31-July-2025
South Korea has committed to injecting $150bn into a specialised United States shipbuilding renewal fund as part of a sweeping $350bn trade pact formalised on Wednesday in Washington, representing the most substantial industrial investment by South Korea in United States history and designed to revitalise the faltering United States shipbuilding industry while simultaneously granting South Korean shipyards strategic access to the world’s largest defence procurement landscape, with the pact—revealed just before the August 1 tariff enforcement deadline—introducing a Make American Shipbuilding Great Again programme that will allocate South Korean financial resources toward the domestic construction of commercial and military ships across United States shipyards, as well as the local manufacturing of shipbuilding components, systems, and the execution of maintenance, repair, and overhaul (MRO) activities for the United States naval and commercial fleet, where the $150bn earmarked for shipbuilding is a major portion of the $350bn investment framework which also covers key technological and industrial fields such as semiconductor production, electric vehicle battery supply, biotechnology, and renewable energy, and in return the United States will impose a maximum 15% ceiling on reciprocal and automobile import tariffs, creating a more level export environment for South Korean industries, following a comparable bilateral accord earlier this month between the United States and Japan that also extends to its maritime infrastructure, while South Korean president Lee Jae-myung praised the agreement via social media by noting that this deal removes uncertainties surrounding export policies and ensures tariff parity with competing economies, allowing South Korean exporters to contend on equal or advantageous terms globally, with Presidents Lee and Trump scheduled to convene within the next two weeks to finalise and refine the agreement’s provisions, and stock prices of leading South Korean shipbuilders Hanwha Ocean and HD Hyundai Heavy Industries surged on Thursday in Seoul driven by expectations that the agreement will accelerate South Korean integration into United States naval and commercial shipbuilding programmes, while senior figures from South Korea’s largest corporate groups, including Hanwha vice chairman Kim Dong-kwan, Samsung’s Lee Jae-yong, and Hyundai Motor’s Chung Euisun, were on-site in Washington throughout the trade discussions.
31-July-2025
Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK), one of the world’s largest listed dry bulk shipping companies led by CEO Petros Pappas, has capitalized on upbeat freight rate sentiment in July 2025 to execute a supramax bulk carrier sale—selling the 2011-built 57,800‑dwt vessel MV Star Sandpiper for around $13 million as part of a broader strategy to shed ageing tonnage in an active S&P (Sale and Purchase) market. Star Bulk Carriers (SBLK)currently operates a fleet of approximately 148 vessels ranging from 56,000 dwt supramax to newcastlemax bulk carriers, approximately 97% of which are scrubber‑fitted to enhance fuel efficiency and regulatory compliance SAthens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers’ (SBLK’s) modern fleet composition includes, following recent sales and deliveries, 17 newcastlemax bulk carriers, 16 capesize bulk carriers, 7 post‑panamax bulk carriers, 39 kamsarmax bulk carriers, 1 panamax bulk carriers, 48 ultramax bulk carriers and 20 supramax bulk carriers, with 5 firm newbuilding contracts for 82k dwt kamsarmax bulk carriers scheduled for delivery in H1 2026. In Q1 2025, Star Bulk Carriers (SBLK) completed sales of older bulk carriers, including MV Star Omicron, MV Bittern, MV Strange Attractor, MV Star Puffin, MV Canary, and MV Star Petrel, generating aggregate net proceeds of approximately USD 38.6 million expected in Q2 and Q3 2025. Moreover, since March 31, 2025, Star Bulk Carriers (SBLK) has repurchased 1,985,169 of its shares at an average price of USD 16.21 per share, totalling USD 32.22 million, reducing outstanding shares to 115,603,652 and reinforcing capital structure under its buyback programme.
31-July-2025
Athens-based shipowner and operator W Marine, founded and led by Yiannis Sarantitis who also serves as Norway’s honorary consul in Piraeus, is poised to make its debut in the container ship sector by signing a letter of intent with Huanghai Shipbuilding for the construction of up to four feeder container ships, consisting of two firm and two optional 1,800-teu units, as part of its strategic diversification beyond its core focus on dry bulk. Established in 2003, W Marine has built a reputation in the dry bulk segment with a fleet that includes supramax and ultramax ships, and this move into container ship newbuildings marks a significant expansion of its operational footprint and signals growing Greek interest in the container sector amid evolving global trade dynamics.
30-July-2025
Limassol-based and Nasdaq Stock Exchange-listed shipowner and operator Castor Maritime Inc. (CTRM), led by Chairman and CEO Petros Panagiotidis, has concluded a $14.6m sale and leaseback transaction with a Japanese counterparty for the 2011-built kamsarmax bulk carrier 83K DWT MV Magic Thunder, which will remain under Castor Maritime Inc.’s (CTRM’s) commercial control via a five-year bareboat charter that includes a purchase option exercisable after 2027; this marks the third vessel transaction for Castor Maritime Inc. (CTRM) in 2025, following the sale of two panamax bulk carriers to Ismini Panagiotidis-controlled Pavimar Shipping in a $28m deal, as part of a broader fleet optimization strategy; Castor Maritime Inc. (CTRM), headquartered in Limassol, Cyprus, is a diversified global shipping company engaged in the ownership and operation of dry bulk and container ships, with a focus on active fleet management, opportunistic asset acquisitions, and revenue generation through both spot and time charters, and as of now, Nasdaq Stock Exchange-listed shipowner and operator Castor Maritime Inc. (CTRM) owns and operates a fleet of 9 ships comprising various bulk carrier types, reflecting its continued efforts to enhance fleet efficiency and adapt to evolving market dynamics while maximizing shareholder value.
30-July-2025
The Chinese state-owned shipping titan Cosco Shipping Bulk, the dry bulk division of China COSCO Shipping Corporation Limited and one of the world’s largest dry bulk operators with a fleet spanning capesize, panamax, ultramax, and handysize segments, has initiated a 14-ship newbuilding campaign at domestic shipyards as part of its aggressive long-term fleet renewal and expansion strategy aimed at strengthening its leadership position in global dry bulk logistics; the newbuilding initiative is being executed through COSCO Shipping Development, the group’s financing and leasing arm, which has placed orders for 10 newcastlemax bulk carrier newbuildings, including 4 at CSSC Qingdao Beihai Shipbuilding at an estimated $73.5m per unit excluding tax and 6 additional newcastlemax bulk carrier newbuildings at COSCO Shipping Heavy Industry’s Zhoushan shipyard, all of which are scheduled for delivery between Q4 2027 and Q1 2028 and will be chartered for approximately 20 years to Cosco Shipping Bulk, which currently manages and operates a fleet exceeding 400 dry bulk ships with a combined capacity of more than 42 million DWT, providing global transportation solutions for major commodities such as coal, grain, iron ore, and bauxite; in parallel, COSCO Shipping Development has commissioned four 9,000 dwt asphalt carriers from CSSC Huangpu Wenchong at around $28m each excluding tax, which will be chartered under a 15-year period to COSCO Shipping Specialized Carriers, a rapidly growing unit within the COSCO group responsible for the transport of high-value industrial cargo including infrastructure equipment, wind turbines, and heavy machinery, and whose current diversified fleet exceeds 140 ships with plans to reach over 10 million DWT by 2026; this latest round of investment follows Cosco Shipping Bulk’s previously announced multipurpose newbuilding program for up to 30 ships and reflects its strategic vision to modernize its fleet, enhance environmental performance, and align with China’s Belt and Road Initiative by supporting global industrial supply chains; further diversifying its portfolio, COSCO Shipping Development is also pursuing a $360m sale and leaseback deal for a 271,000 cubic meter QC-Max LNG carrier under a 20-year lease term, highlighting the group’s continued focus on asset optimization and capital-efficient growth across bulk, energy, and specialized shipping segments.
30-July-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), led by Semiramis Paliou, has revealed the acquisition of a 7.7% equity stake in New York-listed shipowner and operator Genco Shipping & Trading (GNK), a development that has intensified industry focus on Manhattan-based shipowner and operator Genco Shipping & Trading (GNK), with Diana Shipping Inc. (DSX) characterizing the stake as a strategic investment aimed at long-term value creation, according to chief strategy officer Ioannis Zafirakis during a conference call with analysts following the release of Diana Shipping Inc.’s (DSX’s) Q2 2025 financial results; this move by Diana Shipping Inc. (DSX) comes as part of its broader approach to diversification and targeted investments in peer operators with strong fundamentals, and the acquisition was described as friendly and calculated, reinforcing its strategic alignment with Genco Shipping & Trading (GNK), which operates its fleet under the dedicated management of Genco Ship Management LLC, a wholly owned subsidiary headquartered in Stamford, Connecticut, that is responsible for all aspects of technical management, crewing, procurement, maintenance, compliance, and operational oversight of the Genco Shipping & Trading (GNK) fleet; Genco Ship Management LLC plays a critical role in ensuring the consistent implementation of international maritime regulations, including the International Maritime Organization’s MARPOL and ISM codes, while maintaining a fleet-wide focus on environmental performance and operational efficiency through the deployment of hull optimization technologies, electronically controlled engines, low-friction coatings, voyage planning systems, and real-time digital performance monitoring platforms; the subsidiary has developed an advanced ESG framework that includes decarbonization targets, predictive maintenance regimes, and fuel optimization programs, and it provides shore-based and onboard personnel with comprehensive training in safety, compliance, and operational best practices; by maintaining a vertically integrated management model, Genco Ship Management LLC enables Genco Shipping & Trading (GNK) to maintain close control over cost structures, vessel performance, and regulatory compliance, thereby enhancing operational resilience, stakeholder confidence, and long-term competitiveness in the global dry bulk market, while Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), which currently operates a fleet of 40 bulk carriers, continues to actively position itself for value creation through both direct fleet operations and selective investment in high-performing maritime assets.
30-July-2025
Mining giant Rio Tinto (ASX, LON, NYSE: RIO) reported record bauxite output and reaffirmed its expectation to meet 2025 production targets for both iron ore and bauxite, even as seaborne iron ore shipments from its Pilbara operations in Western Australia saw a decline, with profit after tax for the first half of 2025 dropping 22% year-on-year to $4.5 billion, and Chief Executive Officer Jakob Stausholm stating that Rio Tinto continues to deliver resilient financial results underpinned by improving operational performance and the strength of its increasingly diversified portfolio; Rio Tinto, one of the world’s largest mining groups headquartered in London and Melbourne, is a leading global producer of iron ore, bauxite, copper, and aluminum, with integrated mining, processing, logistics, and commercial operations across six continents, and is a key supplier to industrial and infrastructure markets globally; within its logistics and commercial structure, Rio Tinto’s Chartering Department plays a central role in supporting its bulk commodity supply chain by overseeing the procurement and management of ocean freight for transporting large volumes of iron ore, bauxite, alumina, and other raw materials from mine to market, with the department operating a substantial time-chartered and spot chartered fleet of capesize, panamax, supramax, and handysize bulk carriers to ensure reliable, cost-effective, and environmentally compliant maritime logistics solutions; Rio Tinto’s Chartering Department is also responsible for optimizing vessel scheduling, negotiating freight contracts, managing demurrage and laytime claims, ensuring compliance with maritime regulations, and supporting the group’s decarbonization objectives by working with shipowners to secure tonnage that meets or exceeds IMO emissions standards, often chartering eco-designed ships and collaborating on pilot programs involving alternative fuels and digital voyage efficiency tools, thus playing a strategic role in maintaining Rio Tinto’s competitive advantage in the global seaborne commodity market.
30-July-2025
Nasdaq-listed shipowner and operator Safe Bulkers Inc. (SB), led by CEO Polys Hajioannou and with Loukas Barmparis serving as president, reported a modest profit in a challenging Q2 2025, maintaining its dividend despite mounting pressure from a soft freight environment, and marking its 20th consecutive quarter of profitability, though net income declined sharply to $1.7m from $27.6m in Q2 2024 as a result of weaker charter rates and lower revenue, while adjusted net income, excluding non-recurring items such as asset sale gains and derivative impacts, dropped 82% to $3m; US-listed and Limassol-based Safe Bulkers Inc. (SB), a prominent dry bulk shipowner and operator with a fleet of 47 bulk carriers in the water and several additional ships under construction, has focused on strategic fleet renewal by investing in newbuildings equipped with advanced energy-saving features and environmental compliance technologies including scrubbers and IMO Phase 3 NOx Tier III engines, and primarily employs its ships under medium- to long-term time charters with high-quality charterers, providing earnings visibility in volatile market conditions; Safe Bulkers Inc. (SB), incorporated in the Republic of the Marshall Islands and operating commercial offices in Cyprus, Greece, and Monaco, has consistently pursued a conservative capital structure with strong liquidity management, maintaining a balance between shareholder returns and vessel investments; the shipowner and operator is known for its disciplined capital allocation, commitment to environmental sustainability, and proactive compliance with regulatory standards, as well as its resilience through multiple shipping cycles, with the current performance reflecting market headwinds but underpinned by a modern fleet, cost-effective operations, and a long-term chartering strategy designed to weather short-term market softness while positioning for future market recovery.
30-July-2025
Ukraine’s Asset Recovery and Management Agency (ARMA) has confirmed plans to auction the MV Anka, a Turkish-owned coaster-sized bulk carrier seized for breaching Ukrainian sanctions by calling at a port in Russian-occupied Crimea, in the latest demonstration of Ukraine’s firm stance on enforcing maritime restrictions against foreign-flagged ships engaging in trade with the annexed territory; Istanbul-based shipowner and operator Sima Shipping Ltd managed 2005-built coaster-sized bulk carrier 5K DWT MV Anka was detained after making an unauthorized port call in Crimea, a violation of Ukraine’s law on temporarily occupied territories, and the Asset Recovery and Management Agency (ARMA) has now finalized all inventory and valuation processes required to proceed with the vessel’s disposal via the state-operated SETAM electronic trading platform, where it will be listed for public sale, with auction proceeds to be allocated to the Ukrainian state budget in line with the Asset Recovery and Management Agency’s (ARMA’s) statutory responsibilities.
29-July-2025
Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), which is listed on both the Oslo Stock Exchange and the New York Stock Exchange, is set to merge with CMB.TECH, the Belgian shipowner and operator controlled by the Saverys family, and the transaction is expected to proceed as soon as possible following the upcoming special meeting. The merger process has entered its final stage as Golden Ocean Group (GOGL) and CMB.TECH have reaffirmed their joint objective to complete the combination in August 2025. Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL) has officially confirmed its intention to finalize the merger with Belgium-based CMB.TECH within three weeks. The merger will result in the creation of one of the world’s largest publicly listed diversified maritime groups, with a combined fleet of approximately 250 bulk carriers. CMB.TECH, headquartered in Antwerp and part of the broader Compagnie Maritime Belge group, is a maritime technology pioneer that integrates zero-emission solutions into the shipping and logistics sectors, focusing on hydrogen and ammonia-powered ships and infrastructure. CMB.TECH has made significant investments in decarbonization technologies and operates a diversified fleet across dry bulk, container, and tanker segments, aiming to lead the maritime energy transition. The strategic consolidation between Golden Ocean Group (GOGL) and CMB.TECH has been underway since Q1 2025, following the acquisition of John Fredriksen’s controlling stake in Golden Ocean Group (GOGL) by the Saverys family, setting the stage for a transformational realignment in the global dry bulk shipping industry.
29-July-2025
Costamare Bulkers Holdings Limited (Costamare Bulkers) has executed its first capesize bulk carrier acquisition following its spin-off from New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE), reinforcing its strategic focus on the dry bulk sector as an independent entity. Costamare Bulkers Holdings Limited (Costamare Bulkers), the newly formed dry cargo platform of the Greek maritime group Costamare Inc. (CMRE), completed its first publicly reported ship purchase since its market debut in May 2025. Costamare Bulkers Holdings Limited (Costamare Bulkers) acquired the 2012-built capesize bulk carrier 176K DWT MV Imperator (ex MV Imperator Australis) from Osaka-based shipowner Santoku Senpaku (Santoku Senpaku KK), a well-established Japanese shipping enterprise founded in 1972 and integrated into the ORIX Group in 2024, operating a diversified fleet of approximately 70 owned and 30 managed ships, with a focus on long-term employment, safety, and conservative fleet growth. This acquisition brings the capesize bulk carrier fleet of Costamare Bulkers Holdings Limited (Costamare Bulkers) to seven ships, strengthening its exposure to the larger size segment of the dry bulk market. The spin-off occurred after Costamare Inc. (CMRE), led by Konstantinos Konstantakopoulos, restructured in Q1 2025, forming two autonomous entities to sharpen strategic focus and attract differentiated investor interest by decoupling dry bulk from containership operations. Costamare Bulkers Holdings Limited (Costamare Bulkers), headquartered in Athens, has rapidly emerged as one of the most active dry bulk shipowners and operators, with a portfolio of 30 additional bulk carriers across various sizes and a robust chartering platform, CBI, which commercially manages around 50 chartered-in ships, including kamsarmax, capesize, and newcastlemax bulk carriers. The shipowner and operator employs a flexible asset-light model alongside its owned fleet, and has positioned itself as a competitive force in global dry bulk markets, emphasizing efficient commercial operations, scale optimization, and active fleet deployment across all major trade routes.
29-July-2025
Athens-based and New York-listed shipowner and operator OceanPal Inc., a dry bulk shipping company and subsidiary of Diana Shipping Inc. (DSX) led by Semiramis Paliou, is carrying out its third reverse stock split in as many years in order to safeguard its Nasdaq listing. Diana Shipping Inc. (DSX) spin-off OceanPal Inc. confirmed that every 25 shares will be consolidated into one to lift the share price above the required threshold. Greek shipowner and operator OceanPal Inc. is once again reducing the total number of outstanding shares as part of efforts to stay compliant with Nasdaq regulations. Athens-based and New York-listed shipowner and operator Diana Shipping Inc. (DSX) tanker and bulker spin-off OceanPal Inc. will execute the one-for-25 reverse stock split on the Nasdaq Exchange in New York on Monday, cutting the total number of outstanding shares from 167.4 million to just 6.7 million. This marks the third such action in recent years, after a one-for-10 reverse split in 2022 and a one-for-20 reverse split in 2024. Robert Perri-led shipowner and operator OceanPal Inc. closed at $0.08 per share on Thursday, a 21% drop and well below the Nasdaq Exchange’s minimum $1 requirement. Following the reverse stock split, the adjusted price would be approximately $2 per share. Earlier this year, Greek shipowner and operator OceanPal Inc.’s shares had dipped below $1 in March, recovered to nearly $3 in June, but then collapsed again in July after the announcement of a follow-on issue of nearly 11 million shares priced at $1.64 per unit, equal to the prevailing market price. That offering, which combined each share with one warrant as is standard in such deals, generated $18 million in net proceeds for OceanPal Inc. Athens-based shipowner and operator OceanPal Inc. is considered one of the smaller publicly listed US shipping entities that emerged under the backing of investment bank Maxim Group. Many shipping companies brought public through investment bank Maxim Group have faced criticism for highly dilutive equity offerings that eroded share prices and angered shareholders. OceanPal Inc. recently reported another loss for the first half of 2025 as charter revenues plunged. The shipowner and operator recorded a net loss of $10.4 million, with revenues falling to $6.2 million. Average daily charter rates during the six months to 30 June 2025 were just $6,832, barely above the reported operating expenses of $6,747 per day. At that time, OceanPal Inc.’s fleet consisted of one capesize bulk carrier, three panamax bulk carriers, and one MR2 tanker. The Robert Perri-led shipowner and operator OceanPal Inc. was spun off from New York-listed Diana Shipping Inc. (DSX) in 2021.
