Polish Steamship Polsteam

The Polish Steamship Company (Polsteam), a major state-owned bulk carrier enterprise in Poland, has successfully secured a $192 million refinancing deal in China, marking a significant step in its fleet renewal strategy. This development comes as Polsteam advances with the construction of 10 new bulk carriers at the Shanhaiguan Shipyard. The company has successfully arranged a substantial financing agreement amounting to $192 million to support the acquisition of its upcoming fleet of bulk carriers. This financial arrangement was made through a term loan with the Export-Import Bank of China (CEXIM), specifically aimed at funding eight lake-fitted bulk carriers. These vessels are expected to be the 37K DWT lake-fitted handysize bulk carriers, which are being constructed by the Dalian Shipbuilding Industry Co’s subsidiary, Shanhaiguan Shipyard in China. The delivery of these ships is scheduled to start this year and will continue through 2025 and into 2026, highlighting Polsteam’s commitment to enhancing its operational capabilities and modernizing its fleet. 23-February-2024

 

A general cargo ship has tragically sunk following a collision between two bulk carriers approximately 22 kilometers southwest of the island Heligoland in the German North Sea. According to Germany’s Central Command for Maritime Emergencies, the incident involved the 2001 built coaster ship 3K DWT MV Verity, which sank as a result of the collision with the Polish state-owned bulker giant Polish Steamship Polsteam controlled 2009 built handysize bulk carrier 38K DWT MV Polesie. Polish Steamship Polsteam controlled 2009 built handysize bulk carrier 38K DWT MV Polesie remains afloat and has 22 people on board. The collision occurred around 5 am local time. The German Command conducted a rescue operation, successfully saving two individuals from the water and providing them with medical care. Unfortunately, one fatality has been confirmed, and four of the seven seafarers who were on board 2001 built coaster ship 3K DWT MV Verit are still missing. Search efforts for the shipwreck are currently underway, involving several vessels and aircraft, including sea rescue cruisers Hermann Marwede and Bernhard Gruben of the German Society for the Rescue of Shipwrecked Persons, the emergency tug Nordic, the pilot tender Wangerooge, the water police boat Sylt, and a SAR helicopter Sea King of the German Navy. Additionally, the sea rescue cruiser Anneliese Kramer is en route to the accident scene, along with the Atair of the Federal Maritime and Hydrographic Agency, the multi-purpose ship Mellum of the Waterways and Shipping Administration, and the water police boat W3. A DO228 sensor aircraft conducted aerial surveillance of the area to gather more information. The cruise ship Iona, owned by P&O Cruises, a subsidiary of Carnival Corporation, is also present in the vicinity and is assisting in the search and rescue operation, providing a platform for medical care to any individuals rescued. The Command is dispatching additional medical personnel to the accident scene by helicopter. It’s important to note that 2001 built coaster ship 3K DWT MV Verity was en route from Bremen to Immingham in Great Britain, while Polish Steamship Polsteam controlled 2009 built handysize bulk carrier 38K DWT MV Polesie was traveling from Hamburg to La Coruña in Spain. 24-October-2023

 

CITIC Financial Leasing, a subsidiary of China CITIC Bank, has placed an order for an additional five (5) ultramax bulk carriers with Dalian Shipbuilding Industry Company (DSIC), a subsidiary of China State Shipbuilding Corporation (CSSC). This contract follows CITIC Leasing’s initial newbuilding order using the operating lease model earlier this year and increases its orderbook at the shipyard to a total of 15 vessels. The exact pricing for these 209 meters long ships, which will be based on the design plan from the Shanghai Merchant Ship Design & Research Institute (SDARI), has not been disclosed. Once these 65K DWT (deadweight ton) ultramax bulk carriers are completed and delivered in 2025, they will be made available for charter to domestic shipping companies. These bulk carriersare primarily intended for operations on domestic coastal routes and along the Yangtze River. In related news, Polish state-owned bulker giant Polish Steamship Polsteam has made a booking for four (4) 37K DWT (deadweight ton) great lake-fitted handysize bulkers at China State Shipbuilding Corporation (CSSC), with a scheduled delivery also in 2025. 5-September-2022

 

