Baltic Supramax News

23 Jan 2019

Eagle Bulk Acquires One Ultramax, Sells Two Supramaxes

Image: Eagle Bulk Shipping

Connecticut-headquartered Eagle Bulk Shipping announced that it has purchased a high-specification 2015-built SDARI-64 Ultramax bulkcarrier for a purchase price of USD 20.4 million. The ship, which has been renamed the M/V Cape Town Eagle, was constructed at Cosco Zhoushan Shipyard Co. Ltd, and is of the same design as the M/V Hamburg Eagle and M/V Singapore Eagle, said the owner of a fleet of Supramax/Ultramax dry bulk vessels.The M/V Cape Town Eagle has been acquired with an…

09 May 2018

Eagle Bulk Shipping Q1 Revenue Jumps Up

Photo: Eagle Bulk Shipping

Eagle Bulk Shipping generated net revenues of $79.4 million for the three months ended March 31, 2018, representing an increase of 73% compared to the same period in 2017. The owner-operators in the Supramax / Ultramax segment took delivery of the New London Eagle, a 2015-built CROWN-63 Ultramax, closed the sale of the Avocet, a 2010-built DIAMOND-53 Supramax, and signed a memorandum of agreement to sell the vessel Thrush for $10.9 million net of commissions and selling expenses.

05 Mar 2018

Eagle Bulk Shipping Reports 4Q Loss

Image: Eagle Bulk Shipping

US based owner-operators of Supramax dry bulk vessels reported a loss of $16.6 million in its fourth quarter ended December 31, 2017, compared to a net loss of $142.4 million for the fourth quarter in 2016. The shipping company posted revenue of $74.6 million in the period, representing an increase of 78% compared to the same period in 2016. Gary Vogel, Eagle Bulk's CEO, commented, "During the fourth quarter, Eagle Bulk's active management operating model drove outperformance of the benchmark Baltic Supramax Index for the fourth consecutive quarter…

07 Aug 2017

Eagle Bulk Reports 2Q Loss

Photo: Eagle Bulk Shipping Inc

Connecticut-based Eagle Bulk Shipping has reported a loss of $5.9 million in its second quarter ended June 30, 2017. However, the net revenue of $53.6 million has shown a 109% increase compared to the same period in 2016. The company has achieved fleet utilization rate of 99.6% through active fleet management and augmented operating performance with 744 chartered-in days, a 272% increase compared to the same period in 2016. He added: "This progress is reflected in quarterly performance well in excess of the Baltic Supramax Index and in our continued fleet growth and optimization.

09 Jan 2016

Pioneer Marine Acquires Eco-Design Vessel

Pioneer Marine's  Second 38,500 DWT Green Dolphin Eco-Design Vessel Photo Pioneer Marine

Pioneer Marine Inc., today accepted delivery of a 38,419 DWT Green Dolphin eco-design handysize vessel, the M.V. Kite Bay. The new vessel, which was constructed at Yangzhou Guoyu Shipbuilding Co., Ltd, is Pioneer’s second Green Dolphin eco-design handysize vessel. The ship’s fuel consumption is about 6 tonnes per day lower than the non-eco design vessels. In addition to eco-friendly efficiencies, Pioneer’s Green Dolphin newbuilding series are equipped with features which offer substantial commercial flexibility such as hull strengthened to Ice Class 1C…

07 Aug 2015

Ultramax Newbuild Delivered to Genco

Drybulk cargo shipper Genco Shipping & Trading Limited announced that it has taken delivery of a 64,000 dwt Ultramax newbuild vessel Baltic Scorpion. The Baltic Scorpion is the third of four Ultramax vessels to be delivered to the company under Baltic Trading's agreements with Yangfan Group Co., Ltd. The Baltic Scorpion is expected to be delivered to its charterer, Swissmarine Asia Pte. Ltd., on or about August 8, 2015 to commence a spot market-related time charter for 14 to 18.5 months. The rate for the spot market-related time charter will be based on 115.5 percent of the average of the daily rates of the Baltic Supramax Index (BSI), published by the Baltic Exchange, as reflected in daily reports.

02 Jun 2011

Seanergy Maritime Charter Extensions

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP; SHIP.W) announced today that it has entered into agreements with MUR Shipping BV to extend the time charter contracts for the Company’s Handysize vessel M/V African Oryx and its Handymax vessel M/V African Zebra, in direct continuation from the end of the minimum period of the previous charter parties of the two vessels. The charters have been extended for a period of 22 to 25 months, at gross base charter rates of $7,000 and $7,500 per day for the M/V African Oryx and the M/V African Zebra, respectively.

18 Nov 2010

Seanergy Maritime Q3 & Nine Month Report

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced its operating results for the third quarter and nine months ended September 30, 2010. Dale Ploughman, the company’s Chief Executive Officer, stated: “The third quarter of 2010 was another important quarter in our development as we completed successfully the acquisition of the remaining 49% ownership interest in Maritime Capital Shipping Limited (“MCS”). In addition, on October 22, 2010 we completed the acquisition of the remaining 50% ownership interest in Bulk Energy Transport (Holdings) Limited (“BET”) and, as a result, we now own 100% of MCS and BET and their fleets.

