Globus Maritime Orders Ultramax Bulker
Dry bulk shipping company Globus Maritime has signed a contract for the construction and acquisition of one fuel-efficient bulk carrier of about 64,000 DWT. The vessel will be built at Nihon Shipyard Co. in Japan and is scheduled to be delivered during the first half of 2024. The total consideration for the vessel's construction is approximately $37.5 million, which Globus Maritime plans to finance with a combination of debt and equity. Athanasios Feidakis, President and CEO of Globus…
Stena Bulk CEO Erik Hånell Discusses Path, Cost Toward Decarbonization
Stena Bulk invests in the future, a future defined by decarbonization in the shipping sector. Erik Hånell, President & CEO, Stena Bulk discusses the plan, the path and the costs.While the majority of shipowners still struggle to pick the technological path toward meeting emission reduction targets in the coming 30 years, one company, Stena Bulk which today has about 110 tankers (30% owned, 70% managed) generating about $1.4B in revenue annually, recently unveiled its roadmap toward decarbonization…
We Need to Break the Link Between Speed and Dry Bulk Emissions -Nachipa CEO
There's a natural predictability to much of the dry bulk sector. Coal demand peaks in summer and winter when seasonal cooling or heating is required, and iron ore typically peaks in the latter half of the year as China imports huge quantities to produce steel in advance of the spring construction season.Similarly, Brazil's rainy season and Australia's cyclone season both happen in Q1 and usually help ensure it’s the weakest quarter of the year for dry bulk.Even acts of God are only minimally impacting the dry bulk market’s momentum this year. The global economy has started its recovery from the impacts of COVID-19, we're seeing major financial stimulus…
Klaveness Combination Carriers Takes Delivery of 'MV Bass'
Norwegian shipowner Klaveness Combination Carriers (KCC) on Thursday took delivery of the MV Bass vessel from New Yangzi Shipyard in China. The MV Bass is the seventh of in total eight contracted CLEANBU combination carriers. MV Bass is scheduled to load her first cargo of clean petroleum products towards the end of April, KCC said."Like her sister vessels, the MV Bass has been named after a fish/sea creature, honoring KCC’s commitment to clean oceans and environmentally friendly shipping…
Stena Bulk Debuts InfinityMAX Electric Vessel Design Concept
As shipping companies face mounting societal and regulatory pressure to decarbonize, innovative alternative designs are expected to become the norm rather than the exception. Stena Bulk unveiled the InfinityMAX hybrid bulk carrier concept, intended to push the boundaries for zero carbon, multi-modal vessel design. It is electric and modular, designed to enable sustainable, zero carbon, efficient and flexible seaborne transportation.The concept is designed to carry both dry and wet cargoes in modular compartments…
Klaveness' New Combination Carrier Delivered from New Yangzi Shipyard
Norway-based shipowner Klaveness Combination Carriers said it took delivery of a new combination carrier vessel from the New Yangzi Shipyard in China on Monday.The Baiacu is the sixth in a series of eight contracted CLEANBU combination carriers built for transportation of both wet and dry bulk cargoes. According to Klaveness, CLEANBUs vessels have up to 40% lower CO2 emissions per ton mile transported cargo compared to standard vessels, in line with IMO’s 2030 targets for shipping.Baiacu's…
Klaveness Combination Carriers Takes Delivery of MV Bangus
Oslo-listed Klaveness Combination Carriers (“KCC”) has taken delivery of the MV Bangus carrier from New Yangzi Shipyard in China. KCC Tuesday said Tuesday the MV Bangus was the fifth of in total eight contracted CLEANBU combination carriers."The CLEANBUs are unique vessels both in terms of design, their unprecedented environmental performance, operational and technical efficiency. These vessels have up to 40 lower CO2 emissions per ton mile transported cargo compared to standard vessels…
Klaveness Lines Up Sustainability-linked Newbuild Financing
Norwegian shipping company Klaveness Combination Carriers (KCC) said it has secured a $60 million sustainability-linked term loan and revolving credit facility for the financing of the seventh and eighth CLEANBU vessels with delivery in 2021, reportedly a first within the maritime industry. Nordea is acting as coordinator and bookrunner and Credit Agricole CIB as sustainability agent.The credit margin will be adjusted, up or down, based on KCC’s sustainability performance, as…
Suez Canal Ship Transits Rise Amid COVID-19
Transits through the Suez Canal, the beating heart of the Egyptian economy, have stayed remarkably resilient to the fallout of the COVID-19 pandemic if judging by total transits of the three commercial shipping sectors which are up 8% year-on-year. This is despite bleak economic growth prospects world-wide following the pandemic, and highlights that shipping remains the backbone of the global economy.It is often said that a picture says more than 1,000 words, but 6,166 ship transits in the Suez Canal can certainly also tell an interesting tale.
