Panamax News

20 Feb 2019

Dry Bulk Market Looks Dull

Image: Golden Ocean Group Ltd

Global dry bulk fleet utilization (calculated as total demand in tonne miles transported divided by total available fleet capacity) dropped by 1.4% in the fourth quarter of 2018, reflecting the trend observed in the rate environment.According to Norway based dry bulk shipping company Golden Ocean Group, freight rates in the fourth quarter of 2018 disappointed compared to expectations, in particular for the Capesize vessels, which declined from the previous quarter.The Panamax and Supramax markets were relatively unchanged from the previous quarter…

20 Feb 2019

Valles Orders New Tanker from SHI

Photo: Valles Steamship

The Hong Kong and Vancouver-based shipowner Valles Steamship has ordered a new 112,000 dwt crude oil tanker from South Korea’s Sumitomo Heavy Industries Marine & Engineering (SHIME).Ship set to be fitted with a scrubber and will enter the market before the end of 2020, said a release from Valles, which was founded by C.S. Koo in Shanghai as a family business in 1917."We take great pleasure in concluding a newbuilding contract with the esteemed yard and the we look forward to further strengthening their relationship with SHIME…

17 Feb 2019

Diana Shipping Sells Two Panamax Dry Bulkers

(L-R) m/v Danae and m/v Dione. Pic: Diana Shipping Inc.

Diana Shipping announced that it has signed, through two separate wholly-owned subsidiaries, two Memoranda of Agreement to sell to two affiliated parties, the m/v Danae and m/v Dione, each a 2001-built dry bulk vessel, for US$7.2 million each.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the sale of the Vessels was approved by disinterested directors of the Company and were sold at a price equal to the higher of two independent broker valuations.The Company expects the m/v Danae to be delivered to her buyers at the latest by June 28…

15 Feb 2019

Diana Fixes Crystalia, Maera with Glencore

(L-R) m/v Crystalia and m/v Maera. Pic: Diana Shipping Inc.

Greek dry bulk owner Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia.The gross charter rate is US$10,500 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months. The charter is expected to commence on February 23, 2019.The “Crystalia” is a 77,525 dwt Ice Class Panamax dry bulk vessel built in 2014.Additionally…

07 Feb 2019

BIMCO: Trade War Cease-Fire for Dry Bulk Sector

Bulk Carrier AdobeStock (Photo: Credit: Lucasz Z WEB)

Following an almost total halt in exports of soya beans to China in the last quarter of 2018, the new year has brought new hopes for American farmers and the dry bulk shipping sector. The USDA reported that in the first four weeks of 2019 754,609 tonnes of soya beans were ready to be shipped in China, up from only 25,347 tonnes in December.In addition to the ready shipments, on February 5 and 6, the USDA reported sales totaling 3.2 million tonnes of soya beans to China, the majority of which is to be delivered between now and September 1…

06 Feb 2019

Savannah Port to Build Mega Ship Hub

Image: Georgia Ports Authority

The Port of Savannah will soon be able to unload six 14,000 TEU vessels at the same time. The plan, which is called “Big Berth, Big Ship”, effectively doubles the port’s capacity to handle mega-boxships. Georgia Ports Authority (GPA) Executive Director Griff Lynch unveiled the new program that will allow the Port of Savannah to simultaneously handle six 14,000 TEU vessels by 2024, a press release said.“No other single container terminal in North America has the ability to expand berth capacity at this rate,” said Lynch.

05 Feb 2019

PhilaPort Awaits for Container Cranes

The M/V Zhen Hua 25 departs the Port of Shanghai on January 8, 2019 with two super post-Panamax container cranes bound for PhilaPort’s Packer Avenue Marine Terminal in South Philadelphia. Image: PhilaPort

The M/V Zhen Hua 25 departed Shanghai, China last month with two new super post-Panamax container cranes bound for South Philadelphia.The two behemoths will navigate a lengthy global trek before reaching the Delaware River for an expected mid-March arrival to the Packer Avenue Marine Terminal, said a press note from the Port of Philadelphia."The arrival will mark another important milestone in the comprehensive modernization project underway at Packer, and highlights a key competitive advantage for shippers looking to improve time to market on the East Coast of the United States…

