Sinokor Merchant Marine

Sinokor Merchant Marine, a South Korean shipping company, has completed the sale of three newcastlemax bulk carriers to fellow South Korean firm Pan Ocean. The Seoul-based Sinokor Merchant Marine successfully generated $213 million from disposing of three sister ships, the 208K DWT MV Atlantic Dragon, MV Atlantic Lion, and MV Atlantic Tiger, all delivered in 2020. These vessels, ordered in 2018 at $51 million apiece by Sinokor Merchant Marine, were sold for a substantial $71 million each. In addition to these acquisitions, Pan Ocean has also recently expanded its fleet by purchasing the MV Pacific Assurance, a 2014-built newcastlemax bulk carrier, from OMC Shipping. The market for newcastlemax bulk carriers has seen a remarkable level of activity this year, with transactions reaching record highs and prices soaring significantly. 25-March-2024


In a strategic move that underscores its adeptness in the shipping market, Sinokor Merchant Marine, a prominent South Korean shipowner and operator, has recently turned a quick profit of $3 million from the sale of a capesize bulk carrier, a type of vessel primarily used for transporting large quantities of bulk cargo such as iron ore or coal. This transaction, executed in November 2023, highlights Sinokor Merchant Marine’s expertise in asset play, showcasing its ability to capitalize on market fluctuations. Sinokor Merchant Marine, with a long-standing reputation for operational excellence and strategic fleet management, acquired the capesize bulk carrier, built in 2009 and boasting a deadweight tonnage (DWT) of 170K, named MV Genco Commodus. This acquisition was made from Genco Shipping & Trading (GNK), a renowned New York-listed shipping enterprise, for approximately $19.5 million four months ago. Following the acquisition, the vessel was promptly renamed MV Enco Ommodus upon its delivery in January. Demonstrating a keen sense of market timing, Sinokor Merchant Marine then sold the vessel to Agricore, a Chinese entity, for around $22.5 million, renaming it MV ASL Loong in the process. This sale not only resulted in a significant profit but also reflected the company’s strategic foresight in navigating the volatile shipping industry. Further illustrating the vibrancy of the capesize market, Agricore secured an additional capesize bulk carrier in November from Bocimar, a shipping colossus based in Antwerp, Belgium. This vessel, the 2009-built capesize bulk carrier with a DWT of 178K, was formerly known as MV Mineral Ningbo and was acquired for roughly $20 million, subsequently being rechristened MV ASL Polaris. The current year has seen a notable uptrend in the value of bulk carriers, with increases recorded across various age groups and size categories. Capesize bulk carriers, in particular, have led this upward trajectory, signaling a strong and growing market. Sinokor Merchant Marine, through its recent transactions and fleet management strategies, continues to solidify its position as a key player in the global shipping industry, adeptly navigating the complexities and opportunities presented by market dynamics. 22-March-2024


Sinokor Merchant Marine has successfully sold an aged Very Large Ore Carrier (VLOC), the MV HBIS Sunrise, built in 1992, amidst challenges posed by the closure of South Asian scrapyards due to the coronavirus pandemic. The vessel was sold for $310 per Light Displacement Tonnage (LDT) on an as-is basis for delivery in Singapore, including 2,700 tonnes of bunker fuel onboard, generating gross proceeds of approximately $11.5 million for the South Korean owner. Originally purchased as the tanker MT Orpheus Orchid from Idemitsu Tanker for $15.5 million in September 2009, Sinokor converted the vessel to the MV HBIS Sunrise, with Mitsubishi Heavy Industries being the builder. The sale to a cash buyer was made on speculative terms, with intentions to keep the crew onboard for several weeks while seeking a suitable scrapyard, in light of the significant downturn in demolition rates. The global pandemic has led to a near standstill in trading, with the main ship-breaking nations of India, Bangladesh, and Pakistan having closed their facilities since March to combat the spread of the virus. This situation has created a backlog of vessels waiting to be scrapped and has frustrated contracts and canceling dates, according to GMS, the world’s largest cash buyer of ships for recycling. As India and Pakistan begin to gradually reopen their shipbreaking yards, Bangladesh’s restrictions are expected to remain until at least April 26. Despite the market’s uncertainty, some cash buyers are cautiously offering tentative prices for ships with upcoming delivery dates, anticipating where prices might settle once operations resume. Clarksons Research notes that industry predictions suggest reopening market prices could drop below $300 per LDT, but there remains hope for a recovery in recycling rates once restrictions are lifted, potentially bolstering demand for ship demolition. 20-April-2020


South Korean shipowner and operator Sinokor Merchant Marine sold 1992 built vintage ore carrier 243K DWT MV Atlantic Merchant for demolition in Bangladesh, for around $405 per ldt (lightweight displacement tonnage) or around $15 million. In September 2012, Sinokor Merchant Marine acquired MV Atlantic Merchant (ex MV General) for around $12 million from HOSCO (Hebei Ocean Shipping Co). In April 2019, Sinokor Merchant Marine sold 1999 built capesize bulk carrier the 171K DWT MV Silver Geneva for demolition for about $475 per ldt (lightweight displacement tonnage). At the beginning of August, Sinokor Merchant Marine tried to sell three (3) container-ships for demolition, but the deal has not gone through yet. 27-August-2019


