Oslo-based shipowner and operator Western Bulk Chartering (WBC) has successfully realized approximately $4.5 million in profits from the sale of the 2019-built ultramax bulk carrier MV Western Oslo. The transaction involved the sale of the MV Western Oslo to an undisclosed shipowner after Western Bulk Chartering (WBC), listed in Oslo, executed a purchase option from Japanese shipowner Nisshin Shipping Co Ltd. Japanese shipowner Nisshin Shipping Co Ltd, known for its diverse fleet and strategic asset management, is a prominent player in the global shipping industry. With a history of innovation and a fleet that includes a variety of bulk carriers, Nisshin Shipping Co Ltd has consistently focused on expanding its operational scope and upgrading its vessels to meet modern environmental and operational standards. This partnership with Western Bulk Chartering reflects Nisshin Shipping Co Ltd’s strategic initiatives in leveraging their assets to foster relationships with international shipping companies. Ørjan Svanevik, the interim CEO at Western Bulk Chartering (WBC), highlighted the significance of this transaction, stating, “It stands as a testament to our team’s expertise and strategic approach, enabling us to capitalize on market opportunities across business cycles.” This statement underscores the tactical business acumen of the WBC team in navigating the dynamic shipping market. Controlled by Christen Sveaas, Western Bulk Chartering (WBC) operates a diversified fleet comprising handysize, supramax, and ultramax bulk carriers, with over 100 vessels currently under its management. The company’s strategic maneuvering in the fleet management domain demonstrates its robust capability in optimizing asset utilization and profitability. Following the sale of MV Western Oslo, Western Bulk Chartering (WBC) disclosed that it would continue to evaluate other purchase options within its trading book, suggesting an ongoing strategy to enhance its fleet composition and leverage market conditions. The sale also coincides with a notable shift in the secondhand market pricing for eco ultramax bulk carriers, which saw a price increase of approximately $3.5 million to $4.5 million from 2023 to 2024, reflecting the evolving dynamics and valuation in the global shipping industry. 17-July-2024
Sales of Handysize vessels have seen an uptick as shipowners continue to view the Handysize bulk carrier segment as a particularly stable investment within the dry bulk shipping industry. Japanese shipowner Nisshin Shipping Co Ltd recently sold the 2015-built Handysize bulk carrier, 39K DWT MV Western Panama, to the Thai-listed shipowner and operator Precious Shipping for approximately $18.5 million. Furthermore, Managing Director Khalid M Hashim-led Precious Shipping is now reportedly the leading bidder for an additional four 39K DWT Handysize bulk carriers from Nisshin Shipping Co Ltd. These vessels, constructed at two separate shipyards in China, are named MV Western Durban, MV Western Miami, MV Western Lima, and MV Western Paris, and are collectively valued at about $78 million en block. This move by Nisshin Shipping Co Ltd to divest these assets occurs just over a year after the death of Nisshin Shipping’s founder, Yayoi Fujii, at the age of 91. 15-July-2024
Japanese shipowner Nisshin Shipping Co Ltd has recently completed the sale of the 2015-built handysize bulk carrier, 39K DWT MV Western Panama, to Precious Marigold Pte Ltd, a Singapore-based subsidiary of Thai-listed shipowner and operator Precious Shipping. The Tokyo-based Nisshin Shipping Co Ltd finalized the sale for approximately $18.5 million. The handover of MV Western Panama from Nisshin Shipping Co Ltd to Precious Marigold Pte Ltd is scheduled for August 2024. Upon delivery, the vessel will be registered under the Singapore flag. Precious Marigold Pte Ltd plans to finance the acquisition using internal cash reserves and/or debt financing secured through credit facilities. Following the transfer of MV Western Panama and the delivery of four additional bulk carriers currently under construction, the fleet of Precious Shipping, led by Khalid Hashim, will expand to consist of 42 vessels. This acquisition is part of Precious Shipping’s ongoing strategy to enhance its operational capabilities and strengthen its position in the global shipping industry. 13-June-2024
