing with charterers, lenders, insurers, brokers, pool managers, and shipyards, because counterparties can view M/Maritime as a shipowner with a fully owned and clearly structured fleet base. The leadership and financial support of John Mytilineos remain central to the growth of M/Maritime. John Mytilineos has supported the development of M/Maritime from a relatively young Athens-based shipping platform into a visible dry bulk owner with a fleet across multiple segments. Greek shipping has a long tradition of disciplined asset play, secondhand investment, chartering flexibility, and movement through market cycles, and M/Maritime reflects this wider Greek shipping culture through careful fleet building and a strong preference for quality tonnage. The acquisition of MV Amber Star shows that M/Maritime is prepared to invest in ships that match its existing operating model and longer-term fleet direction. The transaction may also improve operational consistency across the fleet of M/Maritime. With every ship now owned, M/Maritime can apply more consistent policies for maintenance, performance monitoring, emissions compliance, insurance, dry-docking, technical upgrades, and fleet planning. This is increasingly important as dry bulk shipping faces stricter environmental regulation, higher charterer expectations, and more scrutiny from financiers, insurers, and regulators. Full ownership allows M/Maritime to decide how and when to invest in energy-saving devices, hull coatings, engine improvements, digital performance systems, and other measures that may improve efficiency or regulatory performance over each ship’s remaining trading life. The timing of the purchase is also notable because dry bulk owners continue to assess the balance between secondhand acquisitions, chartered-in exposure, and newbuilding commitments. Newbuilding decisions remain complicated by high shipyard prices, long delivery delays, future-fuel uncertainty, and developing environmental rules. Acquiring a known 2017-built handysize bulk carrier gives M/Maritime a practical alternative, as MV Amber Star offers immediate trading potential and fits the current fleet profile. Instead of accepting the long lead time and technology uncertainty of a newbuilding order, M/Maritime has strengthened the fleet through a ship that M/Maritime already understood from direct operational experience. For the wider dry bulk strategy of M/Maritime, full ownership of MV Amber Star adds fleet depth and commercial optionality. The 18-ship fleet gives M/Maritime scale across several dry bulk segments while keeping the focus on modern, high-quality tonnage. This scale can help M/Maritime improve scheduling flexibility, support cargo programmes, reinforce relationships with charterers, and respond more effectively to changing freight-market conditions. In dry bulk shipping, fleet size is most valuable when it is combined with discipline, technical reliability, and strong commercial execution. M/Maritime appears to be building around those principles by consolidating ownership and maintaining a fleet profile centred on Japanese-built bulk carriers. Looking forward, the acquisition of MV Amber Star leaves M/Maritime with a fully owned 18-ship dry bulk fleet and a stronger base for future development. M/Maritime can now consider expansion, fleet renewal, chartering strategy, and sector diversification from a clearer ownership position. Whether M/Maritime grows through secondhand acquisitions, newbuilding projects, long-term charters, or selective moves into other segments, the purchase of MV Amber Star gives M/Maritime a more complete platform. For M/Maritime, the deal is more than the acquisition of one handysize bulk carrier. The deal completes the move to full fleet ownership, reinforces the Japanese-built dry bulk profile of M/Maritime, strengthens control over commercial and technical decisions, and confirms the continuing ambitions of M/Maritime under Greek entrepreneur John Mytilineos.
24-May-2024
The Liberia-flagged MV Basilisk, a 17K DWT multipurpose ship managed by Hamburg-based Minmarine MPP Shipmanagement, successfully thwarted a hijacking attempt offshore Somalia. This incident occurred when the MV Basilisk was boarded by the Somali Pirate Action Group (PAG) from two small boats approximately 401 nautical miles southeast of Mogadishu. The attack took place on Thursday as the vessel was navigating from Porto Grande to Jebel Ali port. During the assault, the crew of the MV Basilisk promptly retreated to the ship’s citadel, ensuring their safety while the vessel drifted. However, the captain, who remained outside the citadel, sustained a non-life-threatening gunshot wound to the arm. A European Union Naval Force (EUNAVFOR) warship responded to the distress calls, securing the area and confirming that all pirates had vacated the MV Basilisk with no unauthorized personnel left on board.
24-May-2024
The rapid expansion of bauxite capesize bulk carrier trades from Guinea has recently surpassed Brazil in terms of ton-days within the first four months of the year. The Guinea-to-China bauxite trade has solidified its status as a critical factor for capesize bulk carrier prospects, reflecting China’s increased focus on electric vehicle production. From January to April 2024, shipments of capesize bulk carriers carrying bauxite from Guinea to China reached 333 million tonnes, narrowly missing the long-established Fronthaul C14 (Brazil to China) route by only 0.6 million tonnes. Significantly, this route has surpassed the Brazil fronthaul route by 18.2% in terms of ton-days. In April 2024 alone, China imported 10.5 million tonnes of bauxite from Guinea, marking a staggering 183% increase compared to the previous year. Bauxite, which is primarily transported on capesize bulk carriers, now accounts for approximately 13% of global capesize bulk carrier volumes, an increase from 10% in 2023. This surge underscores Guinea’s ascending role not just as a key bauxite supplier but also as a future major provider of iron ore to China, especially with the anticipated opening of the Simandou iron ore mine next year. William Fairclough, Managing Director of Hong Kong-based Wah Kwong Maritime Transport Holdings Limited, noted, “West African bauxite has become significantly more important and is closely linked with iron ore in terms of volumes.”
23-May-2024
A tragic accident occurred on the Alliance Maritime-controlled handysize bulk carrier MV Yuka D, resulting in the death of a crew member in India. Quirao Earl Wilhelm Azarcon, a 26-year-old crew member, fell 30 feet from a crane while the Malta-flagged MV Yuka D (built in 2011) was berthed at Paradip port on Wednesday. The ship was there to load cargo. Azarcon sustained severe head and facial injuries from the fall and succumbed to them at the scene. The ship’s manager, Glasgow-based Norbulk Shipping UK Ltd, confirmed the incident and stated that the next of kin, port authorities, and the flag administration of Malta were immediately notified following the accident. An investigation into the incident has been initiated by Malta’s flag administration. Norbulk Shipping UK Ltd and Alliance Maritime are fully cooperating with the flag state investigation. Plans are underway to repatriate Quirao Earl Wilhelm Azarcon’s remains back to his family. Norbulk Shipping UK Ltd has stated that no further updates will be provided as the formal investigation is ongoing.
22-May-2024
AAL Shipping (AAL) has expanded its current order at CSSC Huangpu Wenchong Shipbuilding with the addition of two heavy-lift handysize bulk carriers to the existing six 32K DWT heavy-lift Super B-Class ships. The newly ordered vessels, MV AAL Newcastle and MV AAL Mumbai will each boast an enhanced heavy-lift capacity of 800 tonnes, surpassing the 700-tonne limit of the earlier ships in the Super B-Class series. These additions will increase AAL Shipping’s (AAL) total fleet tonnage to 831K DWT. Christophe Grammare, managing director of AAL Shipping (AAL), emphasized the strategic foresight behind this expansion, stating: “Looking into the future, the trend in industrial project cargo is towards fabricating larger and more complex components, and we need to be ahead of that curve. The unique design, advanced cargo handling technologies, and augmented heavy-lift capabilities of these additional vessels not only meet current demands but are also tailored to handle even larger and heavier cargoes that may have previously been beyond our capabilities.”
22-May-2024
Founder of TMS Group and DryShips Inc, George Economou, has secured a substantial $6.75 million after ceasing his opposition to the board of Athens-based, New York-listed shipowner and operator OceanPal, a spin-off of Diana Shipping. Known as a shareholder and critic of OceanPal, George Economou was compensated for providing strategic advice and covering out-of-pocket expenses. A recently established support agreement between George Economou and the Palios family, who control OceanPal, includes this significant payment. The details of the agreement were disclosed in a document OceanPal submitted to the SEC (Securities and Exchange Commission) on May 20, 2024, which specifies the reimbursement for certain expenses incurred by George Economou.
22-May-2024
Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) reported strong profits for the first quarter of 2024, surpassing the typically robust performance of Q4 2023. Under the leadership of CEO Lars-Christian Svensen, Golden Ocean Group (GOGL) experienced an unusually strong first quarter, which typically sees lower activity levels in the bulk carrier market. The Oslo- and Nasdaq-listed shipowner Golden Ocean Group (GOGL) capitalized on its significant engagement in the spot market during this period, benefiting from higher-than-expected freight rates. This strategic positioning in the spot market enabled Golden Ocean Group (GOGL) to record profits that exceeded those of the last quarter of 2023, a period generally recognized as the peak season for bulk carrier operations.
22-May-2024
Limassol-based shipowner and operator Lemissoler Navigation Co Ltd, under the direction of founder, chairman, and CEO Philippos Philis, has signed a significant contract for eight methanol-fuel ultramax bulk carrier newbuildings with CSSC Huangpu Wenchong Shipbuilding. This pioneering step makes Lemissoler Navigation Co Ltd the first to commission methanol dual-fuel ultramax bulk carriers in China. The contract encompasses four firm orders for methanol-fuel ultramax bulk carriers and options for four more, representing an investment exceeding $320 million. Lemissoler Navigation Co Ltd, established in 1996 by Philippos Philis, has grown to become a notable entity in the global shipping industry, known for its diversified fleet and commitment to innovative and environmentally sustainable shipping solutions. Lemissoler Navigation Co Ltd operates a variety of vessels including bulk carriers, container ships, and chemical tankers, and is actively involved in various segments of shipping operations from technical management to crewing and post-fixture operations. This new venture into methanol-fueled ships highlights Lemissoler Navigation Co Ltd’s commitment to reducing the environmental impact of its operations and aligning with global efforts to curb emissions in the maritime sector. Shipbrokers note that this deal not only underscores the shift towards greener alternatives in shipping but also positions Lemissoler Navigation Co Ltd at the forefront of adopting next-generation fuel technologies. Lemissoler Navigation Co Ltd has committed to an ambitious order of up to eight methanol dual-fuel ultramax bulk carriers at CSSC-affiliated Huangpu Wenchong Shipbuilding. This agreement represents Huangpu Wenchong Shipbuilding’s initial venture into the ultramax category. The contract includes four confirmed 65K DWT methanol dual-fuel ultramax bulk carriers, each valued at over $40 million, with the option to acquire four more. This order follows Lemissoler Navigation Co Ltd’s unveiling of a methanol-fueled ultramax design in December 2023, developed in collaboration with Shanghai Merchant Ship Design & Research Institute (SDARI) and the American Bureau of Shipping (ABS). Lemissoler Navigation Co Ltd, which currently manages a modern fleet of 12 eco supramax and ultramax bulk carriers constructed from 2015 to 2020, marks its first new building order since 2017 with this significant expansion.
