New Self-unloading Bulker Delivered to Algoma
Canadian shipping company Algoma Central Corporation announced it has taken delivery of its second Equinox 650-foot Class self-unloading dry-bulk carrier, Algoma Intrepid.The new vessel, the ninth Equinox Class vessel to join the Algoma fleet, has begun her voyage across the Atlantic to Canada from the 3 Maj Shipyard in Croatia to Canada where she is expected to begin trading on the Great Lakes in November.Algoma Intrepid is the sister ship to the Algoma Innovator, which entered…
Bahri Orders Ten Chemical Tankers from Hyundai for $410M
Saudi Arabia's national shipping company Bahri has ordered ten 49,999-dwt Medium Range (MR) chemical tankers from Hyundai Mipo Dockyard, part of South Korea's Hyundai Heavy Industries (HHI).Bahri said the order, signed at a virtual ceremony, was valued $410 million, meaning $41 million per vessel. The first deliveries are expected in the first quarter of 2022.Seung-Yong Park, Chief Operating Officer and Senior Executive Vice President of HHI, said the latest order would bring the tally of various types of vessels that HHI has built for Bahri to 61.In May 2020…
SwiftBulk Opts for Fuel Monitoring Solution on Kamsarmax Thestelia K
Shipping company SwiftBulk Holding Co. Ltd, a subsidiary of Tiptree Inc., has partnered with FUELTRAX to install EFMS (Electronic Fuel Monitoring System) and FUELTRAX Vision on its 2009-built Kamsarmax dry bulk carrier vessel the Thestelia K (82,000 dwt).SwiftBulk is implementing FUELTRAX EFMS to improve operating efficiency, decrease environmental footprint with consumption tracking and improve operating transparency. The EFMS on board includes direct fuel measurements via Coriolis…
New TFG Marine CEO to Leave in September
The new chief executive of Trafigura's marine fuels joint venture TFG Marine will leave the business at the end of September, the company said on Monday without disclosing the reason for his departure.Anders Gronborg was appointed CEO in April after ending a 27-year career at World Fuel Services in 2018.The company and Gronborg have agreed to part in a "mutually agreed exit", a company spokeswoman said in an emailed statement, adding that his last day will be Sept. 30."The Board…
TFG Marine Names New CEO
Trafigura's marine fuels joint venture TFG Marine said on Wednesday that Anders Gronborg had been appointed as its chief executive to oversee expansion efforts.Gronborg ended 27 years at World Fuel Services in 2018, most recently as global head of marine fuel supplies.He also served as senior vice president and board member for World Fuel Services affiliates.Trafigura holds a majority stake in TFG, whose other two owners are tanker firm Frontline and dry bulk carrier Golden Ocean. (Reporting by Julia Payne; Editing by Alexander Smith)
Eagle Bulk Joins Decarbonization Coalition
The US-based dry bulk carrier Eagle Bulk Shipping has joined industry group the Getting to Zero Coalition.The group is an alliance of over 90 companies within the maritime, energy, infrastructure, and finance sectors which are committed to the decarbonization of deep-sea shipping, in line with the International Maritime Organization's greenhouse gas emissions reduction strategy and the UNFCC Paris Agreement.Gary Vogel, Eagle Bulk’s CEO, said, “We are constantly working on improving energy and operational efficiencies at Eagle, and while these will continue to be critically important, on their own, they will not be enough to meet the…
Anemoi Appoints Kim Diederichsen as CEO
UK-based engineering company Anemoi Marine Technologies, the Flettner Rotor innovator, has appointed Kim Diederichsen as CEO with the aim to take the company’s wind assisted propulsion systems to the global market.Anemoi was the recent recipient of the Lloyd’s List “Ship of the Year” Award for the world’s first successful installation of a Flettner Rotor system on a geared dry bulk carrier – the MV Afros.Now with a fully tested and proven solution, the company is widening its reach to offer its patented energy saving technology to a global audience of tanker, bulker, roro and other vessel owners.Diederichsen joins Anemoi with a wealth…
MIT to Design Ship for Oldendorff
Dry bulk carrier owner and operator Oldendorff Carriers has signed a research agreement with the Massachusetts Institute of Technology's (MIT) Center for Bits and Atoms (CBA) to make its vessels more green and economical.Oldendorff, together with CBA and its campus collaborators including MIT's Sea Grant Program, will investigate disruptive improvements in ship design and propulsion to achieve the IMO 2030/50 requirements.The initial emphasis will be directed at improving hydrodynamic efficiency, which builds on work CBA has been doing with the aerospace and automotive industries. This looks beyond traditional naval architecture to a deeper integration of form and function.Anticipated research areas include morphing structures…