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), under the leadership of CEO Semiramis Paliou, has secured new employment for its 2013-built kamsarmax bulk carrier MV 81K DWT MV Astarte by chartering it out to Singapore and Athens-based ship operator Propel Shipping Pte Ltd at a reduced daily rate of approximately $12,500 compared to its previous fixture, with the new time charter commencing on August 2, 2025, and running through at least 16 August 2026, with an optional extension to 16 October 2026, generating about $4.68m in revenue for Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) over the firm period; Propel Shipping Pte Ltd, the charterer, is a global freight trading and dry bulk ship operating entity headquartered in Singapore, with operational offices in Dubai, Greece, and India, and functions as the chartering and operating division of ACT Group, a major Indian shipping and logistics conglomerate founded in 1982, offering a range of services including stevedoring, warehousing, ship agency, customs broking, ship-broking, and transportation with a staff of over 400 across Indian ports, while managing a diversified cargo portfolio that exceeds 20 million metric tons annually for major industrial clients across sectors such as steel, cement, power, fertilizer, and mining, and also provides commercial ship management for close shipowners, leveraging its market presence and operational know-how to consistently outperform market benchmarks; Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), founded in 1999, specializes in the ownership and operation of dry bulk ships with a focus on long-term time charters and maintains a fleet of 36 ships comprised of newcastlemax, capesize, post-panamax, kamsarmax, and ultramax bulk carriers, transporting a range of major and minor bulk commodities including iron ore, coal, grain, and fertilizers, and is known for its conservative financial strategy, operational efficiency, and focus on shareholder value through strategic fleet renewal and active chartering practices; the latest fixture with Propel Shipping Pte Ltd follows the vessel’s prior employment in 2024 with Singapore-based shipowner and operator Paralos Shipping Pte. Ltd., during which the kamsarmax bulk carrier MV Astarte earned a daily rate of $14,000, underscoring the current softer rate environment.
29-July-2025
Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), which is listed on both the Oslo Stock Exchange and the New York Stock Exchange, is preparing to merge with Belgian shipowner and operator CMB.TECH, controlled by the Saverys family, and intends to execute the merger promptly following the upcoming special meeting. The merger has entered its final phase, with both Golden Ocean Group (GOGL) and CMB.TECH reaffirming their commitment to complete the transaction by August 2025. Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), a leading global operator specializing in the ownership and operation of large-size dry bulk ships, particularly capesize and panamax types, has announced that the merger with CMB.TECH is expected to be finalized within three weeks. Golden Ocean Group (GOGL), which is known for its strategic fleet expansion and commercial agility, operates a modern fleet focused on fuel efficiency and environmental compliance. This strategic merger will establish one of the world’s largest publicly listed and diversified maritime groups, boasting a combined fleet of approximately 250 bulk carriers, with operations spanning major global trade routes. The foundation for this merger was laid in Q1 2025 when the Saverys family acquired John Fredriksen’s controlling stake in Golden Ocean Group (GOGL), thereby setting the stage for this transformational consolidation in the dry bulk shipping sector.
29-July-2025
The amendments to the International Code for the Safe Carriage of Grain in Bulk introduce a fourth official loading pattern in addition to the existing three patterns currently specified in the Grain Code, which are full hold trimmed ends, full hold untrimmed ends, and partly filled hold where the grain surface is assumed to be trimmed evenly regardless of the filling level, requiring manual redistribution of grain under the deck ends to reduce voids, a process often skipped due to its labor intensity, resulting in larger actual voids and higher grain shifting moments than calculated; the newly introduced pattern, partly filled hold in way of the hatch opening, ends untrimmed, allows for untrimmed grain in the end spaces if the final grain level is within the hatch coaming perimeter, assuming a natural 30-degree slope from the hatch end beam or feeding holes depending on the filling height, and requires a new set of calculations for grain shift moments and volume curves from the bottom of the end girder to the top of the hatch coaming; this update will become mandatory on 1 January 2026 for newbuildings with keels laid on or after that date, while existing ships can adopt the amendments voluntarily to increase loading flexibility and demonstrate compliance, especially in large grain exporting ports where authorities are expected to scrutinize loading patterns more closely; whether existing ships should implement the update depends on factors such as cargo capacity, draught limitations, and grain density—ships that typically load all holds fully and remain within draught limits may not require modifications, though trimming can still be done in partially filled holds below the coaming if port services permit; for ships already in operation, an addendum to the grain loading manual may be prepared and submitted to DNV for approval, containing revised grain shift moments and volume curves in both graphical and tabular formats, along with the applicable loading conditions and supporting input data, or a complete revised manual may be submitted if the original yard or designer is tasked with the updates; the ship’s onboard loading computer must also be updated and re-approved to reflect the new load pattern and associated curves; it is recommended that shipyards and designers incorporate the amended requirements into grain loading manuals and loading computers for newbuildings with keels laid after 1 January 2026, and that owners of ships constructed before this date but not yet delivered coordinate with yards to implement the changes, while owners of operational ships should consider submitting a DNV-approved addendum if the amendment is deemed applicable.
29-July-2025
Hong Kong-based shipowner and operator Pacific Basin Shipping Limited, led by CEO Martin Fruergaard and listed on the Hong Kong Stock Exchange, is actively formulating strategies to address the implications of US President Donald Trump’s proposed port fees targeting China-linked bulk carriers. Pacific Basin Shipping Limited is considering the reflagging of its bulk carriers as part of a broader compliance approach to navigate the anticipated US regulatory framework. The Hong Kong Stock Exchange-listed shipowner and operator Pacific Basin Shipping Limited is also evaluating potential adjustments to its corporate structure to mitigate the impact of the forthcoming port fees and maintain operational flexibility within its global trading routes. Headquartered in Hong Kong, Pacific Basin Shipping Limited is one of the world’s leading owners and operators of modern handysize and supramax bulk carriers, with a core focus on minor bulk commodities such as grain, steel, bauxite, and logs. The shipowner and operator manages a large and versatile fleet, providing comprehensive maritime logistics services and operating a highly integrated commercial and technical platform. With strong roots in Asia and extensive coverage across the Pacific, Atlantic, and Indian Oceans, Pacific Basin Shipping Limited remains a key player in the global dry bulk market, and its strategic decisions in response to the evolving US policy landscape reflect its commitment to safeguarding competitiveness and ensuring compliance with international regulations.
29-July-2025
Nasdaq-listed shipowner and operator Safe Bulkers Inc. (SB), led by CEO Polys Hajioannou, has divested one of its oldest bulk carriers to pave the way for the delivery of a new generation of energy-efficient newbuild ships as part of its long-term fleet renewal strategy. US-listed and Limassol-based shipowner and operator Safe Bulkers Inc. (SB) has agreed to sell the 2007 Tadotsu Tsuneishi-built kamsarmax bulk carrier 82K DWT MV Pedhoulas Leader to an undisclosed shipowner for approximately $12.5m, with the transfer of ownership expected to take place between August and October 2025. Nasdaq-listed shipowner and operator Safe Bulkers Inc. (SB), which owns and operates a fleet of 47 ships across capesize, post-panamax, kamsarmax, and panamax segments, currently counts 14 kamsarmax bulk carriers in its fleet and is awaiting the delivery of six newbuild kamsarmax bulk carriers from Q2 2026 through to Q1 2027. Safe Bulkers Inc. (SB), incorporated in the Republic of the Marshall Islands and headquartered in Limassol with operational offices in Monaco and Greece, focuses on the transportation of major bulks such as coal, grain, and iron ore, serving a global clientele under both time charter and spot employment. Safe Bulkers Inc. (SB) is implementing an ongoing environmental upgrade and fleet renewal program, which includes the acquisition of new eco-design, IMO Phase 3-compliant ships, some equipped with scrubbers and alternative fuel readiness to meet upcoming environmental regulations. The sale of MV Pedhoulas Leader reflects this strategy, having achieved the targeted price for one of the oldest ships in the fleet. The last ship sales executed by Safe Bulkers Inc. (SB) were in March 2024, when it realized approximately $41m from the disposal of a 2010-built post-panamax bulk carrier and a 2011-built panamax bulk carrier, further demonstrating its focus on modernizing the fleet while maintaining a strong balance sheet and returning value to shareholders.
29-July-2025
Nasdaq-listed shipowner and operator Safe Bulkers Inc. (SB), led by CEO Polys Hajioannou, has executed a Sale and Purchase transaction that underscores the upward trajectory of dry bulk carrier asset values, as the US-listed and Limassol-based shipowner and operator Safe Bulkers Inc. (SB) seizes the opportunity presented by firming secondhand prices to complete its first bulk carrier sale in over a year. Safe Bulkers Inc. (SB), which specializes in the ownership and operation of dry bulk ships primarily in the capesize, post-panamax, kamsarmax, and panamax segments, sold the 2007 built kamsarmax bulk carrier 82K DWT MV Pedhoulas Leader for approximately $12.5m, a price considered robust in today’s market and reflective of tightening supply of quality tonnage. Safe Bulkers Inc. (SB), incorporated in the Republic of the Marshall Islands and maintaining commercial and technical operations through its wholly owned subsidiaries in Cyprus, Greece, and Monaco, operates a diverse and modern fleet that serves global commodity trade routes, transporting coal, grain, and iron ore among other cargoes. The transaction marks a strategic move for Safe Bulkers Inc. (SB) in the context of ongoing fleet renewal efforts, as the shipowner and operator continues to balance asset optimization with long-term growth in the dry bulk shipping sector.
29-July-2025
The acquisition of the 2012-built capesize bulk carrier 176K DWT MV Imperator (ex MV Imperator Australis) from Santoku Senpaku (Santoku Senpaku KK) by Costamare Bulkers Holdings Limited (Costamare Bulkers) marks a strategic move that further consolidates its presence in the capesize segment, bringing its capesize bulk carrier fleet to seven ships. Santoku Senpaku (Santoku Senpaku KK), headquartered in Osaka, Japan, is a long-established and well-respected shipowner founded in 1972 by Masashi Taga, and is currently led by President Junichi Taga. Santoku Senpaku (Santoku Senpaku KK) has built a reputation for conservative growth and long-term charter stability, operating a fleet of approximately 70 owned ships and managing around 30 additional ships, which include bulk carriers, car carriers, container ships, and domestic coastal ships. The shipowner and operator maintains a traditional business model, typically committing to newbuild orders only when backed by long-term charter contracts, and places a high emphasis on operational safety, ship management quality, and long-term employment of its seafarers and staff. Since becoming a core part of ORIX Group’s shipping business in February 2024, Santoku Senpaku (Santoku Senpaku KK) has further strengthened its financial base and expanded its strategic capabilities. Costamare Bulkers Holdings Limited (Costamare Bulkers), which was established in Q1 2025 following a corporate spin-off from New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) led by Konstantinos Konstantakopoulos, continues to expand its footprint in the dry bulk market with a fleet that includes 30 additional bulk carriers and a robust dry cargo trading platform, CBI, managing around 50 chartered-in ships across the kamsarmax, capesize, and newcastlemax segments, positioning itself as a dynamic player with a strong balance of owned assets and commercial agility.
29-July-2025
Hong Kong-based shipowner Courage Investment Group has issued a profit warning for the first half of 2025, anticipating a loss as ongoing trade disruptions and tariff pressures weigh on its logistics and transportation business. The Hong Kong-listed Courage Investment Group expects to report a loss of approximately $1.9m for the six-month period ending 30 June 2025, marking a sharp downturn from the $1.3m profit recorded in the corresponding period of 2024, according to a regulatory filing submitted today by Courage Investment Group. The anticipated loss is primarily attributed to a substantial reduction in profit contribution from Courage Investment Group’s logistics and transportation services, which have been significantly impacted by persistent global trade dislocations and tariff-induced market volatility. Courage Investment Group, originally incorporated in Bermuda and headquartered in Hong Kong, is engaged in the ownership and chartering of bulk carriers as well as investments in marine logistics and related sectors. The shipowner maintains a fleet that predominantly comprises handysize and panamax bulk carriers serving regional and international trade routes. Courage Investment Group has undergone a number of strategic restructurings over the years, including divestments and expansions aimed at adapting to shifting market conditions, and remains focused on managing operational risks and exploring investment opportunities despite the current challenging economic environment.
28-July-2025
Oslo-listed shipowner and operator Himalaya Shipping, backed by Norwegian shipping investor Tor Olav Troim, is locking in revenue by shifting four of its LNG dual-fuel newcastlemax bulk carriers from index-linked charters to fixed-rate agreements, with the change scheduled from 1 August 2025 to 30 September 2025, in what shipbrokers interpret as a strategic move that suggests current market rate forecasts may be on the conservative side; Himalaya Shipping, which was founded to operate a fleet of modern, fuel-efficient newcastlemax bulk carriers equipped with scrubbers and LNG dual-fuel capability, focuses on reducing emissions and maximizing chartering flexibility through exposure to both index-linked and fixed-rate contracts, and has positioned itself as a forward-looking dry bulk shipping platform with an emphasis on long-term value creation and environmental compliance.
28-July-2025
Greece has deployed a salvage ship to the Red Sea in response to a rise in maritime attacks carried out by Yemen’s Houthi militants, following the recent sinkings of two Greek-operated bulk carriers, as part of emergency actions aimed at ensuring the safety of seafarers and protecting key global trade lanes, Greek shipping minister Vassilis Kikilias announced. The decision follows the consecutive attacks on the Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas, owned and operated by Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA, and the handysize bulk carrier 36K DWT MV Eternity C, owned and operated by Athens-based shipowner and operator Cosmoship Management SA. Both bulk carriers were targeted by Houthi forces earlier this month. All crew members aboard the Allseas Marine SA-owned and operated ultramax bulk carrier MV Magic Seas were rescued without injury, while the Cosmoship Management SA-owned and operated handysize bulk carrier MV Eternity C suffered a far graver outcome, with 10 seafarers rescued, five feared dead, and another 10 reportedly detained by Houthi militants. Allseas Marine SA, founded in 2000 and headquartered in Athens, manages a modern fleet primarily consisting of supramax and ultramax bulk carriers, focusing on dry bulk commodities such as coal, grains, and iron ore, and operates globally with an emphasis on safe, efficient, and environmentally compliant shipping practices. The company has built a reputation for technical expertise and operational reliability in the dry bulk segment, with strong relationships across global chartering markets. At the time of both incidents, the EU naval mission Aspides, which is tasked with maritime security in the Red Sea, reportedly had no operational assets in the vicinity. These latest attacks represent a significant escalation by the Houthis, who have carried out more than 100 maritime strikes between November 2023 and December 2024, positioning the campaign as a demonstration of support for Palestinians amid the Gaza conflict. Meanwhile, the announcement also coincides with the brief detention of the Greek-managed MV Merinos Livestock, a 49-year-old, 2,200 DWT ship, which was sailing from Bossaso, Somalia, to Jeddah, Saudi Arabia, and reportedly went dark after switching off its AIS transponder, potentially prompting its interception by forces believed to be the Yemeni Coast Guard. Reports suggest that a wooden boat fired small arms and redirected the MV Merinos Livestock toward Mocha port, from which it was later released without formal charges.
28-July-2025
Greece has sent a salvage ship to the Red Sea in response to a rise in maritime attacks by Yemen’s Houthi militants, including the recent sinkings of two Greek-operated bulk carriers, as part of emergency actions to safeguard seafarers and protect vital global trade routes, according to Greek shipping minister Vassilis Kikilias. This move follows the consecutive sinkings of the Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas, owned and operated by Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA, and the handysize bulk carrier 36K DWT MV Eternity C, owned and operated by Athens-based shipowner and operator Cosmoship Management SA. Both Greek-operated bulk carriers were attacked by Houthi forces earlier this month. While all crew members from the Athens-based Allseas Marine SA-owned and operated ultramax bulk carrier MV Magic Seas were safely rescued, the Athens-based Cosmoship Management SA-owned and operated handysize bulk carrier MV Eternity C tragedy has deeply impacted the maritime community, with 10 crew members rescued, five feared dead, and another 10 reportedly held by Houthi militants. Cosmoship Management SA, founded in 1981 and headquartered in Athens, is an independent third-party ship management company operating a fleet that primarily consists of handysize, supramax, and panamax bulk carriers. The company is known for its technical management expertise, long-standing relationships with major charterers, and commitment to safe, efficient, and environmentally responsible shipping operations. It provides full commercial, technical, crewing, and insurance services and maintains certifications under major international maritime standards. At the time of the attacks, the EU naval mission Aspides, which is tasked with maintaining maritime security in the Red Sea, reportedly had no assets deployed in the vicinity. These incidents reflect a further escalation by the Houthis, who have conducted over 100 maritime attacks from November 2023 through December 2024, portraying their campaign as a gesture of support for Palestinians during the Gaza conflict. This announcement also coincides with another alarming event involving the brief detention of the Greek-managed MV Merinos Livestock, a 49-year-old, 2,200 DWT ship, near Yemen. The MV Merinos Livestock, which was sailing from Bossaso, Somalia, to Jeddah, Saudi Arabia, reportedly went dark after switching off its AIS transponder, potentially triggering its interception by forces believed to be the Yemeni Coast Guard. According to reports, a wooden boat opened fire with small arms and forced the MV Merinos Livestock to alter course toward Mocha port, from where it was subsequently released without formal charges.