22-May-2024
NRP (Ness, Risan & Partners) Project Finance, a Norwegian finance company, has launched into 2024 with new investments totaling $76 million. This year, NRP Maritime Asset Management AS (MAM), which specializes in shipping investments, has secured the purchase of two bulk carriers and two feeder vessels. The largest deal by NRP Maritime Asset Management AS (MAM) involves a partnership with Athens-based shipowner and operator W Marine for the acquisition of a 2016-built kamsarmax bulk carrier, valued at approximately $28 million. Oslo-based NRP (Ness, Risan & Partners) Project Finance is known for its stringent selection criteria, focusing on opportunities that offer optimal risk/reward profiles. This cautious approach underpins their strategy of making calculated investments to ensure sustainable growth and profitability. As a result, NRP (Ness, Risan & Partners) Project Finance continues to strengthen its position in the shipping finance sector, maintaining a portfolio that reflects both diversity and strategic investment decisions.
22-May-2024
The Greek family Vernicos, traditionally known for its involvement in the salvage and tanker sectors, has ventured into the bulk carrier market through a new shipowning entity, Nautilus Management SA. Based in Athens, Nautilus Management SA has marked its entry into dry cargo ownership with the purchase of the 2010-built handysize bulk carrier 36K DWT MV V Bros (formerly MV Clipper Nassau) from Danish shipowner and operator Clipper Group. Brothers Dimitris Vernicos and George Vernicos spearheaded the establishment of Nautilus Management SA, transitioning their family’s maritime interests towards dry cargo. The acquisition of MV V Bros underscores Nautilus Management SA’s strategic diversification. This ship, which was part of an off-market transaction completed in late March 2024, represents the initial step in what could potentially be an expanding presence in the bulk carrier sector. Nautilus Management SA is dedicated to providing comprehensive technical and commercial management services tailored to dry cargo vessels and tankers, encompassing crude oil, products, and chemicals. This move into dry cargo by the Vernicos family, known for their deep roots and extensive experience in maritime operations, signals a significant new phase in their business evolution.
22-May-2024
Oslo-headquartered Western Bulk Chartering (WBC) is a prominent participant in global shipping, particularly recognised for its activity in the supramax bulk carrier segment. Western Bulk Chartering (WBC) has recently intensified its focus on building a stronger position in the panamax market, a strategy that has included notable developments such as the formation of a dedicated panamax team toward the end of 2022. This diversification initiative has been supported by Western Bulk Chartering (WBC) recruiting three experienced chartering managers in 2024, with the aim of accelerating growth and delivering profitability in the panamax segment. Western Bulk Chartering (WBC) has built a reputation for strong operational execution and disciplined fleet management, allowing Western Bulk Chartering (WBC) to adapt quickly to market shifts and optimise trading decisions as freight conditions change. The expansion into panamax reflects Western Bulk Chartering (WBC)’s proactive push to capture additional market opportunities and broaden its earnings base beyond its established supramax presence. Western Bulk Chartering (WBC) operates a sizeable trading platform moving a wide range of bulk commodities worldwide, with an emphasis on efficient utilisation, reliable service, and close customer support. Western Bulk Chartering (WBC) has indicated that it expects the panamax department to become profitable by the end of 2024, reinforcing Western Bulk Chartering (WBC)’s confidence in the commercial potential of the segment and in its ability to execute effectively in larger-tonnage trades. Western Bulk Chartering (WBC)’s approach is built on leveraging its long-standing bulk shipping expertise to strengthen its competitive edge in the panamax market while continuing to advance innovation and sustainability through the adoption of advanced technologies and more environmentally focused operating practices across Western Bulk Chartering (WBC)’s activities.
21-May-2024
Singapore-headquartered Eastern Pacific Shipping (EPS), led by Idan Ofer, has completed the sale of two 2021-built scrubber-fitted newcastlemax bulk carriers, MV Trust Qingdao and MV Trust Shanghai, for approximately $146 million. The buyer, Copenhagen-based Dampskibsselskabet DS Norden A/S, has further expanded its footprint in the newcastlemax segment with this purchase. This acquisition marks Dampskibsselskabet DS Norden A/S’s second significant investment in large bulk carriers in 2024, following their acquisition of two 2021-built newcastlemax bulk carriers from Korean shipowner and operator Sinokor Merchant Marine Co. Ltd. in March 2024. The demand for newcastlemax bulk carriers has seen a marked increase in 2024, with 22 sales reported to date, nearly double the number recorded during the same period in 2023. Dampskibsselskabet DS Norden A/S has been active in the large bulker market since it entered the capesize bulk carrier segment in March 2023. Since then, Dampskibsselskabet DS Norden A/S has acquired five capesize bulk carriers. While one of these was recently sold for a profit, the other four are 180K DWT capesize bulk carrier newbuilds, currently on order at Namura Shipyard.
21-May-2024
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has fortified its position in the newcastlemax segment with the acquisition of two 2021-built scrubber-fitted newcastlemax bulk carriers, MV Trust Qingdao and MV Trust Shanghai, purchased from Singapore-headquartered Eastern Pacific Shipping (EPS) for approximately $146 million. This strategic acquisition marks Dampskibsselskabet DS Norden A/S’s second major expansion into large bulk carriers in 2024, following their earlier purchase of two newcastlemax vessels from Korean shipowner and operator Sinokor Merchant Marine Co. Ltd. in March 2024. The demand for newcastlemax bulk carriers has surged in 2024, with a total of 22 transactions recorded to date, nearly doubling the sales from the same timeframe in 2023. Dampskibsselskabet DS Norden A/S has been proactively expanding its large bulker portfolio since entering the capesize bulk carrier market in March 2023. The company has since acquired five capesize bulk carriers, including four 180K DWT capesize bulk carrier newbuilds from Namura Shipyard. One of these vessels was recently sold for a profit, underscoring the company’s adept asset management. Beyond these acquisitions, Dampskibsselskabet DS Norden A/S has a long-standing history and reputation within the shipping industry. Founded in 1871, the company has evolved into one of the leading global operators of bulk carriers, specializing in both dry cargo and tankers. It is known for its operational excellence, commitment to sustainability, and innovative approach to shipping solutions. Dampskibsselskabet DS Norden A/S actively pursues environmental initiatives, evidenced by its investment in fuel-efficient vessels and commitment to reducing its carbon footprint in line with international maritime regulations. The company’s strategic investments and fleet modernization reflect its ongoing efforts to adapt to changing market dynamics and enhance its service offerings across global trade routes. Dampskibsselskabet DS Norden A/S’s robust portfolio and its recent forays into the newcastlemax and capesize segments align with its broader goals of growth and sustainability, positioning it well for future market opportunities and challenges.
21-May-2024
The Blue Visby Solution, an innovative project aimed at reducing CO2 emissions during shipping operations, has shown promising results in its initial trials. Conducted in March and April 2024, these trials involved two bulk carriers, MV Gerdt Oldendorff and MV Begonia, which are chartered to CBH Group, a member of the Blue Visby Consortium. During ballast voyages to CBH Group’s Kwinana Grain Terminal in Australia, significant CO2 savings were recorded: 28.2% for the MV Gerdt Oldendorff and 12.9% for MV Begonia, averaging 17.3% at a speed of 14 knots. For the Lubeck-based Oldendorff Carriers managed MV Gerdt Oldendorff, managed by Oldendorff Carriers under the leadership of Henning Oldendorff, the trial indicated CO2 savings of 7.9% at the intended voyage speed of 12 knots, which could increase to 28.2% if the ship’s speed was raised to 14 knots. These savings underscore the potential environmental benefits of the Blue Visby Solution, which serves as a mitigation tool for sail-fast-then-wait operations. The trials explored various performance benchmarks such as RPM, laycan dates, and standard operational scenarios. Participants were also given the option to evaluate the economic benefits of fuel savings and the extension of the ocean passage by applying either contract rates or market rates from the Baltic Exchanges. Importantly, the Blue Visby Solution trials did not interfere with essential shipping operations such as weather routing, voyage planning, or the timing of berthing, which remained under the control of the participants. With the research and developmet phase nearing completion, broader prototype trials are planned in the upcoming months, aiming for commercial deployment later in 2024. This initiative represents a significant step forward in reducing the carbon footprint of maritime transport.
21-May-2024
Athens-based, Nasdaq-listed shipowner and operator Pyxis Tankers has expanded its fleet with the acquisition of the 2015-built kamsarmax bulk carrier 80K DWT MV Konkar Venture for approximately $30 million. This acquisition marks the third bulk carrier added to Pyxis Tankers’ fleet in a joint venture with its Chairman and CEO, Valentios Eddie Valentis. Financing for MV Konkar Venture includes $16.5 million in bank debt, $13.2 million in cash, and the issuance of $1.5 million in restricted common shares. Pyxis Tankers will hold a 60% ownership stake in the kamsarmax bulk carrier 80K DWT MV Konkar Venture, with the remaining 40% held by Valentios Eddie Valentis. This vessel, which is a sister ship to the kamsarmax bulk carrier 80K DWT MV Konkar Asteri delivered in February 2024, will be managed by Konkar Shipping Services SA, an entity affiliated with Valentis. This management arrangement also includes the ultramax bulk carrier MV Konkar Ormi, which was acquired in a joint venture with Valentios Eddie Valentis in September 2023. Currently, the fleet of Athens-based, Nasdaq-listed shipowner and operator Pyxis Tankers includes three eco MR tankers, one kamsarmax bulk carrier, and it has controlling interests in two additional bulk carriers.
