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Thursday, May 13, 2021
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Seaborne Transportation News

07 May 2021

Stena Bulk CEO Erik Hånell Discusses Path, Cost Toward Decarbonization

The InfinityMAX concept is Stena Bulk’s take on zero emissions, self-sufficient and flexible seaborne transportation. It aims to have a ship with a similar design to the InfinityMAX concept operating on the water by 2035 at the latest. Image courtesy Stena Bulk

Stena Bulk invests in the future, a future defined by decarbonization in the shipping sector. Erik Hånell, President & CEO, Stena Bulk discusses the plan, the path and the costs.While the majority of shipowners still struggle to pick the technological path toward meeting emission reduction targets in the coming 30 years, one company, Stena Bulk which today has about 110 tankers (30% owned, 70% managed) generating about $1.4B in revenue annually, recently unveiled its roadmap toward decarbonization…

08 Apr 2021

Stena Bulk Targeting Net Zero Emissions by 2050

(Image: Stena Bulk)

Swedish tanker shipping company Stena Bulk on Thursday outlined its roadmap to become a net zero business by 2050, including a transiion to cleaner burning alternative fuels and eventually zero emissions shipping options.The company set five dated decarbonization targets, the first of which was achieved in 2020 when Stena Bulk began offering customers low-carbon shipping options based on the use of biofuels and an internal carbon emissions offsetting program with up to a 100% reduction of CO2 emissions.

17 Mar 2021

China’s One-sided Recovery Drives Iron Ore Market Back Up -BIMCO

© Zdenar Adamsen / Adobe Stock

In the first two months of 2021, Brazilian iron ore exports have risen by 9.1% to 53 million tonnes, driven by China. So far this year, 35.2 million tonnes of iron ore has been exported to China, representing a 15.2% increase from the same period last year and standing in contrast to slightly declining exports to all other countries: down 1.2% to 17.8 million tonnes, continuing the trend from 2020.Despite the strong growth rates in the first months of this year, total exports of iron ore have failed to recover to 2019 levels following the 21.8% drop in volumes in 2020.

08 Mar 2021

Stena Bulk Debuts InfinityMAX Electric Vessel Design Concept

© Stena Bulk

As shipping companies face mounting societal and regulatory pressure to decarbonize, innovative alternative designs are expected to become the norm rather than the exception. Stena Bulk unveiled the InfinityMAX hybrid bulk carrier concept, intended to push the boundaries for zero carbon, multi-modal vessel design. It is electric and modular, designed to enable sustainable, zero carbon, efficient and flexible seaborne transportation.The concept is designed to carry both dry and wet cargoes in modular compartments…

15 Jan 2020

Pyxis Tankers Sells MR2 Ship Pyxis Delta

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. We are well-positioned to generate significant cash flows from an improving market…

12 Jan 2020

Odfjell Adds Bow Odyssey to its Fleet

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, Bow Orion, the award as ‘Tanker Ship of the Year’.With these four vessels as flagships, and in combination with a total of 30 new vessels that enter our fleet from 2017 throughout 2020…

18 Dec 2019

Capital Product Partners Acquires Boxship Trio

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 $27,000 per day, increasing to $28,000 per day for the M/V Aristomenis from October 2020, and from July 2021 onwards for the M/V Athos and the M/V Athenian.

17 Dec 2019

Pyxis Sells a Product Tanker

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, improve balance sheet liquidity and pursue growth opportunities, more cost-effectively."He added: "As we move into 2020, an exciting time for our sector, we look…

18 Nov 2019

Euroseas Acquires Four Containerships

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, existing funds of the Company and $6 million raised in private placements.Euroseas  will also assume the charters the vessels are currently under. As part of the transaction…

06 Nov 2019

Seasonality Impacts Chemical Tanker Market

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 high share of plant turnarounds and the attacks on oil installations in Saudi Arabia disrupted feedstock for chemical plants and refineries in September, and led to a slower recovery after the summer slowdown than normal.The global chemical tanker orderbook stands at 8.3% of the current fleet.

01 Nov 2019

CPLP to Fit Six more Ships with Scrubbers

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. The scrubber retrofit combined with passing of the special survey of the vessel and the associated off hire, as well as certain additional…

30 Sep 2019

Euroseas Charters Akinada Bridge

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 the installation of a water ballast treatment (WBT) plant at a total cost of about $2.5 million.The Greek company expects to fully recover the above-mentioned cost…

27 Sep 2019

CPLP Fixes Agamemnon with MSC

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 goods.The vessel is successfully completed the installation of a SOx scrubber system and ballast water treatment system and passing of its special survey.The charter is set to expire at the earliest in February 2024.CPLP currently owns 11 vessels…

05 Sep 2019

Euronav to Store Low-Sulfur Oil

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. Euronav owns the only two operational ULCC vessels (3m barrel capacity): the Europe (2002 – 442,470 dwt) and the Oceania.

01 Sep 2019

Chemical Tanker Market to Recover

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 transportation and storage of chemicals and other specialty bulk liquids.The global chemical tanker order book stands at 6.6% of the current fleet. The global deep-sea fleet based on vessels larger than 18,000 dwt grew by net 6 vessels in 2Q19 as 8 vessels were delivered, and 2 vessels were scrapped.

18 Aug 2019

Diamond S Shipping Sells Two Vessels

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, said a press note from the company.It expects…

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

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 built 2006, Daewoo Shipbuilding & Marine Engineering Co., Ltd., South Korea) is expected to commence its new time charter at the end of the fourth quarter of 2019 upon completion of its previously ann

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

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 of 4% of the dividend rate for the $8 million value of preferred shares remaining outstanding until January 2021.The closing of the above transactions reduced…

03 Jun 2019

Euroseas Buys Four Feeder Containerships

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. This is subject to regulatory approval, including approval from NASDAQ, said a press release from the Greek ship owner.The four vessels…

29 May 2019

WFW Advises Star Bulk on Vessels Acquisition

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, the transaction would increase Star Bulk’s fleet to 120 vessels, a release said."This is the third such deal that WFW have assisted Star Bulk with in the last 18 months, previously advising them in 2018 on the acquisition of multiple vessels from both Augustea and E.R.

27 May 2019

Star Bulk Acquires 11 Dry Bulkers

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 a) $80.0 million in cash  and b) 4.503 million common shares of Star Bulk.Star Bulk Carriers has secured exhaust gas cleaning systems (“EGCS” or “Scrubbers”) for all of the Vessels with attractive delivery dates.

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