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Safe Bulkers

Olivier Named UK Club Chairman

Alan Olivier, the new Chairman and President of the UK P&I Club

Alan Olivier was elected Chairman and President of the UK P&I Club at their board meeting in Bermuda on October 28. He succeeds Dino Caroussis who has retired from the board. Mr. Olivier, 53, Chief Executive Officer of Grindrod Limited, became a Director of the UK Club in 2000 and a Deputy Chairman in 2006. Mr. Caroussis, 61, of Chios Navigation, had been the Club’s Chairman for the past five years, having joined the board in 1996 in the shipping division. He held senior treasury and financial positions before his appointment as chief executive of Unicorn Shipping in 1995. He was appointed to the Grindrod Limited board in May 1999, where he is now chief executive. Alan is a director of local and international subsidiary companies, including Grindrod Bank Limited. Following the Club’s Annual General Meeting seven new Directors joined the UK board. They are Sheikh Talal Al-Khalid Al Sabah of Kuwait Oil Tanker Company; Angela Chao of Foremost Group, New York; Michael Fostiropoulos of Almi Tankers; Polys Hajioannou of Safe Bulkers, Athens; Edouard Louis-Dreyfus of Louis Dreyfus Armateurs, Paris; Paul Wogan of Gaslog, Monaco; and Riad Zein of Naftomar Shipping & Trading, Athens. Sheikh Talal Al Khalid Al Sabah is the Chief Executive Officer of Kuwait Oil Tanker Company in Kuwait. He joined Kuwait Oil Company in 1983 after graduating in business administration and gained his MBA in 1986


Hajioannou Takes on Safe Bulkers Newbuilds

Courtesy Safebulkers

Safe Bulkers, Inc. announced today that the Company has agreed to novate an existing newbuild contract for Hull No. S835, a Japanese Panamax class vessel, and sell, upon delivery, Hull No. 1551, a Japanese Kamsarmax class vessel, in each case, to entities owned by Mr. Polys Hajioannou, the Chairman of the Board and the Chief Executive Officer of the Company. Each vessel is scheduled to be delivered in the first quarter of 2017.


Safe Bulkers to Amend Loan Pact with RBS

Photo: Safe Bulkers, Inc

 Safe Bulkers, Inc., an international provider of marine drybulk transportation services,  has agreed with the Royal Bank of Scotland plc (RBS) to amend certain financial covenants and terms to an existing term loan facility with an outstanding balance of US $73.4 million.    Following this amendment the term loan facility contains the following: The total consolidated liabilities of the Company divided by its total consolidated assets charter inclusive must not exceed


Safe Bulkers Announce Public Offering

Safe Bulkers, Inc., an international provider of marine drybulk transpor tation services, announced that it plans to offer its Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share to the public. In connection with the public offering, the company intends to grant the underwriters a 30-day option to purchase additional shares of the Series B Preferred Shares


Safe Bulkers Reports Q2 Loss, Expands Fleet

Photo: Safe Bulkers Inc.

 The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter.  It had a loss of 15 cents per share.   Net revenue for Q2 of 2016 decreased by 18% to $26.2 million from $31.8 million during same period in 2015.   Net loss for the second quarter of 2016 was $9.0 million as compared to $4.4 million, during the same period in 2015.  Adjusted net loss for the second quarter of 2016 was $8.7 million as compared to $3


Safe Bulkers Close Series B Preferred Shares

Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today the closing of its previously announced public offering of 800,000 shares of its 8% Series B Cumulative Redeemable Perpetual Preferred Shares, par value $0.01 per share, liquidation preference $25.00 per share at a price of $25.00 per share. The company also announced the closing of its previously announced private placement of 800


US Post-election Shipping Rally Raises Interest, Questions

File photo: Diana Containerships

Shares of U.S. shipping companies shot higher again on Wednesday, causing volatility halts in a number of stocks and raising questions among investors and analysts over the extent of their sharp post-election rally.   The jump in share prices and unusually heavy trading volume even surprised analysts who follow the stocks, although some said the gains appeared to result in part from optimism that commodity demand would increase under President-elect Donald Trump.  


Moore Stephens: 4th Straight Year of Operating Costs Decline

Richard Greiner (Photo: Moore Stephens)

International accountant and shipping consultant Moore Stephens says total annual operating costs in the shipping industry fell by an average of 2.4% in 2015.   This compares with the 0.8% average fall in costs recorded for 2014, and is the fourth successive overall year-on-year reduction in such costs. All categories of expenditure were down on those for the previous 12-month period. This suggests continued pragmatic management of costs by ship owners and operators


Bulker Under Tow Off Brazil

Arrangements are being made to take the Maltese-flagged bulker Olympus, now off Brazil, under tow, Reuters reported. The 34,995 dwt bulker was involved in a collision with the Brazilian-flagged bulker Sao Sebastiao, close to Tramandai, south Brazil, on May 30. Olympus, laden with 27,000 tons of wheat, will be towed to an as yet unknown port. - (Reuters)


Ships Reported Sold

Bulker, Reliance Ocean - (built 1980) 194,399 dwt sold for $8 million. Bulker, Lucky Bulker - (built 1977) 70,600 dwt sold for $2.1 million. Bulker, Coral Halo - (built 1995) 45,320 dwt and sistership Flaxen Halo (built 1997) 47,240 dwt sold for $34 million en-bloc. Bulker, Pacific Splendour - (built 1984) 41,373 dwt sold to Apex for $7.8 million. Tanker, Presidente Rivera - (built 1981) 87,325 dwt sold for $6.1 million.