20-May-2024
One of China’s most active shipowners, Agricore Shipping ASL, is dynamically engaging in the maritime market, both purchasing and divesting vessels. Agricore Shipping ASL is targeting ships constructed around 2010 while offloading its smaller bulk carriers. Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL shows a strong preference for the capesize bulk carrier segment, having linked to its fourth capesize acquisition in five months, alongside the sale of two smaller bulk carriers within the same period. Recently, Agricore Shipping ASL discreetly completed three transactions, including the acquisition of a 2010-built capesize bulk carrier, MV ASL Sun (ex MV Seamate), from Athens-based shipowner and operator Thenamaris. Additionally, Agricore Shipping ASL purchased the 2009-built capesize bulk carrier 169K DWT MV ASL Loong (ex MV Genco Commodus) from Seoul-based shipowner Sinkor for approximately $22.5 million. Furthermore, Agricore Shipping ASL acquired the 2012-built capesize bulk carrier 181K DWT MV El Grasso from Belgium-based Basile Aloy-led shipowner and operator Ebe Shipping for about $35 million. In December 2023, Agricore Shipping ASL acquired the 2009-built capesize bulk carrier 178K DWT MV ASL Polaris (ex MV Mineral Ningbo) for approximately $20 million from Antwerp-based shipowner and operator Bocimar. Moreover, Hong Kong and Qingdao-based Chinese shipowner and operator Agricore Shipping ASL is disposing of its 2008-built kamsarmax bulk carrier 82K DWT MV ASL Uranus for about $17 million, a vessel it had purchased from Seoul-based shipowner and operator Cido Shipping for just over $13 million in 2021. In Q1 2024, Agricore Shipping ASL sold an older panamax bulk carrier built in 2002. Founded in 2016 and headquartered in Qingdao, Agricore Shipping ASL initially started as a charterer before transitioning into shipowning in 2018, marking its evolution into a diversified maritime company.
20-May-2024
The Athens-based, New York-listed shipowner and operator OceanPal has reached an agreement with Greek shipping magnate George Economou, leading to the cessation of his campaign to remove most of the company’s directors. George Economou, who controls a 14.1% stake in Nasdaq-listed OceanPal through his investment vehicle Sphinx, had been advocating for the removal of five out of the seven directors of OceanPal, including chairperson Semiramis Paliou, the daughter of renowned shipping veteran Simeon Palios. In addition to his advocacy, George Economou had nominated former OceanFreight chairman John Liveris and former Ocean Rig board member Georgios Kokkodis for election at OceanPal’s forthcoming annual stockholders’ meeting. However, a recent announcement from OceanPal confirmed that a “support agreement” has been established with George Economou’s Sphinx, resulting in the withdrawal of all previous nominations and proposals, aligning instead with the directors recommended by OceanPal. The agreement also includes a non-binding arrangement for George Economou to consult the board on potential future endeavors. This détente follows George Economou’s strategic investments in the shipping sector, including his initial investment in August 2023 in aframax tanker specialist Performance Shipping and subsequent investment in New York-listed shipowner and operator OceanPal in September 2023. Athens-based, New York-listed shipowner and operator OceanPal’s CEO Robert Perri expressed satisfaction over the resolution, noting, “We value Sphinx’s interest in the company, and I along with the board are eager to explore with Greek shipping tycoon George Economou’s potential opportunities to enhance value for OceanPal’s stockholders.” This agreement marks a shift in George Economou’s approach, as he also ceased his pursuit of New York-listed shipowner and operator Genco Shipping & Trading (GNK) by withdrawing his nomination of Robert Pons for election to Genco’s board and his proposal to repeal Genco Shipping & Trading’s (GNK) bylaws. This development reflects George Economou’s broader involvement in the shipping industry, owning over 100 ships across the dry bulk, tanker, and LNG segments.
20-May-2024
George Economou has retracted his proxy battle initiatives against CEO John Wobensmith-led New York-listed Genco Shipping & Trading (GNK) and rescinded his nominee for the board of Genco Shipping & Trading (GNK). George Economou’s investment vehicle, GK Investor, announced on Thursday that it had withdrawn the nomination of Robert Pons as a candidate for election to the Genco Shipping & Trading (GNK) board, along with a proposal to repeal the bylaws of Genco Shipping & Trading (GNK). This retreat followed the acquisition by Greek shipping tycoon George Economou of approximately a 5.4% stake in Genco Shipping & Trading (GNK) at the end of December 2023, which manages over 40 bulk carriers. After acquiring the stake, George Economou nominated Robert Pons and another individual to the board of Genco Shipping & Trading (GNK). Pons, president and chief executive of Spartan Advisors, has a history of board service across about 16 publicly traded companies. However, Genco Shipping & Trading (GNK) dismissed these nominations, citing that they would not align with the interests of Genco Shipping & Trading (GNK) or its shareholders. Genco Shipping & Trading (GNK) has actively opposed George Economou’s moves, characterizing them as self-serving, and has even launched a “VoteForGenco” website to warn shareholders against George Economou’s track record of problematic capital allocation and conflicts of interest. Despite this resistance, George Economou began to sell off his shares in Genco Shipping & Trading (GNK) profitably, reducing his stake significantly since April 2023. Although he has stepped back from the proxy fight, George Economou has expressed his intention to keep a close watch on Genco Shipping & Trading (GNK) and its board, maintaining accountability. In response, Genco Shipping & Trading (GNK) expressed relief over George Economou’s decision to withdraw, noting that his involvement mainly diverted attention and resources from their ongoing strategies to enhance shareholder value. Genco Shipping & Trading (GNK) continues to focus on its operational efficiencies and high industry standards through its strategic partnership with Genco Ship Management LLC. With a headquarters in Manhattan, Genco Shipping & Trading (GNK) operates a diverse fleet of 45 bulk carriers, including capesize, ultramax, and supramax bulk carriers, underscoring its significant role in the global shipping market.
20-May-2024
Tufton Oceanic Assets Limited (TOAL), which is listed on the London Stock Exchange, experienced an incident involving its vessel, the 2015-built handysize bulk carrier 38K DWT MV Mai Tai. The MV Mai Tai, owned by Tufton Oceanic Assets Limited (TOAL) under the leadership of CEO Andrew Hampton, collided with a small clean product tanker managed by Argentina’s National Shipping. The collision occurred in a heavily trafficked section of the Parana River near Rosario, Argentina, a critical shipping route. Damage was reported to both the MV Mai Tai and the tanker following the incident.
17-May-2024
Nasdaq Stock Exchange-listed Seanergy Maritime Holdings Corp. (SHIP) has enhanced its fleet with the acquisition of a Japanese-built 2012-built capesize bulk carrier, 181K DWT MV Orange Tiara, for approximately $35 million. Led by Stamatis Tsantanis, Seanergy Maritime Holdings Corp. (SHIP) now operates 16 capesize bulk carriers along with one newcastlemax bulk carrier. Earlier in Q1 2024, Seanergy Maritime Holdings Corp. (SHIP) finalized the purchase of a 2013-built capesize bulk carrier, 181K DWT MV Iconship (formerly MV Kinokawa Maru), from Shunzan Kaiun for about $34 million. During the same quarter, Seanergy Maritime Holdings Corp. (SHIP) achieved a net profit of $10.2 million, driven by increased iron ore exports and robust coal volumes. Beyond expanding its fleet, Seanergy Maritime Holdings Corp. (SHIP) has also secured a one-year charter extension from Glencore for its 2010-built, scrubber-fitted capesize bulk carrier MV Knightship.
17-May-2024
Listed on the Nasdaq Stock Exchange, Seanergy Maritime Holdings Corp. (SHIP) has recently expanded its fleet by acquiring the 2012-built Japanese capesize bulk carrier, MV Orange Tiara, which has a deadweight of 181K DWT, for approximately $35 million. Under the leadership of Stamatis Tsantanis, Seanergy Maritime Holdings Corp. (SHIP) manages a fleet that includes 16 capesize bulk carriers and one newcastlemax bulk carrier. Earlier in the first quarter of 2024, Seanergy Maritime Holdings Corp. (SHIP) completed the acquisition of another capesize bulk carrier, the 181K DWT MV Iconship (previously known as MV Kinokawa Maru), from Shunzan Kaiun Co Ltd (Shunzan Kaiun KK) for around $34 million. Shunzan Kaiun Co Ltd (Shunzan Kaiun KK), the seller of MV Iconship, is a prominent Japanese shipping company based in Imabari. It specializes in the ownership and operation of a variety of vessels, predominantly focusing on bulk carriers. The company’s fleet is known for its high standards of maintenance and operational excellence, which are integral to its business model. Shunzan Kaiun Co Ltd (Shunzan Kaiun KK) has a long history in the maritime industry, providing reliable vessel operations supported by a dedication to safety and environmental sustainability. In the same period, Seanergy Maritime Holdings Corp. (SHIP) reported a net profit of $10.2 million, bolstered by heightened iron ore exports and strong coal volumes. Additionally, Seanergy Maritime Holdings Corp. (SHIP) successfully extended its charter for the scrubber-equipped 2010-built capesize bulk carrier MV Knightship for another year with Glencore. This charter extension is part of Seanergy Maritime Holdings Corp. (SHIP)’s strategic approach to leveraging its fleet’s capabilities to secure stable and profitable contracts in the global shipping market.
16-May-2024
London-based alternative investment platform Hayfin Capital Management has strategically expanded its presence in the capesize bulk carrier market, leveraging its substantial shipping investment fund. This year, Hayfin Capital Management has been involved in three notable acquisitions, increasing its capesize fleet to five vessels. One significant acquisition was the 2009-built capesize bulk carrier MV Corinthian Phoenix from Athens-based shipowner and operator Phoenix Energy Navigation, rendering Phoenix Energy Navigation without any ships. Earlier in Q1 2024, Hayfin Capital Management also secured the MV GH Leveche (formerly MV Athenian Phoenix) from Greek shipowner and operator Phoenix Energy for approximately $30 million. Additionally, Hayfin Capital Management purchased the 2013-built capesize bulk carrier 180K DWT MV GH Fitzgerald (formerly MV Urja) for around $38 million. Hayfin Capital Management, with a strategic plan to invest up to $1 billion in shipping assets, has not only focused on acquisitions but also on new vessel orders. Hayfin Capital Management made significant moves in the shipbuilding sector this year, including the order of two post-panamax bulk carriers from Oshima Shipbuilding and options for two additional methanol-ready suezmax tankers at HD Hyundai in South Korea. This aggressive expansion underscores Hayfin Capital Management’s commitment to strengthening its position in the global shipping industry.
