Lomar Shipping

Seapath, a subsidiary of the Libra Group, has initiated a Jones Act leasing operation, securing $25 million in transactions right from the start. The company’s leasing strategy encompasses a fleet of six Jones Act-compliant barges, presently being constructed. Additionally, Seapath has a platform supply vessel (PSV) on a bareboat charter agreement with ThayerMahan. Joshua Lubarsky, the president of Seapath, expressed the company’s goal to expand its portfolio to $100 million in the near future. Manos Kouligkas, the CEO of the Libra Group, highlighted that Seapath enhances the group’s significant leasing expertise in both the maritime and aerospace sectors. In a strategic move in September 2023, Seapath and Pilot LNG unveiled plans for a collaborative project to establish the Galveston LNG Bunker Port, aimed at servicing LNG-fueled ships in the wider Houston/Galveston region with a starting investment of around $200 million. Seapath represents one of the three maritime affiliates under the US-based Libra Group, alongside Lomar Shipping and Americraft Marine. Americraft Marine operates a Jones Act-compliant shipyard in Palatka, Florida. 14-March-2024


Lomar Shipping, a UK-based shipowner and part of the Libra Group, recently completed the sale of the supramax bulk carrier MV Porto Leone to a new owner in Singapore for $22 million. This transaction, finalized in the last days of 2023, marked the culmination of a significant year for the London-based shipowner and operator, with sales and purchase (S&P) activities totaling $500 million. The Singapore-registered Delong Zhenxing has been identified as the purchaser of the ultramax bulk carrier MV Porto Leone, a deal that was discreetly conducted at the end of December. The sale of the 63K DWT ultramax, built in 2014, was disclosed last week by the US-based Libra Group, the parent company of Lomar Shipping. 28-January-2024


London-based Lomar Shipping, a prominent UK shipowner, is charting a course for expansion and new investments by appointing Peter Mellis as a senior adviser for corporate development. This strategic move signifies the company’s commitment to growth and business development. Peter Mellis, formerly the commercial director at V.Group, brings a wealth of experience to Lomar Shipping, particularly from his over 20 years in the US banking and private equity sectors. His expertise is expected to be instrumental in advancing Lomar Shipping’s investment strategies and fostering business growth. Lomar Shipping, which is a part of the Libra Group owned by the Logothetis family, has specifically tasked Mellis with enhancing its investment strategy and steering the company’s business development efforts. This appointment underscores Lomar Shipping’s focus on leveraging expert insights and experience to navigate the dynamic maritime industry and pursue new investment opportunities. 20-December-2023


Lomar Shipping, a UK-based diversified shipowner and a subsidiary of the Libra Group, is entering into a collaborative partnership with the Hamburg start-up Turtle, a seafarer recruitment platform. This initiative represents a significant move to streamline and enhance the efficiency of the seafarer recruitment process. The collaboration will leverage Turtle’s innovative job-seeking platform, which was established in 2022 by its CEO, Isabelle Rickmers. Based in Hamburg, Turtle aims to address and rectify inefficiencies commonly found in the recruitment of maritime professionals. Lomar Shipping, headquartered in London, brings its extensive experience and expertise in the shipping industry to this partnership. The company’s corporate venture lab, lomarlabs, will play an instrumental role in this collaboration, signifying Lomar Shipping’s commitment to adopting and promoting technological advancements in the maritime sector. This collaboration marks a significant step towards modernizing seafarer recruitment practices, with both Lomar Shipping and Turtle aiming to create a more efficient, effective, and streamlined process for connecting maritime professionals with opportunities in the shipping industry. 13-December-2023


