Bulk Ship Operator News

If you think the human element is the only cause of enclosed space deaths, think again.Enclosed space incidents are cited as the largest cause of on-duty fatalities in commercial shipping. The risks can’t simply be engineered out, but there’s a powerful coalition wanting action nonetheless.There’s a tendency to blame failure to follow procedures, they say. Investigations seldom focus on the practicality of those procedures or the influence of the operating environment and vessel design, they say.

Several Chinese ports are facing congestion as vessels due to call at Ningbo are being diverted and cargo processing is slowed partly due to stricter disinfection measures under China's "zero-tolerance" coronavirus policy.On Tuesday, more than 50 container vessels were queuing at Ningbo port, China's second largest marine center, Refinitiv data showed, up from 28 on Aug. 10 when a COVID-19 case was reported at one of its terminals.Leading international shipping groups have warned their clients of delays and route adjustments.

The dry bulk market for Supramax/Ultramax bulk carriers improved from the first to the second quarter 2019,  said Norway-based Belships.Measured by the BSI-58 index, earnings averaged USD 8 167 per day (net) – 7 per cent up from the previous quarter,  said the bulk ship operator and management company.The market reacted strongly as iron ore mines in Brazil started coming back into operation after the tailing dam accident in January. Despite continued turbulence and interference from ongoing trade wars and uncertainties in macroeconomic growth forecasts, the rates have increased significantly in the third quarter and is currently about USD 14 500 per day.At the end of 2018, 148 Supramax/Ultramax new-buildings were scheduled for delivery in 2019.

Nowegean bulk ship operator Belships has agreed to acquire the 55,866 dwt bulk carrier M/V SEPHORA from Prospero Marine Ltd, a company controlled by Greek shipowner Elias Kulukundis.The vessel was built by Kawasaki Heavy Industries, Japan in 2007, the Oslo-listed company informed.The agreed purchase price for MV SEPHORA is USD 12.0 million, of which half will be paid in cash. The remaining consideration will be settled through a proposed issue of 7,405,114 new Belships shares to the seller of the vessel. The agreed share price in the transaction is NOK 7.00 per share. Belships expects the cash payment to be fully financed within the previously announced financing package (see stock exchange release 14 March, 2019).

Norway-based bulk ship operator and management company Belships has signed an agreement to acquire a 58,700 dwt bulk carrier from Wenaas Shipping AS.The vessel was built at Tsuneishi Heavy Industries (Cebu), Inc. in the Philippines in 2008, informed a press note from the dry bulk owner.The agreed purchase price is USD 13.0 million, of which half will be paid in cash. The remaining consideration will be settled through a proposed issue of 8,060,650 new Belships shares to the seller of the vessel. The agreed share price in the transaction is NOK 7.00 per share.Belships expects the cash payment to be fully financed within the previously announced financing package.

Norway's dry bulk owner Belships Group has secured a USD 140 million loan facility. The loan replaces the Group's current senior debt of USD 105 million.The new loan will be available in two tranches, said a press release from the bulk ship operator and management company. An initial tranche of USD 110 million will replace Belships existing loan and strengthen the Group's working capital. An accordion tranche of USD 30 million will be available for fleet expansion.Following the merger with Lighthouse Group in December 2018, Belships currently owns twelve supramax and ultramax dry bulk vessels. In addition, the Group operates three ultramax on time and bareboat charter with purchase options.

Norway's bulk ship operator and management company Belships ASA announced that its chief executive officer (CEO)  Ulrich Müller has resigned.The board of directors of the Norwegian bulker owner stated in a press release that they will initiate the work with finding a new CEO immediately and Ulrich Müller will remain in his current position until a new CEO is in place."Belships has reached a crossroads and I feel like the time has come for others to take over the leadership of the Company. Belships is a great company and I wish the company and its skilled employees the best of luck in this next chapter" said Ulrich Müller.Ulrich Müller…

Norway-based  bulk ship operator and management company Belships has finalized its merger with Lighthouse Group after receiving an approval of the merger plan by the extraordinary general meeting (AGM)."All the conditions for the completion of the merger, including the expiry of the creditor notice period, have been fulfilled and the Merger has been registered as completed by the Norwegian Register of Business Enterprises today on 10 December 2018," said a press statement.Belships ASA has upon completion of the merger issued 127,765,993 consideration shares to the shareholders of the assigning companies, and following the issuance there are 175,117,993 shares outstanding in Belships ASA, each with a nominal value of NOK 2.