15-May-2024
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers has been described as an unstoppable dividend machine in the dry bulk sector, with Fearnley Securities projecting even more returns for shareholders, thanks to the company’s low cash breakeven point. Listed on the Oslo Stock Exchange, 2020 Bulkers has consistently rewarded its shareholders, earning praise from Fearnley Securities. With a fleet of six modern newcastlemax bulk carriers, 2020 Bulkers distributed dividends totaling $1.99 per share in Q1 2024, as reported by analyst Fredrik Dybwad. This substantial payout included $1.79 per share from a one-time distribution, which stemmed from the sale of two newcastlemax bulk carriers. This financial strategy underscores 2020 Bulkers’ robust performance and its commitment to delivering shareholder value.
15-May-2024
The proxy battle at Genco Shipping & Trading (GNK) intensifies as CEO John Wobensmith prepares to square off against Greek shipping magnate George Economou, founder of TMS Group and the notable DryShips Inc. This confrontation comes at a critical juncture with Genco Shipping & Trading (GNK) approaching a pivotal proxy fight. George Economou, renowned for his significant influence in the maritime sector and dubbed ‘man of the year,’ adds a strategic layer to the timing of these events. Amidst this corporate standoff, the shipping industry is celebrating its achievements in New York this week, an occasion that might seem ironically timed to observers, given the contentious backdrop. Adding to the drama, Genco Shipping & Trading (GNK) CEO John Wobensmith is set to be inducted into the International Maritime Hall of Fame. This prestigious accolade will be awarded at a ceremony on Wednesday night at Chelsea Piers, hosted by the maritime association of the Port of New York and New Jersey. George Economou, also known for his leadership of DryShips Inc., a pioneering company in the maritime industry, has significantly shaped global shipping dynamics. DryShips Inc., under George Economou’s guidance, expanded its operations to include oil tankers and drilling units, positioning it as a diversified player within the maritime and offshore drilling industries. This background enriches Economou’s profile as he engages in the proxy battle at Genco Shipping & Trading (GNK). In a strategic financial move, Genco Shipping & Trading (GNK) has revealed that George Economou cashed out 52% of his peak holding, securing a $7 million profit ahead of an imminent shareholder vote concerning board membership. This significant divestment by Economou, who has transitioned from shipowner to activist investor, began in early April 2024. His once 5.4% stake in the company was substantially reduced, as detailed in a public statement by Genco Shipping & Trading (GNK) before trading commenced on the New York Stock Exchange (NYSE) on Tuesday. These transactions highlight the intense financial and corporate strategies unfolding as Genco Shipping & Trading (GNK) navigates through its governance challenges.
15-May-2024
Finnish conglomerate Aspo has announced a significant restructuring plan that involves integrating its shipping brand, ESL Shipping, into a newly formed company. As part of the restructuring, Aspo will create two distinct entities: Aspo Compounder and Aspo Infra, with the shipping operations slated to be incorporated into Aspo Infra. Aspo’s strategic reorganization is designed to optimize shareholder value, according to a recent press release from the company. Various strategies are being considered to achieve this goal, including a demerger, an Initial Public Offering (IPO), and the possibility of either full or partial sales of the business units. ESL Shipping, which specializes in handysize and coaster vessels, operates primarily in the Baltic Sea region. This division, along with its Swedish subsidiary AtoB@C Shipping, commands a fleet of over 40 bulk carriers, with capacities ranging from 4,000 to 25,500 deadweight tonnes (dwt). The restructuring aims to enhance operational efficiency and market responsiveness by aligning ESL Shipping under the Aspo Infra brand.
15-May-2024
As the proxy battle intensifies, CEO John Wobensmith of New York-listed Genco Shipping & Trading (GNK) is set to face off against Greek shipping magnate George Economou, who is known for founding TMS Group and DryShips Inc. This clash comes at a pivotal moment as Genco Shipping & Trading (GNK) nears its crucial proxy fight. George Economou, also acclaimed as the ‘man of the year,’ adds an interesting twist to the timing of these events. In the midst of this corporate struggle, the shipping industry is also celebrating its achievements in New York this week, displaying what could be interpreted as a sense of irony by those awarding accolades. Adding to the drama, Genco Shipping & Trading (GNK) CEO John Wobensmith is scheduled to be inducted into the International Maritime Hall of Fame. This prestigious event is set to take place on Wednesday night at Chelsea Piers during the annual awards dinner hosted by the maritime association of the Port of New York and New Jersey. Additionally, Genco Shipping & Trading (GNK) has established a strategic partnership with Genco Ship Management LLC, playing a crucial role in efficiently managing its operations and upholding high industry standards. Based in Manhattan, Genco Shipping & Trading (GNK) commands a versatile fleet of 45 bulk carriers, comprising capesize, ultramax, and supramax vessels. This diverse fleet highlights its prominent position in the global shipping industry.
15-May-2024
Angeliki Frangou-led New York-listed shipowner and operator Navios Maritime Holdings (NM) subsidiary Navios Maritime Partners (NMP) has taken ownership of four chartered-in kamsarmax bulk carriers, significantly expanding its fleet. The acquisition includes the 2015-built kamsarmax bulk carrier 80K DWT MV Navios Amber, the 2016-built 84K DWT MV Navios Coral, and the 2017-built vessels 81K Navios Maritime Partners (NMP MV Navios Citrine and 81K DWT MV Navios Dolphin, costing the company approximately $116 million in total. With the addition of these scrubber-fitted, Japanese-built kamsarmax bulk carriers, Navios Maritime Partners (NMP) now commands a fleet of 71 bulkers. Navios Maritime Partners (NMP) also maintains three modern kamsarmax bulk carriers under a bareboat charter, each with purchase options, and another chartered-in unit without a purchase option. Following these strategic moves, Navios Maritime Partners (NMP) reported a net income of $73.4 million for Q1 2024.
15-May-2024
Japanese shipowner and operator NS United Kaiun Kaisha has finalized an agreement with Nihon Shipyard, a collaboration between Imabari Shipbuilding and Japan Marine United, to construct a methanol dual-fuel newcastlemax bulk carrier. Based in Tokyo, NS United Kaiun Kaisha announced that this 209K DWT methanol dual-fuel newcastlemax bulk carrier is envisioned as a next-generation environmentally friendly vessel, slated to transport raw materials both domestically and internationally. This innovative ship is designed to comply with the International Maritime Organization (IMO) EEDI Phase 3 requirements and is scheduled to commence operations in Q4 2027. As part of its medium-term investment strategy and its commitment to achieving net-zero greenhouse gas emissions by 2050, NS United Kaiun Kaisha is taking significant steps towards sustainability. The company’s fleet currently exceeds 200 vessels. By 2030, NS United Kaiun Kaisha plans to invest approximately $1.4 billion in fleet rejuvenation, with around $290 million dedicated to environmental initiatives, including engine conversions. Of this investment, about $1 billion is allocated for vessels powered by alternative fuels like methanol. NS United Kaiun Kaisha is actively engaging in biofuel trials and is also involved in a consortium developing a 200K DWT ammonia-fueled newcastlemax bulk carrier, demonstrating its leadership in adopting alternative fuel technologies in maritime operations.
15-May-2024
Japanese shipowner and operator NYK (Nippon Yusen Kabushiki Kaisha), in collaboration with compatriot shipbuilder Tsuneishi and British utility Drax Group, has embarked on a pioneering project to develop the world’s first biomass-fuelled vessel by the end of this decade. Under a memorandum of understanding, NYK Bulk & Projects Carriers (NYK Bulk) will work with these partners to initially develop an onboard biomass fuel plant necessary to power this innovative bioship. The partnership will also explore the integration of other renewable technologies to enhance environmental efficiency and reduce the fuel costs associated with shipping biomass. The increasing demand for biomass pellets in Japan, primarily sourced from North America where Drax operates facilities in both the US and Canada, underscores the significance of this project. These pellets are typically transported via smaller handysize bulk carriers, which face limitations in transitioning to lower-emission fuels like ammonia due to the restricted size of their fuel tanks. The proposed biomass fuel plant would employ a gasifier to burn biomass at high temperatures, producing gases such as carbon monoxide, hydrogen, and methane. These gases would power a generator to propel the vessel and supply a portion of its internal energy needs, as outlined by NYK Bulk & Projects Carriers (NYK Bulk). According to NYK Bulk & Projects Carriers (NYK Bulk), this installation could lead to a 22% reduction in well-to-wake carbon emissions compared to conventional fossil fuels. If successful, NYK Bulk & Projects Carriers (NYK Bulk) and Drax Group plan to further explore the feasibility of constructing a bioship by the end of 2029. This initiative is aligned with NYK’s (Nippon Yusen Kabushiki Kaisha) long-term goal of achieving net-zero greenhouse gas emissions by 2050 for the NYK Group’s ocean-going businesses. It also complements Drax’s strategy to reduce supply chain emissions and attain a carbon-negative status by 2030. Earlier in Q1 2024, Drax partnered with MOL Drybulk to transport wood pellets to Japanese biomass energy clients using a new fleet of ships equipped with MOL’s Wind Challenger hard sail, further illustrating the sector’s move towards sustainable shipping solutions.
15-May-2024
Ismini Panagiotidis is targeting a Nasdaq initial public offering (IPO) to secure funding for her newly established bulker venture, Icon Energy. Launched in August 2023, Icon Energy has filed for the listing of its common shares on Nasdaq, aiming to raise between $4.6 million and $5.5 million through the offering of 1.25 million shares, plus additional shares. The net proceeds from the IPO are designated for general corporate uses, as stated by Icon Energy. In its initiation phase, Icon Energy will acquire the 2006 Japanese-built panamax bulk carrier, 77K DWT MV Alfa, from Pavimar, a shipowning and operating company controlled by Ismini Panagiotidis based in Athens. The acquisition will be in exchange for shares. Currently, MV Alfa is engaged in a time charter with a commodity trading conglomerate that is set to expire in the fourth quarter of 2025. As outlined in Icon Energy’s IPO prospectus filed with Nasdaq, the company plans to expand, renew, and grow its fleet through the sale and purchase market. Additionally, Icon Energy is considering diversification into other maritime sectors or potentially ordering newbuild vessels. Pavimar, under Ismini Panagiotidis’ control, will manage the commercial and technical operations of Icon Energy’s fleet. This strategic move places Ismini Panagiotidis in line with her brother, Petros, who manages two Nasdaq-listed companies: Castor Maritime (CTRM) and its spin-off entity focusing on tanker and LPG operations, Toro.
