Panamax News

22 May 2019

Diana Shipping Fixes Baltimore with Koch

Pic: Diana Shipping Inc

Diana Shipping has entered into a time charter contract with the Singapore-based provider of shipping transportation services Koch Shipping, for one of its Capesize dry bulk vessels, the m/v Baltimore.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$15,000 per day, minus a 5% commission paid to third parties, for a period of about 19 months to about 22 months. The charter commenced on May 19, 2019.The “Baltimore” is a 177…

17 May 2019

Hamburg Süd Expands Service

Pic: Hamburg SĂĽd

The trade between Europe and Central America, Caribbean and South America West Coast has always been a key element in the container liner shipping line Hamburg Süd’s global network of liner services.In cooperation with Maersk, Hamburg Süd will be expanding and enhancing the services it offers on this core trade beginning in June 2019.“Combining the strengths of Hamburg Süd and Maersk, we can offer our customers a best in class stand-alone service configuration without having to depend on vessel sharing agreements with other shipping companies…

14 May 2019

Neo-Panamax Container Market Looks Better

Image: Capital Product Partners L.P.

Neo-Panamax container vessels experienced increased activity during the first quarter of 2019, compared to the fourth quarter of 2018, said  Capital Product Partners.While charter rates for feeder and panamax vessels remained relatively flat due to, among other things, the overhang of idle tonnage, charter rates for Neo-panamax vessels, especially 8,000 TEU designs or larger, saw marked increases, with 12-month charters being contracted at average daily gross rates of approximately $24…

10 May 2019

Gibdock Converts Ferry to Run on LNG fuel

Gibraltar’s Gibdock shipyard has completed a major conversion project so that the Baleària ferry Napoles can operate using LNG as fuel. The 186m long Napoles, which has capacity for 1,600 passengers and 1,430 lane metres of cargo, is the first of five ships that Baleària plans to convert to dual fuel operations to comply with IMO sulphur cap regulations. Gibdock has already secured a contract to convert a second vessel, Sicilia, which is due to arrive at the yard later this year.Richard Beards…

07 May 2019

Pangaea Orders Ice Class Post-Panamax Pair

Image: Pangaea Logistics Solutions

Pangaea Logistics Solutions, a global provider of comprehensive maritime logistics and transportation solutions, has signed a contract to build two new post-panamax 95,000 dwt ice-class dry bulk vessels at Guangzhou Shipyard International in China to support the new business.Pangaea holds options to build two more vessels at Guangzhou, said a press note from the company.Pangaea has also announced  the expansion of its high ice class fleet niche with a new ten year contract with its customer Baffinland Iron Mines Corporation.Ed Coll…

06 May 2019

GSL Fixes Post-Panamax Duo with MSC

Pic: MSC

Global Ship Lease (GSL), a holding company and containership charter owner, has signed five-year charters with Mediterranean Shipping Company (MSC) for two Post-Panamaxes.According to a press note from the Marshall Islands' incorporated company, the 8,677 TEU ships in question are the 2005-built GSL Tianjin and the 2004-built OOCL Qingdao, to be renamed MSC Tianjin and MSC Qingdao, respectively.The new charters are expected to commence upon redelivery of vessels by current charterers…

03 May 2019

DryShips Acquires Newcastlemax Drybulker

File Photo: DryShips

Greece-based dry bulk shipping company DryShips Inc announced that it has agreed to acquire from an entity that may be deemed to be beneficially owned by its Chairman and CEO, George Economou, one Newcastlemax drybulk carrier built in 2017, for a purchase price of approximately $50.0 million. The purchase price was based on the average fair market value of the vessel, as determined by independent third party broker valuations, and the transaction was unanimously approved by the…

02 May 2019

Diana Shipping Fixes Arethusa with Ausca

m/v Arethusa. Image:   Diana Shipping

Diana Shipping announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Ausca Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Arethusa.The global shipping company specializing in the ownership of dry bulk vessels said that the gross charter rate is US$9,150 per day, minus a 5% commission paid to third parties, for a period of minimum twelve months to maximum fifteen months.The charter is expected to commence later today, it said.

