Cido Shipping

Hong Kong-based and South Korean shipowner and operator Cido Shipping has resumed its venture into the construction of bulk carriers, placing a substantial order for a dozen bulk carriers across Jiangsu New Hantong and New Dayang Shipbuilding. Cido Shipping engaged Jiangsu New Hantong for the crafting of an exquisite series of kamsarmax and ultramax bulk carriers. Concurrently, New Dayang Shipbuilding has been chosen to manufacture an additional quartet of kamsarmax entities. Currently, kamsarmax bulk carriers have been appraised at $35 million, whereas ultramax bulk carrier bear a valuation of $33 million. Predominantly recognized for their automobile carriers and tankers, Hong Kong-based and South Korean shipowner and operator Cido Shipping’s antecedent bulk carrier commission was with Japan’s distinguished Shin Kurushima Onishi in 2015 for the 61K DWT ultramax bulk carrier MV Fortune Bell. Cido Shipping’s last collaboration with a Chinese yard dates back to 2008, for a supramax bulk carrier. This recent endeavor will enhance the Cido Shipping’s collection, elevating the company’s bulk carrier fleet to over 15 esteemed ships by their projected delivery in 2025 and 2026. In addition, Cido Shipping is currently overseeing the creation of four (4) neo-panamax containerships and two (2) VLGCs in South Korea. 24-August-2023


After a hiatus of 15 years, the Hong Kong-established maritime shipowner and operator, Cido Shipping, has once again graced the Chinese shipyards for the construction of bulk carrier vessels. Cido Shipping has commissioned bulk carriers valued nearly half a billion dollars, encompassing both kamsarmax and ultramax bulk carriers. It is whispered among industry insiders that this South Korean maritime entity ventured back to Chinese shipyards for dry bulk tonnage after over a decade. Reliable shipbuilding informants have conveyed that Cido Shipping has engaged with two esteemed shipyards in Jiangsu, aiming to construct a dozen midsize bulk carriers with an approximate value of $412 million. 17-August-2023


After a respite of three and a half years, Hong Kong and South Korean shipowner and operator Cido Shipping has made a commendable resurgence into the boxship domain. Cido Shipping commissioned orders for an ensemble of two, with an option for an additional two, 15,900 TEU vessels from the esteemed Hyundai Heavy Industries, based in South Korea. These maritime marvels are slated for delivery in the years 2022 and 2023. Furthermore, they are destined for an extended charter with the renowned Mediterranean Shipping Co (MSC), as per insights from Alphaliner. Cido Shipping, the maritime colossus hailing from South Korea, with operational hubs in both Seoul and Hong Kong, gracefully bowed out of the container sector in 2017. This was marked by a notable divestment of 10 vessels, culminating in a $130 million consolidated deal with MPC Container Ships. Presently, Cido Shipping’s eclectic fleet encompasses nine bulk carriers, 22 tankers, a trio of gas carriers, and a fleet of 35 automobile carriers. 16-March-2021


Hong Kong and South Korean shipowner and operator Cido Shipping, a titan in the shipping industry, is progressively diminishing its stake in dry goods. Having roots in both Hong Kong and South Korea, Cido Shipping has divested from five bulk carriers in a mere span of three weeks, significantly trimming its panamax bulk carriers along with a suprama bulk carriers. Hong Kong and South Korean shipowner and operator Cido Shipping, boasting a fleet of 70 vessels, has been subtly indicating its inclination to reduce its commitment to the bulker segment for quite some time. The divestiture journey commenced last summer, as Cido Shipping propagated the potential sale of half their capesize bulk carrier fleet, culminating in the disposal of a decade-and-four-year-old cape by autumn. A lull followed until the present month. Cido Shipping successfully sold the 2008-built kamsarmax bulk carrier 82K DWT MV Fortune Rainbow for a sum of $14 million, and the Mitsui supramax, christened MV Fortune Wing, fetched $11.75 million. Just a week prior, Safe Bulkers disclosed its pact to procure a 2011-constructed Japanese panamax at $14 million, now recognized as Cido Shipping’s panamax bulk carrier 76K DWT MV Fortune Daisy. This transaction unfolded roughly a fortnight post Cido Shipping’s divestment of the 2009-built kamsarmax bulk carrier 82K DWT MV Fortune Miracle at $14.5 million to another Nasdaq-indexed Greek bulker shipowner, Castor Maritime. Cido Shipping’s inaugural sale of the annum was consummated in January’s final week, involving a 2008-constructed twin of Fortune Miracle, dubbed Fortune Sunny. 23-February-2021


