Ship owners have kept on contracting newbuildings and secondhand vessels, opting for larger tonnage. In its latest weekly report, shipbroker Allied Shipbroking said that “things in the newbuilding market continued on a relatively fair mode for yet another week, given the modest number of fresh projects being pushed forward. In the separate sectors and specifically in the dry bulk one, we saw activity being skewed towards the bigger size segments. Given the recent trends from the side of freight earnings though, this may as well have come as a slight surprise. Moreover, as freight markets appear more volatile as of late, we can expect periodical volatile in new ordering activity as well, especially as we also approach the peak of the summer period. In the tanker market, we witnessed some sort of movement, more towards the MR size segment. On the other hand, as the incremental recovery resumes in terms of freight returns, we can expect more capital being pushed towards this direction. In other sectors, we noticed a single order for up to 3 smaller teu container units”.

 

Source: Allied Shipbroking

In a similar note, shipbroker Banchero Costa added that “activity was quiet last week on tanker and container segment with only some marginal business being concluded. A domestic order was given to CSC Taiwan for a 50.000 dwt MR tanker from local Owner CPC Corporation, no price emerged and delivery end 2024. Korean Owners HMM selected Hyundai Mipo for a fir 3 x 1800 teu container feeder ordered at price of about USD 35.5 mln each. Gas sector’s orderbook continues is escalation, this time Daewoo filling up the columns with an order of 4 x 174.000 cmb divided by Japanese Owners Iino Kaiun and Meiji Kaiun; late deliveries are reported well into 2026 and 2027, no price reported.

Source: banchero costa &c s.p.a

In the drybulk sector it was interesting to notice a fresh order for capesizes at Namura for 2 x 180.000 dwt vessels placed by Foremost, for delivery end 2024 and mid 2025 respectively. We understand the contract is backed by long TC to NYK”.

Meanwhile, in the S&P Market, Allied added that “on the dry bulk side, things in the SnP market moved on an uninspiring trajectory as of the past week, given the limited number of vessels changing hands. Thinking about the volatile shifts in freight market’s direction the past few weeks or so, coupled with the fact that we slowly entering the peak of the summer period, this trend of late came with little surprise. On the other hand, given the overall sentiment, we will continue seeing interesting deals being pushed forward. On the tanker side, activity was sustained on a good momentum for yet another week, with numerous transactions appearing in the market as of late. For yet another week though, this was partly due to a vivid MR market and more specifically due to a couple en bloc deals. All-in-all, given that we continue seeing improved market conditions and sentiment, we can expect buying appetite moving accordingly as well in the near term”.

Source: Allied Shipbroking

Banchero Costa added that “in the dry bulk sector, after offers were invited on the 14th of July, Chinese controlled Ultramax Dayang Confidence abt 63k blt 2017 Yangzhou Dayang has been sold at USD 30 mill. Last week Soho Mandate abvt 60k blt 2016 DACKS was done at USD 31 mln. COSCO controlled Supramax Shun Xin abt 57k blt 2010 COSCO Zhoushan (SS due 2025; BWTS fitted) has been sold at USD 16.8 mln. In the tanker sector, activity was focused in large crude carriers. Suezmax Dolviken abt 160k blt 2012 Samsung (SS/DD passed) was purchased by c of Advantage Tanker at USD 42.5 mln. Furthermore 4x Aframaxes changed hands during the week.

Source: banchero costa &c s.p.a

Elandra Angel abt 115k btl 2009 Samsung (DD passed) at USD 33 mln. Nicholas abt 115k blt 2007 Sasebo at USD 27.7 mln to Chinese buyer. Blue Pride abt 115k blt 2004 Daewoo at USD 23 mln basis prompt dely beginning of August and Songa Coral abt 107k blt 2005 Koyo at USD 25 mln. Two MRs were calling for offers earlier in the week Largo Sun abt 50 k blt 2016 SPP (BWTS fitted) which was sold to Greek buyers at USD 35 mln. Challenge Phoenix abt 48k blt 2007 STX which went always to Greeks at USD 18 mln. The GRAND 50k / 2008 SPP (BWTS fitted) reported sold for low USD 19 mln to Vietnamese Buyer. In comparison the SUNNY BAY 2008 sister was sold couple of weeks back at high USD 17 mln”, the shipbroker concluded.
Nikos Roussanoglou, Hellenic Shipping News Worldwide


On 22 July, Russia and Ukraine signed an agreement with Turkey and the United Nations to allow grain exports from three ports in western Ukraine: Yuzhne, Chornomorsk, and Odesa. Combined, the three ports accounted for 65% of the country’s total grain exports over the past five years. Exports could, however, face several difficulties.