Nisshin Shipping, a Tokyo-based entity, is a significant player in the global shipping sector, known for its diversified fleet that includes bulk carriers, tankers, and container ships. The company has established a reputation for its strategic fleet management and investment in modern, efficient vessels. This focus on fleet modernization and efficiency is part of Nisshin Shipping’s broader commitment to sustainability and reducing the environmental impact of its operations, aligning with global shipping industry trends towards greener maritime solutions. The sale of the four dry bulk contracts to Vincent Shipping, involving three kamsarmax bulk carriers and an ultramax bulk carrier, is reflective of Nisshin Shipping’s dynamic approach to asset management. These vessels, chartered at starting rates of $12,000 per day with purchase options, represent a significant investment in the dry bulk market, a sector known for its volatility but also for its essential role in global trade, transporting commodities such as grains, coal, and iron ore. For Nisshin Shipping, the decision to offload these contracts may be strategic, freeing up capital and resources for reinvestment in other areas, such as newer, more environmentally friendly vessels or diversification into other shipping segments. This move could be indicative of Nisshin’s adaptive strategy in response to shifting market dynamics, regulatory pressures for cleaner shipping, and the ongoing need for fleet renewal to maintain competitive advantage. Moreover, this transaction highlights the interconnected nature of the shipping industry, where partnerships, contracts, and asset transfers between entities like Vincent Shipping and Nisshin Shipping facilitate the efficient functioning of global trade networks. These relationships and transactions enable shipping companies to navigate the complexities of the market, optimize their operations, and pursue strategic objectives. The implications of Vincent Shipping’s exit from these bulk carrier contracts extend beyond the immediate financial and operational aspects. They reflect broader trends in the shipping industry, such as the importance of strategic fleet management, the impact of environmental regulations on shipping operations, and the ongoing need for companies to adapt to maintain relevance and profitability in a competitive and rapidly evolving global market. As the maritime industry continues to evolve, driven by technological advances, environmental considerations, and changing trade patterns, the strategies and decisions of companies like Nisshin Shipping and Vincent Shipping will be critical in shaping the future landscape of global shipping. 23-February-2024
Jinhui Shipping and Transportation Limited, a bulker owner and operator listed on both the Oslo and Hong Kong stock exchanges, is enhancing its fleet by acquiring a contemporary kamsarmax bulk carrier. The company has been identified as the purchaser in a recent transaction involving the 81K DWT kamsarmax bulk carrier MV Vincent Trader, constructed in 2019 by Jiangsu Hantong Ship Heavy Industry, with the sale price reported to be approximately $31 million. The MV Vincent Trader is scheduled for delivery to Jinhui Shipping and Transportation Limited in June 2024, on a free-from-charter basis. This vessel was one of four that Vincent Shipping had under a bareboat charter from the Japanese shipowner Nisshin Shipping, each with options to purchase. Vincent Shipping has decided to transfer all these vessels and has withdrawn from the dry bulk sector. Throughout 2023, Jinhui Shipping and Transportation Limited actively realigned its fleet, selling off older vessels and acquiring younger ones, including a 2021-built kamsarmax bulk carrier and a 2012-built capesize bulk carrier, each purchased for about $31 million. The addition of the MV Vincent Trader will complement Jinhui Shipping and Transportation Limited’s existing fleet, which predominantly consists of supramax and ultramax bulk carriers, bringing the total to 23 owned vessels. Nisshin Shipping, the Japanese shipowner from whom the MV Vincent Trader was acquired, is known for its significant presence in the global shipping industry. Established in Tokyo, Nisshin Shipping has a diversified fleet that includes bulk carriers, tankers, and container ships, making it one of Japan’s foremost maritime transport companies. With a focus on environmental sustainability and innovation, Nisshin Shipping has been at the forefront of adopting eco-friendly technologies and practices in shipbuilding and operations. Nisshin Shipping’s strategy involves a mix of owning and chartering vessels, allowing for flexibility and responsiveness to market changes. Nisshin Shipping’s commitment to quality and reliability has earned it a strong reputation among charterers and clients worldwide, bolstering its position as a key player in international shipping. 21-February-2024
Cargill Ocean Transportation has finalized a charter agreement for a newly built kamsarmax bulk carrier from Nisshin Shipping, a Japanese shipowner, amidst a surge in kamsarmax term rates to their highest point since May 2023. This strategic move comes as the market sees an uptick in demand, with period rates for panamax and kamsarmax vessels reaching a peak. The Baltic Exchange highlights that Cargill, a leading US agricultural firm, has secured the charter for the 82K DWT MV Canon Trader, set to be built in 2024, at a daily rate of $17,000. Cargill Ocean Transportation, headquartered in Geneva, currently manages a vast fleet comprising around 700 chartered bulk carriers. The delivery of the 82K DWT kamsarmax bulk carrier MV Canon Trader is scheduled to take place at Hantong, China, in April 2024, marking a significant addition to Cargill’s extensive fleet. 12-February-2024