Grindrod Announces Finance Arrangement
Grindrod Shipping Holdings, a global provider of maritime transportation services in the dry-bulk and product tanker sectors, announced a number of transactions relating to a new financing arrangement, its fleet and share repurchases."Further to the previously-announced financing arrangements in respect of IVS Knot and IVS Kinglet, we expect to enter into a similar financing arrangement with a Japanese shipowner in respect of the 2011-built handy-size dry-bulk carrier, IVS Magpie, for a cash amount of $10.3 million (before commissions but net of charter pre-payments)," said a statement.The Singapore-headquartered company will bare-boat charter the vessel back for a period of up to 12 years and has the right…
Castor Maritime Acquires Third Panamax Bulker
Cyprus-based dry bulk shipping company Castor Maritime has acquired its third Panamax dry bulk carrier for $10.2mln.The global shipping company specializing in the ownership of dry-bulk vessels informed that through a separate wholly-owned subsidiary, it has entered into an agreement to purchase a 2005 Japan built Panamax dry bulk carrier from a third party in which a family member of Castor’s Chairman, Chief Executive Officer and Chief Financial Officer has an interest.The acquisition is expected to be consummated by taking delivery of the vessel by the end of October 2019 and is subject to the satisfaction of certain customary closing conditions.Petros Panagiotidis…
Algoma Acquires Croatian-Built Vessel
Canadaian provider of marine transportation services Algoma Central Corporation has reached an agreement with 3Maj Brodogradiliste of Croatia under which Algoma will acquire a new Equinox Class 650’ self-unloading dry-bulk carrier upon completion of the vessel by the Shipyard.The vessel, the second of two such ships that were to be built by 3Maj for the Company, is partially built and moored at the 3Maj shipyard in Rijeka. Work on the vessel was halted in 2017 when the Shipyard entered an extended period of financial difficulties.Algoma took delivery of the Algoma Innovator, a sister ship and the first ship built under a two-vessel contract, near the beginning of the 2018 navigation season.
Castor Maritime Buys Korean Built Panamax
Castor Maritime, a global shipping company specializing in the ownership of dry-bulk vessels, announced that through one of its wholly-owned subsidiaries, took delivery of the M/V Magic Sun, a 2001 Korean built Panamax dry bulk carrier, from an unaffiliated seller.The Cyprus-based company said in a press release that the vessel is expected to commence its initial charter with Oldendorff Carriers GMBH & Co KG on or around September 7, 2019.The Magic Sun Initial Charter was fixed at a daily hire rate of $12,000 and has an expected term of minimum eight months up to maximum 12 months. The M/V Magic Sun acquisition was financed using Castor’s existing cash reserves and debt financing.In connection with the M/V Magic Sun acquisition…
Castor Maritime Adds New Vessel
Cyprus-based Castor Maritime announced that on July 25, 2019, it has entered into, through a separate wholly-owned subsidiary, an agreement to purchase Panamax dry bulk carrier from an unaffiliated third party.The global shipping company specializing in the ownership of dry-bulk vessels, said that the 2001 Korean built vessel was bought for a purchase price of $6.7 million.The acquisition is expected to be consummated late third quarter / early fourth quarter of 2019 and is subject to the satisfaction of certain customary closing conditions.Petros Panagiotidis, Chairman, Chief Executive Officer and Chief Financial Officer of Castor…
S'hail Adds 2 Ships to Klaveness Pool
Qatar based S'hail Shipping and Maritime Services has added two panamax dry bulk carrier into the Baumarine pool, a specialized panamax, kamsarmax and post-panamax pool run by Torvald Klaveness.The Norwegian shipping company said in a press note that the good vessels MV S’hail al Rayan and MV S’hail al Dukhan of S’hail Shipping recently joined its pool.Head of Pool Management at Klaveness, Hans Næss Olstad explained, “With this fourth and fifth vessel in the Baumarine Pool, S’hail has become a successful example of cooperation and optimization of resources to streamline their spot trade without having the positional and counterpart risk. They benefit from the Klaveness deal flow and our chartering offices in Oslo, Singapore, and Dubai.
Clipper Bulk Axes 40 Staff
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.
