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2016-09-01 15:27:24

Mumbai-based Great Eastern Shipping Company Ltd. (GE Shipping) has received a newbuilding resale Kamsarmax dry bulk carrier Jag Akshay.

Featuring 82,044 dwt, the vessel was built by China-based Jiangsu New Yangzi Shipbuilding.

The company had contracted to buy the ship in April 2016, according to GE Shipping.

The 44,000 gross ton bulker has a length of 229 meters and a width of 32 meters. It has a capacity of 97,000 m3.

Including Jag Akshay, the company's current fleet stands at 37 vessels, comprising 24 tankers and 13 dry bulk carriers with an average age of 8.93 years, featuring a total of over 2.8 million dwt.

GE Shipping has two more 82,000dwt bulkers under construction at the same yard. Both ships are scheduled to join the company during 2016.

2016-08-31 13:09:35

One of the year's most aggressive capesize buyers is back in the market after a summer break.

China-based Winning has taken its seventh cape in seven months, according to sources. The Singapore-headquartered firm started beefing up its fleet in February.

The active bauxite shipper has paid US$10.4m for the Japanese-built newcastlemax Shin Heiryu. The 13-year-old ship was owned by Nippon Yusen Kaisha (NYK).

The purchase is Winning's first reported move in the S&P market since the end of May.

Winning has had a preference for Japanese-built capes, and this will be the fifth Japanese cape it has bagged this year.

2016-08-30 13:21:49

BW Dry Cargo is being linked with another kamsarmax buy. The dry bulk unit was created by BW Group this April to focus on bulkers ranging in size from 50,000 dwt to 85,000 dwt.

Sources said that BW Dry Cargo has paid Mitsubishi Corporation US$14m for 81,500dwt Mighty Sky. The bulker was built in Japan six years ago.

Japanese dry bulk tonnage has been in huge demand this year, with any ship coming on the market generally receiving a double digit number of inspections from owners around the world.

Suggesting the deal was done, Christian Bonfils, CEO of BW Dry Cargo, would not be drawn on prices, said "I can't comment on prices, but confirm that we have bought five vessels."

2016-08-24 16:24:05

Data provided exclusively by online pricing platform VesselsValue.com shows just how dramatically Japanese owners have been shedding dry bulk tonnage in 2016.

In the first seven months of the year, Japanese owners sold 83 vessels – equating to 6.82m dwt – for a total of US$886.46m. Greece was the second biggest seller in the same period with 71 ships, totalling 4.9m dwt, worth US$521.5m. Japan was also the top seller of bulk carriers in 2015.

The top three Japanese sellers in the year to date have been Sumitomo Corp, Daiichi Chuo and Nisshin Shipping.

Globally, dry bulk sales have accelerated in the first seven months of the year, according to VesselsValue.com with 323 ships equating to 24.4m dwt sold, whereas in the same period last year, 251 ships equating to 19.07m dwt were sold. However, despite the increased volume of sales, the total price for all the bulker sales this year is down on an annual basis.

2016-08-24 11:43:17

The Vietnamese are getting more adept at shipping asset plays.

Tan Binh Shipping, which took the 10-year-old 33,000dwt Angel Jupiter bulker, from Sanko Steamship this March for US$5m, has just sold it on for US$7.2m to an unspecified European owner.

Brokers were unable to identify the buyer but the sale of the ship, since rechristened Tan Binh 234, marks a sign of new dexterity at the Vietnamese owner, which has been very active in the S&P markets for the past 18 months. It also reaffirms market sentiment that dry bulk prices have bottomed out.

In another rare example of a Vietnamese owner performing an asset play, Haiphong-based Viet Long JSC last month pocketed a tidy US$1m profit from a quick bulker turnaround.

The Southeast Asian owner bought the Bianco Venture handy bulker at the beginning of the year for US$5.2m. The Oshima-built ship, rechristened Great Pride, has now been bought by Hong Kong's Taylor Maritime for US$6.2m, according to brokers.

2016-08-24 11:22:00

The Japanese have been the most active owners in 2016 in terms of selling off dry bulk tonnage amid the dire freight rate market environment.

