Dubai-based Lila Global, a shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has sealed its third consecutive deal by selling the 2003-built capesize bulk carrier MV Zhi Da 88 (175K DWT, ex MV Lila Singapore) to Chinese buyers. The 2003-built capesize bulk carrier MV Zhi Da 88 (ex MV Lila Singapore) will be managed by Hong Kong-based Junwell Shipping Co Ltd. MV Zhi Da 88 (ex MV Lila Singapore) has been transferred from the American Bureau of Shipping (IACS) to a non-IACS society and will be sailing under the flag of Saint Kitts and Nevis. Dubai-based Lila Global, a shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, sold MV Zhi Da 88 (ex MV Lila Singapore) for around $14 million, pocketing millions in the year it has been traded. Additionally, Lila Global sold the 2003-built capesize bulk carrier MV MELI III (171K DWT, ex MV P Melis) for around $16 million to YKJ Shipping Co Ltd. Dubai-based shipowner and operator Lila Global acquired MV P Melis from Golden Union in 2023. 6-June-2024
Dubai-based Lila Global, a shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has recently transitioned from purchasing to selling ships, successfully selling two capesize bulk carriers to Chinese shipowners. Under the leadership of CEO Steve Kunzer, who joined Lila Global in May 2023, the company has managed to flip at least one capesize bulk carrier for a profit. This move is part of a strategic shift for Lila Global, which has historically been known more for its acquisitions. One of the vessels, the 2003 built capesize bulk carrier 171K DWT MV P Melis, was sold for an undisclosed amount to a Chinese shipowner, marking a profitable transaction for Lila Global. This sale likely resulted in a considerable gain over the price paid in 2023, highlighting the company’s effective market maneuvers in the dynamic shipping industry. 2-May-2024
In a recent maritime incident, Indian Navy commandos successfully intervened and regained control of a bulker that had been hijacked by suspected pirates off the coast of Somalia. This operation resulted in the safe rescue of the crew, which included 15 Indian seafarers. The vessel, the MV Lila Norfolk, is a 170K DWT capesize bulk carrier owned by Lila Global and was built in 2006. It was targeted by a group of five or six armed individuals on Thursday while it was navigating the open Arabian Sea, approximately 450 nautical miles off the Somali coast. This incident marks a resurgence of piracy activities in the Indian Ocean, an area that had seen a decline in such incidents over the past several years. The successful intervention by the Indian Navy in this situation highlights ongoing security challenges in international waters and the need for vigilance against piracy threats in the region. 6-January-2024
The Indian Navy successfully thwarted an attempted hijacking of the Liberian-flagged capesize bulk carrier MV Lila Norfolk in the Arabian Sea. The incident occurred approximately 460 nautical miles off the coast of Somalia on January 4, when MV Lila Norfolk was boarded by six armed individuals. In response, the Indian Navy dispatched the warship INS Chennai and a naval aircraft to aid the 170K DWT capesize bulk carrier MV Lila Norfolk. On the morning of Friday, Indian Navy personnel established contact with MV Lila Norfolk. They reported that all 21 crew members of the MV Lila Norfolk were rescued safely. The navy found no pirates on board following their interception of the vessel. It is believed that the pirates abandoned their hijacking attempt due to the forceful warning issued by the Indian Navy and the imminent threat of interception by the naval warship. MV Lila Norfolk, which is operated by Dubai-based Lila Global, the ship owning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, was en route to Khalifa bin Salman in Bahrain at the time of the incident. Steve Kunzer, CEO of Lila Global, expressed gratitude towards the Indian Navy and other agencies involved in the rescue operation, including Capt Rohit Bajpai, director of IFC-IOR, and officials of DG Shipping. He also commended the professionalism of the crew for their safe and responsible reaction under the circumstances. Kunzer promised further updates as more information becomes available. This incident is part of a recent resurgence in piracy activities off the coast of Somalia. While piracy in the region was highly prevalent from 2008 to around 2012, it had been dormant for approximately five years. However, recent reports indicate an increase in hijacking attempts, with Somali pirates targeting various vessels, including dhows, and subsequently demanding ransoms for kidnapped crew members. 5-January-2024