 

The deal is valid for 120 days, with an option to extend, and it allows bulkers to be escorted to the ports through a safe corridor. To create a navigable passage, the corridor will have its sea mines removed, a process that is expected to take one to two weeks.

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“With this deal, the UN hopes to increase monthly grain exports from Ukraine by five million tonnes. However, since over the past five years, these three ports have not ever handled such a high amount of grain, meeting this target could prove to be a challenge,” says Niels Rasmussen, Chief Shipping Analyst at BIMCO. “Even if port logistics accelerate to expedite exports, the need to escort ships in and out of the ports is likely to cause some congestion.”

Over 20 million tonnes of Ukrainian grains are ready for export and the country’s grain traders union (UGA) expects around 25 million tonnes more to come from the 2022 harvest. With the wheat harvest underway and the maize harvest to start in September, a swift export of grain is needed to ensure space in silos for the new harvests. To accelerate exports the Danube ports, as well as land routes, will likely continue to play an important role in the shipment of Ukrainian grain in the short to medium term.

“A significant obstacle to Ukrainian grain exports will be the voyage risk and corresponding insurance premiums. For the shipping of Ukrainian grain to be attractive, high rates will be necessary to mitigate risk-related expenses,” says Rasmussen. “Russia’s recent missile strikes in ports such as Odesa will add to the insecurity and uncertainty of operating in the Black Sea.”

Due to limited global supply of wheat and maize, a return of Ukrainian grain to the global market would positively impact the Panamax, Supramax and Handysize segments. Additionally, the boost in Ukrainian exports would help combat inflation and food insecurity, particularly in emerging economies, and help bring needed stability to the global economy.
Source: BIMCO, By Chief Shipping Analyst, Neils Rasmussen


The Director-General, Nigerian Maritime Administration and Safety Agency (NIMASA), Dr. Bashir Jamoh, has inaugurated the Expert Level Planning Team (ELPT) of the Agency to draft the National Maritime Security Strategy (NMSS) to sustain the Agency’s successes in the fight against piracy.
Jamoh also commended the International Maritime Organisation (IMO) for its technical support to Nigeria by assigning facilitators to assist the country.

According to the DG, maritime security will always be of priority concern to the Agency, noting that it is the bedrock and guarantee of every meaningful shipping enterprise.

The NIMASA DG said the strategy would become the culmination of all the various efforts,initiatives, partnerships the Agency started out under its “Triple S” of Maritime Security, Safety and Shipping Development upon his assumption of office in March 2020.

He said, “There can be no doubt, to the fact that maritime security is the bedrock and guarantee of every meaningful shipping enterprise. From the crew to cargo to carrier to the coast and quayside, there must be security all the way for confidence to drive shipping economics.

“Maritime security has always been and will continue to remain a priority. You are all aware of the current successes achieved in ensuring maritime security within the nation’s maritime domain and the Gulf of Guinea (GoG) as a whole.

“Specifically, the GoG region is experiencing an unprecedented decline in piracy incidents over the past three decades. Only as recently as last week, the International Maritime Bureau (the IMB) finally confirmed all the progress we have been making and announcing for months the said Piracy in the Gulf of Guinea – has declined for real. This is a fact that we can all be proud of.

“Also, this is the product of concerted efforts of the Agency in collaboration with other relevant government bodies such as the Nigerian Navy, Nigerian Air Force, Nigerian Police Force, Nigerian Army, the Department of State Security (DSS), and several other state and non-state actors and stakeholders having security responsibilities.

Jamoh pointed out that NIMASA is mindful of the dynamic nature of maritime security threats; hence the need to take deliberate steps to ensure sustainability of its achievements, through the establishment of a coordinated, whole-of-government approach in dealing with issues of maritime security.

He stated that the Agency’s strategic responsibilities to protect ships, seafarers, shipload, merchandise, ports and all other assets in Nigeria’s maritime domain as mandated by the NIMASA Act, ISPS Code Implementation Regulations (2014) and, more recently, the Suppression of Piracy and Other Maritime Offences (SPOMO) Act makes it pertinent for it to successfully drive the collaborative development of the NMSS.

