Marine Link
Sunday, January 21, 2018

Dry Bulk News

G E Shipping Sells Supramax

Photo: The Great Eastern Shipping Co. Ltd.

India’s largest private sector shipping company  Great Eastern Shipping Company Limited (G E Shipping) has contracted to sell its 2003 built Supramax Dry Bulk Carrier Jag Rahul of about 52,364 dwt. G E Shipping said that the vessel will be delivered to the new buyer in Q4 FY 2017-18. The Company’s current fleet (including Jag Rahul) stands at 48 vessels, comprising 32 tankers (12crude carriers, 17 product tankers, 3 LPG carrier) and 16 dry bulk carriers (1 Capesize, 8 Kamsarmax, 7 Supramax) with an average age of 10.24 years aggregating 3.93 mn dwt.

APM Terminals Poti to Build Cargo Terminal

Photo: APM Terminals

APM Terminals Poti and Poti New Terminals Consortium signed a Memorandum of Understanding (MOU) for a USD 100 million dollar investment in a new bulk cargo terminal that can process 1.5 million tons of dry bulk cargo annually and generate new trade opportunities for customers in the Georgian transit corridor. The new terminal is expected to be built on APM Terminals Poti land and infrastructure and will entail the construction, development and operation of a new breakwater, dry bulk cargo terminal and related infrastructure to serve bulk cargo customers.

Capesize Rates Pull Baltic Index to 4-month Low

© NS Photography / Adobe Stock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, hit a more than four-month low on Tuesday, as capesize rates dropped to their lowest since August last year. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, lost 43 points, or 3.4 percent, to 1,221 points, the lowest since Sept. The capesize index fell 221 points, or 9.91 percent, to 2,010 points, its lowest level since Aug. 10 last year.

Diana Shipping Enters into TC Contract with Uniper

Photo: Diana Shipping Inc.

Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Uniper Global Commodities SE, Düsseldorf, for one of its Post-Panamax dry bulk vessels, the m/v Phaidra. The gross charter rate is US$12,700 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to maximum 15 months. The charter commenced on January 13, 2018. The m/v Phaidra was previously chartered to Jera Trading Singapore Pte. Ltd.

Bahri Dry Bulk Secures Newbuild Finance

New vessels being built by Hyundai Mipo Dockyard will be used to cater to the growing demand for the import of essential grains into Saudi Arabia. Photo: Bahri Dry Bulk

Bahri Dry Bulk, a business unit of global transportation and logistics leader Bahri, has announced that it has secured a Sharia-compliant funding of SAR 360 million (USD 96mln) from Bank Albilad, one of the fast-growing banks in Saudi Arabia. The fund is to finance the purchase of four new bulk carriers as part of an agreement signed by the company‎ in 2017 with Hyundai Mipo Dockyard (HMD), a member of Hyundai Heavy Industries (HHI) Group, the world’s largest shipbuilding company based in South Korea.

Baltic Index Drops to 5-month Low on Sinking Capesize Rates

© Aleksey Stemmer / Adobe STock

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell nearly 5 percent on Wednesday to its lowest in over five months due to tumbling capesize rates. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, slid 57 points, or 4.7 percent, to close at 1,164 points, the lowest since Aug. 14. The capesize index fell 267 points, or 13.28 percent to 1,743 points, its lowest level since Aug. 9 last year.

GOGL Acquires New Vessel

File Photo: Golden Ocean Group Ltd

Norway based dry bulk shipping company Golden Ocean Group Limited (GOGL) has  taken delivery of the second vessel, Sea Monterrey (to be renamed Golden Monterrey). On October 16, 2017 GOGL announced that it has entered into agreements to acquire two modern Capesize vessels from affiliates of Hemen Holding Limited, a company indirectly controlled by trusts established by John Fredriksen for the benefit of his immediate family (Hemen), the Company's largest shareholder, at a purchase price of USD 43.0 million per vessel. The first vessel, Golden Behike, was delivered in November 2017.

Eagle Bulk Shipping Adds New Ultramax

Image: Eagle Bulk Shipping Inc

U.S. based owner of Handymax dry bulk vessels Eagle Bulk Shipping has announced that it has taken delivery of its newly acquired vessel, the M/V New London Eagle, a 2015-built CROWN-63 Ultramax. The acquisition has been funded by cash on-hand and new debt of USD 8.6 million. This loan, which equates to approximately 40% of the purchase price, represents an upsize to the existing Eagle Bulk Ultraco LLC Debt Facility which carries an interest rate of LIBOR plus 2.95% and has a maturity of October 31, 2022.