Japanese shipowner Nisshin Shipping sold 2014 built ultramax bulk carrier 63K DWT MV Hanton Trader III to Hong Kong-based Bermuda-registered Jinhui Shipping and Transportation Limited for around $20.5 million. Jinhui Shipping and Transportation Limited has resumed its purchasing activities shortly after selling its oldest bulk carrier 2004 built supramax bulk carrier 52K DWT MV Jin Feng (ex MV Tai Hawk) to Singapore-based ETL Shipping around $8.1 million. In the previous year, Jinhui Shipping and Transportation Limited had acquired Japanese shipowner Nisshin Shipping’s 2014 built ultramax bulk carrier 63K DWT MV Jin Ping (ex MV Hanton Trader II). Japanese shipowner Nisshin Shipping will deliver 2014 built ultramax bulk carrier 63K DWT MV Hanton Trader III without any existing charter by 10 November 2023. Jinhui Shipping and Transportation Limited mentioned that the company plans to fund approximately 60% of the transaction through bank financing, with the remaining amount covered by available cash. 27-September-2023
Japanese shipowner Nisshin Shipping sold two ultramax bulk carriers to Oslo-listed Jinhui Shipping & Transportation. Tokyo-based shipowner Nisshin Shipping sold 2014 built ultramax bulk carrier 63K DWT MV Western Santos and 2014 built ultramax bulk carrier 63K DWT MV Hanton Trader I for around $25 million each. In 2014, Japanese shipowner Nisshin Shipping took the delivery of the two ultramax bulk carriers from Jiangsu Hantong Ship Heavy Industry. Currently, Japanese tonnage supplier Nisshin Shipping has 74 dry bulk carriers and 20 tankers. 9-September-2022
Japanese shipowner Nisshin Shipping has exercised options to order another five (5) kamsarmax 82K DWT bulk carriers at Jiangsu New Hantong Ship Heavy Industry. Japanese shipowner Nisshin Shipping held the options at the shipyard since Nisshin Shipping booked its earlier order for five (5) kamsarmax 82K DWT bulk carriers in April 2021. Nisshin Shipping ordered a total of ten (10) kamsarmax 82K DWT bulk carriers with a total price tag of $280 million. Japanese shipowner Nisshin Shipping will take delivery of the 10 new kamsarmax 82K DWT bulk carriers between Q2 2022 and Q3 2023. Nisshin Shipping’s 10 new kamsarmax 82K DWT bulk carriers will comply with Phase 2 of the IMO’s (International Maritime Organization) Energy Efficiency Design Index (EEDI) and Tier III NOx emissions standards. Japanese shipowner Nisshin Shipping retains an option to fit scrubbers on the kamsarmax bulk carriers. Japanese shipowner Nisshin Shipping will delivery of two (2) kamsarmax bulk carrier new buildings from Jiangsu New Hantong Ship Heavy Industry in September and December. 16-August-2021
Japanese shipowner Nisshin Shipping ordered five (5) 82K DWT kamsarmax bulk carrier new-buildings with five (5) options at Jiangsu New Hantong Heavy Industry. This is the fourth new-building contract that Nisshin Shipping has placed at Jiangsu New Hantong Heavy Industry since it placed its first order in 2013. Tokyo-based shipowner Nisshin Shipping is going to pay around $28 for each kamsarmax bulk carrier new-building. 82K DWT kamsarmax bulk carrier new-buildings are going to be built according to IMO NOx Tier II emissions standards. Japanese shipowner Nisshin Shipping holds an option to install scrubbers on the 82K DWT kamsarmax bulk carrier new-buildings. This is Nisshin Shipping’s first new-building contract signed in 2021. Lately, Nisshin Shipping has sold five (5) tankers. Japanese shipowner Nisshin Shipping is controlled by Y Fujii. Currently, Japanese shipowner Nisshin Shipping owns a mixed fleet of 92 ships. Furthermore, Nisshin Shipping has approximately 20 new-building ships under construction at various shipyards. 17-April-2021
Tokyo based shipowner and operator Nisshin Shipping sold three (3) kamsarmax bulk carriers to China Development Bank Leasing. China Development Bank Leasing has signed a bareboat charter agreement with BG Shipping for three (3) kamsarmax bulk carriers. Nisshin Shipping is led by Y Fujii. Nisshin Shipping sold kamsarmax bulk carriers 82K DWT MV Trustn Trader I, MV Trustn Trader II, and MV Falcon Trader. China Development Bank Leasing has built up a fleet of 77 ships. Nine (9) of its bulkers are operating under the commercial control of BG Shipping. Last month, Nisshin Shipping reported an enormous loss on the resale of LNG carrier newbuilding. Nisshin Shipping had ordered LNG carrier at SHI (Samsung Heavy Industries) for $160 million. 16-July-2020