Bahri Takes First of Four New Bulk Carriers
Saudi Arabian ship owner Bahri said it has taken delivery of the new Kamsarmax bulk carrier Sara, built by Hyundai Vietnam Shipbuilding (HVS), a subsidiary of Hyundai Mipo Dockyard Co. Ltd. (HMD).The 81,000 dwt vessel is the first in a series of four ordered by Bahri Dry Bulk from South Korea’s HMD in August 2017. The three remaining vessels are all scheduled to be delivered this year.The new ship will transport basic grains, such as wheat, barley, corn and other dry-bulk cargoes, for import into Saudi Arabia.The 229-meter newbuild increases the Bahri’s fleet of dry-bulk carriers to six ships.
The National Freight Strategic Plan and the Inland Waterways
The Fixing America’s Surface Transportation (FAST) Act was enacted in December 2015. The FAST Act required the U.S. Department of Transportation (DOT) to develop a National Freight Strategic Plan to address multimodal freight transportation. In the Federal Register of December 27, 2019, DOT requested information from the public, including industry trade groups, to aid development of the National Freight Strategic Plan.This article summarizes certain of the comments that were submitted by Inland Rivers, Ports and Terminals, Inc. (IRPT) in response to DOT’s request.
Star Bulk Sells Two Supramax Vessels
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargoes, announced that it has agreed to sell the Star Cosmo, a 2005 built Supramax vessel and the Star Epsilon, a 2001 built Supramax vessel."We expect to deliver both vessels to their new owners by the end of this month (November)," the Greece-based shipping company said in a statement.The proceeds from these sales, after prepayment of the debt related to the two vessels, are expected to be approximately $6.0 million and we expect to incur a non-cash loss of approximately $4.5 million in the fourth quarter of 2019.Meanwhile, Star Bulk completed the installation of 44 scrubber systems…
Arista Starts Smart Shipping Journey with ABS
Greece-based shipping company Arista Shipping has signed an ocean data agreement with the global provider of classification and technical advisory services ABS to drive smart shipping operations.The global provider of shipping transportation services and specializes in managing the worldwide transportation of dry bulk cargoes will processed data from the ABS Metocean Hindcast Data application to guide operational decision making for its fleet and managed vessels.Advanced ABS data processing is applied to over a decade of Metocean Hindcast model data from the U.S. National Oceanic and Atmospheric Administration to determine the wind speed, wind direction, wave height, wave period, and wave direction corresponding to a specified vessel’s route.
JAXPORT Sets Cargo Records
Florida’s largest container port achieved record volumes in containers, vehicles and overall tonnage during the fiscal year ending September 30, 2019.The Jacksonville Port Authority (JAXPORT) moved more than 1.338 million twenty-foot equivalent units (or TEUs, the industry standard for measuring containers), a 5 percent increase over 2018, which was also a record year in container volumes for the port. JAXPORT has set container volume records for four consecutive years.The port also moved the most vehicles in its history…
Foremost Takes Delivery of Ting May
New York City-based privately-held, family-run shipping company announced that it has taken delivery of a new 85,004 metric tons deadweight post-Panamax bulk carrier, the M/V Ting May. American dry bulk shipping company informed that the ship builds upon Foremost Group's tradition of operating a fleet of modern, environmentally-friendly ships built to the company's stringent specifications.This newest Eco-friendly post-Panamax ship will be immediately put in service for Bunge Limited, the ship’s charterer, which will deploy the ship to transport its dry-bulk cargoes to ports around the world according to its requirements.Consistent with industry practice in which the overwhelming majority of dry bulk ships are built in Asia…
Klaveness, JNYS Shipyard Pact for Additional CLEANBU Vessels
Norway's shipping company Klaveness Combination Carriers (KCC), part of Torvald Klaveness, has secured options for the construction of additional combination carriers.KCC entered into agreements with China’s Jiangsu New Yangzi Shipbuilding (JNYS) beginning its first employment.The agreement provides KCC the option to contract an additional two CLEANBU vessels. The duo also concluded agreements for new declaration and delivery dates of the current outstanding options for the four CLEANBU ships.KCC and JNYS have furthermore concluded agreements giving KCC the option to contract additional two CLEANBU vessels.The six fixed price options…
ESL Shipping Buys Alppilan from SEB Leasing
Finland-based shipping company ESL Shipping, part of the ASPO Group, has acquired bulk carrier Alppila from SEB Leasing.The acquisition was made in accordance with the terms and conditions of the lease agreement signed in 2011, said the carrier of dry bulk cargoes in the Baltic region.Designed to meet the needs of ESL Shipping's customers, m/s Alppila is a self-unloading bulk carrier specially built for Baltic Sea operations.The bulk carrier is equipped for Finnish winter conditions and capable of operating even in the northernmost ports of the Baltic Sea.The length of the vessel is 156 meters and her maximum draft with a full cargo is 9.4 meters, said the company.The transfer of ownership will improve ESL Shipping’s profitability already for the second half of 2019.
