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Drybulk Vessels News

21 Jul 2021

Fleet Renewal: Safe Bulkers to Buy Three 82,000 dwt Bulk Carriers

Dry bulk cargo shipping company Safe Bulkers, Inc. has agreed to acquire three Japanese dry-bulk 82,000 dwt, Kamsarmax class vessels as part of its fleet renewal plans.The company, which ships coal, grain, and iron ore using its cargo ship fleet, said it would buy the three bulkers at attractive prices, without disclosing the exact amount it would pay, nor who the seller was.The first vessel is expected to be delivered within the fourth quarter of 2023. The other two cargo ships are slated for delivery within the fourth quarter of 2024."All three newbuild vessels are designed to meet the Phase 3 requirements of Energy Efficiency Design Index related to Green House Gas emissions…

10 Jun 2021

Navios Announces Delivery of Three Vessels

Navios Maritime Partners L.P., an owner and operator of dry cargo vessels,  has taken delivery of the following three drybulk vessels: Navios Amitie - a 2021-built, Kamsarmax vessel with 82,002 dwt, was delivered into Navios Partners’ fleet on May 28, 2021. The vessel is chartered out at a rate of 110% of average Baltic Panamax Index (BPI 82) until May 2024. Based on BPI 82 weighted time charter average as of June 10, 2021, the vessel would earn approximately $31,720 per day. Navios Star â€“ a 2021-built Kamsarmax vessel with 82,037 dwt, was delivered into Navios Partners’ fleet on June 10, 2021. The vessel is chartered out at a rate of 110% of average Baltic Panamax Index (BPI 82) until June 2024.

21 Dec 2020

Scorpio Bulkers to Exit Dry Bulk Sector in 2021 to Focus on Offshore Wind Vessels

Credit: Scorpio Bulkers

Following a string of bulk carrier vessel sales and a plan to order an offshore wind installation vessel, dry bulk carrier operator Scorpio Bulkers on Sunday said its Board of Directors had authorized the company, as part of its transition to a sustainable future, to sell its remaining dry bulk vessels and exit the dry bulk sector during 2021. "As a result of this decision, the company expects to record a write-down ranging from $475.0 million to $500.0 million on vessels sold and classified as held for sale…

10 Dec 2020

Scorpio Sells Another Bulk Carrier

© Steven Kennedy / Adobe Stock

Scorpio Bulkers announced it has entered into an agreement to sell another Ultramax bulk carrier, its second this week, as the company continues its transition away from dry bulk shipping to focus on the offshore wind market.Scorpio said Wednesday the 2015-built SBI Orion was sold to an unaffiliated third-party buyer for approximately $16.1 million. Delivery of the vessel is expected to take place in the first quarter of 2021.Earlier this week, Scorpio sold the 2016-built SBI…

08 Dec 2020

Scorpio Continues to Sell Bulkers in Transition to Offshore Wind

Scorpio Bulkers has sold off another vessel as the NYSE-listed shipowner shifts its focus to the offshore wind market. SBI Tethys was sold for $18.25 million and is expected to be handed over to its new owner in the first quarter of 2021, Scorpio announced Tuesday. The 2016-built Ultramax is the latest in a string of bulk carriers sold by Scorpio since the company announced in August that it planned to depart the dry bulk shipping business. The company has recently sold eight vessels and has contracted to sell 13 additional vessels, all of which are expected to close in the first half of 2021. Upon the completion of the announced vessel sales…

22 Oct 2020

Scorpio Sells Another Bulk Carrier

Scorpio Bulkers announced it has sold another bulk carrier, marking its seventh ship sale since revealing plans to pivot away from dry bulk shipping toward offshore wind services.The Monoco-based shipowner said on Thursday it reached a deal with an unnamed, unaffiliated third party to sell the 2016-built Ultramax SBI Zeus for approximately $18.5 million.Since September 28, Scorpio Bulkers has also sold SBI Hera, SBI Phoenix, SBI Samson, SBI Conga, SBI Sousta and SBI Rock. Upon delivery of the four Ultramax and three Kamsarmax bulkers to their respective owners in the fourth quarter of 2020, Scorpio Bulkers will have an operating fleet of 47 vessels consisting of 42 wholly-owned or finance leased drybulk vessels (including 13 Kamsarmax vessels and 29 Ultramax vessels)…

