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Panamax Bulk Carrier News

12 Feb 2024

Safe Bulkers Sells 2005-built Panamax

© Valerii / Adobe Stock

Dry bulk shipowner Safe Bulkers announced Monday it has has reached a deal to sell the oldest vessel in its fleet to an undisclosed buyer.The ship is the Maritsa, a 76,000 dwt Panamax bulk carrier built in Japan in 2005. The vessel was sold at a gross sale price of $12.2 million and a forward delivery date from April 2024 to May 2024, New York-listed Safe Bulkers said.Dr. Loukas Barmparis, president of Safe Bulkers, said, “We continue our strategy to selectively sell older vessels…

12 Feb 2024

Houthis Target Cargo Ship Bound for Iran

© Sergey Zhmurchak / Adobe Stock

Yemen's Iran-aligned Houthis have targeted a cargo ship in the Red Sea which shipping analysts said on Monday had been carrying corn to Iran.It appeared to be the first time the Houthis have targeted an Iran-bound vessel since starting attacks on international shipping in solidarity with Palestinians over the Israel-Hamas war in Gaza, shipping sources said.A U.S. defence official said it was likely that the ship had been targeted but not hit, but provided no further comment. Earlier…

23 Jan 2024

Diana Shipping Sells Its Oldest Vessel

(Photo: Diana Shipping)

Diana Shipping on Tuesday announced it has reached a deal to sell its oldest vessel, an 18-year-old panamax bulk carrier.The Greek shipowner said it has reached a memorandum of agreement through one of its subsidiaries to sell the 76,942 dwt vessel Artemis to an undisclosed third-party buyer for $12.99 million. The ship is slated to be delivered to its new owner by March 8 at the latest.Artemis was built in 2006 by Japan's Namura Shipbuilding Co., Ltd. in 2006.Upon completion of the sale…

23 Jun 2023

Marubeni and bound4blue Agree Wind Propulsion Sales Partnership

Source: Marubeni

Japan-based Marubeni Corporation and bound4blue, a Spanish engineering company which manufactures and sells a wind propulsion system, have concluded entered a sales partnership.Marubeni will promote retail activities for bound4blue’s suction-type eSAILs both domestically and internationally and will act as the exclusive business partner in the Japanese market.The basic principles of eSAIL are similar to those underlying the generation of lifting power by airplane wings. The sucking of air into the eSAIL also smooths the flow of wind around its body…

19 Apr 2023

Castor Sells 2007-built Panamax for $12.6 Million

Shipping company Castor Maritime announced it has completed its sale of a a 2007-built Panamax bulk carrier for $12.6 million. The company had revealed in March that it sold the 73,593 dwt Magic Rainbow to an undisclosed buyer.Nasdaq-listed Castor said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.Castor owns a fleet of 20 vessels, with an aggregate capacity of 1.7 million dwt, currently consisting of one Capesize, seven Kamsarmax, 10 Panamax dry bulk vessels and two 2,700 TEU containerships.

03 Apr 2023

Castor Maritime Sells 2005-built Bulk Carrier

Castor Maritime announced that on March 23, 2023, it entered into an agreement to sell a 2005-built Panamax bulk carrier to an undisclosed buyer for $13.95 million.The vessel, Magic Moon, is expected to be delivered to its new owner during the third quarter of 2023.Castor Maritime said it expects to record during the third quarter of 2023 a net gain of $5.3 million on the sale, excluding transaction related costs.

20 Mar 2023

Castor Maritime Sells 2007-built Panamax for $12.6 Million

Shipping company Castor Maritime announced it has sold the 2007-built Panamax bulk carrier Magic Rainbow to an undisclosed buyer for $12.6 million.The 73,593 dwt vessel is expected to be delivered to its new owner during the second quarter of 2023.Nasdaq-listed Castor Maritime said it expects to record an approximately $4.4 million net gain on the sale, excluding transaction related costs.The deal remains subject to the execution of customary definitive documentation, the company added.Castor owns a fleet of 22 vessels, with an aggregate capacity of 1.7 million dwt, consisting of one Capesize, seven Kamsarmax and 12 Panamax dry bulk vessels, as well as 2 2,700 TEU containership.