Baltic Exchange to Develop LNG Freight Index

(File photo: Teekay Corporation)

The Baltic Exchange is looking into launching a freight index for liquefied natural gas (LNG) and is working with leading ship brokers to explore potential shipping routes that might be used as the LNG market grows, the company said on Thursday. Founded in 1744 as a forum for chartering vessels, the Baltic Exchange now produces benchmark indexes for global shipping rates, including ones used by the multi-billion dollar freight derivatives market. Singapore Exchange acquired the exchange in 2016 and since then the Baltic has been looking for new markets to develop.

DryShips Adds Fourth VLGC

File Photo: DryShips Inc

DryShips, a diversified owner of ocean going cargo vessels, announced today that it has taken delivery of its fourth high specification very large gas carrier (VLGC) newbuilding. The VLGC will be employed under a fixed rate time charter with ten years firm duration to an oil major trading company. The Company expects a total gross backlog associated with this time charter of up to $103.8 million. DryShips has now taken delivery of all of the 17 vessels it has  acquired since the beginning of 2017.

Fifth Consecutive Record Year for Antwerp

Photo: Port of Antwerp

The port of Antwerp has achieved a record freight volume for the fifth straight year in a row. In 2017 the port handled 223,606,610 tonnes of freight, an increase of 4.4% compared with the previous year. Practically all sectors turned in an excellent performance: the container volume expanded in tonnage by 4.3% (123 million tonnes), liquid bulk such as oil derivatives by 5.7% (73.1 million tonnes), and conventional breakbulk such as steel by 4.8% (10.3 million tonnes), while ro/ro completed the growth list with 10.5% (5.1 million tonnes).

Capesize Rates Post Biggest Weekly Drop in 2 Years

File photo: © HHM / Dietmar Hasenpusch

The Baltic Exchange's main sea freight index fell on Friday and continued to linger around five month lows as the capesize segment recorded its biggest weekly percentage decline in two years. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels that ferry dry bulk commodities, shed 14 points, or 1.23 percent, to 1,125 points, the lowest since Aug. 10, 2017. For the week, the index ended 12 percent lower. The capesize index fell 118 points, or 7.32 percent, to 1,493 points, its lowest since Aug.

NYK Line Focuses on Green and Digitalization

Photo: NYK Line

NYK president Tadaaki Naito called for promoting environmental issues and the utilization of IoT. "I hope to advance the group’s activities with a focus particularly on the keywords 'green' and 'digitalization' this year," he said. "We are already making progress in both fields, and pressing forward to promote their use in practical operations that will allow us to realize a wide range of ideas and further differentiate ourselves," Tadaaki added. ONE, the joint venture company for liner integration…

GoodBulk Opts for Six More CarVal Capesizes

Photo: GoodBulk Ltd.

Greek dry bulk owner Goodbulk  informed that it expects to exercise the options to buy six more Capesize vessels for a price of USD 134.2 million. The purchase option was part of an agreement signed between Goodbulk and Carval Investors in October this year for a total of 13 Capezsize bulkers. "The option exercise is expected to be funded by a combination of cash on hand, availability under existing and new credit facilities, and issuance of $80.4 million of new shares, including 3…

Diana Shipping to Continue TC with Glencore

Photo: Diana Shipping Inc.

Diana Shipping announced that through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Leto. The gross charter rate is US$12,500 per day, minus a 5% commission paid to third parties, for a period of minimum 16 months to about 19 months. The new charter period is expected to commence on January 3, 2018. The m/v Leto is currently chartered, as previously announced, at a gross charter rate of US$7,750 per day, minus a 5% commission paid to third parties.

