Seaborne Transportation News

15 Jan 2020

Pyxis Tankers Sells MR2 Ship Pyxis Delta

Image: Pyxis Tankers

Greek pure play product tanker company announced that it has completed the sale of the Pyxis Delta, a 2006-built 46,616 dwt product tanker.The maritime transportation holding company said in a press note that the sale proceeds will be used to repay outstanding indebtedness secured by the vessel and for general corporate purposes.Valentios Valentis, our Chairman and CEO said: “This transaction furthers our operating strategy to focus on modern eco-MR tankers and reflects a more efficient allocation of capital resources to improve our financial condition.

12 Jan 2020

Odfjell Adds Bow Odyssey to its Fleet

The crew gathers for the flag hoisting. Photos: Odfjell

Odfjell SE,  a company specializing in worldwide seaborne transportation and storage of chemicals and other speciality bulk liquids, said that it took the delivery of Bow Odyssey - the third of its series of four newbuilt, 49,000 dwt chemical tankers.The Hudong class vessel was built by Hudong-Zhonghua Shipbuilding Co.Ltd Shanghai China.The so-called Hudong series consists of four sister vessels, all with the same high-end technology and advanced features that in 2019 earned the first vessel…

18 Dec 2019

Capital Product Partners Acquires Boxship Trio

Image: Capital Product Partners

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation, has agreed to acquire three 10,000 TEU sister container ships for USD 162.6 million from Capital Maritime & Trading Corp.The ships, M/V Athos, the M/V Aristomenis and the M/V Athenian, were built in 2011 at Samsung Heavy Industries S. Korea.The vessels are under long-term time charters with Hapag-Lloyd which will expire in April 2024, said a press note from the shipping company.The gross charter rate for each vessel currently amounts to $27…

17 Dec 2019

Pyxis Sells a Product Tanker

Image: Pyxis Tankers

The Greek marine transportation provider Pyxis Tankers Inc announced that it had agreed to sell the Pyxis Delta, a 2006 built 46,616 dwt product tanker.The emerging growth pure play product tanker company said that the closing of the sale should occur in January, 2020 and is subject to customary closing conditions.Valentios Valentis, our Chairman and CEO said: “The sale of our oldest, non-eco MR tanker reduces the average age of our fleet and provides us capital to repay debt…

18 Nov 2019

Euroseas Acquires Four Containerships

Image: Euroseas

Greece-based provider of seaborne transportation for containerized cargoes Euroseas  announced that it has entered into agreements to acquire four 4,253 teu containerships built in South Korea, three in 2009 and one in 2008.The owner and operator of container carrier vessels said in a press release that the vessels are being acquired from companies controlled by Synergy Holdings Limited for a total consideration of approximately $40 million.The acquisition will be financed by bank debt…

06 Nov 2019

Seasonality Impacts Chemical Tanker Market

Pic: Odfjell SE

The chemical tanker earnings for the third quarter of 2019 was impacted by the usual seasonal slowdown in volumes while rates remained stable, said Odfjell Group.According to the company specializing in worldwide seaborne transportation and storage of chemicals and other specialty bulk liquids,spot rates were stable to slightly stronger on the front haul routes but strong competition and seasonally lower volumes on the back-haul routes had a negative impact on the overall market.A…

01 Nov 2019

CPLP to Fit Six more Ships with Scrubbers

Image: Capital Product Partners

Capital Product Partners (CPLP), a Greek shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized goods, said that it is planning to install exhaust gas cleaning systems (scrubber) in six more vessels.Jerry Kalogiratos, Chief Executive Officer of our General Partner, said: “We are pleased to have concluded the first scrubber retrofit on the M/V Agamemnon and to see the vessel subsequently deliver under its new long-term charter until 2024.

30 Sep 2019

Euroseas Charters Akinada Bridge

Image: Euroseas Ltd.