15 Oct 2020

Scorpio Bulkers Sells Another Ultramax Amid Offshore Wind Pivot

Scorpio Bulkers said on Thursday it has sold another Ultramax bulk carrier, the sixth ship to leave its fleet since the Monoco-based shipowner announced plans to pivot away from dry bulk shipping toward offshore wind services. The sale of the 2016-built SBI Hera to an unnamed unaffiliated third party for $18.5 million follows close on the heels of Wednesday's sale of the 2017-built Ultramaxes SBI Phoenix and SBI Samson for $34 million. Since September 28, Scorpio has also sold three Kamsarmax vessels, including the 2015-built SBI Conga for $18.4 million and 2016-built SBI Sousta and SBI Rock for $18.5 million and $18 million respectively.Following delivery of the six ships to their new owners in the fourth quarter…

10 Mar 2020

Scorpio Bulkers Sells 3 Vessels

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has entered into agreements with unaffiliated third parties to sell two ultramaxes and one kamsarmax for about $53.5 million in aggregate.The vessels are the SBI Jaguar and SBI Taurus, 2014 and 2015 built Ultramax vessels, respectively, and the SBI Bolero, a 2015 built Kamsarmax vessel.None of the three vessels have been fitted with scrubbers, said a press release from the Monaco-headquartered firms said.Delivery of the vessels is expected to take place between March and May of 2020.It is estimated that Scorpio Bulkers' liquidity will increase by approximately $18.3 million after the repayment of outstanding debt.Upon the completion of the sale of the three vessels, Scorpio Bulkers Inc.

12 Feb 2020

Scorpio Bulkers to Sell, Leaseback 3 Bulkers

The provider of marine transportation of dry bulk commodities Scorpio Bulkers has agreed to sell and leaseback two Ultramax vessels (SBI Cronos and SBI Achilles) and one Kamsarmax vessel (SBI Lynx) to Ocean Yield ASA for a total financing consideration of $62.8 million.Upon completion, which is estimated to take place in the first quarter of 2020, the company’s liquidity is expected to increase by up to $33.6 million after the repayment of outstanding debt.The company will also be able to drawdown on an additional tranche of up to $4.5 million in aggregate for installation of exhaust gas cleaning systems (“scrubbers”) on the three vessels.As part of the agreements…

07 Jan 2020

2020 Bulkers Adds Fifth Newbuild

Norwegian shipowner and operator 2020 Bulkers has taken delivery of Bulk Shenzhen, the fifth of eight 208,000 dwt Newcastlemax newbuilds.One further vessel is expected to be delivered in January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on January 9, 2020, commence a 11-13 month index-linked time charter with ST Shipping, a 100% owned subsidiary of Glencore. The index-linked rate reflects a significant premium to a standard Capesize as a function of higher cargo intake and lower fuel consumption.The vessel will also earn an additional premium related to the fuel cost saving from the scrubber.2020 Bulkers has five vessels in operation and three Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

02 Jan 2020

Grindrod Eyes Stake in IVS Bulk JV

Singapore-headquartered provider of maritime transportation services in the drybulk and product tanker sectors, Grindrod Shipping Holdings is planning acquisition of an additional 33.25% stake in its IVS Bulk joint venture."Grindrod Shipping is progressing negotiations to acquire all of the 33.25% ordinary and preference shares in IVS Bulk held by one of its two JV partners for approximately $44.2 million, thereby increasing our stake in the JV to 66.75%," said a press release from the provider of dry-bulk and liquid shipping services. In the event the transaction is implemented as anticipated, we will consolidate IVS Bulk’s financial…

