Handymax News

As oil started to climb, freight followed suit, continuing to feed the already rising global inflation picture, while the U.S. Dollar wore the crown jewel of the week, rising notably against all of the major international ship recycling markets, says cash buyer GMS. At the same time, local steel plate prices saw another volatile week across several recycling destinations as currency fluctuations and domestic demand influenced pricing levels across the Subcontinent.“Behind the broader market volatility lies a challenging reality: assets under pressure…

Ship recycling market economies face an increasingly precariously future, reports cash buyer GMS.“While the Baltic Exchange Dry Index reported gains once again this week on the back of virtually all inclusive sub-sectors reporting improvements of their own through the week, oil futures on the other hand seem to be taking a beating after levels clocked the week out at USD 59.50/barrel after Ukraine successfully carried out a massive drone attack against Russia’s largest oil refinery located at Novorossiysk. The U.S.

Economic turmoil is causing inflation to keep rising at key ship recycling destinations, says cash buyer GMS. Global steel prices are collapsing, currencies are devaluing, and a disjointed ratio of trading units versus recycling volumes, are all wrapped up in a 2025 burrito of unnecessary bombastic.“As sanctions and bans increasingly strike at the world’s trading units and the balance of the legally trading group seems increasingly burdened with shouldering the load of missing tonnage, which itself cannot even be recycled anywhere, it is certainly starting to show at the waterfront once again.

The Baltic Exchange’s Dry Index declined in October, and the slowdown is increasingly presenting itself via tonnages of various sizes and types across the Indian sub-continent ship recycling landscape, says cash buyer GMS.This is especially the case in India where despite the lowest prices in the region, Alang continues to report an eye-popping number of occasional arrivals. And yet, the glut of tonnage sailing the high seas remains disproportionately ratioed against the number of units recycled over the last several years…

For more than 120 years, Tsuneishi Shipbuilding has been a force in global shipbuilding, evolving from a small domestic enterprise into an internationally respected brand. Established in 1903 by Katsutaro Kambara, Tsuneishi's journey mirrors the broader industrial and economic transformations of Japan and the maritime world itself.Kambara's initial venture, Kambara Kisen Co., Ltd., was focused on shipping operations. By 1917, the company established its own construction and repair facility, Shiohama Dockyard, at the site of today's Tsuneishi Factory.

Following the launch of the new 20m and 24m WindWings in September 2024, BAR Technologies and CM Energy Tech Co., Ltd (CMET) entered into a collaboration agreement to begin production of these models, responding to the surge in market demand from shipowners and operators of Handymax bulkers, chemical tankers, and general cargo vessels. The introduction of these new models is aimed at broadening the vessel range able to access wind-assisted propulsion is accessible to a broader…

Scorpio Tankers on Wednesday announced it has entered into an agreement to sell its 2019-built LR2 product tanker STI Lily to an undisclosed buyer.The sale price is $73.5 million and the sale is expected to close within the fourth quarter of 2024, the NYSE-listed shipowner said.Scorpio Tankers currently owns or lease finances 102 product tankers, including 39 LR2 tankers, 49 MR tankers and 14 Handymax tankers. The company has entered into agreements to sell three of its vessels (one LR2 and two MRs), all of which are expected to close in the fourth quarter of 2024.

Lloyd’s Register (LR) and Shandong Marine Group (SDMG) have signed a memorandum of understanding (MOU) that will allow the two organizations to collaborate on energy transition opportunities.Shandong's economy is the third largest in China and the province, situated on the country’s eastern coast, has successfully modernized its marine sector in the past decade, adopting novel technologies as well as new energy sources and materials.SDMG, through its various subsidiaries, has a diverse fleet that includes bulk carriers, containerships and gas carriers.

As companies approach the exploitation phase of Deep Sea Mining, one critical factor is the transportation of mineral ores from the mine site location to onshore refineries While this may appear to be a relatively simple step, involving conventional bulk ore carriers and standard procedures, the nuances and practical limits of operating in the deep ocean mean that this step becomes increasingly complex and challenging. This article will explore the STARS concept, the likely regulatory requirements, and the complexities of this new vessel type.

Nova Marine Carriers, the Lugano-based group, controlled by the Romeo and Gozzi/Bolfo families, has taken delivery of a new 38,593 dwt handymax vessel, built in 2019, in Shanghai, acquiring it from a Japanese group.This is the Iris Harmony, renamed Sider Harmony, a latest generation bulk carrier (180 meters long by 30 meters wide) which will be technically managed by the Greek company Pegasus Ocean Services Inc (of the Halkidon/Pegasus group).

Japan's NYK Line said Thursday its NYK Bulk & Project Carriers Ltd. (NBP), Oshima Shipbuilding Co., Ltd. (OSHIMA), and Sumitomo Corporation (SUMITOMO) had signed a memorandum of understanding to study, design, and construct the world’s first Handymax bulk carrier (ammonia dual fuel type) dedicated to the transport of copper products, that will reduce CO2 emissions to zero.The MoU signing comes just a year after Corporación Nacional del Cobre de Chile (CODELCO), a Chilean state-owned company and one of the world's leading copper producers, and NYK Bulk & Project Carriers Ltd.

Prices continue to struggle across the major ship recycling markets, reports cash buyer GMS.Bangladesh further declined after depreciating currencies and sustained credit struggles, while Turkey suffered similarly with declining steel plate prices, the Lira, and its vessel prices.The supply of tonnage seems to have increased slightly over the last couple of weeks, particularly from the Chinese market. This has left owners and cash buyers chasing various recycling destinations amidst weakening prices.As forecasted a few weeks ago…

Scorpio Tankers announced it has sold a medium range (MR) product tanker for $32.5 million.The Monaco-headquartered shipowner said the sale closed this month, but did not disclose the buyer.The vessel is the 183-meter-long STI Ville, built in 2013 by South Korea's Hyundai Mipo Dockyard.Scorpio noted that the ship is unencumbered and that it will make no debt repayments associated with the sale.Scorpio Tankers currently owns, lease finances leases or bareboat charters-in 112 product tankers, including 39 LR2 tankers, 59 MR tankers and 14 Handymax tankers.

