Clipper Bulk News

Dry bulk operator Clipper Bulk announced it will reduce onshore staff in an effort to narrow costs amid historically low freight markets dragged down by the coronavirus pandemic.“The dry cargo market has struggled with unsustainably low freight rates for years, but the COVID-19 pandemic has made matters worse and caused a steep downturn in demand and freight rates. We need to adapt to this new reality, and we are making these changes to stay ahead of the situation,” said Clipper Group CEO Peter Norborg.The company said Thursday it will cut 24 out of 91 jobs ashore by the end of April…

Danish dry bulk specialist Clipper Bulk announced that it would acquire the Bulkhandling shipping pool of Supramax and Ultramax vessels, from Norwegian shipowner Klaveness.The Bulkhandling pool dates back to 1963 and was the first pool operated in shipping.All current members of the Bulkhandling pool have been offered to join the new Clipper Bulkhandling pool, and the new pool management will jointly with the members agree on a strategy for further growth and expansion. Following this, Clipper Bulk will manage one of the leading pools for supramax and ultramax dry bulk tonnage in the world. Lasse Kristoffersen, CEO Torvald Klaveness said:  “The Bulkhandling pool is seen as market leading and have significant potential for growth.

Dry bulk shipping firm Clipper Bulk has reached an agreement to expand its fleet with the purchase of three Handysize cargo vessels.The Copenhagen-based company informed that it has bought three bulkers in close collaboration with a unnamed financial partner.The 2010-built vessels, featuring over 32,500 dwt, are expected to be delivered in the coming months, the global operator of Handysize and Supramax vessels said.The ships will be renamed to Clipper Appollonia, Clipper Aegina and Clipper Alexandria.Following these additions, Clipper Bulk now operates approx. 85 Handysize and Supramax vessels, including tonnage operated by the 2 Clipper Bulk-managed pools: the Clipper Handy Pool (28-38,000 dwt vessels incl.

The US-based shipowner-operator engaged in the global transportation of drybulk commodities, Eagle Bulk Shipping  announced the establishment of a new commercial office in Copenhagen, relocating from its existing base in Hamburg.The Copenhagen office will be led by Mathias Groenvald, who recently joined Eagle Bulk, said a press release from the player in Supramax / Ultramax segment.Groenvald previously served as Senior Vice President, Head of Chartering for Clipper Bulk, and has over 30 years of drybulk industry experience.Gary Vogel, Eagle Bulk's CEO, commented, "Given its significant concentration of drybulk activity, we believe that Copenhagen is the ideal location for our European commercial operations.

International dry bulk shipping company Clipper Group  has launched a comprehensive restructuring involving a large number of layoffs, especially at the company's Copenhagen headquarters.The dry bulk carrier announced a series of initiatives to strengthen its business platform amid continued weak markets.Initiatives include agreements to strengthen the company’s financial position, downsizing of organization and office network, other cost savings, changes to Senior Management as well as a more focused market approach, said a press release from the operator of Handysize and Supramax vessels.“We have been challenged by the steep, unexpected market downturn. Today, we are taking the steps required to run a viable, profitable dry bulk operation, even in depressed markets.

Denmark based Clipper Group said it will simplify its operational and administrative setup in its core business area, the dry bulk market. Clipper will concentrate its bulk business in Copenhagen, Houston and Hong Kong going forward, closing its offices in Stamford, Sao Paulo, Rio de Janeiro, Singapore and Beijing. The company's offices in Barranquilla, Tokyo and Nassau will remain unchanged. “We want to make communication more effective and our response time to market changes shorter.

Clipper will simplify its operational and administrative set-up in its strongest field of business, bulk. "Going forward, we will concentrate our bulk business in three locations: Copenhagen, Houston and Hong Kong. Consequently, we will close our offices in Stamford, Sao Paulo, Rio de Janeiro, Singapore and Beijing. Our offices in Barranquilla, Tokyo and Nassau will remain unchanged and continue to serve our local business partners," said a press release from the company. The prepared statement continued, "In the new set-up, we will maintain global presence. Fewer but larger hubs will allow us to service our customers and to operate our fleet more efficiently. Within the last year, Clipper has grown its operated bulk fleet from 100 to 150 vessels.