Lomar Shipping, a subsidiary of the Libra Group and a diversified UK-based shipowner, has recently boosted its fleet expansion efforts by securing capital with Neptune Maritime Leasing. This collaboration, involving Jersey-based Neptune Maritime Leasing, covers five ships, although the financial specifics of the deal remain undisclosed. Under the leadership of Nicholas Georgiou, Lomar Shipping is actively diversifying its portfolio, increasingly focusing on the dry bulk and chemical tanker sectors, moving away from its traditional emphasis on containerships. A recent addition to Lomar’s fleet through this partnership is the 2010-built supramax MV Manila Trader. Lomar Shipping and Neptune Maritime Leasing has been active throughout 2023, encompassing transactions involving several vessels, including MV Athens Trader, MV Oslo Trader, MV Rome Trader, and MV Lima Trader. Neptune Maritime Leasing, established in 2021 by experienced financier Harris Antoniou and supported by the Lastis family as a primary investor, has been growing its presence in the maritime leasing sector. In March of this year, Greek container ship and bulk carrier owner Costamare joined as a significant investor, contributing up to $200 million. Neptune Maritime Leasing also benefits from the expertise of Lars Solbakken, the former CEO of sale and leaseback specialist Ocean Yield, who serves as an advisor. This growing network and influx of capital signify Neptune Maritime Leasing’s increasing influence and capability in the maritime finance landscape. 30-November-2023


Lomar Shipping, a London-based diversified shipowner within the Libra Group, has continued its active involvement in selling container ships as Lomar Shipping shifts its focus towards bulk carriers and chemical tankers. Over the recent period, Lomar Shipping has parted ways with four (4) container ships, generating nearly $39 million in revenue. Among the container ships sold are the 2002-built panamax container ships MV Velika Express and MV Mirador Express, estimated to be valued at approximately $9.5 million each. Additionally, the 2005 container ship MV built OOCL St. Lawrence was sold for approximately $15.8 million. These container ships have been delivered to clients of Conbulk Shipmanagement, a Greek company. Furthermore, Lomar Shipping also disposed of the 2005 built feeder container MV Hamburg Trader, valued at around $7 million. Under the leadership of Nicholas Georgiou, Lomar Shipping has been expanding its presence in the chemical tanker sector, including the acquisition of Bremen-based MT Carl Büttner, and has made several additions to its fleet of secondhand bulk carriers. Earlier in the year, Lomar Shipping purchased three (3) supramax bulk carriers, marking its first such acquisitions since early 2022. These transactions coincided with the sale of five feeder container ships to German tonnage provider MPC Container Ships, which were collectively sold for a price close to $137 million. Lomar Shipping is a prominent ship-owning and ship-management group with a global presence. The company operates worldwide and maintains its primary offices in the United Kingdom, Germany, Croatia, and Singapore. Lomar Shipping conducts its activities on a global scale and collaborates closely with the Libra Group network. 8-November-2023


Lomar Shipping, a company under Greek control and part of the Libra Group, has entered into a new loan agreement with Macquarie Group, an Australian financier. This latest deal has increased Lomar Shipping’s total commitments to Macquarie Group to a total of $151 million. The agreement involves a $37.5 million credit facility, which will be used to refinance up to six (6) ships in London-headquartered Lomar Shipping’s diverse fleet. Although the specific vessel names were not disclosed, it’s worth noting that this marks the third transaction between Lomar Shipping and Macquarie Group , indicating a continuing partnership between the two entities. Nicholas Georgiou, the CEO of Lomar Shipping, is overseeing these financial transactions. 30-October-2023


London-headquartered Lomar Shipping continues to expand its fleet of bulk carriers through the acquisition of two additional vessels manufactured in China. Nicholas Georgiou-led Lomar Shipping, a subsidiary of the esteemed Libra Group, has acquired 2010 built supramax bulk carrier 56K DWT MV Rome Trader (ex MV Chris) for around $12.5 million from Athens-based shipowner and operator Seadar Shipmanagement. MV Rome Trader (ex MV Chris) was built by Cosco Guangdong in China. Additionally, the Libra Group has acquired 2011 built kamsarmax bulk carrier 79K DWT MV Athens Trader (ex MV Joy) for around $14 million. Libra Group will take the delivery of 2011 built kamsarmax bulk carrier 79K DWT MV Athens Trader (ex MV Joy) in September. These recent transactions follow a series of notable bulk carrier purchases made by Lomar Shipping throughout this year. In May 2023, London-headquartered Lomar Shipping revealed the acquisition of a trio of supramax bulk carriers valued at nearly $43 million. Furthermore, in June 2023, Lomar Shipping acquired three panamax bulk carriers constructed in China, amounting to a total sum close to $50 million. 20-July-2023