Scorpio Tankers has received commitments from a group of financial institutions for a previously announced $1.0 billion term loan and revolving credit facility.The over-subscribed Credit Facility was capped at an amount of $1.0 billion, and is expected to be used to finance 45 product tankers. Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers (39 LR2 tankers, 60 MR tankers and 14 Handymax tankers) with an average age of 7.4 years.The Credit Facility is expected to consist of a 50% term loan and a 50% revolving loan, and has a final maturity of five years from the signing date (but not later than June 30, 2028).Emanuele Lauro, Chairman and CEO of the company, said: “We appreciate our lenders and their commitment to the company.

Scorpio Tankers announced Monday it has exercised the purchase options on six ships.The company said it has given notice to exercise its purchase options on 2016-built LR2 product tankers STI Grace and STI Jermyn, 2019-built LR2 product tanker STI Lavender, 2019-built MR product tankers STI Magnetic and STI Marshall and 2020-built MR product tanker STI Miracle. The leases bear interest at LIBOR plus a margin of 3.5% per annum, Scorpio said.The purchase, which is expected to occur in May 2023, will result in a debt reduction of $149.8 million for the company.Scorpio Tankers currently owns, finance leases or bareboat charters-in 113 product tankers, including 39 LR2 tankers, 60 MR tankers and 14 Handymax tankers, with an average age of 7.1 years.

A "major shipping company" based in the United Arab Emirates (UAE) and Eco Marine Power Co., Ltd. (EMP) of Japan have agreed to undertake a joint Eco Ship technical study related to renewable energy solutions for ships including Aquarius Marine Solar Power, EnergySail and Aquarius MRE, according to EMP. The study will also include investigating innovative methods to improve energy efficiency onboard ships via the use of energy saving devices including propeller modifications and the use of more energy efficient electrical devices.Additionally…

Shipowner Scorpio Tankers announced this week that it has exercised a purchase option for an LR2 product tanker that is currently leased.The 2016-built, 109,999 dwt STI Sanctity was acquired as part of the acquisition of Navig8 Product Tankers in 2017. The lease bears interest at LIBOR plus a margin of 5.4% per annum.The purchase, which is expected to occur in the first quarter of 2023, is expected to result in a debt reduction of $27.8 million for the company, Scorpio said.Scorpio Tankers currently owns, lease finances or bareboat charters-in 113 product tankers, including 39 LR2 tankers, 60 MR tankers and 14 Handymax tankers, with an average age of 6.7 years.

The global push for decarbonization in the transport sector has predictably inspired a wave of new designs for the shipping sector, including a new 'Zero-Emission Handymax Bulker' design from the hands of Eco Marine Power, a design that incorporates renewable energy solutions, electric propulsion and fuel cells.The ship design concept is known as the Aquarius Eco Handymax II and all the technologies currently encompassed in the design are either currently available or under-development.The…

Australian energy transportation company Global Energy Ventures (GEV) has secured an Approval-in-Principle (AiP) from the American Bureau of Shipping for its pilot-scale 430 tonne C-H2 Carrier vessel.AIP for the Handymax vessel, which GEV intends to be the first commercial-scale vessel available for the marine transport of hydrogen, follows an ABS AIP which GEV received in July this year for a compressed hydrogen vessel with a 2,000-tonne capacity.“Hydrogen has a significant role to play in global decarbonization initiatives both within shipping and the wider economy.

Has the lid finally come off for crude oil tanker demolition in 2021? If judged by the 1.9 million DWT of capacity that was removed in September, the answer is “yes”, says shipping organization BIMCO. Despite this, it is still too early, however, to declare a sudden U-turn, as we have only seen 2.2 million DWT scrapped in the previous eight months of this year.For the month of September, 15 crude oil tankers, three oil product tankers, two small Handymax bulkers and no containerships have been demolished.

Ships leaving the Argentine agricultural ports hub of Rosario on the Parana River are having to reduce cargos by thousands of tonnes due to low water levels, the local head of logistics said on Wednesday, amid growing environmental concerns.Dryness in Brazil, where the Parana originates, has diminished cargo traffic and sparked worries by environmentalists about dredging the river below certain depths. The dryness has reduced the amount of cargo that can be carried by ships at the height of the Argentine corn and soy export season."Handymax ships are leaving port with 9…

Ships leaving the Argentine agricultural ports hub of Rosario on the Parana River are having to reduce cargos by thousands of tonnes due to low water levels, the local head of logistics said on Wednesday, amid growing environmental concerns.Dryness in Brazil, where the Parana originates, has diminished cargo traffic and sparked worries by environmentalists about dredging the river below certain depths. The dryness has reduced the amount of cargo that can be carried by ships at the height of the Argentine corn and soy export season."Handymax ships are leaving port with 9…

Mobile satellite communications company Inmarsat said JRC (Japan Radio Company Co. Ltd.) has joined its group of Certified Application Providers (CAP) offering applications via Inmarsat’s dedicated Fleet Connect bandwidth.The announcement follows the trial of JRC’s Smart Ship Viewer (SSV) bridge solution onboard Taiwan Navigation’s Handymax bulk carrier Tai Splendor. As a result of the trial, Taiwan Navigation has now contracted to use Fleet Connect and JRC’s Smart Ship Viewer across its eight newbuildings and eight existing vessels.“The SSV is a networked bridge and communications management solution with capabilities including ship monitoring…