Diana Shipping Signs Loan Facility with Danish Ship Finance

Diana Shipping Inc. a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has completed a drawdown of US$30 million, through a separate wholly-owned subsidiary, under a term loan facility it signed with Danish Ship Finance A/S. The proceeds will be used to partially finance the acquisition cost of a Capesize dry bulk vessel, the m/v Santa Barbara, which was delivered to the Company on January 12, 2015. Diana Shipping Inc.’s fleet currently consists of 40 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 3 Kamsarmax and 20 Panamax). The Company also expects to take delivery of one Kamsarmax dry bulk vessel during the second quarter of 2015…

Diana Shipping Acquires Capesize Bulker

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that yesterday it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to acquire from an unaffiliated third party the m/v Churchill Bulker, a 2011 built Capesize dry bulk vessel of 179,362 dwt, for a purchase price of $28.5 million. The vessel, to be renamed Seattle, is expected to be delivered to the buyer by mid-November 2015. Excluding the newly acquired vessel, as well as one new-building Capesize dry bulk vessel expected to be delivered to the Company by mid-November 2015, one new-building Newcastlemax dry bulk vessel expected to be delivered to the Company during the second quarter of 2016…

China Shipping Charters Diana Panamax

Calipso. Photo by Diana Shipping

Diana Shipping has entered into a time charter contract with Hong Kong - based China Shipping Bulk Carrier, for one of its Panamax dry bulk vessels, the m/v Calipso. The "Calipso" is a 73,691 dwt Panamax dry bulk vessel built in 2005. The gross charter rate is US$6,000 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum fourteen (14) months. Diana Shipping Inc.'s fleet currently consists of 41 dry bulk vessels (2 Newcastlemax, 12 Capesize, 3 Post-Panamax, 4 Kamsarmax and 20 Panamax).

Drewry's Analysis Raises Questions for the Dry Bulk market

London, UK, September 15 2003: Drewry Shipping Consultants, the world's leading maritime consultants, today announced that its latest report, “Annual Dry Bulk Market Review and Forecast 2003/04”, is now available to purchase. This in-depth review of the market addresses the question: how long will the current high freight rates and even higher levels of optimism continue? The market is currently buoyed by high freight rates and even higher levels of optimism but with the market hitting an all time peak in May 2003 and recording consistently firm levels ever since, the question now is how long will this last? “The forecasts for the global economy over the short term are steady…

Bahri Rolls Out BahriBunge Dry Bulk

Following announcement in Feb 2017, new joint venture plans to ship over 5 million metric tons of dry bulk commodities in its first year of operation. Photo: Bahri

Following the announcement of the joint venture agreement by Bahri, a global leader in transportation and logistics, and Koninklijke Bunge, a wholly-owned subsidiary of Bunge Limited, a global agribusiness and food company, the two companies recently inaugurated the offices of BahriBunge Dry Bulk Ltd. in Dubai, UAE. In celebration of the occasion and reveal of the new company’s logo, Mr. Abdulrahman M. Al-Mofadhi, Chairman of Bahri hosted a special ceremony at Burj Al Arab in the presence of several Bahri board members…

Dry Bulk Charter for Diana Shipping

Diana Shipping Inc. Diana Shipping Inc.a shipping company specializing in the ownership and operation of dry bulk vessels, announcee that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v "Protefs, at a gross charter rate of US$9,000 per day, minus a 5% commission paid to third parties, for a period of minimum twenty-four (24) months to maximum twenty-nine (29) months. The charter is expected to commence in mid-August 2012. This employment of the Protefs a 73,630 dwt Panamax dry bulk vessel built in 2004, is  anticipated to generate approximately US$6.5 million of gross revenue for the minimum scheduled period of the charter.

SwissMarine Hires Diana's Capesize Bulker

Courtesy Diana Shipping

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Aliki. The gross charter rate is US$5,300 per day, minus a 5% commission paid to third parties, for a period of minimum eleven (11) months to maximum fourteen (14) months. The charter is expected to commence tomorrow. The “Aliki” is a 180,235 dwt Capesize dry bulk vessel built in 2005.

Diana Shipping Announced Vessel Delivery, Time Charters

Diana Shipping Inc. Diana Shipping Inc. announced that, through a separate wholly-owned subsidiary, it has taken delivery of the m/v Santa Barbara (formerly Hull No. BC18.0-51), a 179,426 dwt newly built Capesize dry bulk vessel that the company entered into an agreement to purchase in December 2014. The company also announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Vroon Dry Cargo Chartering B.V., Breskens, for one of its Post-Panamax dry bulk vessels, the m/v Polymnia. The gross charter rate is $7,500 per day, plus $237,500 ballast bonus, minus a 5% commission paid to third parties, for a period of minimum nine months to maximum 13 months. The charter is expected to commence January 17, 2015.

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News