15-May-2024
Pelagic Partners, a ship fund management company established in 2020 by Niels Hartmann and Atef Abou Merhi, has announced robust investment returns, reaching a 21% yield. Based in Limassol, the Cypriot shipowner disclosed details of the most recent dividend from its Pelagic Fund I. Pelagic Partners reported that it has disbursed its fourth consecutive annual dividend since the fund’s establishment in 2020. Although specific cash figures were not provided, CEO Ahmad Abou Merhi revealed that the latest dividend distribution under Pelagic Fund I yields 6.5%. This payout underscores the strength and stability of Limassol-based alternative investment fund Pelagic Partners’ (Pelagic Yield Fund) investment model in the competitive shipping finance market.
15-May-2024
Sofia-based Bulgarian shipowner and operator Eleen Marine JSC has strongly countered claims made by the International Transport Workers Federation (ITF) in Australia. Eleen Marine JSC faced accusations related to inadequate maintenance and poor living conditions on its 2008-built handysize bulk carrier, MV Eleen Marin. The company alleges that the International Transport Workers Federation (ITF) has been manipulated as a tool by an international blackmail group. MV Eleen Marin was detained at the port of Mackay, Australia, at the end of last month, which Eleen Marine JSC attributed to a commercial dispute. This detention was lifted on May 4, 2024, and since then, the MV Eleen Marin has been operating between Mackay and Gladstone. The International Transport Workers Federation (ITF) recently criticized the vessel for lacking sufficient provisions and failing to pay its crew, allegations that Eleen Marine JSC refutes by pointing to a successful inspection conducted last week by the Australian Maritime Safety Authority. Eleen Marine JSC has called upon the International Transport Workers Federation (ITF) to thoroughly investigate these claims and to issue a written apology to the company promptly. Eleen Marine JSC has indicated that failure to resolve these issues satisfactorily will compel them to pursue all available legal avenues to protect its interests and reputation.
14-May-2024
Columbia Shipmanagement (CSM), a Schoeller-owned group, has secured a management contract for the supramax fleet of Istanbul-based shipowner and operator Transoba Denizcilik. This deal marks a significant expansion of Columbia Shipmanagement (CSM)’s operations in Turkey, reinforcing its commitment to the Turkish maritime market following the establishment of its office there in 2023. Transoba Denizcilik, founded by the Transoba family in 1994, currently owns three supramax bulk carriers: MV Ocean Freedom, MV Ocean Diamond, and MV Ocean Destiny. The company operates as a subsidiary of the Turkish steel conglomerate Icdas, indicating robust backing and significant industry linkages. This strategic partnership aligns with Columbia Shipmanagement (CSM)’s growth objectives in the region and underscores its capabilities in fleet management, extending its influence in the global shipping industry.
13-May-2024
Brazil’s soybean crop prospects, already diminished, have faced further setbacks due to severe rains and floods in Rio Grande do Sul, one of the country’s largest soybean-producing states. Luxembourg-headquartered shipbroker Barry Rogliano Salles (BRS) reported that the Brazilian national supply company Conab has indicated that the adverse weather could affect 30% of the soybeans still to be harvested, roughly amounting to 7 million tonnes. Initially, Conab had projected a soybean yield of 21.89 million tonnes for Rio Grande do Sul as the harvesting began promisingly, setting the stage for the state to become Brazil’s second-largest soybean producer. Barry Rogliano Salles (BRS) noted that it would be challenging to determine the full extent of the damage since about 40% of the soybeans in the central and southern regions, and approximately 10% in the northern regions of Brazil, remained unharvested. Conab is planning to update its national output forecast by mid-May, with the preliminary estimate for the 2023-24 season set at 146.5 million tonnes, which is 5.2% lower than the previous year and below the US Department of Agriculture’s forecast of 155 million tonnes. Given the recent flooding, industry stakeholders may need to adjust their expectations for the season. Many anticipate that Brazil’s soybean exports will surge in the second half of 2024, potentially bolstering demand for panamax and kamsarmax vessels in the East Coast South American region. Despite these disruptions, Barry Rogliano Salles (BRS) suggested that the third quarter, typically the peak export period, might still see strong support for regional freight rates from available tonnage. Furthermore, Rio Grande do Sul is also a major producer of rice, heightening the impact of the recent severe weather on agricultural commodities and shipping trade. Platts reported that exporters are hopeful about harvesting the remaining 10-15% of the rice crop, although the flooding has raised concerns about potential losses and reduced quality, especially with reports of damage to rice stored in silos. The grain exporters’ association Anec earlier noted that access to the port of Rio Grande, which is now operational following a temporary halt, had been compromised due to a local rail line outage. Road blockades are forcing grain trucks to detour an additional 400 kilometers to reach the port, further inflating freight costs. The floods in Bazil have resulted in at least 107 deaths, with 136 people still missing and over 165,000 displaced, many rescued by boat from their flooded homes.
13-May-2024
Costamare Bulkers Services, a division of New York-listed shipowner and operator Costamare Inc. (CMRE), is reinforcing its focus on larger tonnage within the dry bulk sector by acquiring two secondhand capesize bulk carriers. Specifically, the division has purchased the 2012-built capesize bulk carrier 181K DWT MV Frontier Unity and the 179K DWT MV Lowlands Prosperity. These acquisitions increase Costamare Bulkers Services’ capesize fleet to five vessels, averaging about 12 years old. MV Frontier Unity is being bought from Japanese shipowner and operator Nissen Kaiun for approximately $35 million, while MV Lowlands Prosperity is being purchased from Cobelfret for about $30 million. Both vessels come with charters attached. Earlier in Q1 2024, Costamare Bulkers Services expanded its fleet with the acquisition of the 2011-built capesize bulk carrier 180K DWT MV Iron Miracle. Conversely, during the same period, the division sold the 2011-built handysize bulk carrier MV Adventure. Led by Konstantinos Konstantakopoulos, Costamare Inc. (CMRE) ventured into the dry bulk sector in 2021 through its subsidiary, Costamare Bulkers Services. Presently, Costamare Bulkers Services owns and operates 39 bulk carriers, with a trading platform comprising 54 vessels, including newcastlemax bulk carriers, capesize bulk carriers, and kamsarmax bulk carriers. Additionally, Costamare Inc. (CMRE) maintains a fleet of 68 containerships.
13-May-2024
Nasdaq-listed Rhode Island-based dry bulk shipowner and operator Pangaea Logistics Solutions (PANL) is enhancing its fleet by acquiring two secondhand supramax bulk carriers. Pangaea Logistics Solutions (PANL) has finalized a purchase for two 2016-built supramax bulk carriers for approximately $56 million from the Oslo-based shipowner and operator Belships. Led by Mark Filanowski, Pangaea Logistics Solutions (PANL) managed a fleet of 24 owned bulk carriers, augmented by an average of 17 chartered-in bulk carriers during Q1 2024. Pangaea Logistics Solutions (PANL) is committed to continually updating and enlarging its fleet with newer, more efficient bulk carriers. Beyond its bulker operations, Pangaea Logistics Solutions (PANL) also manages terminals and provides stevedoring services at various North American ports. Additionally, Pangaea Logistics Solutions (PANL) is investing in expanding its logistics operations at the Port of Tampa.
13-May-2024
Tokyo-based trader and ship operator Itochu Corp has entered into a contract with New Dayang Shipyard for two ultramax bulk carriers. The shipyard, a division of the state-run Sumec Group, has yet to disclose the cost of these ultramax bulk carriers. The delivery dates for the vessels commissioned by Itochu Corp remain unspecified. Since January, New Dayang Shipyard has secured orders for a total of five ultramax bulk carriers from Japanese shipowners. Additionally, another Japanese shipowner and operator, Kasuga Kohki Co., Ltd, has ordered three ultramax bulk carriers, scheduled for delivery in 2026 at approximately $34 million each. In related developments, United Marine Egypt has also placed an order for two ultramax bulk carrier newbuilds at New Dayang Shipyard, with delivery expected in 2027.
12-May-2024
Christen Sveaas’ investment firm Kistefos has engaged banks for a $46 million bond sale. The company has appointed ABG Sundal Collier, Arctic Securities, and DNB Markets to handle the issuance of senior unsecured bonds due in 2027. Kistefos has organized for these Norwegian banks to facilitate a tap issue of its 2027 bond, setting up a series of meetings with fixed-income investors starting Monday. A tap issue allows a bank or financial institution to offer additional securities in the market without the need for a completely new offering process.
11-May-2024
Costamare Bulkers Services, under the umbrella of New York-listed Costamare Inc. (CMRE), continues to enhance its presence in the larger tonnage category of the dry bulk sector by acquiring two secondhand capesize bulk carriers. The company has added the 2012-built MV Frontier Unity, with a deadweight of 181K, and the 179K DWT MV Lowlands Prosperity to its fleet. These new acquisitions bring the total number of capesize vessels in Costamare Bulkers Services’ fleet to five, with an average fleet age of around 12 years. MV Frontier Unity was purchased from Nissen Kaiun, a prominent Japanese shipowner and operator renowned for its diverse fleet and strategic global operations in the shipping industry. Known for its innovative approach to shipping solutions, Nissen Kaiun has a significant presence in various shipping sectors, including bulk carriers, tankers, and container ships. Costamare Bulkers Services acquired the MV Frontier Unity for approximately $35 million, and the ship comes with an existing charter, adding to its investment value. Similarly, the MV Lowlands Prosperity was acquired from Cobelfret for about $30 million, also with a charter attached. These strategic acquisitions underscore Costamare Bulkers Services’ commitment to expanding and modernizing its fleet to capitalize on market opportunities.
11-May-2024
Athens-based shipowner and operator Phoenix Energy Navigation SA has exited the shipping industry by selling its last capesize bulk carrier to London-based investment fund Hayfin Capital Management. The ship in question, the 2009-built capesize bulk carrier MV Corinthian Phoenix with a deadweight of 179K, marks Phoenix Energy Navigation SA’s final move away from maritime operations. Hayfin Capital Management, a UK asset manager, acquired this vessel as part of its ongoing strategy to expand its fleet, making it the fifth capesize bulk carrier the fund has purchased in its current secondhand investment drive. This acquisition is part of Hayfin Capital Management’s broader initiative, which includes a $1 billion investment project aimed at bolstering its maritime assets.
