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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


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


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.


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)


Shipsales

Tanker Sentinel - (built 1986) 106,722 dwt sold for $14.4 million. Tanker Bow Explorer - (built 1975) 31,501 dwt sold to Vulcanus for $4 million. Tanker Jo Breid - (built 1981) 26,300 dwt sold to Norwegian buyers for $7.5 million. Bulker Red Rose - (built 1978) 75,720 dwt sold for $2.35 million. Bulker Lionsgate Bulker - (built 1996) sold to London based Greek buyers for $18.25 million. Bulker Litrotis - (built 1981) 64,120 dwt sold at auction in Singapore for $3.5 million.


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


Bulker Runs Aground

The Liberia-flag bulker Golden Bay carrying a cargo of steel, ran aground at the entrance to the Dardanelles, Turkey, on May 14, Reuters reported. The 25,599 dwt bulker was to make an attempt at refloating itself. Golden Bay had been on a voyage from Novorossisk, Russia to Piraeus, Greece.


Bulker Remains Aground

The Panama-flag bulker Captain George Tsangaris was still aground on Round Island near Trincomalee in Sri Lanka on May 15, Reuters reported. It was believed that its cargo would have to be transhipped before it could be refloated. The 61,349 dwt bulker had been due to berth at the Prima Jetty to discharge its cargo of 52,653 tons of wheat when it ran aground. Some water had entered the vessel but there was no report of any damage to the cargo.


Bulker Under Tow

The Malta-flag bulker XL has been taken under tow by a tug and is bound for Singapore, Reuters reported. The 150,661-dwt bulker had been drifting off northwestern Australia after an engine room fire in which two crew members died on November 10.


Bulker Refloated

The St. Vincent and Grenadines-flagged bulker Pooja, was refloated on October 30 at Carrick roads by a tug and then towed to Falmouth, England, Reuters reported. No pollution was reported. The 33,111 dwt bulker ran into trouble after it started to drag its anchor in bad weather. It did manage to raise its anchor but subsequently ran aground on Monday in the entrance to Carrick roads.


MacGregor Equipment for ESL's Eco-bulker Duo

Photo Deltamarin Courtesy MacGregor

MacGregor, part of Cargotec, has confirmed an important order to deliver hatch covers, cranes, deck machinery and steering gear to two new 25,600 dwt dual-fuelled handysize bulk carriers for Finnish owner ESL Shipping. The ice-class vessels are the first to be built to new classification society


Scorpio Cancels Kamsarmax Newbuilding Contract

Photo:  Scorpio Bulkers Inc

 Scorpio Bulkers has continued to cull its fleet expansion with the cancellation of a newbuilding contract for a kamsarmax bulk carrier.   US-listed bulker owner set to save $19.3m final installment costs after walking away from order


Bulkers Squeezed Out

Source: VesselsValue.com

Behind the news of the multiple VLOCs being ordered to service the Brazil-China iron ore trade lies the reality that just two non-VLOC bulker contracts were placed in the first quarter of 2016, says Craig Jallal, VesselsValue's Senior Data Editor.


Singapore Ranks #1 by Fleet Value per Capita

Singapore Maritime Week 2016

This week is Singapore Maritime Week 2016, when the city-state celebrates its role as the major hub for shipping in the region, Singapore has good reason to celebrate: according to mapping, ship search and valuation provider, VesselsValue, Singapore owners control just under 2


Top 10 Shipowning Nations by Value

The data in this infographic contains all live and on order vessels. (Source: VesselsValue)

 VesselsValue has provided a list ranking the top shipowning nations by value, including the percentage change difference against 2015 figures. Although the order may not have changed much from last year, the standout winner appears to be Denmark as the only country on the list to increase


Shipping’s Medical Drama Unfolds ... again

Source: Clarksons

 As the recycling market has started 2016 with a bang, with a huge volume of tonnage heading to demolition facilities, many of the key shipping markets continue to be in a state of very ill health, and owners seem to be rushing to the emergency room, reports Clarksons Research.  


Small Ships the Potential Bright Spot in Miserable Dry Bulk Market

The latest Dry Bulk Freight Forecaster from Maritime Strategies International (MSI) reports a deterioration of the consultancy’s cautiously optimistic view for improvement in the dry bulk market in the next six months.   Misery piled on misery for dry bulk owners in January as spot


Chinese, Greek Ship Owners Accounted for 40% of Global Recycling

Graph: Clarkson Research

 According to Clarkson Research Services, the record pace of fleet growth over the last decade and weakening global demand outlook has left many of the major shipping segments facing severe oversupply.    Demolition of older ships is one way of easing overcapacity and recycling


MOL to Open New Business units

New Organization Courtesy MOL

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Juinchiro Ikeda) today announced plans to establish two new business units — the Dry Bulk Business Unit and the Energy Transport Business Unit and restructure its dry bulk business divisions — effective April 1, 2016


Shipowner’s Loss of Earnings and Collision Claim

Photo: Gard Insight

 Awareness of the ways of calculating loss of earnings claims can be useful in both presenting and challenging this type of claim. This Gard Insight looks at some general principles and methods applied by the courts.   A product tanker was hit by a bulker while at berth


Can Bulkcarrier Supply Cuts Restore Some Balance?

Graph: Clarksons Research

 Clarksons Research says that the easing in bulkcarrier deliveries and the accelerated pace of demolition in recent years has seen bulkcarrier fleet growth slow from a rapid 17% in 2010 to just over 2% in 2015.    In the short-term


Chinese Bulk Carrier Bao Jiang Capsized, Sank

Bao Jiang 88. Image: Jiangsu Baojiang Transportation

 Chinese bulker Bao Jiang 88 capsized and sank in Jinshan Fairway, near Yangshan Port of Shanghai while enroute from Ningbo to Nanjing with 4,600 tons of ore concentrates.   12 crew went into life raft and were rescued by a nearby cargo ship


Safe Bulkers to Amend $51.8 Mln Loan Facility With Unicredit

Courtesy Safe Bulkers

 Safe Bulkers, Inc., an international provider of marine drybulk transportation services, announced today that the Company has agreed to amend an existing loan facility secured by four vessels with an outstanding balance of US $51.8 million


Paragon Sells Ships, Defer Deliveries

Pic: Paragon Shipping Inc.

 The dry bulk operator Paragon Shipping has reached an agreement with its creditors to liquidate its remaining fleet in order to settle one of its debt obligations.   The company agrees to sell its six mortgaged vessels to unaffiliated third parties in exchange for the full and final


Ship Runs Aground in Columbia River

Photo courtesy: U.S. Coast Guard

 A 623-foot Panamanian-flagged bulk carrier Sparna ran aground early Monday morning in the main shipping channel of the Columbia River near Cathlamet, Washington,  according to the U.S. Coast Guard.   The Sparna has taken on water in void spaces






 
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