In the first of a two-part analysis on the impact of the coronavirus, Dr Adam Kent, managing director, MSI looks at the dry bulk and tanker sectors. The impact of the coronavirus on the Chinese economy has already been severe and the scenarios for shipping range from a quick resolution to a long...
Dry Cargo
Diana Shipping panamax sale falls through
Greek dry bulk owner Diana Shipping has announced that it has received a notice of cancellation of the contract to sell 2005-built panamax bulker . The vessel was sold by Diana Shipping to an unnamed third party in December for $7.275m. The buyer has since elected to exercise their right to cancel...
https://splash247.com/diana-shipping-panamax-sale-falls-through/
NS United bulker captain goes missing
The US Coast Guard along with the US Air Force and several regional authorities are searching for the captain of panamax bulk carrier , who went missing when the ship was sailing near Guam on Tuesday. The vessel was headed to Australia, from Japan. The captain was last seen in his cabin and was...
https://splash247.com/ns-united-bulker-captain-goes-missing/
World’s third largest steelmaker to close 10% of capacity
The world’s third largest steelmaker, Nippon Steel, will shut nearly 10% of its production capacity to staunch losses amid falling demand. Nippon Steel has announced it will close three blast furnaces in Japan as it braces to report a $4bn loss for the current financial year. Akio Migita, executive...
https://splash247.com/worlds-third-largest-steelmaker-to-close-10-of-capacity/
Weekly Broker: Capes bottom out
The bargain hunters made another round of acquisitions this week in the secondhand bulker S&P market with the hope that the capesize market has bottomed out, while the tanker S&P market saw a downward correction this week with the coronavirus casting a shadow on the VLCC market. Owners and...
Deiulemar co-founder Giuseppe Lembo dies aged 82
Giuseppe Lembo, the last of the three founders of the Torre del Greco-based Deiulemar shipping empire, died yesterday at the age of 82. Together with Michele Iuliano and Giovanni Della Gatta, Lembo founded the famous shipping company in 1967, which was active mainly in the dry bulk business. In...
https://splash247.com/deiulemar-co-founder-giuseppe-lembo-dies-aged-82/
Scorpio seals sale and leaseback for bulker trio with Ocean Yield
Emanuele Lauro’s Scorpio Bulkers has sealed a deal with Norway’s Ocean Yield to sell and lease back ultramax pair SBI Cronos and SBI Achilles and kamsarmax SBI Lynx. Scorpio has sold the three vessels for $62.8m, and says the deal will add around $33.6m of liquidity after the repayment of...
https://splash247.com/scorpio-seals-sale-and-leaseback-for-bulker-trio-with-ocean-yield/
Emerging Korean owners lead bulker S&P revival
It’s been a busy week in the sales and purchase segment with plenty of bidders all hoping that the severe rates dive seen in the dry cargo segment has finally bottomed out. The Baltic Dry Index has snapped its losing streak this week, having skirted towards record low territory in the first weeks...
https://splash247.com/emerging-korean-owners-lead-bulker-sp-revival/
Grindrod Shipping increases ownership in IVS Bulk to 66.75%
Grindrod Shipping Holdings has announced it has acquired an additional 33.25 percent stake in its IVS Bulk joint venture from the partners for a price of $44.1m, increasing its ownership in the JV to 66.75 percent. The acquisition will be funded through a combination of cash on hand, proceeds...
https://splash247.com/grindrod-shipping-increases-ownership-in-ivs-bulk-to-66-75/
CSC Phoenix acquires supramax bulker
Chinese dry bulk operator CSC Phoenix has announced the acquisition of 2003-built 52,400 dwt supramax bulker . The Tsuneishi Cebu-built vessel was sold by Ningbo Haiyue Shipping for a price of RMB65.73m ($9.42m), much higher than VesselsValue’s valuation of $6.53m. CSC Phoenix hopes the new...