London-headquartered Lomar Shipping directs the proceeds from the sales of container ships toward the acquisition of bulk carriers. Lomar Shipping is associated with the procurement of three panamax bulk carriers subsequent to the sale to MPC Container Ships. Lomar Shipping is allocating a portion of the funds raised from a recent series of container ship sales to expand its presence in the realm of bulk carriers. In May 2023, London-headquartered Lomar Shipping led by Nicholas Georgiou procured its initial bulk carrier since early 2022, swiftly seizing a trio of supramax bulk carriers. As per insider reports, the UK-based shipowner has now undertaken the acquisition of three panamax bulk carriers in one comprehensive move. 16-June-2023


MPC Container Ships gracefully acquires Lomar Shipping’s fleet of feeder container ships. The esteemed German tonnage provider MPC Container Ships has invested a substantial sum of $136.4 million in procuring five exquisite ships, while simultaneously selling their older panamax bulk carriers for $22 million. MPC Container Ships, known for their strategic moves, has taken swift action to acquire the modern feeder container ships being offered by the UK-based Lomar Shipping. The vessels in question are the MV London Trader, MV Madrid Trader, MV Trieste Trader, MV B Trader, and MV Queen Esther. Following the acquisition, these ships have been splendidly christened as MV AS Stine, MV MV AS Silje, MV AS Simone, MV AS Sabine, and MV AS Anne. It is worth noting that all these vessels come with existing charters. MPC Container Ships is optimistic that these container ships will generate impressive EBITDA figures, estimated to range between $30 million and $41 million, depending on their respective redelivery dates. 14-June-2023


London-based Lomar Shipping appoints Marius Bujor as the esteemed new technical director. Lomar Shipping affirms that the newly appointed Marius Bujor possesses exceptional leadership qualities and is adept at embracing novel challenges. With Stylianos Papageorgiou stepping aside, Marius Bujor assumes the role of technical director for the esteemed UK shipowner, Lomar Shipping. Stationed in the Bremen office, Marius Bujor shall expertly guide Lomar Shipping’s global technical teams, situated across London, Germany, Singapore, and China. Marius Bujor’s tenure with Lomar spans eight years, having commenced in 2014 as a technical superintendent. Progressing swiftly, he assumed the position of fleet manager merely four years later and subsequently earned the distinction of deputy technical director in late 2022. 28-March-2023


London-based Lomar Shipping ventures into the realm of cutting-edge technology, distancing itself from traditional containers. A novel technological enterprise emerges, presenting ships as exquisite “floating labs” designed to address the most profound challenges in the maritime domain. Spearheaded by Nicholas Georgiou, Lomar Shipping intends to expand its horizons by forming partnerships with deep-tech maritime start-ups. The newly established venture, known as “Lomarlabs,” aims to extend support and financing to early-stage tech companies within the maritime industry. At the helm of Lomarlabs stands Stylianos Papageorgiou, former technical director of Lomar Shipping, assuming the role of managing director. The initial undertakings will primarily concentrate on matters of energy efficiency, fuel transition, carbon capture, and elimination, as well as automation. 25-March-2023


Container ship tonnage providers continue to generate profits despite a decline in values. Lomar Shipping, a London-based company led by Nicholas Georgiou, and a select group of German owners are intensifying their efforts by engaging in additional sales of feeder container ships. Lomar Shipping, under the leadership of Nicholas Georgiou, remains committed to disposing of container shipping tonnage for a lucrative gain. The renowned UK-based shipowner, Lomar Shipping, is currently in the process of selling the MV Windermere (built in 2010), which has a carrying capacity of 2,872 twenty-foot equivalent units (TEUs), fetching a commendable price of approximately $17 million, as reported by brokers. This transaction, completed with an undisclosed buyer, signifies a substantial profit for Lomar Shipping, which initially purchased the vessel for around $10 million towards the end of 2020. However, it is important to note that the achieved figure falls considerably short of the remarkable $52 million that Lomar Shipping successfully secured during the market’s pinnacle. 20-February-2023