Norway-based bulk ship operator Belships has signed a merger plan with the Lighthouse Companies.Belships ASA has announced a merger between certain subsidiaries of Kontrari (the Lighthouse Companies) and one or more subsidiaries of Belships with consideration in Belships shares.A reference is made to the stock exchange announcement made by Belships on 6 July 2018 regarding the acceptance by Sonata of an offer from Kontrari AS and Kontrazi AS relating to a contemplated sale of 14,285,714 shares (30.2%) in the Company from Sonata to Kontrari.A press release from the bulk ship operator and management company said: "Following satisfactory completion of a mutual due diligence process and final negotiations…

M/S Belnippon was delivered from Imabari Shipbuilding in January and has been fixed on time charter to Cargill for 10-13 months at USD 11,500/day, says a statement from Oslo-based bulk ship operator Belships. Belships concentrates on the dry bulk market, with 6 modern Supramax/Ultramax in service. M/S Belstar, M/S Belnor and M/S Belisland have continued the long-term contracts to Canpotex of Canada. Canpotex is one of the world's largest exporters of potash, a fertilizer product imported in large volumes by countries such as China, India and Brazil. M/S Belforest and M/S Belocean are both on time charter to Cargill. M/S Belocean was recently extended to Cargill for 6-8 months at USD 10,150/day effective from 1st February. All ships have sailed without significant off-hire.

Belships ASA, a bulk ship operator and management company, has signed an agreement to charter in an Ultramax bulk carrier of 63,000 dwt to be delivered from Imabari Shipbuilding first half 2020.    The charter period will be for minimum 8 years plus two yearly options, with purchase option from end of fourth year.    Through this new agreement, Belships ASA will have four Ultramax bulk carriers with eco-design from Imabari Shipbuilding.    Two ships are delivered and in service for Cargill and Canpotex respectively. The next newbuilding to be delivered in January 2018 and is presently unfixed.   Belships operates three bulk ships in addition to managing additional 12 ships owned by Elkem Chartering, that Belships owns 50% of.

Singapore-based Pioneer Marine reported a $5.4m loss for the third quarter of 2015, about even with a $5m loss in the same quarter last year. It canceled orders for three new ships as the bulk-ship operator coped with a steep decline in demand for commodities in China. Net Revenue of Pioneer amounted to $9.9 million for the third quarter of 2015 and $28.8 million for the nine month period ended September 30, 2015. Pankaj Khanna, Chief Executive Officer, commented, "2015 has proved to be the toughest year for the drybulk market in probably 35 years. Regarding the termination of three newbuilding contracts with no cancellation penalty to the Company…

While there are indications that the shipping industry is starting to emerge  from the doldrums of the last six years, signals remain mixed. Moore Stephens reported in June that shipping confidence has risen to its highest point since 2010. Indeed, there are signs of a new wave of speculative ordering of new tonnage, propelled by bargain-basement prices from shipyards desperate to fill slots and a reported influx of capital from private equity sources. A primary driver for the surge of orders is the improvements in fuel efficiency of new ship designs over older ships.

The Fednav Group presented with the IBJ award as Bulk Ship Operator of the Year in Hamburg, Germany. This award highlights Fednav's contribution to maritime trade, as well as its leadership in the implementation of higher industry operating standards including efficiency, environmental protection, and safety. In 2012, Fednav took delivery of 11 new vessels and currently has 12 ice-class ships on order to deliver in 2013-2016, including one ice-breaking bulk carrier to service…