Star Bulk Carriers is benefiting from its big bet on scrubbers, which protects the company against high bunker prices and a major dip in dry bulk rates. But it has not been easy getting to that point, says Chief Strategy Officer Charis Plakantonaki.
The Baltic Dry Index continues its nosedive. The index is down more than 40 percent since the turn of the year, and is now at the lowest level since April 2016.
Majority shareholder in Greek Star Bulk, equity fund Oaktree, uses its large ownership stake to insert another one of its people on the shipping company's board of directors.
Norway's Klaveness has entered a partnership with a Japanese trading house for a panamax pool. The collaboration will be anchored in a joint company, to be run from Oslo, Dubai and Singapore.
Almost all of Eagle Bulk's fleet has been fitted with scrubbers. The investment is the biggest opportunity for the dry bulk ship operator this year, says CEO Gary Vogel. "We remain constructive on the underlying fundamentals for dry bulk, and particularly for the midsize segment."
It will be crucial for the dry bulk shipowners to negotiate fiercely with customers in a climate characterized by low rates and towering fuel prices, says analyst Peter Sand of Bimco.
Multipurpose operator United Heavy Lift takes over nine ships from competitor Zeamarine, learns ShippingWatch. This is the second time in a short while that Zeamarine hands over ships to a rival as part of a large-scale cost reduction effort.
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 new sulfur regulations have not only manifested themselves in a price spread between high- and low-sulfur fuels. There is also a difference between vessels' speeds, depending on whether or not a ship is equipped with a scrubber, according to shipbroker.
A Chinese dry bulk operator with 12 ships in its fleet has been placed on the US sanction list. According to the US, the company is in breach of US sanctions by transporting steel from Iran to China.
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.
Commodity traders Cargill and Bunge accounted for most of Brazil's soy bean and grain exports in 2019.
Around 12 percent of the world's ship tonnage currently have scrubbers installed on board, reports media based on Clarksons Research. The scope is expected grow further during 2020.
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.
Norwegian shipowner Georg Eide has been charged by the country's financial police in a case concerning illegal scrapping, reports Norwegian media.
Klaveness pulled 20 percent of its chartered fleet out of the market last year. Following a slide in rates since the start of the year, the shipping company expects lower activity in the first quarter of the year. Shipping company Norden also sees a weak start to the new year after a challenging 2019.
Bulk company Goodbulk has now officially called off its pursuit of a stock exchange listing in New York, which it attempted back in 2018.
J. Lauritzen has for close to a month been procuring and sailing on new low-sulfur fuels. There is a big difference between how far the various new fuels last per liter, and this opens up for commercial opportunities, says the company.
ShippingWatch offers an overview of the top stories from the days between Christmas and New Year. Read about suspected corruption surrounding Maersk in Brazil, Unifeeder and Union Bulk.
Maersk and not least COO Søren Toft's decision to join competitor MSC attracted the biggest number of readers on ShippingWatch this year. The year's other top stories include DSV's acquisition of Panalpina.
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