Evalend Shipping

The Houthis’ aggressive maritime strategy tragically escalated on Wednesday when their combined sea drone and missile attack on the 2022-built kamsarmax bulk carrier 82K DWT MV Tutor resulted in the death of a seafarer. The MV Tutor, owned and operated by Athens-based Evalend Shipping Co SA under the leadership of Greek shipping tycoon Kriton Lentoudis, is now the second commercial bulk carrier to record a fatality due to the Houthis’ actions in the Red Sea. The incident, which saw the seafarer’s body trapped in the flooded engine room, raises questions about the cause of death—whether it was the direct impact of the projectile or drowning caused by the subsequent flooding. The MV Tutor was notably the first ship to be struck by a Houthi sea drone and also suffered at least one missile strike, causing severe flooding and substantial damage to its engine room. Following the attack, Houthi spokesman Yahya Saree warned that the 2022-built kamsarmax bulk carrier 82K DWT MV Tutor was at risk of sinking, with its engine room reported to be completely submerged. In response, a salvage operation was quickly organized. Tsavliris Salvage Group has dispatched two oceangoing tug boats to aid the stricken MV Tutor. However, the rescue efforts are complicated by safety concerns from traditional tug operators and the restrictive effects of sanctions, which limit the available options for MV Tutor rescues in this volatile region. 13-June-2024

 

The Houthi forces have acknowledged their first successful strike using an unmanned surface vessel (USV) on a commercial ship in the Red Sea and the Gulf of Aden, marking a significant escalation in maritime threats since their campaign began in November 2023. The target of this attack was the 2022-built kamsarmax bulk carrier, the 82K DWT MV Tutor, controlled by Athens-based shipowner and operator Evalend Shipping Co SA and led by Greek shipowner Kriton Lentoudis. On Wednesday, the kamsarmax bulk carrier, MV Tutor was struck twice while approximately 67.7 nautical miles southwest of Yemen’s port city of Hodeidah. Athens-based shipowner and operator Evalend Shipping Co SA controlled kamsarmax bulk carrier MV Tutor suffered impacts on its stern from a small craft, measured between five to seven meters in length, followed by an unknown airborne projectile. A Houthi military spokesman elaborated that the attack involved “an unmanned surface boat, several drones, and ballistic missiles,” resulting in serious damage to the MV Tutor, leaving it vulnerable to sinking. The US Central Command reported that the strike caused severe flooding and substantial damage to the engine room. Notably, the MV Tutor, which had recently docked in Russia and was en route to India, was no longer under the command of its crew following the attack, as stated by the UK Navy. Consequently, the kamsarmax bulk carrier MV Tutor will likely require towing to a safe location. This incident underscores a significant increase in the level of threat in the region, as the Houthis have previously utilized anti-ship cruise and ballistic missiles against vessels they claim are linked to Israel. However, this marks their first successful employment of an unmanned surface vessel (USV) in such attacks, posing a new set of challenges for commercial shipping navigating through the Red Sea, now vulnerable to threats from both air and sea. 13-June-2024

 

Athens-based shipowner and operator Evalend Shipping Co SA, led by Greek shipowner Kriton Lentoudis, has reported that its 2022-built kamsarmax bulk carrier, the 82K DWT MV Tutor, sustained significant damage following an incident in the Red Sea near Yemen. According to the United Kingdom Maritime Trade Operations (UKMTO), the Liberian-flagged MV Tutor was struck on the stern by an uncrewed surface vessel, measuring between five to seven meters in length. Subsequently, the vessel was also hit by an “unknown airborne projectile.” This maritime security incident occurred approximately 68 nautical miles southwest of Hodeidah, a port city in Yemen. Security consultancy Ambrey indicated that the Houthis were likely responsible for the attack. At the time of these strikes, the MV Tutor was not transmitting an Automatic Identification System (AIS) signal, which further complicated the situation. The United Kingdom Maritime Trade Operations (UKMTO) has confirmed that as a result of the damage, the MV Tutor lost its maneuvering capabilities. Fortunately, no injuries have been reported among the crew. Evalend Shipping Co SA is currently handling the situation, and further updates are awaited as they assess and respond to the damage sustained by the MV Tutor. 12-June-2024

