SwissMarine

Geneva-based shipowner and operator SwissMarine chartered in 2015 built capesize bulk carrier 181K DWT MV KSL Sakura as a sublet deal from German energy giant RWE for around two years. German energy giant RWE chartered in 2015 built capesize bulk carrier 181K DWT MV KSL Sakura from New York-listed Golden Ocean Group. Peter Weernink led shipowner and operator SwissMarine will pay a $4,000 premium over the Baltic Exchange’s Capesize 5TC. Currently, The Baltic Exchange’s Capesize 5TC spot rate average is around $8,918 per day. 30-January-2022

 

Geneva-based shipowner and operator SwissMarine and P&I (Protection and Indemnity) insurer Gard are trying to force a payout for damage to 2006 built capesize bulk carrier 174K DWT MV Mineral Libin after a clash with another ship in China in 2007. Norwegian Supreme Court delivered a landmark judgment that authorizes a lawsuit to be followed against Skuld over a collision in 2007. Norwegian Supreme Court found that the claim was not time-barred because a tribunal did not base liability until 2016. Peter Weernink-led shipowner and operator SwissMarine and P&I (Protection and Indemnity) insurer Gard’s lawyers at Thommessen expressed that the Norwegian Supreme Court’s verdict clarified key issues on the interpretation of the Insurance Contracts Act (ICA) and the Norwegian Limitation Act (NLA). In 2007, The conflict arose after 2006 built capesize bulk carrier 174K DWT MV Mineral Libin, while turning to starboard to berth in a river, smashed a buoy and another berthed ship, provoking substantial damage to both ships. In 2010, Disponent Owner Geneva-based SwissMarine commenced arbitration proceedings against sub-charterer Transfield, alleging that the port was unsafe for the ship in breach of the safe port warranty in the charterparty. However, sub-charterer Transfield claimed that the collision was caused by navigation errors of the Pilot or Ship Master. In 2010, sub-charterer Transfield went into liquidation, giving the shipowner a protected right to bring a potential direct claim against Skuld under the Insurance Contracts Act (ICA). Nevertheless, the case of liability through the charter chain was only eventually resolved through London arbitration in 2016. Later on, Geneva-based shipowner and operator SwissMarine brought the claim against Skuld, which argued that by that point it was too late. Norwegian Supreme Court started from the premise that the limitation period under the Norwegian Limitation Act (NLA) commences when the claim holders have sufficient information to institute legal proceedings. Norwegian Supreme Court stated that Geneva-based shipowner and operator SwissMarine filed a petition for conciliation proceedings against Skuld in September 2016, the claim was therefore not time-barred. 5-March-2020

 

Geneva-based shipowner and operator SwissMarine sold two (2) capesize bulk carriers. 2016 Japanese built 181K DWT MV Corsier and 2016 Japanese built 181K DWT MV Celigny were sold around $42.5 million each to JP Morgan Global Maritime. Last month, CEO Peter Weernink took back control of SwissMarine. According to market veterans, MV Corsier and MV Celigny is worth around $41.4 million each. In recent years, Switzerland based shipowner and operator SwissMarine has been scaling down its owned fleet. In 2013, MV Corsier and MV Celigny were ordered for $50 million each. The latest bulker offloads does not mean that SwissMarine is disappearing from the large bulk carrier segment. Cargill trained Dutchman CEO Peter Weernink formed SwissMarine in 2001. SwissMarine has been one of the dominating players in the capesize market. In April 2018, Peter Weernink left SwissMarine and established Singapore Marine. SwissMarine’s shareholders led by Glencore were unable to commit to growth. Peter Weernink led Singapore Marine is now taking over SwissMarine for an undisclosed price. Peter Weernink is aiming to cooperate with a group of committed new investors who wants to acquire around 150 bulk carriers. Currently, new investors are buying the shares of Peter Weernink’s co-shareholders in SwissMarine, including Glencore, steel trader MUR, and Greek shipowner Victor Restis. Norwegian shipping tycoon John Fredriksen’s shipping arm Golden Ocean is one of the key investors working with Peter Weernink. 19-September-2019

 

Geneva-based shipowner and operator SwissMarine chartered in two kamsarmax bulk carriers from New York-listed shipowner and operator Diana Shipping (DSX). Peter Weernink-led shipowner and operator SwissMarine chartered in 2017 built kamsarmax bulk carrier 208K DWT MV Newport News for around $16,500 per day and 2012 built kamsarmax bulk carrier 206K DWT MV Los Angeles for around $13,250 per day. In the spot market today, the Baltic Exchange’s weighted time charter average rate for capesize 5T routes was at $5,747 per day which is the lowest level seen since February 2017. 25-February-2019

 

On 15 March 2018 Switzerland based freight operator SwissMarine chartered in 2004 built capesize dry bulk carrier 175K DWT MV KWK Providence from Tai Chong Cheang (TCC) for $17,250 per day for 2 years. MV KWK Providence chartering will start in April and will be delivered at Qingdao, China. MV KWK Providence $17,250 per day charter rate is softer than the $20,000 per day for 180K DWT MV Navios Lumen that was chartered in by SwissMarine last week for a year. This week, SwissMarine also chartered in 2005 built capesize dry bulk carrier 171K DWT MV Star Lady at 93% of BCI for a year period. According to forwards market data from the Baltic Exchange, one-year freight markets are currently priced around $17,125 per day. 18-March-2018

 

Geneva-based ship operator SwissMarine chartered in capesize dry bulk carrier 2011 built 175K DWT M/V Charlotte Selmer for a year at $13,500 per day. 2-April-2017

 

Peter Weernink led shipowner and operator SwissMarine sold the oldest capesize bulker 1997 built 172K DWT M/V Confignon for demolition to Pakistani shipbreakers for $7.3 million. M/V Confignon was bought by SwissMarine as MV Orchid River for $12.5 million in 2012. M/V Confignon was due for a special survey in 2017. 5-January-2017

 

SwissMarine bought 2011 built panamax bulk carrier 82K DWT MV United Fortune for about $15 million. Main lenders of Japanese shipowner United Ocean are attempting to recover around one billion dollars in funds from the company, which filed for bankruptcy at the Tokyo district court in January 2016. Largest creditors of Japanese shipowner United Ocean are: Resona Bank, Tokyo Mitsubishi UFJ and Mizuho Bank. The collapse of the Japanese shipowner United Ocean was followed by allegations that charter parties had been misrepresented to secure funding from the bankruptcy filing revealed $1.23 billion of debts. 8-August-2016