Euroseas, a shipping company that was founded about a century ago, announced that  its container vessel, M/V Akinada Bridge has entered into a charter contract of minimum duration of ten months and maximum duration of thirteen months at a daily rate of $16,500.The owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes said that the charter will commence upon completion of the vessel’s special survey and drydocking and…

27 Sep 2019

CPLP Fixes Agamemnon with MSC

Pic: Capital Product Partners L.P. (CPLP)

Greek shipping company Capital Product Partners L.P. (CPLP) announced that its vessel, M/V ‘Agamemnon’ commenced new long-term time charter with Mediterranean Shipping Company Co. S.A.The 108,892 dwt / 8,266 TEU container carrier Agamemnon was built in built 2007 in Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea, said a press note from the shipping company engaged in the seaborne transportation of a wide range of cargoes, including dry cargo and containerized…

05 Sep 2019

Euronav to Store Low-Sulfur Oil

Pic: Euronav

The crude oil tanker company Euronav has purchased a total of 420,000 metric tons of compliant fuel oil and marine gasoil so far, the company revealed as it detailed its IMO 2020 sulfur cap plans. In aggregate the purchase value of very low sulfur fuel oil (VLSFO) has been at $447 per metric ton compared to a bunker price (HFO-3.5% Sulfur content) of $400 per metric ton over the same procurement period.According to the Belgium shipping company, the oil is currently aboard a ultra large crude carrier (ULCC) Oceania, a vessel built in 2003, and will soon be on its way to Singapore.

01 Sep 2019

Chemical Tanker Market to Recover

Pic: Odfjell SE

The recovery of the chemical tanker market continued into the second quarter as main drivers were strong US exports and healthy volume development throughout the quarter on main trades, said Odfjell SE.The Clean Petroleum Products (CPP) market weakened which led to a net increase of 20 coated MR's trading chemical/veg-oils during the quarter, hereby increasing supply pressure for chemical tankers towards the end of the quarter, said the company specializing in worldwide seaborne…

18 Aug 2019

Diamond S Shipping Sells Two Vessels

Pic: Diamond S Shipping

Connecticut-headquartered Diamond S Shipping Group Inc. (DSG) announced that it has agreed to sell two of its 2008-built medium-range product carriers as part of its fleet renewal initiatives.The vessels - the Atlantic Aquarius and Atlantic Leo - are expected to be delivered in the third quarter or early the following quarter, said the owners and operators of crude and product tankers, which provide seaborne transportation of crude oil, refined petroleum and other products in international shipping markets.Diamond will recognize a non-cash charge of about $9.5 million per vessel this quarter…

17 Jul 2019

Fumigation Doesn't Work for Some Ship Cargoes

Dead weevils along a wall of a bulk terminal warehouse (Photo: ABTO)

The fumigation of grain cargoes using certain pesticides, namely plant protection products, may not be effective in controlling insect larvae, resulting in cargo damage or loss.Javier Quintero Saavedra, head of HSE at Terminales Marítimos de Galicia (TMGA), an operator of bulk terminals in Galicia, Spain, and Chairman, Dry Bulk Cargoes Working Group, ICHCA,  said: “We are finding that the pupae and larvae inside maize kernels in various consignments, and which were subjected to in-transit fumigation…

10 Jul 2019

CPP Gets Charter for Agamemnon, Archimidis

Photo: © 2019 Capital Product Partners

Capital Product Partners (CPP), the Greek shipping company engaged in the seaborne transportation, has agreed new long-term time charters with Mediterranean Shipping Company (MSC) for the M/V 'Agamemnon' and the M/V 'Archimidis'.The charter for the M/V ‘Agamemnon’ (108,892 dwt / 8,266 TEU, container carrier built 2007, Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea) is expected to commence in the third quarter of 2019 upon completion of its previously announced scrubber installation and passing of special survey.The M/V ‘Archimidis’ (108,892 dwt / 8,266 TEU, container carrier

21 Jun 2019

BIMCO: VLCC Freight Rates from Gulf to China Doubles

Chart: BIMCO

VLCC spot freight rates between the Arabian Gulf and China rose 101% in the days between June 13, 2019 and June 20, 2019, in the aftermath of attacks on two tankers in the Strait of Hormuz. Spot freight rates for a VLCC, carrying 2 million barrels of oil, between the Arabian Gulf and China reached USD 25,994 per day on June 20, their highest level since March and significantly above the May average of USD 9,979 per day.Despite this increase, freight rates on this route only narrowly exceeds the daily break-even costs of a VLCC…

