Castor Maritime Takes Delivery of Bulker Duo

Castor Maritime announced the delivery of two bulkers, both of which have gone straight out on charter, says a press release published on their website.

About the two bulkers

Castor Maritime Inc. announced that on March 17, 2021, it took delivery of the M/V Magic Orion, a 2006 Japanese-built Capesize dry bulk carrier.

On March 18, 2021, it took delivery of the M/V Magic Argo, a 2009 Japanese-built Kamsarmax dry bulk carrier, pursuant to the transactions previously announced on January 20 and...

SAM Shipping Sold It’s Final Ship At A Court-Led Auction In China

The last ship owned by financially troubled Swiss owner SAM Shipping has been sold in a court-led auction in China, reports Splash247.

The auction

In an online auction held by Tianjin Maritime Court, at the request of a creditor bank, the 2012-built 57,200 dwt SAM Wolf was sold for RMB77.57m ($11.9m), much lower than VesselsValue‘s valuation of $14.56m.

The buyer

The buyer of the vessel is Xiamen Hanghuan Shipping.

VesselsValue data shows the vessel was the last vessel in the fleet of SAM. In the...

CMES Reports $18.8m Estimated Total Loss

China Merchants Energy Transportation (CMES) reported an estimated total loss of RMB121.6m ($18.8m) across 14 bulkers it has chartered in, reports Splash 247.

About the loss

According to CMES, the losses were reported to be from:

  • four panamax bareboat charter contracts, 
  • four panamax time charter contracts and 
  • six woodchip carrier bareboat charter contracts. 

All of the contracts will expire in 2021 and 2022.

The company estimated the losses after an assessment of the profitability of its...

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