28-July-2025
New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers Holdings Limited (Costamare Bulkers), a fast-growing Athens-based dry bulk shipping company led by Gregory Zikos and controlled by the Konstantakopoulos family, has completed its first ship acquisition since separating from Costamare Inc. (CMRE), marking a return to the capesize bulk carrier market by Greek buyers after a prolonged period of inactivity, as Costamare Bulkers Holdings Limited (Costamare Bulkers) purchased the 2012-built 176K DWT capesize bulk carrier MV Imperator (formerly MV Imperator Australis) from Osaka-based shipowner Santoku Senpaku (Santoku Senpaku KK), a prominent Japanese shipowner known for its diversified fleet and disciplined investment strategy; established in 2023 as a dedicated dry bulk platform, Costamare Bulkers Holdings Limited (Costamare Bulkers) has quickly grown its presence through strategic acquisitions, focusing on modern tonnage across the capesize, kamsarmax, and ultramax segments, and currently operates a fleet of over 45 bulk carriers, leveraging the financial strength and operational expertise inherited from Costamare Inc. (CMRE) to position itself as a major player in the global dry bulk sector.
28-July-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX), led by CEO Semiramis Paliou, has entered into a time charter agreement with dry bulk shipping heavyweight Cargill Ocean Transportation Pte Ltd, the Singapore-based maritime logistics arm of Cargill, for the 2017-built ultramax bulk carrier MV DSI Phoenix, with the charter set to commence on August 3, 2025, for a duration ranging from a minimum of October 1, 2026, to a maximum of November 30, 2026, at a daily rate of $13,500, with Diana Shipping Inc. (DSX) estimating approximately $5.6m in revenue over the minimum term of the charter. This latest fixture with Cargill Ocean Transportation Pte Ltd follows the conclusion of the MV DSI Phoenix’s previous contract with Bulk Trading, which had been fixed at a higher daily rate of $16,500. Additionally, Cargill Ocean Transportation Pte Ltd recently chartered the ultramax bulk carrier MV DSI Polaris, also owned and operated by Diana Shipping Inc. (DSX), at a daily rate of $12,500, with the contract running through July 21, 2025. Diana Shipping Inc. (DSX), established in 1999 and headquartered in Athens, is a prominent global shipowner specializing in the ownership and long-term chartering of dry bulk ships. The company’s fleet consists of a mix of ultramax, kamsarmax, post-panamax, panamax, and capesize bulk carriers, and is focused on the transportation of a range of dry bulk commodities such as iron ore, coal, grain, and other materials. With a strategy centered on securing long-term time charters with reputable counterparties, Diana Shipping Inc. (DSX) aims to provide stable cash flow and operational reliability, while maintaining a modern and environmentally efficient fleet.
28-July-2025
Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) has reportedly completed its third swift acquisition from London-listed Hong Kong-based shipowner and operator Taylor Maritime, as the recent downward trend in ultramax bulk carrier prices shows signs of leveling off. The latest deal comes as Thanassis Martinos reactivates his presence in the secondhand bulk carrier market with a series of decisive purchases. Eastern Mediterranean Maritime (Eastmed) is said to have acquired another secondhand ultramax bulk carrier from CEO Ed Buttery-led Taylor Maritime. The buying momentum by Greek shipowners, particularly Eastern Mediterranean Maritime (Eastmed), appears to have played a key role in halting the price slide in this asset class for the first time since March 2025. Established in 1979 and based in Athens, Eastern Mediterranean Maritime (Eastmed) is a prominent and privately held shipowner and operator managing a modern fleet of dry bulk carriers and tankers. Eastern Mediterranean Maritime (Eastmed) operates a diversified portfolio that spans supramax, ultramax, panamax, and aframax segments and is recognized for its long-term chartering strategies, technical management expertise, and conservative financial approach. The latest acquisitions underscore Eastern Mediterranean Maritime (Eastmed)’s continued confidence in the dry bulk sector and its strategic commitment to expanding and renewing its fleet during periods of market correction.
28-July-2025
John Fredriksen-backed shipowner and operator Seatankers is exiting the Golden Ocean Group (GOGL) fleet through the sale of bulk carriers, having recently sold two kamsarmax bulk carriers that were commercially managed by Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), which is listed on both the Oslo Stock Exchange and the New York Stock Exchange, as the size of Seatankers’ bulk carrier fleet within Golden Ocean Group (GOGL) has been significantly reduced since the announcement of a planned merger with Belgian shipowner and operator CMB.TECH, controlled by the Saverys family, who acquired John Fredriksen’s 40.8% stake in Golden Ocean Group (GOGL) for $1.2 billion in March 2025, with the merger potentially closing by August 2025; Golden Ocean Group (GOGL), one of the world’s largest listed owners of capesize and panamax bulk carriers, operates a modern and fuel-efficient fleet focused on the transportation of dry bulk commodities such as iron ore, coal, and grain, and maintains a strategy centered on maximizing shareholder returns through chartering flexibility, active fleet renewal, and exposure to the spot and period markets.
28-July-2025
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has been linked to a new transaction involving the ultramax bulk carrier MV Nord Kitan, representing what appears to be a renewed attempt to divest the ship after a previously reported deal in April 2025 failed to close. CEO Jan Rindbo-led Dampskibsselskabet DS Norden A/S has returned to the S&P (Sale and Purchase) market as a seller, offering the 2017-built 60K DWT ultramax bulk carrier MV Nord Kitan, which had been under long-term charter. The ship is reportedly being marketed at around $24m with forward delivery terms. Dampskibsselskabet DS Norden A/S, established in 1871, is one of Denmark’s oldest and most distinguished shipowners and operators, with a global footprint in both the dry cargo and product tanker markets. Dampskibsselskabet DS Norden A/S operates a fleet comprising both owned and chartered ships under an asset-light strategy focused on risk management, market optimization, and active trading. With a presence in key maritime hubs worldwide, Dampskibsselskabet DS Norden A/S continues to pursue strategic fleet adjustments through selective acquisitions and disposals.
28-July-2025
New York Stock Exchange-listed shipowner and operator Costamare Inc. (CMRE) spin-off Costamare Bulkers Holdings Limited (Costamare Bulkers), a rapidly expanding Athens-based dry bulk shipping company led by Gregory Zikos and controlled by the Konstantakopoulos family, has completed its first ship acquisition since its separation from Costamare Inc. (CMRE), joining a broader resurgence of Greek interest in the capesize bulk carrier market after a lengthy pause, with the purchase of the 2012-built 176K DWT capesize bulk carrier MV Imperator (formerly MV Imperator Australis) from Osaka-based shipowner Santoku Senpaku (Santoku Senpaku KK), a long-established Japanese shipowning and operating firm with a diversified fleet portfolio spanning bulk carriers, tankers, and LPG carriers, known for its conservative asset management and active participation in both Japanese and international secondhand ship markets, underscoring a strategic realignment by Costamare Bulkers Holdings Limited (Costamare Bulkers) towards expanding its exposure to the capesize segment after nearly a year-long hiatus from major acquisitions.
28-July-2025
The European Union and the United States, the world’s two largest trading blocs, finalized a broad trade agreement on Sunday that defuses the threat of a trade war between them. Following a meeting in Scotland, United States President Donald Trump and European Commission President Ursula von der Leyen revealed that the agreement includes a 15% tariff on most European goods exported to the United States, alongside a pledge by the European Union to increase its imports of United States energy and military equipment.
28-July-2025
A dynamic online auction underscored ongoing market demand for older bulk carriers, as Dalian-based shipowner and operator Chun An Shipping Ltd successfully concluded the sale of the 2006 built handysize bulk carrier 28K DWT MV Tuojiang for approximately $5.3m via the Guangzhou Shipping Exchange platform last Thursday. Bidding for the Chun An Shipping Ltd owned and operated handysize bulk carrier MV Tuojiang commenced at the minimum reserve price of $5m, with value-focused participants steadily raising the price in small increments throughout the two-hour auction. Chun An Shipping Ltd, which manages a diversified fleet of bulk carriers ranging from handysize to panamax segments, has been active in regional and international dry bulk trades, primarily transporting coal, grain, and steel-related cargoes. The company is known for its focus on operational efficiency and asset optimisation, and the successful sale of MV Tuojiang highlights its strategic approach to fleet renewal and market-responsive asset management.
27-July-2025
Yemen’s Houthi rebels announced on Sunday an intensification of their maritime campaign, stating that they will now target any ships associated with companies conducting business with Israeli ports, regardless of the ship’s flag, ownership, or destination. The declaration, made in a televised address by the group’s military spokesperson, signals what the Iran-aligned group is calling the “fourth phase” of their operations against Israel. The spokesperson urged all nations to apply pressure on Israel to cease its actions and lift the blockade on the Gaza Strip if they wish to prevent further escalation, framing the attacks as a “religious, moral, and humanitarian responsibility.” The Houthi rebels began their first maritime campaign of the year earlier this month, which has already resulted in the sinking of two bulk carriers, the deaths of at least four seafarers, injuries to others, and the abduction of crew members.
26-July-2025
London-based Greek shipowner and operator Helikon Shipping Enterprises Limited is in the process of offering three supramax bulk carriers for sale, including two of the oldest ships in its fleet and one vessel that was previously unsuccessfully marketed in Q4 2024. Despite their age, the vessels have undergone refurbishment, and Helikon Shipping Enterprises Limited is expected to part with them with some reluctance. The low-profile shipowner and operator Helikon Shipping Enterprises Limited was established in London in 1961 and maintains its Greek operations under the name Helikon Shipping (Hellas) Inc. in Athens. Initially operating as an agent for shipowners and operators of second-hand bulk carriers active in tramp trades, Helikon Shipping Enterprises Limited transitioned in 2001 to focus exclusively on the management of newbuilding ships. Over the years, Helikon Shipping Enterprises Limited has developed strong commercial relationships with established charterers and shifted its strategic focus toward long-term time charter agreements. To date, shipowners represented by Helikon Shipping Enterprises Limited have taken delivery of more than 40 newbuilding ships, with over 20 delivered in the past five years alone, reflecting the company’s continued emphasis on fleet renewal and modernisation. More recently, Helikon Shipping Enterprises Limited has diversified its clients’ fleet portfolio by entering the tanker sector, with current orders placed for seven medium-range (MR) tankers at Hyundai Mipo Dockyard and Hyundai Vietnam Shipbuilding. The orderbook managed by Helikon Shipping Enterprises Limited’s clients also includes an additional 16 bulk carriers, underlining its active role in fleet expansion and long-term asset management. Known for its disciplined approach to fleet development and commitment to operational quality, Helikon Shipping Enterprises Limited remains a steady presence in the global dry bulk and tanker shipping sectors.
26-July-2025
Iron ore futures recorded a fifth straight weekly gain despite an early decline on Friday, as mounting port inventories and weaker global steel production exerted downward pressure on prices, with the most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) closing daytime trade 1.11% lower at $112.01 per metric ton, though still rising nearly 1% over the week, while the benchmark August contract on the Singapore Exchange fell 2% to $102.95 per ton but advanced 2.16% for the week; global steel production declined 5.8% year-on-year in June, with China’s crude steel output falling 9.2% during the same period, and total iron ore inventories at Chinese ports rising 0.11% from the previous week to 131 million tons as of 25 July 2025, while hot metal output dipped 0.1% week-on-week, though the operating rate of blast furnaces in China rose to 83.46%, up 0.31 percentage points from the prior week; despite a slowdown in the growth rate of steel demand across the manufacturing sector, iron ore prices are expected to remain supported, with traders closely watching next week’s Politburo meeting that is expected to shape economic policy for the remainder of 2025; other steelmaking raw materials on the Dalian Commodity Exchange surged, with coking coal and coke climbing 7.98% and 2.38% respectively, while steel benchmarks on the Shanghai Futures Exchange also posted gains, with rebar up 2.32%, hot-rolled coil rising 1.98%, wire rod increasing 1.55%, and stainless steel edging up 0.93%.
26-July-2025
Bulk carrier pair secures period charters at rates below the current spot market levels. Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) has chartered its owned and operated ultramax bulk carrier to dry bulk shipping heavyweight Cargill Ocean Transportation Pte Ltd, the Singapore-based maritime logistics division of agribusiness giant Cargill. Two midsize bulk carriers have been fixed on period charters at rates that fall below spot earnings. One of the fixtures involves an unnamed charterer agreeing to a one-year time charter for the 2005 built 81K DWT kamsarmax bulk carrier MV Medi Matsuura at a rate of $15,000 per day. The kamsarmax bulk carrier MV Medi Matsuura is owned by Japanese tonnage provider Eiko Kisen and is commercially operated by Copenhagen-based shipowner and operator Ultrabulk, one of the largest and most active operators in the geared dry bulk segment globally. Ultrabulk, a subsidiary of Chilean maritime and logistics group Ultranav, controls a diverse fleet of supramax, ultramax, handysize, and kamsarmax bulk carriers and is known for its focus on long-term partnerships, environmental performance, and global coverage with operational hubs in Copenhagen, Santiago, Singapore, and Stamford. The kamsarmax bulk carrier MV Medi Matsuura will commence the charter following completion of its dry docking at Zhoushan, China, in September 2025, with the vessel to be delivered on a worldwide trading basis.
25-July-2025
Tor Olav Troim-backed Norwegian shipping company 2020 Bulkers has re-entered the derivatives market to hedge earnings for two of its newcastlemax bulk carriers, further expanding its use of freight risk management tools in 2025. Bermuda-registered and Oslo-based shipowner and operator 2020 Bulkers confirmed that it executed two Forward Freight Agreement trades covering the period from 1 August to 31 December, securing an average gross fixed rate of $33,700 per day for the two newcastlemax bulk carriers. This marks a continuation of 2020 Bulkers’ strategic use of derivatives after its initial FFA trades earlier in 2025, which generated close to $1 million in gains. The decision to return to the FFA market reflects 2020 Bulkers’ proactive approach to managing market volatility and enhancing earnings visibility in a fluctuating freight environment. Founded in 2017 and listed on the Oslo Stock Exchange, 2020 Bulkers is focused exclusively on operating a modern fleet of fuel-efficient newcastlemax bulk carriers, all built between 2019 and 2020 at New Times Shipbuilding in China. The fleet consists of eight sister ships, each equipped with scrubbers, allowing the shipowner and operator 2020 Bulkers to benefit from fuel cost differentials while complying with environmental regulations. The fleet primarily operates in the spot market or on short-term index-linked charters, giving 2020 Bulkers the flexibility to capture market upside while leveraging tools such as FFAs to lock in forward earnings. As the shipping market remains dynamic, 2020 Bulkers continues to adopt a disciplined and data-driven approach to commercial strategy, combining operational efficiency, market exposure, and financial hedging to optimise shareholder returns.
25-July-2025
Monaco-based dry bulk pool operator C Transport Maritime (CTM) has invested in CRABI Robotics, a United States-based startup developing an autonomous hull cleaning system intended to combat biofouling while ships are underway. The collaboration will also involve John Michael Radziwill-led shipowner and operator C Transport Maritime (CTM) acting as a pilot partner, supporting the advancement of CRABI Robotics’ in-transit hull cleaning technology toward commercial application. The Crud Removal Autonomous Brushing Instrument (CRABI) is a robotic device that magnetically attaches to ship hulls and removes biofouling during voyages, thereby eliminating the need for cleaning during port calls or drydock periods. CRABI Robotics reports that hull biofouling results in approximately $25 billion in additional fuel costs annually and contributes 100 million tonnes of CO₂ emissions globally. The system is designed to address these challenges by offering regular, non-invasive cleaning without taking ships off-hire or interrupting operations. “Our magnetically-attached robot is engineered to operate while ships are in transit, managing complex navigation and harsh underwater environments to maintain hull cleanliness and fuel efficiency,” stated CRABI Robotics, which was founded in 2023 and has already conducted successful sea trials in Boston Harbor, maintaining hull contact at speeds close to 10 knots. C Transport Maritime (CTM), the Monaco-based shipowner and operator, characterized the partnership as part of its broader decarbonisation strategy and a demonstration of its commitment to supporting practical technological solutions with measurable fuel-saving potential. CRABI Robotics claims that by combining ongoing cleaning with hull inspection, its system helps ship operators sustain optimal fuel performance and comply with increasingly stringent environmental standards without experiencing operational delays. Additional testing will be carried out aboard bulk carriers managed by C Transport Maritime (CTM) as development progresses toward full commercial deployment.
25-July-2025
The Italian-Swiss dry bulk operator Nova Marine Carriers has further consolidated its position as one of the most active participants in the resurgent handysize S&P (Sale and Purchase) market by acquiring its third handysize bulk carrier since April 2025, as part of a long-term strategic expansion strategy focused on high-quality Japanese-built bulk carriers. Lugano-based shipowner and operator Nova Marine Carriers’ latest acquisition, the 2011 built 25K DWT handysize bulk carrier MV Lucky Trader, was purchased for approximately $11 million from Athens-based shipowner and operator FGM Chartering Ltd.. FGM Chartering Ltd., founded in 2000 and headquartered in Athens, Greece, is a prominent privately-owned shipping and ship management enterprise that has built a solid reputation in the global dry bulk sector. FGM Chartering Ltd. specializes in the ownership, commercial operation, and management of a diversified fleet of handysize, supramax, and ultramax bulk carriers, serving international trade routes with a focus on flexibility, efficiency, and close customer relationships. The management team of FGM Chartering Ltd. has decades of experience in dry bulk shipping, offering services ranging from chartering and operations to technical and crewing management, ensuring that vessels are operated with high safety standards and optimized performance. Over the years, FGM Chartering Ltd. has cultivated long-term relationships with a wide range of clients, including major commodity traders, mining companies, and industrial producers, providing tailored transportation solutions for commodities such as grains, coal, steel products, and bauxite. Known for its prudent investment strategies, FGM Chartering Ltd. frequently engages in fleet renewal and sale and purchase transactions, maintaining a modern and efficient fleet to remain competitive in the volatile shipping markets. The sale of the handysize bulk carrier MV Lucky Trader to Nova Marine Carriers highlights FGM Chartering Ltd.’s ability to strategically manage asset values and reinvest capital in younger, more fuel-efficient tonnage as part of its growth strategy. Although the handysize bulk carrier MV Lucky Trader is the oldest ship among the recent acquisitions made by Nova Marine Carriers, it enhances the capacity of an expanding fleet that was already strengthened by two notable purchases in June 2025: a 2022 built 38,000 DWT handysize bulk carrier acquired from Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S and a 2020 built 38,000 DWT handysize bulk carrier purchased from Japanese shipowner and operator Shoei Kisen. All three handysize bulk carriers were constructed at top-tier Japanese shipyards—Yamanishi Zosen, Minami Nippon, and Shimanami—and represent a total investment exceeding $61 million. CEO Vincenzo Romeo-led shipowner and operator Nova Marine Carriers, a joint venture between the Romeo Shipping Group and Italian steel manufacturer Duferco, now operates a handysize bulk carrier fleet comprising 14 ships with an average age of 14 years and an estimated market value of approximately $260 million. The handysize S&P market has experienced a notable resurgence in Q3 2025, with around 20 bulk carriers changing hands and four transactions concluded in just the past week, reflecting renewed confidence, strong asset values, and heightened interest from both European and Asian buyers.