14 Mar 2023

Safe Bulkers Sells Panamax Bulk Carrier

Dry bulk shipping company Safe Bulkers announced it has reached a deal to sell one of its Panamax bulk carriers for $22.5 million.The 75,000 dwt Efrossini, built in Japan in 2012, will be delivered to an undisclosed new owner in June 2023 and chartered back at a gross daily charter rate of $16,050 for a period of 10 to 14 months.Dr. Loukas Barmparis, president of Safe Bulkers, said, “Having ordered recently an additional IMO Phase 3 newbuild Kamsarmax vessel and sold a 2012 Panamax vessel, we continue our strategy to selectively sell relatively older tonnage and gradually replace it with newbuilds of latest available designs, aiming to improve our fleets’ environmental performance and increase our competitiveness in a new more stringent regulatory environment.’’

10 Nov 2022

Marubeni Taps 'Suction Sails' for Bulk Carrier

Image courtesy bound4blue/MMSL PTE. LTD

MMSL PTE. LTD., a wholly owned subsidiary of Marubeni Corporation based in Singapore signed an agreement with bound4blue to install four suction sails on the Crimson Kingdom, making it the first wind-assisted vessel owned by Marubeni. According to the preliminary studies, the 229-m Panamax bulk carrier will be retrofitted in 2023/24 with four 26-m eSAILs, expected to be the largest suction sails ever built and installed on a vessel. After the installation, the vessel will be operated by MaruKlav Management Inc.…

12 Jul 2022

U-Ming’s New Post Panamax Bulk Carrier Christened

Douglas Hsu, chairman of Far Eastern Group; Tracy Tsai Wang, Sponsor; CK Ong; and 
CK Ong, President of U-Ming Marine Transport Corporation. (Photo: U-Ming Marine Transport Corporation)

A christening ceremony at Oshima Shipbuilding yard in Japan was recently held by U-Ming Marine Transport Corporation (TSEC code: 2606 – one of nine public-listed companies of the Far Eastern Group) for its new built 99,990 DWT Post Panamax Bulk Carrier M.V. Cemtex Dominance.The event was hosted by Mr. Douglas Hsu, Chairman of the Far Eastern Group on July 12, 2022, with attendance of Mrs. Tracy Tsai Wang, who christened the vessel and also many business associates and distinguished guests.Measuring 235m in length and 40m in width, M.V.

21 Apr 2022

ClassNK AIP for Ammonia-ready LNG-fueled Panamax Bulk Carrier

Images of ammonia-ready LNG-fueled Panamax bulk carrier (courtesy of GSC)

ClassNK issued an Approval in Principle (AiP) for the design of an ammonia-ready LNG-fueled Panamax bulk carrier developed by Planning and Design Center for Greener Ships (GSC).The AiP Handover Ceremony was conducted at the ClassNK booth at Sea Japan 2022 in Tokyo.Ammonia is expected to be used as ship fuel for decarbonization since it does not emit CO2 when burned. Meanwhile, taking adequate safety measures are impartial due to its characteristics of being toxic to humans and corrosive against materials…

20 Jan 2022

ClassNK Grants AIP for Ammonia-fueled Panamax Bulker

(Image: GSC)

Classification society ClassNK announced it has issued an approval in principle (AIP) for the design of an ammonia-fueled Panamax bulk carrier developed by Planning and Design Center for Greener Ships (GSC).Ammonia is expected to be used as decarbonized fuel for ships since it does not emit CO2 when burned, however, taking adequate safety measures are impartial due to its characteristics of being toxic to humans and corrosive against materials. While international standards for using ammonia as ship fuel are yet to be developed…