Iino Kaiun Kaisha becomes the latest to join the selling frenzy. It has pocketed US$9.4m from selling the eight-year-old Atlas Island panamax. The 76,554dwt Imabari-built vessel was taken by Monaco-based Transocean Maritime Agencies, according to brokers.

Japanese tonnage has been in high demand among dry bulk owners seeking bargains this year, with any ship coming on the market generally getting double digit numbers of inspections.

2016-08-23 15:41:58

South Korea-based shipping company Chang Myung Shipping has sold two 179,185dwt Capesize bulk carriers to an unnamed buyer, its compatriot, show data provided by VesselsValue.

The two Panama-flagged vessels, C Blossom and C Atlas, were each sold for US$18.7m.

C Blossom and C Atlas were built by South Korean shipbuilder Hyundai Heavy Industries (HHI) in 2009.

The two bulkers feature a length of 292 meters and a width of 45 meters.

Chang Myung Shipping's fleet currently consists of 16 owned vessels – four Capesize vessels, two Kamsarmaxes, three Panamaxes, two Supramaxes, two Handymaxes, two Handysize carriers and one VLCC.

2016-08-23 13:08:24

Denmark-based Clipper Group has taken over two of four 32,000dwt Handysize bulk carriers bought from its compatriot D/S Norden this June.

The two vessels, to be named Clipper Kastoria (ex. Nord Hong Kong) and Clipper Panorama (ex. Nord Vancouver), have been taken over by the group's internal technical management, Clipper Fleet Management, and dry docked at Besiktas Shipyard in Turkey.

The ships were being docked one after the other, undergoing painting and maintenance works.

According to Erik Carlsen, Head of Clipper Fleet Management, Clipper Kastoria is expected to start trading soon, while Clipper Panorama was dry docked on Aug. 18.

The two remaining vessels to be delivered to Clipper include Nord Houston and Nord London.

The four bulkers were built in 2011 at Chinese Jiangmen Nanyang Shipyard (JNS). They feature logs and grabs fitted and will enter the Clipper Logger Pool.

2016-08-22 14:33:22

Danish shipping company J. Lauritzen has confirmed it opted to sell two Supramax bulk carrier newbuildings and cancel a part-owned handysize bulk carrier during the second quarter of 2016 as it executed further cash improving initiatives.

The company narrowed its quarterly loss to US$22.4m for the second quarter of 2016 from a loss of US$117.6m reported in the same period a year earlier. The company's revenues for the period dropped to US$68m from US$91m seen in the same quarter in 2015.

J. Lauritzen's loss for the first six months of 2016 amounted to US$30.6m, against a loss of US$144.5m in the first half of 2015, while its revenues for the period dropped to US$155.4m from US$180.6m seen a year earlier.

"Despite some improvements in Q2, dry cargo markets remained at historically depressed levels due to sustained weak trade growth and tonnage oversupply, which significantly impacted our EBITDA. Continuing cash building initiatives, including trimming of our owned dry cargo fleet caused additional write-downs negatively impacting the bottom-line," Jan Kastrup-Nielsen, President & CEO, said, adding that "our gas carriers performed largely as expected."

Total assets amounted to US$625.9m as at June 30, 2016, down from US$858.6m seen at year-end 2015, mainly due to the sale of assets and cancellation of newbuilding contracts.

Namely, the company's two 61,000dwt bulk carriers, currently under construction at China's Dalian Cosco Kawasaki Shipyard, were sold in May and August 2016, respectively.

According to data provided by VesselsValue, the newbuildings, which were sold for US$18.3m and US$18.4m to Danish BW Dry Cargo and US-based Raven Capital Management, are scheduled for delivery in 2016.

2016-08-17 13:14:36

One of the year's most aggressive bulker buyers has concluded a deal with one of the most consistent sellers.

Bangladesh's SR Shipping has bought the six-year-old Ten Yu Maru supramax from Japan's Kambara Kisen for US$11.7m.

Sources describe the price as very firm, around US$1m than a sister ship recently sold.

SR Shipping is understood to be big fans of Tsuneishi-built supramaxes. Tsuneishi is the shipbuilder sister company of Kambara Kisen. SR Shipping has been one of the fastest growing dry bulk firms this year while Kambara Kisen, like many Japanese owners, has been shedding tonnage fast amid the downturn.

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