London-based Lomar Shipping bestows scholarships upon nine students in remembrance of Achim Boehme. These grants will facilitate the development of the upcoming generation of maritime leaders through their studies in Bremen. Lomar Shipping’s Achim Boehme Scholarship continues to support the future pioneers of the shipping industry by granting additional student bursaries. In honor of the late Achim Boehme, the former CEO of Lomar Shipping who succumbed to cancer in 2020, this fund is benefiting nine students at the City University of Applied Sciences in Bremen, Germany. Among the scholars are Kelly O’Grady from the United States, Gonzalo Vallejo Moller from Venezuela, Bruno Molina Stagi from Uruguay, and Surendra Solanki from India, all pursuing a BSc in International Ship Management and Nautical Sciences. Furthermore, support extends to Michael Rhenzo Pasion from the Philippines, Francisco dos Santos Portela from Portugal, Soufiane Zakri from Morocco, Hanife Ucar from Turkey, and Moritz Wottrich from Germany, who are pursuing a BA in International Shipping & Chartering. Nicholas Georgiou, the CEO of Lomar Shipping, expressed his delight, stating, “We are pleased to carry on Achim’s commitment to nurturing young talents aspiring to build careers in the shipping industry.” He further added, “Achim was an exceptional leader and mentor to many in the shipping sector. It brings us great joy to uphold his remarkable legacy through an expanded program that supports the future leaders, our beacons of tomorrow.” This initiative perpetuates the enduring contributions and unwavering dedication of this industry legend. The initial batch of students was announced in December 2021 by Lomar Shipping, a London-Greek shipping company. These grants alleviate the financial burden of education. Additionally, the program offers vocational support and internships within Lomar offices and onboard vessels, thus preparing students for their professional journey. Achim Boehme, hailing from Bremen, joined Lomar Shipping’s management team as the Chief Financial Officer in 2010. Later that year, he was promoted to the position of Chief Executive Officer, assuming overall responsibility for management, strategy, and development. He also served as the General Manager of Lomar Germany. Professor Captain Thomas Jung from the City University of Applied Sciences remarked, “Achim Boehme was a trailblazer and staunch advocate of the German shipping industry, as well as education, particularly in the City of Bremen.” He continued, “We are thrilled to collaborate once again with Lomar Shipping to enhance the support provided by this scholarship, which assists the future careers of our brightest talents. We hope that they will soon follow in the footsteps of Achim Boehme, becoming the future leaders in the global shipping arena.” 9-January-2023


London-based Lomar Shipping’s stake in the container ship industry reaps significant rewards. Lomar Shipping has amassed a staggering $900 million in profits from the sale of container ships during the prosperous era of container shipping. The UK-based Lomar Shipping’s subsidiary, the esteemed Libra Group, has garnered approximately $1.46 billion from the sale of container ships during the remarkable two-year container rally. This momentous undertaking reached its culmination this month with the transfer of four 1,100-teu vessels to Contships Management, owned by the renowned Nikolas Pateras. This transaction marked the 49th vessel, primarily consisting of container ships, divested by Lomar Shipping since Q2 2020. 1-January-2023


Nikolas Pateras’ Contships gracefully acquires Lomar Shipping’s quartet of sister container ships. Contships Management, headquartered in Athens, remains devoted to the feeder container ship sector by procuring its youngest fleet yet. Demonstrating their unwavering commitment, Nikolas Pateras’ Contships Management, the foremost independent owner of vessels ranging from 900 TEU to 1,500 TEU, solidifies its position with yet another acquisition. The esteemed Athens-based Contships Management has reached an agreement to purchase four container ships from Lomar Shipping. This recent transaction elevates Nikolas Pateras-led Contships Management’s container ship fleet to a remarkable total of 46 ships. 9-October-2022


London-based Lomar Shipping has concluded the acquisition of German tanker owner Carl Buttner Holding for a substantial sum of $160 million. This landmark deal, involving a fleet of six chemical product tankers, ushers in a new era for the long-established German shipowner, Carl Buttner Holding, which boasts an impressive 166-year history. Led by Nicholas Georgiou, Lomar Shipping, headquartered in London, has successfully finalized the purchase of Carl Buttner, a renowned German tanker owner. As part of the agreement, London-based Lomar Shipping will assume control of six chemical product tankers, ranging from 25,000 dwt to 40,000 dwt. Additionally, Lomar Shipping will assume responsibility for the ship management and crewing operations of the Bremen-based shipowner. This strategic move signifies a significant turning point for Carl Buttner Holding, a company steeped in 166 years of tradition. The sale of the esteemed German company, Carl Buttner Holding, is being orchestrated by Maike Buttner and Jorn Buttner, the fifth-generation shareholders. 1-October-2022