12 Apr 2021

Castor Maritime Buys Secondhand Bulk Carrier

Cyprus-based shipping company Castor Maritime has purchased its ninth vessel of 2021.The Nasdaq-listed company said it paid $18.48 million through a separate wholly-owned subsidiary to acquire a 2011 Japanese-built Panamax bulk carrier from an unaffiliated third-party. The vessel is scheduled to be delivered to Castor in the second quarter of this year.Petros Panagiotidis, Castor CEO, said, “We are pleased to announce our ninth vessel acquisition in 2021 with the addition of another Panamax dry bulk vessel to Castor’s fleet. Our focus remains on deploying our capital and growing our fleet through timely acquisitions of vessels across…

17 Mar 2021

Panamax Bulk Carrier Rates Hit Over 10-year High

The Baltic Exchange's main sea freight index on Wednesday climbed to a near 1-1/2-year high as panamax rates scaled a more than 10-year peak on China grain demand.The Baltic dry index, which tracks rates for capesize, panamax and supramax vessels ferrying dry bulk commodities, rose 88 points, or 4.4%, to 2,105, a peak since September 2019.The panamax index gained 211 points, or 8.9%, at 2,583, its highest since September 2010.Average daily earnings for panamaxes, which usually carry coal or grain cargoes of about 60,000 tonnes to 70,000 tonnes, rose $1,896 at $23,245."It seems to be a perfect storm for the dry bulk shipping market at the moment…

01 Oct 2020

Castor Maritime Buys Secondhand Panamax Bulker

© Unkas Photo / Adobe Stock

Dry bulk shipping company Castor Maritime said it reached a deal Monday to purchase a Japanese 2010-built Panamax bulk carrier.The vessel, which Castor said it acquired from an unaffiliated third party for $13.86 million, is expected to be handed over by mid-October. Castor did not reveal the name of the ship or the seller.Petros Panagiotidis, who serves as the Cyprus-based company's chairman, CEO and CFO, said, “We are very pleased to announce the expansion of our fleet to six vessels, which signifies the doubling of our fleet size within a quarter’s time.

22 Sep 2020

Fuel Choice is Key in Maritime Decarbonization - DNV GL

© Suphanat / Adobe Stock

Fuel choice is the essential decision as shipping charts a generational path to decarbonization, says DNV GL in its latest maritime forecast report.The industry is at the beginning of a transition phase, with many potential options emerging alongside conventional fuels. This increasingly diverse fuel environment means that engine and fuel choice now represent potential risks that could lead to a stranded asset. Factoring in the impacts of availability, prices and policy, on different fuels…

24 Jun 2020

ABS Grants AIP to Dual Deadweight Bulker

Bill Shi, ABS Vice President, Global Engineering (Photo: ABS)

Classification society ABS said it  granted Approval in Principle (AIP) to a dual deadweight neo-panamax bulk carrier design from the StandShip Joint Development Partnership (JDP).Available in 86,000- and 95,000-deadweight-ton design options, the bulk carrier is intended to be ready to order ‘off the shelf’ for charterers and operators looking for flexibility. The 229-meter design includes a 38-meter beam, almost four million cubic feet of hold capacity and a draft of either 13.5…

06 Oct 2019

Foremost Takes Delivery of Ting May

New York City-based privately-held, family-run shipping company announced that it has taken delivery of a new 85,004 metric tons deadweight post-Panamax bulk carrier, the M/V Ting May. American dry bulk shipping company informed that the ship builds upon Foremost Group's tradition of operating a fleet of modern, environmentally-friendly ships built to the company's stringent specifications.This newest Eco-friendly post-Panamax ship will be immediately put in service for Bunge Limited, the ship’s charterer, which will deploy the ship to transport its dry-bulk cargoes to ports around the world according to its requirements.Consistent with industry practice in which the overwhelming majority of dry bulk ships are built in Asia…