25-July-2025
Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has agreed to sell another ultramax bulk carrier, marking the fourth bulk carrier sale executed by Jinhui Shipping and Transportation Limited in 2025 as part of its ongoing fleet optimisation strategy. The Oslo- and Hong Kong-listed shipowner and operator Jinhui Shipping and Transportation Limited is selling the 2009-built 65K DWT ultramax bulk carrier MV Jin Ji to Hong Kong-incorporated Huwell Tanker Spring for approximately $11 million. Jinhui Shipping and Transportation Limited has indicated that the transaction is expected to be completed by the end of August 2025, and the shipowner and operator will record a non-cash accounting loss of about $1.1 million, based on the ultramax bulk carrier MV Jin Ji’s net book value as of 31 May 2025. Built at Shanghai Shipyard, the 2009-built 65K DWT ultramax bulk carrier MV Jin Ji is a sister ship to the ultramax bulk carrier MV Jin Gang, which was recently sold to Singapore-based ship operator Huwell Shipping Pte Ltd. These divestments form part of a deliberate strategic effort by Jinhui Shipping and Transportation Limited to reshape its fleet profile and reduce its exposure to volatile freight markets, while simultaneously enhancing liquidity and financial resilience. In its official statement, Jinhui Shipping and Transportation Limited described the disposal as an opportunity to readjust the fleet structure and lower operational risk, while also bolstering working capital and strengthening the group’s overall liquidity position. Including this latest deal, the total capital raised by Jinhui Shipping and Transportation Limited through bulk carrier sales and financing transactions in 2025 has reached approximately $71 million. This includes the disposal of three ageing supramax bulk carriers as well as sale-and-leaseback agreements involving one ultramax and one kamsarmax bulk carrier concluded with Chinese leasing firms. Jinhui Shipping and Transportation Limited, originally established in 1987, is a well-known dry bulk shipping firm operating primarily within the supramax and ultramax segments, with a diversified global trading pattern covering major routes across the Pacific, Atlantic, and Indian Oceans. Headquartered in Hong Kong and incorporated in Bermuda, Jinhui Shipping and Transportation Limited has been listed on the Oslo Stock Exchange since 1994 and on the Hong Kong Stock Exchange since 1996. Over the years, Jinhui Shipping and Transportation Limited has developed a reputation for conservative financial management, prudent asset acquisitions, and responsive fleet adjustment strategies aligned with shifting market conditions. As of now, Jinhui Shipping and Transportation Limited operates a fleet of 30 bulk carriers with a primary focus on high-specification supramax and ultramax bulk carriers, aiming to maintain operational flexibility and commercial efficiency in the global dry bulk sector.
25-July-2025
The Tokyo-headquartered shipping giant Mitsui OSK Lines (MOL) is consolidating its ship management operations under a single brand and location as part of a comprehensive strategy to streamline operations, enhance service quality, and increase efficiency across all ship types. Japanese shipowner and operator Mitsui OSK Lines (MOL) has officially renamed its Singapore-based LNG management division, MOL LNG Ship Management, to MOL Global Ship Management (MOLGSM), initiating an internal integration process that will unify Mitsui OSK Lines (MOL)’s previously segmented in-house ship management structures—traditionally divided by ship type—into one centralised framework. MOL Global Ship Management (MOLGSM) is expected to take over the management of more than 200 ships, including LNG carriers, bulk carriers, and tankers. By merging in-house ship management entities that were historically separated by vessel category, MOL Global Ship Management (MOLGSM) aims to foster the cross-sharing of operational expertise and best practices across different ship types while accelerating the adoption of advanced technologies, particularly in the area of environmentally responsible ship management. Japanese shipowner and operator Mitsui OSK Lines (MOL) stated that this restructuring will create efficiency gains through standardised operations, integrated digital systems, and cross-functional personnel development. Mitsui OSK Lines (MOL) also emphasized that this unified organisational setup will improve IT infrastructure, support workforce mobility, and open broader career development pathways for its employees, especially in disciplines related to decarbonisation, digitalisation, and next-generation ship operations. Founded in 1884, Mitsui OSK Lines (MOL) is one of Japan’s largest and most diversified shipping groups, operating a global fleet of more than 700 ships across various sectors, including dry bulk, LNG, tankers, car carriers, and containerships. Mitsui OSK Lines (MOL) is known for its strong commitment to safety, innovation, and sustainability, and has been at the forefront of adopting green technologies such as wind-assisted propulsion, LNG-fueled ships, and digital fleet management tools. The integration of ship management functions into MOL Global Ship Management (MOLGSM) represents a continuation of Mitsui OSK Lines (MOL)’s long-term corporate vision, “Blue Action 2035,” which aims to achieve sustainable growth, zero-emission shipping, and value creation through technological advancement and global collaboration.
25-July-2025
The Italian-Swiss dry bulk operator Nova Marine Carriers has further reinforced its position as one of the most active participants in the resurgent handysize S&P (Sale and Purchase) market by completing its third handysize bulk carrier acquisition since April 2025, as part of a strategic initiative to expand its fleet with high-quality Japanese-built bulk carriers. Lugano-based shipowner and operator Nova Marine Carriers’ most recent acquisition is the 2011 built 25K DWT handysize bulk carrier MV Lucky Trader, purchased for approximately $11 million from Athens-based shipowner and operator FGM Chartering Ltd.. Although the handysize bulk carrier MV Lucky Trader is the oldest among the recent purchases, it brings additional capacity to the expanding fleet, which was notably strengthened in June 2025 with the acquisition of a 2022 built 38,000 DWT handysize bulk carrier from Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S and a 2020 built 38,000 DWT handysize bulk carrier from Japanese shipowner and operator Shoei Kisen. All three handysize bulk carriers were constructed at reputable Japanese shipyards—Yamanishi Zosen, Minami Nippon, and Shimanami—and represent a total investment of over $61 million. CEO Vincenzo Romeo-led shipowner and operator Nova Marine Carriers, a joint venture between the Romeo Shipping Group and Italian steel manufacturer Duferco, operates a fleet exceeding 80 ships, specialising in short sea and regional dry bulk trades across Europe and the Mediterranean. Nova Marine Carriers’ handysize bulk carrier segment now comprises 14 ships with an average age of 14 years and an estimated combined market value of approximately $260 million. Nova Marine Carriers is known for its focus on acquiring modern, fuel-efficient tonnage and maintaining long-term relationships with industrial cargo interests. Nova Marine Carriers continues to grow its footprint in Atlantic and intra-European trades as part of a broader strategic vision. The handysize S&P market has shown a significant recovery in Q3 2025, with around 20 bulk carriers changing ownership and four deals completed in the past week, underscoring increased momentum and confidence in the segment.
25-July-2025
Dalian iron ore futures closed lower on Thursday as growing supply from major miners Vale and Fortescue, combined with increasing steel inventories at Chinese mills, weighed on sentiment, with the most-traded September iron ore contract on the Dalian Commodity Exchange (DCE) ending daytime trade down 0.55% at $113.40 per metric ton, while the benchmark August iron ore contract on the Singapore Exchange rose 0.44% to $104.9 per ton; pressure on Dalian Commodity Exchange (DCE) prices followed a 3.7% year-on-year increase in Q2 2025 production reported by Brazil’s Vale and record-high Q4 2024 shipments at lower costs announced by Australia’s Fortescue, both exceeding analyst expectations, while daily steel output from major Chinese steel producers increased by 2.1% month-on-month and mill inventories rose 3.9%, with China’s steel billet exports reaching 4.72 million tons between January and May 2025, nearly matching the total volume exported in all of 2024; despite bearish supply factors, overall market sentiment remained supported by infrastructure optimism after China confirmed plans to build the world’s largest hydropower dam, which provided a boost to steel prices; on the Dalian Commodity Exchange (DCE), steelmaking raw materials continued to rally, with coking coal and coke gaining 7.97% and 1.97% respectively, driven by tightening coal supply amid China’s production control measures in key mining provinces; meanwhile, steel benchmarks on the Shanghai Futures Exchange posted mixed results, with rebar and hot-rolled coil both rising approximately 0.35%, while stainless steel declined 0.08% and wire rod fell 1.22%.
25-July-2025
Chinese state-owned shipowner and operator Shandong Shipping Corporation (SDSC), a wholly-owned subsidiary of Shandong Marine Group Ltd., has successfully concluded the sale of two kamsarmax bulk carriers at auction, capitalising on a surge of buyer interest in the secondhand market. The two ships were sold on Friday at prices well above their reserve levels, following strong competition among prospective buyers. Chinese state-owned shipowner and operator Shandong Shipping Corporation (SDSC) achieved this result by strategically lowering the reserve prices to stimulate demand, ultimately leading to a favourable outcome. The 2018 built 81K DWT kamsarmax bulk carrier MV Shandong Fu Ren was sold for approximately $25.6 million, while the 2017 built 81K DWT kamsarmax bulk carrier MV Shandong Fu Ze fetched around $24.9 million. Shandong Shipping Corporation (SDSC), headquartered in Qingdao, is one of China’s largest state-backed shipowning entities, primarily engaged in the operation and management of dry bulk, oil tanker, and liquefied gas ships. With a modern and diversified fleet, Shandong Shipping Corporation (SDSC) plays a key role in securing the maritime logistics chain for China’s state-owned enterprises and major commodity stakeholders, especially in energy, minerals, and agriculture. The shipowner and operator Shandong Shipping Corporation (SDSC) is known for actively participating in both domestic and international shipping markets and for its long-term charter relationships with major global cargo interests. The successful auction of the two kamsarmax bulk carriers underscores Shandong Shipping Corporation’s strategic approach to asset management and market timing as it continues to optimise its fleet structure and adapt to evolving market dynamics.
25-July-2025
The dry bulk S&P market has gained renewed momentum, with the kamsarmax bulk carrier segment driving a notable increase in transaction activity. A combination of released pent-up investment capital and sustained strength in freight markets has intensified competition for modern tonnage and pushed asset values higher, defying the typical seasonal slowdown often seen during the summer. According to shipbrokers, bulk carriers that had previously struggled to meet last-done price levels are now attracting multiple offers. Kamsarmax bulk carriers have become the preferred segment, with recent sales indicating firm upward movement in pricing. The 82,000 DWT kamsarmax bulk carrier MV Ultra Lion, built in 2015 at Tsuneishi Zhoushan, was sold for just under $25 million, while its slightly newer sister ship, the kamsarmax bulk carrier MV Ultra Puma, changed hands earlier in July 2025 for approximately $25.5 million. Two 2018-built sister ships, the kamsarmax bulk carrier MV Shandong Fu Yuan and the kamsarmax bulk carrier MV Shandong Fu Ren, each fetched $24 million, reportedly acquired through separate shipbrokers. Another 2019-built kamsarmax bulk carrier achieved $24.5 million, while the 2019-built kamsarmax bulk carrier MV SDTR Dora was sold in early June 2025 for $24.8 million.
25-July-2025
In 2025, West Africa (WAFR) accounts for 14% of capesize bulk carrier liftings, up significantly from 6% in 2022. This shift in global capesize bulk carrier trade patterns has been largely driven by strong growth in bauxite exports, particularly from Guinea, West Africa (WAFR), where capesize bulk carrier volumes have risen by 31% year-to-date. The expected launch of the Simandou iron ore project in Guinea in November 2024 is anticipated to further increase long-haul capesize bulk carrier shipments from the region, exerting additional tightening pressure on the market. Chinese ports received 106.7m tonnes of bauxite during the first half of 2025, representing a 22.5m tonne increase over the same period in 2024. Around two-thirds of the bauxite imported into China is carried on capesize bulk carriers and newcastlemax bulk carriers. Over the last decade, China’s bauxite imports for aluminium production have surged by nearly 200%, growing from approximately 57.2m tonnes in 2015 to an estimated record of 170.8m tonnes in 2024, with Guinea accounting for 69.7% of that volume. China’s aluminium production reached an all-time high of 43.4m tonnes in 2024, with the first half of 2025 producing 21.8m tonnes, reflecting a 2.5% year-on-year increase. Notably, in January 2025, capesize bulk carriers transported more bauxite than coal for the first time, underscoring the changing dynamics in global capesize bulk carrier trades. Meanwhile, the Guinean government is asserting greater control over the maritime export chain. Bouna Sylla, Guinea’s minister of mines and geology, has mandated that 50% of all bauxite exports must be carried on ships flying the Guinean flag. In support of this initiative, the government has launched its own shipping enterprise, Guinéenne des Transports Maritimes (GUITRAM), to facilitate the transportation of bauxite. Additionally, the government has introduced the Guinea Bauxite Index (GBX), a new national pricing benchmark aimed at increasing transparency and maximizing economic returns from the country’s bauxite resources. In a recent market update, London-based premier shipbroker Simpson Spence Young (SSY), one of the world’s largest independent shipbroking firms with a global presence across major shipping hubs, noted that “increased interference makes Guinean bauxite less attractive and could signal the end to the exorbitant growth seen over the past few years.” Simpson Spence Young (SSY), which provides brokerage services across dry bulk, tanker, gas, offshore, and financial sectors, emphasized that mounting regulatory intervention and logistical complexities may deter some market participants from continuing their reliance on Guinean bauxite, potentially impacting future capesize bulk carrier demand from the region.
25-July-2025
Taylor Maritime Investments Chief Executive Officer Ed Buttery, who heads the London Stock Exchange-listed investment vehicle established by Hong Kong-based shipowner and operator Taylor Maritime, is expected to face a reduction in total compensation in the upcoming year as his dual role as Chief Executive Officer of both Taylor Maritime Investments and Taylor Maritime concludes. According to the latest annual report, Chief Executive Officer Ed Buttery earned total remuneration of $1.43 million for the financial year ending 31 March 2025, up from $1.26 million for the financial year ending 31 March 2024, primarily due to an increase in his annual bonus. While the bonus component of his package grew, the overall pay is forecasted to decline going forward as the corporate structure shifts and responsibilities are reallocated. Taylor Maritime Investments was launched in 2021 and focuses on investing in secondhand mid-size bulk carriers, primarily in the handysize and supramax segments, targeting stable income and long-term capital growth through dividends and asset appreciation. The fleet is commercially managed by Taylor Maritime, a Hong Kong-based shipowner and operator founded by Ed Buttery in 2014, which specialises in the ownership and operation of geared bulk carriers and has extensive experience in managing vessels across global dry bulk trades. Taylor Maritime Investments and Taylor Maritime have worked closely in fleet management and strategic development, but the separation of roles signals a governance shift aimed at increasing transparency and aligning leadership responsibilities with the evolving operational scale of the listed investment entity.
24-July-2025
Saskatchewan and Manitoba have entered into a formal partnership with Arctic Gateway Group through the signing of a memorandum of understanding intended to revitalise and expand the port of Churchill, with the objective of developing a northern trade corridor that could significantly reshape the structure of Canadian export logistics. The agreement, presented this week by Premier Scott Moe, Premier Wab Kinew, and Arctic Gateway Group Chief Executive Officer Chris Avery, outlines a five-year development framework focused on modernising infrastructure, extending the operational shipping season, and improving global market access through Churchill, Canada’s only deepwater Arctic port. A central element of the initiative is the revitalisation of the Hudson Bay Railway, a critical transportation link that connects prairie exporters to tidewater and is located roughly 1,600 kilometres closer to international markets than the port of Vancouver. Arctic Gateway Group Chief Executive Officer Chris Avery stated that the unified commitment by Premier Wab Kinew and Premier Scott Moe serves as a clear indication that the Arctic Trade Corridor will become a key component of Canada’s future trade and transportation system, while also noting that increased volumes through Churchill will provide meaningful economic opportunities to indigenous and northern communities who are co-owners of Arctic Gateway Group. Under the terms of the agreement, Saskatchewan will coordinate engagement with exporters via its network of trade offices, and Manitoba will take responsibility for pursuing federal funding and regulatory alignment. The initiative supports Canada’s broader effort to diversify trade relationships beyond the United States, with a focus on boosting exports in strategic sectors such as food, fuel, and minerals. Although specific cost figures and a project timeline have not yet been disclosed, both premiers underlined the strategic importance of the port of Churchill in enhancing Canada’s capacity to support mining, agricultural, and energy exports.
24-July-2025
London-listed Hong Kong-based shipowner and operator Taylor Maritime, led by Chief Executive Officer Ed Buttery, reported a net loss of $78.6 million for the year ending 31 March 2025, driven largely by a $113 million non-cash write-down in the value of its fleet, as bulk carrier valuations declined from the peak levels recorded in mid-2024. The shipowner and operator Taylor Maritime stated that the impairment reflects the market correction in secondhand bulk carrier values, impacting the fair value assessment of its assets. Taylor Maritime, founded in 2014 and focused on the acquisition and operation of handysize and supramax bulk carriers, has built a reputation for deploying capital in modern, fuel-efficient ships with long-term upside potential. Taylor Maritime’s investment strategy targets income generation through time charters and capital appreciation, with its fleet commercially managed by an in-house team with deep expertise in dry bulk shipping. As of 31 March 2025, Taylor Maritime operated a fleet of geared bulk carriers trading globally and serving clients in the industrial and commodity sectors. The shipowner and operator Taylor Maritime emphasised that despite the downward revaluation, the underlying operating performance remained stable and the business continues to pursue opportunities for long-term value creation in a volatile asset market.
23-July-2025
China has launched its largest ocean-going aquaculture ship to date, completing the conversion of a panamax bulk carrier into a mobile fish farming platform for domestic shipowner and operator Senhai MK. The panamax bulk carrier MV Zhedai Yuyang 60001 was delivered by Shanhaiguan Shipbuilding, a division of China State Shipbuilding Corporation, following an extensive retrofit project in Hebei Province. Originally built in 1996 as a panamax bulk carrier, the 225-metre-long MV Zhedai Yuyang 60001 has been extensively modified to include seven large aquaculture tanks in place of its former cargo holds. This new configuration enables the MV Zhedai Yuyang 60001 to accommodate approximately 80,000 cubic metres of seawater, with an annual production target of 2,800 tonnes of fish, including species such as salmon. The converted ship is designed to house a crew of 30 and is expected to operate primarily in the Yellow Sea and East China Sea. While China has recently introduced several purpose-built aquaculture ships, the MV Zhedai Yuyang 60001 is the country’s first mobile aquaculture platform created through the transformation of an existing cargo bulk carrier. Officials involved in the project stated that this approach reduces construction costs by as much as 70% per cubic metre of aquaculture space when compared to newbuilds. The conversion project was led by Senhai MK, also known as Senhai Mako (Zhejiang) Marine Science and Technology Co., in collaboration with multiple research and engineering divisions under China State Shipbuilding Corporation, including the 714th Research Institute and the China Ship Development and Design Center. Following the successful conversion and delivery of the panamax bulk carrier MV Zhedai Yuyang 60001, Senhai MK has confirmed its intention to convert an additional three capesize bulk carriers into similar mobile aquaculture platforms, as the shipowner and operator continues to expand its offshore fish farming operations to meet the rising demand for sustainable seafood production.