Danish shipowner and operator Torm has elegantly procured two MR tankers from 2010, hailing from Hong Kong and South Korean shipowner and operator Cido Shipping. Danish shipowner and operator Torm acquired 46,800 dwt sister tankers MT Atlantic Pegasus and MT Atlantic Queen from Cido Shipping for an esteemed sum of $16.3 million apiece. In August, Danish shipowner and operator Torm gracefully divested itself of a duo of venerable MR tankers, namely the 2002-crafted MT Torm Carline and MT Torm Gerd. Torm stands as a quintessential product tanker conglomerate, boasting a majestic fleet of approximately 80 vessels. 15-November-2020


Hong Kong and South Korean shipowner and operator Cido Shipping has commissioned its inaugural newbuild requests since 2015. Having predominantly contracted its maritime fleet over the preceding decade, Cido Shipping has enlisted Hyundai Heavy Industries to construct two resplendent 300,000 dwt VLCCs. These exquisitely scrubber-equipped VLCC tankers are set to be unveiled in the latter half of 2022, bearing a noteworthy valuation of $88.5 million apiece. 3-November-2020


Hong Kong and South Korean shipowner and operator Cido Shipping has been subtly hinting at a desire to reduce its footprint in the capesize sector, positioning half of its cape armada on the market, specifically two ships crafted by Universal. The formidable fleet of Cido Shipping, boasting 75 ships, has recently parted ways with the 14-year-aged, 176,300 DWT built capesize bulk carrier MV Great Challenger for a sum of $12.5 million. The capesize bulk carrier market has witnessed a swift escalation over the recent month, with capesize bulk carriers now commanding prices upwards of $30,000 daily. 1-July-2020


Following a period of heightened activity in large bulker scrapping earlier this year, the market came to a pronounced halt amidst the coronavirus pandemic, which effectively closed most prominent demolition markets in the Indian sub-continent. Yet, whispers in the industry hint at a potential revival of the recycling business. Insider information alludes to ongoing discussions regarding the 268,000-dwt VLOC MT HBIS Sunrise (constructed in 1992), a possession of South Korea’s Sinokor Merchant Marine. Potential buyers have reportedly proposed roughly $310 per ldt, while sellers have reciprocated with a counteroffer of $327 per ldt, suggesting the vessel might garner approximately $12 million. Sinokor procured this ship, formerly known as MT Orpheus Orchid, from Idemitsu Tanker at a price tag of $15.5 million back in September 2009. The latest capesize to grace the shores of Bangladesh for demolition was the 172,000-dwt MV Berge Aoraki (crafted in 2000), overseen by Berge Bulk. This behemoth was noted to be acquired by Bangladesh on 20 March, marking the ninth vessel that the Singaporean magnate has relegated for dismantling in the previous annum. Regrettably, the escalating coronavirus crisis has led to the postponement, and occasionally the annulment, of numerous demolition transactions. China Steel Express showcased the 175,000-dwt MV China Steel Excellence and MV China Steel Growth (both conceived in 2002) for a scrap sale. Alas, both vessels were subsequently withdrawn from the marketplace. Crew-related complications reportedly thwarted both purchasing and vending efforts. Cido Shipping, based in Hong Kong, had also presented its trio of remaining VLOCs for dismantling, including the 265,000-dwt MV Pacific Ruby (conceived in 1993) and the 277,000-dwt MV Pacific Garnet and MV Pacific Coral (both birthed in 1995). Yet, to date, these maritime giants remain untouched by buyers. Presently, a fleet of 10 grand bulk carriers awaits their fate for scrapping in Bangladesh. These impressive vessels linger at anchor, with their official reentry into operations slated for 25 April. 16-April-2020


February heralded a bustling period for the dismantling of vast bulk carriers, with 11 capesizes or VLOCs destined for torching. The prevailing price metrics remain notably consistent, potentially signaling heightened activity on the horizon. Presently, a trio of capesizes graces the market, and it’s anticipated that at least one additional VLOC will soon be available for purchase. The most recent majestic bulker to transition to the breakers is the MV NPS Century, a 172,000-dwt vessel constructed in 2000. This vessel is a part of the armada of the Thai energy magnate, Double A Power (DAP), representing the sole capesize within their naval collection. Several demolition intermediaries have intimated that negotiations for this ship have reached fruition, with the vessel charting its course to India, fetching $385 per ldt or a total of $8.2 million. However, some contest that the deal remains in the balance, with the sellers targeting a rate of $390 per ldt. Double A Power (DAP) had previously acquired the MV NPS Century from Japan’s esteemed MOL at a sum of $16.5 million back in May 2013, when it bore the name MV Mona Century. In the midst of this, the distinguished ship magnates from Hong Kong and South Korea, Cido Shipping, remain persistent in their endeavors to auction off three VLOCs for dismantling. The grand vessels, MV Pacific Ruby, constructed in 1993 and weighing 265,000-dwt, alongside the MV Pacific Garnet and MV Pacific Coral, both fashioned in 1995 and weighing 277,000-dwt and 265,000-dwt respectively, are available either as singular entities or as a consolidated trio. In the preceding month, Cido Shipping, headquartered in the illustrious city of Hong Kong, successfully brokered the MV Pacific Opal, a 278,000-dwt vessel from 1995, earmarking it for demolition. 8-March-2020


