Ultramax News

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

Greek shipowner Diana Shipping on Wednesday announced it has placed an order for two new methanol dual-fuel Kamsarmax bulk carriers from China's Tsuneishi Group (Zhoushan) Shipbuilding Inc.The 81,200 dwt newbuilds were ordered at a purchase price of $46 million each, Diana said. The vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.Diana in September 2023 announced it signed a letter of intent (LOI) to order the ships through…

Diana Shipping on Tuesday announced it has reached a deal to sell its oldest vessel, an 18-year-old panamax bulk carrier.The Greek shipowner said it has reached a memorandum of agreement through one of its subsidiaries to sell the 76,942 dwt vessel Artemis to an undisclosed third-party buyer for $12.99 million. The ship is slated to be delivered to its new owner by March 8 at the latest.Artemis was built in 2006 by Japan's Namura Shipbuilding Co., Ltd. in 2006.Upon completion of the sale…

Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the Amphitrite.The gross charter rate is $12,250 per day for the first 30 days of the charter period and $15,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties…

Lemissoler Navigation and Shanghai Merchant Ship Design and Research Institute (SDARI) have received ABS approval in principle (AiP) for the design of a 65,000dwt methanol-fueled ultramax bulk carrier, the first such methanol vessel for China’s shipbuilding industry.The vessel has been thoroughly optimized and its preliminary Energy Efficiency Design Index (EEDI) was reviewed and indicated that the vessel exceeds EEDI Phase 3 standards. ABS completed design reviews based on class…

Dry bulk shipping companies Star Bulk Carriers and Eagle Bulk Shipping have reached a deal to merge in a $2.1 billion all-stock deal.The terms of the definitive agreement have received unanimous approval from the boards of directors of both New York-listed ocean carriers, and the companes expect the deal to close in the first half of 2024 following approvals from regulators and Eagle shareholder.Eagle shareholders will receive 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned.

Diana Shipping Inc. has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Kawasaki Kisen Kaisha (K Line) for one of its Capesize dry bulk vessels, the New Orleans.The gross charter rate is US$20,000 per day, minus a 5% commission paid to third parties, for a period until minimum August 15, 2025 up to maximum October 31, 2025. The charter is expected to commence on December 7, 2023.The New Orleans is a 180,960dwt Capesize…

Dry bulk shipowner Diana Shipping on Monday announced that it has lined up a time charter contract with agribusiness Bunge for one of its Ultramax dry bulk vessels, DSI Andromed—a 60,309 dwt Ultramax dry bulk vessel built in Japan in 2016.The charter, which Diana entered through a separate wholly-owned subsidiary, is expected to commence on November 24, 2023.The gross charter rate is $13,500 per day, minus a 5% commission paid to third parties, for a period until minimum February 20…

ABS and Asiatic Lloyd Maritime LLP, member of the AL Group, have signed a joint development project to study the feasibility of converting the fuel system of an ultramax bulk carrier, from conventional diesel to methanol.The study is focused on a series of up to eight ABS Classed ultramax bulk carriers ordered for construction in the New Hantong Shipyard, China, for AL Group.“Converting vessel propulsion systems to take advantage of the decarbonization potential afforded by methanol is going to be an important part of the industry’s green energy transition.

Norwegian companies OSM Thome and Pherousa Green Shipping (PGS) have entered into a Letter of Intent outlining their collaboration on six 63,000dwt Ultramax bulk carriers to be ordered by PGS.The collaboration involves Phases I, II, and III, encompassing Drawing Approval, Project Development, and Site Supervision. Furthermore, OSM Thome will manage the crew and technical management of the constructed vessels.PGS, established in 2023, is in the process of initiating the order for these zero-emission vessels, designed by Deltamarin in Finland.