22-July-2025
Dubai-based bulker operator Opulence Voyage DMCC is pursuing an ambitious growth strategy that includes plans to acquire and order ships in the future, according to Chief Executive Officer Amit Kumar, who revealed that Opulence Voyage DMCC currently handles approximately 2m tonnes of cargo annually through a partnership with an undisclosed mining company; established as a chartering and freight solutions provider, Opulence Voyage DMCC focuses primarily on dry bulk shipping and has been steadily expanding its footprint in global trade routes, leveraging a flexible chartering model and strategic cargo alliances to strengthen its market presence and lay the groundwork for future fleet ownership.
20-July-2025
The prolonged slump in the dry bulk market may pressure Chinese state-owned shipowner and operator Shandong Shipping Corporation (SDSC), a wholly-owned subsidiary of Shandong Marine Group Ltd., to sell 2 of its 5 kamsarmax bulk carriers at prices below its initial expectations set during the online auctions held in May and June 2025. The disposal of these two kamsarmax bulk carriers underscores the persistent weakness in bulker asset values, with Shandong Shipping Corporation (SDSC)’s pair reportedly fetching prices below the reserve levels established in the previously failed auctions. Chinese shipowner and operator Shandong Shipping Corporation (SDSC) owned and operated 2017 built kamsarmax bulk carrier 81K DWT MV Shandong Fu Ze and 2018 built kamsarmax bulk carrier 81K DWT MV Shandong Fu Yuan, both of which are now being sold to undisclosed interests for $23.5m each. Shandong Shipping Corporation (SDSC), based in Qingdao, is a core maritime subsidiary of Shandong Marine Group Ltd., established to enhance the province’s maritime presence through specialized shipping services focused on bulk transportation, particularly in energy commodities such as coal and iron ore, alongside dry bulk carriers. The shipowner has expanded its operations across domestic and international markets with a diversified fleet that includes kamsarmax bulk carriers, capesize bulk carriers, and liquefied natural gas carriers, reflecting a broader strategic mandate to support China’s Belt and Road Initiative and national energy security logistics. The potential sale of these assets reflects Shandong Shipping Corporation (SDSC)’s efforts to manage its exposure to the softening market and optimize its fleet in line with evolving global trade conditions and asset value trends.
20-July-2025
Montenegro-based shipowner and operator Crnogorska Plovidba A.D. has decided to put its fleet up for sale following the withdrawal of state funding, with the Government of Montenegro moving to sell the Chinese-built handysize bulk carriers owned by state-run Crnogorska Plovidba A.D. due to the shipowner’s mounting debts. Crnogorska Plovidba A.D. has been unable to meet its repayment obligations on loans from Chinese financial institutions used to finance the acquisition of its two handysize bulk carriers and has been relying on continued financial support from the government, which has now ceased. Crnogorska Plovidba A.D. is a joint-stock company in which the Government of Montenegro holds a 99.97% stake, while the Employment Agency of Montenegro owns the remaining 0.03%, and the shipowner is engaged in ship ownership and management, operating within the international open maritime market under globally recognized principles and standards. The establishment of Crnogorska Plovidba A.D. in 2004 was part of Montenegro’s national strategy to re-establish a maritime presence after the dissolution of Yugoslavia, aiming to develop a competitive fleet and revive the country’s maritime heritage, particularly from the historic port city of Kotor. The shipowner’s act of incorporation allows for broad business activities, including domestic and international trade, agency representation, and consultancy, though its primary focus has remained the operation of bulk carriers. To initiate its maritime ambitions, Crnogorska Plovidba A.D. commissioned two 35,000 DWT handysize bulk carriers from Shanghai Shipyard Co. Ltd. in Shanghai, choosing this ship type for their versatility in global trade routes and suitability for a variety of bulk cargoes. The first handysize bulk carrier MV Kotor was delivered in January 2012, and the second handysize bulk carrier MV 21st May was delivered in August 2012, both of which have been employed on long-term time charters, as Crnogorska Plovidba A.D. prioritized securing permanent employment for its ships to ensure stable revenue flows. Despite these efforts, financial sustainability has remained elusive for Crnogorska Plovidba A.D., leading to the current decision to divest its fleet, and the Montenegrin government’s move to offload these assets reflects broader fiscal challenges and shifting priorities in state-owned enterprise management.
20-July-2025
Swire Group, the distinguished London-based conglomerate, has decided to put its newbuilding plans on hold due to persistently high prices and fully booked shipyards, while bulk carriers continued to be sold and purchase options were exercised on some bulk carriers. CEO Jeremy Sutton-led shipowner and operator John Swire & Sons has opted to delay placing new ship orders under the current unfavourable newbuilding market conditions. The 200-year-old parent of Swire Group revealed in its financial accounts filed with Companies House in London that its handysize and supramax specialist unit Swire Bulk plans to pursue new shipbuilding projects in the future when market conditions improve. In 2021, China Navigation (CNCo) was rebranded as Swire Shipping, and Swire Bulk was established in 2012 as the dedicated dry bulk trading division of China Navigation (CNCo). Swire Shipping, a wholly owned subsidiary of John Swire & Sons Limited, is the deep-sea ship-owning and operating arm and the oldest ship-operating entity within the Swire Group, having originated as The China Navigation Company (CNCo) in 1872 in Shanghai with operations on the Yangtze River. Swire Bulk Pte. Ltd., headquartered in Singapore, has grown into a significant player in the dry bulk sector, operating a modern fleet of handysize and supramax bulk carriers with a focus on global dry bulk cargo transportation, and is known for its commitment to sustainability, operational efficiency, and innovative shipping solutions tailored to meet the evolving demands of the dry bulk market.
19-July-2025
CMB.TECH, the Belgian shipowner and operator controlled by the Saverys family, and Norway-based Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL) are on track to finalize their merger after the shareholder vote scheduled for August 2025, with the first day of trading for the newly combined entity anticipated on 20 August 2025. The merger will unite CMB.TECH with Bermuda-registered and Norway-based dry bulk shipping company Golden Ocean Group (GOGL), which is listed on both the Oslo Stock Exchange and the New York Stock Exchange, forming one of the largest dry bulk shipping operations globally, with trading expected to commence on 20 August 2025. CMB.TECH confirmed that the first trading day will follow immediately after Norway-based bulker owner Golden Ocean Group (GOGL) shareholders endorse the transaction at the special general meeting planned for the previous day. The supervisory board of Belgium’s CMB.TECH has already approved the merger without requiring a vote from its own shareholders. CMB.TECH, part of the broader Compagnie Maritime Belge (CMB) group, is focused on developing hydrogen and ammonia-powered ships and green marine technologies, positioning itself as a leader in sustainable shipping solutions. Bocimar International NV, the dry bulk subsidiary of CMB and affiliated with CMB.TECH, operates a significant fleet of capesize, panamax, and handymax bulk carriers, providing commercial and technical management expertise within the group and reinforcing CMB.TECH’s strategy of combining traditional bulk shipping with innovative decarbonization technologies. The merger with Golden Ocean Group (GOGL) is expected to enhance scale, fleet diversity, and technological advancement, strengthening the competitive positioning of the combined entity in the global dry bulk market.
19-July-2025
Montreal-headquartered shipowner and operator Canada Steamship Lines (CSL) is locked in a legal battle with US steel company Cliffs Mining over the costs related to the grounding of a bulk carrier, with the latest exchange in the nearly three-year-old case seeing Cliffs Mining challenge the valuation of the self-unloading bulk carrier MV Rt Hon Paul J Martin. Canadian shipowner and operator Canada Steamship Lines (CSL) and steel producer Cleveland-Cliffs continue their dispute in Canada’s Federal Court concerning the expenses from the 2019 grounding of the self-unloading bulk carrier. Canada Steamship Lines (CSL) is pursuing a claim against Cliffs Mining for $1.02m plus interest and costs. Montreal-headquartered shipowner and operator Canada Steamship Lines (CSL) seeks compensation from Cliffs Mining for General Average (GA) costs stemming from the grounding of the 37K DWT self-unloading bulk carrier MV Rt Hon Paul J Martin, built in 1973, which occurred in 2019.
19-July-2025
Singapore-headquartered shipowner and operator Eastern Pacific Shipping (EPS), led by billionaire Idan Ofer, has been identified as the previously undisclosed investor in Oslo-listed shipowner and operator Himalaya Shipping, which is backed by Norwegian investor Tor Olav Troim, highlighting the deepening business relationship between Idan Ofer and Tor Olav Troim. Singapore-headquartered shipowner and operator Eastern Pacific Shipping (EPS) operates a diversified fleet that includes 10 sister ships to Himalaya Shipping’s newcastlemax bulk carriers, underscoring strategic alignment in fleet composition. Billionaire Idan Ofer, recognized as a high-quality strategic investor with significant influence in global shipping markets, acquired a stake in newcastlemax bulk carrier owner Himalaya Shipping in March 2025, marking a significant collaboration with Tor Olav Troim in the dry bulk sector. Billionaire Idan Ofer approached Oslo-listed shipowner and operator Himalaya Shipping to express his investment interest, facilitating this partnership. Eastern Pacific Shipping (EPS), founded in 1967 and headquartered in Singapore, is one of the world’s largest privately-owned shipowners and operates a fleet of over 230 ships across various segments including bulk carriers, tankers, containerships, gas carriers, and car carriers. Eastern Pacific Shipping (EPS) is also recognized for its commitment to sustainability and innovation, actively investing in alternative fuel technologies such as LNG, methanol, and biofuels, and collaborating on decarbonization initiatives within the maritime industry, positioning itself as a leading player in the global push for greener shipping solutions.
19-July-2025
Athens-based shipowner and operator Clemko Ship Management SA has acquired its first ship in 15 years, marking a significant return to fleet growth and aligning with the resurgence of Hellenic dry bulk players in the S&P market. Greek kamsarmax specialist Clemko Ship Management SA purchased the 2011-built kamsarmax bulk carrier 81K DWT MV Koroni (ex MV Golden Ioanari) from Norway-based Nasdaq-listed dry bulk shipping company Golden Ocean Group (GOGL). Clemko Ship Management SA, known for its conservative and low-profile approach in the dry bulk sector, is revisiting familiar ground as the kamsarmax bulk carrier MV Koroni (ex MV Golden Ioanari) is a sister ship to the only two other kamsarmax bulk carriers in its fleet, which were acquired as newbuildings after being ordered at Hyundai Mipo Dockyard in 2010. Currently, Athens-based shipowner and operator Clemko Ship Management SA operates three kamsarmax bulk carriers: the 2011-built kamsarmax bulk carrier MV Koroni, the 2012-built kamsarmax bulk carrier MV Androusa, and the 2012-built kamsarmax bulk carrier MV Capetan Costas S. Founded in the 1980s, Clemko Ship Management SA has historically focused on the kamsarmax and panamax segments, building a reputation for prudent asset management and operational reliability, and the recent acquisition reflects the shipowner’s strategic re-engagement in the market as asset prices and fleet renewal opportunities become increasingly attractive.
18-July-2025
Chinese shipbuilding orders contracted significantly in the first half of 2025, with China’s previously unchallenged dominance in global shipbuilding increasingly pressured by escalating geopolitical tensions and a weakening global market. China’s share of newbuilding contracts dropped from 72% to 52% over the last six months, a sharp decline attributed mainly to intensifying concerns over the imminent US Trade Representative (USTR) port fees targeting Chinese ships and shipbuilders. In the first half of 2025, China’s newbuilding contracting share fell to 52% from 72% in the preceding six months, with the prospect of US Trade Representative (USTR) port fees on Chinese ships calling at US ports playing a significant role in the downturn, compounded by an overall decline in global ship contracting activity and a shift in the types of ships being ordered. The US Trade Representative (USTR) port fees, set to take effect in October 2025, will impose charges on Chinese-built and Chinese-operated ships at US ports, with tariffs on Chinese-built ships rising from $18 per ton in 2025 to $33 per ton by 2028, alongside container-specific fees that will reach $250 per container, while a $50 per ton charge will be applied to Chinese vessel operators from day one. Although exemptions exist for smaller ships and certain short-haul routes, these measures have sparked widespread concern among global shipowners facing higher compliance costs. According to Clarksons Research, the analytical arm of Clarksons—the world’s largest shipbroker headquartered in London with expertise in shipping intelligence, data analytics, and forecasting—new orders at Chinese shipyards fell 68% year-on-year to 26.3m DWT in the first half of 2025, while South Korea experienced a smaller 7% decline, recording 14.2m DWT in the same timeframe. As a result, China’s global share of new orders decreased from 75% to 56%, while South Korea’s share rose from 14% to 30%, as reported by Clarksons Research, which is widely regarded for its comprehensive coverage of shipbuilding trends, fleet data, and market projections utilized by shipowners, financiers, and policymakers worldwide. The decline in contracting has impacted all major ship types except for container ships and cruise ships, yet capacity constraints at South Korean and Japanese shipyards limit the extent to which market share can shift away from China. Strong ordering activity between 2022 and 2024 has already occupied shipyard slots well into the future, with 31% of ships ordered in 2025 scheduled for delivery in 2027, 38% in 2028, and 23% beyond that. China continues to dominate most sectors except cruise ships, where European yards maintain a leading position, while South Korea has overtaken China in crude tanker orders this year. Nevertheless, both South Korea and Japan encounter structural limitations in expanding capacity, including ageing workforces, labour shortages, and rising wage costs, all of which continue to challenge their competitiveness in the global shipbuilding arena.
18-July-2025
Athens-based and Nasdaq-listed shipowner and operator Diana Shipping Inc. (DSX) has announced the acquisition of a 7.7% equity stake in New York-listed shipowner and operator Genco Shipping & Trading (GNK), intensifying attention on the Manhattan-based bulker operator Genco Shipping & Trading (GNK). A recent 13D filing with the US Securities and Exchange Commission (SEC) confirms that Diana Shipping Inc. (DSX) has purchased approximately 3.3m shares in Genco Shipping & Trading (GNK) valued at around $46m. This acquisition positions Diana Shipping Inc. (DSX) among the largest shareholders in Genco Shipping & Trading (GNK), which controls a fleet of over 40 bulk carriers ranging from supramax to capesize bulk carriers, while Diana Shipping Inc. (DSX) currently operates a fleet of 36 bulk carriers. The transaction follows previous strategic plays involving Genco Shipping & Trading (GNK), including the late 2023 investment by Greek shipping magnate George Economou, who acquired a 5.4% stake and initiated a proxy campaign before eventually exiting with gains, as well as Singapore-based Berge Bulk’s purchase in April of a 7.3% holding for approximately $42m. Genco Ship Management LLC, a wholly owned subsidiary of Genco Shipping & Trading (GNK), oversees the comprehensive technical management, crewing, maintenance, and operational governance of the Genco Shipping & Trading (GNK) fleet. Located in Stamford, Connecticut, Genco Ship Management LLC plays a critical role in ensuring full compliance with international maritime regulations, including International Maritime Organization environmental standards, safety protocols, and operational best practices. Genco Ship Management LLC has developed a robust fuel efficiency and environmental sustainability program that leverages energy-saving technologies such as hull optimization, advanced propulsion systems, and state-of-the-art voyage planning software aimed at minimizing fuel consumption and reducing greenhouse gas emissions in line with global decarbonization targets. The subsidiary also leads in deploying digital monitoring solutions across the fleet to enable real-time performance assessment, predictive maintenance, and operational optimization. By maintaining an in-house management structure, Genco Ship Management LLC enhances operational control for Genco Shipping & Trading (GNK), facilitating the optimization of ship performance, reduction of operational costs, and upholding of the highest standards in safety, reliability, and environmental stewardship, which collectively bolster the strategic market standing of Genco Shipping & Trading (GNK) within the global dry bulk shipping industry.
18-July-2025
Chinese shipowner and operator CSSC Shipping has expanded its dry bulk portfolio by ordering 2 newcastlemax bulk carrier newbuilds, reinforcing its position in the leasing and financing sector of China’s maritime industry. The Hong Kong-listed shipowner and operator CSSC Shipping, which is the leasing subsidiary of state-owned China State Shipbuilding Corporation (CSSC), finalized the agreement for the 210K DWT newcastlemax bulk carrier newbuilds with Qingdao Beihai Shipbuilding and China Shipbuilding Trading. Each newcastlemax bulk carrier newbuilding is priced at $73.5m, with deliveries scheduled for Q4 2027 and Q1 2028, and the vessels will be acquired by CSSC Shipping’s special-purpose companies Fortune Propulsion and Fortune Prosperity. CSSC Shipping, which is listed with a fleet comprising over 30 bulk carriers in addition to tankers and containerships, stated that the deal will support its strategic objective of optimizing its fleet composition and enhancing its presence in the high-capacity dry bulk segment. Headquartered in Hong Kong, CSSC Shipping plays a crucial role in supporting the financing of ships constructed by the broader CSSC group, offering leasing, chartering, and sale-leaseback solutions to both domestic and international clients. The transactions are subject to approval by independent shareholders since all participating parties are subsidiaries under the CSSC group umbrella. CSSC Shipping continues to align its fleet expansion efforts with China’s wider maritime ambitions, leveraging its close ties with China State Shipbuilding Corporation (CSSC) to secure competitive financing and construction arrangements while contributing to the modernization and decarbonization of the global shipping industry.