Songa Bulk Buys Kamsarmax Pair

FIle Photo: Logimatic

 Songa Bulk has sealed two more bulker acquisitions as its fleet. According to a report in Reuters, the company entered into an agreement to acquire two kamsarmax bulk carriers built in 2008 at tsuneishi japan (82,107 dwt) and 2011 at hyundai samho korea (81,502 dwt).  


Bulkcarrier Fleet Growth In Limbo?

Graph: Clarksons Research

 The pace of bulkcarrier fleet growth has fallen sharply since 2010, when the fleet grew by a record 17%, says a Clarksons Research report.   In 2016, the supply side response to difficult market conditions saw the bulker fleet grow at the slowest pace so far this century


Vessel Losses: Is Shipping Resuscitating Its Record?

Graph: Clarksons Research

 Safety at sea has improved significantly in the past twenty years, with losses of large merchant vessels becoming a relatively rare event, says a report from Clarksons Research.   Whilst casualties appear to be more common among older and smaller vessels


China Sells Ships Online

Image: Varada Marine Group

Chinese Maritime Court has sold five vessels of bankrupt Wenzhou Shipping, subsidiary of Zhejiang Shipping Group,  through online auctions on Taobao.com  for a  a total price of $22.81m.   The auctioned ships include 2011-built 57,000-dwt supramax bulker Zhe Hai 167


Safe Bulkers Reports 4Q Loss

Photo: Safe Bulkers

 Greece-based Safe Bulkers (SB) has reported a loss of $4.6 million in its fourth quarter. On a per-share basis, it has a loss of 9 cents.   Net revenues for the fourth quarter of 2016 increased by 6% to $31.7 million from $29.9 million during the same period in 2015.   


Dry Bulk Back from the Brink

Photo: Dennis Schnell, Bulldog and Partners

While the tanker industry worries about OPEC reducing output and the container industry rushes to consolidate, dry bulk values have been quietly increasing. VesselsValue senior analyst William Bennett digs through the data to uncover the reasons why.  


Top Five Panamax Bulk Trades

Image: VesselsValue.com

The Panamax bulker trade is mainly a grains trade, especially soybeans, and is very volatile.   And while it has previously been dominated by vessels moving cargos from Brazil to China, this route has been on a downtrend from a peak during the last quarter 2015, according to VesselsValue


Scorpio Bulkers Narrows Loss

Photo: Scorpio Bulkers

 Scorpio Bulkers has its loss narrowed to $124.8 million, or $2.22 per share for the year ended December 31, 2016, compared with a net loss of $510.7 million  seen in the same period a year earlier.   However, it  reported a loss of $20


Partners Developing LNG-fueled Capesize Concept

From left to right: Chen Gang, Technical Manager from SDARI, Toshiaki Tanaka, Executive Officer, Deputy Director General, Dry Bulk Business Unit from Mitsui O.S.K. Lines, Steen Lund, Regional Manager South East Asia, India and Pacific from DNV GL – Maritime, Mike Utsler, Chief Operating Officer from Woodside Energy, Abdes Karimi, Freight Operations Manager from BHP Billiton, and David O’Brien, Freight Manager from Rio Tinto Marine, at the signing ceremony (Photo: DNV GL)

New regulations on limiting sulphur and nitrogen oxides emissions and a burgeoning global infrastructure are adding to the growing momentum for the more widespread adoption of LNG as a marine fuel. “Green Corridor”, a new joint industry project (JIP) signed recently in Singapore


MOL, Partners to Study LNG-Fueled Bulker

MOL Executive Officer Toshiaki Tanaka, second from the left, at the signing ceremony. Photo: Mitsui O.S.K. Lines Ltd

 Japenese shipping major Mitsui O.S.K. Lines (MOL) has entered into an agreement with five parties to launch a joint study of a liquefied natural gas (LNG) fueled Capesize bulker.   MOL has announced that it has reached an agreement to launch a joint study of a LNG-fueled Capesize


Cosco Hands Over Salvage Vessel, Bulker

Image: Cosco Corporation Singapore

 Cosco Corporation Singapore said that Cosco  (Dalian) Shipyard Group Co, a 51% owned unit of its subsidiary, has recently delivered a salvage lifting vessel to its Chinese customer and a bulk carrier to its European customer.  


Top 10 Ship Owning Nations

© Masson / Adobe Stock

Kicking off the New Year, VesselsValue has put together a list of the top 10 ship owning nations by fleet value in 2017.     Greece - $84.079 billion Japan - $80.169 billion China - $68.333 billion Singapore - $38.052 billion


2016 Review: Lots Of Records But Not All Welcome!

Table: Clarksons Research

 There have been plenty of record breaking facts and figures to report across 2016, unfortunately mostly of a gloomy nature, says Clarksons Research.   From a record low for the Baltic Dry Index in February to a post-1990 low for the ClarkSea Index in August


Bulk Carrier Secondhand Sales Booming

 The festive season is here, so shoppers are out and looking to buy. However, when it comes to the bulk carrier sale and purchase market, business has been booming throughout 2016, says Clarkson Research Services.   The depressed earnings environment and limited availability of finance


Israeli Police Trial its Latest Patrol Boats

Photo: SAFE Boats International

Israel Marine Police delegation visits SAFE Boats International to sea trial final patrol boats under multi-year contract   The Israel Marine Police (IMP) visited SAFE Boats International (SBI) this week to inspect and sea trial the final three vessels of 10 new patrol boats under contract






 
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