Nissen Kaiun

Costamare Bulkers Services, under the umbrella of New York-listed Costamare Inc. (CMRE), continues to enhance its presence in the larger tonnage category of the dry bulk sector by acquiring two secondhand capesize bulk carriers. The company has added the 2012-built MV Frontier Unity, with a deadweight of 181K, and the 179K DWT MV Lowlands Prosperity to its fleet. These new acquisitions bring the total number of capesize vessels in Costamare Bulkers Services’ fleet to five, with an average fleet age of around 12 years. MV Frontier Unity was purchased from Nissen Kaiun, a prominent Japanese shipowner and operator renowned for its diverse fleet and strategic global operations in the shipping industry. Known for its innovative approach to shipping solutions, Nissen Kaiun has a significant presence in various shipping sectors, including bulk carriers, tankers, and container ships. Costamare Bulkers Services acquired the MV Frontier Unity for approximately $35 million, and the ship comes with an existing charter, adding to its investment value. Similarly, the MV Lowlands Prosperity was acquired from Cobelfret for about $30 million, also with a charter attached. These strategic acquisitions underscore Costamare Bulkers Services’ commitment to expanding and modernizing its fleet to capitalize on market opportunities. 11-May-2024

 

The Pappadakis family, based in Athens and steering Kassian Maritime, has recently marked a significant expansion of its fleet by adding a cutting-edge kamsarmax bulk carrier built in 2021, signifying a strategic turn in their Sale and Purchase (S&P) orientation. This acquisition spotlights Kassian Maritime’s foray into securing the 82K DWT MV Grand Radiant, a modern kamsarmax bulk carrier, from Nissen Kaiun, a distinguished entity in the Japanese shipping industry known for its innovation and quality. Nissen Kaiun, established in 1937, has earned a reputation for excellence in shipbuilding and operations, boasting a diverse and technologically advanced fleet that serves global shipping needs. After conducting three bulk carrier transactions within the past four months, Kassian Maritime, under the Pappadakis family’s guidance, appears to be shifting its focus more towards the acquisition end of the S&P market. This strategic pivot is underscored by a substantial $38 million investment in a contemporary kamsarmax bulk carrier, furthering Kassian Maritime’s strategy for fleet expansion. The 82K DWT MV Grand Radiant, acquired from Nissen Kaiun, headquartered in Imabari and celebrated for its leadership in maritime innovation, embodies this strategic shift. Nissen Kaiun’s commitment to sustainability and the adoption of eco-friendly technologies in its fleet aligns with Kassian Maritime’s vision for growth and operational excellence in the competitive shipping industry. 9-March-2024

 

This month has seen JP Morgan Asset Management emerge as a prominent player among a host of well-known entities engaging in the bustling market for capesize bulk carriers, either through purchases or sales. In its latest move, the financial giant JP Morgan Asset Management is looking to capitalize on its investment by selling the capesize bulk carrier MV True Cartier, a vessel with a deadweight tonnage (DWT) of 182K DWT, which it acquired from the Japanese shipping company Nissen Kaiun back in 2018. The sale of MV True Cartier highlights the significant fluctuations in prices within the secondhand market for capesize bulk carriers. 2014 built 182K DWT capesize bulk carrier MV True Cartier is now owned by Global Meridian Holdings under the umbrella of JP Morgan Asset Management and has been sold for approximately $41 million. This sale sets a new precedent in pricing for a ten-year-old, 182K DWT capesize bulk carrier constructed by Imabari. Interest in MV True Cartier had previously been expressed by the German shipping firm Oldendorff Carriers. Had the MV True Cartier been put up for sale at this time last year, it would have garnered roughly $6 million less. Purchased for about $37 million in October 2018, the 182K DWT capesize bulk carrier MV True Cartier has proved to be a lucrative asset for JP Morgan Asset Management. February alone has witnessed over 13 transactions involving the sale and purchase (S&P) of traditional-sized capesize bulk carriers, with prices on the rise since hitting their lowest point in June 2023. Nissen Kaiun, the Japanese shipping company from which JP Morgan Asset Management acquired the MV True Cartier, is renowned for its extensive fleet and global operations. Established in 1937, Nissen Kaiun has built a reputation for its diverse shipping services, including the transportation of bulk commodities, cars, and containers. Nissen Kaiun owns and operates a significant number of vessels, making Nissen Kaiun one of the largest shipowners in Japan. Nissen Kaiun is also known for its strategic investments in maritime assets and its commitment to environmental sustainability, constantly updating its fleet with newer, more efficient ships to reduce its ecological footprint. 23-February-2024

