Spar Shipping

Norwegian shipowner and operator Spar Shipping reported a pre-tax profit of $38 million in 2020. Spar Shipping reported revenue of $108 million in 2020. At the beginning of 2020, Spar Shipping had a stressful start due to the post-coronavirus recession. However, the dry bulk shipping market steadily increased, which has led Spar Shipping to report higher profits. Spar Shipping chairman Dag Magne Vedvik expressed careful optimism, emphasizing that there are uncertainties over the dry bulk shipping market going forward. Norwegian shipowner and operator Spar Shipping is owned by brothers Tom and Iwan Eide Knudsen through their company West Coast Invest. Spar Shipping was a tonnage provider however the company has established its chartering department. Currently, Spar Shipping has a fleet of 24 bulk carriers. 14-June-2021

 

Norwegian shipowner and operator Spar Shipping has reported a pre-tax profit of $6.5 million for 2019. Spar Shipping’s profits squeeze due to trade wars and coronavirus recession. Spar Shipping has reported revenue of $79 million for 2019. Bergen-based shipowner and operator Spar Shipping is controlled by Tom Eide Knudsen and Iwan Knudsen. Initially, Spar Shipping was established to be a pure tonnage provider to FCC (First Class Charterers). Nevertheless, recently Spar Shipping has established an in-house chartering department. Spar Shipping has refinanced revolving credits and the company has a positive outlook. Currently, Spar Shipping has a fleet of 24 supramax and ultramax bulk carriers. 7-June-2020

 

Norwegian shipowner and operator Spar Shipping reported an operating profit of $27 million for 2018. Spar Shipping doubled the annual profit in 2018. However, Spar Shipping is not very optimistic about 2019. Currently, Spar Shipping is seeking a spot-oriented charter plan due to predominating weak dry bulk markets. According to Norwegian shipowner and operator Spar Shipping, the lack of significant iron-ore cargo out of Brazil has deeply affected the dry bulk markets at the beginning of 2019. Currently, Spar Shipping’s bulk carriers are either on the spot market or longer charters with index-linked rates. Traditionally, Spar Shipping has chartered out its bulk carriers on a long-term basis, but current margins have made this an ¬≠unattractive solution. Therefore, Spar Shipping has been planning to establish an in-house chartering department for the spot market. Furthermore, Norwegian shipowner and operator Spar Shipping pursue a petition against Grand China Logistics Holding over canceled charters for three (3) supramax bulk carriers. Grand China Logistics Holding has lost in the United Kingdom court, however, the conflict has now moved to a Chinese court. Bergen-based shipowner and operator Spar Shipping is owned by the family of the late Helge Eide Knudsen, who died in July 2015. Today, Helge Eide Knudsen’s sons Tom Knudsen and Iwan Eide Knudsen are controlling the Spar Shipping. Currently, Spar Shipping owns and operates 24 bulk carriers. 18-July-2019

 

Norwegian shipowner Spar Shipping hit hard by the collapse of the dry bulk market. Norwegian shipowner Spar Shipping after agreeing a refinancing deal with its banks awaits newbuilding dry bulk carriers. Norwegian shipowner Spar Shipping has 6 supramax new buildings in China. Dag Magne Vedvik led Norwegian shipowner Spar Shipping slumped to a pre-tax loss of $117 million in 2015. 25-August-2016

 

Norwegian shipowner Spar Shipping sold panamax bulk carrier M/V Spar Neptun 70K DWT for demolition to Indian Scrapyard for $290 per ldt (Lightweight Displacement Tonnage) which is around $2.7 million. M/V Spar Neptun was operated Klaveness ship management’s Baumarine pool. MV Spartan Neptune ex MV Apollon and MV Alianthos were bought in 2004 by Spar Shipping for $65 million. 28-April-2016