Amidst declining freight rates, dry bulk participants persistently divest their antiquated vessels for scrapping. This heightened activity has commenced a strain on prices, causing the valuation of capesize bulk carriers to plummet from $30 per ldt to a mere $40 per ldt in recent weeks. A notable transaction unveiled is the transfer of the 172,000-dwt MV ABML Grace (constructed in 2002) from the auspices of ABY Group Holding. This vessel exchanged hands “as is” in Bangladesh for a sum of $376 per ldt, aggregating to $8.3 million. The accord regarding MV ABML Grace is believed to encompass 200 tons of bunkers. In historical context, ABY Group procured this ship from Sincere Navigation, christened at the time as MV Mineral Sines, for a princely sum of $18.4 million in June 2013. In a separate transaction, the revered Japanese conglomerate MOL divested its premier capesize bulk carrier in a span of four years. The 154,000-dwt MV Tachibana (originally constructed in 2000) has found a new abode in an Indian yard at $390 per ldt, rounding off to $7.4 million. Since its inception, MV Tachibana remained under the steadfast control of MOL and has now been earmarked for eco-conscious recycling, congruent with the Hong Kong International Convention’s guidelines for ship recycling that prioritizes environmental conservation. In a reminiscent deal from February 2016, MOL also parted ways with the 170,000-dwt bulker MV Mona Linden (constructed in 2000) at $225 per ldt. Moreover, NGM Energy of Greece orchestrated the sale of the 172,000-dwt MV Ganbei (crafted in 2001), which is now en route to Bangladesh. The finalized sum stands at $390 per ldt, totaling an impressive $8.3 million. Rewinding to an almost triennial span ago, NGM Energy had acquired the vessel from their compatriots at Centrofin for $9 million. This transaction concerning MV Ganbei also incorporates 400 tons of bunkers. To shed light on their fleet, the Moundreas-owned NGM Energy boasts seven capesize bulk carriers, averaging a venerable 17 years in age. In a parallel vein, Cido Shipping of Hong Kong has demonstrated vigor in the demolition market by divesting the 278,000-dwt MV Pacific Opal (inaugurated in 1995) for scrapping purposes in Bangladesh. This vessel commanded a price of $394 per ldt, culminating in $14.7 million. To trace its lineage, MV Pacific was initially acquired in December 2006 from SK Shipping, known then as the MV C Planner, at an investment of $42.5 million. 29-February-2020


Amid the somber rate scenarios this year, the market for the demolition of large bulkers has witnessed a resurgence. However, several industry connoisseurs opine that this upswing may be ephemeral, hindered by a scarcity of cash purchasers, crew constraints in South Asian dismantling countries, and the looming possibility of a market rebound. The recent sales invigorated the notion that the scrap market might be experiencing a renaissance, especially after a lackluster quarter where ship proprietors, anticipated to discard older tonnage due to the exorbitant costs of the International Maritime Organization 2020 (IMO 2020) compliant fuel, failed to act on it. In the dawn of the year, Alpha Bulkers Shipmanagement is said to have divested the MV Maria A Angelicoussi, a 169,000-dwt capesize bulk carrier from 2001, for $408 per ldt, while Golden Union parted with the MV Crassier, a 172,500-dwt capesize bulk carrier from 2000, at a rate oscillating between $402 ldt and $406 per ldt. Recently, Berge Bulk has sent a minimum of two VLOCs to scrap, and Polaris Shipping is deliberating the sale of up to ten VLOCs from the dawn of the 1990s, likely destined for the wrecking yards. Yet, Vagelis Chatzigiannis, a senior trader at GMS, stated that the number of capesizes or larger bulkers repurposed this year is significantly inferior, less than half, in fact, to those noted in the analogous phase of 2016—a time of market effervescence. Typically, as vessels approach the twilight of their operational lives, shipowners transfer them to cash purchasers, who subsequently vend them to dismantlers. However, the cadre of cash buyers possessing the necessary liquidity for procuring these colossal ships seems to be dwindling. Furthermore, there is an undercurrent of hesitancy among current players to acquire additional ships, given the downward pressure on rates due to stagnant steel prices and broader economic trepidations. Clarksons’ data suggest that the dismantling price for capesize bulk carriers has depreciated by 6% in India and 2.5% in Bangladesh in the preceding month. Such conditions hardly inspire speculative endeavors among the majority of cash buyers. Additionally, the onslaught of the coronavirus epidemic is poised to further constrict volumes. India has forbidden entry to non-nationals who have traversed China post-15 January, and Bangladesh has ceased granting immediate visas to Chinese nationals. 19-February-2020