 

Evalend Shipping, under the leadership of Greek shipowner Kriton Lendoudis, has further expanded its impressive orderbook with the addition of two new very large ammonia carriers (VLACs), signaling the company’s unwavering commitment to growing its fleet. The Athens-based shipowner and operator, known for its proactive approach to fleet expansion, is reportedly investing $121 million per vessel, totaling a $242 million investment for the pair. This acquisition brings Evalend Shipping’s newbuilding portfolio to 21 vessels valued at over $2.1 billion. The order for these very large ammonia carrier (VLAC) newbuildings was placed with South Korea’s HD Korea Shipbuilding & Offshore Engineering (HD KSOE), highlighting Evalend Shipping’s confidence in the shipyard’s ability to deliver state-of-the-art vessels. This move not only reflects Evalend Shipping’s ambition to capitalize on the growing demand for gas carriers but also underscores the shipping industry’s ongoing appetite for newbuildings amid global trade dynamics. 20-February-2024

 

One of Ukraine’s most significant accomplishments is the establishment of a new grain corridor, which is safeguarded by Ukraine’s own military forces. This corridor serves as a replacement for a United Nations-led initiative that Russia boycotted in July 2023. Despite initial doubts, Ukraine is on course to complete 100 voyages from previously blocked ports in Odesa, Chornomorsk, and Yuzhny, facilitating the transport of approximately 2.5 million tonnes of predominantly grain. This achievement is particularly impressive given the challenging circumstances surrounding the grain trade, which includes the absence of available commercial insurance due to ongoing threats such as mines and Russian attacks on ports. Blumenthal JMK, a German shipowner and operator, has been highly active in this grain trade, using the corridor to release two trapped bulk carriers from Ukraine and introduce ten more vessels from outside. Nonetheless, the grain trade remains delicate, with insurers, charterers, and cargo shippers playing pivotal roles. Insurers, because of the substantial premiums involved, wield significant influence over the size and value of ships entering the Ukrainian corridor. The fact that the average age of ships involved in this grain trade is 20 years indicates that shipowners and insurers are hesitant to dispatch younger and more valuable vessels. Insurance costs continue to be high by war risk standards. Although initially attractive due to higher-than-average freight rates, earnings in Ukraine’s Black Sea corridor have gradually diminished. The premium over non-Ukraine business has likely narrowed, potentially falling within a range of 20% to 50% above standard rates. Greek-based companies, particularly those with ties to Middle Eastern interests, have a substantial presence in this trade, with notable players like Athens-based shipowner Evalend Shipping, led by Kriton Lendoudis, and Bright Navigation, led by the Greek brothers Dimitris and George Stefanou. Despite its success, trust in the corridor remains limited due to ongoing threats such as floating mines in the Black Sea and continued aerial attacks on Ukrainian port infrastructure. Publicly held shipping firms and top-tier companies continue to steer clear of the Ukrainian trade. 8-October-2023

 

Athens-based shipowner Evalend Shipping Co SA has become the first to utilize the newly reopened grain corridor in Ukraine, a route protected by Ukraine but considered perilous due to potential Russian military activities. This move comes as China places large orders for corn shipments. Ukraine recently re-established a seaborne export corridor for its agricultural products in the Black Sea. Evalend Shipping Co SA controlled 2005 built handysize bulk carrier 28K DWT MV Danny Boy is one of five bulk carriers that bravely entered Ukraine’s deep-sea ports on Sunday, even with the looming threat of Russian military intervention in the region. This marks a significant development in the shipping industry’s relationship with the Black Sea region amidst geopolitical tensions. 2-October-2023

