Ugland Bulk Shipping AS

Norwegian shipowner and operator JJ Ugland has increased its profits due to new partnerships with external vessel co-owners. The Grimstad-based JB Ugland Group’s subsidiary, JJ Ugland, has seen beneficial outcomes from these collaborations, even amidst declining ship charter rates. For 2023, JJ Ugland Group reported a significant increase in profits due to these strategic investor partnerships. According to the annual report from Uglands Rederi, the Grimstad-headquartered holding company, net earnings reached $31 million in 2023. Norwegian shipowner and operator JJ Ugland saw a decrease in revenue to approximately $56.1 million from $80.7 million the previous year, but financial expenses were also lowered to about $1.3 million. 29-May-2024


After a distressing kidnapping incident, the Ugland Bulk Shipping AS controlled MV Bonita has embarked on a new journey to Brazil with a fresh crew. The 2010-built supramax bulk carrier 58K DWT MV Bonita recently left Benin, where it had been docked in Cotonou following the abduction of nine seafarers in November 2019. MV Bonita is now en route to Santos, Brazil. Last week, JJ Ugland’s senior crewing manager, Vidar Roinas, visited MV Bonita to oversee the changeover and facilitate the repatriation of seafarers wishing to return to their families in the Philippines. Presently, MV Bonita is manned by new crew members. In the wake of the incident, Norwegian shipowner and operator JJ Ugland’s subsidiary, Ugland Bulk Shipping AS, is reevaluating its operations off the West African coast. The security assessment is ongoing, as the company considers the future movements of its fleet in this region, following the serious security breach that resulted in the ship master being among those kidnapped while awaiting a berth to discharge gypsum. Ugland Bulk Shipping AS has described the situation as severe and is actively working to ensure the safe return of the abducted crew members. 17-November-2019


Norwegian shipowner and operator JJ Ugland has enjoyed a stronger 2018. After 2016 and 2017 weak dry bulk markets, conditions came closer to a balance of 2018. 2018 has been better for JJ Ugland than the previous two years. Most improvement was the dry cargo market, where stronger rates paved the way for an increase in ship values. Norwegian shipowner and operator JJ Ugland do not have long-term charter commitments and their bulk carriers will be benefited from the rising freight rates. JJ Ugland has offloaded its oldest bulk carrier and is awaiting delivery of a new bulk carrier in January 2019. 16-July-2019


The Grimstad-based JJ Ugland Group has declared robust financial performance for the year 2018, although maritime operations now represent a smaller portion of the company’s diversified interests. In 2018, JJ Ugland Holding, the parent company, saw a substantial rise in its pre-tax profits, reaching $36.9 million. Led by Managing Director Johan Martin Ugland, JJ Ugland Group has expanded its investment portfolio to include sectors such as real estate and renewable energy. Despite the diversification, the board, under the chairmanship of Johan B Ugland, remains committed to its specialized car carrier segment. Currently, JJ Ugland Group operates a fleet of five car carriers, ranging from 950 CEU to 2,050 CEU, plus a jointly owned vessel. In a strategic move to bolster this fleet, the group acquired the 2,000 CEU MV Autostar (built in 2000) in 2018 for an undisclosed sum. JJ Ugland Group’s car carriers are primarily engaged on bareboat charters with major industry players like K Line and United European Car Carriers, demonstrating a strong foothold in this niche market. Johan B Ugland, the chairman and a third-generation shipowner from the Ugland family, continues the legacy started by his grandfather Johan Milmar who founded Uglands Rederi in 1930. Notably, the JJ Ugland Group strategically exited its shipping activities in January 2008, selling to India-based Siva Group for $300 million. However, the company made a notable re-entry into shipping in 2013, with current ambitions to further expand this segment, as emphasized by Johan Martin Ugland. 11-June-2019


Norwegian shipowner and operator JJ Ugland’s subsidiary, Ugland Bulk Shipping AS, is actively pursuing strategies to secure more of its supramax bulk carriers on both short and long-term period charters. The privately owned Norwegian company, which boasts a fleet of nearly 50 bulk carriers, also highlighted that its 58K DWT supramax bulk carrier MV Lunita, constructed in 2014, has been chartered out until 2023 following an off-market transaction last autumn. Additionally, the ultramax bulk carrier 63K DWT MV Jorita, built in 2019 and delivered to JJ Ugland’s subsidiary Ugland Bulk Shipping AS in January, is currently engaged at an index-linked rate until mid-2021. Knut Nikolai Ugland, who took over the leadership of JJ Ugland after his grandfather Johan Jorgen Ugland passed away in 2010, is poised to assume control of the broader JJ Ugland Group when he reaches 35. Notably, Knut Nikolai Ugland spent a year working at the German bulker behemoth Oldendorff Carriers last year. The principal entity under him, Uglands Rederi, operates a fleet that includes 16 trading supramax bulk carriers and has two ultramax bulk carriers on order in Japan. Uglands Rederi recently reported a pre-tax profit of $4.6 million for the previous year. Additionally, JJ Ugland owns the Nymo shipyard, which experienced a significant improvement in performance last year. 29-May-2019


