Athens-based Lou and George Kollakis-led shipowner and operator Chartworld Shipping Corporation has pressed ahead with another strategic fleet expansion move, targeting high-quality Japanese-built capesize bulk carriers. The end of the summer slowdown has brought renewed momentum to the S&P (Sale and Purchase) market, with bulk carrier sales accelerating as buyers from Greece, Turkey, Indonesia, and Thailand aggressively step in, surpassing their Chinese counterparts who had dominated activity during the summer. Standing out among the most active buyers is Greek shipowner and operator Chartworld Shipping Corporation. The Athens-based shipowner and operator Chartworld Shipping Corporation is on course to expand its capesize bulk carrier fleet into double digits, with S&P (Sale and Purchase) shipbrokers connecting the Kollakis-led group to the purchase of two Japanese-built 2011 capesize bulk carriers, the 183K DWT MV Frontier Neige and the 181K DWT MV Cape Jacaranda. These capesize bulk carriers were sold by Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, the wholly owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd. The ships are reported to have fetched around $25 million apiece, with delivery scheduled for 2026. Earlier in Q1 2025, London-based shipowner and operator Union Maritime had also been linked to similar capesize transactions. With this latest deal, Lou and George Kollakis-led Chartworld Shipping Corporation has raised its capesize bulk carrier tally to 10 ships, while its overall fleet now stands at 62 ships. Singapore-based shipowner and operator Kumiai Navigation Pte Ltd has long been recognized as the overseas operational arm of Kumiai Senpaku Co Ltd, one of Japan’s traditional and established shipowners. Founded in Tokyo in the early post-war period, Kumiai Senpaku Co Ltd has built a strong reputation in Japanese shipping circles for maintaining a fleet of modern, high-quality tonnage, frequently constructed at leading Japanese shipyards such as Namura Shipbuilding, Imabari Shipbuilding, and Tsuneishi Shipbuilding. Through its Singapore-based subsidiary Kumiai Navigation Pte Ltd, Kumiai Senpaku Co Ltd has been able to expand its commercial reach internationally, managing vessels trading worldwide while also benefiting from Singapore’s status as a global maritime hub. Kumiai Senpaku Co Ltd and its subsidiary Kumiai Navigation Pte Ltd have been active participants in the capesize and panamax bulk carrier markets, with long-standing relationships with Japanese trading houses and charterers. Their preference for high-quality Japanese-built bulk carriers has ensured strong residual values for their assets, which has made their ships particularly attractive to international buyers like Chartworld Shipping Corporation. The sale of MV Frontier Neige and MV Cape Jacaranda underlines Kumiai Senpaku Co Ltd’s strategy of portfolio management, where older tonnage is divested at competitive market levels to pave the way for investment into newbuilding programs, keeping the fleet modern and compliant with evolving environmental standards. By passing these 2011-built capesize bulk carriers into the hands of Chartworld Shipping Corporation, Kumiai Senpaku Co Ltd and Kumiai Navigation Pte Ltd continue their pattern of disciplined asset play, while Chartworld Shipping Corporation strengthens its presence in the global capesize sector. This transaction highlights the growing interconnectedness between traditional Japanese shipowners like Kumiai Senpaku Co Ltd and globally active Greek shipowners such as Chartworld Shipping Corporation, reflecting the continuing globalization of the dry bulk shipping industry. 19-September-2025
Greek shipowner secures two capesize bulk carriers as Japanese shipowner Kumiai Senpaku Co Ltd accelerates its retreat from the bulker sector. Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, the fully owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, is reported to have accepted an unusually extended forward delivery arrangement for the Japanese-built capesize bulk carriers. Kumiai Senpaku Co Ltd president Nobutaka Mukae Tokyo-based shipowner Kumiai Senpaku Co Ltd has long been recognized as one of the traditional Japanese shipping houses with deep-rooted ties to trading companies, shipyards, and financial institutions in Japan. Established in 1929, Kumiai Senpaku Co Ltd has operated for nearly a century across multiple shipping segments, including bulk carriers, LPG carriers, chemical tankers, and various specialized vessels, building a reputation for conservative financial management and reliability in long-term charter markets. The shipowner has maintained strong collaborative relationships with major Japanese trading houses such as