Dry bulk owner and operator Norvic Shipping has taken delivery of a newly built ultramax vessel on a long-term charter as the organization continues to expand its fleet.The 64,000 dwt fuel-efficient vessel, named Norvic Copenhagen, will be deployed worldwide after being delivered by Imabari Shipyard during a recent handover ceremony in Japan.AJ Rahman, Group Chairman and CEO of Norvic Shipping, said, “Acquiring dry-bulk vessels on lengthy charters is part of Norvic’s strategy to expand our long-term fleet…

The Norwegian company Pherousa Green Shipping, together with Pherousa Green Technologies, has announced plans for up to six Ultramax dry bulk carriers which will feature ammonia-to-hydrogen cracking technology to provide fuel for onboard fuel cells.Deltamarin has developed the innovative long endurance ammonia-fueled Ultramax bulk carrier concept together with PGT.Metacon recently announced the delivery of its first ammonia cracker prototype based on Helbio's unique tubular reforming reactor technology to Pherousa.

Dry bulk shipping company Diana Shipping announced it has taken delivery of a 2016-built Ultramax bulk carrier.Diana, through a separate wholly-owned subsidiary, had agreed to purchase the 63,379 dwt DSI Drammen (formerly Nord Potomac) in February 2023.The company also announced that, through the same wholly-owned subsidiary, it entered into a time charter contract with IMC Shipping Co. Pte. Ltd., at a gross charter rate of US$18,250 per day, minus a 5% commission paid to third parties, for a period until minimum April 10, 2024 up to maximum June 10, 2024. The charter is expected to commence on April 15, 2023.The employment of DSI Drammen is anticipated to generate approximately $6.5 million of gross revenue for the minimum scheduled period of the time charter, Diana said.

Norway-based Belships announced it has entered into agreements for the acquisition of three new Ultramax bulk carriers. The 64,000 dwt vessels are currently being constructed at Japanese shipyards and are scheduled for delivery in Q4 2024,  Q4 2025 and Q1 2026.The vessels are fully financed through time charter lease agreements, each for a period of 7 up to 10 years, with purchase options at current market levels during the charter. There is no obligation to purchase the vessels. Belships is not required to make any down payment for this transaction. Cash breakeven for the vessels upon delivery will be about $14,000 per day. The agreements are conditional upon certain steps to be completed by the parties involved.“We are able to increase our fleet without investing any cash…

Bulk carrier firm Diana Shipping said Wednesday it had has taken delivery of the 2016-built DSI Aquarius ultramax dry bulk vessel of 60,309 dwt. The ship, which used to be called STH Kure, is one of nine new Ultramax dry bulk vessels that the company had agreed to buy in August 2022. Diana Shipping also said that it had entered into a time charter contract for the vessel with Engelhart CTP Freight (Switzerland) SA, at a gross charter rate of US$14,200 per day, minus a 5% commission paid to third parties, for a period until minimum January 10, 2024 up to maximum March 25, 2024. The charter is expected to start on February 1, 2023. The employment of “DSI Aquarius” is anticipated to generate approximately US$4.81 million in gross revenue for the minimum scheduled period of the time charter…

U.S.-based dry bulk shipowner Eagle Bulk Shipping on Wednesday revealed it recently tested biofuels as a means to reduce carbon emissions from its vessel Stamford Eagle.The voyage, completed on GoodFuels' MDF1-100 sustainable biofuel, provided an approximately 80% reduction in net well-to-wake CO2 emissions compared to equivalent fossil fuel, the company said. A broad range of vessel owners and operators, from dredging contractors to cruise lines, have started to run their ships on biofuels as the global maritime industry explores ways to decarbonize.Naturally lower in sulfur…

U.S.-based shipowner Eagle Bulk Shipping announced it has expanded its fleet with the purchase of a secondhand Ultramax bulk carrier for $24.3 million.The vessel, which was constructed at China's Chengxi Shipyard in 2015, will be renamed Gibraltar Eagle and is expected to be delivered to the company during the first quarter of 2023. Eagle Bulk did not disclose the seller."This transaction is well-aligned with the company’s growth strategy of enhancing its fleet composition. Specifically, improving the age profile of the fleet, increasing the cargo capacity per vessel and reducing emissions on a per deadweight ton basis," Eagle Bulk said in a press release. The Stamford, Conn.