Polish state-owned bulker giant Polish Steamship Polsteam has reported cargo volume increase in cargo in Q2 2019. Szczecin based Polish Steamship Polsteam carried about 8 million tonnes of bulk cargo in the first six (6) months of 2019, against about 7 million tonnes of bulk cargo in the first six (6) months of 2018. Even though the bulk cargo market remains tough, Polish Steamship Polsteam logs big cargo volume increase. Pawel Brzezicki-led Polish Steamship Polsteam reported net profit PLN 194 million ($49 million) in Q2 2019, against PLN 117 million in Q2 2018. In February 2017, Pawel Brzezicki was brought by the Polish government in order to stabilize Polish Steamship Polsteam. According to CEO Pawel Brzezicki, the dry bulk market remains difficult and hampered by the United States-China trade war. In 2016 under the previous management, Polish Steamship Polsteam reported loss of PLN 741 million. Polish Steamship Polsteam’s current CEO Pawel Brzezicki, was GM (General Manager) between 1998 and 2005. In February 2017, Pawel Brzezicki returned to Polish Steamship Polsteam and he renegotiated delivery of several bulk carriers abandoned at Chinese shipyards by the previous management. With the latest addition of 2019 built bulk carriers, 39K DWT MV Karlino, and MV Sopot, the Polish Steamship Polsteam fleet has increased to 62 bulk carriers. During current CEO Pawel Brzezicki’s tenure, Polish Steamship Polsteam has not sold any bulk carriers.

In 2018, Polish Steamship Polsteam has received five (5) new-building bulk carriers from Chinese shipyards:

  • MV Drawno (39K DWT 2018 built)
  • MV Solidarnosc (39K DWT 2018 built)
  • MV Gardno (36K DWT 2018 built Lake Fitted Bulk Carrier)
  • MV Jamno (36K DWT 2018 built Lake Fitted Bulk Carrier)
  • MV Narie (36K DWT 2018 built Lake Fitted Bulk Carrier)

In Q2 2019, state-owned Polish Steamship Polsteam has reported a 14% rise in overall cargo volume:

  • Grains 2,200,000 tons (35% increase against Q2 2018)
  • Fertilizers 840,000 tons (51% increase against Q2 2018)
  • Steel Products 333,000 tons (130% increase against Q2 2018)
  • Phosphates 326,000 tons (41% decrease against Q2 2018)

Increase in Steel Products and Grains, reflect Polish Steamship Polsteam’s strength in the Great Lakes market. Furthermore, as Time Charter Trips (TCT), Polish Steamship Polsteam has transported 3,800,00 tons of cargo till the end of Q2 2019. 8-September-2019

 