The JJ Ugland Group, based in Grimstad, is in the process of divesting from one of its oldest vessels through its subsidiary, Ugland Bulk Shipping AS. The company is preparing to sell the 2001-built supramax bulk carrier 52K DWT MV Fermita for approximately $6.5 million. This impending sale comes as the MV Fermita is scheduled for a special survey (SS) in November. The pricing of MV Fermita reflects the current downward pressure on bulk carrier values, a trend evident since June when Ugland Bulk Shipping AS sold the sister vessel, the supramax bulk carrier MV Tamarita (also built in 2001), for around $8.5 million. At the time of that sale, a spokesperson from the JB Ugland Group indicated a positive outlook on the market and no urgency to sell other vintage bulk carriers. Despite earlier statements suggesting potential sales in 2018, no further transactions occurred last year. This strategy of selling older vessels aligns with JJ Ugland’s broader fleet renewal efforts, which included the acquisition of three new bulk carriers in 2017 and the expected delivery of three additional vessels from Japanese shipyards by 2020. Currently, JJ Ugland’s fleet includes 11 supramax bulk carriers and four ultramax bulk carriers navigating international waters. 22-April-2019


Norwegian shipping magnate Andreas Kjell Lund Ugland has passed away at the age of 93. Renowned for his innovative approaches in the maritime industry, Andreas Kjell Lund Ugland was a prominent figure, contributing extensively both within Norway and on international platforms. Born in Grimstad, he was educated in technical studies at King’s College, Newcastle. At the young age of 26, Andreas Kjell Lund Ugland began his career at Uglands Rederi, a shipping company founded by his father, Johan Milmar Ugland, in 1930. Together with his brother Johan Jorgen, Andreas Kjell Lund Ugland was pivotal in the operation and expansion of Uglands Rederi. The brothers collaboratively steered the company, with Andreas Kjell Lund Ugland playing a significant role in pioneering the use of limited partnerships (Komandittselskaper) during the 1960s. By 1965, under his guidance, Norway boasted the largest ore carrier fleet, and in 1971, he played a crucial role in founding Hoegh Ugland Autoliners (HUAL) with the Hoegh company, establishing a significant presence in the car carrier market. In 1995, the Ugland brothers divided their business interests, with Andreas Kjell Lund Ugland retiring and passing his shares to his sons Andreas Ove, Johan Benad, and Knut Axel Ugland. His transition of leadership was noted for its effectiveness, setting a benchmark in succession planning within family-owned businesses. Andreas Kjell Lund Ugland also made his mark as a technical expert in shipping, serving as the president of the Tanker Owners’ association, Intertanko. His contributions to the industry were recognized late into his career when nearing the age of 87, he received the innovation award at the Offshore Northern Seas (ONS) conference in Stavanger. Despite his advanced age, Andreas Kjell Lund Ugland remained actively involved in the business, working daily at the JJ Ugland office in Grimstad. His legacy is marked by a commitment to innovation and excellence in the shipping industry. 21-April-2019


Norwegian ship owner and operator JJ Ugland moves to arrest Andreas Petrakis backed panamax dry bulk carrier after Gulf of Mexico crash. Last week, Andreas Petrakis backed Iolcos Hellenic Maritime and Hudson Anthem Shipping Company’s 2006 built panamax dry bulk carrier 74K DWT MV Iolcos Unity was in a collision with JJ Ugland’s 2017 built ultramax dry bulk carrier 63K DWT MV Livita in the Gulf of Mexico. Norwegian ship owners JJ Ugland’s parent companies Ugland Marine Services and Ugland Shipping has filed a $3 million lawsuit in New Orleans federal court after the collision. JJ Ugland alleges the collision was due to the navigational errors on the part of the panamax dry bulk carrier MV Iolcos Unity’s crew. United States New Orleans District Judge Jay Zainey has since signed off on an arrest warrant for panamax dry bulk carrier MV Iolcos Unity. United States Coast Guard confirmed MV Iolcos Unity and MV Livita has collided. But, United States Coast Guard has not disclosed details to the extent of the damage or the cause collision. JJ Ugland’s 2017 built ultramax dry bulk carrier 63K DWT MV Livita was at the anchorage at the Southwest Pass Anchorage, near the mouth of the Mississippi River in Louisiana, when two ships collided. After the incident, 2006 built panamax dry bulk carrier 74K DWT MV Iolcos Unity was cleared to continue its voyage. No injury or pollution has been reported. 8-March-2019


Norwegian shipowner JJ Ugland chartered out new building ultramax dry bulk carrier 63K DWT MV Jorita to Dampskibsselskabet NORDEN A/S. Copenhagen based Dampskibsselskabet NORDEN A/S did not reveal the terms of the charter deal. Ultramax dry bulk carrier 63K DWT MV Jorita was built at Japanese Shipyard Shin Kasado. At the beginning of 2019, Scorpio Bulkers chartered our similar ulramax dry bulk carrier 64K DWT MV SBI Libra (built 2017) for 5/7 months at $15,250 per day. Norwegian shipowner JJ Ugland has 15 ultramax and supramax dry bulk carriers in its fleet. 24-January-2019


Norwegian shipowner and operator JJ Ugland sold 2001 built supramax dry bulk carrier 52K DWT MV Tamarita to an undisclosed buyer. European brokers commented that MV Tamarita fetched around $8.5 million. The price tag of MV Tamarita is similar to 2001 supramax dry bulk carrier 52K DWT MV Jag Ratan which was sold by Great Eastern Shipping. Norwegian shipowner and operator JJ Ugland also owns the sistership 2001 built 52K DWT MV Fermita. Norwegian shipowner and operator JJ Ugland’s MD (Managing Director) Oystein Beisland commented that sister-ship MV Fermita is on contract until the autumn and JJ Ugland in no rush to sell this ship. MV Tamarita and MV Fermita were cash cows for JJ Ugland during the boom years in the shipping market. In early 2016, MV Tamarita and MV Fermitawere probably worth just $3 million each. Norwegian shipowner and operator JJ Ugland is ordering new dry bulk carriers from Japanese shipyards. 19-June-2018