Shipowner Diana Shipping on Friday announced it has entered into a pair of time charter contracts for two of its owned bulk carrier vesselsWestern Bulk Carriers AS will charter the DSI Aquila $13,300 per day, minus a 5% commission paid to third parties, for a period until minimum September 15, 2023 up to maximum November 15, 2023. The charter is expected to commence on November 22, 2022. The 60,309 dwt Ultramax dry bulk vessel was built in 2015.In addition, EGPN Bulk Carrier Co., Limited, will charter the Houston for $13,000 per day, minus a 5% commission paid to third parties, for a period until minimum July 1, 2024 up to maximum August 31, 2024. The charter is expected to commence on November 21, 2022.

Greece-based dry-bulk shipping firm Diana Shipping has taken delivery of the m/v DSI Phoenix (formerly “STH Chiba”), a 2017-built Ultramax dry bulk vessel of 60,456 dwt. The vessel is one of nine modern Ultramax dry bulk vessels that the Company entered into an agreement to purchase in August 2022.Including the newly delivered m/v DSI Phoenix, Diana Shipping Inc.’s fleet now consists of 37 dry bulk vessels (4 Newcastlemax, 11 Capesize, 5 Post-Panamax, 6 Kamsarmax, 8 Panamax and 3 Ultramax).

Dry bulk shipowner Diana Shipping Inc. on Monday announced it has entered into separate time charter contracts for three of its vessels.The company said it will charter its vessel Amphitrite to Cobelfret S.A. for $14,250 per day, minus a 5% commission paid to third parties, for a period until minimum December 1, 2023 up to maximum February 15, 2024. The charter is expected to commence on November 10, 2022. The Amphitrite is a 98,697 dwt Post-Panamax dry bulk vessel built in 2012.Diana will also charter its vessel Crystalia to Reachy Shipping (SGP) Pte. Ltd. for $12,500 per day, minus a 5% commission paid to third parties, for a period until minimum September 1, 2023 up to maximum October 15, 2023. The charter is expected to commence on November 8, 2022.

Diana Shipping Inc. announced it has taken delivery of a newly acquired secondhand bulker that is due to commence a time charter contract with Cargill.The 2018-built, 60,362 dwt DSI Pyxis, formerly STH Montreal, is one of nine Ultramax dry bulk vessels that the company purchased through a wholly-owned subsidiary in August 2022.Diana, through the same wholly-owned subsidiary, entered into a time charter contract for DSI Pyxis with Cargill Ocean Transportation Singapore Pte. Ltd. at a gross charter rate of $17,100 per day, minus a 4.75% commission paid to third parties, for a period of minimum 10 months to maximum 12 months. The charter is expected to commence on October 15…

Dry bulk shipowner Diana Shipping Inc. announced on Thursday that it has taken delivery of one of nine secondhand Ultramax bulk carriers that agreed to purchase in August 2022.The vessel, DSI Polaris—formerly named STH Oslo—is a 60,404 dwtUltramax dry bulk vessel built in 2018.Including the newly delivered DSI Polaris, Diana Shipping Inc.’s fleet currently consists of 38 dry bulk vessels, including four Newcastlemax, 11 Capesize, five Post-Panamax, six Kamsarmax, eight Panamax and four Ultramax.The company expects to take delivery of five Ultramax dry bulk vessels in the fourth quarter of 2022.

Diana Shipping on Monday announced it has taken delivery of the DSI Andromeda (formerly STH Tokyo), a 2016-built Ultramax dry bulk vessel. The 60,309 dwt vessel is one of nine modern Ultramax dry bulk vessels that the company entered into an agreement to purchase in August 2022.The company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with ASL Bulk Marine Limited, for one of its Ultramax dry bulk vessels, the DSI Polaris. The gross charter rate is $13,100 per day, minus a 5% commission paid to third parties, for a period of minimum 18 months to maximum 20 months. The charter commenced on November 12, 2022.The DSI Polaris is a 60,404 dwt Ultramax dry bulk vessel built in 2018.