11 Jun 2019

Euroseas Gets Refinance for Two Vessels

File Pic: Euroseas

Euroseas announced that it has closed the previously announced refinancing of two of its vessels with simultaneous interest rate reduction of 0.5% for all other existing loans and the redemption of approximately $11.7 million of value.The an owner and operator of container carrier vessels and provider of seaborne transportation for containerized cargoes, said that the refinance is equivalent to about 59.4%, of its outstanding Series B Preferred Shares with simultaneous reduction…

03 Jun 2019

Euroseas Buys Four Feeder Containerships

Pic: Euroseas

The provider of seaborne transportation for containerized cargoes, Euroseas also announced that it signed memoranda of agreement to acquire four feeder containerships for a consideration that includes a cash payment of $15 million and issuance of approximately 22.5 million shares of common stock to the sellers.Euroseas intends to finance the cash portion of the acquisition price with bank debt which will be used to repay the existing indebtedness of the vessels with the sellers receiving only payment in Euroseas common shares.

29 May 2019

WFW Advises Star Bulk on Vessels Acquisition

Image: Star Bulk Carriers Corp.

Watson Farley & Williams (WFW), an international law firm based in London, has advised NASDAQ listed Star Bulk Carriers Corp on the acquisition of 11 dry bulk vessels from Delphin Shipping LLC in a shares and cash transaction.Under the terms of the acquisition, the vessels that were built by Jiangsu Hantong between 2012 and 2014 will be acquired for an aggregate purchase price of US$139.5m, payable in the form of US$80m in cash and 4.503 million common shares of Star Bulk.If concluded…

27 May 2019

Star Bulk Acquires 11 Dry Bulkers

Pic: Star Bulk Carriers Corp.

Greece-based global ship manager of seaborne transportation Star Bulk Carriers Corporation has entered into an en bloc definitive agreement with entities controlled by Delphin Shipping to acquire eleven operating dry bulk vessels.The company focusing on the transportation of dry bulk cargoes said in a press release that the acquisition of bulkers from Delphin, an entity affiliated with Kelso & Company, is for an aggregate purchase price of $139.5 million, payable in the form of…

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…

22 May 2019

Dry Bulk Fleet Utilization Falls 3.7% in Q1

Pic: Golden Ocean

Global dry bulk fleet utilization (calculated as total demand in tonne miles transported divided by total available fleet capacity) dropped by 3.7% in the first quarter of 2019, reflecting the trend observed in the rate environment, said Golden Ocean Group (GOGL),  Bermuda registered, Norway based dry bulk shipping company.According to Maritime Analytics, global fleet utilization was 82.1% in the first quarter of 2019, down from 85.8% in the fourth quarter of 2018 and 85.1% in the first quarter of 2018.According to the same source…

22 May 2019

Star Bulk Carriers Reports Q1 Loss

Pic: Star Bulk Carriers Corp.

Greek shipping company Star Bulk Carriers Corp reported a net loss of $5.3 million, or $0.06 loss per share for the first quarter ended March 31, 2019.Net income for the first quarter of 2018 was $9.9 million, said the global shipping company providing worldwide seaborne transportation solutions in the dry bulk sector."By the end of May 2019 we are on track to have 40 vessels scrubber fitted. We expect to have a fully scrubber fitted fleet by January 2020. Because we expect 2020 to be a more profitable year…

24 May 2019

Danaos Signs Sale-and-Leaseback Deal with EnTrust

Pic: Danaos Corporation

The provider of seaborne transportation services, Danaos Corporation has concluded a $150m sale-and-leaseback deal for two of its biggest boxships with the alternative investment firm EnTrust Global.Watson Farley & Williams (WFW) has advised EnTrust Global’s (ETG) Blue Ocean Funds on the transaction of the two container vessels “HYUNDAI RESPECT” and “HYUNDAI HONOUR” acquired from and chartered back to two subsidiaries of Danaos, said a press release.This is the Blue Ocean Funds’ first sale and leaseback in the Greek shipping market…

Maritime Reporter E-News subscription

Maritime Reporter E-News is the maritime industry's largest circulation and most authoritative ENews Service, delivered to your Email five times per week

Subscribe for Maritime Reporter E-News