One of Europe’s largest bulk carrier operator Szczecin-based Polish Steamship Polsteam is undergoing a restructuring programme. Polish Steamship Polsteam is looking to order more new-buildings. In 2019, Polish Steamship Polsteam will take delivery of the final four (4) bulk carriers in an earlier newbuilding programme. Delivery will include several bulk carriers abandoned at Chinese Shipyards by the previous Polish Steamship Polsteam’s board. Abandoned bulk carriers’ price tags were since renegotiated. In 2017, the Polish government appointed Pawel Brzezicki as the new CEO for a state-owned company Polish Steamship Polsteam. Pawel Brzezicki will try to stabilize Polish Steamship Polsteam. Polish Steamship Polsteam is Poland’s largest shipping company which is headquartered at Szczecin, Poland. Polish Steamship Polsteam has a mixed fleet of 61 ships of 2.2 million DWT. Polish Steamship Polsteam fleet comprises of 8 panamax, 48 handysize bulk carriers, 1 sulphur carrier and 4 ferries. Polish Steamship Polsteam CEO Pawel Brzezicki will seek opportunities to build more bulk carriers at Chinese Shipyards. Previously, Pawel Brzezicki was working as GM (General Manager) of Polish Steamship Polsteam between 1998 and 2005. According to Pawel Brzezicki, Polish Steamship Polsteam lost about $60 million in advance payments which had been recovered in the course of renegotiating cancelled orders at China’s Yangzijiang Shipbuilding and Yangfan Shipyard. $60 million has been used to finish some of those bulk carriers at the shipyards. 70% of new-buildings from the earlier investment programme will be completed. 12 bulk carriers (38K DWT) were booked at Yangfan Shipyard and 6 lake fitted handysize bulk carriers (36K DWT) at Yangzijiang Shipyard. Polish Steamship Polsteam’s earlier programme involved 38 bulk carriers in Chinese Shipyards. According to Polish Steamship Polsteam’s CEO Pawel Brzezicki many of the previous Polish Steamship Polsteam’s managers were responsible for newbuilding cancellations in 2016. These managers quit with the threat of bankruptcy looming. Polish Ministry of Maritime Economy and Inland Navigation appointed Pawel Brzezicki to take charge as CEO of Polish Steamship Polsteam. After Pawel Brzezicki was appointed as new CEO in 2017, Polish Steamship Polsteam turned into profit. At the beginning of 2019, two (2) of the latest abandoned bulk carriers to be delivered were lake-fitted sisterships 36K DWT MV Jamno and MV Narie from Yangzijiang Shipyard. In total, five (5) newbuilding bulk carriers were delivered in 2018. Szczecin based Polish Steamship Polsteam is now in the position where it can restart ordering new-buildings. Polish Steamship Polsteam has no intention to sell any bulk carriers. Polish Steamship Polsteam’s fleet is relatively young, with an average age of eight (8) years. During Polish Steamship Polsteam CEO Pawel Brzezicki’s tenure, no ships were sold and ships that were circulated for sale by Pawel Brzezicki’s predecessors have been pulled from the S&P (sale-and-purchase) market and continued trading in Polish Steamship Polsteam’s fleet. According to CEO Pawel Brzezicki, challenge ahead of Polish Steamship Polsteam is finding reputable shipyards in China which are willing to build specialist lake-fitted bulk carriers with a high DWT. In the past Polish Steamship Polsteam worked with Chinese Shipyards like Yangfan Shipyard, Yangzijiang Shipyard, Taizhou Sanfu Ship Engineering and Tianjin Xingang Shipbuilding Heavy Industry. Great Lakes is an important market for Polish Steamship Polsteam and serious volumes of cargoes, mainly agricultural products, are moving out of the Great Lakes. Furthermore, Fednav, Canfornav and Navibulgar have lake-fitted bulk carriers which are competing at Great Lakes. Lake-fitted fleet is ageing and will have to be replaced. Polish Steamship Polsteam has been restructured and now fully financed profitable company. 7-August-2019

 

DVB Bank, a prominent German ship financing institution, has successfully finalized a syndicated refinancing deal worth $175 million for the bulk carrier enterprise, Polish Steamship (Polsteam Group), aimed at refinancing 34 bulk carriers. Operating out of Frankfurt, DVB Bank took the lead as the mandated lead arranger and bookrunner for the refinancing agreement concerning the 34 bulk carriers. CIT Group joined as a lead arranger as well, with Societe Generale, BNP Paribas, Siemens Bank, and Credit Agricole participating as co-arrangers in the deal. Globally, Polish Steamship Company (Polsteam), a major state-owned bulk carrier enterprise in Poland, boasts a workforce exceeding 2,700 employees. On an annual basis, the company undertakes approximately 500 voyages, transporting over 15 million tonnes of cargo. The fleet of Polish Steamship (Polsteam Group) comprises 56 young and modern bulk carriers, with an average fleet age of about 8 years. Additionally, the company owns roll-on/roll-off passenger ships (ro-paxes) and ferries, and it has placed orders for 6 new open-hatch carriers in China, scheduled for delivery between 2019 and 2020. Following a comprehensive restructuring program and a successful return to profitability, the Szczecin-based shipowner and operator Polish Steamship (Polsteam Group) is exploring further orders for newbuilds. The year 2019 is set to witness the delivery of the last 4 bulk carriers from a previous order, which includes several vessels initially abandoned at Chinese shipyards by a former board but have since been renegotiated. In 2017, the Polish government appointed CEO Pawel Brzezicki to bring stability to the state-owned entity, Polish Steamship (Polsteam Group), which now anticipates the need for 6 to 7 newbuilds annually. CEO Pawel Brzezicki has pointed out that many of the former managers were behind the cancellation of newbuilds in 2016. This refinancing move signals DVB Bank’s continued presence in the shipping finance sector despite facing significant loan provisions. Last year, there were reports that DZ Bank was finalizing the sale of parts of its transport unit, DVB, excluding the shipping portfolio, after facing challenges in selling the business as a whole. DZ Bank was nearing the completion of sales for its aviation and land transport portfolios, with plans to then focus on maritime assets. DZ Bank has openly stated it is exploring all possible options for DVB following shipping loan provisions that amounted to $970 million, adversely affecting the German lender’s profits in 2017. 8-May-2019

