ShippingWatch

Christian Bonfils resigns from Nordic Bulk Carriers

One of the two partners in Nordic Bulk Carriers, Christian Bonfils (photo, right) opted yesterday, Monday, to resign from the carrier, which is primarily known for its voyages north of Russia. The decision allegedly stems from strategic disagreements, according to ShippingWatch's sources.

Photo: Pressefoto

Another leading employee from one of Denmark's well-known dry bulk carriers has opted to resign, allegedly again due to disagreements in management circles. This time the move concerns one of the two partners in Nordic Bulk Carriers, Christian Bonfils (right), who yesterday decided to leave the carrier. Nordic Bulk Carriers is primarily know for voyages north of Russia.

The two partners Christian Bonfils and Mads Boye Petersen (left) have built the carrier, which specializes in ice sailing, and Mads Boye Petersen confirms to ShippingWatch that Christian Bonfils is no longer part of the company.

Do you want to stay up to date on the latest developments in International shipping? Subscribe to our newsletter – the first 40 days are free

Mads Boye Petersen did not wish to go into much detail about the events, though he stresses that the carrier will continue undeterred with the remaining partners, which in addition to himself include US-based majority stakeholder Phoenix Bulk Carriers.

Deficit last year

Nordic Bulk Carriers suffered a deficit of USD 2.1 million in the company's latest annual report. "Disappointing and far from satisfactory," said Christian Bonfils in a comment to ShippingWatch following publication of the annual report last summer, though adding at the time that the carrier would bet seriously on the niche business of sailing in ice-covered regions on the Northern Sea Route as well the Northwest Passage.

Do you want to stay up to date on the latest developments in International shipping? Subscribe to our newsletter – the first 40 days are free

"It's been an incredibly difficult year. That's no excuse, but it's a fact. We've increased our focus on the ice niche market, and investors as well as customers have invested in new ice-class vessels, where we're switching our focus from Handysize up to Panamax. Disregarding 2013, we are fairly pleased with the strategy overall, but the conditions were very tough," he said, pointing out that the carrier's ships were generally too expensive while cargoes did not pay enough.

Nordic Bulk Carriers in USD 2.1 million deficit

He said the following about the carrier's ambitions:

"We'll be the world's biggest operator of modern ice-class vessels in 2016, there's no doubt about that. It's a giant focus and we're allocating more people to the niche business," he said, describing this market as a core area. "The region is now covered in ice all the time, but we're trying to expand the ice season. Our core business is based on ice, and it wasn't when we started, but focus is moving increasingly toward this and to the niche business. We're gong to continue this process."

And about expectations for the coming fiscal year and whether the carrier would finish with a positive, Bonfils said the following last summer:

Do you want to stay up to date on the latest developments in International shipping? Subscribe to our newsletter – the first 40 days are free

"Yes, we certainly expect to do so. We have clear expectations that the second half of the year will better in terms of the market, but - like everyone else - we're surprised by the first half of the year. We're making money in the first half and we're very pleased with that. We finished the first quarter in good form and the second quarter also looks promising."

Nordic Bulk Carriers took delivery of the first new ship in September from a series of six. The next three ships will be delivered in 2015 and the last two in 2016. Market rumors indicate that the price for an ice-class eco-design Panamax vessel was USD 30-35 million at the time when Nordic Bulk Carriers contracted the vessels.

ShippingWatch has tried without success to get a comment from Christian Bonfils.

Nordic Bulk breaks the ice on fixed Canadian route

Nordic Bulk Carriers save USD 80,000 on Arctic route

Nordic Bulk Carriers takes the next step in the Arctic

Nordic Bulk Carriers increases earnings  

More from ShippingWatch

Ikea denounces LNG as the fuel to decarbonize shipping

While an increasing number of carriers opt to include LNG vessels in their fleets, one of the world's largest shippers, Ikea, makes it clear that the liquefied natural gas is not the way to go for shipping companies to decarbonize.

Maersk is "convinced" that its logistics business is a growth engine

Maersk held its annual Capital Markets Day for investors Tuesday. Here, it emerged that Maersk's logistics business is expected to contribute 10 percent in organic growth, that it is reconsidering the ownership of its container factory and then the group announced its ROIC expectations.

Golden Ocean: "We have placed our bets well"

With soaring capesize rates and a dry bulk market in long-term upturn, Golden Ocean sees its bets in the market paying off. The CEO expects to remain exposed to the spot market in 2021. The unusual market is in clear contrast to this time last year, when Andersen entered the CEO office at Golden Ocean.

MSC charters 11 LNG-fueled container ships

Yet another container line opts for LNG as a fuel to propel its fleet. This time, the company is Maersk's alliance partner MSC, which charters 11 LNG-powered ships from Eastern Pacific.

Further reading

Related articles

Latest news

See all jobs