Keeping a close eye on the secondhand market and swiftly finalizing transactions just before a spike in earnings has been pivotal to Lila Global’s remarkable growth. Recently, Dubai-based shipowner and operator Lila Global acquired the 2004 Daewoo-built capesize bulk carrier MV Lila Chios (ex MV Maran Innovation), with a capacity of 171K DWT, for around $13.5 million from Athens-based shipowner and operator Maran Dry Management. The purchase occurred a few weeks ago. MV Lila Chios (ex MV Maran Innovation) is set to enter a freight market that has recently surpassed the $50,000 per day mark. In just a month, daily earnings for capesize bulk carriers have soared to levels not seen since October 2021, more than tripling in value. This acquisition marks Lila Global’s, fifth capesize purchase in 2023 and further cements its position in the United Arab Emirates shipping sector. The deal is considered substantial given the abundance of Chinese-built bulk carriersavailable for sale. Lila Global’s, the ship owning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, strategy this year has involved adding approximately one bulk carrier per month, with a focus on older ships. Dubai-based shipowner and operator Lila Global’s fleet, consisting of 40 ships, is estimated to be worth around $500 million. 7-December-2023
Amidst the languorous summer rhythm in the dry bulk S&P (Sale and Purchase) landscape, one category distinctly emerges capesize, which is presently the most sought-after sales prospect. Capesize bulk carrier sales have escalated, surpassing the preceding year’s remarkable performance, and prices steadfastly hold their ground, despite anticipations of diminishing capesize bulk carrier asset values. Both modern and vintage capesize bulk carriers draw considerable attention. The most recent capesize bulk carrier transaction documented involves Athens-based Greek shipowner and operator Neda Maritime sold the 2009 built capesize bulk carrier 180K DWT MV Ariadne. 2009 built capesize bulk carrier 180K DWT MV Ariadne secured for around $21.5 million following numerous offers. Last week, Athens-based Greek shipowner and operator Capital Product Partners sold the 2009 built capesize bulk carrier MV Cape Agamemnon for around $20.85 million. Such capesize bulk carrier transactions underscore that valuations remain resilient, as both Greek and Chinese shipowners ardently negotiate with their financial institutions to allocate funds for additional bulk carrier acquisitions. Dubai-based Lila Global, the ship owning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, sold 2002 built capesize bulk carrier MV Lila Rio. Lila Global, the ship owning arm of GMS, transformed into a distinguished top-tier shipowner. Lila Global, the shipowning division of GMS (Global Marketing Systems), sold four vintage capesize bulk carriers in 2023. 14-August-2023
Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, expanded the company’s fleet to encompass over 70 magnificent vessels. Steve Kunzer-led shipowner and operator Lila Global focuses primarily on younger, more youthful ships while ensuring investments are diversified across various sectors. Lila Global, the shipowning arm of GMS, transformed into a distinguished top-tier shipowner. During Steve Kunzer’s tenure at the helm of Idan Ofer’s Tanker Pacific, commencing in 2008, Steve Kunzer orchestrated a remarkable metamorphosis of a substantial tanker company into the illustrious Eastern Pacific Shipping, a prominent name in the multifaceted realm of maritime transportation. 4-July-2023