02 May 2019

U.S. Dredgers Applaud President for Jones Act Support

Wednesday, 1 May: Late this afternoon, President Donald Trump met with Congressional leaders from the Senate and House to discuss U.S. Maritime Policy. On the table was the Jones Act. President Trump assured the Congressional leaders that he is not seeking any changes to the Jones Act, nor is he seeking any waivers.“President Trump had the Jones Act matters all under control from the get-go”, said William P. Doyle, CEO & Executive Director of the Dredging Contractors of America. “Mr. Trump is all about jobs and national security — he’s never wavered on this.

30 Apr 2019

GSL Signs Charter Deal with Zim

Pic: Zim

The containership charter owner Global Ship Lease (GSL) has agreed minimum 21-month / maximum 24-month charters with ZIM Integrated Shipping Services for the 2000-built, 5,936 TEU containerships Dimitris Y and Ian H.The new charters are expected to commence in June and July 2019, in direct continuation of their current charters, and to generate approximately $4.4 million of adjusted EBITDA per vessel for the median firm period.George Youroukos, Executive Chairman of Global Ship Lease…

30 Apr 2019

Zeaborn Acquires CPO Tankers

Photo courtesy of Zeaborn

Zeaborn Group has signed an agreement to acquire 100 percent of the shares in Claus-Peter Offen Tankschiffreederei KG, the tanker management subsidiary of Offen Group.The transaction partners signed the relevant contracts on April 29. The completion of the transaction is subject to antitrust clearance. The parties have agreed to keep the key financial data confidential.With the takeover of CPO Tankers, Zeaborn stays on track concerning its strategy to further consolidate the shipping industry and expanding its services as an integrated and globally active shipping company.

23 Apr 2019

GSL Inks Long Term Charter with Maersk

Pic: Maersk Line

UK-based containership charter owner Global Ship Lease (GSL) has agreed a minimum 30-month / maximum 38-month charter with Maersk Line for the 2000-built, 5,936 TEU containership Tasman.The new charter is expected to commence in July 2019 on the completion of the current charter and is subject to a further 12-month extension at the charterer’s option.The charter is expected to generate approximately $5.3 million of Adjusted EBITDA for the median firm period and an additional $4.4 million if the 12-month extension option is exercised.George Youroukos…

22 Apr 2019

NC Ports Welcome First 12,000 TEU Vessel

The 12,000 TEU 'Kota Pekarang' Arrives in Wilmington, NC (CREDIT: NC Ports)

North Carolina Ports made history Monday by welcoming its first-ever 12,000 TEU vessel to the Port of Wilmington.The ship, Kota Pekarang, is the largest capacity-wise to call the port. The Kota Pekarang is operated by ZIM in partnership with the 2M Alliance which links Asia to Wilmington.“This is a monumental milestone for North Carolina Ports and the Port of Wilmington,” said Paul J. Cozza, Executive Director, North Carolina Ports. “This is proof of concept that we are big ship…

15 Apr 2019

Diana Shipping Sells Dry Bulker Erato

Pic:  Diana Shipping Inc.

Diana Shipping announced that it has signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party, the 2004-built vessel “Erato”.The global shipping company specializing in the ownership of dry bulk vessels said that the delivery to the buyer is expected latest by June 10, 2019. The sale price is US$7.0 million before commissions.Upon completion of the aforementioned sale and the previously announced sale of a Panamax dry bulk vessel…

11 Apr 2019

GOGL Buys Stake in Singapore Marine

Pic: Golden Ocean Group

Norway-based dry bulk shipping company Golden Ocean Group Limited (GOGL) has acquired a 15% ownership interest in Singapore Marine, a dry bulk freight operator sponsored by Peter Weernink, the former Chief Executive Officer of Swiss Marine SA.Singapore Marine, which has offices in Singapore, Geneva and Verbier, will initially focus on the Post Panamax to Capesize vessel segments and seek to generate returns in all market conditions by employing an asset-light business model.Thomas Semino…

10 Apr 2019

Diana Fixes New Orleans with Cargill

New Orleans. Pic: Diana Shipping Inc.