Clipper Group has appointed Peter Norborg new Group CEO, succeeding current chief Frank G. Jensen, who will continue with the company as Chairman of the Board. Norborg will commence work in Clipper on April 1, 2016. Norborg, 49, comes from a position as Chief Operating Officer at Switzerland-based open hatch/dry bulk company Gearbulk, a position he has held since 2012. Before that, he spent 14 years at D/S Norden, latest as Executive Vice President and Head of Dry Cargo division. Peter holds an EMBA from IMD Business School.

So what’s keeping ship operators awake at night these days? Plenty, it seems. Sluggish recovery from a lingering worldwide recession, unsustainable debt loads, endemic overcapacity in most shipping trades, punishing freight rates, rising costs of fuel and regulatory compliance and a lingering sense that ships are not running as efficiently as they could. The last two topics – reducing fuel costs while complying with emission regulations and improving ship operating efficiency – will take center stage at SHIPPINGInsight 2014, scheduled for Sept. 30 – Oct. 2 in Stamford, Conn.

Baltic Trading Limited has taken delivery of the 2010-built 'Baltic Fox' and the 2009-built 'Baltic Hare', two Handysize vessels of approximately 32,000 dwt. Both vessels have entered into the Clipper Logger Pool, a spot market-related Handysize pool operated by Clipper Bulk. John C. Wobensmith, President and Chief Financial Officer, commented, "We are pleased to take delivery of the Baltic Fox and the Baltic Hare, as planned, and enter the vessels into a spot market-related vessel pool consistent with our fleet deployment strategy. The Company also has executed a $22 million credit agreement with DVB Bank SE, as previously announced on July 8, 2013. Under the terms of the six-year facility, amounts borrowed will bear interest at LIBOR plus a margin of 3.35%.

Baltic Trading Limitedhas agreed to acquire two 32,000 dwt Handysize vessels, for an aggregate purchase price of approximately $41.0 million. The acquisition is subject to the completion of customary documentation and closing conditions. The two vessels, the 2010-built Baltic Fox and the 2009-built Baltic Hare, are expected to be delivered to Baltic Trading by the end of the third quarter of 2013. Baltic Trading has reached an agreement to enter both vessels upon delivery into the Clipper Logger Pool, a Handysize pool operated by Clipper Bulk. Upon completion of the acquisition, Baltic Trading will own 11 drybulk vessels, consisting of two Capesize 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.

Baltic Trading Limited (NYSE: BALT) reported its financial results for the three months ended March 31, 2010. The following financial review discusses the results for the three months ended March 31, 2010. As expected, the company had no vessels in operation during the quarter. The company took delivery of its first two vessels on April 8, 2010 and April 29, 2010, respectively and expects to take delivery of three of the remaining vessels to be acquired by May 15, 2010, and one Capesize newbuilding in October 2010. --  Reached agreements to enter into spot market-related time charters for the Baltic Leopard and the Baltic Panther, both 2009-built Supramax vessels, with Oldendorff GMBH and Co. KG.

The ‘A’ rated, 75 million GT North of England P&I club reaffirmed its commitment to the Danish shipping industry this week with a reception for members, potential members and their advisors at Langelinie Pavillonen in Copenhagen. Guests included Lars Christensen, senior vice president and head of the tanker department at Norden, and Anders Schmidt, general claims and insurance manger of Clipper Bulk, both of whom represent Denmark on the club’s board of directors. Other ship-owning, operating and chartering companies represented at the event included Atlas Shipping, Clipper Elite Carriers, Comet Shipping, Custodia Shipping, Dannebrog Rederi, DFDS, Eitzen Bulk, NIMA Management, Norient Product Pool, TKB Shipping and TORM.

Golden Ocean Group Limited has agreed to get released from the bare boat agreements for the two 1990 built Panamax vessels M/V Golden Glory and M/V Golden Gem against purchasing the vessels for $11m per vessel. The company has agreed to sell the two vessels for net sale proceeds of $60m in total. Delivery to the buyers is expected to take place in September 2007. This transaction will give a positive addition to net income of approximately $23m, and is estimated to release approximately $38m in additional liquidity. In August 2006 the company paid $38m to take over the bareboat agreements for the five Panamax vessels under the deal with Clipper Bulk Shipping Ltd. The cash flow from this investment until date and the sales proceeds will fully repay the gross purchase price.