Algoma Conveyor Heading for Canada
The provider of marine transportation services Algoma Central Corporation announced that the recently completed Algoma Conveyor, the third Seawaymax Equinox Class 740’ self-unloading dry-bulk carrier, has begun its delivery voyage from China to Canada.The vessel began its two month journey home, departing the Yangzijiang shipyard on February 16, 2019.After taking fuel in the Philippines the vessel will cross the Pacific Ocean, travelling through the Panama Canal and from there will make its way to Canada. The vessel is expected to arrive in early April.“We are looking forward to the Algoma Conveyor joining our fleet for the 2019 navigation season as market demand and volumes are strong…
AtoB@C Shipping Acquires Dry Cargo Carrier
The Swedish shipping company owned by Aspo's ESL Shipping, AtoB@C Shipping has acquired a 4,100 dwt dry bulk carrier of ice class 1A built in 2000. Previously, AtoB@C operated the vessel under a long-term time charter.The shipping company also owns the sister vessel of the newly acquired dry bulk carrier.This transaction improves the availability of vessel capacity ideal for customer contracts. It is expected to have a slight positive impact on profitability, but no significant impact on the balance sheet. The acquisition has been financed by using Aspo Group's existing financial instruments.Two months ago, ESL Shipping completed the acquisition of AtoB@C Shipping."Together we form a strong Nordic shipping company that is customer-driven.
Eniram Signs On LNG Powered Bulk Carrier Project
The Project Forward initiative, which is led by Athens-based Arista Shipping, has produced an energy efficient dry bulk carrier vessel that features liquefied natural gas (LNG) propulsion.Finnish clean-tech software engineering company Eniram, a Wärtsilä company, said it has signed a Memorandum of Understanding (MoU) to assist in the development of monitoring and optimization tools.“Our input will help ensure that operational visibility will be maximized, and that the new ships can operate at optimal efficiency…
Noble Group Sells Kamsarmax Dry Bulker to Aeolian Spirit Shipping
The commodity trader Noble Group has entered into an agreement with Aeolian Spirit Shipping, a Cyprus company, to dispose a vessel registered in Hong Kong for a consideration of US$23.79 million. Noble said in a press annoucement that its indirect wholly-owned subsidiary, Core Forte, had on June 15 entered into a memorandum of agreement with Aeolian Spirit Shipping and Transmed Shipping for the proposed sale of a Kamsarmax dry bulk carrier vessel. The Vessel “Ocean Forte" is registered under the flag of Hong Kong. It was built in 2015 and has a capacity of 81,616 dwt. The Vessel is employed to service external customers as well as Noble Group’s internal freight requirements. It is included in Noble Group’s Metals, Minerals and Ores segment for reporting purposes.
India's First FSRU Based LNG Terminal Launched
H-Energy Gateway, the energy venture of Hiranandani Group, launched India’s first Floating Storage Regasification Unit (FSRU) based LNG terminal at JSW Jaigarh Port in Ratnagiri District, Maharashtra. The Jaigarh Port is owned & operated by JSW Infrastructure (the maritime infrastructure development arm of $ 12 billion JSW Group). The LNG terminal was inaugurated today, by the Hon. Chief Minister of Maharashtra, Shri Devendra Fadnavis. H-Energy’s LNG Terminal has an annual capacity of 4 MMTPA and is scheduled for commercial operations by Q4 2018 and will be capable of reloading LNG into other vessels. The launch of India’s first FSRU based LNG terminal marks a new era of opportunities to drive the development of port based industries and social infrastructure in India.
Capesize Pick-Up Propels Baltic Index
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, registered its first gain in 10 sessions on Friday, buoyed by higher rates for capesize vessels. The overall index, which factors in rates for capesize, panamax and supramax vessels, rose 5 points, or 0.45 percent, to 1,122 points but was down 1.8 percent for the week. The capesize index gained 28 points, or 2.48 percent, to 1,157 points. "It's a very tight market, so just a few incremental cargoes will prop up rates.
Noble Sells Kamsarmax Bulker
Singapore-listed commodity giant Noble Group (NGL) has announced it has entered into a memorandum of agreement to sell a Kamsarmax-size dry bulk carrier to Cypriot company Ocean Liberty Marine Ltd and Transmed Shipping Ltd for US$24 million in cash. The vessel, called the Ocean Vision, is currently mortgaged to a financial institution. According to sources, part of the proceeds from the sale will go towards paying down the amount owned under the relevant facility. "The proposed disposal does not impact the proposed debt restructuring under the restructuring support agreement, as announced by the company on 14 March 2018," said a statement from Noble.
Thorco Bulk Renamed
Danish dry bulk carrier Thorco Bulk announced today it has been renamed Trithorn Bulk with immediate effect. “This is a natural development for our company. We wish to further strengthen our corporate identity and position in the market by taking a name that truly expresses what the three of us, the trio from North of Denmark, has built together with Thornico,” Trithorn Bulk management explained on the company’s website. The name change includes no changes to the legal entity or to the ownership, status management and personnel.