Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) sold 2015 built kamsarmax bulk carrier 81K DWT MV BTG Kailash and 2015 built kamsarmax bulk carrier 81K DWT MV BTG Olympos to Greek shipowner George Economou-backed TMS Dry for around $71 million. 2015 built kamsarmax bulk carrier 81K DWT MV BTG Kailash and 2015 built kamsarmax bulk carrier 81K DWT MV BTG Olympos were listed under the ownership of the Bulk Trading Group (BTG) which is a joint venture between Kristian Gerhard Jebsen Skipsrederi (KGJS) and JP Morgan’s Global Maritime Investment Fund. In October 2020, Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) and JP Morgan’s Global Maritime Investment Fund joint venture Bulk Trading Group (BTG) sold 2015 built kamsarmax bulk carrier 81K DWT MV BTG Everest for around $22 million. Furthermore, Kristian Gerhard Jebsen Skipsrederi AS (KGJS) and JP Morgan’s Global Maritime Investment Fund joint venture Bulk Trading Group (BTG) sold 2015 built kamsarmax bulk carrier 81K DWT MV BTG Eiger for around $23 million. The second-hand dry bulk carriers’ prices have increased since 2020. 18-May-2022
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) is primarily a tanker owner. Kristian Gerhard Jebsen Skipsrederi AS (KGJS) has sold kamsarmax bulk carriers in recent years as poor tanker markets weighed on the company’s results and directed Kristian Gerhard Jebsen Skipsrederi AS (KGJS) to debt restructuring talks with creditors. Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) and JP Morgan’s Global Maritime Investment Fund joint venture Bulk Trading Group (BTG) owned eight (8) kamsarmax bulk carriers which were built between 2015 and 2021. Kristian Gerhard Jebsen Skipsrederi AS (KGJS) managed 2020 built kamsarmax bulk carrier 82K DWT MV BTG Ulriken and 2021 built kamsarmax bulk carrier 82K DWT MV BTG Apo are listed under the ownership of S&I Leasing. In December 2019, S&I Leasing was established as joint venture by Seven Yield Holding and Itochu Corp. 2020 built kamsarmax bulk carrier 82K DWT MV BTG Ulriken and 2021 built kamsarmax bulk carrier 82K DWT MV BTG Apo are on seven-year bareboat charters back to Kristian Gerhard Jebsen Skipsrederi AS (KGJS) till the end of 2027. 14-May-2022
Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) expects profit at the end of 2020. In 2019, Bjorn Jebsen-led Kristian Jebsens Rederi reported a pre-tax loss of NOK 100,000, versus NOK 17 million in 2018. Kristian Jebsens Rederi is heading for a profit in 2020. Bergen-based shipowner and operator Kristian Jebsens Rederi handles its principal company as part of 50%-owned joint venture JebMur Shipping with MUR Shipping. In the 2019 financial report, Kristian Jebsens Rederi elected to report JebMur Shipping as an associated company instead of wholly incorporating it which caused an obvious decrease in operating revenue. At the beginning of 2020, Kristian Jebsens Rederi 2015 built handysize bulk carriers 35K DWT MV Sharpnes and 35 K DWT MV Swiftnes for around $13 million each. Kristian Jebsens Rederi sold MV Sharpne and MV Swiftnes to Japanese shipowner and operator Toyo Kaiun. MV Sharpnes and MV Swiftnes were ordered for $25 million each. Kristian Jebsens Rederi holds a 25% stake in MV Sharpnes and MV Swiftnes. Besides, Kristian Jebsens Rederi is the managing owner. Kristian Jebsens Rederi does not disclose how many bulk carriers are controlled via JebMur Shipping with MUR Shipping. Bjorn Jebsen has a 60% stake in the Kristian Jebsens Rederi. Bjorn Jebsen’s brother Arne Jebsen holds the 40% stake in the Kristian Jebsens Rederi. Bjorn Jebsen and Arne Jebsen controlled Kristian Jebsens Rederi is a separate company from their late brother Kristian Gerhard Jebsen’s Kristian Gerhard Jebsen Skipsrederi. 14-October-2020
Bjorn Jebsen and Arne Jebsen controlled Norwegian shipowner and operator Kristian Gerhard Jebsen Skipsrederi AS (KGJS) reported a pre-tax loss of NOK 17 million in 2018, against a NOK 15 million loss in 2017. Pre-tax loss of NOK 17 million in 2018 sent Bergen-based private shipowner and operator Kristian Jebsens Rederi into negative equity. Kristian Jebsens Rederi had a negative book equity of NOK 16 million at the end of 2018. Kristian Jebsens Rederi had taken serious steps to decrease the costs. Kristian Jebsens Rederi has established a partnership with MUR Shipping. Kristian Jebsens Rederi and MUR Shipping joint-venture is called JebMur Shipping. Kristian Jebsens Rederi assumes that the bulk carrier market will improve in Q4 2019. Recently, JebMur Shipping has announced a purchase option on the 2014 built kamsarmax bulk carrier 61K DWT MV African Lunde. Exercising the purchase option has significantly reduced Kristian Jebsens Rederi cash break-even. Kristian Jebsens Rederi is essentially a bulk carrier operator. 26-July-2019