Itochu, Sumitomo, and Mitsubishi, as well as shipyards like Japan Marine United and Namura Shipbuilding, ensuring that the majority of its fleet has historically been domestically built and operated under high technical standards. Over time, Kumiai Senpaku Co Ltd has been an active participant in international shipping pools and long-term employment arrangements, often placing tonnage on time charters to global operators and commodity traders, thereby reducing spot market exposure and guaranteeing steady cash flows. However, as the shipping industry has faced mounting environmental regulations, higher compliance costs, and increased volatility in bulk carrier earnings, Kumiai Senpaku Co Ltd has gradually shifted its strategic priorities. In recent years, the shipowner has diversified further into LPG and chemical tanker sectors, where it sees more stable earnings and closer alignment with Japan’s energy import requirements. The decision to withdraw from the large dry bulk sector was first signaled publicly two years ago, when Kumiai Senpaku Co Ltd announced a gradual divestment of its capesize bulk carriers, citing cyclical oversupply, exposure to freight market fluctuations, and the capital-intensive requirements of retrofitting and upgrading older ships to meet decarbonization targets set by the International Maritime Organization (IMO). The sale of its remaining capesize bulk carriers now represents the final phase of this transition. Kumiai Senpaku Co Ltd has also focused on enhancing its global presence through its Singapore-based arm, Kumiai Navigation Pte Ltd, which has played a central role in managing the group’s international operations and optimizing its access to financing and global charterers. By leveraging Singapore’s position as a maritime hub, Kumiai Senpaku Co Ltd has been able to strengthen its operational flexibility and commercial reach beyond Japan. The company is known for adopting a cautious but adaptive business model, balancing traditional Japanese management values with international expansion strategies. With the divestment of its last two capesize bulk carriers, the 181K DWT MV Cape Jacaranda (built 2011) and the 182K DWT MV Frontier Neige (built 2011), Kumiai Senpaku Co Ltd is effectively concluding nearly a half-century of involvement in the capesize bulk carrier market. This step not only underscores the shipowner’s strategic realignment but also reflects a broader industry trend among traditional Japanese shipping houses, many of which have been consolidating fleets, focusing on energy-related shipping, and aligning with environmental compliance investments. The exit from capesize bulk carriers enables Kumiai Senpaku Co Ltd to concentrate more intensively on sectors where it retains a competitive edge, such as LPG carriers, petrochemical tankers, and potentially LNG-related shipping, areas that align closely with Japan’s long-term energy security and sustainability policies. Japanese shipowner Kumiai Senpaku Co Ltd, led by president Nobutaka Mukae, thus continues to reshape its business profile, retaining its status as a significant player in the Japanese and global shipping landscape, while stepping away from one of the most volatile sectors in maritime transport. 10-September-2025
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, is strengthening its dry bulk fleet with a new ultramax bulk carrier order placed at Nantong COSCO KHI Ship Engineering (NACKS), securing a 64K DWT ultramax bulk carrier newbuilding for around $35 million, with delivery expected in Q2 2028 from Nantong Cosco KHI Ship Engineering (NACKS), which operates under COSCO Shipping Heavy Industry; Kumiai Navigation Pte Ltd currently manages a fleet consisting of 9 Very Large Gas Carriers (VLGCs), 2 small LPG carriers, and 9 bulk carriers, and its newbuilding program now comprises 4 vessels, including three VLGCs under construction at Kawasaki Heavy Industries with scheduled deliveries spanning from 2025 to Q4 2026; Kumiai Navigation Pte Ltd, headquartered in Singapore, serves as the international arm of Kumiai Senpaku Co Ltd, focusing on commercial ship management and investment in both gas and dry bulk segments, and has developed a strong presence in Asia-Pacific shipping markets through long-term charters and strategic partnerships with global energy and trading companies; its parent, Kumiai Senpaku Co Ltd, founded in Japan in 1929, is a privately held shipowning firm based in Tokyo, with decades of experience in owning and operating LPG carriers, bulk carriers, and other merchant ships, and is known for maintaining a stable, diversified fleet focused on quality ship management, safety, and long-term charter relationships with major Japanese and international charterers. 21-May-2025