London-based Lomar Shipping’s Chief Financial Officer (CFO), Manos Kouligkas, has been promoted to the esteemed position of CEO within the renowned Libra Group, led by George Logothetis. The visionary George Logothetis has now assumed the role of Executive Chairman of the distinguished Libra Group, appointing Manos Kouligkas as his successor in the esteemed position of Chief Executive Officer (CEO). Having served as the CFO of Lomar Shipping since 2012, Manos Kouligkas will commence his new role on 3rd October, operating from Libra Shipping’s headquarters in New York. This strategic move by George Logothetis marks a pivotal moment for the esteemed Libra Group, which originated from Lomar Shipping in the early 2000s. Today, the group boasts a diverse portfolio spanning maritime, aviation, renewable energy, real estate, and hospitality, among other prosperous ventures. 18-July-2022


London-based Lomar Shipping’s sister company, George Logothetis-led Libra Group, has acquired St. Johns Ship Building. At a crucial moment for the US energy sector, the Americraft subsidiary assumes control of the Jones Act-compliant shipyard. George Logothetis-led Libra Group has made this acquisition, adding St. Johns Ship Building to its portfolio. The St. Johns Ship Building specializes in the offshore wind vessel sector, conforming to the Jones Act regulations. Today, the takeover was announced by Americraft Marine, a newly established subsidiary of Libra Group, specifically formed to purchase the St. Johns Ship Building located in Palatka, Florida. This deal represents a significant expansion for the privately-owned Libra Group, renowned within shipping circles for its expertise in the container, bulker, and chemical tanker operations at Lomar Shipping. 19-June-2022


London-based Lomar Shipping has significantly multiplied its profits through the sale of a container ship to CMA CGM. The renowned French shipping company, CMA CGM, has been leasing the container ship for the past 18 months. Impressively, Lomar Shipping has successfully sold its thirtieth container ship in just over a year, fetching a price that surpasses double its initial investment. The London-based Greek shipowner, Lomar Shipping, has managed to sell the technologically advanced MV Sabre Trader (built-in 2018) with a capacity of 1,774 twenty-foot equivalent units (TEU) for a substantial sum of approximately $43 million. Notably, the MV Sabre Trader is equipped with an advanced ballast water treatment system and features an eco-electronic engine. Sources indicate that the buyer of this remarkable vessel is none other than the esteemed French liner company, CMA CGM, which has maintained a charter agreement for the MV Sabre Trader since August 2020. 5-March-2022


London-based Lomar Shipping has acquired three panamax bulk carriers from the Golden Ocean Group, a Norwegian shipowner. The Golden Ocean Group, backed by John Fredriksen, has been consistently selling its older tonnage, while Lomar Shipping, a Greek shipowner based in London, has been actively purchasing bulk carriers. Lomar Shipping, the London-based Greek shipowner, has entered into an agreement to purchase the three China-built panamax bulk carriers for a sum of $52 million. These panamax bulk carriers include the MV Golden Empress and MV Golden Endeavour, both constructed in 2010, as well as the MV Golden Enterprise, built in 2011. Notably, these non-eco panamax bulk carriers were all manufactured at Jinhai Heavy Industries in China but do not feature scrubbers. 2-March-2022


London-based Lomar Shipping has transformed $10 million into $52 million within a span of 18 months through the sale of containers to Transfar Shipping, a shipping company linked to Alibaba. Transfar Shipping, an Alibaba-affiliated logistics carrier, is making strategic moves in the shipowning industry. Lomar Shipping, a Greek shipowner with its base in London, is currently enjoying a profit exceeding $40 million from the sale of a sub-panamax container ship, which was purchased less than 18 months ago. The vessel, known as MV Windswept, boasting a capacity of 2,872 twenty-foot equivalent units (TEUs) and built in 2010, is being sold to Transfar Shipping, a China-backed logistics newcomer. This deal will result in a substantial profit for Lomar Shipping, a company based in London, as it acquired MV Windswept in October 2020 for approximately $10 million. Ever since Lomar received ownership of MV Windswept in February of last year, it has been chartered to Ocean Network Express, a Japanese carrier, at a daily rate of around $18,000. 15-February-2022