10-May-2024
China Merchants Shipping’s shipping division, Wah Kwong Maritime Transport Holdings Limited, based in Hong Kong, has initiated a substantial shipbuilding program for newcastlemax bulk carriers at two domestic shipyards, New Times Shipbuilding and CSSC Qingdao Beihai Shipbuilding. Wah Kwong Maritime Transport Holdings Limited is investing close to $1.4 billion for up to eighteen 210K DWT newcastlemax bulk carriers, with the orders distributed between the two shipyards. New Times Shipbuilding is contracted to construct eight firm newcastlemax bulk carrier newbuildings, with an option for two additional vessels, each priced at approximately $77 million. Deliveries for these ships are scheduled for 2028. Similarly, Wah Kwong Maritime Transport Holdings Limited has placed orders for eight firm newcastlemax bulk carriers at CSSC Qingdao Beihai Shipbuilding, with six costing about $77 million each for 2028 delivery, and two priced at $80 million each, slated for delivery in 2026. This surge in newcastlemax orders, which have increased the Chinese newcastlemax newbuilding benchmark by over 10% in just three weeks, is attributed to a critical shortage of capacity for constructing large newcastlemax bulk carriers. Despite the minimal capesize bulk carrier order book at Chinese shipyards, there has been a significant shift in the past 18 months with shipowners preferring the 210K DWT newcastlemax bulk carriers over the traditional 180K DWT standard capesize bulk carriers. Currently, the number of newcastlemax bulk carriers on order is roughly five times that of standard capesize bulk carriers. This trend is further accentuated by a small price differential of just around $3 million between the two sizes, with Chinese shipyards particularly advocating for newcastlemax bulk carrier commissions over standard capesize bulk carriers.
9-May-2024
Houston-based shipowner and operator Intermarine Americas LLC is expanding into the dry bulk sector with the establishment of Intermarine Bulk Carriers. This new subsidiary will handle the commercial management of six bulk carriers, owned by its parent company, Harren Group, with a total capacity of 350,000 dwt. As part of the JSI alliance, Intermarine Americas LLC will now manage both multipurpose ships (MPP) and ECO OHBS (Open Hatch Box Shaped) handysize bulk carriers. Additionally, the chartering team of Intermarine Americas LLC will take on commercial management responsibilities for Harren Group’s panamax and baby-capesize bulk carriers. The management team of Intermarine Bulk Carriers includes Joachim Zeppenfeld and Jan-Philipp Rauno as directors, alongside Lars Rasmussen, chief of operations at Intermarine Americas LLC, and Martin Harren, CEO of Harren Group. This strategic expansion not only launches a new brand, Intermarine Bulk Carriers, but also positions Intermarine Americas LLC to tap into new markets and customer groups, further diversifying its operations in the shipping industry. The company is also set to expand its multipurpose ship fleet, broadening its capabilities and services in the maritime sector.
8-May-2024
Limassol-based Nasdaq Stock Exchange-listed shipowner and operator Castor Maritime (CTRM) has continued its strategy of successful asset plays by offloading another of its older bulk carriers. CEO Petros Panagiotidis-led Cypriot shipowner and operator Castor Maritime (CTRM) sold the 2011-built panamax bulk carrier, the 75K DWT MV Magic Vela, to a Turkish shipowner for approximately $16.5 million. This sale is part of Castor Maritime’s (CTRM) ongoing efforts to streamline its older fleet. The Chinese-built panamax bulk carrier, MV Magic Vela, is currently valued at around $17 million.
7-May-2024
The Helsinki-based Aspo Group’s maritime division, ESL Shipping, has reported a loss in Q1 2024, primarily due to port strikes and impairments related to ship sales. CEO Rolf Jansson-led shipowner and operator ESL Shipping faced decreased volumes during an exceptionally harsh winter. According to ESL Shipping, the severe winter conditions significantly impacted operations. Helsinki-listed Aspo Group’s maritime division, ESL Shipping, noted that domestic strikes and challenging ice conditions resulted in a financial impact of approximately USD 3.8m.
7-May-2024
Jinhui Marine, a subsidiary of the Oslo and Hong Kong-listed Jinhui Shipping and Transportation Limited, has recently taken an ultramax bulk carrier, the MV Xing He Hai, on a time charter. The 2016-built vessel has been contracted from Fortune Ocean Shipping Ltd for approximately two years. Jinhui Marine will pay around $9.02 million for the charter, which breaks down to a daily rate of $16,250. The Singapore-flagged MV Xing He Hai is scheduled for delivery to Jinhui Marine in June 2024. This latest charter follows several other significant agreements by Jinhui Shipping and Transportation Limited. Previously, the company secured a charter for the 2017-built newcastlemax bulk carrier MV True Neptune from Singapore-based Olam Maritime Freight. This arrangement, worth approximately $26.5 million, spans at least 33 months. Shortly before this, the company finalized a $10 million, 22-month charter for the 2016-built ultramax bulk carrier MV Pacific Lilly, leased from the Singapore branch of Chinese shipowner Zhejiang Shipping. Additionally, in December 2023, Jinhui Shipping and Transportation Limited entered into a charter for the 2021-built kamsarmax bulk carrier MV Ever Shining. The company’s first ever charter was the MV Taho Circular in 2022, marking a significant milestone in its expansion and operational strategy in the bulk carrier market.
7-May-2024
The Indian conglomerate Adani Group has realized a significant capital gain from the sale of the capesize bulk carrier 181K DWT MV Urja to London-based financial firm Hayfin Capital Management. This transaction marks Hayfin Capital Management’s second Sale and Purchase (S&P) deal of 2024. Adani Group secured a substantial profit by selling the MV Urja, a capesize bulker built in 2013, for approximately $38 million. The vessel was previously purchased from the Tokyo Stock Exchange-listed Japanese shipping giant Mitsui O.S.K. Lines (MOL), at a time when the MV Urja was valued at around $25 million.
7-May-2024
Thai-listed shipowner and operator Precious Shipping, led by Managing Director Khalid M Hashim, has reported a near five-fold increase in its Q1 2024 profit. Based in Bangkok, Precious Shipping also disclosed that one of its bulk carriers was stranded in Baltimore due to a bridge collapse. This significant rise in net profit for the first quarter of 2024, amounting to $11.4 million, is largely attributed to improved freight rates for bulk carriers. Additionally, Precious Shipping’s average earnings per ship per day during this period reached $12,433.
7-May-2024
The International Transport Workers Federation (ITF) continues to expose alarming cases of crew mistreatment, wage theft, and appalling conditions on ships in Australian waters, with a recent incident involving the MV Eleen Sofia, managed by Bulgaria’s Ellen Marine, at Mackay Harbour. The 2008-built supramax bulk carrier MV Eleen Sofia is now detained by the Australian Border Force and has been moved to Gladstone, where it is scheduled to stay until at least 13 May 2024. In late April 2024, the ITF reported that the crew of the MV Eleen Sofia had run out of food, as provisions on board were exhausted. Ellen Marine, based in Sofia, has been criticized for not resupplying the vessel with essential food and basic necessities. The ITF has highlighted a pattern of neglect aboard the MV Eleen Sofia, including poor maintenance and dreadful living conditions for the crew. Additionally, while the vessel was anchored in Bangladesh, the Liberian-flagged MV Eleen Sofia reportedly lacked air conditioning in the crew cabins for over three months, severely affecting the crew’s ability to sleep in the intense heat. In February 2024, issues of overdue or unpaid wages surfaced while the MV Eleen Sofia was moored in Port Adelaide and later in Portland, Victoria. The ITF Inspectorate intervened to resolve the wage discrepancies and provision shortages, but since leaving Australia, the ship visited other international ports and has now returned, with recurring issues noted in Mackay, Queensland. Furthermore, there are serious ongoing concerns regarding the disappearance and presumed death of the ship’s cook, who is believed to have gone overboard while at an anchorage in South China. The ITF is actively collaborating with the Australian Border Force and local port authorities in Queensland to ensure that the remaining crew on the MV Eleen Sofia, while under arrest, have access to adequate living conditions, shore leave, medical care, and potentially repatriation as they address the underlying reasons for the ship’s detention.
6-May-2024
Istanbul and Singapore-based Ince Shipping (Ince Denizcilik ve Ticaret AS), widely regarded for its disciplined fleet-renewal strategies and long-term asset planning, has confirmed its first major acquisition of 2024, further strengthening its commitment to securing modern and fuel-efficient bulk carriers. Earlier in April 2024, Ince Shipping (Ince Denizcilik ve Ticaret AS) had been associated with the potential purchase of a 2017-built Japanese ultramax bulk carrier, a deal that did not ultimately reach completion. Undeterred in its search for high-quality tonnage, Ince Shipping (Ince Denizcilik ve Ticaret AS) has now successfully acquired another ultramax bulk carrier of the same vintage, the Imabari-built MV Florentine Oetker, for slightly below $33 million from AO Schifffahrt. Ince Shipping (Ince Denizcilik ve Ticaret AS), founded in 1967 in Istanbul as a family-owned and family-managed maritime enterprise, has grown over nearly six decades into one of Türkiye’s leading internationally active dry bulk shipowners. The organisation operates from its dual hubs in Istanbul and Singapore, managing a diversified fleet that currently consists of 10 bulk carriers, including handysize, supramax, ultramax, and panamax bulk carriers. Throughout its history, Ince Shipping (Ince Denizcilik ve Ticaret AS) has preserved its founding family-centred values while adopting modern corporate structures, enabling it to blend agility with long-term strategic stability. The expansion of the fleet is part of a broader renewal blueprint that Ince Shipping (Ince Denizcilik ve Ticaret AS) has been executing for several years. The group has prioritised securing younger, technologically advanced bulk carriers that comply with the latest IMO emissions standards and incorporate fuel-efficient designs, digital navigation platforms, and optimised hull forms aimed at reducing operational costs and enhancing overall environmental performance. This approach ensures that Ince Shipping (Ince Denizcilik ve Ticaret AS) remains competitive in global chartering markets, where efficiency and regulatory compliance are increasingly decisive factors. In addition to its commercial and technical expertise, Ince Shipping (Ince Denizcilik ve Ticaret AS) has invested heavily in personnel training, safety management systems, and advanced monitoring tools to maintain strict oversight of every ship under its control. Its offices in Istanbul and Singapore coordinate global chartering, technical supervision, vetting compliance, crewing arrangements and long-term commercial relationships with major commodity traders, operators and industrial clients. The acquisition of the MV Florentine Oetker further demonstrates Ince Shipping’s (Ince Denizcilik ve Ticaret AS’s) ambition to strengthen its presence in the international ultramax segment, improve fleet age profiles, and expand its operational flexibility across various dry cargo trades. Viewed in the broader context of its multi-decade growth trajectory, this purchase signals Ince Shipping’s (Ince Denizcilik ve Ticaret AS’s) determination to remain a forward-looking and influential player in the global dry bulk shipping landscape, continuing the mission and vision embedded in the organisation since its foundation in 1967.
