Diana Shipping Orders Two Methanol Dual-fuel Bulkers
Greek shipowner Diana Shipping on Wednesday announced it has placed an order for two new methanol dual-fuel Kamsarmax bulk carriers from China's Tsuneishi Group (Zhoushan) Shipbuilding Inc.The 81,200 dwt newbuilds were ordered at a purchase price of $46 million each, Diana said. The vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.Diana in September 2023 announced it signed a letter of intent (LOI) to order the ships through…
Diana Shipping Sells Its Oldest Vessel
Diana Shipping on Tuesday announced it has reached a deal to sell its oldest vessel, an 18-year-old panamax bulk carrier.The Greek shipowner said it has reached a memorandum of agreement through one of its subsidiaries to sell the 76,942 dwt vessel Artemis to an undisclosed third-party buyer for $12.99 million. The ship is slated to be delivered to its new owner by March 8 at the latest.Artemis was built in 2006 by Japan's Namura Shipbuilding Co., Ltd. in 2006.Upon completion of the sale…
Diana Shipping Announces Continuation of Time Charter for Amphitrite
Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the Amphitrite.The gross charter rate is $12,250 per day for the first 30 days of the charter period and $15,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties…
Diana Shipping Announces Time Charter with K Line
Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Kawasaki Kisen Kaisha (K Line) for one of its Capesize dry bulk vessels, the New Orleans.The gross charter rate is US$20,000 per day, minus a 5% commission paid to third parties, for a period until minimum August 15, 2025 up to maximum October 31, 2025. The charter is expected to commence on December 7, 2023.The New Orleans is a 180,960dwt Capesize…
Committed Owners Supporting Green Financing Landscape
Hamburg-based ship finance platform oceanis’s Q4 State of Ship Finance Report comes with a thank-you to shipping companies that are committed to the green transition.Over the past decade, oceanis has seen large changes to the ship financing landscape towards greener projects. The most obvious green financiers are the Poseidon Principles banks, the initiative launched in 2019 whose signatories manage 70% of the world’s shipping loans. At the same time, many other banks and funds are moving away from financing ‘brown’ assets and trades.
Diana Lines Up Time Charter with Bunge
Dry bulk shipowner Diana Shipping on Monday announced that it has lined up a time charter contract with agribusiness Bunge for one of its Ultramax dry bulk vessels, DSI Andromed—a 60,309 dwt Ultramax dry bulk vessel built in Japan in 2016.The charter, which Diana entered through a separate wholly-owned subsidiary, is expected to commence on November 24, 2023.The gross charter rate is $13,500 per day, minus a 5% commission paid to third parties, for a period until minimum February 20…
Wärtsilä Launches 'World's First' 4-stroke Engine-based Ammonia Solution
Finland-based marine technology and equipment maker Wärtsilä has introduced the marine sector’s "first commercially available 4-stroke engine-based solution for ammonia fuel."According to Wärtsilä, the new solution enables a significant advance in sustainable shipping operations – during a time in which ship owners are seeking viable options among green fuels. The ammonia solution is now commercially available as part of the Wärtsilä 25 engine platform, which was launched in September 2022.Viridis Bulk Carriers…
Ship Recycling Markets Remain Muted
Markets remain precariously poised as Diwali holidays occupy the sub-continent markets and the industry heads into the final months of the 2023, says cash buyer GMS. Although several sales have reportedly registered into India at some impressive levels, sentiments and pricing here remains muted overall.“On the Eastern end and in the lead up to the Bangladeshi elections due in mid-January 2024 - disruptions, protests, and even strikes have embattled the country and as such, it is expected to become even more challenging to get lines of credit open and deliveries completed into Chattogram…