Greek ship magnate George Logothetis, the esteemed chairman and chief executive of the renowned Libra Group, finds himself liable to pay a substantial sum of $6.3 million to an investor following his defeat in a high-profile fraud case. The investor, once a trusted confidant turned adversary, had leveled accusations of fraud and misrepresentation against George Logothetis pertaining to the containership transactions of Lomar Shipping. This investor, Victor Pisante, who had previously invested in several container ships belonging to Lomar Shipping, has emerged victorious in a legal battle in London, securing a judgment of $6.25 million against both the company and its esteemed leader, George Logothetis. Pisante, along with his entities BCA Shipping Investment and Swindon Holdings & Finance, filed a claim for commercial fraud in 2019, asserting that they were deceitfully induced to engage in vessel transactions and are now owed over $14 million. 29-January-2022


London-based Lomar Shipping strikes more sparkling container ship deals with Mediterranean Shipping Co (MSC).
London-Greek shipowner Lomar Shipping’s lucrative container ship sales drive surges past the $1 billion mark. Lomar Shipping has entered the new year very much in the same way it exited the previous one with a batch of profit-making sales in a booming container ship market that shows no signs of slowing. The George Logothetis-led Lomar Shipping realized an estimated net profit of more than $60 million from divesting two relatively small container ships to the Mediterranean Shipping Co (MSC). Mediterranean Shipping Co (MSC) is paying about $80 million en bloc for the 3,534-TEU MV Belmonte Express (built 2006) and 2,524-TEU MV Cardiff Trader (built 2003). 17-January-2022


London-based Lomar Shipping concludes the year with a joyous culmination, as they finalize the sale of their last batch of container ships. Lomar Shipping is currently in the process of selling three contemporary sub-panamax container vessels, bringing their total sales for the year to over 20 ships. Additionally, Lomar Shipping is divesting three more container vessels with a capacity of 2,700 twenty-foot equivalent units (TEUs) as part of a collective agreement, valued at just under $150 million. The vessels in question, namely the MV California Trader and MV Carolina Trader (both constructed in 2017), along with the MV Delaware Trader (built in 2018), have been reportedly sold for approximately $48 million. According to market sources, the purchaser has been identified as Taiwanese operator Wan Hai Lines, which recently acquired additional funding to sustain their ongoing spree of purchasing container ships. 20-December-2021


Constantine Logothetis resigns from his executive position at the Libra Group in order to oversee the operations of his private family office. A portion of the earnings accumulated by Constantine Logothetis during the current surge in container shipping is likely to be allocated for investments in various other business domains through Alithea Capital. Stepping down as the vice chairman of the Libra Group, an encompassing entity that includes Lomar Shipping, Constantine Logothetis intends to concentrate on investments facilitated by his newly established private family office. Although Constantine Logothetis, who co-founded the Libra Group in 2003, will continue to serve as a non-executive board member and shareholder within the group, his primary focus will now be on Alithea Capital. This novel venture, initiated by Constantine Logothetis, aims to explore opportunities spanning diverse sectors of the business realm, harnessing his future endeavors. 16-December-2021