COSCO, the Chinese state-owned behemoth, has successfully sold a distinguished vintage capesize bulk carrier to Lila Global, the shipowning division of GMS (Global Marketing Systems), a renowned recycler based in Dubai. Back in mid-March, COSCO made an initial attempt to sell 2006 built capesize bulk carrier MV CHS Splendor. At that time, the price tag stood at $17.5 million. Consequently, 2006 built capesize bulk carrier MV CHS Splendor has now been sold for $16.3 million. In another noteworthy transaction in March, COSCO parted ways with yet another similar vintage capesize bulk carrier. The fortunate buyer, Jiangsu Steamship, a prominent collector of vintage capesize bulk carriers in China, demonstrated great interest by tendering an offer of $17 million for the MV CHS Creation. 4-May-2023
Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has enhanced its relations with COSCO, solidifying its third agreement this year with the Chinese state-run shipowner. The most recent acquisition signifies a transition from wet to dry for Lila Global, the shipowning arm of GMS, shortly after procuring two Very Large Crude Carriers (VLCCs). Steve Kunzer-led shipowner and operator Lila Global has acquired 2006 built capesize bulk carrier MV CHS Splendor for around $18 million and 2003 built capesize bulk carrier MV Huang Shan for around $15 million. Anil Sharma-led GMS is a prominent purchaser of ships destined for demolition. Sharma manages the shipowning division of Lila Global, in addition to GMS (Global Marketing Systems), a prominent purchaser of ships destined for demolition. Lila Global is the shipowning subsidiary of the GMS (Global Marketing Systems). 28-March-2023
Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has achieved a remarkable return on investment in its most recent transaction. Lila Global, the shipowning arm of GMS (Global Marketing Systems), has successfully sold the 2007 built tanker 51K DWT MT Lila Rhine for around $23 million to a Turkish shipowner. Lila Global acquired 2007 built tanker 51K DWT MT Lila Rhine for around $9.8 million towards the end of 2021. This marks the fourth publicly announced sale made by Lila Global in 2023. Lila Global commenced the year by acquiring its second Very Large Crude Carrier (VLCC) from COSCO. 2003 built tanker MT Cosglory Lake was obtained in a transaction reminiscent of the earlier purchase of the slightly older tanker MT Lila Zhuhai (ex MT Cosgreat Lake). MT Lila Zhuhai (ex MT Cosgreat Lake was subsequently sold after a month to Glorious Affluence. 7-March-2023
The substantial amounts of money being paid for vintage tanker tonnage following Russia’s conflict with Ukraine have led to cash buyers becoming proficient in the art of flipping ships that, under normal circumstances, would have been destined for dismantling in South Asia. Wirana, a cash buyer based in Singapore, has recently acquired its third Very Large Crude Carrier (VLCC), emulating the business strategy of the renowned Anil Sharma-led cash buyer GMS (Global Marketing Systems). Wirana purchased the 2004 built Very Large Crude Carrier (VLCC) 300K DWT MT Cosbright Lake discreetly in mid-March for just under $40 million through a direct agreement with China’s state-owned giant COSCO. In contrast, Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, commenced the year by acquiring its second Very Large Crude Carrier (VLCC) from COSCO, MT Lila Zhuhai (ex MT Cosgreat Lake). Within a month, Lila Global successfully flipped the MT Lila Zhuhai (ex MT Cosgreat Lake), earning approximately $5 million in the process. Wirana entered the shipowning business in January by investing $52 million in 2005 built Very Large Crude Carrier (VLCC) 281K DWT MT Asia Dawn from Hong Kong’s Nan Fung Shipping. A few weeks later, Wirana secured 200 built Very Large Crude Carrier (VLCC) 297K DWT MT Nave Photon from Navios Maritime Partners for $55 million. 13-April-2023