Australian Government Supportive of Strategic Fleet Development Proposals
The Australian Government has released the report of the Independent Taskforce on the Strategic Fleet, along with its official response to the report, confirming a commitment to delivering a Strategic Fleet of up to 12 vessels that will help Australia build resilience to freight disruptions while supporting our maritime workforce and sovereign capability.Australia’s maritime sector has long been neglected with a shortage of Australian flagged ships and a skilled workforce, says Federal Minister for Infrastructure…
GMS: Pakistan and Bangladesh Lagging Behind Alang
As deals continue to be concluded into Alang, the Indian ship recycling sector remains on a positive footing overall, with Pakistan and (especially) Bangladesh still lagging behind, reports cash buyer GMS.Despite steel plate prices coming off by about US$ 11/Ton and the Indian Rupee weakening marginally over the course of the week, the overall outlook for India remains positive.Several ship recyclers from the sub-continent markets were gathered at the annual Tradewinds Ship Recycling Conference in Singapore this week…
Backlog at Israeli Ports Grows
The backlog of ships is growing at Israeli ports while operations continue at most terminals amid preparations by the military to launch a ground assault in the Hamas-controlled Gaza Strip, according to data and sources.Israel has vowed to annihilate Hamas in retaliation for a rampage in which its fighters stormed through Israeli towns a week ago, shooting civilians and seizing scores of hostages in the worst attack on civilians in Israel's history.Israel has faced heavy rocket barrages including in the south of the country…
Ship Recycling Market Surges
After a dire summer that saw over USD 100/LDT wiped off vessel recycling prices in Indian sub-continent ship recycling markets (and even Turkey to an extent), nearly all of the markets have enjoyed an upward resurgence entering the fourth quarter of the year.India has been the primary beneficiary of this recent resurgence with some stunning (container) purchases, some even approaching the USD 600/LDT mark once again, reports cash buyer GMS. As China too entered a holiday period…
Diana Inks LOI to Order Methanol Dual-fuel Bulkers
Dry bulk shipowner Diana Shipping announced it has signed a letter of intent (LOI) to order through Marubeni Corporation or its guaranteed nominee, an unaffiliated third party, two 81,200 dwt methanol dual fuel new-building Kamsarmax dry bulk vessels, for a purchase price of $46 million each, built at Tsuneishi Group (Zhoushan) Shipbuilding Inc., China.The vessels are expected to be delivered by the second half of 2027 and the first half of 2028 respectively. The transaction remains…
New Ultramax Vessel Delivered to Norvic Shipping
Dry bulk owner and operator Norvic Shipping has taken delivery of a newly built ultramax vessel on a long-term charter as the organization continues to expand its fleet.The 64,000 dwt fuel-efficient vessel, named Norvic Copenhagen, will be deployed worldwide after being delivered by Imabari Shipyard during a recent handover ceremony in Japan.AJ Rahman, Group Chairman and CEO of Norvic Shipping, said, “Acquiring dry-bulk vessels on lengthy charters is part of Norvic’s strategy to expand our long-term fleet…
Black Sea Shipping Traffic Slowing after Russia, Ukraine Warnings
The number of ships looking to pick up grain cargoes from the Black Sea area has fallen 35% this week versus the previous week with growing uncertainty over whether commercial traffic could be hit as Russia continues to pound food facilities in Ukraine.Moscow's direct attacks on Ukraine's grain for four days running followed a vow by Kyiv to defy Russia's naval blockade on its export ports following Moscow's withdrawal earlier this week from a UN-brokered safe sea corridor agreement.