“I am therefore hopeful that by the end of this program, not only will you be trained as Maritime Security Professionals (MSPs), you will also be equipped with the requisite skills to offer similar training on behalf of the Agency to individuals who intend to carry out specific maritime security functions.

“The Expert Learning Planning Team (ELPT) is to develop a blueprint of the National Maritime Security Strategy (NMSS). This would serve as the basis for your determination of the members of the cross government Working Group (WG) that will execute subsequent steps of this drafting process.

Jamoh thanked the International Maritime Organisation (IMO) for the technical assistance through Philip Heyl and Rear Admiral O.C Medani of the Nigerian Navy (Rtd) facilitating the sessions.

He added that the IMO’s unflinching assistance has enabled the Agency to develop a workable, multi-phase plan, which it is currently executing.

Source: https://nimasa.gov.ng/jamoh-inaugurates-expert-team-on-maritime-security-strategy/


Japanese trading house Itochu has penned an agreement with South Korean petrochemical firm Lotte Chemical to collaborate on ammonia fuel businesses for shipping and other industries such as the power sector.

Itochu said the plan is for the two companies to trade ammonia as fuel, to study the demand and use of ammonia infrastructure targeting the Japanese and Korean markets, and also invest in clean ammonia production facilities.

The government of Japan forecasts domestic ammonia demand of 3m tons in 2030 and 30m tons in 2050 and the country, as well as South Korea, is expected to have a significant presence as major importers of decarbonised fuels, Itochu stated, adding that it aims to secure competitive decarbonised fuel through joint procurement and optimisation of logistics under a memorandum of understanding signed with Lotte Chemical.

Reportedly, talks about infrastructure include loading and unloading facilities at main ports in South Korea, which are to be newly built for ammonia supply chains.

Itochu has been heavily involved in the development of the Japanese ammonia supply chain, including ammonia-powered deepsea ships. Last year, the company, in partnership with shipping major Kawasaki Kisen Kaisha (K Line), NS United Kauin Kaisha, shipbuilder Nihon Shipyard, and Mitsui E&S Machinery, secured significant government funding to deliver such ships to the market by as early as 2028.

The company also teamed up with chemicals firm Ube Industries and shipping firm Uyeno Transtech to set up a joint venture for supplying ammonia as a marine fuel and the development of a domestic supply chain. Last May, it also joined a development study with Vopak, Pavilion Energy, Mitsui OSK Lines (MOL) and Total Marine Fuels, which aims to develop an ammonia bunker supply chain in Singapore.

source: https://splash247.com/itochu-links-with-south-koreas-lotte-chemical-for-ammonia-trade/


Mexico has the potential to establish itself as a global leader in maritime decarbonisation by engaging in green fuel production and bunkering with swift and strategic action, according to a new report by P4G Getting to Zero Coalition.

Being placed between well-established shipping routes and trade relations to multiple continents in the Pacific and Atlantic Oceans, the report found Mexico could tap into new markets and by investing it itself, the country could create new revenue streams from scalable zero emission fuels (SZEF) exports and bunkering, establish green hubs and ports, as well as open possibilities for green corridors along key shipping routes.

“The massive demand for zero emission fuels that will arise constitutes a major growth opportunity for Mexico, having the chance to become a future powerhouse for international shipping in Latin America,” said Ingrid Sidenvall Jegou, project director at the Global Maritime Forum.

According to the report, the development of green fuel infrastructure to serve Mexico’s shipping sector could attract investments ranging from $1.9bn to $2.7bn in onshore infrastructure by 2030. It discovered three key opportunities for Mexico, including the port of Manzanillo, DH2 Energy activities in Central Mexico, and Baja California, all of which are said to benefit from SZEF production, offtake, and distribution.

A facilitative policy and financial framework capable of effectively motivating and convening key actors across sectors and value chains is critical to unlocking these opportunities. The 111-page analysis stressed that the country currently lacks a favorable ecosystem, both politically and economically, to leverage benefits from SZEF production and use, particularly given the current administration’s preference to continue exploiting the country’s fossil fuel resources.

The report suggested that with appropriate incentives and targeted action towards encouraging investments into renewable energy and fuel production, Mexico could gain a competitive advantage in the bunkering and export of fuels in Latin America as other countries in the region take steps to prepare their own bunker supply chains.