Amidst the somber landscape of freight markets, both Cido Shipping and Berge Bulk have bid adieu to their large capesize bulk carriers, surrendering them for demolition due to the persistent detriment of freight rates. This unwavering downward trajectory compels grand bulkers to inevitably fall into the clutches of ship recyclers. Noteworthy demolition agents revealed that the esteemed Hong Kong and South Korean conglomerate, Cido Shipping, has sealed a deal for the demolition of the 278,000-dwt ore vessel, MV Pacific Opal (commissioned in 1995), in the shores of Bangladesh. This majestic vessel fetched a handsome $394 per ldt, amounting to a sum of $14.7 million. In the winter month of December 2006, Cido Shipping, with its roots in both Hong Kong and South Korea, had acquired the MV Pacific Opal from SK Shipping. At that juncture, she sailed under the name MV C Planner and was procured for a staggering $42.5 million. The potential transaction surrounding the MV Pacific Opal stands monumental, symbolizing the company’s premier large bulker transaction in close to a seven-year span. To reminisce, back in June 2013, the same illustrious Cido Shipping divested its interests in the 258,000-dwt MV Pacific Beauty (inaugurated in 1992), which garnered $425 per ldt. In Cido Shipping’s vast fleet, one can find four grand ore vessels, each having their keels laid in or before 1995. During the years 2015 to 2017, Cido Shipping bid farewell to five ships, solely dedicated to automobile transportation. Founded under the visionary leadership of Hyuk Kwon in the year 1990, Cido Shipping is renowned for its exemplary ties with Japanese charterers, overseeing a fleet of approximately 100 vessels. Their eclectic ensemble comprises primarily of tankers and car carriers, flanked by 15 bulkers, with a majestic seven wearing the capesize mantle. 12-February-2020


The esteemed Cido Shipping, headquartered in Hong Kong, is orchestrating an elegant departure from the VLOC segment by making strides to divest its trio. In a conspicuous maneuver to disengage from this sector, Cido Shipping has presented additional VLOCs for prospective buyers. This laudable Hong Kong-based vessel proprietor has offered its last three VLOCs for acquisition, following the recent relinquishment of the 278,000-dwt Pacific Opal (constructed in 1995) to scrap, as noted by demolition connoisseurs. The prime contenders for this offering include the 265,000-dwt Pacific Ruby (crafted in 1993), the 277,000-dwt Pacific Garnet, and the 265,000-dwt Pacific Coral (both constructed in 1995). These vessels are available for independent demolition purchases or as a collective ensemble. Nonetheless, informed sources suggest that the Pacific Ruby, being under an enduring charter, may retain its current status for the time being. This vessel, transmuted from a VLCC in 2008, awaits a specialized survey slated for June 2023, with its charter’s tenure remaining undisclosed. Similarly, the Pacific Coral, once a VLCC, along with the Pacific Garnet, is anticipated for a specialized review within this annum. As of now, there’s no designated timeline for submission of bids for these maritime assets. Earlier this month, the distinguished Cido Shipping relinquished the 278,157-dwt Pacific Opal (crafted in 1995) for demolition in Bangladesh, marking its inaugural large bulker divestiture in nearly a septennial period. Established by the visionary Hyuk Kwon in 1990, Cido Shipping boasts profound affiliations with Japanese charterers. As a multifaceted conglomerate, Cido Shipping presides over an impressive fleet of approximately 100 tankers, bulkers, and car carriers, including the exemplary standard capesizes – the 176,000-dwt Great Navigator (crafted in 2006) and the Great Challenger (constructed in 2005). Cido Shipping’s divestiture initiatives emerge amidst the consistent influx of large bulker recycling prospects, notwithstanding intermittent disruptions brought about by the coronavirus pandemic. 9-February-2020