 

On Sunday, several maritime incidents occurred off the coast of Yemen near Bab el-Mandeb, involving Houthi rebel attacks on at least two commercial vessels and a U.S. warship. Yemeni military spokesperson Yahya Saree acknowledged these actions, confirming naval strikes on two ships linked to Israel, with one being hit by a missile and another by a drone. Maritime security analysts from Diaplous and Ambrey Analytics reported that up to four merchant ships were impacted, either directly hit or narrowly missed by unmanned aerial vehicles (UAVs). The most significant of these incidents involved the MV Number 9, a container ship operated by Orient Overseas Container Line, which sustained damage from a drone attack near the Hodeidah port. Reports indicate that Yemeni authorities, whose identity remains unclear, instructed the vessel to change course towards Yemen under threat of further attacks. The ship’s master, however, reported an engine malfunction, rendering compliance impossible. Bernhard Schulte Shipmanagement (BSM), managing the MV Number 9, confirmed the ship was hit by a projectile in the Bab el-Mandeb Strait but reported all crew members safe and no pollution from the incident. The ship continues to sail with BSM’s emergency response team coordinating efforts with relevant authorities. Additionally, another ship, the MV Unity Explorer, controlled by Danny Ungar, was attacked by drones while heading south. This Bahamas-flagged, UK-owned, and Israeli-affiliated ultramax bulk carrier managed to avoid harm, with the crew sheltering in the ship’s citadel under armed protection. Similarly, the MV AOM Sophie II, a Panama-flagged kamsarmax bulk carrier, also experienced an attack but reported no injuries or damage. SK Shipping’s VLCC MT C Genuine also witnessed an explosion in its vicinity without sustaining damage. These incidents signify an escalation in Houthi actions against commercial vessels in the area, following the previous hijacking of the MV Galaxy Leader and attacks on the MV CMA CGM Symi and MT Central Park, both of which were targeted by suspected Iranian-made drones and pirates, respectively. 4-December-2023

 

Japanese shipowner Nissen Kaiun sold 2013 built scrubber-fitted kamsarmax bulk carrier 82K DWT MV Lord Star to German shipowner and operator Blumenthal JMK (Bluships) for around $23.8 million. MV Lord Star constructed in 2013 by Sanoyas. MV Lord Star is expected to augment Hamburg-based shipowner and operator Blumenthal JMK’s (Bluships) existing fleet of 32 bulk carriers, primarily composed of bulk carriers. In 2021, Blumenthal JMK (Bluships) acquired 2016 built scrubber-fitted kamsarmax bulk carrier 81K DWT MV Bulldog (ex MV Lowlands Comfort) from Japanese shipowner Doun Kisen for around $26.5 million. MV Bulldog (ex MV Lowlands Comfort) was built in 2016 by Tsuneishi Cebu. MV Lord Star purchase came after Blumenthal JMK (Bluships) had bought two additional kamsarmax bulk carriers from Japanese shipowners in 2021. In the current S&P (Sale and Purchase) market, similar bulk carriers, though nearly a decade newer, are speculated to command prices nearly $10 million higher. For instance, Lubeck-based shipowner and operator Oldendorff Carriers is believed to have sold its 2022-built, Jiangsu New Hantong-constructed MV Kuno Oldendorff for around $33 million. 12-October-2023

 