Vintage Very Large Crude Carriers (VLCCs) are being sold rapidly at increasingly higher prices as each passing week of the year goes by, with the Chinese shipowners are being the most active in terms of sales. Chinese shipowning giant COSCO has been working diligently during these recent days, organizing the third sale of an aged Very Large Crude Carrier (VLCC) within the span of a month. Chinese shipowning giant COSCO has been offering these weathered behemoths at historically elevated prices. Chinese shipowning giant COSCO sold 2002 built Very Large Crude Carrier (VLCC) 300K DWT MT Cosglory for around $43 million. Similarly, 2004 built ery Large Crude Carrier (VLCC) MT Cosbright Lake has been made available for prospective buyers. Chinese shipowning giant COSCO has been actively reducing the average age of its fleet for several months now. It sealed its first VLCC transaction in late January after soliciting offers for the MT Lila Zhuhai (ex MT Cosgreat Lake), a Very Large Crude Carrier (VLCC) constructed in 2002. Ultimately, MT Lila Zhuhai (ex MT Cosgreat Lake) found a new home with Lila Global who offered a generous $39 million. COSCO is not the sole seller of these vintage workhorses, as there are numerous other deals in progress. 19-February-2023
Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, has become a part of the GSB J19 Pool of stainless steel chemical tankers with two chemical tankers. Lila Global, the shipowning arm of GMS, has included the 2006-built chemical tankers, namely MT Lila Ace and MT Lila Confidence, in this pool. Currently, the GSB J19 Pool comprises a total of nine chemical tankers ranging from 19,000 dwt to 22,500 dwt. Established in July 2021, the GSB J19 Pool is a collaborative effort between Golden Stena Baycrest Tankers (GSB Tankers) and Aurora Tankers, a subsidiary of IMC Industrial Group. Its purpose is to oversee and manage the operations of stainless steel tankers. GSB Tankers, headquartered in Singapore, commenced its operations in January 2019 as a partnership between Golden-Agri Stena and Bay Crest Management. Golden Stena Baycrest Tankers (GSB Tankers) anticipate welcoming additional partners to the pool in 2023. 10-January-2023
Steve Kunzer, the former executive of Eastern Pacific Shipping for a duration spanning five years until 2018, will assume the position of CEO at Lila Global in the near future. Consequently, Steve Kunzer will relinquish his board membership in various other shipping establishments, including Braemar. Dubai-based Lila Global’s, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, roots can be traced back to 2007, operating in conjunction with the cash buyer sector of GMS (Global Marketing Systems), a venture established by Anil Sharma 15 years prior. The current roster of Lila Global comprises 39 vessels, having doubled in size within 2022 alone. 3-January-2023
Tanker resale prices have experienced a significant surge over the past few months. Anil Sharma, a perceptive observer of these price fluctuations, has made the shrewd decision to capitalize on the recent appreciation of assets. Anil Sharma is renowned for his involvement in ship recycling operations at Global Marketing Systems (GMS). Additionally, he oversees Dubai-based Lila Global. In recent weeks, Dubai-based Lila Global has been actively marketing a considerable number of vintage tanker ships, solidifying what has been a busy year for this understated company. 11 ships entered Lila Global’s fleet and five departed, showcasing some remarkable asset maneuvers. Recently, Dubai-based Lila Global, the shipowning subsidiary of the world’s largest cash buyer of end-of-life ships, GMS, sold 2007 built aframax tanker 113K DWT MT Lila Fujairah (ex MT Wafrah) for around $28 million. Dubai-based Lila Global acquired MT Lila Fujairah (ex MT Wafrah) for around $17.5 million. Another noteworthy recent transaction involves MT Lila Guangzhou, a suezmax tanker constructed by Bohai Shipbuilding Industry, which has been sold for $23 million. MT Lila Guangzhou joined Dubai-based Lila Global’s fleet in late March, having been purchased for $16.5 million. There has also been a recent sale of the stainless steel chemical tanker 20K DWT MT Lila Frontier. Furthermore, 2004 built Crude Oil Tanker 165K DWT MT Lila Shenzhen is currently being marketed for $23 million. In April, Lila Global acquired MT Lila Shenzhen from COSCO for approximately $16.5 million. Dubai-based Lila Global traces its origins back to 2007, operating alongside GMS in the cash buyer business. Anil Sharma established GMS (Global Marketing Systems) 15 years prior to that. As of today, Lila Global boasts a fleet of 26 ships and aims to expand it to 50 vessels within the next four years. The fleet comprises a diverse range of ship types, including a cruise vessel. 13-September-2022