29 Sep 2010

Seanergy Maritime, Three New Time Charters

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced that the MVs African Joy, African Glory and Asian Grace, owned though the company’s wholly owned subsidiary Maritime Capital Shipping Limited (MCS), have entered into new charter agreements with first class charterers. The MV African Joy, a 1996 built and 26,482 dwt handysize dry bulk carrier, entered into a time charter agreement for a period of eleven to thirteen months with a first class charterer at a gross charter rate of $14,000 per day. The charterer has the option to extend the charter for another eleven to thirteen months at the same rate. The vessel is expected to commence her charter by the end of October 2010.

18 May 2010

Baltic Trading Takes Delivery of Drybulk Vessels

Baltic Trading Limited (NYSE: BALT), a drybulk company focused on the spot market, has taken delivery of the Baltic Bear, a Capesize newbuilding, and the Baltic Jaguar, a 2009-built Supramax vessel. The Baltic Bear and the Baltic Jaguar are the third and fourth vessels, respectively, to be delivered to the company under agreements signed in February 2010 to acquire four 2009-built Supramax drybulk vessels from an unaffiliated third party as well as two Capesize newbuildings from another unaffiliated third party. The Baltic Bear was delivered to its charterer, Cargill International S.A., on May 16, 2010 to commence a spot market-related time charter for 11 to 13.5 months.

18 Mar 2010

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%.

18 Mar 2010

Bourbon 2009 Financial Results

For 2009, Bourbon reported robust earnings driven by the growth of the Offshore Division. EBITDA excluding capital gains was up 9.4%. “The 2009 results illustrate the good increase of the offshore activity due to the growth of the fleet and to its utilization rate, which remains high despite the market downturn during the year,” said Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon. rates. - The sharp decline in Bulk Division revenues, due to the change in charter rates. Excluding capital gains, gross operating income (EBITDA) reached €346.3 million for the year, i.e. an increase of 9.4% for the group. The EBITDA of the Offshore Division alone grew by €70.8 million i.e. plus 29.4%.

05 Mar 2010

Eagle Bulk Shipping Takes Delivery of Imperial Eagle

Eagle Bulk Shipping Inc. (Nasdaq:EGLE) announced that it has taken delivery of Imperial Eagle, a Future-56 class, 56,000 dwt Supramax dry bulk vessel. The vessel has entered into a one-year time charter tied to the Baltic Supramax Index (BSI), ensuring Eagle participates directly in strong rates in the spot market while retaining the stability of a one-year charter. The Imperial Eagle represents the final of five newbuilds constructed under contract with IHI Marine United, Inc., a Japanese shipyards.

10 Feb 2010

Bourbon 2009 Annual Revenues

Commenting on Bourbon’s 2009 annual revenue results, Jacques de Chateauvieux, Chairman & Chief Executive Officer of Bourbon said: “With 71 new units coming into the fleet in 2009, annual revenues from Bourbon owned Offshore vessels alone saw growth of 27%, while the need for chartering was substantially reduced in a context of cost-cutting by the oil and gas companies. This trend, which was particularly marked at the end of last year, is likely to continue to influence activity in the early part of this year. Revenues for 2009 amounted to 960.5 million euros, up 3.1% compared with the previous year (down 1.6% at constant exchange rates).

10 Nov 2009

Bourbon Q3 Report

Bourbon's third-quarter revenues came to 246.8 million euros, up 3.1% compared with the same period in 2008 (-2.8% at constant exchange rates), due to satisfactory growth in the Offshore Division which offset a sharp decline in the Bulk Division. In the first nine months of the year, Bourbon posted revenue growth of 8.3%, the increase being stronger in the early months of the year, while revenues were virtually stable at constant exchange rates. The value of the dollar strengthened by 11% during the period, at 1.37 dollar/euro compared with 1.52 for the same period in 2008. The Offshore Division recorded satisfactory third-quarter growth of 16.6% (9.6% at constant exchange rates), with revenues totaling 207.6 million euros versus 178 million euros for the same period in 2008.

11 Aug 2009

Bourbon First Half 2009 Revenues Up

Jacques de Chateauvieux, Chairman and Chief Executive of BOURBON, said, "the oil industry is looking to control capital expenditure and operating costs and this has led to an oil services market that is temporarily dominated by short term contracts and a reduction in usage and pricing. First half revenues amounted to EUR482.1 million, up 11.2% over first half 2008. The dollar strengthened 15% against the euro with the dollar/euro exchange rate at 1.33 during the first half year compared with 1.53 for the first half of 2008. At constant exchange rates, revenues were practically stable year on year with strong growth in the Offshore Division compensating for a fall in the Bulk Division.

