Norwegian shipowner and operator JJ Ugland has enjoyed a stronger 2018. After 2016 and 2017 weak dry bulk markets, conditions came closer to a balance of 2018. 2018 has been better for JJ Ugland than the previous two years. Most improvement was the dry cargo market, where stronger rates paved the way for an increase in ship values. Norwegian shipowner and operator JJ Ugland do not have long-term charter commitments and their bulk carriers will be benefited from the rising freight rates. JJ Ugland has offloaded its oldest bulk carrier and is awaiting delivery of a new bulk carrier in January 2019.
Norwegian ship owner and operator JJ Ugland moves to arrest Andreas Petrakis backed panamax dry bulk carrier after Gulf of Mexico crash. Last week, Andreas Petrakis backed Iolcos Hellenic Maritime and Hudson Anthem Shipping Company’s 2006 built panamax dry bulk carrier 74K DWT MV Iolcos Unity was in a collision with JJ Ugland’s 2017 built ultramax dry bulk carrier 63K DWT MV Livita in the Gulf of Mexico. Norwegian ship owners JJ Ugland’s parent companies Ugland Marine Services and Ugland Shipping has filed a $3 million lawsuit in New Orleans federal court after the collision. JJ Ugland alleges the collision was due to the navigational errors on the part of the panamax dry bulk carrier MV Iolcos Unity’s crew.
United States New Orleans District Judge Jay Zainey has since signed off on an arrest warrant for panamax dry bulk carrier MV Iolcos Unity. United States Coast Guard confirmed MV Iolcos Unity and MV Livita has collided. But, United States Coast Guard has not disclosed details to the extent of the damage or the cause collision. JJ Ugland’s 2017 built ultramax dry bulk carrier 63K DWT MV Livita was at the anchorage at the Southwest Pass Anchorage, near the mouth of the Mississippi River in Louisiana, when two ships collided. After the incident, 2006 built panamax dry bulk carrier 74K DWT MV Iolcos Unity was cleared to continue its voyage. No injury or pollution has been reported.
Norwegian shipowner JJ Ugland chartered out new building ultramax dry bulk carrier 63K DWT MV Jorita to Dampskibsselskabet NORDEN A/S. Copenhagen based Dampskibsselskabet NORDEN A/S did not reveal the terms of the charter deal. Ultramax dry bulk carrier 63K DWT MV Jorita was built at Japanese Shipyard Shin Kasado. At the beginning of 2019, Scorpio Bulkers chartered our similar ulramax dry bulk carrier 64K DWT MV SBI Libra (built 2017) for 5/7 months at $15,250 per day. Norwegian shipowner JJ Ugland has 15 ultramax and supramax dry bulk carriers in its fleet.
Norwegian shipowner and operator JJ Ugland sold 2001 built supramax dry bulk carrier 52K DWT MV Tamarita to an undisclosed buyer. European brokers commented that MV Tamarita fetched around $8.5 million. The price tag of MV Tamarita is similar to 2001 supramax dry bulk carrier 52K DWT MV Jag Ratan which was sold by Great Eastern Shipping. Norwegian shipowner and operator JJ Ugland also owns the sistership 2001 built 52K DWT MV Fermita. Norwegian shipowner and operator JJ Ugland’s MD (Managing Director) Oystein Beisland commented that sister-ship MV Fermita is on contract until the autumn and JJ Ugland in no rush to sell this ship. MV Tamarita and MV Fermita were cash cows for JJ Ugland during the boom years in the shipping market. In early 2016, MV Tamarita and MV Fermitawere probably worth just $3 million each. Norwegian shipowner and operator JJ Ugland is ordering new dry bulk carriers from Japanese shipyards.