Thanassis Martinos-led Athens-based shipowner and operator Eastern Mediterranean Maritime (Eastmed) has expanded its fleet with the acquisition of a new kamsarmax bulk carrier from Japanese shipowner Nisshin Shipping Co Ltd. The vessel, named MV Aquavita Air, was constructed by Oshima Shipyard and delivered to Nisshin Shipping Co Ltd in February 2020. Eastern Mediterranean Maritime (Eastmed) secured the MV Aquavita Air for approximately $28.5 million. This acquisition increases Eastern Mediterranean Maritime’s (Eastmed’s) bulk carrier fleet to a total of 40 vessels, further enhancing its significant presence in the global shipping market. In addition to its bulk carriers, Eastern Mediterranean Maritime (Eastmed) also manages a diverse fleet that includes 10 containerships and 29 tankers, showcasing the company’s broad operational scope and its strategic focus on diversifying vessel types. The seller, Tokyo-based shipowner Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), has been actively realigning its fleet portfolio. Alongside the sale of the MV Aquavita Air, Nisshin Shipping Co Ltd. (Nisshin Kaiun KK) also recently offloaded the 2016-built kamsarmax bulk carrier MV Western Monaco to KCH Shipping for around $18.5 million, marking a busy period for the company in the ship sale and purchase market. Nisshin Shipping Co Ltd. (Nisshin Kaiun KK), established in 1903, is a well-regarded entity in the maritime industry, known for its extensive involvement in bulk, container, and tanker shipping. The company has a long-standing tradition of investing in modern and efficient vessels to serve the diverse needs of global commodity transportation. Nisshin’s strategic approach to fleet management involves a mix of owning and operating a variety of ship types, constantly updating its fleet to meet the latest environmental and operational standards. This has positioned Nisshin Shipping Co Ltd. (Nisshin Kaiun KK) as a flexible and responsive player in the shipping sector, capable of adapting to the dynamic demands of maritime logistics and trade. These transactions underscore the dynamic nature of the shipping industry, where strategic asset management plays a crucial role in maintaining competitive advantage and adapting to changing market conditions. Eastern Mediterranean Maritime (Eastmed), under the leadership of Thanassis Martinos, continues to demonstrate robust growth and strategic foresight in enhancing its fleet capabilities. 19-June-2020
Japanese shipowner Nisshin Shipping grows its fleet with 12 handysize 39K DWT new buildings under construction at Chinese Shipyard Jiangmen Nanyang Ship Engineering. Japanese tonnage supplier Nisshin Shipping has modestly increased its fleet with handysize dry bulk carrier new-buildings. Nisshin Shipping has been ordering new building dry bulk carriers at Chinese Shipyard Jiangmen Nanyang Ship Engineering since 2013. Up to now, Chinese Shipyard Jiangmen Nanyang Ship Engineering has delivered more than 10 handysize dry bulk carriers to Nisshin Shipping. Japanese shipowner Nisshin Shipping has been ordering new buildings on speculative strategy. Last year, Nisshin Shipping ordered 9 ultramax dry bulk carriers at another Chinese Shipyard Nantong Xiangyu Shipbuilding & Offshore Engineering. Nisshin Shipping is one of the few Japanese tonnage suppliers to have taken advantage of inexpensive shipbuilding prices in China and has been ordering dry bulk carriers on speculation. Nisshin Shipping ordered 19 ultramax dry bulk carriers at Nantong Xiangyu Shipbuilding & Offshore Engineering and 10 kamsarmax dry bulk carriers at Jiangsu Hantong Ship Heavy Industry. Japanese tonnage supplier Nisshin Shipping is quite well known in the shipping market to be cooperating with Cargill, Western Bulk, and Ultrabulk. Y Fujii-led Nisshin Shipping is Japan’s third-largest independent tonnage supplier Japan’s first and second-largest independent tonnage suppliers are Shoei Kisen and Nissen Shipping respectively. Nisshin Shipping also has ordered at the Japanese shipyard. Nisshin Shipping ordered ultramax dry bulk carrier at Japanese Oshima Shipbuilding and a series of 19K DWT chemical tankers under construction at Japanese Usuki Shipyard. Nisshin Shipping has chartered out the tankers to Nordic Tankers and Ultranav. Currently, Japanese tonnage supplier Nisshin Shipping has 33 dry bulk carriers and 26 tankers. 7-March-2019
Japanese shipowner Nisshin Shipping is actively downsizing its fleet, moving quickly to divest some of its assets. The company recently marketed three of its kamsarmax bulk carriers and has now finalized a transaction with Transmed Maritime Ltd, a shipowner and operator based in Athens, to sell all three vessels in one deal. According to reports from shipbrokers, each of the sister ships – MV Mangan Trader I, MV Mangan Trader II, and MV Mangan Trader III – has been sold for $16.75 million. Built in 2013 by Hyundai Samho, these ships are part of Nisshin Shipping’s strategic reduction of its dry bulk fleet. This move further cements Nisshin Shipping’s status as one of the leading sellers in the global dry bulk tonnage market this year. 18-November-2016