20 Jul 2009

Seanergy Secures Time Charter

Seanergy Maritime Holdings Corp. (NASDAQ: SHIP) (NASDAQ: SHIPW) announced that it has entered into time charter contracts with MUR Shipping BV, a first class charterer, for its two handy dry bulk carriers, the M/V African Oryx and the M/V African Zebra, for a period of minimum twenty two to twenty five months at gross floor charter rates of $7,000 and $7,500 respectively per day and a 50% adjusted profit share to be distributed equally between owners and charterers calculated on the average spot Time Charter Routes derived from the Baltic Supramax Index. The charters will commence on July 17, 2009 and July 20, 2009 respectively, upon delivery from their current commitments.

22 May 2009

Star Bulk New Time Charters, Vessel Mngmt

Star Bulk Carriers Corp. (NasdaqGM: SBLK), a global shipping company focusing on the transportation of dry bulk cargoes announced that the company entered into a new one-year time charter agreement for the Star Theta, a 52,425 dwt 2003-built Supramax vessel, at a gross daily rate of $11,300. On May 18, 2009 the vessel was delivered to its new charterer, Cargill. The company also entered into a new time charter agreement with the existing charterer for the Star Kappa, a 52,055 dwt 2001-built Supramax vessel, for a minimum of 63 months and a maximum of 65 months at a gross daily charterhire rate of $25,500. The new time charter agreement is effective as of April 7, 2009 and replaces the existing charter.

07 May 2009

Bourbon 1Q Results

Bourbon’s revenues for the first quarter of 2009 were up 12.8% compared with the same period in 2008, totaling $320.8m. The Offshore Division posted strong growth, benefiting from the full effect of vessels commissioned in 2008 and a favorable base effect. The Bulk Division felt the dual effect of an activity slowdown and a collapse in freight rates. Finally, the taking into account of the rate of the dollar makes the comparison favorable for Bourbon. "In a market environment now affected by the economic slowdown and falling oil prices, the Offshore Division still has strong potential for growth owing to its investment strategy in innovative and high performance vessels at lower costs for clients,” said Jacques de Chateauvieux, Chairman and Chief Executive Officer of Bourbon.

11 Feb 2009

Bourbon 2008 & 4Q Revenue Report

"Bourbon's performance for the year 2008 reflects strong growth in the offshore activities, keeping pace with deliveries of new vessels, with the renewal of old contracts and the use of outside charters when requested by our customers," said Jacques de Chateauvieux, Bourbon Chairman and Chief Executive Officer. Bourbon's 2008 annual revenues totaled $1,205m, up 21% (+28.5% at constant exchange rates). The activity of both Divisions is still affected by the dollar trend, which became favorable again starting in the 4th quarter. In the 4th quarter of 2008, revenues rose by 30.3% (+23.5% at constant exchange rates). Bourbon now conducts 95% of its business abroad. The Offshore portion is up and accounted for 81% of the group's revenues in the 4th quarter of 2008.

09 Nov 2007

BOURBON Announces Quarterly Financial Results

Third quarter 2007 revenues for BOURBON rose 35% over the same period in 2006 to total $294.3m. This growth was driven by higher revenues in all BOURBON divisions. Over the first 9 months of this year, revenues were up 31.5% at current exchange rates (40.2% at constant exchange rates). Over the third quarter of 2007, revenues generated by the Offshore Division rose 24.3% over the same period in 2006 (31.1% at constant exchange rates). This growth is explained by the integration over the last 12 months of 32 new vessels in the Bourbon Offshore fleet, 8 of which were delivered in the third quarter. Revenues recorded by vessels operating under external charters totaled $19.7m for this quarter. These vessels traditionally generate lower margins than owned vessels.

28 Jun 2007

Eagle Bulk Receives Supramax Dry Bulk Vessel

Eagle Bulk Shipping, Inc. (Nasdaq:EGLE) has taken delivery of the Kittiwake, a 2002 built 53,146 dwt Supramax dry bulk vessel. The Kittiwake was acquired as part of a three vessel transaction announced on February 28, 2007. The Kittiwake will commence an 11-13 month charter at a rate of $30,400 per day. The charter may reset at the beginning of each month based on the average time charter rate for the Baltic Supramax Index, but in no case will be less than $24,400 per day. The Eagle Bulk Shipping, Inc. fleet consists of 23 vessels, including 20 Supramaxes, five of which are newbuilds, and three Handymax bulk carriers. The average age of the fleet is approximately five and a half years.

03 Jan 2007

Eagle Bulk Shipping Secures Long-Term Charters

Eagle Bulk Shipping Inc., a global marine transportation company specializing in the Supramax segment of the dry bulk shipping industry, today announced that it has secured long-term time charter contracts for three of its vessels. Upon completion of its current charter of $18,550 per day, the Jaeger, a 52,000 dwt Supramax will commence a new time charter with a rate of $27,500 per day for 12-14 months. The charter rate may reset at the beginning of each month based on the average time charter rate for the Baltic Supramax Index, but in no case less than $22,500 per day. The charter on the Harrier, a 50,000 dwt Supramax has been extended from its current charter rate of $23,750 per day for 24 to 27 months at a rate of $24,000 per day.