 

Athens-based shipowner Evalend Shipping Co SA chartered out 2023 built kamsarmax bulk carrier 82K DWT MV Sian to Danish shipowner and operator Dampskibsselskabet DS Norden A/S. Greek shipowner Evalend Shipping Co SA chartered out MV Sian for $15,000 per day for one year. Currently, the Baltic Exchange Panamax 5TC rate is $7,779 per day. Lately, Kriton Lentoudis-led Greek shipowner Evalend Shipping ordered two (2) Green Dolphin-type 40K DWT handysize bulk carriers. 14-February-2023

 

Athens-based shipowner Evalend Shipping Co SA ordered one (1) MR2 tanker and two (2) handysize bulk carriers at Jiangsu New Yangzijiang Shipbuilding in China. Previously, Kriton Lentoudis-led Greek shipowner Evalend Shipping ordered LPG carriers in South Korea at the beginning of 2022. Now, Greek shipowner Evalend Shipping Co SA turned to a Chinese shipyard to construct a tanker and bulk carriers. Two (2) 40K DWT handysize bulk carriers will be Green Dolphin-type, a modern open-hatch design that is fit for eventual conversions to carry containers. 7-December-2022

 

Greek shipowner Evalend Shipping controlled 2007 built handysize bulk carrier 18K DWT MV Aviator and International Seaways controlled 2008 built MR chemical tanker MT Atlantic Grace collided off India. Up to now, no pollution and no injuries have been announced. Evalend Shipping and International Seaways have a total of 44 crew members onboard the ships. Evalend Shipping controlled 2007 built handysize bulk carrier 18K DWT MV Aviator has P&I (protection and indemnity) cover with Steamship Mutual. International Seaways controlled 2008 built MR chemical tanker MT Atlantic Grace has P&I (Protection and Indemnity) cover with UK P&I Club. Indian Coast Guest has a vessel to the place to start preventative measures for any possible oil pollution. Evalend Shipping controlled 2007 built handysize bulk carrier 18K DWT MV Aviator and International Seaways controlled 2008 built MR chemical tanker MT Atlantic Grace had reportedly left the Kandla port. 27-November-2021

 

Kriton Lentoudis-led Greek shipowner Evalend Shipping ordered two (2) kamsarmax bulk carrier new-buildings 82K DWT for around $27 per ship million at Yangzi-Mitsui Shipbuilding. Additionally, Evalend Shipping has two (2) kamsarmax bulk carrier options. This is the first bulk carrier order of Evalend Shipping since 2017. Athens-based Evalend Shipping’s two (2) kamsarmax bulk carriers will be built according to IMO (International Maritime Organization) Tier II emissions standards. Since 2016, IMO (International Maritime Organization) Tier III emissions regulations took the place of Tier II emissions standards. This indicates that Greek shipowner Evalend Shipping has got its hands on kamsarmax new-buildings that’s keels were laid before 2016. Some Chinese and Japanese shipyards can still offer Tier II new-buildings. Currently, the cost difference between a kamsarmax bulker built to IMO (International Maritime Organization) Tier II and Tier III emission standards is about $1 million. Evalend Shipping’s two (2) kamsarmax bulk carriers will be delivered in Q4 2022. Yangzi-Mitsui Shipbuilding is a joint venture between Chinese Yangzijiang Shipbuilding and Japanese Mitsui E&S Shipbuilding. Athens-based Evalend Shipping is not new to Yangzi-Mitsui Shipbuilding. In 2017, Evalend Shipping ordered for four (4) kamsarmax bulk carrier new-buildings at Yangzi-Mitsui Shipbuilding for around $24 million per ship. Evalend Shipping took delivery of the IMO (International Maritime Organization) kamsarmax bulk carriers in 2018 and 2019. Currently, Evalend Shipping has a mixed fleet of 41 ships and 10 new-building ships on order. 16-February-2021

 