Tugs and another cargo vessel have been dispatched to unload Japanese shipowner Nissen Kaiun controlled 2019 built handysize bulk carrier 34K DWT MV Nemrut Bay that ran aground off the coast of Vietnam on 19th June. Japanese shipowner Nissen Kaiun controlled MV Nemrut Bay became lodged ten nautical miles from the La Gi estuary, near Binh Thuan province. On Monday morning, four tugs operated by Tan Cang Marine Services Company, owned by Saigon Newport Corporation and the navy, approached the Panama-flagged 2019 built handysize bulk carrier 34K DWT MV Nemrut Bay. Imabari-based shipowner and operator Nissen Kaiun controlled MV Nemrut Bay was traveling from the Philippines to Vung Tao port in Vietnam when the bulk carrier became stranded on a bed of corals mixed with sand and limestone at Britto Shoal. Imabari-based shipowner and operator Nissen Kaiun controlled MV Nemrut Bay was carrying a cargo of 25,510 tonnes of steel, along with 853 tonnes of fuel onboard. Authorities have warned of the risk of pollution if prompt salvage operations are not undertaken. Despite several unsuccessful attempts to refloat 2019 built handysize bulk carrier 34K DWT MV Nemrut Bay, it has been determined that lightering is necessary. Booms have been deployed around the Japanese shipowner Nissen Kaiun-controlled MV Nemrut Bay to contain any potential spillage. The salvage operation is estimated to take approximately three to four days. The owner of the MV Nemrut Bay is Nikko Kisen, a part of the Japanese shipowning group Nissen Kaiun. There are no records of port state detentions associated with this vessel. 12-July-2023

 

Japanese shipowner Nissen Kaiun controlled 2012 built capesize bulk carrier 181K DWT MV Frontier Unity reported seven meters of sea water in its engine room. Nissen Kaiun controlled 2012 built capesize bulk carrier 181K DWT MV Frontier Unity sent a distress signal off Hay Point near Mackay in Queensland. Imabari-based shipowner Nissen Kaiun controlled MV Frontier Unity has been stabilized after taking on sea water off Australia after the engine room flooded. MV Frontier Unity’s 24 crew members are safe. MV Frontier Unity was not carrying cargo at the time of the incident. 26-January-2023

 

Japanese shipowner Nissen Kaiun controlled 2020 built kamsarmax bulk carrier 85K DWT MV Namura Queen is reported to have been hit by a missile on its aft side outside the port of Yuzhny, Ukraine. MV Namura Queen’s crew members have not reported any injury. Nissen Kaiun controlled 2020 built kamsarmax bulk carrier 85K DWT MV Namura Queen arrived at Yuzhny on 23 February 2022 after unloading at Odesa Port. MV Namura Queen was in ballast when the kamsarmax bulk carrier was hit by a missile. Japanese shipowner and Nissen Kaiun controlled 2020 built kamsarmax bulk carrier 85K DWT MV Namura Queen was chartered out to the giant grain trader Bunge for long-term. Currently, Bunge chartered out MV Namura Queen to Hong Kong-based Comerge Shipping. 25-February-2022

 

Imabari-based shipowner Nissen Kaiun and Mitsui & Co established a joint venture Lepta Shipping. Japanese shipowner Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Lepta Shipping ordered four (4) neo-panamax container ships at Yangzijiang Shipbuilding. Japanese shipowner Nissen Kaiun and Mitsui & Co’s joint venture Lepta Shipping has ordered container ships despite the collapse of container market. 5-January-2023

 

Imabari-based shipowner Nissen Kaiun acquired 49.5% of the shares in shipyard Shikoku Dock Co. Ltd. from Mitsui E&S Holdings. Currently, Japanese shipowner Nissen Kaiun is the biggest shareholder in the shipbuilder ahead of insurance, investment, and real estate company Shikoku Kougyo. Shikoku Kougyo holds 42.5% of the shares in the shipyard Shikoku Dock Co. Ltd. Japanese shipowner Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Nissen Kaiun diversified its business by entering the shipbuilding business. Currently, Japanese tonnage provider Nissen Kaiun has a mixed fleet of 168 ships. 7-December-2022