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has placed an order for its fourth liquefied petroleum gas (LPG)-fuelled 86,700 cu m Very Large Gas Carrier (VLGC) at Japanese shipbuilder Kawasaki Heavy Industries (KHI), with the new vessel scheduled for delivery from KHI’s Sakaide Works in Q4 2026 and designed to simultaneously carry LPG and liquefied ammonia gas in separate cargo tanks, although the contract price has not been disclosed; Kumiai Navigation Pte Ltd currently operates a fleet comprising seven Very Large Gas Carriers (VLGCs), two small LPG carriers, and 10 bulk carriers, and all of its Very Large Gas Carrier (VLGC) newbuildings have been secured under long-term contracts supported by Canadian utility company AltaGas; headquartered in Singapore, Kumiai Navigation Pte Ltd serves as the international commercial and technical management arm of Kumiai Senpaku Co Ltd, with operations focused on LPG, ammonia, and dry bulk segments, and is known for its disciplined fleet strategy, long-term partnerships with energy majors and commodity traders, and strong commitment to safety, environmental compliance, and high operational standards across its gas and dry bulk shipping operations. 13-June-2024
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has placed an order for its third liquefied petroleum gas (LPG)-fuelled 86,700 cu m Very Large Gas Carrier (VLGC) at Japanese shipbuilder Kawasaki Heavy Industries (KHI), with delivery scheduled for 2026 from KHI’s Sakaide Works, and although no contract price has been disclosed, the VLGC will be capable of simultaneously transporting LPG and liquefied ammonia gas in separate cargo tanks, and will be powered by low-sulfur fuel oil and LPG to comply with the International Maritime Organization’s latest SOx emissions regulations and EEDI Phase 3 standards; similar VLGCs have been ordered by other Japanese shipowners at KHI for deliveries between 2023 and 2025, and this will mark the twelfth LPG/NH3 carrier built by Kawasaki Heavy Industries (KHI); Singapore-based Kumiai Navigation Pte Ltd, acting as the international operational arm of Kumiai Senpaku, currently controls a diversified fleet of 7 Very Large Gas Carriers (VLGCs), 2 small LPG carriers, and 11 bulk carriers, with a growing presence in both gas and dry bulk shipping markets; the company is known for its focus on long-term stability, technical excellence, and chartering reliability, maintaining close relationships with global energy majors and commodity firms, and is actively pursuing environmentally responsible fleet expansion, with a strategic emphasis on LPG and ammonia-ready technologies that align with emerging decarbonization and regulatory standards across the shipping industry. 26-March-2023
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has added a second Very Large LPG/Liquefied Ammonia Gas Carrier (VLGC) to its orderbook at Japanese shipbuilder Kawasaki Heavy Industries (KHI) by exercising its option for an additional LPG-fuelled 86,700 cu m VLGC following its initial order placed in June 2022, and similar to the previous contract, the price for the newbuild has not been disclosed, but the vessel is scheduled for delivery in 2025 and will be capable of transporting both LPG and liquefied ammonia gas in separate cargo tanks simultaneously; Singapore-based Kumiai Navigation Pte Ltd currently operates a fleet of 11 bulk carriers and 9 gas carriers, and continues to strengthen its position in the gas shipping sector through investments in modern, fuel-efficient tonnage aligned with environmental regulations and long-term charter commitments; established to serve as the international commercial and technical arm of its parent company, Kumiai Navigation Pte Ltd has built a strong reputation for reliable operations, high-quality fleet management, and long-standing relationships with global charterers, particularly in the energy and commodities sectors; its parent, Kumiai Senpaku Co Ltd, founded in 1929 and headquartered in Tokyo, Japan, is a privately held shipowner with a legacy of more than 90 years in Japanese maritime shipping, and is known for its conservative and long-term investment approach, maintaining a balanced portfolio of LPG carriers and bulk carriers, with a strategic focus on safety, operational efficiency, and compliance with evolving global maritime standards. 30-January-2023