05 Feb 2019

Diana Shipping Fixes Danae with Phaethon

M/v Danae. Pic: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Danae.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$8,100 per day, minus a 5% commission paid to third parties, for a period of minimum 11 months to maximum 14 months. The charter is expected to commence later today.The “Danae” is a 75…

03 Feb 2019

Maersk Container Ship Fire

Pic: Maersk Line

A fire broke out in the engine room on board Maersk’s Panamax containership Olga Maersk last week. The incident happened while the vessel was en route from Panama to Cartagena.An official press release from the operator of the ship Hamburg Süd said: "We regret to advise that on January 29th a fire in the engine room on board the vessel “Olga Maersk” was reported while the vessel was on route from Panama to Cartagena. All crew on board the vessel are safe and accounted for."The fire…

03 Feb 2019

KFTL Hits Container Moves Milestone

Pic: Kingston Freeport Terminal Limited (KFTL)

Kingston Freeport Terminal Ltd (KFTL), a Jamaican consortium formed by French global terminals operator CMA CGM and its majority-owned subsidiary Terminal Link, said it recorded the best performance ever in the history of the port of Kingston in terms of container moves.Kingston Freeport, which has leased Kingston Container Terminal, KCT, under a 30-year concession, said a total of 3,304 moves were handled within 24 hours of operation on the Post-Panamax vessel Cosco Beijing, which arrived at the terminal on January 24.

31 Jan 2019

Norden Gets Sembcorp Contract

 Pic: DS Norden

Danish shipping company Dampskibsselskabet Norden has signed a ten-year Panamax contract of affreightment (COA) with Indian utility firm Sembcorp Energy India.Commencing April 1, Norden will carry out the transportation of steam coal in panamaxes totalling 12 million tonnes over the ten-year period  from Indonesia and South Africa to the port of Krishnapatnam in East Coast India.The voyages will be carried out on both Norden owned and chartered vessels.Norden pointed out in a press release that demand for energy in India is on the rise in line with the country’s economic expansion.

28 Jan 2019

Diana Shipping Fixes with Uniper and Phaethon

Pic: Diana Shipping

Diana Shipping 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 Amphitrite, for a period of minimum 14 months to maximum 17 months.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the gross charter rate is US$5,000 per day for the first five (5) days of the charter period and US$12…

21 Jan 2019

China Navigation Buys Bulk Shipping Arm of Hamburg Süd

Pic: Hamburg SĂĽd

German shipping group Hamburg Süd announced that it is selling its bulk shipping business to Singapore’s China Navigation Company (CNCo), part of the Swire Group,  as it focusses on its liner business with its two container shipping brands, Hamburg Süd and Aliança.The agreement includes Hamburg Süd subsidiaries Rudolf A. Oetker (RAO), Furness Withy Chartering and the bulk activities in Aliança Navegação e Logística (Aliabulk).A.P. Møller – Maersk acquired the bulk shipping, tanker…

20 Jan 2019

Oldendorff Sells Three Vessels in in CSL Pool to Algoma

Pic: Oldendorff

The dry bulk operator Oldendorff Carriers sold the three remaining self-unloaders still operating in the CSL Pool for US$100.5 million to Algoma Central Corporation.CSL International Pool is a partnership between Oldendorff Carriers, Marbulk Shipping Inc. and Algoma Shipping Inc.The vessels -Sophie Oldendorff (70,037 tdw built 2000), Harmen Oldendorff (66,188 tdw built 2005) & Alice Oldendorff (50,259 tdw built 2000) -  are expected to deliver to Algoma around the middle of 2019.All…

14 Jan 2019

MICT Gets Eco-Friendly RTGs

Arrival of the four hybrid RTGs at MICT’s Berth 5. Photo: International Container Terminal Services, Inc.