18-July-2025
A Connecticut-based ship manager Eagle Ship Management has pleaded guilty to criminal charges for intentionally discharging over 10,000 gallons of oily bilge water into US waters near New Orleans, violating federal pollution regulations, with Eagle Ship Management, headquartered in Connecticut, admitting to illegally pumping the waste from MV Gannet Bulker without using the required pollution prevention equipment and falsifying records to conceal the illegal discharge. The incident occurred near the southwest passage of the Mississippi River at an anchorage close to the port of New Orleans, following a failed repair that resulted in the engine room flooding, and the violations were uncovered after a whistleblower’s social media post on March 14, 2021, prompted an investigation by the US Coast Guard. Eagle Ship Management, previously a subsidiary of New York Stock Exchange listed Connecticut-based shipowner and operator Eagle Bulk Shipping Inc. (EGLE), also admitted to retaliating against the whistleblower, obstructing justice, destroying evidence, and fabricating documents, and as part of the plea agreement, Eagle Ship Management faces a potential $1.75m fine and four years of probation with mandatory third-party audits. The chief engineer of MV Gannet Bulker was earlier sentenced to over a year in prison in a separate proceeding, and the court is expected to determine the penalties for Eagle Ship Management in the coming weeks. Athens-based and Nasdaq-listed shipowner and operator Star Bulk Carriers (SBLK) finalized the acquisition of Eagle Bulk Shipping Inc. (EGLE) from Dimensional Fund Advisors LP, Lazard Asset Management LLC, Tigerstaden AS, and others on April 9, 2024, resulting in Eagle Bulk Shipping Inc. (EGLE) common stock ceasing trading and being delisted from the New York Stock Exchange.
18-July-2025
Hong Kong-based shipowner Taylor Maritime has confirmed the sale of 10 additional ships, securing gross proceeds of $176.3m as part of its ongoing fleet optimization strategy. The Ed Buttery-led shipowner Taylor Maritime reported that 3 of these transactions have already closed, with the remaining 7 expected to be finalized before Q4 2025. Taylor Maritime also completed nine previously disclosed ship sales, raising approximately $137m in gross proceeds, which, along with existing cash reserves, was used to fully repay all outstanding bank debt as of July 2025. Since Q1 2023, Taylor Maritime has sold 49 ships, including 22 in 2025 alone, achieving an average discount of just 3.1% compared to fair market value, a reflection of the shipowner’s disciplined divestment approach. Following these latest transactions, Taylor Maritime’s owned fleet will be reduced to 8 Japanese-built dry bulkers, complemented by one ship held through a joint venture and 6 ships on charter-in arrangements. Taylor Maritime Investments (TMI), which is listed on the London Stock Exchange and was established by the Hong Kong-based shipowner Taylor Maritime, emphasized that the ship sales and debt repayment are designed to safeguard shareholder value in response to a softening dry bulk market. Taylor Maritime, founded in 2014 and known for its specialization in the handysize and supramax bulk carrier segments, has built a reputation for agile asset management and prudent capital allocation, often capitalizing on market cycles to maximize returns. Taylor Maritime CEO Ed Buttery stated, “We have demonstrated our ability to sell vessels profitably, at prices close to or at NAV,” while noting, “We believe there is potential for further downside in asset values from current levels given forecasts of an acceleration of fleet growth in the near-term and the backdrop of a slowing global economy. In all, Taylor Maritime’s sales since January 2023 have preserved an estimated $82m of value for our shareholders.” Despite maintaining a cautious stance on the short-term market outlook, Taylor Maritime affirmed its readiness to pursue new opportunities and maintain dividend distributions, bolstered by a stronger balance sheet, improved liquidity, and a flexible fleet structure that allows the shipowner to adapt to market shifts efficiently while continuing to deliver value to shareholders.
16-July-2025
Fuzhou-based Fujian Guohang Ocean Shipping Co Ltd, a well-established Chinese shipowner and operator listed on the Beijing Stock Exchange and recognized for its strategic investments in the dry bulk sector, has reinforced its commitment to fleet renewal by firming up its series of kamsarmax bulk carrier newbuildings at Wuhu Shipyard through the declaration of options on 2 additional 89K DWT kamsarmax bulk carrier newbuildings, thereby expanding its orderbook at the Anhui Province-based yard to 10 units. In 2023, Fujian Guohang Ocean Shipping Co Ltd secured construction slots for up to 10 methanol-ready kamsarmax bulk carrier newbuildings in a structured deal that included 4 firm methanol-ready kamsarmax bulk carrier newbuildings with deliveries scheduled for 2025 and 2026, alongside 6 optional kamsarmax bulk carrier newbuildings, with the options on 4 more methanol-ready kamsarmax bulk carrier newbuildings exercised in Q4 2024 at a unit price of about $37m. The latest commitment for 2 methanol-ready kamsarmax bulk carrier newbuildings comes at an escalated price of approximately $43m each, with deliveries slated for 2027, reflecting rising construction and material costs. Fujian Guohang Ocean Shipping Co Ltd, originally founded in 2000 and headquartered in Fuzhou, operates a diversified bulk carrier fleet exceeding 10 ships, ranging from handysize bulk carriers to kamsarmax bulk carriers, and is noted for its focus on integrating environmentally friendly technologies such as methanol fuel readiness into its newbuilding program as part of its broader decarbonization strategy. In addition to the kamsarmax bulk carriers under construction at Wuhu Shipyard, the fleet expansion plan of Fujian Guohang Ocean Shipping Co Ltd also includes ultramax bulk carriers and panamax bulk carriers contracted at Jiangsu Haitong Offshore Engineering Equipment, with the company pursuing an aggressive growth trajectory aimed at enhancing its competitiveness in both domestic and international dry bulk shipping markets, particularly in the transportation of coal, iron ore, and grain cargoes.
16-July-2025
New York-listed shipowner and operator Genco Shipping & Trading (GNK) has finalized an amended and upsized revolving credit facility, raising its borrowing capacity to $600m as part of its strategy to drive future growth and sustain balance sheet flexibility. The new agreement expands the credit line of John Wobensmith-led shipowner and operator Genco Shipping & Trading (GNK) by 50%, representing a $200m increase over the previous facility, with enhanced pricing terms and an extended maturity through 2030. Genco Shipping & Trading (GNK), which owns and operates a fleet of 42 dry bulk carriers, highlighted that the fully revolving structure allows it to decrease debt when market conditions are favorable while maintaining the capacity to fund acquisitions and other corporate purposes. As of now, Genco Shipping & Trading (GNK) has drawn $100m from the facility, leaving $500m available. Key terms of the $600m revolving credit facility include a 20-year repayment profile with no commitment reductions before March 2027, a reduced margin of 1.75%, a lower 0.61% fee on undrawn amounts, and an accordion feature that permits up to $300m in additional borrowing. The facility was arranged with support from a syndicate of international shipping banks, including Nordea in the roles of coordinator, administrative agent, and sustainability coordinator, while the Mandated Lead Arrangers comprised Nordea, DNB Markets, SEB, and ING Capital, alongside CTBC Bank as Mandated Lead Arranger and First-Citizens Bank as Co-Arranger. New York-listed shipowner and operator Genco Shipping & Trading (GNK) stated that the refinancing fortifies its liquidity and enhances its capacity to pursue accretive growth opportunities such as fleet expansions and other capital initiatives aligned with market conditions. John Wobensmith, CEO of Genco Shipping & Trading (GNK), commented, “Having significant capital readily available puts Genco in a highly advantageous position to act decisively to capture attractive growth opportunities for shareholders,” and added, “We maintain an overall positive view of the drybulk market, due to the solid supply side fundamentals, and with $500m of undrawn revolver availability, we are in an optimal position to renew and grow our asset base.” Genco Ship Management LLC, a wholly owned subsidiary of Genco Shipping & Trading (GNK), is dedicated to the comprehensive technical management, crewing, maintenance, and operational oversight of the Genco Shipping & Trading (GNK) fleet. Based in Stamford, Connecticut, Genco Ship Management LLC plays a critical role in ensuring full compliance with international maritime regulations including International Maritime Organization environmental policies, safety standards, and best practices in ship operations. Genco Ship Management LLC has implemented a rigorous fuel efficiency and environmental sustainability program that integrates energy-saving technologies such as hull optimization, propulsion enhancements, and advanced voyage planning software aimed at reducing fuel consumption and greenhouse gas emissions in line with global decarbonization goals. The subsidiary is also at the forefront of deploying digital monitoring systems across the fleet to enhance real-time performance tracking, predictive maintenance, and operational efficiency. Through its in-house management model, Genco Ship Management LLC delivers greater control and agility over fleet operations, enabling Genco Shipping & Trading (GNK) to optimize ship performance, reduce operating expenses, and maintain high standards of safety, reliability, and environmental stewardship, thereby strengthening the strategic positioning of Genco Shipping & Trading (GNK) in the global dry bulk shipping market.
11-July-2025
China is significantly cutting back on coal imports, prompting the world’s largest coal export port to reassess its long-term future beyond the black fossil fuel. The sharp reduction in China’s coal import volumes is primarily attributed to increased domestic coal production, high inventory levels, expanded rail-based coal transportation from Mongolia, and a growing shift toward renewable energy generation. During Q1 and Q2 2025, global coal shipments declined by 6% year-on-year due to weaker import demand in major markets, with shipments to China and developed economies slowing markedly as renewable energy contributed more to electricity generation and steel production weakened. China has led the global expansion in renewable energy, having installed over half of the world’s new solar and wind power capacity in recent years, with its solar installations in 2024 alone rivaling the entire capacity of the European Union. In April 2025, wind and solar energy combined to supply more than 25% of China’s electricity for the first time. As coal volumes declined, competition among dry bulk market segments intensified in Q1 and Q2 2025, putting downward pressure on freight rates. The panamax bulk carrier segment increased its coal shipments by 4% year-on-year, expanding its share of global coal trade from 49% to 54%, largely at the expense of the capesize bulk carrier segment, which carried 23% less coal than in 2024. In anticipation of reduced demand from China, the port of Newcastle in Australia, recognised as the world’s largest coal export port, is accelerating its diversification strategy to reduce reliance on coal. With coal accounting for 95% of its cargo volume and 72% of its revenue, Newcastle port has set an objective to grow non-coal revenue to 50% by 2030. Central to this transformation is the construction of a deepwater container terminal at Newcastle port, alongside initiatives aimed at supporting the production and international export of green hydrogen and ammonia.
11-July-2025
The Philippine Department of Migrant Workers (DMW) confirmed on Thursday that three more Filipino seafarers from the attacked and sunken handysize bulk carrier 36K DWT MV Eternity C have been rescued in the Red Sea, bringing the total number of rescued Filipinos to eight. Athens-based shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C’s thirteen crew members remain missing as search and rescue operations persist in increasingly dangerous waters, with newly released data indicating a sharp decline in Red Sea transits this week due to mounting security concerns. The Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C, which had a crew comprising 22 Filipino seafarers and one Greek security officer, came under attack by Yemen’s Houthi rebels around midnight on 8 July 2025 while en route to the Yemeni port of Hodeidah. The ship ultimately sank on 9 July 2025 following a highly coordinated assault involving drones, anti-ship missiles, explosive-laden boats, and small arms fire. The incident came just 24 hours after a similar Houthi attack led to the sinking of another ship, the Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas. Houthi leadership claimed responsibility for both attacks, warning shipping companies against doing business with Israel and specifically naming Cosmoship Management SA due to its role in operating ships that had previously called at Israeli ports. Cosmoship Management SA is a privately-held Greek shipowner and operator with a diversified fleet that includes handysize, supramax, ultramax, and kamsarmax bulk carriers, and has over the years built a reputation for technical management and operational efficiency. The company operates globally across major dry bulk routes and maintains long-standing relationships with charterers in Asia, Europe, and the Middle East. United States officials, along with Greek and Liberian sources, have accused the Houthis of abducting surviving crew members after the MV Eternity C went down, while four seafarers are feared dead, including three who were reportedly trapped in the engine room—fatalities not yet officially confirmed by Cosmoship Management SA. In response to the escalating security threats, the Philippine government has implemented heightened maritime risk protocols, instructing all licensed manning agencies to reroute ships crewed by Filipinos away from the Red Sea and Gulf of Aden (GOA), both now officially designated as warlike zones. The back-to-back attacks on the Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C and the Allseas Marine SA-owned and operated ultramax bulk carrier 63K DWT MV Magic Seas mark a dangerous escalation in regional maritime insecurity. With approximately 16% of the global commercial fleet maintaining direct or indirect affiliations with entities engaged in Israeli trade, the Houthis’ broadened targeting strategy could significantly disrupt global seaborne commerce. The internationally recognised Yemeni government has appealed to the United Nations Security Council to take urgent action, warning that continued attacks not only endanger lives and threaten maritime security but also pose catastrophic risks of environmental pollution, humanitarian disruption, and regional military escalation. These coordinated assaults are contributing to the militarization of vital shipping lanes and may accelerate the destruction of Yemen’s already fragile port infrastructure.
11-July-2025
Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd is advancing its fleet expansion strategy with a newly allocated budget of $65 million aimed at acquiring additional ships in the secondhand market. In a recent stock exchange filing, the rapidly expanding shipowner and operator Fujian Highton Development Co. Ltd confirmed that the capital will be directed toward the purchase of more bulk carriers, reinforcing its commitment to growing its owned tonnage portfolio. Founded in 2009 and headquartered in Fuzhou, Fujian province, Fujian Highton Development Co. Ltd initially focused on the supramax bulk carrier segment but has since strategically diversified into larger bulk carrier classes including panamax, kamsarmax, and capesize bulk carriers. As of Q4 2024, the Shanghai-listed shipowner and operator Fujian Highton Development Co. Ltd reported a fleet exceeding 60 bulk carriers, with 46 vessels under full ownership, as well as 3 tankers. The latest funding initiative follows an aggressive acquisition campaign that saw Fujian Highton Development Co. Ltd spend roughly $230 million over the past year on nine secondhand bulk carriers. In March 2025, Fujian Highton Development Co. Ltd acquired four bulk carriers from ArcelorMittal Shipping for nearly $60 million, and more recently took delivery of a 2011-built supramax bulk carrier MV Xin Hai Tong 61 (formerly MV SFL Yukon) from SFL Corporation, along with three kamsarmax bulk carriers from CDB Financial Leasing. Fujian Highton Development Co. Ltd, which operates across major global dry bulk routes, has developed a reputation for strong financial discipline, asset timing, and rapid fleet expansion. The firm actively charters out its fleet to major commodity players and trading houses in Asia and maintains close commercial ties with China’s steel, power, and industrial sectors. While specific details regarding the types and sizes of ships to be acquired with the new capital have not been disclosed, market participants anticipate that Fujian Highton Development Co. Ltd will continue targeting mid-age supramax and panamax bulk carriers to optimize operational flexibility and respond to fluctuating demand in the dry bulk market.
11-July-2025
Bauxite shipping from West Africa (WAFR), a rapidly growing contributor to additional tonne-miles in the capesize bulk carrier market, is facing mounting challenges following recent developments in Guinea, where the government is moving to tighten its control over the maritime supply chain. Guinea has been the primary origin of bauxite exports from West Africa (WAFR) in recent years, with the bulk of cargoes shipped to China. Guinea’s minister of mines and geology, Bouna Sylla, has now issued a directive requiring that 50% of all bauxite exports be transported on ships registered under the Guinean flag. In support of this initiative, the Guinean government has established its own shipping company, Guinéenne des Transports Maritimes (GUITRAM), which will be tasked with handling the country’s bauxite shipments. In addition to this move, Bouna Sylla has announced the launch of a national pricing benchmark, the Guinea Bauxite Index (GBX), aimed at increasing pricing transparency and maximising the economic value derived from Guinea’s bauxite production. Bauxite exports from Guinea have recorded impressive growth in 2025, rising by 37% over 2024 levels, a surge that has elevated bauxite above coal as the second-largest global driver of demand for capesize bulk carriers.
11-July-2025
Jhonlin Marine Trans, the shipping division of Indonesia’s vast and influential Jhonlin Group, has quietly assembled a fleet of three Japanese-built ultramax bulk carriers, signaling its deepening involvement and growing ambition in the dry bulk sector. The current fleet of Jhonlin Marine Trans consists of the 2012-built ultramax bulk carrier MV Jhonlin 001, the 2018-built ultramax bulk carrier MV Jhonlin 002, and the 2019-built ultramax bulk carrier MV Jhonlin 003, all reflagged to the Indonesian registry. The ultramax bulk carrier MV Jhonlin 002 and the ultramax bulk carrier MV Jhonlin 003 were acquired from Eyal Ofer-led diversified shipowner and operator Zodiac Maritime for a total of approximately $64 million, while the ultramax bulk carrier MV Jhonlin 001 was acquired from Tata NYK Shipping for $19.5 million. Zodiac Maritime, headquartered in London and led by prominent shipping magnate Eyal Ofer, is one of the world’s largest privately held shipowners and operators, managing a fleet of over 150 ships spanning container ships, crude oil tankers, LNG carriers, and dry bulk carriers. The firm is widely regarded for its operational excellence, long-standing relationships with major charterers, and fleet diversification strategy across global trade routes. The ultramax bulk carriers MV Jhonlin 002 and MV Jhonlin 003, both built at leading Japanese shipyards, reflect Zodiac Maritime’s focus on high-quality tonnage and asset value retention, which made them attractive additions for Jhonlin Marine Trans. All three ships in Jhonlin Marine Trans’ fleet were constructed at top-tier Japanese shipyards, Oshima Shipbuilding and Iwagi Zosen, known for their precision engineering and long-term durability. Jhonlin Marine Trans’ recent acquisitions are believed to be just the beginning of a broader fleet development plan, with market sources linking the shipping arm in Q1 2025 to an upcoming order for eight ultramax bulk carrier newbuildings at Oshima Shipbuilding. The Jhonlin Group, under the leadership of influential tycoon Samsudin Andi Arsyad, has long been a dominant force in Indonesia’s coal mining and energy industries, and its move into shipping is widely seen as a calculated step toward vertical integration aimed at securing internal transport capacity for the Jhonlin Group’s vast volumes of coal and commodity exports across the Asia-Pacific region.