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has placed an order for an LPG-fuelled 86,700 cu m Very Large Gas Carrier (VLGC) at Japanese shipbuilder Kawasaki Heavy Industries (KHI), with the vessel scheduled for delivery in 2025 from KHI’s Sakaide Works, and although no price has been disclosed, the VLGC will be capable of carrying LPG and liquefied ammonia gas in separate cargo tanks simultaneously and will be powered by low-sulfur fuel oil and LPG to comply with the latest SOx emission standards and EEDI Phase 3 regulations set by the International Maritime Organization; Singapore-based Kumiai Navigation Pte Ltd currently operates a fleet of 6 Very Large Gas Carriers (VLGCs), 2 small LPG carriers, and 12 bulk carriers, and in addition to this latest order at Kawasaki Heavy Industries (KHI), the company expects delivery of one 84,000 cu m Very Large Gas Carrier (VLGC) from the same shipyard later this year and has an ultramax bulk carrier under construction at Oshima Shipbuilding scheduled for delivery in Q1 2023; Kumiai Navigation Pte Ltd serves as the international commercial and operational platform of Kumiai Senpaku Co Ltd and is headquartered in Singapore, from where it manages a diversified fleet of gas and dry bulk carriers, with a strategic focus on environmentally advanced tonnage, long-term chartering, and technical excellence; its parent, Kumiai Senpaku Co Ltd, founded in 1929 and based in Tokyo, is a privately held Japanese shipowner with a legacy of nearly a century in the maritime industry, known for its conservative investment philosophy, emphasis on operational reliability, and enduring partnerships with global energy and commodity firms, and continues to play an active role in both gas and dry bulk sectors through its integrated fleet management and expansion initiatives. 21-June-2022
China State Shipbuilding Corporation (CSSC) has announced that its subsidiary Jiangnan Shipyard has signed a Letter of Intent (LOI) with Japanese shipowner Kumiai Senpaku Co Ltd for the construction of a 40,000 cu m LPG carrier, which will feature an LPG dual-fuel engine along with additional environmentally friendly technologies, with delivery scheduled for Q1 2023; Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Kumiai Senpaku Co Ltd, currently owns a fleet of 16 ships comprising 9 bulk carriers, 4 tankers, and 3 LPG carriers, and Kumiai Senpaku Co Ltd also has an MR tanker under construction at CSSC Chengxi Shipyard; Kumiai Navigation Pte Ltd, headquartered in Singapore, acts as the commercial and technical management hub for the group’s international operations, with a strategic focus on energy transportation and dry bulk markets, and is recognized for its high standards in vessel management, long-term charter relationships, and commitment to environmental compliance and operational excellence; its parent company, Kumiai Senpaku Co Ltd, founded in 1929 and based in Tokyo, is a privately owned Japanese shipping firm with decades of experience in owning and operating LPG carriers, product tankers, and bulk carriers, and is known for its conservative growth strategy, emphasis on long-term asset value, and close relationships with leading charterers and shipbuilders in both Japan and overseas markets. 12-August-2020
Japanese shipyard Kawasaki Heavy Industries (KHI) has secured another order from Japanese shipowner Kumiai Senpaku Co Ltd for an additional 84,000 cu m Very Large Gas Carrier (VLGC) newbuilding, which will be fitted with an LPG dual-fuel engine, with the third ship in the series ordered by Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Kumiai Senpaku Co Ltd, and scheduled for delivery from Kawasaki Heavy Industries’ Sakaide facility in Q3 2022; Kumiai Navigation Pte Ltd currently operates a fleet that includes 5 Very Large Gas Carriers (VLGCs), forming part of its total fleet of 16 vessels, and continues to focus on expanding its presence in the LPG shipping market with modern, environmentally efficient tonnage under the strategic direction of its parent company, Kumiai Senpaku Co Ltd. 19-July-2020
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has returned to CSSC Chengxi Shipyard with an order for one 37K DWT asphalt tanker and one 50K DWT MR tanker, following its February orders of two kamsarmax bulk carrier newbuildings at Nantong Cosco KHI Ship Engineering (NACKS) and one Very Large Gas Carrier (VLGC) at Kawasaki Heavy Industries; Kumiai Navigation Pte Ltd had previously taken delivery of three asphalt tankers from Chengxi Shipyard in 2017 and 2018 and currently operates a diversified fleet of 17 ships consisting of 9 bulk carriers, 3 LPG carriers, 3 asphalt tankers, 1 molten sulphur carrier, and 1 roro ship, reflecting the company’s strategic focus on expanding and modernizing its multipurpose fleet under the long-term direction of its parent Kumiai Senpaku Co Ltd. 21-April-2020