Source: https://splash247.com/mexico-highlighted-as-potential-zero-emission-fuels-hub-for-shipping/


Saudi Arabian shipyard International Maritime Industries (IMI) has expanded its partnership with Hyundai Heavy Industries (HHI) through a technical service agreement to aid the Middle Eastern builder in delivering VLCCs.

HHI has been helping IMI expand its expertise since it was founded five years ago. The Korean yard is one of four founding partners in the joint venture in Saudi Arabia with the others being Saudi Aramco, Bahri and Lamprell.

Dr. Abdullah Al Ahmari, CEO at IMI, said: “This agreement reflects HHI’s ongoing commitment to supporting our efforts to build a world-class shipyard capable of locally manufacturing VLCCs and other vessels, that will help drive the development of Saudi Arabia’s maritime industry.”
IMI is the largest shipyard in the Middle East at nearly 12m sq m.

Sourcce: https://splash247.com/hyundai-heavy-aids-saudi-yard-in-developing-vlccs/


The newly built Mark W. Barker, the United States’ first new Great Lakes bulk carrier in nearly 40 years, has embarked on its maiden voyage from Fincantieri Bay Shipbuilding in Sturgeon Bay, Wis.

“This is a monumental day for our company and the U.S. flag fleet as our much-anticipated freighter departs on her first voyage in what will be a long life of service on the Great Lakes,” said Mark W. Barker, President of The Interlake Steamship Company and namesake of the vessel—the company’s first new build since 1981. “The construction of this vessel, which was made from steel manufactured in Indiana, from iron ore delivered by vessel from Minnesota, reinforces our long-term commitment to shipping and delivering essential cargoes for our customers throughout the region.”

The River Class self-unloading bulk carrier is believed to be the first ship for U.S. Great Lakes service built on the Great Lakes since 1983. Measuring 639 feet in length (78 feet W, 45 feet H, 28,000 DWT), the ship will transport raw materials such as salt, iron ore, and stone to support manufacturing throughout the Great Lakes region.

It was designed jointly by The Interlake Steamship Company, Fincantieri Bay Shipbuilding (FBS) and Bay Engineering, complete with advanced vessel and unloading systems automation. Under construction since August 2019, the carrier was built by FBS’s nearly 700 trade workers and generated business for partnering contractors, vendors and suppliers. Major partners for the project included: American Bureau of Shipping (ABS); Cleveland-Cliffs, Bay Engineering (BEI); EMD Engines; Caterpillar; EMS-Tech, Inc.; Lufkin (a GE Company), Kongsberg and MacGregor.

(Photo: The Interlake Steamship Company)

The new ship departed the Sturgeon Bay, Wis. shipyard at 10:36 central time for its 110-mile journey to Port Inland, Mich. where its crew of 21 mariners will load stone to deliver to Muskegon, Mich. Once delivered, that stone cargo will go into ready-mix concrete production.

“This new vessel not only brings with it additional cargo carrying capacity and capabilities, it is the most versatile in our fleet and strategically sized to navigate into nearly any port on the Great Lakes,” said Brendan P. O’Connor, Vice President of Marketing and Marine Traffic at The Interlake Steamship Company. “The M/V Mark W. Barker will give us unmatched ability for cargo operations and to carry unique project cargoes because of both her square-shaped cargo hold and larger hatch openings. She truly was designed to be a vessel for the future.”

“We couldn’t be prouder to add this skillfully constructed vessel to our growing Interlake fleet,” said Barker, who was at the shipyard this week to personally wish the best to the ship’s crew fitting out the new vessel. “It has been genuinely inspiring to see the dedication and workmanship from all of those involved in this multi-year project, from the design, construction, final outfitting and successful sea trials. We are thrilled to add our newest U.S.-crewed, U.S.-built and U.S.-owned vessel to the Great Lakes fleet.”

Source: https://www.marinelink.com/news/us-first-modern-laker-begins-maiden-498334


Navios Maritime Holdings Inc. on Wednesday announced it has reached a deal to sell its 36-vessel dry bulk fleet to Navios Maritime Partners L.P. approximately $835 million.

Navios Holdings, which holds a 10.3% interest in the US publicly listed shipping company Navios Partners, with the sale officially exited direct fleet ownership. Going forward, the company said kit plans to focus on growing Navios South American Logistics Inc. business.

