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, 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, 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
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
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
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)
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.
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.
The Panamanian-flagged bulker Flame was taken in tow by a salvage tug on August 8, after suffering main engine failure in the mid-Atlantic on August 4. The 29,212 dwt bulker was last reported proceeding in the direction of Trinidad.
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.
The Q4 bounce – a seasonal staple of the dry bulk markets – looks likely for Capesize and Panamax segments, but the effects may be limited. Independent research and consultancy firm Maritime Strategies International (MSI) is forecasting a fourth quarter bounce in dry
USA-Monaco based bulk carrier Scorpio Bulkers has reported a loss of $24.7 million in its second quarter of 2016, pushing the carrier's deficit up to $ 83 million. The New York-listed dry bulk ocean shipper posted revenue of $17.4 million in the period.
Recently a team of Hydrex diver/technicians performed a propeller blade cropping on a 190-meter container bulker berthed in Hamburg. Two parts of the tip of one of the four propeller blades were damaged and needed to be cropped to restore the propeller’s efficiency.
The supply of ships into the fleet is a key determinant of vessel earnings across the shipping sectors, and world fleet growth is closely followed by everyone in the maritime industry, says Clarksons Research. In recent years the overall pace of growth of the world fleet appears to
With the spread of challenges facing the industry, it’s unlikely the shipping markets would achieve many top grades, says Clarksons Research. However some sectors might still achieve an “A” for effort and this week’s analysis reviews the markets’
As summer approaches in the northern hemisphere, scrapping activity has been continuing at a firm pace, and appears set to come close to record levels in full year 2016, accroding to a report by Clarksons Research. With earnings suffering in the bulkcarrier and containership sectors
Initial test runs through the expanded Panama Canal began Thursday as tugs led a bulk carrier into the first set of locks on the Atlantic side of the canal, AP reports. Chartered to perform the test operation is the 836-foot-long bulker Baroque
Historically, a prime characteristic of the shipping industry has been that when one sector is performing weakly there is generally another that is strong, and that even when most of the markets are down there is often one which provides at least some counterbalance by performing more
Safe Bulkers, Inc. (the “Company”) (NYSE: SB), an international provider of marine drybulk transportation services, announced today that it was notified by the New York Stock Exchange (“NYSE”) that the Company has regained compliance with the NYSE’s minimum share
The Athens, Greece-based Safe Bulkers Inc. (SB) on Thursday reported a loss of $17.8 million in its first quarter. The shipping company posted revenue of $24.7 million in the period. It has a loss of 25 cents per share
SAFE Boats International (SBI), a manufacturer of aluminum boats located in Bremerton, Wash., has completed the first Coastal Interceptor Vessel (CIV) on contract from U.S. Customs and Border Protection (CBP) Air and Marine Operations (AMO).
Hanjin Shipping-operated bulker Hanjin Paradip has been arrested by a South Africa for alleged unpaid charter fees. The 82,158 dwt bulker, which has been used to transport grain and minerals, was detained in Richards Bay on May 24 due to the unpaid charter fees to an
Container and bulk shipping company Universal Marine and MirTac, a provider of fleet management solutions, have implemented Star Fleet Management software onboard the new bulk carriers mv Pride and mv Star II. Recently, a joint venture between Universal Shipping & Trading (part of the
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
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.