Greek shipowner Nikolaos Vafias goes on $63m shopping spree

Private Greek shipowner Nikolaos Vafias has made a significant investment in additional tonnage — purchasing three vessels in a single week in deals worth in excess of $60m, sources said. Vafias has bought a single capesize from a compatriot in a swoop that has clear parallels with his last countercyclical venture in the same space in 2016. Vafias family buys bargain capesize He has also entered two LPG niches for…

May 24, 2019
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Active S&P player Belships mulls extra ‘ships for shares’ deals

Belships says it is considering another equity issue to continue an expansion drive following its merger with Frode Teigen’s Lighthouse. The equivalent of $15m in equity may be raised in the future, subject to market conditions, the Oslo-based bulker owner said in its first-quarter report. Belships continues buying spree with ship number three “It is Belships’ intention to make further steps to increase shareholder base and improve liquidity in the…

May 23, 2019
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Norden signs three-year COA with Qatar Vinyl Company

Norden has won a three-year contract of affreightment (COA) from Qatar Vinyl Company, which will begin this quarter. Swine flu in China more scary for dry bulk than Donald Trump’s trade war One of the Danish shipowner’s supramax bulkers will carry salt cargoes from West Coast India to Qatar about once a month, Norden said. Around 500,000 tons of salt per year will be carried under the contract for Qatar…

May 23, 2019
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CMB’s Bocimar takes $14m for ageing capesize bulker

Belgian capesize giant Bocimar has secured a firm price for one of its elderly vessels. Bocimar chief executive Benoit Timmermans confirmed the 171,000-dwt Mineral China (built 2003) had been sold. Bocimar and Oak Maritime put capesize bulker up for sale Brokers in Europe said the Hyundai Heavy Industries-built ship has gone for $14m to a South Korean buyer, with a three-year charter back to Bocimar at an undisclosed rate. Profitable…

May 23, 2019
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ESL Shipping parent banks $17m loan

Finnish bulker owner ESL Shipping’s parent Aspo has signed a term loan facility agreement amounting to EUR 15m ($16.75m). The Nordea loan matures over three years and will be repaid in one instalment at the end of the period. “The signed agreement extends the overall maturity of Aspo’s credit portfolio,” it said. The cash will go towards general corporate purposes and will also be used to pay back an existing…

May 22, 2019
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Greece’s Meadway Shipping returns to S&P with bulker sale

Meadway Shipping & Trading is making its first move in the sale-and-purchase market for two years. The Greek shipowner has reportedly sold the Chinese-built 53,000-dwt supramax bulker Delfa (built 2005) for $7.7m to a Vietnamese buyer. However, Meadway did not reply to requests for comment on reports of the sale. The Delaportas family company bought the Sinopacific Dayang-built vessel from Soechi Lines of Indonesia for $25m in November 2010, with…

May 21, 2019
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Clarksons bearish for shipping as US-China trade war escalates

Clarksons has cut its tonne-mile growth forecast for this year and has reiterated that dry bulk will be the sector hardest hit by tit-for-tat trade tariff increases by the US and China. Aside from the so-called ‘trade war’ between the two superpowers, the risk of a global economic slowdown will also impact seaborne trade, Clarksons said in a new research report. Trump threats to raise China tariffs ‘negative across the…

May 20, 2019
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Veteran Denis Petropoulos to target next generation from Baltic Exchange chair

Denis Petropoulos has been elected chairman of the Baltic Exchange Council and will start in the new position on 1 June. He will replace Duncan Dunn, who has held the post since January 2018. “During my term in office I intend to pay particular attention to raising awareness of the maritime industry to the younger generation,” Petropoulos said of his new appointment. “At the same time I want to ensure…

May 17, 2019
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Pacific Basin Shipping finances bulker buys with new revolver

Pacific Basin Shipping has secured a new revolving credit facility secured against 10 of its ships. The new $115m loan has a seven-year tenor and has been provided by a syndicate of three unnamed “leading international banks”. Deflation of dry bulk balloon fails to dent Pacific Basin Shipping’s growth ambitions Pacific Basin Shipping profit packs a punch The Hong Kong-headquartered company said the facility would extend its overall amortisation profile…

May 17, 2019
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Cleaves says the only way is up for capesizes

Equities analysts for once are predicting a prolonged upturn for capesize bulk carriers, thanks to depressed asset values and historically low orderbook levels. Cleaves Securities anticipates the “longest expansionary dry bulk cycles” in its records, which go back to the 1740s, according to a research note on Thursday. Asset prices and time-charter rates have dislocated, the note said, with firm freight rates suggesting that capes are currently undervalued. It doesn’t…

May 16, 2019
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