18 Dec 2019

Eagle Bulk Adds Hong Kong Eagle to Fleet

Eagle Bulk Shipping (EBS), the US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities, announced that is has taken delivery of the sixth and final Ultramax drybulk vessel it agreed to acquire in July.The ship, which has been renamed the M/V Hong Kong Eagle, is a 2016-built, high specification SDARI-64 Ultramax vessel built at Jiangsu Yangzijiang Shipbuilding Co., Ltd., said the owner-operator within the Supramax / Ultramax segment.Gary Vogel, Eagle Bulk’s CEO, commented, “We are pleased to have successfully completed our latest round of vessel acquisitions. With a current fleet of 50 Supramax / Ultramax ships…

27 Nov 2019

Eagle Bulk Adds Shanghai Eagle to Fleet

Eagle Bulk Shipping (EBS), the US-based fully integrated shipowner-operator engaged in the global transportation of drybulk commodities, has taken delivery of the fifth of six Ultramax drybulk vessels it has recently agreed to acquire.The ship, which has been renamed the M/V Shanghai Eagle, is a 2016-built, high specification SDARI-64 Ultramax vessel built at Jiangsu Yangzijiang Shipbuilding Co., Ltd, said the owner-operator within the Supramax / Ultramax segment.The acquisition was made by the EBS’ wholly-owned subsidiary, Eagle Bulk Shipco LLC , and was fully funded by restricted cash generated from previous vessel sale proceeds; the M/V Shanghai Eagle will form part of the security for the Subsidiary’s outstanding bond due in 2022.Proforma for the remaining acquisition vessel…

26 Nov 2019

NMP Acquires Eleven Vessels

Navios Maritime Partners (NMP) s agreed to acquire eleven vessels and liquidate Navios Europe I.As of September 30, 2019, Navios Partners had a receivable of $48.2 million from Navios Europe I. On November 22, 2019, an agreement was reached to liquidate Navios Europe I. The agreement is subject to definitive documentation which is expected to be completed by the end of 2019.It is expected that Navios Partners will acquire the five containerships - Esperanza N, Protostar N, Harmony N, Castor N and Solar N - owned by Navios Europe I with a net equity value approximately equal to the receivable.Navios Partners entered into a share purchase agreement for the acquisition of four drybulk vessels - TBN 1…

06 Nov 2019

Bulk Shanghai Joins 2020 Bulkers

Norway-based dry bulk shipping company 2020 Bulkers has taken delivery of Bulk Shanghai, the fourth of eight 208,000 dwt Newcastlemax newbuilds.The 300-meter-long bulker, which commenced a 13-year bareboat charter with 2020 Bulkers, is owned by Norwegian shipping company Ocean Yield.Two further vessels are expected to be delivered by January 2020, and the remaining two vessels are expected to be delivered by May 2020.The vessel will on November 9, 2019, commence a 11-13 month index-linked timecharter with ST Shipping, a 100% owned subsidiary of Glencore.Starting January 1, 2020, the vessel will also earn an additional premium related…

14 Oct 2019

2020 Bulkers Fixes with Glencore

Norway-based shipowner 2020 Bulkers  has entered into a time charter agreement for its newcastlemax newbuilding Bulk Shanghai with a subsidiary of Glencore.The vessel will commence a 11-13 month time charter upon delivery from New Times Shipyard in early November 2019 and will earn an index linked rate, reflecting a significant premium to the Baltic 5TC index, said a press note from Bermuda-based new bulk carrier company.The time charter also includes a profit sharing of any economic benefit derived from operating the vessel´s scrubber, said the release.2020 Bulkers has two Newcastlemax drybulk vessels in operation and six Newcastlemax drybulk vessels under construction at New Times Shipyard in China.

14 Oct 2019

SPII Holdings Finalizes Acquisition of DryShips

The shareholders of the dry bulk shipping company based in Athens, Greece, DryShips,  voted in favor of the proposal to authorize and approve the previously announced agreement and plan of merger with SPII Holdings.SPII, a company controlled by DryShips’ chairman and CEO, George Economou, would acquire the outstanding shares of common stock, USD 0.01 par value, of the company that it does not already own for USD 5.25 per share in cash, without interest.In connection with the completion of the transaction, the DryShips’ common stock will cease to trade on the Nasdaq Capital Market and will be delisted.Evercore acted as financial advisor and Fried…

