In a challenging dry bulk market, Norden has managed to earn more money than expected. The reason for that is its focus on the operator model, which the company's head of dry cargo views as a de facto growth engine going forward.
Delta Corp Shipping, founded last year, now expands its business. Going forward the company will provide technical ship management. Delta Corp is also in talks with several shipyards to secure long-term contracts for newbuilds.
The two new operators Delta Corp Shipping and Coli Bulk were launched in Copenhagen just a few months before the coronavirus pandemic broke out. This has created extraordinary challenges, but both companies expect profits.
Hamburg Commercial Bank is now starting to feel how several competitors have decided to halt their loans to shipping entirely. "This is an opportunity for us," the bank's head of shipping tells ShippingWatch.
Cleaves Securities still expects high activity levels from China for the remainder of the year, which will benefit dry bulk shipping companies. "We think dry bulk spot rates will increase into the fourth quarter," says analyst.
Shipowner Claus-Peter Offen sells his stake in dry bulk business, report several media. This happens in an effort to focus shipping activities toward one area. Offen has already sold its tanker business to Zeaborn.
A birthday party on board vessel MV Wakashio may have been a contributing factor in the ship's grounding off the coast of Mauritius in July, confirms the Panama maritime authority. The captain apparently sailed too close to land in order to get a strong phone and internet connection.