6-May-2024
UK-based Lomar Shipping, a subsidiary of the Libra Group, is set to expand its fleet with the addition of another bulk carrier, marking its ninth acquisition in the past year. The latest bulk carrier, newly christened MV Ebury Trader, is poised to begin a long-term charter with a global logistics provider after undergoing significant upgrades, including the installation of energy-saving devices, at a shipyard in China. MV Ebury Trader brings Lomar Shipping’s investment in bulk carriers over the last 12 months to over $126 million. Lomar Shipping has been strategically shifting its focus from container ships to bulk carriers, following the sale of almost its entire containership fleet, which generated more than $2 billion. This move is part of a broader strategy to capitalize on the opportunities in the dry bulk carrier sector, as explained by CEO Nicholas Georgiou. Lomar Shipping now operates 14 bulk carriers, with the latest addition being the 57K DWT 2011-built supramax bulk carrier formerly known as MV Hai Yang Zhi Hua. Additionally, in October 2022, London-based Lomar Shipping, a subsidiary of the Libra Group, enhanced its portfolio in the chemical/product tanker sector by acquiring Bremen-based Carl Büttner Holding for nearly $160 million, underlining its diverse interests within the maritime industry.
6-May-2024
Hakata-based shipowner Kasuga Kaiun K.K. has placed an order for its third ultramax bulk carrier newbuilding at New Dayang Shipyard, part of the state-run Sumec Group’s shipbuilding division. The Japanese shipowner will spend approximately $34 million on each ultramax bulk carrier. This follows Kasuga Kaiun K.K.’s initial breakthrough into the Japanese market with New Dayang Shipyard, marked by an earlier order for two 64K DWT ultramax bulk carriers slated for delivery in the latter half of 2026. Currently, Kasuga Kaiun K.K. operates a fleet of 12 owned ships, primarily bulk carriers. This latest acquisition will increase its newbuilds in the dry segment to five vessels. Meanwhile, New Dayang Shipyard has enjoyed a successful year, securing several orders for its flagship Crown 63 Plus ultramax bulk carrier design in 2024, from both domestic leasing companies and various international shipowners.
3-May-2024
Norwegian shipowner and operator Belships, which is listed on the Oslo Stock Exchange, has become a more attractive takeover target following recent changes to its operational structure. Industry analysts have supported the move by Lars Christian Skarsgård-led Belships to simplify its business model. The restructuring, which focuses on its supramax and ultramax operations, has notably simplified the company’s organizational complexity, making it more appealing for potential acquisition. On Monday, Belships, based in Oslo, announced strategic adjustments within its portfolio. The company increased its stake in the Norwegian division of its operating arm, Lighthouse Navigation, from 50% to 67%. Concurrently, it divested its 50.1% share in a related business located in Asia. These maneuvers align with Belships’ efforts to streamline operations and enhance shareholder value, potentially paving the way for future corporate actions.
3-May-2024
According to Clarkson Securities, a subsidiary of London-based Clarkson PLC—the world’s largest shipbroker—other dry bulk stocks currently offer more appeal than Copenhagen-based Dampskibsselskabet DS Norden A/S. Despite this, Clarkson Securities continues to support Dampskibsselskabet DS Norden A/S as a viable investment in the bulker sector. The company, led by CEO Jan Rindbo, reported a net profit of $62 million in Q1 2024, although it faced significant challenges in its trading division, which suffered a $27 million loss due to a short position in dry bulk markets. Excluding the impact from the trading division, Clarkson Securities assessed Dampskibsselskabet DS Norden A/S’s net asset value at $44.5 million. This evaluation highlights the underlying strength of the Danish shipowner and operator’s core operations, despite the setbacks in trading.
3-May-2024
New York-listed Costamare Inc. (CMRE), through its dry bulk division Costamare Bulkers Services, is strategically expanding its presence in the capesize market by capitalizing on a selling wave initiated by Antwerp-based Cobelfret Bulk Carriers CLdN. Despite a slowdown in the secondhand capesize bulk carrier market, Costamare Bulkers Services, led by Athens-based shipowner Konstantinos Konstantakopoulos, has marked its first capesize purchase of 2024. Costamare Bulkers Services is set to acquire the 2012-built capesize bulk carrier, the 179K DWT MV Lowlands Prosperity, from Cobelfret Bulk Carriers CLdN for around $31 million. This acquisition highlights Costamare Bulkers Services’ ongoing efforts to grow and strengthen its position within the global shipping industry, despite broader market hesitations.
3-May-2024
The New York-listed shipowner and operator Costamare Inc. (CMRE), through its dry bulk shipping division Costamare Bulkers Services, is actively pursuing opportunities in the capesize market, capitalizing on a selling spree by the Antwerp-based Cobelfret Bulk Carriers CLdN. Despite a general decline in interest for capesize bulk carriers in the secondhand S&P (Sale and Purchase) market, Costamare Bulkers Services, under the leadership of Athens-based shipowner Konstantinos Konstantakopoulos, is making its first capesize acquisition of 2024. This expansion move sees Costamare Bulkers Services acquiring the 2012 built capesize bulk carrier 179K DWT MV Lowlands Prosperity from Cobelfret Bulk Carriers CLdN for approximately $31 million. This purchase underscores Costamare Bulkers Services’ strategic expansion within the Greek shipping landscape, demonstrating a strong appetite for growth despite market fluctuations.
3-May-2024
The Foremost Group, a leading dry bulk shipping firm based in the U.S., has successfully rejuvenated its fleet with the addition of Japanese-operated NYK Bulk (Nippon Yusen Kabushiki Kaisha Bulk) chartered capesize bulk carrier newbuilds, following a series of ship sales. This strategic update has included the introduction of the latest capesize bulk carriers, the 182K DWT MV Bo May and MV Heng May, from Namura Shipbuilding, which are equipped for biofuel use. These new acquisitions have effectively reduced the average age of the Foremost Group’s operational fleet to under five years. Controlled by James Chao and based in New York, the Foremost Group managed to decrease its fleet’s average age from 6.2 years at the end of 2023 to below five years after incorporating the new biofuel-capable ships and divesting five older vessels earlier in 2024. This move not only modernizes their fleet but also aligns with broader industry trends toward more sustainable maritime operations.
3-May-2024
Clarkson Securities, a subsidiary of the world’s largest shipbroker based in London, Clarkson PLC, suggests that other dry bulk stocks may currently be more appealing than the Copenhagen-based Dampskibsselskabet DS Norden A/S. Nonetheless, Clarkson Securities remains positive about Dampskibsselskabet DS Norden A/S’s prospects in the bulker market. The company, under the leadership of CEO Jan Rindbo, recorded a net profit of $62 million for Q1 2024 but faced significant losses in its trading division, which lost $27 million due to a short position in the dry bulk sector. When discounting the results from the trading division, Clarkson Securities has valued Dampskibsselskabet DS Norden A/S’s net asset value at $44.5 million. This valuation underscores the resilience of the Danish shipowner and operator’s fundamental business operations amidst the trading division’s challenges.
3-May-2024
Norwegian finance firm Ness, Risan & Partners (NRP) saw a significant uptick of 11% in Q1 2024 as it began reducing its exposure to the dry bulk sector. The NRP Premium Maritime Fund, known for its opportunistic investment strategy, capitalized on favorable market conditions, achieving a return of 10.6% in the first quarter of 2024. According to the Q1 2024 report, this performance was primarily driven by strong cash flow from product tanker investments and further enhanced by value gains in the bulk carrier segment. Based in Oslo, the NRP fund, which specializes in direct investments in maritime vessels, has achieved an impressive annualized return of 27% since its launch in February 2017.
2-May-2024
Norwegian shipowner and operator Belships, which is listed on the Oslo Stock Exchange, has seen financial success with its leased newbuilding fleet as bulk carrier values continue to rise. Under the leadership of Lars Christian Skarsgård, Belships has capitalized on a buoyant bulk carrier market with a fully-financed expansion strategy. The company has enhanced its portfolio through an extended newbuilding program, adding significant value. Currently, Belships is set to incorporate 10 Japanese bulk carriers into its fleet under time charters. In a recent move, in April 2024, Belships secured a lease agreement for two additional ultramax bulk carriers, scheduled for delivery from a Japanese shipyard in 2028.
2-May-2024
Greek shipowner and operator Carras Hellas S.A., based in Athens, has made a pioneering move by adopting a drop-in fuel strategy for its 2017-built ultramax bulk carrier, the 60K DWT MV Aquataurus. This initiative has led Carras Hellas S.A. to become the first company globally to receive a biofuel notation from the American Bureau of Shipping (ABS). The ABS Biofuel-1 notation, which the MV Aquataurus now holds, is awarded to ships using a blend of up to 30% biofuel. This distinction marks a significant milestone for Carras Hellas S.A., as highlighted by Captain Costas Liadis, who expressed enthusiasm about being at the forefront of this sustainable initiative in collaboration with ABS. The use of B30 biofuels, which combine 70% fossil fuel with 30% biomass derived from sources like hydrotreated vegetable oil or fatty acid methyl esters, positions Carras Hellas S.A. as a leader in environmental responsibility within the maritime industry. While drop-in biofuels are seen as an immediately viable option for reducing carbon emissions in shipping, bulk carrier operators have generally been less eager to adopt B30 biofuels compared to operators in other shipping sectors, such as container liners and car carriers. This hesitance is partly due to the fluctuating prices of carbon within the European Union’s Emissions Trading System, which has dampened the financial incentive to switch from conventional bunkers to pricier biofuels. However, upcoming regulations, specifically the FuelEU Maritime law set to be enforced next year, are expected to bolster biofuel demand. This law aims to progressively lower the carbon intensity caps on shipping, affecting Europe-based shipowners like Carras Hellas S.A. In light of these changes, Carras Hellas S.A.’s proactive strategy in integrating biofuels could well provide them with a competitive edge. Carras Hellas S.A. currently operates a fleet consisting of 13 ultramax and kamsarmax bulk carriers, now leading the way in the industry’s shift towards more sustainable fuel options.