10-July-2025
The global shipping industry has been severely disrupted by two fatal attacks in the Red Sea this week, as Yemen’s Houthi rebels launched their first offensive against merchant shipping in 2025, sinking two bulk carriers, killing at least three seafarers, injuring others, and reportedly abducting surviving crew members. The targeted ships included Athens-based shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C and Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas. These back-to-back incidents represent an alarming escalation, as the Houthi leadership announced a broadened targeting policy aimed at any shipping company that has previously called at Israeli ports—effectively designating approximately one in six ships of the global merchant fleet as potential targets. Cosmoship Management SA, the operator of handysize bulk carrier MV Eternity C, is a well-established Greek shipowner and operator managing a modern dry bulk fleet that spans the handysize, supramax, ultramax, and kamsarmax segments. The fleet is employed across global trade routes, and Cosmoship Management SA is known for its technical expertise, strict adherence to safety protocols, and longstanding relationships with international charterers, including those in Asia and the Middle East. Despite its reputation for operational excellence, Cosmoship Management SA has come under scrutiny by the Houthis for its commercial links to Israeli ports, making it a symbol of the broader geopolitical risks now facing global shipping. Meanwhile, the Israel Defense Forces (IDF) confirmed that they carried out airstrikes against the MV Galaxy Leader, a car carrier seized by Houthi forces in Q1 2023, as part of a broader wave of coordinated military action targeting Yemeni port infrastructure and Houthi logistics early Monday. Elsewhere, an explosion aboard the Greek-owned LPG carrier MT Eco Wizard at Russia’s Ust-Luga port caused an ammonia leak that forced the evacuation of the 23-person crew and triggered an emergency containment effort. Although the Russian Transportation Ministry characterized the event as a minor leak, independent reports suggest the blast was substantial enough to halt port activities and reignite concerns about ship safety, especially amid growing risks associated with Russian trade. This marks the sixth ship explosion linked to Russian commercial corridors so far in 2025. Adding to global trade uncertainty, American president Donald Trump announced a delay in tariff deadlines for most countries from 9 July 2025 to 1 August 2025, while warning that adversarial nations may face heightened tariff levels. In a sector where shipping schedules and logistics chains stretch across months, the current regulatory volatility has rendered effective long-term planning virtually impossible, prompting United States importers and shippers to act with increased caution amid deteriorating commercial predictability.
10-July-2025
While the Red Sea has surged back into the spotlight of the shipping media this week and the Black Sea continues to be disrupted by war, another key chokepoint that has caused global supply chain turmoil in recent years is now reporting operations at full capacity. The Panama Canal, which endured a prolonged drought for about 15 months during 2023 and 2024 due to the El Niño weather pattern, has managed to maintain a 15.24 m draft throughout the 2025 dry season and is expected to benefit from a relatively wet winter, or rainy season, through the remainder of the year in preparation for the next dry season in Q1 2026. Transits of liquified petroleum gas and containers have risen, and dry bulk traffic has shown improvement compared to 2024. The Panama Canal Authority (PCA) is moving forward with a $1.6 billion reservoir expansion project that, once completed, will enable 15 additional daily transits. Between June 2023 and September 2024, the Panama Canal faced strict transit restrictions due to low water levels in Gatun Lake, which forced many ships in the global merchant fleet to alter their routes. These restrictions included limits on the total number of daily transits and maximum ship draft, creating intense competition for scarce transit slots.
9-July-2025
Maritime security in the Red Sea and Gulf of Aden has sharply deteriorated following a wave of devastating attacks by Yemen’s Houthi rebels on two commercial ships, sparking alarm throughout the global shipping industry and leading to a steep rise in war risk insurance premiums. The Houthis released footage showing what appears to be the intentional sinking of Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas through the use of simultaneous explosive charges that breached the hull, and similar to prior incidents, the ultramax bulk carrier MV Magic Seas began sinking shortly after the detonation. On 6 July 2025, the ultramax bulk carrier MV Magic Seas, flagged in Liberia and owned and operated by Allseas Marine SA, came under a complex, multi-phase attack involving drones, missiles, and rocket-propelled grenades, marking the Houthis’ first confirmed strike on a commercial ship in 2025 and forcing the crew to abandon the ultramax bulk carrier MV Magic Seas. On 7 July 2025, Athens-based shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C was attacked approximately 50 nautical miles southwest of Yemen’s Hodeidah port by sea drones and small boats armed with rocket-propelled grenades; the 2012-built handysize bulk carrier MV Eternity C suffered major damage, resulting in the deaths of at least 3 crewmembers and injuries to 2 others. Maritime security firm Vanguard Tech reported that the handysize bulk carrier MV Eternity C is sinking, with its stern fully submerged, and while the crew has abandoned the ship, no naval forces were present in the vicinity to provide immediate assistance. These renewed attacks are expected to delay any substantial return of commercial shipping to the Suez Canal, with transits in 2025 down 55% compared to 2023, and with containership passages down 90%, LNG carriers down 80%, and LPG carriers down 72%. The incidents have rattled global marine insurers, prompting war risk premiums to surge from approximately 0.4% to 1% of a ship’s value, effectively tripling the insurance cost for a $100m ship from around $300,000 to as much as $1m per voyage. Both the ultramax bulk carrier MV Magic Seas and the handysize bulk carrier MV Eternity C are part of fleets that have recently called in Israel, a key factor making them targets for the Houthis. Allseas Marine SA, a privately held Athens-based shipowner and operator led by Greek shipping tycoon Michael Bodouroglou, maintains a diversified dry bulk fleet focused on ultramax and handysize segments, with a reputation for modern, well-maintained ships and chartering reliability in international tramp shipping markets. The targeting of the ultramax bulk carrier MV Magic Seas underscores the growing risks faced by shipowners like Allseas Marine SA who are engaged in global trade routes intersecting high-risk zones. As the conflict in Gaza continues, ships with any actual or perceived Israeli affiliation are expected to remain vulnerable, and stakeholders are increasingly urged to incorporate affiliation screening and geopolitical risk assessments into routine regional voyage planning.
9-July-2025
The global shipping industry has been rocked by two deadly attacks in the Red Sea this week, as Yemen’s Houthi rebels launched their most violent maritime offensive since Q1 2024, killing at least three seafarers, injuring others, and reportedly kidnapping crew members. Athens-based shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C was hit on Monday night in a coordinated assault involving drones, missiles, and armed boats, leaving the ship adrift and its crew severely impacted; the Houthis then boarded the handysize bulk carrier MV Eternity C, planted explosives, and sank it. European Union naval forces under Operation Aspides confirmed on Wednesday that six survivors from the Greek shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier MV Eternity C—five Filipinos and one Indian—had been rescued, while three crew members were killed, two were seriously injured, and several remain missing. A statement from the United States embassy in Yemen stated that some crew members had been taken hostage by the Houthi attackers and demanded their immediate and unconditional release, reaffirming the United States’ designation of the Houthis as a terrorist organisation. Cosmoship Management SA-owned and operated handysize bulk carrier MV Eternity C had 22 crew members aboard at the time of the attack, consisting of 21 Filipinos and one Russian, supported by a three-member private security team. One of the injured crew reportedly lost a leg. The ship was en route to the Suez Canal when it came under attack approximately 50 nautical miles southwest of Hodeidah, Yemen. Just 24 hours earlier, the Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas was sunk following a similarly coordinated Houthi strike involving drones, missiles, RPGs, and small arms fire, forcing its 22-member crew to abandon ship. These two incidents mark the first Houthi attacks on merchant shipping since Q4 2024 and have triggered fears of a renewed and more aggressive maritime insurgency. The Houthi military claimed responsibility for the strike on the handysize bulk carrier MV Eternity C, asserting that it was targeted because its shipowner, Cosmoship Management SA, had previously conducted trade with Israeli ports, and warned that any ship affiliated with Israel—past or present—would be attacked regardless of its flag or current destination. This expanded targeting policy now places approximately one in six ships of the global merchant fleet at risk. Cosmoship Management SA is a long-established Greek shipowner and operator with a fleet of modern dry bulk ships ranging from handysize to ultramax segments. Known for its technical expertise, operational reliability, and longstanding partnerships with global charterers, Cosmoship Management SA operates worldwide, particularly across key routes in Asia, the Middle East, and Europe. The attack on its ship has drawn attention to the increased risks faced by traditional dry bulk operators active in geopolitically sensitive areas. The international shipping community has condemned the attacks in the strongest terms. A joint statement issued by the International Chamber of Shipping, BIMCO (Baltic and International Maritime Council), INTERTANKO, INTERCARGO, and the European Community of Shipowner Associations described the assaults as brutal and called on global authorities to protect seafarers and defend the principle of freedom of navigation in these strategic waters. Arsenio Dominguez, the secretary-general of the International Maritime Organization, also voiced serious concern, urging immediate multilateral action to safeguard maritime security in the region.
9-July-2025
Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has completed its third ultramax bulk carrier sale in 2025, as the Oslo- and Hong Kong-listed shipowner and operator Jinhui Shipping and Transportation Limited agreed to sell the 2009-built ultramax bulk carrier 65K DWT MV Jin Gang to Singapore-based ship operator Huwell Shipping Pte Ltd for approximately $11m, with the ultramax bulk carrier 65K DWT MV Jin Gang expected to be delivered to its new owner by 15 August 2025, as stated in a filing by Jinhui Shipping and Transportation Limited, which manages a fleet of 31 bulk carriers focused primarily on the supramax and ultramax segments, operating worldwide tramp shipping services mainly for dry bulk cargo such as coal, ores, grains, and minerals, and the latest divestment brings the total cash proceeds generated by Chinese shipowner and operator Jinhui Shipping and Transportation Limited from bulk carrier sales and financial transactions in 2025 to roughly $60m, including earlier disposals of two older supramax bulk carriers and sale-and-leaseback agreements with Chinese financial institutions involving one ultramax bulk carrier and one kamsarmax bulk carrier, aligning with Jinhui Shipping and Transportation Limited’s ongoing fleet optimisation strategy aimed at enhancing capital efficiency, reducing average fleet age, and maintaining financial flexibility amid evolving market dynamics.
9-July-2025
Imabari-based shipowner Nissen Kaiun Co Ltd (Nissen Kaiun KK) has completed the sale of one of its modern capesize bulk carriers, with Japanese shipowner Nissen Kaiun Co Ltd (Nissen Kaiun KK) selling the 2020-built capesize bulk carrier 182K DWT MV Bulk Ginza for approximately $64m, and the capesize bulk carrier MV Bulk Ginza is reported to have been sold on a forward delivery basis with transfer scheduled to New York-listed shipowner and operator Genco Shipping & Trading (GNK) in Q4 2025, and this transaction adds to Nissen Kaiun Co Ltd (Nissen Kaiun KK)’s ongoing strategy of actively managing its diversified and predominantly Japanese-built fleet, which includes 21 young capesize bulk carriers with an average age of just 4 years, as part of a broader portfolio exceeding 400 ships across bulk carriers, oil tankers, and chemical tankers, and with a strong reputation for long-term chartering, high technical standards, and deep relationships with major Japanese shipbuilders and financial institutions, Nissen Kaiun Co Ltd (Nissen Kaiun KK) remains one of Japan’s largest and most influential private shipowners, and the sale also marks the first acquisition by New York-listed shipowner and operator Genco Shipping & Trading (GNK) since October 2024, when it acquired the 2017-built capesize bulk carrier MV Stella Home for around $47.5m.
8-July-2025
The security situation in the Red Sea has sharply deteriorated over the past 48 hours, following successive attacks on merchant ships and a wave of Israeli airstrikes targeting several Yemeni ports. On Tuesday, Athens-based shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C came under a coordinated attack involving drones, speedboats, and small arms fire approximately 50 nautical miles southwest of Hodeidah, Yemen. The Greek shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier MV Eternity C, carrying 22 crew members, was left drifting after the ship’s bridge was hit, disabling its engines and cutting off communications. The handysize bulk carrier MV Eternity C was attacked for the fourth time that day and was reportedly surrounded by skiffs armed with small arms and RPGs. Maritime security sources confirmed that three crew members were killed and one was injured. This incident followed a similar assault a day earlier on the Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas in the same region, signifying a dramatic escalation in Houthi maritime aggression. Coinciding with the ship attacks, the Israeli Defense Forces (IDF) launched Operation Black Flag, striking port facilities in Hodeidah, Ras Isa, and Saleef in response to repeated Houthi assaults on Israeli interests and shipping lanes. Satellite imagery and on-ground reports confirmed severe damage to infrastructure, including the destruction of the Saleef power station, a vital asset for port grain silos and flour mills, thereby crippling bulk carrier discharge operations. Two Barbados-flagged bulk carriers suffered suspected collateral blast damage, although no crew injuries have been confirmed. The Israeli Defense Forces (IDF) also targeted MV Galaxy Leader, a car carrier seized by Houthi forces in November 2023 and allegedly modified with radar equipment for maritime surveillance, while berthed at Ras Isa. The Houthis claimed responsibility for the attack on the Athens-based Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier MV Magic Seas, stating the ultramax bulk carrier was sunk, a claim not yet independently verified; if confirmed, it would mark the third ship loss since the Houthis began their anti-shipping campaign in November 2023 in alignment with Palestinian causes. Security advisories from Ambrey and the United Kingdom Maritime Trade Operations (UKMTO) now recommend that merchant ships maintain minimum deck movement, assign secure muster points above the waterline, and avoid proximity to vessels not broadcasting AIS signals. With multiple confirmed casualties, repeated ship attacks, and extensive port damage, the Red Sea has entered its most dangerous and unstable phase of 2025. The re-escalation of attacks represents a severe breach of international maritime law and a direct threat to freedom of navigation, endangering the lives of innocent seafarers and regional civilian populations while increasing the risk of environmental and commercial disruption. Constructive diplomatic engagement remains critical to de-escalating the conflict and safeguarding international shipping. India’s directorate general of shipping has confirmed the release of over 150 Indian seafarers previously detained at Ras Isa port since December 2024, with all 11 ships having departed following a months-long blockade by Houthi forces after Israel’s airstrike on the port in April. Cosmoship Management SA, which operates the attacked handysize bulk carrier MV Eternity C, is a Greek dry bulk shipowner and operator with a diverse fleet of handysize, supramax, ultramax, and kamsarmax bulk carriers, known for its strong chartering presence across Asia, the Middle East, and Europe, and for its emphasis on technical reliability and safety. Allseas Marine SA, the operator of the ultramax bulk carrier MV Magic Seas, is also a Greece-based shipowner and operator founded and led by Greek shipping tycoon Michael Bodouroglou. Allseas Marine SA manages a fleet of dry bulk carriers with a strategic focus on supramax and ultramax segments, primarily operating across major global dry bulk trade routes. The firm has built a reputation for prudent asset acquisitions, solid chartering relationships, and robust fleet management standards. The attack on the Allseas Marine SA-owned and operated ultramax bulk carrier MV Magic Seas underscores the rising risk exposure for Greek shipowners operating in the Red Sea, a region that has become one of the most hazardous maritime corridors globally.
8-July-2025
The security situation in the Red Sea has sharply worsened over the past 48 hours, following consecutive attacks on merchant ships and Israeli airstrikes on multiple Yemeni ports. On Tuesday, Athens-based shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier 36K DWT MV Eternity C was targeted in a coordinated assault involving drones, speedboats, and small arms fire approximately 50 nautical miles southwest of Hodeidah, Yemen. The Greek shipowner and operator Cosmoship Management SA-owned and operated handysize bulk carrier MV Eternity C, which was carrying 22 crew members, was left disabled and drifting after its bridge was hit, knocking out its engines and communication systems. The handysize bulk carrier MV Eternity C, attacked for the fourth time that day, was reported to be encircled by skiffs armed with small arms and RPGs. Maritime security firms confirmed three fatalities and one injury among the crew. This latest attack came just one day after the Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas was assaulted in a similar manner in the Red Sea, marking a significant escalation in the Houthi maritime campaign. Simultaneously, the Israeli Defense Forces (IDF) launched Operation Black Flag, conducting strikes on the ports of Hodeidah, Ras Isa, and Saleef, which Israel described as retaliatory action against persistent Houthi aggression targeting Israeli territory and shipping. Satellite imagery and local reports confirmed extensive damage to port infrastructure, including the destruction of the Saleef power station, which powers grain silos and flour mills, severely impacting bulk carrier discharge operations. Two Barbados-flagged bulk carriers are believed to have sustained collateral damage, though no crew injuries have been reported. The Israeli Defense Forces (IDF) also targeted MV Galaxy Leader, a car carrier seized by Houthi rebels in November 2023 and suspected of being modified with radar systems for maritime surveillance, while it was berthed at Ras Isa. The Houthis claimed responsibility for the attack on the Athens-based Allseas Marine SA-owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas, alleging the ultramax bulk carrier was sunk, although independent verification is still pending; if confirmed, this would mark the third ship lost since the Houthis initiated their anti-shipping campaign in November 2023 in solidarity with Palestinians. Security advisories from Ambrey and the United Kingdom Maritime Trade Operations (UKMTO) now urge merchant ships transiting the region to limit deck movement, establish secure muster points above the waterline, and avoid vessels not broadcasting AIS signals. With confirmed casualties, repeated attacks, and critical port facilities damaged, the Red Sea shipping corridor is facing its most volatile and dangerous phase of 2025. Following several months of relative calm, the return of large-scale attacks is seen as a renewed breach of international maritime law and a threat to freedom of navigation, placing innocent seafarers and coastal populations at direct risk. Diplomatic engagement and multilateral cooperation remain the most viable path to de-escalation and protecting international shipping. Meanwhile, India’s directorate general of shipping confirmed that more than 150 Indian seafarers, stranded at Ras Isa port since December 2024, have been released and all 11 ships have departed, ending a months-long standoff with Houthi forces who had imposed a cargo discharge blockade after Israel’s airstrike on the port in April. Cosmoship Management SA, the operator of the attacked handysize bulk carrier MV Eternity C, is a long-established Greek dry bulk shipowner and operator with a diversified fleet that includes handysize, supramax, ultramax, and kamsarmax bulk carriers. The company is recognized for its global reach, technical competence, and chartering relationships across major dry bulk markets including Asia, the Middle East, and Europe. With a strategic emphasis on maintaining high operational standards and commercial reliability, Cosmoship Management SA has long operated in high-demand trade corridors, including the Red Sea, where its exposure to current geopolitical tensions now reflects the broader vulnerability of international shipping interests in the region.
8-July-2025
P&O Maritime Logistics, a subsidiary of ports and logistics giant DP World, has acquired a majority stake in NovaAlgoma Cement Carriers (NACC), the pneumatic cement carrier arm of Italian-Swiss dry bulk operator Nova Marine Carriers, in a strategic move aimed at strengthening Dubai-based P&O Maritime Logistics’ position in infrastructure-oriented dry bulk shipping. The transaction, which remains subject to customary regulatory approvals and whose financial details have not been disclosed, will allow P&O Maritime Logistics and DP World to expand their operations in the specialised dry bulk and breakbulk markets, particularly in infrastructure-related cargo transport. Established in 2016 as a joint venture between Switzerland-based Nova Marine Holding and Canada-based Algoma Central Corporation, NovaAlgoma Cement Carriers (NACC) operates a fleet of modern pneumatic cement carriers serving North America, Europe, South Asia, the Mediterranean, and the Caribbean. The acquisition excludes NovaAlgoma Cement Carriers’ (NACC’s) joint ventures in Northern Europe, Indonesia, and Greece, which will continue to operate under the original NovaAlgoma partnership. Under the terms of the new agreement, P&O Maritime Logistics will own a 51% controlling interest in a newly created Dubai-headquartered entity, while the existing shareholders will retain a 49% minority stake. Daily operations of the fleet will remain under the control of the current leadership team, both commercially and technically, with strategic direction provided by P&O Maritime Logistics. DP World stated that this acquisition will enhance its end-to-end logistics solutions and broaden its service offerings for cargo owners in key emerging markets. Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, said: “This acquisition reflects our commitment to deepening our capabilities in specialised maritime logistics. NovaAlgoma Cement Carriers (NACC) is a world-class operator with strong leadership, and we are excited to welcome them into the DP World family. By combining P&O Maritime Logistics’ global reach and scale with their technical and market expertise, P&O Maritime Logistics is well-positioned to deliver greater value to our customers and to grow together in this strategically important segment.”