 

Imabari-based shipowner Nissen Kaiun controlled 2106 built ultramax bulk carrier 60K DWT MV Hakata Queen has destroyed a pier after seeming to lose control in the port of Barranquilla, Colombia. Japanese shipowner Nissen Kaiun owned MV Hakata Queen smashed into a concrete structure in Barranquilla. MV Hakata Queen was planning to depart the terminal with 30K tonnes of coal cargo when the casualty happened. MV Hakata Queen drifted sideways toward the concrete structure where a tug is tied up. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Currently, Japanese shipowner Nissen Kaiun has a mixed fleet of 159 ships. 12-September-2022

 

Imabari-based shipowner Nissen Kaiun ordered four (4) 50K DWT product carriers at Hyundai Mipo Dockyard (HMD). Hyundai Mipo Dockyard (HMD). Japanese shipowner Nissen Kaiun will take the delivery of four (4) MR tanker newbuilding in December 2024. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. 17-July-2022

 

Japanese shipowner Nissen Kaiun controlled 2012 built capesize bulk carrier 181K DWT MV Frontier Unity was loaded 136,400 tonnes of coal from Newport News, Virginia to China. 136,400 tonnes of coal from Newport News, Virginia was the largest shipment of its kind from a US east coast port, according to Australian-listed miner Coronado Global Resources Inc. Australian-listed miner Coronado Global Resources Inc is a vital international supplier of metallurgical coal. Coronado Global Resources Inc’s US operations continue to successfully ship coal into China at record levels. Coal cargoes from the US to China are increasing. Currently, China is the third top destination for US coal, after India and the European Union. Currently, the US is the third largest source of coal, after Indonesia and Russia, accounting for 5.4% of China’s total coal imports so far in 2021. From a tonne-mile standpoint, China used to import the majority of its coal imports from Australia and Indonesia, and it was therefore primarily a Pacific-only trade. 16-August-2021

 

Imabari-based shipowner Nissen Kaiun ordered two (2) 86K CBM dual-fuelled VLGC carriers at Korea Shipbuilding & Offshore Engineering (KSOE). Japan’s largest shipowner Nissen Kaiun will charter out two (2) 86K CBM dual-fuelled VLGC carriers to Dorian and Eneos for long term. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Furthermore, Nissen Kaiun will be paying around $165 million. Nissen Kaiun stated that the order for dual-fuelled VLGC ships was a the first for the company. 15-July-2021

 

Imabari-based shipowner Nissen Kaiun sold 2010 built capesize bulk carrier 181K DWT MV Bulk Denmark to Nikolas Martinos-led Athens-based shipowner and operator Thenamaris. Japan’s largest shipowner Nissen Kaiun will receive around $30.5 million from the deal. Japanese tonnage provider Nissen Kaiun is one of Japan’s biggest privately owned shipping companies. Despite increasing capeseiz bulk carrier prices Athens-based shipowner and operator Thenamaris continues to build bulker fleet. 14-July-2021

 

Imabari-based shipowner Nissen Kaiun and Mitsui & Co established a joint venture Lepta Shipping. Lepta Shipping exercised the company’s options and has doubled its containership orderbook to $400 million by at Yangzijiang Shipbuilding. Lepta Shipping order increased to ten (10) 3,500-teu feeder containerships. Lepta Shipping chartered out ten (10) 3,500-teu feeder containerships to Maersk for long term. 29-June-2021

 

Japanese shipowner Nissen Kaiun ordered 10 handysize log carrier new-buildings at Japanese Shipyard Tsuneishi Shipbuilding. 10 handysize log carrier new-buildings will be TESS42 (42K DWT) design and cost total $250 million. Previously, Japanese Kambara family-controlled Tsuneishi Shipbuilding was constructing TESS38 design (38K DWT) handysize log carrier new-buildings. TESS42 design is the upgraded version of TESS38 design. 10 handysize log carrier new-buildings TESS42 (42K DWT) delivery will be beginning in 2021. Tsuneishi Shipbuilding’s subsidiary yards Tsuneishi Zhoushan Shipbuilding and Tsuneishi Heavy Industries will construct 5 handysize log carrier new-buildings each. Japanese shipowner Nissen Kaiun order-book increased to 40 ships. Nissen Kaiun order-book includes:

  • 1 ULCC (Ultra Large Crude Carrier 320,000 DWT)
  • 5 VLGCs  (Very Large Gas Carriers)
  • 4 MR Product Tankers
  • 14 Feeder Containerships
  • 4 Bulk Carriers
  • 2 Chemical Tankers

Newly developed TESS42 (42K DWT) design follows the design concept of TESS38 design (38K DWT) while improving transportation efficiency. TESS42 design deadweight (DWT) capacity increased by approximately 2,000 tons with the same draught. TESS42 new-buildings will be equipped with four deck cranes, wide-opening hatch covers, and semi-box type cargo holds suitable for transporting steel products. TESS42 new-buildings will be built in compliance with International Maritime Organization’s NOx Tier III emissions regulations and fitted with scrubbers to comply with SOx emissions restrictions. 4-July-2019

 

The Athens-based shipping entity, EuroBulk Ltd, has bolstered its maritime portfolio by securing a panamax bulk carrier, aged 13 years, from the esteemed Japanese shipowner Nissen Kaiun. Named MV Osmarine and launched in 2006 by Imabari Shipbuilding, this 76K DWT vessel was acquired for a sum close to $10 million. This move is indicative of the robust appetite in the current market for panamax bulk carriers of this vintage, a trend underscored by a series of similar vessel transactions recently. For instance, Italy’s d’Amico Dry sold two panamax bulk carriers built in Japan – the 76K DWT MV Medi Cagliari (2004) and the MV Medi Baltimore (2005) – to Chinese interests for approximately $8 million and $8.5 million, respectively. Additionally, last October, EuroBulk’s New York Stock Exchange-listed sister company, EuroDry Ltd. (EDRY), expanded its fleet with the purchase of the 75K DWT panamax bulk carrier MV Star of Nippon (built in 2004) for around $10 million from Sanoyas Shipbuilding, which has since been renamed MV Starlight. The strategic maritime investments of both EuroBulk Ltd and EuroDry Ltd. (EDRY) are directed by the Pittas family, showcasing a focused expansion and operational strategy in the shipping sector. EuroDry Ltd. (EDRY), listed on the Nasdaq, boasts a versatile fleet comprising six panamax bulk carriers and one ultramax bulk carrier, while EuroBulk Ltd oversees a larger fleet of 21 vessels, including bulk carriers and container ships, further cementing the Pittas family’s significant role in the global maritime industry. Nissen Kaiun, the seller of the MV Osmarine, is one of Japan’s foremost shipowning and ship management companies, renowned for its extensive fleet that includes a wide variety of vessel types, such as bulk carriers, tankers, and container ships. Established in 1938, Nissen Kaiun has built its reputation on a commitment to operational excellence and innovation in ship management. The company’s strategic investments in vessel acquisition and technology have positioned it as a key player in the international shipping market, with a strong focus on environmental sustainability and efficiency. 19-February-2019

 

Japanese shipowner Nissen Kaiun sold 2014 built panamax dry bulk carrier 82K DWT MV Crystal Star for around $24 million. Japanese built MV Crystal Star is due for a special survey in June 2019. Japanese shipowner Nissen Kaiun has sold 5 dry bulk carriers since September 2018. On the other hand, Nissen Kaiun is expanding in tankers and containerships in the fleet. In November 2018, Japanese shipowner Nissen Kaiun sold another 2010 built panamax dry bulk carrier 83K DWT MV Global Star to Minsheng Financial Leasing. 15-January-2019

 

Japanese shipowner Nissen Kaiun is selling the Japanese 2006 built capesize dry bulk carrier 180K DWT M/V Bulk Hong Kong for $13.8 million for further trading. 18 December 2018