Demand for Larger Dry Bulk Vessels Wanes
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fourth straight session on Wednesday, pressured by lower rates for larger capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 33 points, or 3.2%, to 1,004.The capesize index went down by 61 points, or 4%, to its lowest level in near six-week at 1,468.Average daily earnings for capesizes…
Newcastlemax Bulker Delivered to Himalaya Shipping
Dry bulk shipping company Himalaya Shipping announced it has taken delivery of the fifth in a series of 12 dual-fuel 210,000 dwt Newcastlemax bulk carriers being built by New Times Shipyard.The vessel, Mount Matterhorn, will commence a 32- to 38-month time charter plus an option for 11 to 13 months and will earn an index-linked rate, reflecting a significant premium to a standard Capesize vessel, Himalaya said. The time charter also includes a profit sharing of any economic benefit derived from operating the vessel's scrubber or running on liquefied natural gas (LNG)…
SAFEEN Drydocks - a New Name in Middle East Ship Repair
AD Ports Group and Premier Marine Engineering Services LLC formed a new joint venture, SAFEEN Drydocks, owned 51% by AD Ports Group, 49% by Premier Marine.The new enterprise will offer a broad range of vital services including drydocking, afloat repairs, ship building and refurbishment. The hub of SAFEEN Drydocks’ operations will be located at Khalifa Port and encompass a 45,000 sq. m. shipyard and repair facility, 350m quay wall for vessel afloat repair, and a floating dry dock for vessel maintenance and refurbishment.
Castor Sells 2007-built Panamax for $12.6 Million
Shipping company Castor Maritime announced it has completed its sale of a a 2007-built Panamax bulk carrier for $12.6 million. The company had revealed in March that it sold the 73,593 dwt Magic Rainbow to an undisclosed buyer.Nasdaq-listed Castor said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.Castor owns a fleet of 20 vessels, with an aggregate capacity of 1.7 million dwt, currently consisting of one Capesize, seven Kamsarmax, 10 Panamax dry bulk vessels and two 2,700 TEU containerships.
Castor Maritime Sells 2007-built Panamax for $12.6 Million
Shipping company Castor Maritime announced it has sold the 2007-built Panamax bulk carrier Magic Rainbow to an undisclosed buyer for $12.6 million.The 73,593 dwt vessel is expected to be delivered to its new owner during the second quarter of 2023.Nasdaq-listed Castor Maritime said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.The deal remains subject to the execution of customary definitive documentation, the company added.Castor owns a fleet of 22 vessels, with an aggregate capacity of 1.7 million dwt, consisting of one Capesize, seven Kamsarmax and 12 Panamax dry bulk vessels, as well as 2 2,700 TEU containership.
Feeder Container Sectors Helps Turn Ship Recycle Market
An increase in the flow of tonnage has begun to buoy recycling markets and all potential locations are increasingly trying to secure vessels, in order to satisfy an progressively rampant demand that has built up over a record low influx of tonnage during a dreadfully quiet 2022.India continues to remain the primary focus due to their far more stable market conditions and ability to finance new L/Cs regardless of vessel size.Bangladesh and Pakistan continue to struggle with liquidity issues amidst a dire lack of U.S.
Demand Wanes for Larger Dry Bulk Vessels
The Baltic Exchange's dry bulk sea freight index dropped to its lowest level in more than two years on Thursday, pressured by slowing demand for capesize and panamax vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 28 points, or 4.2%, to 640, its lowest since June 4, 2020.The capesize index dropped 54 points, or about 10.8%, to its lowest in more than five months at 445.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes of coal and steel-making ingredient iron ore
Diana Shipping Takes Delivery of Ultramax Dry Bulker, Secures Charter
Bulk carrier firm Diana Shipping said Wednesday it had has taken delivery of the 2016-built DSI Aquarius ultramax dry bulk vessel of 60,309 dwt. The ship, which used to be called STH Kure, is one of nine new Ultramax dry bulk vessels that the company had agreed to buy in August 2022. Diana Shipping also said that it had entered into a time charter contract for the vessel with Engelhart CTP Freight (Switzerland) SA, at a gross charter rate of US$14,200 per day, minus a 5% commission paid to third parties, for a period until minimum January 10, 2024 up to maximum March 25, 2024. The charter is expected to start on February 1, 2023. The employment of “DSI Aquarius” is anticipated to generate approximately US$4.81 million in gross revenue for the minimum scheduled period of the time charter…