Angeliki Frangou’s Navios Maritime Holdings, a New York-listed shipping company, has recently sold its oldest capesize bulk carrier, the MV Navios Equator Prosper, which was built in 2000. This 171K DWT vessel is part of a growing trend where larger bulkers are increasingly being sent to scrapyards. The sale price for the MV Navios Equator Prosper was reported at $437.50 per LDT (Light Displacement Tonnage), totaling approximately $8.8 million for the ship on an as-is basis in Singapore. This move comes amidst speculation that Navios Maritime Holdings might not directly sell ships for demolition, although the MV Navios Equator Prosper was the oldest in its fleet of ten capesize carriers, within a larger fleet of 35 bulk carriers. The shipping industry, particularly for capesize vessels, has been experiencing pressure due to a combination of global events including a catastrophic dam collapse in Brazil and ongoing trade tensions between the U.S. and China. This has contributed to an uptick in the number of large bulk carriers being scrapped. In the first four months of 2019 alone, 18 capesize vessels totaling over 3.4 million DWT have been demolished, according to BIMCO data. In a related development, Seoul-based Sinokor Merchant Marine is reported to be in the process of selling a capesize bulk carrier, the MV Geneva (built-in 1999), for demolition as well. European demolition shipbrokers have indicated that the MV Geneva, a 170K DWT vessel, has been sold for scrap to a buyer in Bangladesh for $475 per LDT, or around $9.5 million in total. The MV Geneva is believed to have already reached its final destination at the scrapyard. Requests for comments from Sinokor Merchant Marine regarding the sale have not been responded to. 6-May-2019


Korean shipowner and operator Sinokor Merchant Marine acquired 7 capesize dry bulk carriers in two en-bloc transactions. Korean shipowner and operator Sinokor Merchant Marine acquired 3 scrubber-fitted capesize dry bulk carrier resales under construction at Jiangsu Yangzi Xinfu Shipyard in China for delivery in late 2019 and 2020 for a price tag of $50 million each. Korean shipowner and operator Sinokor Merchant Marine is also being mentioned in connection with the purchase of 4 trading capesize dry bulk carriers 2012 built 176K DWT MV Stella Charlene, 176K DWT MV Stella Flora, 180K DWT MV Stella Annabel, and 180K DWT MV Stella Anita from Singapore based shipowner and operator Cara Shipping. Korean shipowner and operator Sinokor Merchant Marine also ordered two 208K DWT dry bulk carrier new-buildings at Shanghai Waigaoqiao Shipbuilding (SWS) in China for 2020 delivery. 27-July-2018


Korean shipowner and operator Sinokor Merchant Marine continues to be active in the demolition market. Sinokor Merchant Marine sold a capesize dry bulk carrier and an aframax tanker. Sinokor Merchant Marine sold 1995 built 170K DWT MV Chokang Sunrise for $480 per ldt or $10.2 million. Sinokor Merchant Marine sold 1998 built 105K DWT MT Pacific Pioneer (ex MT Cape Avila) for $455 per ldt, or $7.5 million. In early 2018, Korean shipowner and operator Sinokor Merchant Marine sold 1999 built 300K DWT MV Plata Pioneer for $440 per ldt. 28-February-2018


South Korean shipowner and operator Sinokor Merchant Marine Co. Ltd. send demolition 1999 built capsize dry bulk carrier 17OK DWT M/V Silver Voyager to Pakistan Scrapyard for $461 per ldt or $9.4 million which is including includes 1,200 tons of bunkers. In 2012, South Korean shipowner and operator Sinokor Merchant Marine Co. bought M/V Silver Voyager (ex M/V Rubin Hope) for $15.3 million. In the first half of 2017, Sinokor Merchant Marine Co. Ltd. also sold 2 capesize dry bulk carriers 1995 built 161K DWT M/V Silver Express and 1994 built 151K DWT M/V Silver Ocean to demolition. 3-December-2017


South Korean shipowner and operator Sinokor Merchant Marine is selling 1995 built capesize dry bulk carrier 161K DWT M/V Silver Express for demolition for $428 per ldt to Pakistan scrap yard. In 2012, Sinokor Merchant Marine bought capesize dry bulk carrier M/V Silver Express (ex M/V Aquabella) from Greek shipowner and operator Carras for $11.2 million. In 2017, demolition of capesize dry bulk carriers has become a scarcity, and Pakistan is not able to take tankers for scrap but only dry bulk carriers. 30-October-2017


Korean Sinokor Merchant Marine sold capesize bulker 150K DWT MV Silver Trade built 1996 for demolition for $300 per ldt (Lightweight Displacement Tonnage) which is about $5 million to an Indian scrapyard. In 2011 Korean Sinokor Merchant Marine bought this cape size bulk carrier for $18m from George Economou’s DryShips. Three months ago, Korean Sinokor Merchant Marine also sold cape size bulk carrier 158K DWT MV Silver Master (built 1996) for scrap. In 2015, a total of 96 cape size bulk carriers sold for demolition. In 2016, up to now, 46 cape size bulk carriers sold for demolition. 28-April-2016