 

Polish Steamship Polsteam is selling panamax dry bulk carries 2010 built 79K DWT MV Giewont and 2011 built MV Rysy. Both panamax dry bulk carriers were built in China and will shortly be open for inspection. MV Rysy is worth around $14.5 million and MV Giewont is worth around $13.8 million. MV Rysy and MV Giewont were built at New Century Shipbuilding in China. In February 2017, Polish Steamship Polsteam is reportedly put MV Giewont up for sale. In February 2017, MV Giewont would likely have fetched $10 million. In 2007, Polish Steamship Polsteam ordered sister ships for $45 million each. Szczecin-based Polish Steamship Polsteam is the biggest shipowner in Poland. The state-owned Polish Steamship Polsteam has a fleet of 61 dry bulk carriers. CEO Pawel Brzezicki explained that Polish Steamship Polsteam needs 7 newbuilding ships every year. Polish Steamship Polsteam has no intention to sell any ships and dry bulk carriers circulated for sale have been pulled from S&P market and continued trading in feet of Polish Steamship Polsteam. 16-October-2017

 

Pioneer Marine’s 2008 built handysize dry bulk carrier 28K DWT MV Eden Bay and Polish Steamship Polsteam’s 2005 built handysize dry bulk carrier 39K DWT MV Mazury collided off Macapa, Brazil on 11 October 2017. The high tide of the Amazon river may have played a part in the collision. MV Eden Bay was carrying wheat and MV Mazury was carrying fertilizer. No pollution or injuries were reported. 2-February-2019

 

Canadian Coast Guard tugboats from Montreal on Tuesday came to the aid of the Polish state-owned bulker giant Polish Steamship Polsteam controlled 2011 built handysize bulk carrier 30K DWT MV Juno which grounded on Monday in the US section of the St Lawrence Seaway. Polish Steamship Polsteam controlled 2011 built handysize bulk carrier 30K DWT MV Juno was en route to Toronto with a cargo of 19K metric tons of sugar when it experienced a steering problem and ran aground near the Thousand Islands International Bridge system on the south bank of the waterway in New York State. Traffic was delayed on the navigational channel while US Coast Guard assessed the next move. Officials from US agency the St Lawrence Seaway Development Corporation had previously boarded the Polish Steamship Polsteam controlled 2011 built handysize bulk carrier 30K DWT MV Juno to investigate. US Coast Guard confirmed on Tuesday that the Polish Steamship Polsteam controlled 2011 built handysize bulk carrier 30K DWT MV Juno was taking on water in a forward ballast tank and was listing to the port side with 18-feet of water in the forward peak of the vessel. The cause of the grounding was still under investigation early on Tuesday afternoon, although it had been determined early that up to that time there had been no loss of freight, no spillage of fuel and no injuries to crew members. Nor had there been contact with bridge in the accident. 20-April-2015

 

Yangzijiang Shipbuilding has entered into shipbuilding agreements with Polish state-owned bulker giant Polish Steamship Polsteam) for the construction of four (4) 36K DWT (deadweight ton) handysize lake-fitted bulk carriers specifically designed for Great Lakes navigation. Additionally, there are options for two (2) more handysize lake-fitted bulk carriers included in the contract. The total value of this order amounts to approximately $438 million, marking Yangzijiang Shipbuilding’s first-ever order for lake-fitted bulk carriers. 36K DWT (deadweight ton) handysize lake-fitted bulk carriers will be constructed at Yangzijiang’s Changbo Shipyard, with the first four (4) 36K DWT (deadweight ton) handysize lake-fitted bulk carriersexpected to be delivered in 2017. Polish state-owned bulker giant Polish Steamship Polsteam already has twelve (12) other bulk carriers under construction at Yangfan Shipyard, with delivery scheduled for 2016 and 2017. 11-January-2015