“We believe Navios Logistics is a leading infrastructure and logistics company in the Hidrovia region of South America having a a unique infrastructure comprising of port terminal facilities, barge and cabotage fleet; favorably located assets; Nueva Palmira terminal a critical infrastructure asset; a long-term “take-or-pay” contract with Vale; a favorable market backdrop to support growth and compelling growth opportunities.

Navios Holdings will assume $441.6 million of bank liabilities, bareboat obligations and finance leasing obligations, subject to debt and working capital adjustments (the “Transaction”), from Navios Maritime Holdings Inc. (“Navios Holdings”) (NYSE:NM).]The 36-vessel drybulk fleet consists of 26 owned vessels and 10 chartered-in vessels (all with purchase options) with a total capacity of 3.9 million dwt and an average age of 9.6 years. Assuming Clarksons’ 1-YR TC rate (as of July 22, 2022) and certain operating cost assumptions(1), the acquired vessels are expected to generate approximately $164.0 million of estimated EBITDA and $81.5 million of estimated free cash in 2023.

Following the completion of the Transaction, Navios Partners will own and operate a fleet comprised of 90 dry bulk vessels, 49 containerships and 49 tanker vessels, including 22 newbuilding vessels to be delivered through the first quarter of 2025.

Source: https://www.marinelink.com/news/navios-maritime-holdings-sells-dry-bulk-498342


Seaway 7 is pleased to announce that it has taken delivery of a new semisubmersible heavy transport vessel. The company entered into a bareboat contract with United Faith for its new build vessel MV Xin Qun 3, renamed Seaway Swan.

Seaway Swan is a 50,000 Te DWT Heavy Transport Vessel (HTV) with an open stern and large deck free from obstructions.

This addition to Seaway 7’s world-class HTV fleet will further extend the company’s capacity to load larger and longer cargoes such as XXL monopiles, and modules that would typically need to be skidded on and off the vessel over the stern. The Seaway Swan is suitable for float-over operation projects, feeder duties alongside installation vessels, and offshore (subsea) construction support, due to its Dynamic Positioning (DP2) capabilities.

HTV Seaway Swan
Credits: Seaway 7

The vessel has been built by the reputable Qingdao Beihai shipyard, part of the CSSC group, with whom Seaway 7 have long-standing relations. Successful sea trials were completed at the beginning of April and all systems, functions, and capabilities are reported to be working well. Its maiden voyage will commence later this summer when Seaway Swan will transport four large Ship-to-Ship cranes from their pick-up point in Qingdao, China to Alexandria, Egypt for discharge in September.

The vessel is registered in Norway and carries the Norwegian International Ship Register (NIS) flag.

Seaway 7 now operates six HTVs, as well as two heavy lift vessels, three cable vessels, and currently has two new build next-generation offshore wind installation vessels under construction.

Reference: Seaway 7


Under the new deal, HHI will provide technical assistance and consulting services in VLCC engineering to IMI, building on a collaboration which began in 2018.

The deal builds on an MoU between IMI, HHI, and Bahri for shipbuilding collaboration signed in June 2019 and a term-sheet for the technical service agreement signed in September 2019.

The agreement was signed by Dr. Abdullah Al Ahmari, Chief Executive Officer of IMI, and Mr. Ohmin Ahn, Executive Vice President at HHI, at the King Salman International Complex for Maritime Industries and Services in Ras Al-Khair, Saudi Arabia.

“We are pleased to further expand our partnership with HHI, one of our four founding JV partners and a key enabler of our progress to date. This agreement reflects HHI’s ongoing commitment to supporting our efforts to build a world-class shipyard capable of locally manufacturing VLCCs and other vessels, that will help drive the development of Saudi Arabia’s maritime industry,” said Ahmari.

Ohmin Ahn, said: “We are delighted to have signed this agreement with our partner, IMI. Working with IMI to leverage our technical expertise and facilitate knowledge transfer and capacity building, we are helping to contribute to the development of the Saudi maritime industry under Vision 2030.”

IMI is a joint venture between Saudi Aramco, Bahri, Lamprell, and HHI, and is the largest shipyard in the MENA region at nearly 12m sq m. It provides new build and maintenance, repair, and overhaul (MRO) services for commercial vessels, including VLCCs, Bulk Carriers, Offshore Support Vessels, and Offshore Jackup rigs.

Source: https://www.seatrade-maritime.com/shipbuilding/imi-and-hhi-sign-vlcc-technical-agreement


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