A catastrophic blast aboard the aframax tanker LR2 MT Poseidon, undergoing refurbishment at Istanbul-based Tuzla Shipyard, tragically claimed the lives of two craftsmen and left another 10 grievously wounded the previous day. Local chronicles suggest that the ignition originated from the ship’s boiler chamber, subsequently igniting a conflagration onboard. An assembly of firefighters promptly descended upon the locale, successfully extinguishing the blaze as the day waned. Regrettably, two artisans perished onsite, and a further ten, bearing varying degrees of scald injuries, were dispatched to a medical establishment for vital care, with one individual’s state being perilously critical. The district’s attorney’s bureau has commenced a meticulous inquiry into the genesis of this unfortunate event. The illustriously constructed 2009 LR2 MT Poseidon sails under the flag of the Hong Kong-based South Korean shipowner and operator Cido Shipping. 28-January-2019


MPC Container Ships, the rapidly expanding feeder connoisseur founded by Germany’s esteemed MPC Capital, has unveiled a transaction for the procurement of an assortment of feeder container vessels, valued at $130 million. The divestment comes from Hong Kong and South Korean shipowner and operator Cido Shipping who is relinquishing their collection of ten container ships, signaling their departure from this particular domain. The distinct vessels transitioning to MPC Container Ships’ ownership include the 2007-forged MV Ocean Arrow and MV MCC Dhaka, the 2008-built MV Ocean Blue, and the 2009-built MV Maersk Warsaw, MV Maersk Westport, and MV Maersk Weymouth, in conjunction with the 2010-built MV Maersk Wiesbaden, MV Maersk Winnipeg, MV Maersk Wolfsburg, and MV Maersk Wolgast. Having made its maiden appearance in April, MPC Container Ships has swiftly amassed a flotilla ranging from 1,000 TEU to 3,000 TEU. Presently, their digital portal showcases a fleet of 23 ships, and this recent procurement elevates their tally to 33 ships, marking a significant milestone as they journey towards their ambitious goal of possessing 100 feeder conatiner ships. Merely a week prior, MPC Container Ships garnered an impressive $177 million through an exclusive issuance of fresh shares, funds which they have earmarked for fleet augmentation. Hong Kong and South Korean shipowner and operator Cido Shipping intends to allocate the revenue from this monumental sale towards the acquisition of vessels in a contrasting niche. 26-November-2017


Hong Kong and South Korean shipowner and operator Cido Shipping has elegantly finalized the sale of two sub-3,000 TEU container ships to Istanbul-based Arkas Shipping. Arkas Shipping is reputed to be disbursing an exquisite sum of $9.5m for each of these twin container ships, christened MV Maersk Jubail and MV Maersk Jaipur. Constructed meticulously at Hyundai Mipo nearly a decade ago, each ship boasts a capacity of 2,824 TEU. Earlier in January, Arkas Shipping, a prominent intra-Mediterranean operator, commissioned the crafting of four 3,100 TEU container ships in China, slated for delivery within the forthcoming year. 3-April-2017


Sale and Purchase Shipbrokers are reporting this week that Hanjin Shipping has sold 2004 built handysize bulk carrier 33K DWT M/V Great Dream to Vietnamese shipowner for $4.8 million. Shipping market sources describe this as a new low for handysize values, with one noting that vessels of a similar size and age fetched higher prices even after the 2008 market collapse. Handysize prices have been in steady decline since January 2015, when the M/V Great Dream would have been worth $13 million. Hanjin Shipping acquired M/V Great Dream from Cido Shipping in 2011 for about $22 million. Market observers expect that values for handysize will continue to decline, as there are few fundamentals that point to any improvement in earnings in the foreseeable future. Dry Bulk Shipping outlook is dire. 7-February-2016


On a fateful Tuesday evening, 22 mariners aboard the MV Modern Express, a vessel under Hong Kong and South Korean shipowner and operator Cido Shipping’s command, were graciously retrieved by the vigilant Spanish Search & Rescue helicopters. The Spanish maritime guardians, Salvamento Marítimo, verified in a declaration that they had come to the aid of the 22 sailors subsequent to the MV Modern Express raising a distress call, a daunting 148 miles away from Cape Ortegal in the picturesque Galicia. Without delay, three Spanish helicopters and an auxiliary rescue aircraft were dispatched. Additionally, half a dozen vessels in proximity were instructed to converge upon the scene. MV Modern Express’ trajectory has since led it into the jurisdiction of the French search and rescue team. It is currently under the surveillance of the French maritime authorities who are orchestrating a strategy to haul it to the coast, given its position in a pivotal marine corridor. 26-January-2016