Essar Ports Posts Robust Growth
Indian private ports operator, Essar Ports Limited posted overall 17 percent growth in the cargo throughput at 13.5 million tonne for the first quarter of current fiscal ended 30 June 2019 as against 11.5 MT in the corresponding quarter last year."Higher capacity utilization at its recently commissioned terminals at Salaya and Vizag, and an increase in third-party cargo, were the two key factors that will help the Company achieve its target of handling 60 million tonnes of cargo by 31 March 2020," the Essar Group company said.Essar Ports' first quarter cargo handling performance has been very strong and brought it closer to achieving…
Exercising Maritime Liens Against Cargo and Sub-Freights
Vessel owners rarely carry cargo for their own account. More commonly by far, a vessel owner will charter its vessel to another party to carry their (or their sub-charterer’s) cargo. The contracts can vary widely – from voyage charters or contracts of affreightment to time charters to negotiable bills of lading (not to mention the more complex arrangements that one often sees for container cargos). But in most instances, vessel owners are in the business of transporting cargo on behalf of others and, all going well, of being paid to do so.
Castor Maritime Adds New Vessel
Cyprus-based Castor Maritime announced that on July 25, 2019, it has entered into, through a separate wholly-owned subsidiary, an agreement to purchase Panamax dry bulk carrier from an unaffiliated third party.The global shipping company specializing in the ownership of dry-bulk vessels, said that the 2001 Korean built vessel was bought for a purchase price of $6.7 million.The acquisition is expected to be consummated late third quarter / early fourth quarter of 2019 and is subject to the satisfaction of certain customary closing conditions.Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor…
Fumigation Doesn't Work for Some Ship Cargoes
The fumigation of grain cargoes using certain pesticides, namely plant protection products, may not be effective in controlling insect larvae, resulting in cargo damage or loss.Javier Quintero Saavedra, head of HSE at Terminales Marítimos de Galicia (TMGA), an operator of bulk terminals in Galicia, Spain, and Chairman, Dry Bulk Cargoes Working Group, ICHCA, said: “We are finding that the pupae and larvae inside maize kernels in various consignments, and which were subjected to in-transit fumigation…
Panama Canal to Modify Tolls Structure
The Panama Canal published a proposal to modify its current tolls structure for the dry bulk, passenger, containership and vehicle carrier and RoRo segments, as well as tankers, chemical tankers, LPG and LNG vessels, the intra-maritime cluster (local tourism segment) and minimum tolls (small vessels).According toa press release from the Panama Canal Authority (ACP), the announcement marks the beginning of a 30-day formal consultation period for industry feedback, which will close on July 15, 2019."With this proposal, we aim to better serve the global maritime industry," said Panama Canal Administrator Jorge L. Quijano. "Our proposed modifications will increase transparency and flexibility…
Diana Shipping Sells Thetis
Diana Shipping, through a separate wholly-owned subsidiary, has entered into a Memorandum of Agreement to sell the 2004-built Panamax bulker m/v Thetis to an undisclosed buyer.The global shipping company specializing in the ownership of dry bulk vessels said that the delivery of Thetis to the buyer is scheduled for latest by July 31, 2019. The sale price is US$6.4 million before commissions.Upon completion of the aforementioned, Diana Shipping Inc.’s fleet will consist of 44 dry bulk vessels (4 Newcastlemax, 14 Capesize, 5 Post-Panamax, 5 Kamsarmax and 16 Panamax).As of today, the combined carrying capacity of the Company’s fleet, including the m/v Thetis…