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2018-08-15 17:34:33

China's financial services provider China Minsheng Trust successfully delivered its first vessel "EM AMBER" on August 6 to the buyer.

The 58,000dwt bulk carrier was built in 2010. China Minsheng Trust bought it for US$8.7 million at the end of 2016 and sold it for approximately US$12.5 million. Therefore, we can see that it is very wise for the company to make the investment when the shipping market hit its bottom in 2016.

It is said that the financial company owns 22 quality bulkers with a total of 1.9 million deadweight tons, including 16 secondhand carriers and six newbuildings which are being built by renowned shipyards in Japan, South Korea, and China.

2018-08-13 14:55:55

U.S.-based dry bulk shipping company Genco Shipping & Trading Limited has been renewing its fleet recently. What's more, it is eager to purchase more fuel-efficient vessels.

The company's CEO John C. Wobensmith has seen opportunities for more purchases.

The bulker owner purchased two Capesizes for US$98 million last month. Besides, in June, Genco bought two 180,000dwt Capesizes and two Ultramaxes for US$141 million.

Genco's Vice President Peter Allen remains optimistic about the outlook of the bulker market, saying that the net fleet growth so far this year is only 1.9 percent and newbuilding deliveries decreased 41 percent year-on-year in the first 7 months of 2018.

2018-08-07 14:30:40

Greece-based dry bulk shipping firm Star Bulk Carriers has completed the acquisition of sixteen bulkers from entities affiliated with Augustea Atlantica SpA and York Capital Management in an all-share transaction.

The vessels in question are composed of five Newcastlemaxes / Capesizes, two Mini Capesizes, eight Post Panamaxes/ Kamsarmaxes and one Ultramax. They were mainly constructed in Japan and Korea with an average age of 4.5 years.

Star Bulk will see its fleet hit 90 units, with a total capacity of 10.2 million dwt upon the delivery of the sixteen bulkers.

2018-08-03 15:45:41

Bulker operator Navios Maritime Partners has inked an agreement to buy a pair of bulkers from its affiliate, Navios Maritime Holdings, for US$79 million in July 2018.

The ships in question are the 2016-built Panamax Navios Sphera and the 2016-built Capesize Navios Mars, featuring 84,872dwt and 181,259dwt respectively.

Navios Partners mentioned the acquisition in its second quarter financial report. Besides, the company bolstered its fleet with three Panamaxes, built in 2006 and 2005, for the period. The three vessels are respectively the 74,475dwt Navios Altair I, the 74,381dwt Navios Symmetry, and the 87,052dwt Navios Apollon I.

In addition, Navios Partners booked a net loss of US$29.5 million in the second quarter, down from a net income of US$4.1 million recorded in the same period a year ago.

2018-08-02 14:39:25

GoodBulk Ltd. has spent US$68.3 million acquiring two second-hand Capsizes, each of which weighs 180,000dwt. They are expected to be delivered by Sept.30, 2018.

The two bulkers were built in 2011 and 2012 by South Korean shipbuilder Daehan.


2018-07-27 15:18:17

Dry bulk specialist Genco Shipping & Trading Limited has taken delivery of a 2014-built 61,000dwt Ultramax vessel "Genco Weatherly". It is the first of six vessels to be acquired under the agreements Genco has recently inked.

Besides the Ultramax, the company reached a deal to purchase two 2015-built 180,000dwt Capesize vessels and another 2016-built 60,000dwt Ultramax vessel.

Additionally, Genco entered into another agreement to acquire two 2016-built 180,000dwt Capesize vessels.


2018-07-25 17:36:43

Connecticut-based bulker owner Eagle Bulk Shipping has bought a 2014-built SDARI-64 Ultramax bulk carrier for US$21.2 million.

The vessel, constructed at Chengxi Shipyard, will be renamed M/V Hamburg Eagle. It is scheduled for delivery during the fourth quarter of 2018. By then, the company's fleet will be made up of 47 vessels.

The acquisition comes after Eagle Bulk returned to profit in the first quarter of 2018.


2018-07-12 15:58:57

Thailand's Thoresen Thai Agencies has disposed of Thor Enterprise, a 42,500 dwt bulk carrier.

The ship was sold by Thoresen Shipping Singapore (TSS) for USD 5.6 million.

Although Thoresen has not identified the buyer of the vessel, Thor Enterprise, renamed Asian Enterprise, was sold to India’s Hermes Maritime last month, data provided by VesselsValue shows.

Built at Japanese Namura shipyard in 1995, the Handymax vessel was bought by Thoresen back in 2004.

“The sale is in line with prevailing dry bulk shipping conditions, in which older vessels become less competitive and less able to meet operating costs,” Thoresen Thai Agencies explained.

“The TSS's Board of Directors resolved to sell the said vessel, and the proceeds from the sale are in line with the company’s strategy to improve the efficiency of the fleet and the company’s fleet renewal program,” the company added.

Following the sale of Thor Enterprise, the Thoresen fleet will comprise 21 vessels with an average size of 55,285 dwt and an average age of 11.24 years.


2018-06-14 17:31:41

India’s Great Eastern Shipping Company Limited (G E Shipping) has inked an agreement to dispose of its Supramax bulker Jag Ratan.

The 52,179 dwt vessel will be delivered to an undisclosed new buyer in H1 FY 2018-19, according to the company.

Built at South Korean Daedong shipyard in 2001, the ship has a market value of USD 8.12 million, VesselsValue’s data shows.

Back in 2007, the 65,500 cbm Jag Ratan was purchased by G E Shipping from Turkish Kaptanoglu Group.

Last month, G E Shipping expanded its gas carrier fleet as it took delivery of Jag Vayu, a secondhand medium gas carrier.

Including Jag Ratan, company’s current fleet stands at 49 vessels, comprising 34 tankers and 15 dry bulk carriers with an average age of 10.68 years aggregating 3.97 million dwt.  

2018-06-13 15:44:25

Greek shipowner and operator Navios Maritime Partners expanded its fleet with the 74,475 dwt Panamax vessel, the Navios Altair I.

The 2006-built unit, which was acquired for a price of USD 11 million, was delivered to its new owner on June 7, 2018.

Navios Partners informed that the vessel is chartered out at a net rate of USD 9,844 per day until November 2018.

Based on the existing charter and the current rate environment, the Panamax is expected to generate some USD 2.3 million of EBITDA for the first year, assuming maximum redelivery period from charterers, operating expenses approximating current operating costs and 360 revenue and cost days.

The acquisition of the vessel was financed with cash on the balance sheet and USD 7.15 million bank debt maturing in 2023 and bearing interest at LIBOR plus 300 bps per annum.

Navios Partners controls a fleet of 38 vessels, of which 13 are Capesize vessels, 17 are Panamaxes, three are Ultra-Handymaxes and five are container vessels.



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