7-July-2025
Greek shipping tycoon Michael Bodouroglou-led Allseas Marine SA owned and operated Liberian-flagged 2016-built ultramax bulk carrier 63K DWT MV Magic Seas sustained severe damage in a coordinated maritime assault off Yemen’s coast on Sunday, marking the first Houthi attack on merchant ships in 2025 and hindering any meaningful return of global commercial traffic to the Suez Canal. The ultramax bulk carrier MV Magic Seas, operated by Athens-based shipowner and operator Allseas Marine SA, was abandoned after being hit by multiple sea drones, with all crewmembers safely rescued by a nearby merchant ship. The attack took place approximately 52 nautical miles southwest of Hodeidah, involving an initial stage with eight small boats firing gunshots and rocket-propelled grenades, followed by a second wave of four unmanned surface vehicles (USVs), two of which reportedly struck the port side of the ultramax bulk carrier MV Magic Seas, inflicting serious cargo damage and igniting a fire. While no party claimed responsibility at first, maritime risk firm Ambrey stated the assault matched the typical “Houthi target profile,” and confirmation later came via the Al Ansar Telegram channel where the Yemeni militia declared that the ultramax bulk carrier MV Magic Seas met their targeting criteria. Allseas Marine SA, the Athens-based shipowner and operator led by Greek shipping tycoon Michael Bodouroglou, has recently had ships calling at Israeli ports, fueling speculation that the ultramax bulk carrier MV Magic Seas may sink as a result of the sustained damage. In their official statement, the Houthis claimed responsibility and stated, “Four naval drones attacked ultramax bulk carrier MV Magic Seas,” further asserting, “Our assessment indicates that the attacked Athens-based shipowner and operator, Allseas Marine SA, ultramax bulk carrier MV Magic Seas, meets the Yemeni criteria for targeting ships. Two naval drones collided with the left side of ultramax bulk carrier MV Magic Seas, causing damage to its cargo.” The incident raises concerns about a breakdown in the ceasefire understanding reached in May 2025, under which the US President Donald Trump’s administration had paused strikes on Houthi targets following commitments by the group to refrain from disrupting commercial shipping in key Middle Eastern corridors. Ambrey reported that ultramax bulk carrier MV Magic Seas sustained two drone strikes, with the second one forcing abandonment after the ultramax bulk carrier MV Magic Seas began taking on water and lost propulsion. A private armed security team onboard returned fire during the small boat attack but could not stop the subsequent drone assault. The escalation occurred in the context of renewed instability linked to the Israel-Iran conflict and US airstrikes on Iranian nuclear facilities in June 2025. The Houthis had previously threatened to resume attacks on US-linked shipping in the event of direct American involvement with Iran, though it is uncertain if this strike indicates a full return to hostilities or a shift to asymmetric maritime warfare. In response, Israel has reportedly launched overnight airstrikes targeting Houthi-held ports in Yemen and also targeted the MV Galaxy Leader, a Japanese-owned car carrier seized by Houthi forces 20 months ago. Since November 2023, the Houthis have launched more than 100 attacks on commercial ships, sinking two, seizing one, and killing at least four seafarers, prompting widespread disruption to global trade and forcing many shipping companies to divert ships around the Cape of Good Hope (COGH). The last confirmed Houthi attack on a merchant ship prior to the ultramax bulk carrier MV Magic Seas incident on 6 July 2025 occurred on 26 December 2024, when the MV MSC United VIII was hit by a naval missile launched by Houthi forces in the Red Sea.
2-July-2025
BHP has entered into five-year charter agreements with COSCO Shipping Bulk for two ammonia dual-fuelled newcastlemax bulk carriers. The two 210K DWT ammonia dual-fuelled newcastlemax bulk carriers, scheduled for delivery beginning in 2028, will primarily be deployed to transport iron ore from Western Australia to China. BHP vice president of maritime and supply chain excellence, Emma Roberts, stated that this investment is aimed at accelerating the development of alternative fuel technology, stimulating the demand for ammonia as a marine fuel, and contributing to the reduction of greenhouse gas emissions across the maritime supply chain. She emphasized that as one of the world’s largest dry bulk charterers, BHP sees this initiative as a critical step toward establishing ammonia as a viable marine fuel in a globally essential sector where emissions are traditionally difficult to abate. COSCO Shipping Bulk vice president, Ji Lin, highlighted ammonia’s potential as a zero-carbon marine fuel and noted that these new bulk carriers will represent a major leap forward in both technological innovation and environmental stewardship—not only for COSCO Shipping Bulk and BHP but for the dry bulk sector as a whole. COSCO Shipping Bulk, a subsidiary of China COSCO Shipping Corporation Limited, is one of the world’s largest dry bulk shipping operators with a fleet of hundreds of bulk carriers spanning capesize, panamax, supramax, and handysize segments. The company plays a critical role in China’s industrial supply chain and global trade routes, actively engaging in the adoption of low-carbon technologies and long-term charter partnerships to promote sustainable maritime practices. Ji Lin reaffirmed the deal as a strong endorsement of global climate goals and a direct contribution to China’s dual-carbon strategy aimed at reaching peak carbon emissions before 2030 and achieving carbon neutrality by 2060.
2-July-2025
Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has concluded sale and leaseback agreements with Chinese financiers for two of its bulk carriers, enabling Jinhui Shipping and Transportation Limited to unlock nearly $30m in cash. The Oslo- and Hong Kong-listed shipowner and operator Jinhui Shipping and Transportation Limited is selling the 2014-built ultramax bulk carrier MV Jin Heng for approximately $11m and the 2019-built kamsarmax bulk carrier MV Jin Li for approximately $17m to Tianjin Jinhaishiwu Leasing and Tianjin Jinhaiba Leasing, respectively. Both the MV Jin Heng and MV Jin Li transactions include bareboat charters for a duration of 84 months, with repurchase options available during the charter or a mandatory repurchase at the end of the lease term. Chinese shipowner and operator Jinhui Shipping and Transportation Limited had acquired the 2014-built ultramax bulk carrier MV Jin Heng in September 2022 from Japanese shipowner and operator Nisshin Shipping for approximately $25m, while the 2019-built kamsarmax bulk carrier MV Jin Li was acquired in February 2024 from Vincent Shipping for around $31m. Jinhui Shipping and Transportation Limited stated in a filing that this transaction structure provides access to additional working capital at a competitive cost, thereby improving liquidity while maintaining full operational control over the bulk carriers. In Q1 2025, Jinhui Shipping and Transportation Limited divested two older supramax bulk carriers and currently operates a fleet of approximately 30 bulk carriers.
2-July-2025
Hong Kong-based and Bermuda-registered shipowner and operator Jinhui Shipping and Transportation Limited has concluded sale and leaseback agreements with Chinese financiers for two of its bulk carriers, allowing Jinhui Shipping and Transportation Limited to unlock nearly $30m in cash. The Oslo- and Hong Kong-listed shipowner and operator Jinhui Shipping and Transportation Limited is selling the 2014-built ultramax bulk carrier MV Jin Heng for approximately $11m and the 2019-built kamsarmax bulk carrier MV Jin Li for approximately $17m to Tianjin Jinhaishiwu Leasing and Tianjin Jinhaiba Leasing, respectively. Both MV Jin Heng and MV Jin Li transactions include bareboat charters for a term of 84 months, with repurchase options exercisable throughout the period or a mandatory repurchase at the end of the charter term. Chinese shipowner and operator Jinhui Shipping and Transportation Limited originally acquired the 2014-built ultramax bulk carrier MV Jin Heng in September 2022 for around $25m from Japanese shipowner and operator Nisshin Shipping, a Tokyo-based maritime enterprise established in 1951 that operates a large, predominantly Japanese-built fleet across various bulk carrier segments including handysize, supramax, ultramax, kamsarmax, and panamax. Nisshin Shipping is known for its conservative financial strategy, consistent investment in modern eco-design ships, and active role in both long-term charters and secondhand sale-and-purchase transactions. The 2019-built kamsarmax bulk carrier MV Jin Li was purchased by Jinhui Shipping and Transportation Limited in February 2024 from Vincent Shipping for around $31m. Jinhui Shipping and Transportation Limited stated in a regulatory filing that the transaction structure enables access to additional working capital at competitive cost, enhancing its liquidity while retaining full operational control over the bulk carriers. In Q1 2025, Jinhui Shipping and Transportation Limited sold off two older supramax bulk carriers and currently manages a fleet of approximately 30 bulk carriers.
2-July-2025
The handysize sale-and-purchase (S&P) market surged in June 2025, delivering the most active month of the year with more than 10 bulk carriers changing hands, including 4 bulk carrier transactions closed in the final week, and Japanese-built bulk carriers continued to command a premium as shipowners prioritised build pedigree, engine specifications and dry-docking positions over age—a trend underscored by Japanese shipowner Nisshin Shipping Co Ltd, headquartered in Tokyo and controlling a fleet of more than 100 fuel-efficient bulk carriers and chemical tankers with an average age of about two years, whose commitment to eco-designs has anchored market confidence in Japanese tonnage and whose recent disposal of older units has tightened the pool of quality handysize ships. Leading June’s deals is the 2020-built handysize bulk carrier 40K DWT MV Aries Sakura, reportedly sold to a Greek shipowner for about $26 million, setting a fresh benchmark and eclipsing the around $24.5 million paid earlier in June 2025 for the 2021-built handysize bulk carrier 37K DWT MV Bunun Orchid; demand is concentrated on Tier II and Tier III-compliant bulk carriers with recent or well-timed dry dockings, with age discounted if the ship hails from Japan. June 2025 transactions covered a wide vintage spread, such as the 2013-built handysize bulk carrier MV Sider Olympia sold for roughly $15.5 million, the 2013-built handysize bulk carrier MV Dogan sold for about $15 million, and the 2004-built handysize bulk carrier MV Pelagiani sold for around $8 million, while the price gap between Japanese and Chinese-built bulk carriers remained pronounced as the 2016-built handysize bulk carrier MV New York Trader III secured only about $17 million in June 2025, well below the $18 million paid in April 2025 for the 2015-built handysize bulk carrier MV Bunun Hero. Underlying this flurry is a structural driver: an ageing fleet, with a sizeable portion of the global handysize bulk carrier pool now 10 years or older, compelling shipowners to refresh portfolios with eco-efficient ships capable of meeting forthcoming regulatory scrutiny—a strategy exemplified by Nisshin Shipping Co Ltd’s ongoing modernisation programme and selective asset recycling that reinforces Japanese-built values.
2-July-2025
Singapore-based Winning Shipping (Winning International Group), a leading Chinese-owned maritime conglomerate with extensive operations across shipping, mining, and logistics, is pushing ahead with its fleet expansion plans, seemingly unshaken by the Guinean government’s recent crackdown on foreign ship operators. Singapore-based shipowner and operator Winning Shipping (Winning International Group), which specializes in capesize and newcastlemax bulk carriers and is the maritime arm of the broader Winning Consortium, has strengthened its position in the bauxite trade with the acquisition of another newcastlemax bulk carrier. Winning Shipping (Winning International Group) has acquired the world’s largest bauxite carrier, the 2007-built newcastlemax bulk carrier 204K DWT MV Sunny Kamsar (ex MV Ocean Prometheus), from Japanese shipping giant Mitsui OSK Lines. The ship was constructed at Universal Shipbuilding and is purpose-fitted for long-haul bauxite transportation between Guinea and China. While the transaction value remains undisclosed, the move underscores Winning Shipping’s (Winning International Group’s) strategic focus on fleet modernization and trade lane dominance. The acquisition comes at a time when many foreign players operating in Guinea are under increasing regulatory scrutiny, with the government revoking licenses, restricting certain bauxite exports, and introducing stockpiling mandates to compel greater local value addition. Despite this hostile environment, Winning Shipping (Winning International Group), through its deep-rooted infrastructure investments—including ports, rail, and transshipment hubs—and longstanding partnership with the Guinean government, continues to operate unimpeded. Winning Shipping (Winning International Group) has been instrumental in the development of the Kamsar–China bauxite corridor and is the maritime backbone of Winning Consortium Simandou, a joint venture involved in the Simandou iron ore project. The addition of MV Sunny Kamsar extends Winning Shipping’s (Winning International Group’s) streak of Japanese-built capesize acquisitions. In April 2025, Winning Shipping (Winning International Group) purchased the 2007-built capesize bulk carrier 180K DWT MV Cape Unity for approximately $22m, followed by the acquisition of the 2008-built newcastlemax bulk carrier 207K DWT MV Sunny River (ex MV Sikamia). With this latest addition, Winning Shipping’s (Winning International Group’s) fleet expands to 54 ships, composed almost entirely of capesize and newcastlemax bulk carriers, solidifying its status as a dominant pureplay operator in the dry bulk market with a specialisation in West Africa–Asia commodity flows.
1-July-2025
One of the most renowned names in French shipping, Louis Dreyfus Armateurs (LDA), has been acquired by private equity as the Louis-Dreyfus family, shareholder of Louis Dreyfus Armateurs (LDA), has sold an 80% stake in the shipowner to Paris-headquartered InfraVia Capital Partners for an undisclosed sum in a transaction first publicly revealed in February 2025, while retaining a 20% stake and keeping Edouard Louis-Dreyfus as president of Louis Dreyfus Armateurs (LDA), with Samira Draoua formally assuming the role of CEO effective today, and Louis Dreyfus Armateurs (LDA), which currently operates a fleet of approximately 30 ships, is set to be renamed LD Armateurs as it embarks on an ambitious $1.18 billion investment program over the coming years aimed at more than doubling its fleet and accelerating growth across technological innovation, energy transition, and the advancement of next-generation maritime services and navigation capabilities, while the Louis-Dreyfus family continues to grieve the recent passing of Philippe Louis-Dreyfus, the former head of the shipowner, who died two weeks ago at the age of 80, and Louis Dreyfus Armateurs (LDA), founded in 1893 as part of the Louis Dreyfus Group, has evolved from its original focus on grain shipping into a major maritime player engaged in dry bulk, logistics, and offshore sectors, and based in Suresnes, France, Louis Dreyfus Armateurs (LDA) has diversified into specialised operations such as offshore wind turbine installation and maintenance, submarine cable laying, undersea operations, port logistics, roll-on/roll-off cargo, and maritime training, and it also operates several joint ventures and partnerships worldwide, including long-standing collaborations with energy companies and industrial clients, making Louis Dreyfus Armateurs (LDA) one of the most versatile and strategically positioned maritime service providers in Europe.
1-July-2025
Copenhagen-based shipowner and operator Dampskibsselskabet DS Norden A/S has reported fresh activity in the sale-and-purchase (S&P) market, completing two transactions across the dry and wet sectors as part of its ongoing divestment strategy linked to exercised purchase options. Under the leadership of Jan Rindbo, shipowner and operator Dampskibsselskabet DS Norden A/S has sold one supramax bulk carrier and one MR tanker for an undisclosed amount. Dampskibsselskabet DS Norden A/S has not released further information regarding the specific ships it previously added to its owned fleet through the execution of purchase options. The decision aligns with Dampskibsselskabet DS Norden A/S’s continuing strategy to realise asset value amid favourable market dynamics, the company stated. This strategic pattern has been visible throughout 2025, during which Dampskibsselskabet DS Norden A/S has completed the sale of 16 ships, 10 of which were directly tied to purchase-option exercises. In May 2025, Dampskibsselskabet DS Norden A/S achieved gains by selling 2 MR tankers shortly after converting leased assets into owned ones via exercised purchase options. Following the latest transactions, Dampskibsselskabet DS Norden A/S’s fleet now stands at 15 owned ships and 80 leased ships with existing purchase options.
1-July-2025
Sandefjord-based Norwegian shipowner and operator Amon Maritime has established a new entity named Amon Bulk to develop ammonia-fuelled bulk carriers, supported by a $25 million grant from the state energy transition agency Enova, with the new venture aiming to build one capesize bulk carrier and one kamsarmax bulk carrier, as Amon Maritime highlighted that these ship segments are particularly well-suited for ammonia propulsion due to their high bunker consumption and their operation along established routes for industrial clients with strong climate ambitions, offering both significant environmental benefits and attractive commercial potential, while the newbuildings—designated MV Amon Bulk 1 and MV Amon Bulk 2—are scheduled to be delivered by Q1 2029 and will rank among the first large bulk carriers globally to be powered by ammonia, which Amon Maritime described as a major milestone in the decarbonization of bulk shipping trades, and Amon Bulk is headquartered in Sandefjord and has been formed as a dedicated platform within Amon Maritime to focus exclusively on deep-sea ammonia-fuelled dry bulk shipping, with its primary goal being to prove the technical and commercial viability of zero-emission operations on a global scale and establish a scalable model for future ammonia-fuelled fleet expansion, while Amon Maritime has built a strong track record as a pioneer in ammonia-powered maritime solutions, leading projects in the gas carrier, bunkering, and offshore support segments, including through its involvement in the joint venture Viridis Bulk Carriers and through its subsidiaries Azane Fuel Solutions and Ula Ship Management, and Amon Maritime’s broader portfolio includes the development of ammonia bunkering infrastructure and close cooperation with regulatory bodies, shipbuilders, and classification societies to ensure compliance and safety for next-generation propulsion technologies, and the Amon Bulk project forms part of Enova’s wider $75 million initiative to promote ammonia and hydrogen-fuelled shipping, which also includes support for LH2 Shipping and Møre Sjø, the latter of which recently placed an order for two hydrogen-powered 4K DWT newbuilds at Gelibolu Shipyard scheduled for delivery in Q1 2027, also backed by Enova, as the agency aims to accelerate the maritime sector’s transition to scalable zero-emission solutions in line with long-term climate targets for 2050.