17 Mar 2019

Castor Maritime Fixes Magic P with Oldendorff

The international shipping company specializing in the ownership of dry-bulk vessels Castor Maritime announced that, through a wholly-owned subsidiary, it has entered into a time charter contract with Oldendorff Carriers GMBH & Co KG Luebeck for its Panamax vessel Magic P.The owners of a dry bulk vessels said in a press release that the gross charter rate is US$ 11,250 per day, for a period of a minimum of five months up to a maximum of about eight months (for the first 30 days period the daily gross rate is US$ 9,000). The charter commenced on March 12, 2019.The “Magic P” is a 76,453 dwt Panamax bulk carrier built in 2004 in Japan.All things being equal…

07 Sep 2018

Mitsui E&S Shipbuilding Bags Order for Three Post Panamax Bulkers

Japanese shipbuilder Mitsui E&S Shipbuilding has developed "neo 87BC", an 87,000 DWT Post Panamax bulk carrier of next generation eco ship, and has received an order of 3 units.Mitsui E&S Shipbuilding has developed "neo series" vessels which is a line-up of next generation eco-friendly ships until today. "neo 87BC" is the first "neo series" vessel which complies with IACS Harmonized Common Structural Rules (H-CSR).The main engine is the latest electronic control type which complies with the regulation on nitrogen oxide (NOx) contained in ship's exhaust gas (IMO NOx Tier III Regulation).In addition to the use of low sulphur fuel oil in order to comply with the regulation on sulphur oxide (SOx) contained in ship's exhaust gas…

23 Mar 2018

Coal Carrier Enters Service for Okinawa Electric Power

A new coal carrier, Shinryo Maru, was delivered at Oshima Shipbuilding Co. Ltd. on March 9. The new coal carrier is the second ship to take the name Shinryo Maru. The first-generation vessel was delivered in 2003 and began transporting coal for OEPC 15 years ago. The new ship, which replaces the previous one, has been registered in Okinawa prefecture, Japan, the same as the first-generation vessel, and will transport coal mainly from Australia and Indonesia to generate electricity for OEPC. Compared to a standard 70,000-ton Panamax bulk carrier, the new Shinryo Maru has a wider beam and a shallower draft, improving transportation efficiency. The delivery ceremony was attended by Mitsuru Omine, president of Okinawa Electric Power Company Inc.

21 Dec 2017

Asia Dry Bulk-Capesize Rates to Fall as Cargo Dries Up

Rates from Brazil to China fall by $4/tonne, $6,000/day; queues at Dalrymple Bay to ease, return to normal in January. Freight rates for large dry cargo ships on key Asian routes could slide further from multi-week lows as chartering activity thins during the holiday season and abundant tonnage for January weighs on rates, brokers said. Capesize rates from Brazil to China have dropped by $4 per tonne in the last week, equivalent to a daily earnings fall of about $6,000. Port congestion in Australia and China which helped propel rates to three-year highs earlier this month is also expected to ease. Hold-ups at Hay Point and Dalrymple Bay, one of the world's largest coal export facilities and where at least one panamax bulk carrier waited more than six weeks to load, are set to clear.

26 Jul 2017

Diana Shipping's Vessel Melite Grounds off Indonesia

Greek dry bulk owner Diana Shipping's Panamax bulk carrier, Melite, has been temporarily disrupted due to a grounding incident at Pulau Laut, Indonesia. "The employment of one of its Panamax bulk carriers, the m/v Melite, has been temporarily disrupted due to a grounding incident at Pulau Laut, Indonesia," said a statement from the company. Although the Company is still assessing the situation, the crew is in no danger as a result of this incident and there has been no pollution. It appears that the vessel has suffered damage to her hull resulting from the grounding. The company did not provide any details related to the possible salvage operations. The “Melite” is a 76,436 dwt Panamax dry bulk vessel built in 2004.