Athens-based shipowner Evalend Shipping Co SA CEO Kriton Lentoudis paid special homage to his father Evangelos Lentoudis, the founder of Evalend Shipping, which still carries his name. Evangelos Lentoudis passed away a long time ago but Evangelos Lentoudis has been Greek shipowner Evalend Shipping Co SA CEO Kriton Lentoudis’s inspiration.
Emotional CEO Kriton Lentoudis pays homage to the founding father on the 50th Evalend Shipping Co SA anniversary. Athens-based shipowner Evalend Shipping Co SA has a mixed fleet of gas carriers, tankers, and bulk carriers. 5-June-2022

 

Athens-based shipowner Evalend Shipping Co SA is still chasing an arbitration award worth $186,000 against a charterer it believes to be part of Nanjing Ocean Shipping Co (NASCO). In December 2016, Kriton Lentoudis-led Greek shipowner Evalend Shipping Co SA controlled 2007 built supramax bulk carrier 58K DWT MV Consolidator was loaded iron ore. An arbitration award worth $186,000 against a charterer was granted by London arbitrators at the end of April. Greek shipowner Evalend Shipping Co SA controlled 2007 built supramax bulk carrier 58K DWT MV Consolidator was chartered by Naspacific Shipping Co. Naspacific Shipping Co. deducted approximately $150,000 in outstanding charter hire. Evalend Shipping Co SA controlled 2007 built supramax bulk carrier 58K DWT MV Consolidator’s charterer Naspacific Shipping Co. cited unsafe working conditions on one of the ship’s cranes that resulted in the MV Consolidator being off-hire for more than two days at Bandar Abbas Port. Athens-based shipowner Evalend Shipping Co SA has a mixed fleet of gas carriers, tankers, and bulk carriers. 1-August-2018

 

Athens-based shipowner Evalend Shipping Co SA denies handysize sale rumor. Kriton Lentoudis-led Greek shipowner Evalend Shipping Co SA is denying market rumors the company has disposed of 2015 built handysize bulk carrier 38K DWT MV Evangelia L to Middle-Eastern shipowners for approximately $19 million. Whisper has been swirling around shipbrokers’ offices. However, Greek shipowner Evalend Shipping Co SA stated that it is a false rumor and that 2015 built handysize bulk carrier 38K DWT MV Evangelia L wasn’t even for sale at all. In 2015, Athens-based shipowner Evalend Shipping Co SA acquired 2015 built handysize bulk carrier 38K DWT MV Evangelia L a resale deal from Bahamas-based Agriculture & Energy Carriers (AEC) for around $22 million. Athens-based shipowner Evalend Shipping Co SA has a mixed fleet of gas carriers, tankers, and bulk carriers. 26-July-2018

 

Athens-based shipowners Evalend Shipping Co SA and Thenamaris are locking two (2) midsize LPG carrier newbuildings into time charters that are unlikely to be profitable amid the depressed LPG carrier market. Greek shipowner Evalend Shipping Co SA is led by Kriton Lentoudis. Greek shipowner Thenamaris is led by Nikolas Martinos. Both shipowners’ midsize LPG carrier newbuildings will spend the first year in period deals. Furthermore, Athens-based shipowner Evalend Shipping Co SA chartered out 2018 built 38K cbm LPG Tanker Aquarama to Vitol for a year. 7-February-2018

 

Greek shipowner Evalend Shipping bought three (3) panamax dry bulk carriers for $60 million from Jiangsu New Yangzijiang Shipyard as resales. Kriton Lentoudis led Greek shipowner and operator Evalend Shipping bought three (3) panamax dry bulk carriers 81K DWT MV World Seas, MV Bright Seas and MV Inspiring Seas. MV World Seas, MV Bright Seas will be delivered in 2016 and MV Inspiring Seas will be delivered in 2017. Greek shipowner and operator Evalend Shipping has previously been active in the handysize and supramax sector. 19-December-2016