It is not unlikely that dry bulk operator Norvic Shipping will raise fresh capital within the near future. This would be spent on landing longer-term loading contracts with terms of up to ten years, CEO Peter Borup tells ShippingWatch.
Earnings rose in the fourth quarter for Golden Ocean, but looking at 2019 as a whole, its result was more than halved. At the same time, the Coronavirus outbreak has delayed scrubber installations on several of Golden Ocean's ships.
The coronavirus outbreak in China creates uncertainty in shipping – not least in dry bulk, which is already off to a difficult start in 2020. The situation has prolonged the Chinese New Year, and this can cause delays in the market, a brokerage firm tells ShippingWatch.
The dry bulk fleet grew significantly more than demand last year. And 2020 will also not become a savior for the strained dry bulk sector, according to observers and stakeholders. There is a need for political stability, Ultrabulk CEO tells ShippingWatch.
The price of low-sulfur fuel has increased significantly in 2020, and shipping companies with scrubbers installed are currently profiting on the price spread between high- and low-sulfur fuel oil. This is necessary in order to back the investment, says a dry bulk shipowner.
XO Shipping's founder, Christian Levin, completely disagrees with Norden's description of a market in which customers choose large companies over small ones. "An attempt to start a scare campaign against smaller operators," Levin tells ShippingWatch.
Norden has moved past a challenging year and now looks into 2020, which has had a very weak start. However, the year could turn out reasonable, according to head of dry bulk Christian Vinther Christensen, who points to one trend in particular.
Newly launched dry bulk operator Union Bulk opened its doors shortly before the rates soared over the summer. The company expects a profit in its first year, though it has slowed down a bit ahead of an uncertain 2020, partner tells ShippingWatch.
Christen Sveaas' Kistefos will inject millions into Norwegian dry bulk shipping company Western Bulk as part of a large-scale capital increase. The company most recently finished the first half of the year with a large deficit.
BW Group's bulk venture BW Dry Cargo will have a fleet of 20 ships when the last newbuilds are delivered from an order of nine ships in total. Asset play is the core of the business now and going forward, Managing Director Christian Bonfils tells ShippingWatch.
Dry bulk rates have gone down significantly in recent months, but according to a Norwegian analyst firm they could continue to slide until the turn of the year. As such, the firm lowers its share recommendations.
Bulker shipping companies' orders for new vessels this year is currently at the second-lowest level since 2001, writes shipbroker Braemar ACM. The number of orders have dropped 30 percent compared to last year.
Norway's G2 Ocean is now betting heavily on the project cargo segment, in which the merged shipping company has just opened two new offices. According to its CEO, project cargo attracts the main part of new customers.
A dispute concerning a misdescribed cargo meant that Integrity Bulk had to pay for a ship that was idle in the Philippines for some time. The dry bulk operator now expects to reclaim money from the shipper. The case resulted in a deficit in an otherwise solid 2018/19, says CEO. Corrected.
Shipping company Norden dismisses 11 employees, who are losing their jobs because technical operation of the company's dry bulk ships is being outsourced to a Singapore-based operation. This happens as a part of Norden's strategy to shift its business toward buying and selling dry bulk vessels.
Danish dry bulk carrier Clipper Bulk has purchased three handysize vessels from an undisclosed seller. These acquisitions follow Clipper's ongoing ship sales that took place amid its extensive restructuring process.