Diana Shipping announced that through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Capesize dry bulk vessels, the m/v New Orleans.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the gross charter rate is US$15,000 per day, minus a 4.75% commission paid to third parties, for a period of about 16 months to about 19 months. The charter commenced earlier yesterday (April 10).The “New Orleans” is a 180…

20 Mar 2019

Large Containerhip Order for MAN ES

Photo: MAN Energy Solutions

Eastern Pacific Shipping exercised an option connected with an order for 5 × 15,000-TEU containerships placed in November 2017, and requested another six vessels. All 11 engines involved in the order will be powered by MAN B&W-branded two-stroke engines.The first five engines will be conventional MAN B&W 11G90ME-C units equipped with scrubbers that are due for delivery between 2019-2020. The additional six units will be built as MAN B&W 11G90ME-GI dual-fuel configurations operating on LNG with delivery dates scheduled between 2020-2022.

02 Apr 2019

Star Bulk, ER Capital Shelve Vessel Deal

Pic: Star Bulk

Star Bulk Carriers Corp and entities affiliated with E.R. Capital Holding GmbH & Cie. KG mutually waived their respective Call and Put Options relating to the four optional operating dry bulk vessels.On August 29, 2018, Star Bulk, the global shipping company focusing on the transportation of dry bulk cargoes,  entered into an en bloc definitive agreement with entities affiliated with E.R. Capital to acquire three firm operating dry bulk vessels within 2018 and four optional operating…

01 Apr 2019

CNCo Acquires of Hamburg Süd Units

Pic: Hamburg SĂĽd

German container shipping line Hamburg Süd and The China Navigation Company (CNCo) have completed the sale of Hamburg Süd’s dry bulk shipping business to CNCo after receiving regulatory approval.Earlier in January, Hamburg Süd announced that it is selling its bulk shipping business, which includes Rudolf A. Oetker (RAO) and the bulk activities in Furness Withy (London and Melbourne) and Aliança Navegação e Logística,  to Singapore’s CNCo, part of the Swire Group,  as it focusses on its liner business with its two container shipping brands…

08 Apr 2019

Diana Shipping Fixes Phaidra with Uniper

Phaidra. Photo: 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 Phaidra.The global shipping company specializing in the ownership of dry bulk vessels said in a press release that the gross charter rate is US$10,800 per day, minus a 5% commission paid to third parties, for a period of about 14 months to about 16 months.The new charter period is expected to commence on April 11, 2019.

26 Mar 2019

Norden Sells Four Bulk Carriers

Nordpol (Photo: Norden)

In the last couple of weeks, Dampskibsselskabet Norden A/S has sold off four dry cargo vessels as part of its strategy to become increasingly asset light and reduce the owned fleet to a tradable size, the Danish shipowner announced on Tuesday.The sold vessels are 2002-built Panamax vessel Nordkap, 2002-built Panamax vessel Nordpol, 2007-built Supramax vessel Nord Express and 2011-built Handysize vessel Nord Mumbai.“It is an integrated part of Norden’s business to buy and sell vessels when the right opportunities arise,” said Norden CEO Jan Rindbo.

29 Mar 2019

KHI Delivers LPG Carrier Maple Gas

Image: Kawasaki Heavy Industries

Kawasaki Heavy Industries delivered the Maple Gas, a 82,200 m3 capacity liquefied petroleum gas (LPG) carrier, for Astomos Energy.The shipbuilder said that this is the 57th LPG carrier and the eighth LPG vessel of the same type to be built by the company.Maple Gas (length: 229.9 m, gross tonnage: 46,851) adopts Kawasaki's uniquely developed bow shape called SEA-Arrow, which significantly improves propulsion performance by minimizing bow wave resistance.The main engine powering the vessel is an energy-efficient, electronically-controlled, ultra-long-stroke, two-stroke low-speed diesel engine.

28 Mar 2019

CPLP Completes DSS Holdings Merger

Pic: Capital Product Partners L.P.

Greek shipping company Capital Product Partners (CPLP) has completed its merger of crude and product tanker business with businesses owned by tanker owner and operator DSS Holdings.A new company named Diamond S Shipping Inc has been formed which could be the third largest publicly traded MR and product fleet in the world, and one of the world’s largest public mixed product and crude fleet operators.Common stock of Diamond S Shipping  has begun regular-way trading on the New York Stock Exchange yesterday, March 28.CPLP further announced that it has completed its 1-for-7 reverse unit split.

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