The utilization of the UK accident report has been denied by the court in the Norden grounding case. Justice Nigel Teare has stated that introducing the MAIB findings during the arbitration hearing would negatively impact future investigations. The UK High Court, in a landmark judgment of the commercial court, has declined a shipowner’s request to incorporate an accident report in a grounding arbitration case, citing potential harm to the Marine Accident Investigation Branch (MAIB). In April 2018, the MAIB produced a report on the Ocean Prefect, a UK-flagged vessel weighing 53,000 deadweight tons and managed by V.Ships. At that time, Lomar Shipping owned the vessel. The report revealed that the vessel grounded twice within a span of two days off the coast of the United Arab Emirates in 2017 due to the lack of local experience on the part of two pilots. The vessel sustained no damage during the first grounding and was refloated with the assistance of tugs after 12 hours. However, the second incident resulted in the breach of three ballast tanks, necessitating dry docking in Dubai for repairs. The Marine Accident Investigation Branch (MAIB) pointed out that although the two Indian pilots possessed extensive experience elsewhere, their knowledge of the local area was limited, and they had only completed two pilotage acts at the port before. Ocean Prefect Shipping, the current owner of the vessel, is now seeking to use the report in a London arbitration hearing against the charterer, Norden. The hearing was scheduled for this week. On 4 December, the court heard the case after an application was made to include the report on 27 November. The grounding is considered a breach of the warranty by the charterer, who assured the owner of a safe port. The owner alleges that this breach caused financial loss. Norden and the Marine Accident Investigation Branch (MAIB) argue against the report’s admissibility. Justice Teare mentioned that his swift judgment might not be as comprehensive as it could have been, regretting the fact that this is the first instance in which the use of the Marine Accident Investigation Branch (MAIB) reports in a private and confidential arbitration has become a matter of decision. He added that the Merchant Shipping Act 1995 stipulates that no response provided by an individual in a Marine Accident Investigation Branch (MAIB) report shall be considered evidence against that person. The MAIB emphasizes that its objective is not to assign blame but to enhance safety in future cases. Andrew Moll, the chief inspector of the Marine Accident Investigation Branch (MAIB), informed the court that the regulations were introduced by parliament to address concerns over the frequent reliance on MAIB reports by parties involved in legal proceedings to determine liability. Teare argued that utilizing a Marine Accident Investigation Branch (MAIB) report establishing blame would likely prejudice future accident safety investigations, as individuals asked to provide information during subsequent investigations may be hesitant to do so if they know the resulting report could be used for assigning blame. On the other hand, Ocean Prefect contended that the interests of justice necessitated the admission of the Marine Accident Investigation Branch (MAIB) report into the arbitration proceedings, as it had been referred to in factual and expert evidence. In order for the tribunal to comprehend and evaluate that evidence, it was essential for them to review the Marine Accident Investigation Branch (MAIB) report. Justice Teare acknowledged that not allowing counsel to cross-examine based on the MAIB report would potentially prejudice the owner. However, he maintained that the potential harm to future accident investigations outweighed the ability of counsel to cross-examine using the Marine Accident Investigation Branch (MAIB) report. The latter is a matter of significant public interest as it pertains to the safety of life at sea. In comparison, the concerns of the owners are limited to their commercial interests and their ability to recover losses from the charterers in this specific case. “Their right to seek damages from the charterers (assuming that the port was indeed unsafe as alleged) is substantial and relevant, and the interests of justice require that this right be upheld,” stated Justice Teare. “However, I do not believe that this private right, or the corresponding interests of justice, outweigh the potential prejudice to future accident investigations.” He further added, “It is not as if the owners are unable to challenge the pilots’ testimony if counsel is unable to refer to the Marine Accident Investigation Branch (MAIB) report.”
Justice Teare’s judgment, although expedited, aims to safeguard the integrity of future accident investigations and uphold the greater public interest in ensuring maritime safety. While acknowledging the potential prejudice to the owner, he emphasizes the need to maintain the integrity and impartiality of accident investigations, thereby prioritizing the overall safety of seafarers and vessels. This decision sets a precedent regarding the use of Marine Accident Investigation Branch (MAIB) reports in confidential arbitration proceedings, underscoring the delicate balance between commercial interests and the preservation of future accident investigations. 28-May-2020


London-based Lomar Shipping sold ultramax dry bulk carrier to Nasdaq-listed Eagle Bulk Shipping. Shipowner and operator Eagle Bulk Shipping acquired 2015 built ultramax dry bulk carrier 63K DWT MV Queen Cuki from Lomar Shipping. Eagle Bulk Shipping continues fleet renewal efforts which have seen modern tonnage replace older ships with a smaller capacity. Lomar Shipping sold Cosco Zhoushan Shipyard built MV Queen Cuki for around $20 million. The latest deal would symbolize the modern ships acquired by Gary Vogel led Eagle Bulk Shipping. Eagle Bulk Shipping commenced a fleet renewal programme in late 2016. In the past few years, Eagle Bulk Shipping has acquired bulk carriers that were built at top-tier Chinese shipyards. 12-January-2019