11 Sep 2019

Eagle Bulk Adds New Ultramax to its fleet

US-based owner and operator of dry bulk vessels Eagle Bulk Shipping  announced that it has taken delivery of the first of six modern Ultramax drybulk vessels the Company has previously agreed to acquire.The ship, which has been renamed the M/V Dublin Eagle, is a 2015-built, high specification scrubber-fitted SDARI-64 Ultramax vessel built at Jiangsu New Hantong Ship Heavy Industry Co., Ltd, said a press note from the player in the Supramax / Ultramax segment.Proforma for the five remaining acquisition vessels, which have yet to be delivered, the Company’s fleet will total 50 ships, including 20 Ultramax drybulk vessels acquired over the last 36 months.Headquartered in Stamford…

20 Aug 2019

SPII Holdings Acquires DryShips

The dry bulk shipping company based in Athens DryShips Inc. will be acquired by SPII Holdings Inc. a company controlled by George Economou, under which SPII will acquire the outstanding shares for $5.25 per share in cash, without interest.As previously disclosed, DryShips is to be merged into a subsidiary of SPII Holdings, a company controlled by DryShips’ chairman and CEO George Economou.The deal is expected to close in the fourth quarter of 2019. The $5.25 per share price represents a premium of approximately 66% over the company's $3.16 closing stock price on June 12.The $5.25 per share price reflects an increase of approximately 31% over the purchase price of $4.00 per share proposed in the Initial Offer.The company’s board of directors…

08 Aug 2019

Grindrod Takes Delivery of Ultramax

Grindrod Shipping Holdings announced that it took delivery of the IVS Okudogo, the first of the two owned ultramax “eco” newbuildings that the Company agreed to acquire in May 2018.In conjunction with the delivery, the global provider of maritime transportation services in the drybulk and product tanker sectors, also announced the completion of a drawdown of a portion of the previously announced $31.4 million indicative newbuild financing with IYO Bank for the vessel.The $15.7 million facility relating to the IVS Okudogo has a seven-year term, is repayable in quarterly installments with a balloon payment at the end of the repayment schedule, bears interest at a rate of LIBOR plus 200 basis points per annum and is secured by, amongst other security, the IVS Okudogo.

15 Jul 2019

Safe Bulkers Begins Scrubber Program

Safe Bulkers, the provider of marine drybulk transportation services, announced that the first scrubber was successfully installed and commissioned on MV Martine, a Japanese, Post-Panamax class vessel, built in 2009.The US-listed operator of drybulk vessels for transporting bulk cargoes said that the scrubber is open loop, U-Type, Alfa Laval PureSOx and during commissioning has been tested in several loads complying comfortably with the stricter 0.1% sulfur fuel content limit applicable in Environmentally Controlled Areas (ECA).The installation of scrubber was done concurrently with ballast water treatment system during the scheduled dry-docking of the vessel…

09 Jul 2019

DryShips Appoints Advisors for Economou Offer

The dry bulk shipping company  DryShips has appointed financial and legal advisors to help its board members consider George Economou’s non-binding takeover proposal.The Greek ship owner and operator said in media release that its Chairman and Chief Executive Officer, George Economou, has retained Evercore as its financial advisor and Fried, Frank, Harris, Shriver & Jacobson LLP as its legal advisor.It also have appointed a special committee which is comprised of the independent and disinterested directors: George Kokkodis (Chair), Andreas Argyropoulos and George Demathas.The special committee is considering and evaluating the Proposal, and no decisions have been made with respect to the special committee’s response to the proposal.

14 Jun 2019

SPII Holdings Bids for DryShips

Greece-based dry bulk shipping company DryShips Inc said announced it has received a non-binding offer letter from SPII Holdings, which proposes a transaction pursuant to which the Company would be merged into a subsidiary of SPII Holdings.SPII Holdings is controlled by DryShips' Chairman and Chief Executive Officer, George Economou.The board of directors of the diversified owner and operator of ocean going cargo vessels has formed a special committee consisting solely of disinterested directors to consider the proposal.As of June 13, 2019, DryShips operates a fleet of 32 vessels comprised of (i) 6 Panamax drybulk vessels; (ii) 9 Newcastlemax drybulk vessels…

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