International Container Terminal Services, Inc.'s (ICTSI) flagship Manila International Container Terminal (MICT) has received four of 16 new hybrid rubber-tired gantries (RTG) as part of the Company’s long-term investment in capacity enhancement and environmental efficiency."A first in Philippines and Manufactured by Mitsui Engineering & Shipbuilding Co. Ltd. (MES) of Japan, the Mitsui Li-ion Hybrid RTG is equipped with a 200kVA Li-ion battery and a smaller diesel engine that dramatically improves the carbon footprint of the terminal…

14 Jan 2019

Star Bulk Adds Two More Vessels to its Fleet

Pic: Star Bulk Carriers Corp.

Greece-based Star Bulk Carriers Corp. took delivery of the last two of the three firm dry bulk vessels from an entity affiliated with E.R. Capital Holding GmbH & Cie. KG.According to the global shipping company focusing on the transportation of dry bulk cargoes announced it added the 2010 built Capesize vessels M/V E.R BRANDENBURG and M/V E.R BOURGOGNE, to its fleet on on January 7th, 2019 and January 14th, 2019 respectively, The Vessels were acquired for a combination of cash and shares.

14 Jan 2019

Port of Everett Earns Marad Short Sea Shipping Designation

A local barge underway near the port of Everett (CREDIT: port of Everett)

The Port of Everett has achieved another vital step in reducing congestion on the I-5 corridor while moving more freight in the region. The Port was notified this month that it received designation by the U.S. Secretary of Transportation as a Federal Maritime Administration Marine Highway Project for the Puget Sound Container on Barge Service under the America’s Marine Highway Program.The Port is one of 25 marine highway projects in the nation, and the only marine project designation on the West Coast.

08 Jan 2019

Container Ships Dominates Buying Opportunities: VesselsValue

Image: VesselsValue

Container ships have dominated the buying opportunities over the past several quarters, and many have taken advantage of this trend to make carefully informed purchases in this space, said VesselsValue.10 year old Panamax container vessels represent the strongest buying opportunity in the current outlook.Even though recycling activity has slowed, the global container market balance has tightened in 2018. Furthermore, declining speed has been an important factor this year and slower…

08 Jan 2019

VesselsValue Weighs in on 2019 Future Winners!

Overall, the outlook for shipping asset prices remains bright, but several areas are more attractive than others.The VesselsValue forecast takes many factors into consideration when assessing each vessel class and age. Today we’ll look at some of the most appealing segments and the fundamental reasons why ships of this size are more likely to appreciate. Subscribers have access to a far more granular look at all ship types and ages, allowing for accurate risk assessment of any…

03 Jan 2019

Kalmar to Automatize Melbourne VICT Terminal

Pic: Kalmar

The provider of cargo handling solutions and services to ports, terminals, Kalmar has signed a maintenance and support agreement with International Container Terminal Services, Inc (ICTSI) covering the automated container handling solution operating at Victoria International Container Terminal (VICT).The order was booked in Cargotec's Q4 2018 order intake with the agreement coming into effect in November 2018, said a press release. Australia's first fully automated container terminal, VICT, welcomed its first vessel in March 2017.

01 Jan 2019

Diana Shipping Wins TC for m/v G. P. Zafirakis with SwissMarine

G. P. Zafirakis. Photo: Diana Shipping Inc.

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v G. P. Zafirakis.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$17,000 per day, minus a 5% commission paid to third parties, for a period of minimum seventeen (17) months to maximum twenty (20) months.The charter is expected to commence on January 2, 2019. The m/v G.

24 Dec 2018

Diana Shipping Win TC for m/v Myrsini with Glencore

Image: Diana Shipping Inc

Diana Shipping  through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini.The global shipping company specializing in the ownership of dry bulk vessels, today announced that the gross charter rate is US$12,750 per day, minus a 5% commission paid to third parties, for a period of minimum ten (10) months to maximum twelve (12) months.The charter commenced on December 22, 2018.

20 Dec 2018

Diana Shipping Fixes m/v Seattle with SwissMarine

Pic: Diana Shipping Inc

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v Seattle.According to the global shipping company specializing in the ownership of dry bulk vessels, the gross charter rate is US$16,000 per day, minus a 5% commission paid to third parties, for a period of minimum 16 months to maximum 19 months. The charter is expected to commence on December 25…

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