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has placed an order with Nantong Cosco KHI Ship Engineering (NACKS) for the construction of an 82K DWT kamsarmax bulk carrier, which will be equipped with a scrubber and is scheduled for delivery in 2021, though the contract value has not been disclosed; in the same week, Kumiai Senpaku Co Ltd also ordered a dual-fuel Very Large Gas Carrier (VLGC) at Kawasaki Heavy Industries (KHI), while Kumiai Navigation Pte Ltd currently owns a fleet of 16 ships comprising 10 bulk carriers and 6 LPG carriers, and Kumiai Senpaku Co Ltd has an additional 2 bulk carrier newbuildings and 3 LPG carrier newbuildings on order; headquartered in Singapore, Kumiai Navigation Pte Ltd serves as the global commercial and technical management arm of Kumiai Senpaku Co Ltd, operating a diversified fleet across bulk, gas, and tanker segments, and is recognized for its operational reliability, chartering discipline, and commitment to environmental standards; its parent company, Kumiai Senpaku Co Ltd, founded in 1929 and based in Tokyo, Japan, is a privately owned maritime company with nearly a century of experience in Japanese and international shipping, known for its long-term approach to asset management, strategic fleet expansion, and stable partnerships with major energy companies and trading houses worldwide. 18-February-2020
Japanese shipyard Kawasaki Heavy Industries (KHI) has announced it has received an order from Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, for an additional 84,000 cu m Very Large Gas Carrier (VLGC) that will be equipped with an LPG dual fuel engine, marking the second VLGC in a series ordered by Kumiai Navigation Pte Ltd and scheduled for delivery from Kawasaki Heavy Industries’ Sakaide facility in Q1 2022; Kumiai Navigation Pte Ltd currently operates 5 Very Large Gas Carriers (VLGCs) as part of a broader fleet comprising 16 vessels in total, reflecting the company’s continued investment in high-specification gas carriers aligned with its long-term strategy for environmentally efficient shipping under the guidance of Kumiai Senpaku Co Ltd. 16-February-2020
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd, a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd, has sold its 2001-built 79,500 cu m Very Large Gas Carrier (VLGC) MT Ocean Orchid for approximately $24 million as part of its ongoing strategy to optimise its LPG tanker fleet, with the Japanese-built VLGC being the oldest unit in its LPG segment, and the sale reducing Kumiai Navigation Pte Ltd’s LPG fleet to three ships; traditionally focused on the dry bulk sector, Kumiai Senpaku Co Ltd is actively expanding its presence in gas shipping, with four LPG carriers currently under construction at Japanese shipbuilders Kawasaki Heavy Industries (KHI) and Sasaki Zosen, reflecting a strategic shift towards modern, dual-fuel tonnage and environmentally compliant designs; headquartered in Singapore, Kumiai Navigation Pte Ltd acts as the international commercial and technical management platform for its parent company, overseeing a diversified fleet that spans bulk carriers, LPG carriers, product tankers, and specialised cargo vessels, and is recognised for its long-term chartering partnerships, disciplined asset management, and commitment to regulatory compliance and operational excellence; its parent, Kumiai Senpaku Co Ltd, established in 1929 and based in Tokyo, is a privately held shipping company with nearly a century of experience in Japanese and global maritime sectors, known for its conservative growth strategy, focus on quality tonnage, and longstanding relationships with major charterers and shipbuilders. 22-January-2019
Singapore-based shipowner and operator Kumiai Navigation Pte Ltd which is a wholly-owned subsidiary of Japanese shipowner Kumiai Senpaku Co Ltd has ordered scrubber fitted IMO Tier II newcastelemax and ultramax dry bulk carrier for a total $82 million at Sino-Japanese shipyards. Both newcastelemax and ultramax dry bulk carriers are booked against long-term charters. Singapore based shipowner and operator Kumiai Navigation Pte Ltd is paying about $55 million for the newcastlemax dry bulk carrier and about $27 million for the ultramax dry bulk carrier. Newcastlemax dry bulk carrier (208K DWT) will be built at Nantong Cosco KHI Ship Engineering (Nacks) and will be delivered in June 2020. Ultramax dry bulk carrier (61K DWT) will be built at Dalian Cosco KHI Ship Engineering (Dacks) and will be delivered in mid-2020. Singapore based shipowner and operator Kumiai Navigation Pte Ltd ordered both newcastlemax and ultramax dry bulk carriers on the back of long-term charter contracts of more than 5 years. Singapore based shipowner and operator Kumiai Navigation Pte Ltd has a fleet of 10 dry bulk carriers comprising 5 capesizes, 1 panamax and 4 supramax dry bulk carriers. Kumiai Navigation Pte Ltd also owns 4 modern Very Large Gas Carriers (VLGCs). 15-December-2018