Stove Shipping

Norwegian shipowner, Stove Shipping, has concluded the sale of its final vessel in a transaction with Gearbulk. Stove Shipping, a shipowning enterprise associated with the Tidemand family, is now considering the acquisition of newbuildings that employ alternative bunkers. Stove Shipping sold its last ship 2013 built supramax bulk carrier 55K DWT MV Stove Ocean. This sale was made to Gearbulk at a price of approximately $21 million. Stove Shipping, supported by the Tidemand family, has shifted its focus towards embracing a more environmentally sustainable future. Gearbulk has confirmed its purchase of the MV Stove Ocean under undisclosed terms and conditions. Norwegian shipowner Stove Shipping is controlled by Otto Gregard Tidemand who also controls Eastern Bulk and his brother Sverre Jorgen Tidemand controls Norwegian Belships. 14-June-2023


Oslo-based Tidemand Group’s subsidiary, Stove Shipping, has successfully sold the MV Stove Phoenix, a supramax bulk carrier built in 2007 with a capacity of 55,000 deadweight tons (DWT), for an approximate amount of $11 million. Stove Shipping has also disposed of another supramax bulk carrier, which is 12 years old. The MV Stove Phoenix has been acquired by a Vietnamese shipowner. Stove Shipping is committed to rejuvenating its fleet of supramax bulk carriers. The esteemed Tidemand Group, headquartered in Oslo and led by Kristin Tidemand Eckhoff, supports these endeavors. In August, Stove Shipping expressed its intention to sell older vessels within the next two years to ensure the fleet’s renewal. It is worth noting that the MV Stove Phoenix holds a strong position in the market, considering its upcoming special survey scheduled for September of next year. Furthermore, in October 2019, Stove Shipping, a subsidiary of the Tidemand Group, sold another 12-year-old supramax bulk carrier, the MV Bulk Avanti, which was built by Mitsui in 2006, to Petrovietnam for approximately $12.5 million. Stove Shipping currently possesses a fleet of five supramaxes constructed between 2007 and 2016.
The Tidemand Group of Oslo has indicated its focus on either procuring new vessels, entering into long-term bareboat charter agreements, or signing long-term time charter agreements. It is important to mention that the private Tidemand Group, owned by Otto Tidemand and his family, experienced significant losses in the past. However, in 2017, their key companies, Stove Shipping and Eastern Bulk Carriers, successfully turned the tide and regained profitability. Eastern Bulk Carriers, a ship operating company, manages a fleet of approximately 20 to 40 ultramax or supramax bulk carriers. Additionally, Lorentzen & Stemoco, a prominent shipbroker, serves as the Tidemand Group’s third major shipping investment arm. Stove Shipping has completed the sale of the MV Stove Phoenix, a 55,000-DWT bulker built in 2007 by Kawasaki Heavy Industries, for an impressive amount of $11.6 million. Notably, Stove Shipping acquired the MV Stove Phoenix during a market low and is now divesting it at a significant profit. Stove Shipping has consistently pursued a strategy of fleet renewal to ensure the incorporation of modern and forward-looking vessels. As the oldest ship in Stove Shipping’s fleet, the MV Stove Phoenix has reached the end of its service. The vessel was initially purchased in January 2017 for $9.5 million, and the reported sale price aligns with the higher end of market estimates. Stove Shipping currently operates a fleet of five supramax bulk carriers built between 2007 and 2016. In August, the company announced its intention to sell older ships within the next two years as part of its fleet renewal efforts. Stove Shipping aims to either commission newbuildings or secure long-term bareboat or time charter agreements. The Tidemand Group, under the control of Otto Tidemand and his family, oversees these operations and also manages Eastern Bulk Carriers, a bulk carrier operator, and Lorentzen & Stemoco, a renowned shipbroker. 10-May-2020


Norwegian shipowner Stove Shipping is scrapping its two sinter dry bulk carriers Japanese 1999 built, 46K DWT M/V Stove Campbell, and M/V Stove Trader for $3.25 million. Both handymax carriers are due for a special survey in 2017. January 2016, Stove Shipping sold a sistership 1998 built M/V Stove Transport for $3.5 million to Oryx Shipping of Greece. February 2016, 1998 built handymax dry bulk carrier M/V Stove Tradition was sold to Data Marine of China for $3.2 million. Norwegian shipowner Stove Shipping is controlled by Otto Gregard Tidemand who also controls Eastern Bulk and his brother Sverre Jorgen Tidemand controls Norwegian Belships. 23-August-2016