2-May-2024
Dubai-based Lila Global, a shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has recently transitioned from purchasing to selling ships, successfully selling two capesize bulk carriers to Chinese shipowners. Under the leadership of CEO Steve Kunzer, who joined Lila Global in May 2023, the company has managed to flip at least one capesize bulk carrier for a profit. This move is part of a strategic shift for Lila Global, which has historically been known more for its acquisitions. One of the vessels, the 2003 built capesize bulk carrier 171K DWT MV P Melis, was sold for an undisclosed amount to a Chinese shipowner, marking a profitable transaction for Lila Global. This sale likely resulted in a considerable gain over the price paid in 2023, highlighting the company’s effective market maneuvers in the dynamic shipping industry.
2-May-2024
Qingdao-based and Hong Kong-listed Seacon Shipping Group Ltd has been making significant strides in the tanker industry, having invested nearly $700 million in this sector while also considering opportunities in the gas market. Since its initial public offering in March 2023, Seacon Shipping Group Ltd has actively engaged in major newbuilding contracts and the acquisition of secondhand vessels to expand into the tanker market. The company, primarily known as a bulker operator and third-party ship manager, has reportedly spent approximately $637 million on newbuildings and over $40 million on acquiring three secondhand chemical tankers. Now focusing on securing long-term contracts for its newly expanded fleet, Seacon Shipping Group Ltd is also exploring potential ventures into the gas sector. All operations for Seacon Shipping Group Ltd’s fleet are currently managed by its subsidiary, Seacon Ship Management Company. This busy period since the company’s listing on the Hong Kong Stock Exchange signifies a robust growth trajectory and an ambitious diversification strategy.
2-May-2024
Thursday brought a surge of activity and optimism in the capesize bulk carrier market, particularly in the Pacific region, where freight rates and futures saw notable increases. The capesize bulk carrier futures market experienced significant gains, as sentiments shifted towards a more positive outlook. This change in mood seemed to spark expectations that spot day rates for mid-2024 might indeed surpass the $28,000 mark. The boost in optimism appeared right after participants came back from Wednesday’s Labour Day holiday, rejuvenated and more hopeful. This renewed enthusiasm was further fueled by a substantial rise in the physical index on Thursday, indicating a potentially lucrative period ahead for the capesize bulk carrier market.
2-May-2024
A major wheat exporter, Cairo-based shipowner and operator United Marine Egypt (UME), known for owning a series of ferries and chartering bulk carriers, has expanded into bulker ownership. United Marine Egypt (UME) has placed an order for two ultramax bulk carriers of the Crown 63-Plus design with New Dayang Shipbuilding. These newbuildings are scheduled for delivery in 2027, marking United Marine Egypt (UME)’s debut in the bulk carrier ownership sector. This move into bulk carrier ownership with the order at New Dayang Shipbuilding reflects United Marine Egypt (UME)’s strategic expansion in maritime operations.
1-May-2024
Toronto Stock Exchange-listed Algoma Central, led by CEO Gregg Ruh, has announced its best first-quarter performance in five years. This improvement comes despite the typically slow season, which is bolstered by the strong operation of its self-unloading bulk carriers. The company, a prominent Canadian owner and operator of bulk carriers, product tankers, and self-unloaders based in St. Catharines, reported a loss of $12.6 million for the first quarter of 2024. However, such losses are expected for Algoma Central during this period, as many of its Great Lakes trades are hindered by ice. Nonetheless, these recent figures signify an improvement from previous years.
1-May-2024
Croatian shipowner and operator Atlantska Plovidba has experienced a prosperous first quarter, as reported by CEO Marko Domijan. Listed on the Zagreb Stock Exchange, Atlantska Plovidba has seen an increase in both earnings and revenue up to March 31, 2024, benefiting from favorable conditions in the bulker markets. The company announced that its net earnings rose to $2.5 million, while its operating earnings reached $4.28 million for the Q1 2024.
1-May-2024
The Athens-based, New York-listed shipowner and operator OceanPal has secured a time charter contract with the Singapore-based shipowner and operator Richland Bulk Pte Ltd for one of its capesize vessels, with an agreement also in place to sell the vessel to Richland Bulk Pte Ltd following the charter’s conclusion. The vessel involved is the 2005-built capesize bulk carrier MV Baltimore, which has a deadweight of 177K and is currently chartered to Richland Bulk Pte Ltd for $13,500 per day. Richland Bulk Pte Ltd has committed to a daily charter rate of $22,000, extending from the current date until at least September 15, 2024, and no later than November 15, 2024. For this period, the total payment for the charter will approximate $2.64 million. The transfer of the MV Baltimore to Richland Bulk Pte Ltd is scheduled for mid-May 2024. Additionally, OceanPal, which is a spinoff from Diana Shipping (DSX) led by Semiramis Paliou, has entered into a memorandum of agreement to sell the MV Baltimore. The sale price for the vessel is set at about $18.5 million and is expected to be finalized by November 20, 2024, at the latest. Following the sale, OceanPal’s fleet will include one capesize bulk carrier and three panamax bulk carriers.
1-May-2024
The New York-listed shipowner and operator Genco Shipping & Trading (GNK) has responded forcefully in its boardroom conflict with Greek magnate George Economou, criticizing his nominee to the Genco Shipping & Trading (GNK) Board of Directors. The company highlighted that the nominee, Robert Pons, has a track record of reducing shareholder value and performance in previous roles. George Economou, who controls approximately 5.4% of Genco Shipping & Trading (GNK) through his investment vehicles, has proposed Robert Pons for the board and is also advocating for the ouster of the current chairman, James Dolphin, a ten-year veteran of the board. Genco Shipping & Trading (GNK) has actively advised its shareholders to reject George Economou’s nominee and proposal in a definitive proxy filing. The company previously asserted that George Economou’s strategy revolves around a share repurchase plan and a premium self-tender offer that would significantly increase the company’s net leverage and potentially restrict its ability to distribute future dividends. Moreover, Genco Shipping & Trading (GNK) has accused George Economou, also the CEO of DryShips Inc., of previously diminishing shareholder value in DryShips and conducting activities through his TMS Tankers that resulted in shipping Russian crude, leading to inclusion on the Ukrainian government’s list of “international sponsors of war.” Genco Shipping & Trading (GNK) has also raised concerns about Robert Pons’s involvement with various micro or nano-cap companies, noting that his directorships have generally not involved industries pertinent to Genco Shipping & Trading’s (GNK) line of business. The company detailed that most of these companies underperformed the S&P 500 during his tenure, with a total shareholder return (TSR) of -39.6% across these firms, contrary to the one positive instance noted. In contrast, Genco Shipping & Trading (GNK) has distributed 18 consecutive quarterly dividends, reduced its debt by 55% since 2021, and invested $520 million in expanding and modernizing its fleet since 2018. George Economou has labeled these defensive actions by Genco Shipping & Trading (GNK) as “hostile and evasive.” His history includes initiating boardroom disputes at other shipping companies like Performance Shipping and OceanPal, linked to the Palios family, after making strategic investments. The shareholders of Genco Shipping & Trading (GNK) are set to decide on these matters at the annual meeting scheduled for May 23, 2024. The company continues to recommend voting for the re-election of its seven current board nominees and against the proposals brought forward by George Economou.
1-May-2024
The New York-listed shipowner and operator Genco Shipping & Trading (GNK) has issued a strong response in its ongoing boardroom dispute with Greek tycoon George Economou, expressing significant reservations about his proposed nominee, Robert Pons, for the Genco Shipping & Trading (GNK) Board of Directors. The company pointed out that Pons has a history of diminishing shareholder value in his prior roles. George Economou, who owns about 5.4% of Genco Shipping & Trading (GNK) through his investment entities, has nominated Pons to the board and is also pushing for the removal of the current chairman, James Dolphin, who has served for a decade. Genco Shipping & Trading (GNK) has actively encouraged its shareholders to dismiss the proposals from George Economou in a definitive proxy statement. The company has previously stated that Economou’s strategies, which include a share repurchase plan and a premium self-tender offer, would likely increase the company’s net leverage significantly, thereby potentially limiting its ability to pay future dividends. Additionally, Genco Shipping & Trading (GNK) has accused George Economou, who is also the CEO of DryShips Inc., of eroding shareholder value in DryShips and involving his company TMS Tankers in the transportation of Russian crude, actions which have placed it on the Ukrainian government’s list of “international sponsors of war.” Concerns have also been voiced about Robert Pons’s previous board memberships with various micro or nano-cap companies, noting these roles were not related to industries relevant to Genco Shipping & Trading’s (GNK) operations. The company highlighted that under Pons’s directorship, these companies generally underperformed the S&P 500, with a total shareholder return (TSR) of -39.6%, apart from one positive outlier. In contrast, Genco Shipping & Trading (GNK) has consistently paid dividends for 18 consecutive quarters, reduced its debt by 55% since 2021, and invested $520 million in fleet expansion and modernization since 2018. George Economou has described these measures taken by Genco Shipping & Trading (GNK) as “hostile and evasive.” He has a record of initiating disputes in boardrooms of other shipping firms, such as Performance Shipping and OceanPal, which are linked to the Palios family, following his investments. The shareholders of Genco Shipping & Trading (GNK) are scheduled to make a decision on these issues at the annual meeting on May 23, 2024. The company has reiterated its advice for shareholders to vote for the re-election of its seven current board members and against George Economou’s nominee and proposals. Furthermore, Genco Shipping & Trading (GNK) maintains a strategic partnership with Genco Ship Management LLC, which is essential for managing its operations efficiently and maintaining high industry standards. Based in Manhattan, Genco Shipping & Trading (GNK) operates a diverse fleet of 45 bulk carriers, including capesize, ultramax, and supramax vessels, which underscores its significant role in the global shipping industry.